UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-05742
Name of Fund: BlackRock Funds
SMBlackRock Advantage ESG Emerging Markets Equity Fund
BlackRock Advantage ESG International Equity Fund
BlackRock Global Impact Fund
BlackRock International Impact Fund
BlackRock Tactical Opportunities Portfolio
BlackRock U.S. Impact Fund
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Funds
SM, 55 East 52nd Street, New York, NY 10055
Registrant’s telephone number, including area code: (800) 441-7762
Date of fiscal year end: 04/30/2022
Date of reporting period: 10/31/2021
Item 1 – Report to Stockholders
(a)
The Report to Shareholders is attached herewith.
(b)
Not Applicable
October
31,
2021
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2021
Semi-Annual
Report
(Unaudited)
BlackRock
Funds
SM
BlackRock
Advantage
ESG
Emerging
Markets
Equity
Fund
BlackRock
Advantage
ESG
International
Equity
Fund
BlackRock
Global
Impact
Fund
BlackRock
International
Impact
Fund
BlackRock
Tactical
Opportunities
Fund
BlackRock
U.S.
Impact
Fund
Dear
Shareholder,
The
12-month
reporting
period
as
of
October
31,
2021
was
a
remarkable
period
of
adaptation
and
recovery,
as
the
global
economy
dealt
with
the
implications
of
the
coronavirus
(or
“COVID-19”)
pandemic.
The
United
States
began
the
reporting
period
as
the
initial
reopening-led
economic
rebound
was
beginning
to
slow.
Nonetheless,
the
economy
continued
to
grow
at
a
solid
pace
for
the
reporting
period,
eventually
regaining
the
output
lost
from
the
pandemic.
However,
a
rapid
rebound
in
consumer
spending
pushed
up
against
supply
constraints
and
led
to
elevated
inflation.
Equity
prices
rose
with
the
broader
economy,
as
the
implementation
of
mass
vaccination
campaigns
and
passage
of
two
additional
fiscal
stimulus
packages
further
boosted
stocks,
and
many
equity
indices
neared
or
surpassed
all-time
highs
late
in
the
reporting
period.
In
the
United
States,
returns
of
small-capitalization
stocks,
which
benefited
the
most
from
the
resumption
of
in-person
activities,
outpaced
large-capitalization
stocks.
International
equities
also
gained,
as
both
developed
and
emerging
markets
continued
to
recover
from
the
effects
of
the
pandemic.
The
10-year
U.S.
Treasury
yield
(which
is
inversely
related
to
bond
prices)
had
fallen
sharply
prior
to
the
beginning
of
the
reporting
period,
which
meant
bonds
were
priced
for
extreme
risk
avoidance
and
economic
disruption.
Despite
expectations
of
doom
and
gloom,
the
economy
expanded
rapidly,
stoking
inflation
concerns
in
early
2021,
which
led
to
higher
yields
and
a
negative
overall
return
for
most
U.S.
Treasuries.
In
the
corporate
bond
market,
support
from
the
U.S.
Federal
Reserve
(the
“Fed”)
assuaged
credit
concerns
and
led
to
solid
returns
for
high-yield
corporate
bonds,
outpacing
investment-grade
corporate
bonds.
The
Fed
remained
committed
to
accommodative
monetary
policy
by
maintaining
near-zero
interest
rates
and
by
reiterating
that
inflation
could
exceed
its
2%
target
for
a
sustained
period
without
triggering
a
rate
increase.
In
response
to
rising
inflation
late
in
the
period,
the
Fed
changed
market
guidance,
raising
the
possibility
of
higher
rates
in
2022
and
reducing
bond
purchasing
beginning
in
late
2021.
Looking
ahead,
we
believe
that
the
global
expansion
will
continue
to
broaden
as
Europe
and
other
developed
market
economies
gain
momentum,
although
the
Delta
variant
of
the
coronavirus
remains
a
threat,
particularly
in
emerging
markets.
While
we
expect
inflation
to
remain
elevated
in
the
medium-term
as
the
expansion
continues,
we
believe
the
recent
uptick
owes
more
to
temporary
supply
disruptions
than
a
lasting
change
in
fundamentals.
The
change
in
Fed
policy
also
means
that
moderate
inflation
is
less
likely
to
be
followed
by
interest
rate
hikes
that
could
threaten
the
economic
expansion.
Overall,
we
favor
a
moderately
positive
stance
toward
risk,
with
an
overweight
in
equities.
Sectors
that
are
better
poised
to
manage
the
transition
to
a
lower-carbon
world,
such
as
technology
and
health
care,
are
particularly
attractive
in
the
long-term.
U.S.
small-capitalization
stocks
and
European
equities
are
likely
to
benefit
from
the
continuing
vaccine-led
restart,
while
Chinese
equities
stand
to
gain
from
a
more
accommodative
monetary
and
fiscal
environment
as
the
Chinese
economy
slows.
We
are
underweight
long-term
credit,
but
inflation-protected
U.S.
Treasuries,
Asian
fixed
income,
and
emerging
market
local-currency
bonds
offer
potential
opportunities.
We
believe
that
international
diversification
and
a
focus
on
sustainability
can
help
provide
portfolio
resilience,
and
the
disruption
created
by
the
coronavirus
appears
to
be
accelerating
the
shift
toward
sustainable
investments.
In
this
environment,
our
view
is
that
investors
need
to
think
globally,
extend
their
scope
across
a
broad
array
of
asset
classes,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
blackrock.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock
Advisors,
LLC
The
Markets
in
Review
Rob
Kapito
President,
BlackRock
Advisors,
LLC
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Total
Returns
as
of
October
31,
2021
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
10.91%
42.91%
U.S.
small
cap
equities
(Russell
2000
®
Index)
1.85
50.80
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
4.14
34.18
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
(4.87)
16.96
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
0.01
0.06
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
1.59
(4.77)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
1.06
(0.48)
Tax-exempt
municipal
bonds
(S&P
Municipal
Bond
Index)
0.33
2.76
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
2.36
10.53
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Semi-Annual
Report:
Fund
Summaries
.......................................................................................................
4
About
Fund
Performance
.................................................................................................
20
Disclosure
of
Expenses
...................................................................................................
20
Derivative
Financial
Instruments
.............................................................................................
21
Financial
Statements:
Schedules
of
Investments
...............................................................................................
22
Statements
of
Assets
and
Liabilities
.........................................................................................
67
Statements
of
Operations
................................................................................................
72
Statements
of
Changes
in
Net
Assets
........................................................................................
74
Financial
Highlights
.....................................................................................................
77
Notes
to
Financial
Statements
...............................................................................................
97
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
..................................................................
113
Additional
Information
....................................................................................................
117
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
121
Fund
Summary
as
of
October
31,
2021
2021
BlackRock
Semi-Annual
Report
to
Shareholders
4
BlackRock
Advantage
ESG
Emerging
Markets
Equity
Fund
Investment
Objective
BlackRock
Advantage
ESG
Emerging
Markets
Equity
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
to
provide
long-term
capital
appreciation.
On
July
27,
2021,
the
Board
of
Trustees
of
the
Trust
(the
"Board")
approved
a
proposal
to
change
the
name
of
the
Fund
from
BlackRock
Advantage
ESG
Emerging
Markets
Equity
Fund
to
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
and
certain
changes
to
the
Fund's
investment
objective,
investment
strategy
and
investment
process.
These
changes
will
be
effective
on
December
1,
2021.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
six-month
period
ending
October
31,
2021,
the
Fund
underperformed
its
benchmark,
the
MSCI
Emerging
Markets
Index.
What
factors
influenced
performance?
Overall,
the
Fund
struggled
against
a
highly
volatile
macroeconomic
and
market
backdrop
during
the
period.
The
continuation
of
the
strong
reflationary
market
tone
from
the
broad-based
economic
reopening
early
in
2021
produced
strong
equity
performance
early
in
the
period,
but
this
reversed
in
the
third
quarter
of
2021,
as
emerging
market
("EM")
equities
struggled
amid
macroeconomic
and
policy
concerns
related
to
China.
Electricity
shortages,
a
potential
debt
default
from
Chinese
real
estate
developer
Evergrande,
and
ongoing
regulatory
uncertainty
kept
EM
markets
under
pressure.
The
period
also
saw
considerable
volatility
across
market
style
preferences.
Early
in
the
period,
investors
preferred
value
styles.
However,
a
surprisingly
hawkish
pivot
from
the
Fed
in
June
2021
prompted
a
market
rotation
back
toward
secular
growth
positions.
This
pro-growth
theme
persisted
until
another
sharp
market
rotation
in
September
2021,
with
a
more
hawkish
Fed
prompting
investors
back
toward
value
stocks.
In
particular,
the
announcement
of
the
expected
tapering
of
Fed
bond
purchases
resulted
in
a
sharp
spike
in
bond
yields,
which
supported
cyclical
market
exposure.
The
simultaneous
sharp
rise
in
commodities
prices
put
further
pressure
on
inflation
and
compounded
the
impact
on
the
bond
market.
Ultimately,
though,
this
final
rotation
proved
short-lived,
as
the
market
returned
to
a
pro-growth
stance
in
October
2021.
Both
stock
selection
and
macro
thematic
positioning
proved
to
be
substantial
detractors
from
relative
performance.
Unsurprisingly,
China-specific
insights,
such
as
measures
that
evaluate
hiring
trends,
drove
losses
in
the
period,
as
the
pro-growth
quality
positioning
struggled
amid
eroding
economic
expectations.
The
Fund
experienced
bifurcated
performance
across
environmental.
Social
and
governance
(‘ESG”)
insights,
and
its
ESG-related
measures,
which
lean
in
a
pro-growth
direction,
declined
during
the
value
rotation
in
September
2021.
Environmental
measures
especially
struggled,
given
their
negative
sensitivity
to
the
sharp
run-up
in
commodities
prices.
The
Fund's
macro
positioning
detracted
as
well,
as
an
overweight
position
in
Taiwan
and
to
Asia
EM
more
broadly
suffered
from
heightened
political
volatility.
An
underweight
to
energy
also
detracted
amid
the
strong
oil-price
environment.
Despite
these
factors,
select
sentiment
measures
proved
to
be
key
contributors
to
performance,
providing
some
portfolio
ballast.
Specifically,
faster-moving
insights
designed
to
evaluate
analyst
sentiment
and
online
transaction
data
were
top
performers
as
they
prompted
more
favorable
positioning
in
the
Fund's
holdings.
Moreover,
some
ESG
signals
fared
well
despite
the
overall
negative
impact
from
ESG
insights
in
the
aggregate.
Specifically,
social-related
measures
that
evaluate
management
diversity
benefited
performance.
Describe
recent
portfolio
activity.
Over
the
course
of
the
period,
the
portfolio
maintained
a
balanced
allocation
of
risk
across
all
major
return
drivers.
There
were,
however,
several
new
signals
added
within
the
stock
selection
model.
For
instance,
the
Fund
built
on
its
alternative
data
capabilities
by
adding
an
insight
that
captures
brand
sentiment
toward
retail
names.
Additionally,
given
the
dynamic
nature
of
the
current
market
environment,
the
Fund
instituted
enhanced
signal
constructs
to
identify
emerging
trends
such
as
sentiment
around
supply
chain
disruptions
and
wage
inflation.
Describe
portfolio
positioning
at
period
end.
Relative
to
the
benchmark,
the
Fund
ended
the
period
with
largely
neutral
positioning
from
sector
and
country
positioning
perspectives.
The
Fund
had
slight
overweight
positions
in
the
real
estate
and
utilities
sectors
and
maintained
slight
underweights
in
consumer
discretionary
and
communication
services
stocks.
From
a
geographical
perspective,
the
Fund
had
slight
overweights
to
South
Africa
and
maintained
underweights
to
Russia.
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,
2021
(continued)
5
Fund
Summary
BlackRock
Advantage
ESG
Emerging
Markets
Equity
Fund
Performance
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
..............................................................
(6.05)%
14.91%
N/A
13.18%
N/A
Investor
A
...............................................................
(6.14)
14.72
8.70%
12.94
7.98%
Class
K
................................................................
(5.95)
15.06
N/A
13.30
N/A
MSCI
Emerging
Markets
Index
(d)
..............................................
(4.87)
16.96
N/A
14.09
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.
N/A
—
Not
applicable
as
share
class
and
index
do
not
have
a
sales
charge.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Actual
Hypothetical
(a)
Beginning
Account
Value
(05/01/21)
Ending
Account
Value
(10/31/21)
Expenses
Paid
During
the
Period
(b)
Beginning
Account
Value
(05/01/21)
Ending
Account
Value
(10/31/21)
Expenses
Paid
During
the
Period
(b)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00
$
939.50
$
4.20
$
1,000.00
$
1,020.87
$
4.38
0.86%
Investor
A
................................
1,000.00
938.60
5.42
1,000.00
1,019.61
5.65
1.11
Class
K
..................................
1,000.00
940.50
3.96
1,000.00
1,021.12
4.13
0.81
(a)
Hypothetical
5%
annual
return
before
expenses
is
calculated
by
prorating
the
number
of
days
in
the
most
recent
six
months
divided
by
365.
(b)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
six-month
period
shown).
GEOGRAPHIC
ALLOCATION
Country/Geographic
Region
Percent
of
Net
Assets
China
............................................
33
%
Taiwan
...........................................
15
South
Korea
.......................................
11
India
............................................
11
South
Africa
.......................................
5
Brazil
............................................
4
Malaysia
.........................................
3
United
States
......................................
3
Mexico
...........................................
2
Russia
...........................................
2
Thailand
..........................................
2
Chile
............................................
1
Other
(a)
...........................................
5
Short-Term
Securities
.................................
2
Other
Assets
Less
Liabilities
............................
1
(a)
Includes
holdings
within
countries
that
are
1%
or
less
of
net
assets.
Please
refer
to
Schedule
of
Investments
for
such
countries.
Fund
Summary
as
of
October
31,
2021
2021
BlackRock
Semi-Annual
Report
to
Shareholders
6
BlackRock
Advantage
ESG
International
Equity
Fund
Investment
Objective
BlackRock
Advantage
ESG
International
Equity
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
to
provide
long-term
capital
appreciation.
On
July
27,
2021,
the
Board
of
Trustees
of
the
Trust
(the
"Board")
approved
a
proposal
to
change
the
name
of
the
Fund
from
BlackRock
Advantage
ESG
International
Equity
Fund
to
BlackRock
Sustainable
Advantage
International
Equity
Fund
and
certain
changes
to
the
Fund's
investment
objective,
investment
strategy
and
investment
process.
These
changes
will
be
effective
on
December
1,
2021.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
During
the
six-month
period
ending
October
31,
2021,
the
Fund
outperformed
its
benchmark,
the
MSCI
EAFE
Index.
What
factors
influenced
performance?
Overall,
the
Fund
performed
well
in
a
volatile
market
environment.
The
continuation
of
the
strong
reflationary
market
tone
across
the
United
States,
China
and
Europe
from
the
broad-based
economic
reopening
early
in
2021
led
to
an
investor
preference
for
value
styles
early
in
the
period.
However,
a
surprisingly
hawkish
pivot
from
the
Fed
in
June
prompted
a
market
rotation
back
toward
secular
growth
positions.
This
led
to
a
return
to
themes
that
were
predominant
in
2020,
supported
by
declining
bond
yields
and
concerns
about
the
COVID-19
Delta
variant.
These
pro-growth
themes
persisted
until
another
sharp
market
rotation
in
September
2021,
with
a
more
hawkish
Fed
prompting
investors
back
toward
value
stocks.
In
particular,
the
announcement
of
the
expected
tapering
of
Fed
bond
purchases
resulted
in
a
sharp
spike
in
bond
yields,
which
supported
cyclical
market
exposure.
The
simultaneous
sharp
rise
in
commodities
prices
put
further
pressure
on
inflation
and
compounded
the
impact
on
the
bond
market.
Ultimately,
though,
this
final
rotation
proved
short-lived,
as
the
market
returned
to
a
pro-growth
stance
in
October
2021.
Sentiment
measures
were
the
most
significant
contributors
to
the
Fund's
relative
performance,
as
they
correctly
positioned
the
Fund
across
the
ever-changing
market
backdrop.
Specifically,
faster-moving
insights
that
look
at
internet
search
trends
and
mobile
app
usage
were
top
contributors,
as
they
motivated
overweight
positions
in
the
food
&
staples
retailing
industry.
Country-specific
sentiment
measures
that
focus
on
online
sales
in
China
also
added
to
performance.
The
Fund
experienced
bifurcated
performance
across
environmental,
social
and
governance
(“ESG”)
insights,
as
select
ESG
measures
performed
well.
For
instance,
a
risk
mitigation
insight
that
looks
at
potential
controversies,
along
with
social-related
insights
that
concentrate
on
employee
diversity
and
employee
sentiment,
benefited
performance.
Finally,
efficiency-related
fundamental
measures
also
performed
well.
Specifically,
insights
designed
to
evaluate
efficient
cash
usage
contributed
amid
the
volatile
environment.
Conversely,
the
fundamental-related
measures
that
have
a
growth
orientation
detracted
from
the
Fund's
relative
performance.
Nontraditional
measures
of
company
quality,
such
as
an
insight
that
prefers
founder-led
ownership
structures,
weighed
on
performance
amid
shifting
style
preferences
in
the
market.
In
addition,
some
ESG-related
measures
that
lean
in
a
pro-growth
direction
declined
during
the
value
rotation
in
September.
Specifically,
environmental
measures,
such
as
insights
designed
to
track
investor
positioning
in
ESG-related
holdings
and
that
look
at
"green"
patents,
struggled
due
to
their
negative
sensitivity
to
the
sharp
run-up
in
commodities
prices.
Similarly,
an
insight
that
prefers
companies
issuing
certified
"green"
bonds
was
a
top
detractor
amid
uncertainty
about
the
future
shape
of
the
yield
curve.
Describe
recent
portfolio
activity.
Over
the
course
of
the
period,
the
portfolio
maintained
a
balanced
allocation
of
risk
across
all
major
return
drivers.
There
were,
however,
several
new
signals
added
within
the
stock
selection
model.
For
instance,
the
Fund
built
on
its
alternative
data
capabilities
by
adding
an
insight
that
captures
brand
sentiment
toward
retail
names.
Additionally,
given
the
dynamic
nature
of
the
current
market
environment,
the
Fund
instituted
enhanced
signal
constructs
to
identify
emerging
trends
such
as
sentiment
around
supply
chain
disruptions
and
wage
inflation.
Describe
portfolio
positioning
at
period
end.
Relative
to
the
benchmark,
the
Fund
ended
the
period
with
largely
neutral
positioning
from
sector
and
country-positioning
perspectives.
The
Fund
had
slight
overweight
positions
in
the
information
technology
and
industrials
sectors
and
maintained
slight
underweights
in
health
care
and
utilities
stocks.
From
a
geographical
perspective,
the
Fund
had
slight
overweights
to
Israel
and
maintained
underweights
to
Switzerland.
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,
2021
(continued)
7
Fund
Summary
BlackRock
Advantage
ESG
International
Equity
Fund
Performance
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
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
..............................................................
4.42%
34.57%
N/A
21.91%
N/A
Investor
A
...............................................................
4.25
34.28
27.23%
21.58
16.25%
Class
K
................................................................
4.43
34.61
N/A
21.94
N/A
MSCI
EAFE
Index
(d)
...................................................
4.14
34.18
N/A
21.00
N/A
(a)
Assuming
maximum
sales
charges,
if
any.
Average
annual
total
returns
with
and
without
sales
charges
reflect
reductions
for
distribution
and
services
fees.
See
“About
Fund
Performance”
for
a
detailed
description
of
share
classes,
including
any
related
sales
charges
and
fees.
(b)
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.
N/A
—
Not
applicable
as
share
class
and
index
do
not
have
a
sales
charge.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Actual
Hypothetical
(a)
Beginning
Account
Value
(05/01/21)
Ending
Account
Value
(10/31/21)
Expenses
Paid
During
the
Period
(b)
Beginning
Account
Value
(05/01/21)
Ending
Account
Value
(10/31/21)
Expenses
Paid
During
the
Period
(b)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00
$
1,044.20
$
2.52
$
1,000.00
$
1,022.74
$
2.50
0.49%
Investor
A
................................
1,000.00
1,042.50
3.86
1,000.00
1,021.42
3.82
0.75
Class
K
..................................
1,000.00
1,044.30
2.32
1,000.00
1,022.94
2.29
0.45
(a)
Hypothetical
5%
annual
return
before
expenses
is
calculated
by
prorating
the
number
of
days
in
the
most
recent
fiscal
half
year
divided
by
365.
(b)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
six-month
period
shown).
Fund
Summary
as
of
October
31,
2021
(continued)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
8
BlackRock
Advantage
ESG
International
Equity
Fund
Portfolio
Information
GEOGRAPHIC
ALLOCATION
Country/Geographic
Region
Percent
of
Net
Assets
Japan
...........................................
22
%
United
Kingdom
.....................................
11
France
...........................................
10
Switzerland
........................................
9
Germany
.........................................
8
Australia
..........................................
7
Netherlands
.......................................
6
Sweden
..........................................
3
Denmark
.........................................
3
Hong
Kong
........................................
3
Finland
..........................................
3
United
States
......................................
3
Spain
............................................
2
Belgium
..........................................
1
Israel
............................................
1
Italy
.............................................
1
Other
(a)
...........................................
6
Short-Term
Securities
.................................
1
Other
Assets
Less
Liabilities
............................
—
(b)
(a)
Includes
holdings
within
countries
that
are
1%
or
less
of
net
assets.
Please
refer
to
Schedule
of
Investments
for
such
countries.
(b)
Represents
less
than
1%
of
the
Fund's
net
assets.
Fund
Summary
as
of
October
31,
2021
9
Fund
Summary
BlackRock
Global
Impact
Fund
Investment
Objective
BlackRock
Global
Impact
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
total
return.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
six-month
period
ended
October
31,
2021,
the
Fund
underperformed
its
benchmark,
the
MSCI
All
Country
World
Index
(“ACWI”).
What
factors
influenced
performance?
Allocations
to
small-cap
equities
and
large-cap
growth
stocks
were
key
detractors
from
performance.
This
was
due
to
a
combination
of
idiosyncratic
stock
events,
growth
and
value
factor
rotation,
and
market
participants’
preference
for
stable
large-cap
companies
amid
persistent
worries
about
inflation.
Holdings
in
the
emerging
markets
also
weighed
on
Fund
performance.
Specifically,
Chinese
education-technology
providers,
including
17
Education
and
Technology
Group,
Inc.
and
New
Oriental
Education
&
Technology
Group,
Inc.
detracted
due
to
significant
regulatory
headwinds.
Private
online
tutoring
companies
were
compelled
to
convert
to
not-for-profit
status
as
part
of
the
country’s
“common
prosperity”
initiatives.
The
investment
adviser
sold
both
stocks
and
pivoted
toward
U.S.
education
companies.
The
Fund’s
holdings
in
Brazil
also
came
under
pressure
as
the
country
continued
to
combat
waves
of
COVID-19
infections.
Holdings
in
several
stocks
that
had
strongly
outperformed
in
2020
but
fell
out
of
favor
as
the
global
economy
emerged
from
the
pandemic
lockdown
detracted,
as
well.
Zero
weightings
in
energy
and
diversified
financials,
both
of
which
outpaced
the
broader
index,
further
weighed
on
relative
performance.
On
the
positive
side,
theme
diversification
and
stock
selection
contributed
to
performance.
Specifically,
having
exposure
to
themes
that
were
less
vulnerable
to
inflation
concerns
and
the
value/growth
rotation
helped
results.
These
included
the
Fund’s
public
health
and
safety
&
security
themes.
Shares
of
Danaher
Corp.,
a
U.S.-based
provider
of
innovative
diagnostics
tools
held
in
the
public
health
theme,
rallied
as
the
company
stayed
on
a
trajectory
of
highly
profitable
growth.
Zoetis,
Inc.,
the
world's
largest
producer
of
medicine
and
vaccinations
for
animals,
was
another
top
performer
in
the
theme.
Nuance
Communications,
Inc.,
a
physician
voice
recognition
and
transcription
company
that
also
was
held
in
the
public
health
theme,
moved
sharply
higher
after
being
acquired
by
Microsoft
Corp.
Within
the
safety
&
security
theme,
the
cybersecurity
solutions
provider
Rapid7,
Inc.
was
a
top
contributor.
The
Fund’s
green
energy
theme
also
added
value.
Describe
recent
portfolio
activity.
Despite
elevated
market
volatility
and
rising
inflation
expectations,
the
investment
adviser
remained
confident
in
the
long-term
fundamental
theses
of
its
portfolio
holdings.
Given
the
weak
relative
performance
for
small-cap,
early-stage
and
higher-growth
companies,
the
investment
adviser
increased
the
already
high
hurdle
rate
it
requires
to
invest
in
such
stocks.
This
shift
was
based
on
its
belief
that
a
larger
margin
of
error
is
required
to
capitalize
on
the
risk/reward
profiles
these
companies
offer.
The
investment
adviser
trimmed
or
exited
positions
in
certain
areas
where
stock
prices
exceeded
its
most
bullish
price
targets.
This
activity
was
most
notable
in
renewable
energy,
an
industry
that
faced
headwinds
from
rising
interest
rates
and
concerns
about
valuations.
The
Fund
redeployed
the
proceeds
of
these
sales
into
more
underappreciated
environmental
stocks.
In
an
effort
to
manage
the
risk
of
rising
inflation,
the
investment
adviser
increased
the
Fund’s
allocations
to
areas
that
are
less
susceptible
to
price
pressures.
This
led
to
an
increased
weighting
in
large-cap
companies,
particularly
in
the
public
health
and
financial
&
digital
inclusion
themes.
Describe
portfolio
positioning
at
period
end.
The
Fund
retained
its
large
allocation
to
the
public
health
theme.
While
the
investment
adviser
maintains
its
conviction
that
many
of
the
important
healthcare
trends
that
emerged
in
2020
are
set
to
continue,
it
shifted
the
portfolio’s
positioning
from
companies
that
strongly
benefited
from
the
virus
to
those
focused
on
bringing
more
digitization
and
efficiency
to
the
healthcare
system.
Within
the
environmental
portion
of
the
portfolio,
the
investment
adviser
continued
to
favor
less
appreciated
renewable
companies
and
sought
to
capitalize
on
opportunities
in
green
energy
through
the
efficiency,
electrification
and
digitization
theme.
The
investment
adviser
continued
to
observe
positive
structural
trends
in
the
sustainable
food
theme.
The
global
food
system
will
need
to
increase
its
production
in
a
sustainable
fashion
by
2050,
while
developing
less
carbon-intensive
methods.
This
remains
an
area
of
focus
for
the
investment
adviser’s
research,
and
it
believes
the
innovative
sustainable
food
companies
held
in
the
portfolio
are
well
positioned
for
long-term
growth.
Regionally,
the
investment
adviser
has
a
favorable
view
on
the
United
States
due
to
the
outlook
for
increased
infrastructure
spending.
It
also
favors
the
Asian
developed
markets
over
emerging
markets
from
a
valuation
perspective.
The
investment
adviser
continues
to
search
for
underappreciated
drivers
of
long-term
returns.
It
seeks
to
use
its
deep
engagements
and
partnerships
with
portfolio
companies
to
learn
more
about
their
strategic
directions
and
to
uncover
business
risks
that
could
arise
from
macro
events.
The
investment
adviser
strives
to
understand
the
strong
links
between
impact
outcomes
and
company
performance,
while
using
engagement
to
identify
new
ways
of
advancing
these
outcomes.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Fund
Summary
as
of
October
31,
2021
(continued)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
10
BlackRock
Global
Impact
Fund
Performance
Expense
Example
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
..............................................................
(0.19)%
26.89%
N/A
37.83%
N/A
Investor
A
...............................................................
(0.34)
26.55
19.90%
37.49
32.41%
Class
K
................................................................
(0.17)
27.10
N/A
37.99
N/A
MSCI
All
Country
World
Index
(d)
...............................................
7.01
37.28
N/A
33.05
N/A
(a)
Assuming
maximum
sales
charges,
if
any.
Average
annual
total
returns
with
and
without
sales
charges
reflect
reductions
for
distribution
and
service
fees.
See
“About
Fund
Performance”
for
a
detailed
description
of
share
classes,
including
any
related
sales
charges
and
fees.
(b)
The
Fund
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
markets
certain
emerging
markets.
N/A
—
Not
applicable
as
share
class
and
index
do
not
have
a
sales
charge.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Actual
Hypothetical
(a)
Beginning
Account
Value
(05/01/21)
Ending
Account
Value
(10/31/21)
Expenses
Paid
During
the
Period
(b)
Beginning
Account
Value
(05/01/21)
Ending
Account
Value
(10/31/21)
Expenses
Paid
During
the
Period
(b)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00
$
998.10
$
4.28
$
1,000.00
$
1,020.92
$
4.33
0.85%
Investor
A
................................
1,000.00
996.60
5.54
1,000.00
1,019.66
5.60
1.10
Class
K
..................................
1,000.00
998.30
3.78
1,000.00
1,021.42
3.82
0.75
(a)
Hypothetical
5%
annual
return
before
expenses
is
calculated
by
prorating
the
number
of
days
in
the
most
recent
fiscal
half
year
divided
by
365.
(b)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
six-month
period
shown).
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Fund
Summary
as
of
October
31,
2021
(continued)
11
Fund
Summary
BlackRock
Global
Impact
Fund
Portfolio
Information
GEOGRAPHIC
ALLOCATION
Country/Geographic
Region
Percent
of
Net
Assets
United
States
......................................
53
%
Japan
...........................................
7
United
Kingdom
.....................................
5
Denmark
.........................................
5
Netherlands
.......................................
4
Indonesia
.........................................
3
Canada
..........................................
3
Spain
............................................
3
India
............................................
2
Germany
.........................................
2
Argentina
.........................................
2
Kenya
...........................................
2
Brazil
............................................
2
South
Korea
.......................................
2
France
...........................................
2
Colombia
.........................................
1
Other
(a)
...........................................
2
Short-Term
Securities
.................................
8
Liabilities
in
Excess
of
Other
Assets
.......................
(8)
(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,
2021
2021
BlackRock
Semi-Annual
Report
to
Shareholders
12
BlackRock
International
Impact
Fund
Investment
Objective
BlackRock
International
Impact
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
total
return.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
six-month
period
that
ended
October
31,
2021,
the
Fund
underperformed
its
benchmark,
the
MSCI
All
Country
World
Index
ex-U.S.
What
factors
influenced
performance?
Holdings
in
the
emerging
markets
weighed
on
relative
performance.
Specifically,
Chinese
education-technology
companies,
including
17
Education
and
Technology
Group,
Inc.
and
New
Oriental
Education
&
Technology
Group,
Inc.
detracted
due
to
significant
regulatory
headwinds.
Private
online
tutoring
companies
were
compelled
to
convert
to
not-for-profit
status
as
part
of
the
country’s
“common
prosperity”
initiatives.
The
investment
adviser
sold
both
stocks
and
pivoted
toward
U.S.
education
companies.
The
Fund’s
holdings
in
Brazil
also
came
under
pressure
as
the
country
continued
to
combat
waves
of
COVID-19
infections.
Holdings
in
several
stocks
that
had
strongly
outperformed
in
2020
but
fell
out
of
favor
as
the
global
economy
emerged
from
lockdown
detracted,
as
well.
Zero
weightings
in
energy
and
diversified
financials,
both
of
which
outpaced
the
broader
index,
further
weighed
on
relative
performance.
On
the
positive
side,
theme
diversification
and
stock
selection
contributed
to
performance.
Financial
&
digital
inclusion
and
safety
&
security
were
top
performers
at
the
thematic
level.
In
the
former,
360
Digitech,
Inc.—a
Chinese
company
that
enables
financial
institutions
to
provide
better
and
targeted
products
and
services
to
a
broader
consumer
base—contributed
to
performance.
The
cybersecurity
solutions
provider
Mimecast,
Inc.
was
a
top
contributor
in
the
safety
&
security
theme.
The
green
energy
theme,
which
benefited
from
holdings
in
less
appreciated
renewable
stocks,
further
helped
results.
Describe
recent
portfolio
activity.
Despite
elevated
market
volatility
and
rising
inflation
expectations,
the
investment
adviser
remained
confident
in
the
long-term
fundamental
theses
of
its
portfolio
holdings.
Given
the
weak
relative
performance
for
small-cap,
early-stage
and
higher-growth
companies,
the
investment
adviser
increased
the
already
high
hurdle
rate
it
requires
to
invest
in
such
stocks.
This
shift
was
based
on
its
belief
that
a
larger
margin
of
error
is
required
to
capitalize
on
the
risk/reward
profiles
these
companies
offer.
In
an
effort
to
manage
the
risk
of
rising
inflation,
the
investment
adviser
increased
the
Fund’s
allocations
to
areas
that
are
less
susceptible
to
price
pressures.
This
led
to
an
increased
weighting
in
large-cap
companies,
particularly
in
the
public
health
and
financial
&
digital
inclusion
themes.
Describe
portfolio
positioning
at
period
end.
The
Fund
retained
a
large
allocation
to
the
public
health
theme.
While
the
investment
adviser
maintains
its
conviction
that
many
of
the
important
healthcare
trends
that
emerged
in
2020
are
set
to
continue,
it
shifted
the
portfolio’s
positioning
from
companies
that
strongly
benefited
from
the
virus
to
those
focused
on
bringing
more
digitization
and
efficiency
to
the
healthcare
system.
Within
the
environmental
portion
of
the
portfolio,
the
investment
adviser
continued
to
favor
less
appreciated
renewable
companies
and
seek
to
capitalize
on
opportunities
in
green
energy
through
the
efficiency,
electrification
and
digitization
theme.
The
investment
adviser
continued
to
observe
positive
structural
trends
in
the
sustainable
food
theme.
The
global
food
system
will
need
to
increase
its
production
in
a
sustainable
fashion
by
2050,
while
developing
less
carbon-intensive
methods.
This
remains
an
area
of
focus
for
the
investment
advisers
research,
and
it
believes
the
innovative
sustainable
food
companies
held
in
the
portfolio
are
well
positioned
for
long-term
growth.
The
investment
adviser
also
continues
to
search
for
underappreciated
drivers
of
long-term
returns.
It
seeks
to
use
its
deep
engagements
and
partnerships
with
portfolio
companies
to
learn
more
about
their
strategic
directions
and
to
uncover
business
risks
that
could
arise
from
macro
events.
The
investment
adviser
strives
to
understand
the
strong
links
between
impact
outcomes
and
company
performance,
while
using
engagement
to
identify
new
ways
of
advancing
these
outcomes.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Fund
Summary
as
of
October
31,
2021
(continued)
13
Fund
Summary
BlackRock
International
Impact
Fund
Performance
Expense
Example
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
..............................................................
(2.13)%
23.21%
N/A
27.41%
N/A
Investor
A
...............................................................
(2.20)
22.91
16.46%
27.09
22.07%
Class
K
................................................................
(2.02)
23.30
N/A
27.56
N/A
MSCI
All
Country
World
Index
ex-U.S
(d)
..........................................
1.77
29.66
N/A
25.11
N/A
(a)
Assuming
maximum
sales
charges,
if
any.
Average
annual
total
returns
with
and
without
sales
charges
reflect
reductions
for
distribution
and
service
fees.
See
“About
Fund
Performance”
for
a
detailed
description
of
share
classes,
including
sales
charges
and
fees.
(b)
Under
normal
circumstances,
the
Fund
will
invest
at
least
80%
of
its
net
assets,
plus
the
amount
of
any
borrowings
for
investment
purposes,
in
equity
securities
of
foreign
issuers
and
other
financial
instruments
that
have
similar
economic
characteristics
to
such
securities.
Equity
securities
include,
but
are
not
limited
to,
common
stock,
preferred
stock,
convertible
securities
and
depositary
receipts.
The
Fund
may
invest
in
emerging
market
issuers,
and
may
invest
in
issuers
of
any
market
capitalization,
including
small-
to
mid-capitalization
companies.
(c)
The
Fund
commenced
operations
on
June
30,
2020.
(d)
An
index
that
captures
large-
and
mid-cap
representation
across
certain
developed
markets
countries
(excluding
the
U.S.)
and
certain
emerging
markets
countries.
N/A
—
Not
applicable
as
share
class
and
index
do
not
have
a
sales
charge.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Actual
Hypothetical
(a)
Beginning
Account
Value
(05/01/21)
Ending
Account
Value
(10/31/21)
Expenses
Paid
During
the
Period
(b)
Beginning
Account
Value
(05/01/21)
Ending
Account
Value
(10/31/21)
Expenses
Paid
During
the
Period
(b)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00
$
978.70
$
4.24
$
1,000.00
$
1,020.92
$
4.33
0.85%
Investor
A
................................
1,000.00
978.00
5.48
1,000.00
1,019.66
5.60
1.10
Class
K
..................................
1,000.00
979.80
3.74
1,000.00
1,021.42
3.82
0.75
(a)
Hypothetical
5%
annual
return
before
expenses
is
calculated
by
prorating
the
number
of
days
in
the
most
recent
fiscal
half
year
divided
by
365.
(b)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
six-month
period
shown).
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Fund
Summary
as
of
October
31,
2021
(continued)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
14
BlackRock
International
Impact
Fund
Portfolio
Information
GEOGRAPHIC
ALLOCATION
Country/Geographic
Region
Percent
of
Net
Assets
United
States
......................................
17
%
Japan
...........................................
12
Denmark
.........................................
8
United
Kingdom
.....................................
8
Netherlands
.......................................
8
Canada
..........................................
7
Indonesia
.........................................
5
Spain
............................................
5
Brazil
............................................
5
India
............................................
4
Argentina
.........................................
4
Germany
.........................................
3
South
Korea
.......................................
3
France
...........................................
3
Kenya
...........................................
3
Colombia
.........................................
2
Belgium
..........................................
1
Switzerland
........................................
1
Other
(a)
...........................................
—
(b)
Short-Term
Securities
.................................
3
Liabilities
in
Excess
of
Other
Assets
.......................
(2)
(a)
Includes
holdings
within
countries
that
are
1%
or
less
of
net
assets.
Please
refer
to
Schedule
of
Investments
for
such
countries.
(b)
Represents
less
than
1%
of
the
Fund's
net
assets.
Fund
Summary
as
of
October
31,
2021
15
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
period
ended
October
31,
2021,
the
Fund
underperformed
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
positions
in
a
basket
of
developed
market
sovereign
bonds
(including
Australia,
Canada,
Germany,
United
States
and
United
Kingdom)
were
the
most
significant
detractors.
The
Fund
began
the
period
short
this
basket
of
developed
market
sovereigns,
which
weighed
on
Fund
returns
over
the
summer
months
as
concerns
about
the
effect
of
the
Delta
variant
on
economic
growth
caused
bonds
to
rally.
A
switch
to
a
long
position
late
in
the
period
also
detracted
as
volatility
subsequently
hit
the
bond
markets,
particularly
in
Australia.
Relative
value
views
within
developed
market
bonds
further
pressured
results
due
to
a
long
position
in
Australia.
Short
positions
in
emerging
market
bonds
were
key
contributors.
Specifically,
shorts
in
Brazil
and
Thailand
boosted
returns
given
interest
rate
hikes
in
the
former
and
the
combination
of
reduced
tourism
and
currency
weakness
in
the
latter.
Sector
positioning
in
equities
was
also
additive
to
performance,
led
by
long
positions
in
consumer
discretionary
and
healthcare
versus
short
positions
in
consumer
staples
and
telecommunication
services.
The
longs
benefitted
from
relatively
contained
labor
and
input
costs
and
attractive
pricing,
whereas
the
shorts
underperformed
due
to
falling
earning
expectations
caused
by
rising
cost
pressures.
Directional
long
equity
positions
also
contributed.
The
Investment
adviser
uses
derivatives
as
an
efficient
means
to
take
active
views
on
interest
rates,
equity
indices
and
currencies.
The
derivatives
used
included
equity
index
and
sovereign
bond
futures,
total
return
swaps,
interest
rate
swaps
and
currency
forward
contracts.
These
exposures
will
make
up
a
significant
portion
of
the
portfolio
given
the
Fund’s
investment
approach
of
holding
positions
in
interest
rates,
equity
indices,
and
currencies
across
global
markets.
The
use
of
derivatives,
instead
of
physical
instruments,
had
a
negative
impact
on
results.
The
Fund
held
an
allocation
to
cash
as
collateral
for
the
derivative
positions
and
as
a
means
of
earning
a
modest
yield.
The
cash
weighting
did
not
have
a
material
effect
on
performance.
Describe
recent
portfolio
activity.
The
Fund
began
the
period
net
long
in
equities
and
net
short
in
bonds.
This
positioning
reflected
the
investment
adviser’s
view
that
the
continued
resumption
of
global
economic
activity
following
the
COVID-19
outbreak
would
be
a
tailwind
for
stocks.
In
addition,
it
anticipated
that
monetary
and
fiscal
stimulus
across
the
world
would
add
further
support
to
stocks
but
keep
bond
yields
at
extreme
lows.
The
Fund
maintained
its
net
long
in
equities
but
trimmed
its
short
position
in
bonds,
finishing
the
period
roughly
flat
in
terms
of
its
duration.
Within
equities,
the
Fund
began
the
period
with
longs
in
Japan,
North
America,
Europe
and
the
emerging
markets.
The
Fund
also
sought
opportunities
intra-Europe,
preferring
France,
Italy
and
the
United
Kingdom
to
the
Netherlands,
Sweden
and
Switzerland.
As
the
period
progressed,
the
Fund
added
to
Japan
given
its
compelling
valuation
and
the
potential
for
a
weaker
yen
to
boost
the
heavily
export-oriented
economy.
The
Fund
subsequently
trimmed
the
extent
of
the
long
as
the
market
rallied.
It
also
moved
to
a
short
in
North
America,
driven
by
an
expansion
of
the
short
position
in
the
United
States.
This
move
reflected
weakening
investor
sentiment
and
a
deteriorating
balance
of
payments.
The
Fund
maintained
its
short
in
Canada
in
this
time
frame.
It
also
added
to
Asia-Pacific
ex-Japan,
specifically
South
Korea,
Taiwan
and
Australia,
in
an
effort
to
capitalize
on
the
attractive
valuations
and
favorable
growth
outlook
in
these
nations.
In
Europe,
the
Fund
maintained
its
short
in
the
Netherlands
while
increasing
its
long
in
Italy
and
adding
longs
in
Spain
and
Sweden.
It
also
closed
its
short
in
Switzerland
and
shifted
to
shorts
in
the
United
Kingdom
and
France.
Within
bonds,
the
Fund
entered
May
2021
with
a
long
in
Australia
and
select
emerging
markets
versus
Germany,
the
United
Kingdom
and
the
United
States.
Australian
growth
and
inflation
trends
appeared
unfavorable
at
this
time,
and
the
country’s
central
bank
was
expected
to
remain
dovish.
This
position
weighed
on
returns
late
in
the
period,
however,
following
a
higher-than-anticipated
inflation
report
and
the
central
bank’s
unexpected
termination
of
its
yield
curve
control
policy.
The
Fund
maintained
the
position
at
the
end
of
October
on
the
belief
that
the
price
moves
were
at
odds
with
continued
weakness
in
the
country’s
growth
and
inflation
outlook.
The
Fund
added
to
Canadian
fixed
income
and
maintained
shorts
in
the
United
States
and
United
Kingdom.
In
addition,
the
Fund
moved
short
in
the
emerging
markets
and
reduced
the
extent
of
its
short
in
Germany.
In
currencies,
the
Fund
started
the
period
with
a
short
in
the
U.S.
dollar
against
a
developed
market
basket
that
primarily
consisted
of
the
euro.
Given
the
potential
for
U.S.
dollar
strength
following
the
U.S.
Fed’s
change
in
tone
at
its
June
2021
meeting,
the
Fund
closed
the
U.S.
dollar
short
and
rotated
to
a
long
position
in
the
euro
versus
a
basket
consisting
of
the
Canadian
dollar,
Australian
dollar,
and
Japanese
yen.
It
maintained
this
positioning
through
the
end
of
the
period.
Describe
portfolio
positioning
at
period
end.
The
Fund
ended
October
2021
positioned
for
continued
economic
growth,
with
a
net
long
in
equities.
Within
equities,
the
Fund
was
long
in
Asia
versus
the
United
States.
The
Fund’s
aggregate
duration
profile
(interest
rate
sensitivity)
shifted
from
a
net
short
position
to
neutral
late
in
the
period.
It
was
overweight
in
Australian
and
Canadian
bonds
against
the
United
Kingdom
and
United
States.
In
currencies,
the
Fund
was
long
in
the
euro
against
a
basket
of
consisting
of
the
Canadian
dollar,
Australian
dollar
and
Japanese
yen.
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,
2021
(continued)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
16
BlackRock
Tactical
Opportunities
Fund
Performance
Expense
Example
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
......................................
(2.99)%
0.56%
N/A
3.97%
N/A
4.18%
N/A
Service
........................................
(3.08)
0.31
N/A
3.70
N/A
3.88
N/A
Investor
A
.......................................
(3.09)
0.28
(4.99)%
3.67
2.55%
3.87
3.31%
Investor
C
.......................................
(3.46)
(0.51)
(1.49)
2.93
2.93
3.29
3.29
Class
K
........................................
(2.92)
0.69
N/A
4.08
N/A
4.08
N/A
Bloomberg
U.S.
1-3
Year
Treasury
Bond
Index
(c)
...........
(0.34)
(0.26)
N/A
1.59
N/A
1.13
N/A
ICE
BofA
3-Month
U.S.
Treasury
Bill
Index
(d)
..............
0.01
0.06
N/A
1.15
N/A
0.63
N/A
75%
Bloomberg
U.S.
1-3
Year
Treasury
Bond
Index/25%
MSCI
All
Country
World
Index
(e)
.........................
1.50
8.28
N/A
4.96
N/A
3.77
N/A
MSCI
All
Country
World
Index
(f)
.......................
7.01
37.28
N/A
14.72
N/A
11.32
N/A
(a)
Assuming
maximum
sales
charges,
if
any.
Average
annual
total
returns
with
and
without
sales
charges
reflect
reductions
for
distribution
and
service
fees.
See
“About
Fund
Performance”
for
a
detailed
description
of
share
classes,
including
any
related
sales
charges
and
fees,
and
how
performance
was
calculated
for
certain
share
classes.
(b)
The
Fund
uses
an
asset
allocation
strategy,
investing
varying
percentages
of
its
portfolio
in
three
major
categories:
stocks,
bonds
and
money
market
instruments.
The
Fund’s
total
returns
from
May
15,
2012
through
January
28,
2016
are
the
returns
of
the
Fund
when
it
followed
a
different
investment
strategy
by
investing
a
significant
portion
of
its
assets
in
other
investment
companies
and
directly
in
securities
under
the
name
BlackRock
Managed
Volatility
Portfolio.
The
Fund’s
total
returns
prior
to
May
15,
2012
are
the
returns
of
the
Fund
when
it
followed
different
investment
strategies
under
the
name
BlackRock
Asset
Allocation
Portfolio.
(c)
Bloomberg
U.S.
1-3
Year
Treasury
Bond
Index
(formerly
Bloomberg
Barclays
U.S.
1-3
Year
Treasury
Bond
Index)
is
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
lndex
.
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
markets
certain
emerging
markets.
N/A
—
Not
applicable
as
share
class
and
index
do
not
have
a
sales
charge.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Actual
Hypothetical
(a)
Beginning
Account
Value
(05/01/21)
Ending
Account
Value
(10/31/21)
Expenses
Paid
During
the
Period
(b)
Beginning
Account
Value
(05/01/21)
Ending
Account
Value
(10/31/21)
Expenses
Paid
During
the
Period
(b)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00
$
970.10
$
3.87
$
1,000.00
$
1,021.27
$
3.97
0.78%
Service
..................................
1,000.00
969.20
5.21
1,000.00
1,019.91
5.35
1.05
Investor
A
................................
1,000.00
969.10
5.21
1,000.00
1,019.91
5.35
1.05
Investor
C
................................
1,000.00
965.40
9
.
02
1,000.00
1,016.0
3
9.2
5
1.8
2
Class
K
..................................
1,000.00
970.80
3.23
1,000.00
1,021.93
3.31
0.65
(a)
Hypothetical
5%
annual
return
before
expenses
is
calculated
by
prorating
the
number
of
days
in
the
most
recent
fiscal
half
year
divided
by
365.
(b)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
six-month
period
shown).
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Fund
Summary
as
of
October
31,
2021
(continued)
17
Fund
Summary
BlackRock
Tactical
Opportunities
Fund
Portfolio
Information
TEN
LARGEST
HOLDINGS
Security
(a)
Percent
of
Net
Assets
U.S.
Treasury
Notes,
0.13%, 12/15/23
....................
5
%
Microsoft
Corp.
...................................
4
Apple,
Inc.
......................................
3
Amazon.com,
Inc.
.................................
3
Tesla,
Inc.
.......................................
1
Alphabet,
Inc.,
Class
A
..............................
1
Alphabet,
Inc.,
Class
C
..............................
1
Facebook,
Inc.,
Class
A
.............................
1
U.S.
Treasury
Notes,
1.50%, 09/15/22
....................
1
Berkshire
Hathaway,
Inc.,
Class
B
......................
1
(a)
Excludes
short-term
investments.
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
Net
Assets
Common
Stocks
....................................
73
%
U.S.
Treasury
Obligations
..............................
6
Preferred
Stocks
....................................
—
(a)
Warrants
.........................................
—
(a)
Rights
...........................................
—
(a)
Other
Interests
.....................................
—
(a)
Asset-Backed
Securities
...............................
—
(a)
Short-Term
Securities
................................
2
Other
Assets
Less
Liabilities
............................
19
(a)
Represents
less
than
1%
of
the
Fund's
net
assets.
Fund
Summary
as
of
October
31,
2021
2021
BlackRock
Semi-Annual
Report
to
Shareholders
18
BlackRock
U.S.
Impact
Fund
Investment
Objective
BlackRock
U.S.
Impact
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
total
return.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
six-month
period
ended
October
31,
2021,
the
Fund
underperformed
its
benchmark,
the
Russell
MidCap
®
Index.
What
factors
influenced
performance?
The
Fund’s
allocation
to
small-cap
equities
and
large-cap
growth
stocks
detracted
from
results.
This
was
due
to
a
combination
of
idiosyncratic
stock
events,
growth
and
value
factor
rotation,
and
market
participants’
preference
stable
large-cap
companies
amid
persistent
worries
about
inflation.
In
addition,
several
stocks
that
strongly
outperformed
in
2020
fell
out
of
favor
as
the
global
economy
emerged
from
lockdown.
The
Fund
was
also
hurt
by
having
zero
weightings
in
energy
and
diversified
financials,
both
of
which
outpaced
the
broader
index.
On
the
positive
side,
theme
diversification
and
stock
selection
contributed
to
performance.
Specifically,
having
exposure
to
themes
that
were
less
vulnerable
to
inflation
concerns
and
the
value/growth
rotation
helped
results.
These
included
the
Fund’s
financial
&
digital
Inclusion,
safety
&
security
and
public
health
themes.
Notably,
Square,
Inc.
—
a
financial
services
and
digital
payments
company
focused
on
small-
and
medium-sized
businesses
—
boosted
returns
in
the
financial
&
digital
inclusion
theme.
Zoetis,
Inc.,
the
world's
largest
producer
of
medicine
and
vaccinations
for
animals,
was
a
top
performer
in
the
public
health
theme.
Nuance
Communications,
Inc.,
a
physician
voice
recognition
and
transcription
company
that
was
held
in
the
public
health
theme,
also
rallied
after
being
acquired
by
Microsoft
Corp.
Within
the
safety
&
security
theme,
the
cybersecurity
solutions
providers
Rapid
7,
Inc.
and
Mimecast
Ltd.
were
top
contributors.
The
Fund’s
green
energy
theme
added
value,
as
well.
Describe
recent
portfolio
activity.
Despite
elevated
market
volatility
and
rising
inflation
expectations,
the
investment
adviser
remained
confident
in
the
long-term
fundamental
theses
of
its
portfolio
holdings.
Given
the
weak
relative
performance
for
small-cap,
early-stage
and
higher-growth
companies,
the
investment
adviser
increased
the
already
high
hurdle
rate
it
requires
to
invest
in
such
stocks.
This
shift
was
based
on
its
belief
that
a
larger
margin
of
error
is
required
to
capitalize
on
the
risk/reward
profiles
these
companies
offer.
The
investment
adviser
trimmed
or
exited
positions
in
certain
areas
where
stock
prices
exceeded
its
most
bullish
price
targets.
This
activity
was
most
notable
in
renewable
energy,
an
industry
that
faced
headwinds
from
rising
interest
rates
and
concerns
about
valuations.
The
investment
adviser
redeployed
the
proceeds
of
these
sales
into
more
underappreciated
environmental
stocks.
In
an
effort
to
manage
the
risk
of
rising
inflation,
the
investment
adviser
increased
the
Fund’s
allocations
to
areas
that
are
less
susceptible
to
price
pressures.
This
led
to
a
higher
weighting
in
large-cap
companies,
particularly
in
the
public
health
and
financial
&
digital
inclusion
themes.
Describe
portfolio
positioning
at
period
end.
The
Fund
retained
a
large
allocation
to
the
public
health
theme.
While
the
investment
adviser
maintains
its
conviction
that
many
of
the
important
healthcare
trends
that
emerged
in
2020
are
set
to
continue,
it
shifted
the
portfolio’s
positioning
from
companies
that
strongly
benefited
from
the
virus
to
those
focused
on
bringing
more
digitization
and
efficiency
to
the
healthcare
system.
Within
the
environmental
portion
of
the
portfolio,
the
team
favored
less
appreciated
renewable
companies
and
sought
to
capitalize
on
opportunities
in
green
energy
through
the
Efficiency,
Electrification
and
Digitization
theme.
Management
continued
to
observe
positive
structural
trends
in
the
Sustainable
Food
theme.
The
global
food
system
needs
to
increase
its
production
in
a
sustainable
fashion
by
2050,
while
developing
less
carbon-intensive
methods.
This
remains
an
area
of
focus
for
the
team’s
research,
and
it
believes
the
innovative
sustainable
food
companies
held
in
the
portfolio
are
well
positioned
for
long-term
growth.
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,
2021
(continued)
19
Fund
Summary
BlackRock
U.S.
Impact
Fund
Performance
Expense
Example
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
..............................................................
2.00%
28.35%
N/A
40.20%
N/A
Investor
A
...............................................................
1.88
27.98
21.26%
39.81
34.28%
Class
K
................................................................
2.03
28.35
N/A
40.28
N/A
Russell
Midcap
®
Index
(d)
....................................................
7.37
45.40
N/A
40.42
N/A
(a)
Assuming
maximum
sales
charges,
if
any.
Average
annual
total
returns
with
and
without
sales
charges
reflect
reductions
for
distribution
and
services
fees.
See
“About
Fund
Performance”
for
a
detailed
description
of
share
classes,
including
any
related
sales
charges
and
fees.
(b)
Under
normal
circumstances,
the
Fund
will
invest
at
least
80%
of
its
net
assets,
plus
the
amount
of
any
borrowings
for
investment
purposes,
in
U.S.
securities.
The
Fund
will
invest
primarily
in
equity
securities
and
other
financial
instruments
that
have
similar
economic
characteristics
to
such
securities.
Equity
securities
include,
but
are
not
limited
to,
common
stock,
preferred
stock,
convertible
securities
and
depositary
receipts.
The
Fund
may
invest
in
issuers
of
any
market
capitalization,
including
small-
to
mid-capitalization
companies.
(c)
The
Fund
commenced
operations
on
June
30,
2020.
(d)
Market
capitalization-weighted
index
comprised
of
800
publicly
traded
U.S.
companies
with
market
caps
of
between
$2
and
$10
billion.
The
800
companies
in
the
Russell
Midcap
Index
are
the
800
smallest
of
the
1,000
companies
that
comprise
Russell
1000
Index.
N/A
—
Not
applicable
as
share
class
and
index
do
not
have
a
sales
charge.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Actual
Hypothetical
(a)
Beginning
Account
Value
(05/01/21)
Ending
Account
Value
(10/31/21)
Expenses
Paid
During
the
Period
(b)
Beginning
Account
Value
(05/01/21)
Ending
Account
Value
(10/31/21)
Expenses
Paid
During
the
Period
(b)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00
$
1,020.00
$
4.33
$
1,000.00
$
1,020.92
$
4.33
0.85%
Investor
A
................................
1,000.00
1,018.80
5.60
1,000.00
1,019.66
5.60
1.10
Class
K
..................................
1,000.00
1,020.30
3.82
1,000.00
1,021.42
3.82
0.75
(a)
Hypothetical
5%
annual
return
before
expenses
is
calculated
by
prorating
the
number
of
days
in
the
most
recent
fiscal
half
year
divided
by
365.
(b)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
six-month
period
shown).
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
SECTOR
ALLOCATION
Sector
Percent
of
Net
Assets
Health
Care
.....................................
31
%
Information
Technology
..............................
30
Consumer
Discretionary
.............................
17
Utilities
.........................................
7
Industrials
.......................................
6
Consumer
Staples
.................................
4
Real
Estate
......................................
3
Financials
.......................................
1
Short-Term
Securities
...............................
5
Liabilities
in
Excess
of
Other
Assets
.....................
(4)
For
Fund
compliance
purposes,
the
Fund’s
sector
classifications
refer
to
one
or
more
of
the
sector
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
sector
sub-classifications
for
reporting
ease.
About
Fund
Performance
2021
BlackRock
Semi-Annual
Report
to
Shareholders
20
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
on May
1,
2021 and
held
through
October
31,
2021) are
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in each
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
mutual
funds.
The
expense
examples
provide
information
about
actual
account
values
and
actual
expenses.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
corresponding
to
their
Fund and
share
class
under
the
heading
entitled
“Expenses
Paid
During
the
Period.”
The
expense
examples
also
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
a
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
these
Funds
and
other
funds,
compare
the
5%
hypothetical
examples
with
the
5%
hypothetical
examples
that
appear
in
shareholder
reports
of
other
funds.
The
expenses
shown
in
the
expense
examples
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
transactional
expenses,
such
as
sales
charges,
if
any.
Therefore,
the
hypothetical
examples
are
useful
in
comparing
ongoing
expenses
only
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
Derivative
Financial
Instruments
21
Derivative
Financial
Instruments
The
Funds may
invest
in
various
derivative
financial
instruments.
These
instruments
are
used
to
obtain
exposure
to
a
security,
commodity,
index,
market,
and/or
other
assets
without
owning
or
taking
physical
custody
of
securities,
commodities
and/or
other
referenced
assets
or
to
manage
market,
equity,
credit,
interest
rate,
foreign
currency
exchange
rate,
commodity
and/or
other
risks.
Derivative
financial
instruments
may
give
rise
to
a
form
of
economic
leverage
and
involve
risks,
including
the
imperfect
correlation
between
the
value
of
a
derivative
financial
instrument
and
the
underlying
asset,
possible
default
of
the
counterparty
to
the
transaction
or
illiquidity
of
the
instrument.
The
Funds’
successful
use
of
a
derivative
financial
instrument
depends
on
the
investment
adviser’s
ability
to
predict
pertinent
market
movements
accurately,
which
cannot
be
assured.
The
use
of
these
instruments
may
result
in
losses
greater
than
if
they
had
not
been
used,
may
limit
the
amount
of
appreciation a
Fund
can
realize
on
an
investment
and/or
may
result
in
lower
distributions
paid
to
shareholders.
The
Funds’
investments
in
these
instruments,
if
any,
are
discussed
in
detail
in
the
Notes
to
Financial
Statements.
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Advantage
ESG
Emerging
Markets
Equity
Fund
22
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
October
31,
2021
Security
Shares
Shares
Value
Common
Stocks
—
93.4%
Brazil
—
3.0%
Ambev
SA
..................
6,757
$
20,389
B3
SA
-
Brasil
Bolsa
Balcao
.......
56,894
120,365
CPFL
Energia
SA
..............
20,187
94,000
Energisa
SA
.................
7,847
54,906
Light
SA
....................
10,000
17,258
Lojas
Renner
SA
..............
4,881
27,822
Natura
&
Co.
Holding
SA
(a)
.......
1,961
13,516
Ultrapar
Participacoes
SA
........
1,048
2,423
350,679
Chile
—
1.0%
CAP
SA
....................
1,093
10,818
Enel
Americas
SA
.............
110,511
12,576
Enel
Americas
SA,
ADR
.........
13,134
74,338
Falabella
SA
.................
5,140
14,214
111,946
China
—
33.4%
3SBio,
Inc.
(a)(b)(c)
...............
26,000
23,793
Agricultural
Bank
of
China
Ltd.,
Class
H
92,000
31,262
Akeso
,
Inc.
(a)(b)(c)
...............
3,000
16,724
Alibaba
Group
Holding
Ltd.
(a)
......
14,192
291,825
Angang
Steel
Co.
Ltd.,
Class
H
....
18,000
9,676
BeiGene
Ltd.,
ADR
(a)
...........
68
24,325
BYD
Co.
Ltd.,
Class
A
...........
2,800
136,674
BYD
Co.
Ltd.,
Class
H
..........
2,000
76,495
China
Coal
Energy
Co.
Ltd.,
Class
H
.
28,000
17,082
China
Construction
Bank
Corp.,
Class
H
......................
23,000
15,653
China
Gas
Holdings,
Ltd.
........
4,600
11,482
China
Life
Insurance
Co.
Ltd.,
Class
H
7,000
12,161
China
Medical
System
Holdings
Ltd.
.
16,000
27,092
China
Merchants
Bank
Co.
Ltd.,
Class
A
......................
9,800
82,439
China
Merchants
Bank
Co.
Ltd.,
Class
H
......................
13,000
108,942
China
Petroleum
&
Chemical
Corp.,
Class
H
..................
20,000
9,745
China
Resources
Gas
Group
Ltd.
...
2,000
10,745
China
Vanke
Co.
Ltd.,
Class
H
.....
7,100
16,589
Chongqing
Brewery
Co.
Ltd.,
Class
A
(a)
300
7,029
CIFI
Holdings
Group
Co.
Ltd.
......
66,000
36,635
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
A
...............
1,190
119,049
COSCO
SHIPPING
Holdings
Co.
Ltd.,
Class
A
(a)
.................
4,300
11,085
COSCO
SHIPPING
Holdings
Co.
Ltd.,
Class
H
(a)
.................
14,500
22,459
Country
Garden
Services
Holdings
Co.
Ltd.
.....................
5,000
38,492
CSPC
Pharmaceutical
Group
Ltd.
...
18,000
18,783
ENN
Energy
Holdings
Ltd.
........
1,300
22,397
Fuyao
Glass
Industry
Group
Co.
Ltd.,
Class
H
(b)(c)
................
2,000
11,515
Ganfeng
Lithium
Co.
Ltd.,
Class
A
..
100
2,615
Ganfeng
Lithium
Co.
Ltd.,
Class
H
(b)(c)
1,800
33,724
G-bits
Network
Technology
Xiamen
Co.
Ltd.,
Class
A
...............
300
15,994
Geely
Automobile
Holdings
Ltd.
....
10,000
34,706
Guangzhou
Baiyunshan
Pharmaceutical
Holdings
Co.
Ltd.,
Class
H
..................
8,000
20,225
Hangzhou
Robam
Appliances
Co.
Ltd.,
Class
A
..................
6,606
32,275
Security
Shares
Shares
Value
China
(continued)
Hangzhou
Tigermed
Consulting
Co.
Ltd.,
Class
H
(b)(c)
............
600
$
11,702
Huatai
Securities
Co.
Ltd.,
Class
H
(b)(c)
47,600
70,787
Industrial
&
Commercial
Bank
of
China
Ltd.,
Class
H
...............
59,000
32,342
Industrial
Bank
Co.
Ltd.,
Class
A
....
9,600
27,903
JD.com,
Inc.,
ADR
(a)
............
1,278
100,042
Jinxin
Fertility
Group
Ltd.
(a)(b)(c)
.....
6,000
8,463
Kingdee
International
Software
Group
Co.
Ltd.
(a)
.................
9,000
29,613
Kuaishou
Technology
(a)(b)(c)
........
1,200
15,698
Lenovo
Group
Ltd.
.............
130,000
141,176
Li
Auto,
Inc.,
ADR
(a)
............
957
31,227
LONGi
Green
Energy
Technology
Co.
Ltd.,
Class
A
...............
560
8,527
Meituan
Dianping
,
Class
B
(a)(c)
.....
3,300
112,295
MMG
Ltd.
(a)
..................
68,000
31,409
NetEase
,
Inc.
................
4,400
85,350
NetEase
,
Inc.,
ADR
............
574
56,016
NIO,
Inc.,
ADR
(a)
..............
1,960
77,244
Pinduoduo
,
Inc.,
ADR
(a)
..........
136
12,093
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
H
...............
32,000
229,207
Shandong
Nanshan
Aluminum
Co.
Ltd.,
Class
A
..................
35,470
23,945
Shanghai
Bairun
Investment
Holding
Group
Co.
Ltd.,
Class
A
.......
880
8,735
Shanghai
Pharmaceuticals
Holding
Co.
Ltd.,
Class
H
...............
8,200
15,008
Shanxi
Xinghuacun
Fen
Wine
Factory
Co.
Ltd.,
Class
A
............
300
14,114
Shenzhen
Inovance
Technology
Co.
Ltd.,
Class
A
...............
3,750
38,158
Sinopharm
Group
Co.
Ltd.,
Class
H
.
4,400
10,448
Sinotrans
Ltd.,
Class
H
..........
79,000
25,969
Sinotruk
Hong
Kong
Ltd.
.........
1,500
2,070
Sunac
China
Holdings
Ltd.
.......
19,000
40,632
Suning.com
Co.
Ltd.,
Class
A
(a)
....
22,200
15,487
TCL
Technology
Group
Corp.,
Class
A
39,000
36,924
Tencent
Holdings
Ltd.
...........
10,800
656,962
TongFu
Microelectronics
Co.
Ltd.,
Class
A
......................
6,100
19,066
Vipshop
Holdings
Ltd.,
ADR
(a)
......
4,503
50,253
WuXi
AppTec
Co.
Ltd.,
Class
A
.....
778
16,744
WuXi
AppTec
Co.
Ltd.,
Class
H
(b)(c)
..
7,580
161,842
Wuxi
Biologics
Cayman,
Inc.
(a)(b)(c)
...
7,000
106,029
Xinjiang
Goldwind
Science
&
Technology
Co.
Ltd.,
Class
A
....
361
1,042
Xinjiang
Goldwind
Science
&
Technology
Co.
Ltd.,
Class
H
....
10,800
24,152
Xinyi
Solar
Holdings
Ltd.
.........
8,000
16,618
XPeng
,
Inc.,
Class
A
(a)
..........
1,100
25,524
XPeng
,
Inc.,
ADR
(a)
............
931
43,413
Yadea
Group
Holdings
Ltd.
(b)(c)
.....
12,000
20,618
Yutong
Bus
Co.
Ltd.,
Class
A
......
18,400
32,564
Zhejiang
Weixing
New
Building
Materials
Co.
Ltd.,
Class
A
.....
13,900
39,007
Zoomlion
Heavy
Industry
Science
and
Technology
Co.
Ltd.,
Class
H
....
33,200
23,913
3,900,018
Colombia
—
0.1%
Bancolombia
SA,
ADR
..........
250
8,983
Czech
Republic
—
0.7%
Moneta
Money
Bank
A/S
(a)(b)(c)
.....
21,531
84,170
BlackRock
Advantage
ESG
Emerging
Markets
Equity
Fund
Schedules
of
Investments
23
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2021
Security
Shares
Shares
Value
Greece
—
0.7%
OPAP
SA
...................
5,054
$
78,930
Hungary
—
0.7%
MOL
Hungarian
Oil
&
Gas
plc
.....
8,937
76,370
India
—
11.2%
Asian
Paints
Ltd.
..............
4,996
207,051
AstraZeneca
Pharma
India
Ltd.
....
238
9,558
Bandhan
Bank
Ltd.
(b)(c)
..........
3,142
12,276
Dabur
India
Ltd.
...............
11,658
91,312
Havells
India
Ltd.
..............
2,019
34,123
HCL
Technologies
Ltd.
..........
6,619
101,351
Housing
Development
Finance
Corp.
Ltd.
.....................
6,045
230,476
IndusInd
Bank
Ltd.
.............
4,218
64,522
Info
Edge
India
Ltd.
............
386
31,412
Infosys
Ltd.
..................
4,946
110,686
Kotak
Mahindra
Bank
Ltd.
........
5,459
148,496
Mahindra
&
Mahindra
Ltd.
........
3,265
38,684
Marico
Ltd.
..................
5,375
40,869
Persistent
Systems
Ltd.
.........
108
5,671
Reliance
Industries
Ltd.
.........
478
16,221
Tata
Steel
BSL
Ltd.
(a)
...........
4,438
5,131
Titan
Co.
Ltd.
................
927
29,578
TVS
Motor
Co.
Ltd.
............
2,327
20,661
Wipro
Ltd.
...................
1,971
17,068
Wipro
Ltd.,
ADR
...............
10,771
96,508
1,311,654
Indonesia
—
0.2%
Bank
Central
Asia
Tbk
.
PT
........
37,500
19,829
Malaysia
—
3.2%
CIMB
Group
Holdings
Bhd.
.......
84,100
106,112
Petronas
Dagangan
Bhd.
........
10,200
50,155
Public
Bank
Bhd.
..............
120,600
121,444
RHB
Bank
Bhd.
...............
72,200
97,419
375,130
Mexico
—
2.4%
Arca
Continental
SAB
de
CV
......
3,900
23,738
Cemex
SAB
de
CV
(a)
...........
21,525
13,884
Coca-Cola
Femsa
SAB
de
CV
.....
20,019
107,611
Coca-Cola
Femsa
SAB
de
CV,
ADR
.
418
22,468
Fomento
Economico
Mexicano
SAB
de
CV
.....................
6,012
49,517
Grupo
Bimbo
SAB
de
CV
........
5,737
17,054
Wal-Mart
de
Mexico
SAB
de
CV
....
12,427
43,296
277,568
Peru
—
0.1%
Credicorp
Ltd.
................
101
13,096
Poland
—
0.2%
Bank
Polska
Kasa
Opieki
SA
......
679
22,434
Qatar
—
0.5%
Masraf
Al
Rayan
QSC
...........
5,545
7,236
Qatar
Islamic
Bank
SAQ
.........
1,752
8,820
Qatar
National
Bank
QPSC
.......
6,851
38,382
54,438
Romania
—
0.5%
NEPI
Rockcastle
plc
............
9,369
62,808
Russia
—
2.1%
LUKOIL
PJSC
................
10
1,020
LUKOIL
PJSC,
ADR
............
2,030
206,920
Security
Shares
Shares
Value
Russia
(continued)
Novatek
PJSC,
GDR
(c)
..........
150
$
38,081
246,021
South
Africa
—
5.1%
AVI
Ltd.
....................
6,809
35,260
Bidvest
Group
Ltd.
(The)
.........
12,240
153,260
Capitec
Bank
Holdings
Ltd.
.......
437
48,829
Clicks
Group
Ltd.
..............
7,293
133,131
Foschini
Group
Ltd.
(The)
(a)
.......
4,078
34,626
Gold
Fields
Ltd.
...............
1,270
11,801
Mr
Price
Group
Ltd.
............
1,654
21,652
MultiChoice
Group
.............
657
5,225
Naspers
Ltd.,
Class
N
...........
91
15,411
Northam
Platinum
Holdings
Ltd.
(a)
...
1,455
21,789
Royal
Bafokeng
Platinum
Ltd.
.....
6,676
47,875
Sanlam
Ltd.
.................
8,073
33,164
Sappi
Ltd.
(a)
..................
2,958
9,086
Telkom
SA
SOC
Ltd.
(a)
..........
4,920
16,340
Truworths
International
Ltd.
.......
1,797
6,343
593,792
South
Korea
—
11.4%
Amorepacific
Corp.
............
170
26,454
AMOREPACIFIC
Group
.........
603
25,665
CJ
CheilJedang
Corp.
...........
28
9,100
Doosan
Co.
Ltd.
..............
409
36,188
Hyundai
Mobis
Co.
Ltd.
..........
63
13,619
Kakao
Corp.
.................
799
85,960
KB
Financial
Group,
Inc.
.........
570
27,590
KB
Financial
Group,
Inc.,
ADR
.....
792
38,072
KT
Corp.
...................
695
18,146
KT
Corp.,
ADR
...............
5,525
70,775
LG
Display
Co.
Ltd.
(a)
...........
341
5,763
LG
Display
Co.
Ltd.,
ADR
(d)
.......
3,300
27,555
LG
Electronics,
Inc.
............
388
40,140
LG
Household
&
Health
Care
Ltd.
...
20
20,018
LG
Innotek
Co.
Ltd.
............
36
6,471
LX
International
Corp.
...........
555
12,937
Mando
Corp.
(a)
................
252
13,526
NAVER
Corp.
................
81
28,162
POSCO
....................
239
60,618
Samsung
Electro-Mechanics
Co.
Ltd.
597
81,303
Samsung
Electronics
Co.
Ltd.
.....
7,876
471,561
Samsung
Engineering
Co.
Ltd.
(a)
....
564
11,996
Samsung
SDI
Co.
Ltd.
..........
13
8,202
Shinhan
Financial
Group
Co.
Ltd.
...
2,389
77,994
Shinhan
Financial
Group
Co.
Ltd.,
ADR
1,436
46,411
SK
Innovation
Co.
Ltd.
(a)
.........
190
39,624
SK
Telecom
Co.
Ltd.
............
57
15,093
SK,
Inc.
....................
30
6,261
1,325,204
Taiwan
—
15.2%
AU
Optronics
Corp.
............
48,000
32,987
Cathay
Financial
Holding
Co.
Ltd.
...
49,000
102,140
China
Steel
Corp.
.............
70,000
84,396
CTBC
Financial
Holding
Co.
Ltd.
...
164,000
136,950
Delta
Electronics,
Inc.
...........
9,000
79,446
E.Sun
Financial
Holding
Co.
Ltd.
...
19,100
18,250
Evergreen
Marine
Corp.
Taiwan
Ltd.
.
11,000
39,586
Hon
Hai
Precision
Industry
Co.
Ltd.
..
14,000
54,045
MediaTek
,
Inc.
................
5,000
164,563
Nan
Ya
Plastics
Corp.
...........
5,000
15,344
Nanya
Technology
Corp.
.........
15,000
35,966
Novatek
Microelectronics
Corp.
....
3,000
44,997
Realtek
Semiconductor
Corp.
.....
1,000
17,988
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Advantage
ESG
Emerging
Markets
Equity
Fund
24
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2021
Security
Shares
Shares
Value
Taiwan
(continued)
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
..................
37,000
$
785,151
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR
..............
1,388
157,816
1,769,625
Thailand
—
1.5%
Bangkok
Dusit
Medical
Services
PCL,
NVDR
...................
31,300
22,196
Kasikornbank
PCL,
NVDR
........
5,800
24,726
PTT
PCL,
NVDR
..............
17,500
20,037
Siam
Cement
PCL
(The),
NVDR
....
8,800
104,753
171,712
Turkey
—
0.2%
KOC
Holding
A/S
..............
4,406
10,806
Turkiye
Garanti
Bankasi
A/S
......
18,081
18,525
29,331
United
Arab
Emirates
—
0.0%
Abu
Dhabi
Commercial
Bank
PJSC
.
2,410
5,446
Total
Common
Stocks
—
93.4%
(Cost:
$10,454,457)
..............................
10,889,184
Investment
Companies
—
2.4%
iShares
MSCI
Saudi
Arabia
ETF
(e)
..
6,358
274,920
Total
Investment
Companies
—
2.4%
(Cost:
$186,480)
................................
274,920
Preferred
Stocks
—
1.2%
Brazil
—
1.1%
Banco
Bradesco
SA
(Preference)
...
8,774
31,015
Cia
Energetica
de
Minas
Gerais
(Preference)
...............
10,187
23,104
Cia
Paranaense
de
Energia
(Preference)
...............
1,471
1,548
Security
Shares
Shares
Value
Brazil
(continued)
Itausa
SA
(Preference)
..........
42,294
$
77,037
132,704
Chile
—
0.1%
Sociedad
Quimica
y
Minera
de
Chile
SA
(Preference)
...............
194
10,557
Total
Preferred
Stocks
—
1.2%
(Cost:
$152,882)
................................
143,261
Rights
—
0.0%
Brazil
—
0.0%
Ultrapar
Participacoes
SA
(Expires
11/03/21)
(a)
................
—
—
Total
Rights
—
0.0%
(Cost:
$–)
....................................
—
Total
Long-Term
Investments
—
97.0%
(Cost:
$10,793,819)
..............................
11,307,365
Short-Term
Securities
—
2.2%
(e)(f)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.00%
......
241,082
241,082
SL
Liquidity
Series,
LLC,
Money
Market
Series,
0.14%
(g)
.............
17,452
17,456
Total
Short-Term
Securities
—
2.2%
(Cost:
$258,538)
................................
258,538
Total
Investments
—
99.2%
(Cost:
$11,052,357)
..............................
11,565,903
Other
Assets
Less
Liabilities
—
0.8%
...................
98,708
Net
Assets
—
100.0%
..............................
$
11,664,611
(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.
BlackRock
Advantage
ESG
Emerging
Markets
Equity
Fund
Schedules
of
Investments
25
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2021
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
October
31,
2021
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
04/30/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
10/31/21
Shares
Held
at
10/31/21
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
379,782
$
—
$
(138,700)
$
—
$
—
$
241,082
241,082
$
10
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(a)
..........
—
17,456
—
—
—
17,456
17,452
140
(b)
—
iShares
MSCI
Saudi
Arabia
ETF
.
237,410
15,332
(11,685)
3,255
30,608
274,920
6,358
2,298
—
$
3,255
$
30,608
$
533,458
$
2,448
$
—
—
—
(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.
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Advantage
ESG
Emerging
Markets
Equity
Fund
26
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2021
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
MSCI
Emerging
Markets
E-Mini
Index
............................................
5
12/17/21
$
316
$
(7,309)
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
.....
$
—
$
—
$
7,309
$
—
$
—
$
—
$
7,309
(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,
2021,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
(15,050)
$
—
$
—
$
—
$
(15,050)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
—
—
(6,143)
—
—
—
(6,143)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts:
Average
notional
value
of
contracts
—
long
..................................................................................
$
349,405
BlackRock
Advantage
ESG
Emerging
Markets
Equity
Fund
Schedules
of
Investments
27
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2021
See
notes
to
financial
statements.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Brazil
...............................................
$
350,679
$
—
$
—
$
350,679
Chile
...............................................
99,370
12,576
—
111,946
China
...............................................
485,937
3,414,081
—
3,900,018
Colombia
............................................
8,983
—
—
8,983
Czech
Republic
........................................
84,170
—
—
84,170
Greece
..............................................
—
78,930
—
78,930
Hungary
.............................................
—
76,370
—
76,370
India
...............................................
106,066
1,205,588
—
1,311,654
Indonesia
............................................
—
19,829
—
19,829
Malaysia
.............................................
121,444
253,686
—
375,130
Mexico
..............................................
277,568
—
—
277,568
Peru
................................................
13,096
—
—
13,096
Poland
..............................................
—
22,434
—
22,434
Qatar
...............................................
54,438
—
—
54,438
Romania
.............................................
62,808
—
—
62,808
Russia
..............................................
—
246,021
—
246,021
South
Africa
...........................................
404,234
189,558
—
593,792
South
Korea
..........................................
182,813
1,142,391
—
1,325,204
Taiwan
..............................................
157,816
1,611,809
—
1,769,625
Thailand
.............................................
—
171,712
—
171,712
Turkey
..............................................
29,331
—
—
29,331
United
Arab
Emirates
....................................
5,446
—
—
5,446
Investment
Companies
....................................
274,920
—
—
274,920
Preferred
Stocks
Brazil
...............................................
132,704
—
—
132,704
Chile
...............................................
—
10,557
—
10,557
Rights
................................................
—
—
—
—
Short-Term
Securities
.......................................
241,082
—
—
241,082
$
3,092,905
$
8,455,542
$
—
$
11,548,447
Investments
valued
at
NAV
(a)
......................................
17,456
$
—
$
11,565,903
$
—
Derivative
Financial
Instruments
(b)
Liabilities
Equity
contracts
...........................................
$
(7,309)
$
—
$
—
$
(7,309)
(a)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
per
share
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
(b)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Advantage
ESG
International
Equity
Fund
28
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
October
31,
2021
Security
Shares
Shares
Value
Common
Stocks
—
97.3%
Australia
—
6.7%
Aristocrat
Leisure
Ltd.
...........
2,309
$
81,893
Aurizon
Holdings
Ltd.
...........
10,029
25,568
Australia
&
New
Zealand
Banking
Group
Ltd.
................
4,185
89,059
BHP
Group
Ltd.
...............
723
19,859
BHP
Group
plc
...............
1,227
32,407
BlueScope
Steel
Ltd.
...........
2,297
35,893
Cochlear
Ltd.
................
49
8,196
Commonwealth
Bank
of
Australia
...
483
38,284
CSL
Ltd.
....................
302
68,717
Glencore
plc
(a)
................
11,803
59,022
Goodman
Group
..............
2,542
42,088
Harvey
Norman
Holdings
Ltd.
.....
2,526
9,477
JB
Hi-Fi
Ltd.
.................
2,065
78,840
Macquarie
Group
Ltd.
...........
56
8,267
Medibank
Pvt
Ltd.
.............
31,889
80,141
Mineral
Resources
Ltd.
..........
1,092
32,103
Nufarm
Ltd.
(a)
................
844
2,779
QBE
Insurance
Group
Ltd.
.......
597
5,345
REA
Group
Ltd.
...............
429
52,067
Rio
Tinto
plc
.................
188
11,722
Scentre
Group
................
24,165
55,118
Stockland
...................
4,247
14,639
Worley
Ltd.
..................
1,092
8,972
860,456
Austria
—
0.7%
ANDRITZ
AG
................
1,098
62,365
Erste
Group
Bank
AG
...........
192
8,234
Raiffeisen
Bank
International
AG
...
491
14,347
Verbund
AG
.................
30
3,127
88,073
Belgium
—
1.4%
Ageas
SA
...................
340
16,540
Anheuser-Busch
InBev
SA/NV
.....
1,828
111,814
Groupe
Bruxelles
Lambert
SA
.....
257
29,820
Telenet
Group
Holding
NV
........
562
20,190
178,364
China
—
0.5%
BOC
Hong
Kong
Holdings
Ltd.
.....
22,000
69,715
Denmark
—
3.1%
Coloplast
A/S,
Class
B
..........
507
82,802
Genmab
A/S
(a)
................
43
19,318
ISS
A/S
(a)
...................
466
9,299
Novo
Nordisk
A/S,
Class
B
.......
1,979
217,007
Novozymes
A/S,
Class
B
.........
766
56,346
Orsted
A/S
(b)(c)
................
120
16,949
401,721
Finland
—
2.5%
Kesko
OYJ,
Class
B
............
517
16,825
Kone
OYJ,
Class
B
............
1,284
87,568
Neste
OYJ
..................
155
8,629
Nokia
OYJ
(a)
.................
6,206
35,619
Nordea
Bank
Abp
.............
8,714
106,719
Sampo
OYJ,
Class
A
...........
35
1,861
UPM-
Kymmene
OYJ
...........
1,509
53,254
Valmet
OYJ
.................
361
14,655
325,130
France
—
10.3%
Air
Liquide
SA
................
337
56,265
ALD
SA
(b)(c)
..................
566
8,437
Security
Shares
Shares
Value
France
(continued)
AXA
SA
....................
1,423
$
41,399
BNP
Paribas
SA
..............
1,881
125,909
Cie
de
Saint-Gobain
............
362
24,983
CNP
Assurances
..............
2,615
65,519
Credit
Agricole
SA
.............
1,367
20,624
Dassault
Systemes
SE
..........
1,840
107,451
Electricite
de
France
SA
.........
1,225
18,054
Engie
SA
...................
1,311
18,649
Hermes
International
...........
63
100,039
Kering
SA
...................
139
104,324
Klepierre
SA
.................
528
12,570
Legrand
SA
.................
191
20,836
L'Oreal
SA
..................
359
164,226
LVMH
Moet
Hennessy
Louis
Vuitton
SE
167
130,948
Orange
SA
..................
922
10,054
Pernod
Ricard
SA
.............
392
90,184
Renault
SA
(a)
.................
134
4,829
Rubis
SCA
..................
1,194
38,267
Sanofi
.....................
214
21,495
Societe
Generale
SA
...........
1,731
57,822
Sodexo
SA
(a)
.................
63
6,129
Teleperformance
..............
31
12,949
TOTAL
SE
..................
619
30,997
Unibail
-
Rodamco
-Westfield
(a)
......
148
10,568
Valeo
......................
282
8,286
Vinci
SA
....................
41
4,383
1,316,196
Germany
—
7.2%
adidas
AG
..................
207
67,751
Allianz
SE
(Registered)
..........
124
28,794
alstria
office
REIT-AG
...........
855
15,982
Aurubis
AG
..................
49
4,222
BASF
SE
...................
103
7,413
Bayer
AG
(Registered)
..........
285
16,062
Bayerische
Motoren
Werke
AG
....
783
79,111
Covestro
AG
(b)(c)
...............
19
1,217
Deutsche
Boerse
AG
...........
365
60,593
Deutsche
Lufthansa
AG
(Registered)
(a)
2,257
14,920
Deutsche
Post
AG
(Registered)
....
1,906
117,995
E.ON
SE
...................
1,518
19,248
Evonik
Industries
AG
...........
216
6,999
Freenet
AG
..................
548
14,114
Fresenius
Medical
Care
AG
&
Co.
KGaA
...................
11
731
Hannover
Rueck
SE
............
11
2,008
HelloFresh
SE
(a)
...............
69
5,592
Henkel
AG
&
Co.
KGaA
.........
16
1,336
HOCHTIEF
AG
...............
83
6,403
MTU
Aero
Engines
AG
..........
83
18,487
Muenchener
Rueckversicherungs-
Gesellschaft
AG
(Registered)
....
13
3,849
ProSiebenSat.1
Media
SE
........
634
10,620
Rheinmetall
AG
...............
196
19,017
SAP
SE
....................
1,299
188,110
Scout24
AG
(b)(c)
...............
315
21,939
Siemens
AG
(Registered)
........
1,024
166,484
Siemens
Energy
AG
(a)
...........
26
746
Symrise
AG
.................
48
6,639
Volkswagen
AG
...............
23
7,477
Wacker
Chemie
AG
............
11
1,988
915,847
Hong
Kong
—
2.8%
AIA
Group
Ltd.
...............
15,200
170,347
Kerry
Properties
Ltd.
...........
2,000
5,653
BlackRock
Advantage
ESG
International
Equity
Fund
Schedules
of
Investments
29
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2021
Security
Shares
Shares
Value
Hong
Kong
(continued)
MTR
Corp.
Ltd.
...............
8,000
$
43,641
Sun
Hung
Kai
Properties
Ltd.
......
1,500
19,887
Swire
Properties
Ltd.
...........
11,400
30,563
Techtronic
Industries
Co.
Ltd.
......
4,000
82,181
352,272
Ireland
—
0.5%
Flutter
Entertainment
plc
(a)
........
108
20,445
Kerry
Group
plc,
Class
A
.........
136
18,253
Kingspan
Group
plc
............
162
18,650
57,348
Israel
—
1.4%
Bank
Hapoalim
BM
............
5,133
50,555
Israel
Discount
Bank
Ltd.,
Class
A
(a)
.
1,234
7,456
Nice
Ltd.
(a)
..................
271
76,612
Teva
Pharmaceutical
Industries
Ltd.
(a)
4,608
40,634
175,257
Italy
—
1.3%
Amplifon
SpA
................
410
20,864
Assicurazioni
Generali
SpA
.......
669
14,567
BPER
Banca
.................
477
1,046
Davide
Campari-Milano
NV
.......
39
554
Enel
SpA
...................
7,533
63,065
Intesa
Sanpaolo
SpA
...........
10,304
29,286
Mediobanca
Banca
di
Credito
Finanziario
SpA
(a)
...........
897
10,704
Pirelli
&
C
SpA
(b)(c)
.............
2,030
12,485
PRADA
SpA
.................
600
3,782
Telecom
Italia
SpA
.............
16,483
6,179
Terna
-
Rete
Elettrica
Nazionale
....
204
1,520
Unipol
Gruppo
SpA
............
514
2,952
167,004
Japan
—
22.1%
Advantest
Corp.
...............
300
24,596
Amada
Co.
Ltd.
...............
6,700
66,192
Asahi
Kasei
Corp.
.............
6,700
70,386
Azbil
Corp.
..................
800
34,106
Bridgestone
Corp.
.............
1,800
79,631
Calbee
,
Inc.
.................
600
15,459
Canon
Marketing
Japan,
Inc.
......
1,000
19,810
Canon,
Inc.
..................
3,500
79,588
Casio
Computer
Co.
Ltd.
.........
1,600
22,642
Chugai
Pharmaceutical
Co.
Ltd.
....
900
33,650
COMSYS
Holdings
Corp.
........
700
17,333
CyberAgent
,
Inc.
..............
800
13,404
Daiichi
Sankyo
Co.
Ltd.
..........
400
10,093
Daikin
Industries
Ltd.
...........
500
109,507
Daito
Trust
Construction
Co.
Ltd.
...
500
61,992
Disco
Corp.
..................
200
53,920
DMG
Mori
Co.
Ltd.
.............
200
3,444
Ebara
Corp.
.................
200
10,913
FANUC
Corp.
................
400
79,049
Fuji
Oil
Holdings,
Inc.
...........
3,200
75,097
FUJIFILM
Holdings
Corp.
........
300
23,183
Hikari
Tsushin,
Inc.
.............
200
30,831
Honda
Motor
Co.
Ltd.
...........
3,600
106,480
Hoya
Corp.
..................
400
58,883
Hulic
Co.
Ltd.
................
900
8,654
ITOCHU
Corp.
...............
800
22,817
Japan
Post
Holdings
Co.
Ltd.
(a)
.....
1,600
12,294
KDDI
Corp.
..................
2,700
82,566
Keyence
Corp.
...............
100
60,362
Komatsu
Ltd.
................
100
2,619
Marubeni
Corp.
...............
5,400
45,821
Security
Shares
Shares
Value
Japan
(continued)
Mitsubishi
Estate
Co.
Ltd.
........
500
$
7,599
Mitsubishi
HC
Capital,
Inc.
........
3,600
18,051
Mitsubishi
Materials
Corp.
........
2,400
46,591
Mitsubishi
UFJ
Financial
Group,
Inc.
.
9,100
49,900
Mitsui
Mining
&
Smelting
Co.
Ltd.
...
600
17,217
MS&AD
Insurance
Group
Holdings,
Inc.
2,400
77,538
NEC
Corp.
..................
200
10,240
NGK
Spark
Plug
Co.
Ltd.
........
300
4,793
Nintendo
Co.
Ltd.
..............
200
88,331
Nippon
Paint
Holdings
Co.
Ltd.
.....
2,700
28,890
Nitto
Denko
Corp.
.............
500
39,070
Olympus
Corp.
...............
100
2,166
Omron
Corp.
.................
900
86,071
Oracle
Corp.
Japan
............
100
9,462
Recruit
Holdings
Co.
Ltd.
........
1,800
119,734
Relo
Group,
Inc.
..............
100
2,080
Rengo
Co.
Ltd.
...............
200
1,517
Sanwa
Holdings
Corp.
..........
400
4,666
Sekisui
House
Ltd.
.............
3,800
79,005
Shiseido
Co.
Ltd.
..............
100
6,673
SoftBank
Corp.
...............
2,100
28,664
SoftBank
Group
Corp.
..........
900
48,724
Sony
Corp.
..................
400
46,319
Sumitomo
Chemical
Co.
Ltd.
......
13,500
66,505
Sumitomo
Corp.
..............
800
11,400
Sumitomo
Mitsui
Financial
Group,
Inc.
3,100
100,594
Sundrug
Co.
Ltd.
..............
200
5,853
Suntory
Beverage
&
Food
Ltd.
.....
300
11,641
Takeda
Pharmaceutical
Co.
Ltd.
....
3,400
95,424
Terumo
Corp.
................
1,500
66,174
Tokyo
Electron
Ltd.
............
200
93,207
Tokyo
Gas
Co.
Ltd.
............
600
10,412
Toray
Industries,
Inc.
...........
700
4,362
Toshiba
Corp.
................
300
12,940
Toyota
Motor
Corp.
............
4,100
72,341
Trend
Micro,
Inc.
..............
400
22,608
Unicharm
Corp.
...............
100
4,044
Yamada
Holdings
Co.
Ltd.
........
100
382
Yamaha
Motor
Co.
Ltd.
..........
1,600
44,598
Yamazaki
Baking
Co.
Ltd.
........
2,500
37,977
Yaskawa
Electric
Corp.
..........
100
4,331
2,823,416
Netherlands
—
5.9%
Adyen
NV
(a)(b)(c)
...............
23
69,398
Argenx
SE
(a)
.................
11
3,312
ASML
Holding
NV
.............
381
309,715
ASR
Nederland
NV
............
129
6,030
EXOR
NV
...................
436
41,128
JDE
Peet's
NV
...............
1,569
45,688
Koninklijke
Ahold
Delhaize
NV
.....
2,738
89,074
Koninklijke
KPN
NV
............
5,563
16,622
PostNL
NV
..................
4,705
20,420
Randstad
NV
................
8
575
Royal
Dutch
Shell
plc,
Class
A
.....
3,663
83,915
Royal
Dutch
Shell
plc,
Class
B
.....
1,040
23,867
Wolters
Kluwer
NV
.............
368
38,536
748,280
New
Zealand
—
1.0%
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
2,608
58,429
Infratil
Ltd.
..................
1,197
7,102
Mercury
NZ
Ltd.
...............
584
2,568
Meridian
Energy
Ltd.
...........
9,872
35,365
Spark
New
Zealand
Ltd.
.........
670
2,193
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Advantage
ESG
International
Equity
Fund
30
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2021
Security
Shares
Shares
Value
New
Zealand
(continued)
Xero
Ltd.
(a)
..................
189
$
21,550
127,207
Norway
—
1.0%
DNB
Bank
ASA
...............
811
19,299
Equinor
ASA
.................
3,639
92,206
Norsk
Hydro
ASA
..............
1,668
12,253
123,758
Portugal
—
0.4%
Galp
Energia
SGPS
SA
.........
4,731
49,145
Singapore
—
0.6%
Oversea-Chinese
Banking
Corp.
Ltd.
2,400
20,980
Singapore
Telecommunications
Ltd.
.
17,900
33,209
United
Overseas
Bank
Ltd.
.......
800
15,903
70,092
Spain
—
2.0%
Acciona
SA
..................
370
71,056
Banco
Bilbao
Vizcaya
Argentaria
SA
.
10,728
75,076
Banco
Santander
SA
...........
593
2,249
Fluidra
SA
..................
20
764
Industria
de
Diseno
Textil
SA
......
2,768
100,269
Telefonica
SA
................
1,973
8,570
257,984
Sweden
—
3.3%
Assa
Abloy
AB,
Class
B
.........
2,987
87,647
Atlas
Copco
AB,
Class
A
.........
1,311
84,427
Atlas
Copco
AB,
Class
B
.........
673
36,472
Boliden
AB
..................
64
2,256
Elekta
AB,
Class
B
.............
1,883
21,926
Evolution
AB
(b)(c)
...............
19
3,085
Hexagon
AB,
Class
B
...........
1,001
16,110
Husqvarna
AB,
Class
B
..........
620
8,836
Investor
AB,
Class
B
............
3,333
76,905
L
E
Lundbergforetagen
AB,
Class
B
.
97
5,592
Lundin
Energy
AB
.............
338
13,349
Saab
AB,
Class
B
.............
2,435
67,883
424,488
Switzerland
—
8.9%
ABB
Ltd.
(Registered)
...........
1,314
43,471
Adecco
Group
AG
(Registered)
....
619
31,185
Baloise
Holding
AG
(Registered)
...
99
15,777
Givaudan
SA
(Registered)
........
23
108,375
Kuehne
+
Nagel
International
AG
(Registered)
...............
115
36,219
Nestle
SA
(Registered)
..........
2,297
302,992
Novartis
AG
(Registered)
........
2,524
208,767
Roche
Holding
AG
.............
471
184,941
Sika
AG
(Registered)
...........
247
83,679
Sonova
Holding
AG
(Registered)
...
10
4,144
Temenos
AG
(Registered)
........
52
7,961
UBS
Group
AG
(Registered)
......
5,863
106,722
1,134,233
United
Kingdom
—
11.3%
3i
Group
plc
.................
576
10,757
Associated
British
Foods
plc
......
1,453
35,534
AstraZeneca
plc
..............
1,509
188,778
Auto
Trader
Group
plc
(b)(c)
........
412
3,416
Aviva
plc
...................
1,300
7,015
Barratt
Developments
plc
........
948
8,606
Bellway
plc
..................
184
8,349
BP
plc
.....................
14,807
70,939
British
Land
Co.
plc
(The)
........
1,408
9,507
Security
Shares
Shares
Value
United
Kingdom
(continued)
Burberry
Group
plc
.............
1,399
$
36,974
CNH
Industrial
NV
.............
127
2,188
Compass
Group
plc
(a)
...........
1,470
31,194
Diageo
plc
..................
900
44,776
Experian
plc
.................
553
25,356
GlaxoSmithKline
plc
............
1,395
28,961
Greggs
plc
..................
972
40,627
HomeServe
plc
...............
4,440
51,953
HSBC
Holdings
plc
............
27,427
165,252
International
Consolidated
Airlines
Group
SA
(a)
................
4,337
9,713
ITV
plc
(a)
....................
46,923
69,061
J
Sainsbury
plc
...............
16,220
66,435
Johnson
Matthey
plc
...........
138
5,158
Kingfisher
plc
................
4,590
21,066
Lloyds
Banking
Group
plc
........
Segro
plc
...................
460
8,130
Smiths
Group
plc
..............
1,091
20,258
SSE
plc
....................
1,029
23,173
Standard
Chartered
plc
..........
7,481
50,594
Unilever
plc
..................
445
23,826
Unilever
plc
..................
1,495
80,034
Vodafone
Group
plc
............
10,203
15,038
Whitbread
plc
(a)
...............
712
31,853
1,438,519
United
States
—
2.4%
Ferguson
plc
.................
561
84,410
Jackson
Financial,
Inc.,
Class
A
(a)
...
35
948
James
Hardie
Industries
plc,
CDI
...
1,733
68,083
Schneider
Electric
SE
...........
845
145,693
Sims
Ltd.
...................
673
7,326
Stellantis
NV
.................
250
4,991
311,451
Total
Common
Stocks
—
97.3%
(Cost:
$11,265,939)
..............................
12,415,956
Preferred
Stocks
—
1.0%
Germany
—
1.0%
Henkel
AG
&
Co.
KGaA
(Preference)
699
62,621
Sartorius
AG
(Preference)
........
8
5,182
Volkswagen
AG
(Preference)
......
282
63,290
131,093
Total
Preferred
Stocks
—
1.0%
(Cost:
$139,560)
................................
131,093
BlackRock
Advantage
ESG
International
Equity
Fund
Schedules
of
Investments
31
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2021
Security
Shares
Shares
Value
Rights
—
0.0%
Australia
—
0.0%
Aristocrat
Leisure
Ltd.
(Expires
11/08/21)
(a)
................
72
$
256
Total
Rights
—
0.0%
(Cost:
$–)
....................................
256
Total
Long-Term
Investments
—
98.3%
(Cost:
$11,405,499)
..............................
12,547,305
Short-Term
Securities
—
1.4%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.00%
(d)(e)
....
173,052
173,052
Total
Short-Term
Securities
—
1.4%
(Cost:
$173,052)
................................
173,052
Total
Investments
—
99.7%
(Cost:
$11,578,551)
..............................
12,720,357
Other
Assets
Less
Liabilities
—
0.3%
...................
39,158
Net
Assets
—
100.0%
..............................
$
12,759,515
(a)
Non-income
producing
security.
(b)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(c)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
Affiliate
of
the
Fund.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
October
31,
2021
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
04/30/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
10/31/21
Shares
Held
at
10/31/21
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
305,672
$
—
$
(132,620)
$
—
$
—
$
173,052
173,052
$
11
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(a)(b)
.........
—
—
—
—
—
—
—
35
(c)
—
$
—
$
—
$
173,052
$
46
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
As
of
period
end,
the
entity
is
no
longer
held.
(c)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Advantage
ESG
International
Equity
Fund
32
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2021
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
MSCI
EAFE
E-Mini
Index
....................................................
2
12/17/21
$
234
$
(3,565)
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
.....
$
—
$
—
$
3,565
$
—
$
—
$
—
$
3,565
(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,
2021,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
26,333
$
—
$
—
$
—
$
26,333
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
—
—
(10,187)
—
—
—
(10,187)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts:
Average
notional
value
of
contracts
—
long
..................................................................................
$
290,935
BlackRock
Advantage
ESG
International
Equity
Fund
Schedules
of
Investments
33
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2021
See
notes
to
financial
statements.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Australia
.............................................
$
—
$
860,456
$
—
$
860,456
Austria
..............................................
—
88,073
—
88,073
Belgium
.............................................
—
178,364
—
178,364
China
...............................................
—
69,715
—
69,715
Denmark
.............................................
—
401,721
—
401,721
Finland
..............................................
—
325,130
—
325,130
France
..............................................
—
1,316,196
—
1,316,196
Germany
............................................
—
915,847
—
915,847
Hong
Kong
...........................................
—
352,272
—
352,272
Ireland
..............................................
18,253
39,095
—
57,348
Israel
...............................................
—
175,257
—
175,257
Italy
................................................
—
167,004
—
167,004
Japan
...............................................
—
2,823,416
—
2,823,416
Netherlands
...........................................
—
748,280
—
748,280
New
Zealand
..........................................
7,102
120,105
—
127,207
Norway
..............................................
—
123,758
—
123,758
Portugal
.............................................
—
49,145
—
49,145
Singapore
............................................
—
70,092
—
70,092
Spain
...............................................
—
257,984
—
257,984
Sweden
.............................................
—
424,488
—
424,488
Switzerland
...........................................
—
1,134,233
—
1,134,233
United
Kingdom
........................................
131,987
1,306,532
—
1,438,519
United
States
..........................................
948
310,503
—
311,451
Preferred
Stocks
.........................................
—
131,093
—
131,093
Rights
................................................
256
—
—
256
Short-Term
Securities
.......................................
173,052
—
—
173,052
$
331,598
$
12,388,759
$
—
$
12,720,357
Derivative
Financial
Instruments
(a)
Liabilities
Equity
contracts
...........................................
$
(3,565)
$
—
$
—
$
(3,565)
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Impact
Fund
34
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
October
31,
2021
Security
Shares
Shares
Value
Common
Stocks
—
99.6%
Argentina
—
2.1%
MercadoLibre
,
Inc.
(a)
............
821
$
1,215,917
Belgium
—
0.8%
Umicore
SA
.................
8,481
486,271
Brazil
—
1.9%
Pagseguro
Digital
Ltd.,
Class
A
(a)(b)
..
19,840
718,208
YDUQS
Participacoes
SA
........
101,915
375,604
1,093,812
Canada
—
3.2%
(a)
Li-Cycle
Holdings
Corp.
(b)
........
38,930
503,754
Shopify,
Inc.,
Class
A
...........
931
1,365,526
1,869,280
Cayman
Islands
—
0.6%
AEA-Bridges
Impact
Class
A
(a)
32,752
321,297
Colombia
—
1.5%
Millicom
International
Cellular
SA,
SDR
(a)
...................
24,924
872,724
Denmark
—
4.5%
Atlantic
Sapphire
ASA
(a)
.........
66,949
337,337
Orsted
A/S
(c)(d)
................
8,236
1,163,274
Vestas
Wind
Systems
A/S
........
26,705
1,154,447
2,655,058
France
—
1.5%
Nexity
SA
...................
19,836
906,846
Germany
—
2.2%
LEG
Immobilien
SE
............
8,799
1,308,790
India
—
2.4%
Bandhan
Bank
Ltd.
(c)(d)
..........
365,289
1,427,254
Indonesia
—
3.3%
Bank
Rakyat
Indonesia
Persero
Tbk
.
PT
.....................
6,366,200
1,911,030
Japan
—
6.7%
Katitas
Co.
Ltd.
...............
35,500
1,296,239
M3,
Inc.
....................
14,200
836,811
Shionogi
&
Co.
Ltd.
............
11,400
743,283
Takeda
Pharmaceutical
Co.
Ltd.
....
37,700
1,058,082
3,934,415
Kenya
—
1.9%
Safaricom
plc
................
2,869,909
1,103,613
Netherlands
—
4.5%
Koninklijke
DSM
NV
............
5,485
1,198,353
Koninklijke
Philips
NV
...........
30,511
1,439,362
2,637,715
South
Korea
—
1.7%
KakaoBank
Corp.
(a)
............
2,274
122,793
Samsung
SDI
Co.
Ltd.
..........
1,347
849,860
972,653
Spain
—
3.0%
EDP
Renovaveis
SA
............
62,541
1,742,367
United
Kingdom
—
5.1%
Genus
plc
...................
14,769
1,119,959
Halma
plc
...................
14,093
571,517
Pearson
plc
.................
60,378
496,828
Security
Shares
Shares
Value
United
Kingdom
(continued)
Wise
plc,
Class
A
(a)
.............
72,388
$
812,544
3,000,848
United
States
—
52.7%
1Life
Healthcare,
Inc.
(a)
..........
42,565
921,958
Agilent
Technologies,
Inc.
........
1,387
218,439
Alkami
Technology,
Inc.
(a)
........
33,953
1,018,590
Aptiv
plc
(a)
...................
10,325
1,785,089
Avangrid
,
Inc.
................
7,363
388,030
Boston
Scientific
Corp.
(a)(b)
........
42,267
1,822,976
Brookfield
Renewable
Corp.
......
34,026
1,409,319
Cano
Health,
Inc.,
Class
A
(a)
.......
95,237
1,046,655
Chegg
,
Inc.
(a)(b)
...............
12,221
726,416
Coursera,
Inc.
(a)
...............
11,326
395,391
Danaher
Corp.
...............
4,038
1,258,927
Definitive
Healthcare
Corp.
(a)
......
2,654
106,532
Duolingo
,
Inc.,
Class
A
(a)
.........
101
17,543
Etsy,
Inc.
(a)
..................
4,407
1,104,791
Everbridge
,
Inc.
(a)
..............
6,945
1,106,408
EVgo
,
Inc.,
Class
A
(a)
...........
30,726
286,366
Evgo
,
Inc.,
(Acquired
07/01/21,
cost
$135,146)
(a)(e)
..............
13,535
126,146
Grocery
Outlet
Holding
Corp.
(a)
.....
42,747
948,556
ICF
International,
Inc.
...........
15,145
1,521,921
Itron
,
Inc.
(a)
..................
2,681
208,501
Jack
Henry
&
Associates,
Inc.
.....
10,509
1,749,538
Mimecast
Ltd.
(a)(b)
..............
16,233
1,224,617
Natural
Order
Acquisition
Corp.
(a)
...
31,934
312,634
Oak
Street
Health,
Inc.
(a)
.........
13,193
623,105
Otonomo
Technologies
Ltd.
(a)(b)
.....
38,450
186,098
PayPal
Holdings,
Inc.
(a)
..........
6,730
1,565,331
Royalty
Pharma
plc,
Class
A
......
49,726
1,965,669
Schneider
Electric
SE
...........
7,688
1,325,551
Square,
Inc.,
Class
A
(a)
..........
4,182
1,064,319
Sun
Communities,
Inc.
..........
2,690
527,186
Veeva
Systems,
Inc.,
Class
A
(a)
....
4,838
1,533,694
View,
Inc.,
Class
A
(a)(b)
...........
100,123
534,657
Zoetis,
Inc.
..................
8,760
1,893,912
30,924,865
Total
Common
Stocks
—
99.6%
(Cost:
$55,868,063)
..............................
58,384,755
Warrants
—
0.1%
Cayman
Islands
—
0.0%
AEA-Bridges
Impact
Corp.
(Issued/
exercisable
11/10/20,
1
share
for
1
warrant,
Expires
12/31/25,
Strike
Price
USD
11.50)
(a)
..........
27,191
19,034
United
States
—
0.1%
(a)
Natural
Order
Acquisition
Corp.
(Issued/
exercisable
02/23/21,
1
share
for
1
warrant,
Expires
09/15/25,
Strike
Price
USD
11.50)
............
48,400
26,620
View,
Inc.
(Issued/exercisable
03/11/21,
1
share
for
1
warrant,
Expires
03/08/26,
Strike
Price
USD
11.50)
3,759
3,259
29,879
Total
Warrants
—
0.1%
............................
48,913
Total
Long-Term
Investments
—
99.7%
(Cost:
$55,868,063)
..............................
58,433,668
BlackRock
Global
Impact
Fund
Schedules
of
Investments
35
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2021
Security
Shares
Shares
Value
Short-Term
Securities
—
8.0%
(f)(g)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.00%
......
329,566
$
329,566
SL
Liquidity
Series,
LLC,
Money
Market
Series,
0.14%
(h)
.............
4,384,107
4,384,984
Security
Shares
Shares
Value
Total
Short-Term
Securities
—
8.0%
(Cost:
$4,714,692)
..............................
$
4,714,550
Total
Investments
—
107.7%
(Cost:
$60,582,755)
..............................
63,148,218
Liabilities
in
Excess
of
Other
Assets
—
(7.7)%
............
(4,518,877)
Net
Assets
—
100.0%
..............................
$
58,629,341
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(d)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(e)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$126,146,
representing
0.22%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$135,146.
(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.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
October
31,
2021
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
04/30/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
10/31/21
Shares
Held
at
10/31/21
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
801,201
$
—
$
(471,635)
$
—
$
—
$
329,566
329,566
$
17
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(a)
..........
2,573,250
1,811,919
—
(43)
(142)
4,384,984
4,384,107
50,865
(b)
—
$
(43)
$
(142)
$
4,714,550
$
50,882
$
—
—
—
(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.
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Impact
Fund
36
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2021
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
USD
251,412
BRL
1,393,897
Citibank
NA
11/18/21
$
5,225
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
$
—
$
—
$
—
$
5,225
$
—
$
—
$
5,225
For
the
period
ended
October
31,
2021,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Forward
foreign
currency
exchange
contracts
....
$
—
$
—
$
—
$
(16,660)
$
—
$
—
$
(16,660)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Forward
foreign
currency
exchange
contracts
....
—
—
—
13,200
—
—
13,200
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Forward
foreign
currency
exchange
contracts:
Average
amounts
purchased
—
in
USD
....................................................................................
$
342,357
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Derivative
Financial
Instruments
$
—
Forward
foreign
currency
exchange
contracts
................................................................................
$
5,225
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
...........................................................
$
5,225
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
.......................................................
—
Total
derivative
assets
and
liabilities
subject
to
an
MNA
...........................................................................
$
5,225
BlackRock
Global
Impact
Fund
Schedules
of
Investments
37
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2021
The
following
tables
present
the
Fund's
derivative
assets
and
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
received
and
pledged
by
the
Fund:
Counterparty
Derivative
Assets
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
Non-cash
Collateral
Received
Cash
Collateral
Received
Net
Amount
of
Derivative
Assets
(a)(b)
Citibank
NA
....................................
$
5,225
$
—
$
—
$
—
$
5,225
(a)
Net
amount
represents
the
net
amount
receivable
from
the
counterparty
in
the
event
of
default.
(b)
Net
amount
may
also
include
forward
foreign
currency
exchange
contracts
that
are
not
required
to
be
collateralized.
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Global
Impact
Fund
38
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2021
See
notes
to
financial
statements.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Argentina
............................................
$
1,215,917
$
—
$
—
$
1,215,917
Belgium
.............................................
—
486,271
—
486,271
Brazil
...............................................
1,093,812
—
—
1,093,812
Canada
.............................................
1,869,280
—
—
1,869,280
Cayman
Islands
........................................
321,297
—
—
321,297
Colombia
............................................
—
872,724
—
872,724
Denmark
.............................................
—
2,655,058
—
2,655,058
France
..............................................
—
906,846
—
906,846
Germany
............................................
—
1,308,790
—
1,308,790
India
...............................................
—
1,427,254
—
1,427,254
Indonesia
............................................
—
1,911,030
—
1,911,030
Japan
...............................................
—
3,934,415
—
3,934,415
Kenya
..............................................
1,103,613
—
—
1,103,613
Netherlands
...........................................
—
2,637,715
—
2,637,715
South
Korea
..........................................
122,793
849,860
—
972,653
Spain
...............................................
1,742,367
—
—
1,742,367
United
Kingdom
........................................
812,544
2,188,304
—
3,000,848
United
States
..........................................
29,473,168
1,451,697
—
30,924,865
Warrants
..............................................
48,913
—
—
48,913
Short-Term
Securities
.......................................
329,566
—
—
329,566
$
38,133,270
$
20,629,964
$
—
$
58,763,234
Investments
valued
at
NAV
(a)
......................................
4,384,984
$
—
$
63,148,218
$
—
Derivative
Financial
Instruments
(b)
Assets
Foreign
currency
exchange
contracts
............................
$
—
$
5,225
$
—
$
5,225
(a)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
per
share
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
(b)
Derivative
financial
instruments
are
forward
foreign
currency
exchange
contracts.
Forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
BlackRock
International
Impact
Fund
Schedules
of
Investments
39
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
October
31,
2021
Security
Shares
Shares
Value
Common
Stocks
—
99.0%
Argentina
—
3.5%
MercadoLibre
,
Inc.
(a)
............
189
$
279,913
Belgium
—
1.4%
Umicore
SA
.................
1,892
108,481
Brazil
—
4.4%
MRV
Engenharia
e
Participacoes
SA
.
63,801
115,420
Pagseguro
Digital
Ltd.,
Class
A
(a)(b)
..
4,285
155,117
YDUQS
Participacoes
SA
........
23,108
85,164
355,701
Canada
—
6.8%
Li-Cycle
Holdings
Corp.
(a)(b)
.......
11,025
142,663
Shopify,
Inc.,
Class
A
(a)
..........
209
306,547
TransAlta
Renewables,
Inc.
.......
6,696
99,120
548,330
China
—
0.3%
China
Feihe
Ltd.
(c)(d)
............
16,000
26,565
Colombia
—
2.3%
Millicom
International
Cellular
SA,
SDR
(a)
...................
5,324
186,422
Denmark
—
8.2%
Atlantic
Sapphire
ASA
(a)
.........
14,063
70,859
Chr
Hansen
Holding
A/S
.........
687
54,661
Orsted
A/S
(c)(d)
................
1,875
264,830
Vestas
Wind
Systems
A/S
........
6,243
269,883
660,233
France
—
2.7%
Nexity
SA
...................
4,709
215,282
Germany
—
3.3%
LEG
Immobilien
SE
............
1,777
264,316
India
—
3.8%
Bandhan
Bank
Ltd.
(c)(d)
..........
77,616
303,260
Indonesia
—
5.4%
Bank
Rakyat
Indonesia
Persero
Tbk
.
PT
.....................
1,435,500
430,914
Japan
—
12.4%
Katitas
Co.
Ltd.
...............
6,600
240,991
M3,
Inc.
....................
3,100
182,684
Shionogi
&
Co.
Ltd.
............
2,700
176,041
Sysmex
Corp.
................
1,100
136,390
Takeda
Pharmaceutical
Co.
Ltd.
....
9,200
258,205
994,311
Kenya
—
2.5%
Safaricom
plc
................
516,266
198,528
Security
Shares
Shares
Value
Netherlands
—
7.9%
Koninklijke
DSM
NV
............
1,296
$
283,148
Koninklijke
Philips
NV
...........
7,386
348,436
631,584
South
Korea
—
2.8%
KakaoBank
Corp.
(a)
............
329
17,766
Samsung
SDI
Co.
Ltd.
..........
331
208,837
226,603
Spain
—
5.3%
EDP
Renovaveis
SA
............
15,127
421,432
Switzerland
—
1.2%
Landis+Gyr
Group
AG
(a)
.........
1,380
94,872
United
Kingdom
—
7.9%
Genus
plc
...................
2,222
168,498
Halma
plc
...................
2,663
107,993
Pearson
plc
.................
22,168
182,412
Wise
plc,
Class
A
(a)
.............
15,401
172,874
631,777
United
States
—
16.9%
Alkami
Technology,
Inc.
(a)
........
1,853
55,590
Brookfield
Renewable
Corp.
......
7,720
319,754
Mimecast
Ltd.
(a)
...............
3,859
291,123
Otonomo
Technologies
Ltd.
(a)(b)
.....
10,375
50,215
PayPal
Holdings,
Inc.
(a)
..........
932
216,774
Schneider
Electric
SE
...........
2,435
419,838
1,353,294
Total
Common
Stocks
—
99.0%
(Cost:
$7,244,994)
..............................
7,931,818
Total
Long-Term
Investments
—
99.0%
(Cost:
$7,244,994)
..............................
7,931,818
Short-Term
Securities
—
3.5%
(e)(f)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.00%
......
80,927
80,927
SL
Liquidity
Series,
LLC,
Money
Market
Series,
0.14%
(g)
.............
196,995
197,034
Total
Short-Term
Securities
—
3.5%
(Cost:
$277,979)
................................
277,961
Total
Investments
—
102.5%
(Cost:
$7,522,973)
..............................
8,209,779
Liabilities
in
Excess
of
Other
Assets
—
(2.5)%
............
(196,716)
Net
Assets
—
100.0%
..............................
$
8,013,063
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(d)
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.
(g)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
International
Impact
Fund
40
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2021
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
October
31,
2021
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
04/30/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
10/31/21
Shares
Held
at
10/31/21
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
141,431
$
—
$
(60,504)
$
—
$
—
$
80,927
80,927
$
3
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(a)
..........
698,919
—
(501,865)
(2)
(18)
197,034
196,995
8,729
(b)
—
$
(2)
$
(18)
$
277,961
$
8,732
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
BlackRock
International
Impact
Fund
Schedules
of
Investments
41
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2021
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
USD
77,651
BRL
430,517
Citibank
NA
11/18/21
$
1,614
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
$
—
$
—
$
—
$
1,614
$
—
$
—
$
1,614
For
the
period
ended
October
31,
2021,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Forward
foreign
currency
exchange
contracts
....
$
—
$
—
$
—
$
(5,695)
$
—
$
—
$
(5,695)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Forward
foreign
currency
exchange
contracts
....
—
—
—
4,115
—
—
4,115
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Forward
foreign
currency
exchange
contracts:
Average
amounts
purchased
—
in
USD
....................................................................................
$
117,085
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Derivative
Financial
Instruments
$
—
Forward
foreign
currency
exchange
contracts
................................................................................
$
1,614
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
...........................................................
$
1,614
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
.......................................................
—
Total
derivative
assets
and
liabilities
subject
to
an
MNA
...........................................................................
$
1,614
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
International
Impact
Fund
42
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2021
See
notes
to
financial
statements.
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
Non-cash
Collateral
Received
Cash
Collateral
Received
Net
Amount
of
Derivative
Assets
(a)(b)
Citibank
NA
....................................
$
1,614
$
—
$
—
$
—
$
1,614
(a)
Net
amount
represents
the
net
amount
receivable
from
the
counterparty
in
the
event
of
default.
(b)
Net
amount
may
also
include
forward
foreign
currency
exchange
contracts
that
are
not
required
to
be
collateralized.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Argentina
............................................
$
279,913
$
—
$
—
$
279,913
Belgium
.............................................
—
108,481
—
108,481
Brazil
...............................................
355,701
—
—
355,701
Canada
.............................................
548,330
—
—
548,330
China
...............................................
—
26,565
—
26,565
Colombia
............................................
—
186,422
—
186,422
Denmark
.............................................
54,661
605,572
—
660,233
France
..............................................
—
215,282
—
215,282
Germany
............................................
—
264,316
—
264,316
India
...............................................
—
303,260
—
303,260
Indonesia
............................................
—
430,914
—
430,914
Japan
...............................................
—
994,311
—
994,311
Kenya
..............................................
198,528
—
—
198,528
Netherlands
...........................................
—
631,584
—
631,584
South
Korea
..........................................
17,766
208,837
—
226,603
Spain
...............................................
421,432
—
—
421,432
Switzerland
...........................................
—
94,872
—
94,872
United
Kingdom
........................................
172,874
458,903
—
631,777
United
States
..........................................
933,456
419,838
—
1,353,294
Short-Term
Securities
.......................................
80,927
—
—
80,927
$
3,063,588
$
4,949,157
$
—
$
8,012,745
Investments
valued
at
NAV
(a)
......................................
197,034
$
—
$
8,209,779
$
—
Derivative
Financial
Instruments
(b)
Assets
Foreign
currency
exchange
contracts
............................
$
—
$
1,614
$
—
$
1,614
(a)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
per
share
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
(b)
Derivative
financial
instruments
are
forward
foreign
currency
exchange
contracts.
Forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
43
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
October
31,
2021
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
—
0.0%
Knollwood
CDO
Ltd.,
Series
2004-1A,
Class
C,
(LIBOR
USD
3
Month
+
3.20%),
3.32%,
01/10/39
(a)(b)(c)
....................
USD
186
$
—
Total
Asset-Backed
Securities
—
0.0%
(Cost:
$181,227)
.................................
—
Shares
Shares
Common
Stocks
—
73.3%
Aerospace
&
Defense
—
0.1%
MTU
Aero
Engines
AG
................
2,857
636,361
Singapore
Technologies
Engineering
Ltd.
....
266,700
757,382
1,393,743
Air
Freight
&
Logistics
—
0.4%
CH
Robinson
Worldwide,
Inc.
...........
2,669
258,866
Deutsche
Post
AG
(Registered)
..........
12,326
763,066
DSV
Panalpina
A/S
..................
3,051
709,105
Expeditors
International
of
Washington,
Inc.
..
2,336
287,936
FedEx
Corp.
.......................
5,293
1,246,660
SG
Holdings
Co.
Ltd.
.................
2,800
70,311
United
Parcel
Service,
Inc.,
Class
B
.......
16,347
3,489,594
6,825,538
Airlines
—
0.3%
(d)
Alaska
Air
Group,
Inc.
.................
2,836
149,741
American
Airlines
Group,
Inc.
............
14,661
281,491
ANA
Holdings,
Inc.
...................
3,600
83,884
Delta
Air
Lines,
Inc.
..................
41,837
1,637,082
Japan
Airlines
Co.
Ltd.
................
2,400
51,651
Singapore
Airlines
Ltd.
................
24,100
92,835
Southwest
Airlines
Co.
................
41,526
1,963,349
United
Airlines
Holdings,
Inc.
............
7,328
338,114
4,598,147
Auto
Components
—
0.3%
Aptiv
plc
(d)
.........................
5,032
869,983
Bridgestone
Corp.
...................
31,100
1,375,842
Cie
Generale
des
Etablissements
Michelin
SCA
199
31,286
Continental
AG
(d)
....................
1,853
217,860
Denso
Corp.
.......................
14,500
1,051,180
Faurecia
SE
.......................
876
45,752
Faurecia
SE
.......................
286
14,752
Koito
Manufacturing
Co.
Ltd.
............
1,200
68,086
Toyota
Industries
Corp.
................
8,900
756,612
Vitesco
Technologies
Group
AG
(d)
.........
596
34,173
4,465,526
Automobiles
—
2.3%
Bayerische
Motoren
Werke
AG
..........
5,380
543,574
Daimler
AG
(Registered)
...............
13,591
1,349,076
Ferrari
NV
........................
1,200
284,744
Ford
Motor
Co.
(d)
....................
70,261
1,200,058
General
Motors
Co.
(d)
.................
26,303
1,431,672
Honda
Motor
Co.
Ltd.
.................
50,700
1,499,598
Mazda
Motor
Corp.
(d)
.................
5,300
47,670
Nissan
Motor
Co.
Ltd.
(d)
................
77,700
395,482
Stellantis
NV
.......................
30,357
606,080
Subaru
Corp.
......................
83,200
1,631,951
Suzuki
Motor
Corp.
..................
4,100
182,847
Tesla,
Inc.
(d)
........................
20,755
23,121,070
Toyota
Motor
Corp.
..................
203,400
3,588,823
Volkswagen
AG
.....................
1,184
384,916
Yamaha
Motor
Co.
Ltd.
................
5,200
144,944
36,412,505
Security
Shares
Shares
Value
Banks
—
3.6%
ABN
AMRO
Bank
NV,
CVA
(c)(e)
...........
6,603
$
97,115
Australia
&
New
Zealand
Banking
Group
Ltd.
.
46,486
989,244
Banco
Bilbao
Vizcaya
Argentaria
SA
.......
89,931
629,349
Banco
Santander
SA
.................
264,525
1,003,366
Bank
Hapoalim
BM
..................
18,586
183,053
Bank
Leumi
Le-Israel
BM
..............
23,771
227,117
Bank
of
America
Corp.
................
152,334
7,278,518
Banque
Cantonale
Vaudoise
(Registered)
...
1,457
117,306
Barclays
plc
.......................
264,417
729,652
BNP
Paribas
SA
....................
17,444
1,167,653
BOC
Hong
Kong
Holdings
Ltd.
...........
43,500
137,845
CaixaBank
SA
......................
58,093
166,998
Citigroup,
Inc.
......................
39,860
2,756,718
Citizens
Financial
Group,
Inc.
...........
2,893
137,070
Comerica,
Inc.
......................
3,033
258,078
Commonwealth
Bank
of
Australia
.........
29,225
2,316,439
Credit
Agricole
SA
...................
20,510
309,434
Danske
Bank
A/S
....................
9,090
153,818
DBS
Group
Holdings
Ltd.
..............
46,600
1,088,942
Erste
Group
Bank
AG
.................
3,232
138,607
Fifth
Third
Bancorp
..................
8,395
365,434
FinecoBank
Banca
Fineco
SpA
(d)
.........
9,979
190,577
First
Republic
Bank
..................
2,523
545,801
Hang
Seng
Bank
Ltd.
.................
11,600
220,434
HSBC
Holdings
plc
..................
351,070
2,115,257
Huntington
Bancshares,
Inc.
............
17,299
272,286
ING
Groep
NV
......................
71,311
1,081,710
Intesa
Sanpaolo
SpA
.................
192,618
547,455
Israel
Discount
Bank
Ltd.,
Class
A
(d)
.......
19,044
115,068
Japan
Post
Bank
Co.
Ltd.
..............
32,800
255,906
JPMorgan
Chase
&
Co.
...............
61,708
10,483,572
KBC
Group
NV
.....................
3,537
329,376
KeyCorp
..........................
9,464
220,227
M&T
Bank
Corp.
....................
780
114,754
Mitsubishi
UFJ
Financial
Group,
Inc.
.......
274,300
1,504,124
Mizuho
Financial
Group,
Inc.
............
57,450
758,224
National
Australia
Bank
Ltd.
.............
56,184
1,221,551
NatWest
Group
plc
...................
97,042
292,599
Nordea
Bank
Abp
...................
65,249
799,093
Oversea-Chinese
Banking
Corp.
Ltd.
......
55,000
480,801
People's
United
Financial,
Inc.
...........
9,690
166,087
Regions
Financial
Corp.
...............
13,969
330,786
Resona
Holdings,
Inc.
................
41,000
154,020
Skandinaviska
Enskilda
Banken
AB,
Class
A
.
31,018
485,054
Societe
Generale
SA
.................
9,583
320,110
Standard
Chartered
plc
................
37,714
255,060
Sumitomo
Mitsui
Financial
Group,
Inc.
......
31,000
1,005,939
Sumitomo
Mitsui
Trust
Holdings,
Inc.
.......
5,600
184,206
SVB
Financial
Group
(d)
................
819
587,551
Svenska
Handelsbanken
AB,
Class
A
......
17,969
205,967
Swedbank
AB,
Class
A
................
13,739
297,981
Truist
Financial
Corp.
.................
32,590
2,068,487
UniCredit
SpA
......................
23,890
315,813
United
Overseas
Bank
Ltd.
.............
19,200
381,664
US
Bancorp
.......................
27,600
1,666,212
Wells
Fargo
&
Co.
...................
80,779
4,132,654
Westpac
Banking
Corp.
...............
67,044
1,304,350
Zions
Bancorp
NA
...................
3,670
231,173
55,893,685
Beverages
—
0.1%
Anheuser-Busch
InBev
SA/NV
...........
6,987
427,375
Coca-Cola
Europacific
Partners
plc
........
1,813
95,454
Diageo
plc
........................
27,418
1,364,092
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Tactical
Opportunities
Fund
44
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2021
Security
Shares
Shares
Value
Beverages
(continued)
Pernod
Ricard
SA
...................
738
$
169,785
2,056,706
Biotechnology
—
1.3%
AbbVie,
Inc.
.......................
42,166
4,835,175
Alnylam
Pharmaceuticals,
Inc.
(d)
..........
539
86,003
Amgen,
Inc.
.......................
13,652
2,825,554
Argenx
SE
(d)
.......................
647
194,785
Biogen,
Inc.
(d)
......................
3,559
949,114
BioMarin
Pharmaceutical,
Inc.
(d)(f)
.........
808
64,018
CSL
Ltd.
..........................
8,032
1,827,604
Exact
Sciences
Corp.
(d)
................
715
68,082
Genmab
A/S
(d)
......................
1,049
471,265
Gilead
Sciences,
Inc.
.................
28,291
1,835,520
Horizon
Therapeutics
plc
(d)
.............
5,845
700,874
Incyte
Corp.
(d)
......................
2,762
184,999
Moderna
,
Inc.
(d)
.....................
8,601
2,969,151
Novavax
,
Inc.
(d)
.....................
461
68,611
Regeneron
Pharmaceuticals,
Inc.
(d)
........
2,586
1,654,885
Seagen
,
Inc.
(d)
......................
817
144,062
Vertex
Pharmaceuticals,
Inc.
(d)
...........
6,257
1,157,107
20,036,809
Building
Products
—
0.6%
Allegion
plc
........................
2,647
339,610
Assa
Abloy
AB,
Class
B
...............
27,997
821,507
Carrier
Global
Corp.
..................
25,354
1,324,239
Cie
de
Saint-Gobain
..................
7,926
546,993
Daikin
Industries
Ltd.
.................
4,900
1,073,173
Fortune
Brands
Home
&
Security,
Inc.
......
2,956
299,738
Johnson
Controls
International
plc
........
25,638
1,881,060
Kingspan
Group
plc
..................
2,752
316,824
Lennox
International,
Inc.
..............
449
134,377
Masco
Corp.
.......................
12,867
843,432
Nibe
Industrier
AB,
Class
B
.............
20,663
307,335
Rockwool
International
A/S,
Class
B
.......
186
85,061
Trane
Technologies
plc
................
9,156
1,656,595
9,629,944
Capital
Markets
—
2.0%
3i
Group
plc
.......................
11,669
217,919
Abrdn
plc
.........................
34,377
119,498
Ameriprise
Financial,
Inc.
..............
4,478
1,352,938
Amundi
SA
(c)(e)
......................
3,050
271,746
ASX
Ltd.
.........................
992
62,385
Bank
of
New
York
Mellon
Corp.
(The)
......
14,322
847,862
Cboe
Global
Markets,
Inc.
..............
890
117,427
Charles
Schwab
Corp.
(The)
............
29,519
2,421,444
CME
Group,
Inc.
....................
6,546
1,443,720
Credit
Suisse
Group
AG
(Registered)
......
50,542
525,723
Daiwa
Securities
Group,
Inc.
............
41,100
230,906
Deutsche
Bank
AG
(Registered)
(d)
.........
33,590
431,474
Deutsche
Boerse
AG
.................
3,649
605,760
EQT
AB
..........................
6,706
354,210
Franklin
Resources,
Inc.
...............
2,607
82,094
Futu
Holdings
Ltd.,
ADR
(d)
..............
458
24,512
Goldman
Sachs
Group,
Inc.
(The)
........
6,899
2,851,702
Hargreaves
Lansdown
plc
..............
3,145
66,180
Hong
Kong
Exchanges
&
Clearing
Ltd.
.....
14,300
861,457
Intercontinental
Exchange,
Inc.
..........
12,587
1,742,796
Invesco
Ltd.
.......................
2,828
71,860
Japan
Exchange
Group,
Inc.
............
8,800
208,367
Julius
Baer
Group
Ltd.
................
6,012
434,861
London
Stock
Exchange
Group
plc
........
5,519
537,240
Macquarie
Group
Ltd.
.................
6,762
998,268
MarketAxess
Holdings,
Inc.
.............
351
143,443
Security
Shares
Shares
Value
Capital
Markets
(continued)
Moody's
Corp.
......................
3,231
$
1,305,809
Morgan
Stanley
.....................
29,622
3,044,549
MSCI,
Inc.
........................
1,590
1,057,159
Nasdaq,
Inc.
.......................
1,897
398,123
Nomura
Holdings,
Inc.
................
80,400
382,906
Northern
Trust
Corp.
..................
3,745
460,785
Partners
Group
Holding
AG
.............
603
1,053,414
Raymond
James
Financial,
Inc.
..........
2,748
270,925
S&P
Global,
Inc.
....................
6,144
2,913,239
SBI
Holdings,
Inc.
...................
2,000
51,839
Schroders
plc
......................
2,048
101,445
St.
James's
Place
plc
.................
3,511
75,848
State
Street
Corp.
...................
5,715
563,213
T.
Rowe
Price
Group,
Inc.
..............
4,129
895,498
UBS
Group
AG
(Registered)
............
74,832
1,362,144
30,962,688
Chemicals
—
1.2%
Air
Liquide
SA
......................
10,033
1,675,088
Air
Products
&
Chemicals,
Inc.
...........
2,174
651,787
Albemarle
Corp.
....................
2,604
652,224
Asahi
Kasei
Corp.
...................
19,500
204,854
BASF
SE
.........................
22,971
1,653,307
CF
Industries
Holdings,
Inc.
.............
1,701
96,617
Chr
Hansen
Holding
A/S
...............
2,199
174,963
Corteva
,
Inc.
.......................
8,709
375,793
Covestro
AG
(c)(e)
.....................
1,522
97,467
Dow,
Inc.
.........................
6,939
388,376
DuPont
de
Nemours,
Inc.
..............
7,329
510,098
Ecolab,
Inc.
.......................
6,115
1,358,875
Givaudan
SA
(Registered)
..............
168
791,605
International
Flavors
&
Fragrances,
Inc.
.....
6,761
996,910
Koninklijke
DSM
NV
..................
8,202
1,791,959
Linde
plc
.........................
5,080
1,621,536
LyondellBasell
Industries
NV,
Class
A
......
2,696
250,243
Nippon
Sanso
Holdings
Corp.
...........
8,000
188,869
Novozymes
A/S,
Class
B
...............
4,451
327,410
Orica
Ltd.
.........................
5,339
61,288
PPG
Industries,
Inc.
..................
5,128
823,403
Sherwin-Williams
Co.
(The)
.............
4,552
1,441,209
Shin-Etsu
Chemical
Co.
Ltd.
............
9,200
1,640,664
Sika
AG
(Registered)
.................
1,239
419,748
Solvay
SA
.........................
3,528
419,381
Sumitomo
Chemical
Co.
Ltd.
............
13,200
65,027
Symrise
AG
.......................
646
89,356
Umicore
SA
.......................
2,789
159,912
18,927,969
Commercial
Services
&
Supplies
—
0.5%
Brambles
Ltd.
......................
63,118
478,857
Cintas
Corp.
.......................
2,808
1,216,145
Copart
,
Inc.
(d)
......................
9,940
1,543,583
Rentokil
Initial
plc
....................
66,811
537,758
Republic
Services,
Inc.
................
5,905
794,813
Rollins,
Inc.
........................
12,970
456,933
Secom
Co.
Ltd.
.....................
3,800
259,055
Securitas
AB,
Class
B
.................
23,112
382,889
Waste
Connections,
Inc.
...............
3,627
493,308
Waste
Management,
Inc.
...............
12,551
2,011,047
8,174,388
Construction
&
Engineering
—
0.1%
Ferrovial
SA
.......................
24,963
788,034
Obayashi
Corp.
.....................
7,100
59,940
Quanta
Services,
Inc.
.................
3,151
382,153
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
45
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2021
Security
Shares
Shares
Value
Construction
&
Engineering
(continued)
Vinci
SA
..........................
5,986
$
639,965
1,870,092
Construction
Materials
—
0.1%
CRH
plc
..........................
13,532
647,558
HeidelbergCement
AG
................
10,066
758,020
Holcim
Ltd.
(d)
.......................
2,989
149,099
James
Hardie
Industries
plc,
CDI
.........
13,341
524,117
2,078,794
Consumer
Finance
—
0.3%
American
Express
Co.
................
13,035
2,265,222
Capital
One
Financial
Corp.
.............
8,804
1,329,668
Discover
Financial
Services
.............
5,115
579,632
Synchrony
Financial
..................
8,352
387,951
4,562,473
Containers
&
Packaging
—
0.2%
Avery
Dennison
Corp.
.................
773
168,297
Ball
Corp.
.........................
13,473
1,232,510
Crown
Holdings,
Inc.
.................
3,144
326,945
Smurfit
Kappa
Group
plc
...............
2,366
124,018
WestRock
Co.
......................
10,773
518,181
2,369,951
Distributors
—
0.5%
Genuine
Parts
Co.
...................
23,741
3,112,683
LKQ
Corp.
(d)
.......................
32,197
1,773,411
Pool
Corp.
........................
4,178
2,152,338
7,038,432
Diversified
Financial
Services
—
1.1%
Berkshire
Hathaway,
Inc.,
Class
B
(d)
.......
47,410
13,607,144
Equitable
Holdings,
Inc.
...............
4,530
151,755
EXOR
NV
.........................
554
52,259
Groupe
Bruxelles
Lambert
SA
...........
4,565
529,683
Industrivarden
AB,
Class
A
.............
276
9,105
Industrivarden
AB,
Class
C
.............
1,820
59,202
Investor
AB,
Class
B
..................
49,363
1,138,999
Jackson
Financial,
Inc.,
Class
A
(d)
.........
1,020
27,612
Kinnevik
AB,
Class
B
(d)
................
4,574
179,533
L
E
Lundbergforetagen
AB,
Class
B
.......
1,245
71,778
M&G
plc
..........................
32,713
89,375
Mitsubishi
HC
Capital,
Inc.
..............
9,900
49,641
ORIX
Corp.
........................
29,700
590,326
Sofina
SA
.........................
481
212,845
Wendel
SE
........................
408
54,350
16,823,607
Electric
Utilities
—
2.2%
AusNet
Services
Ltd.
.................
265,894
494,470
CK
Infrastructure
Holdings
Ltd.
...........
135,500
816,929
Edison
International
..................
39,540
2,488,252
Electricite
de
France
SA
...............
28,906
426,016
Elia
Group
SA/NV
...................
6,756
788,179
Endesa
SA
........................
43,674
1,007,241
Enel
SpA
.........................
223,579
1,871,756
Entergy
Corp.
......................
20,636
2,125,921
Eversource
Energy
..................
27,332
2,320,487
Exelon
Corp.
.......................
76,950
4,092,971
FirstEnergy
Corp.
...................
49,432
1,904,615
Fortum
OYJ
.......................
36,755
1,093,097
Iberdrola
SA
.......................
224,386
2,649,671
Longview
Energy
Co.
(Acquired
08/13/04,
cost
$48,000)
(a)(d)(g)
....................
3,200
5,166
Mercury
NZ
Ltd.
.....................
69,407
305,242
NextEra
Energy,
Inc.
.................
102,296
8,728,918
Security
Shares
Shares
Value
Electric
Utilities
(continued)
Orsted
A/S
(c)(e)
......................
6,316
$
892,088
Red
Electrica
Corp.
SA
................
2,461
51,242
SSE
plc
..........................
42,501
957,105
Terna
-
Rete
Elettrica
Nazionale
..........
94,440
703,654
Verbund
AG
.......................
5,160
537,890
34,260,910
Electrical
Equipment
—
0.3%
ABB
Ltd.
(Registered)
.................
31,438
1,040,071
Legrand
SA
.......................
6,947
757,849
Mitsubishi
Electric
Corp.
...............
23,000
308,877
Nidec
Corp.
.......................
5,100
564,865
Schneider
Electric
SE
.................
6,659
1,148,133
Siemens
Gamesa
Renewable
Energy
SA
(d)
..
1,539
41,762
Vestas
Wind
Systems
A/S
..............
27,539
1,190,500
5,052,057
Electronic
Equipment,
Instruments
&
Components
—
0.3%
Halma
plc
.........................
4,064
164,808
Hamamatsu
Photonics
KK
..............
9,900
587,589
Hexagon
AB,
Class
B
.................
32,118
516,897
Keyence
Corp.
.....................
2,800
1,690,121
Kyocera
Corp.
......................
8,000
468,376
Murata
Manufacturing
Co.
Ltd.
...........
9,500
704,697
Zebra
Technologies
Corp.,
Class
A
(d)
.......
181
96,645
4,229,133
Entertainment
—
1.3%
Activision
Blizzard,
Inc.
................
16,684
1,304,522
AMC
Entertainment
Holdings,
Inc.,
Class
A
(d)
.
4,433
156,795
Bollore
SA
........................
15,735
91,455
Electronic
Arts,
Inc.
..................
5,535
776,284
Live
Nation
Entertainment,
Inc.
(d)
.........
4,077
412,389
Netflix,
Inc.
(d)
.......................
11,154
7,699,718
Nexon
Co.
Ltd.
.....................
2,800
47,659
Nintendo
Co.
Ltd.
....................
1,900
839,148
Sea
Ltd.,
ADR
(d)
.....................
1,533
526,693
Take-Two
Interactive
Software,
Inc.
(d)
.......
1,977
357,837
Ubisoft
Entertainment
SA
(d)
.............
237
12,410
Universal
Music
Group
NV
.............
14,137
410,439
Walt
Disney
Co.
(The)
(d)
...............
46,092
7,792,774
20,428,123
Equity
Real
Estate
Investment
Trusts
(REITs)
—
1.8%
Alexandria
Real
Estate
Equities,
Inc.
.......
4,063
829,421
American
Tower
Corp.
................
11,295
3,184,851
Ascendas
REIT
.....................
175,400
401,742
AvalonBay
Communities,
Inc.
...........
3,413
807,789
Boston
Properties,
Inc.
................
3,622
411,604
British
Land
Co.
plc
(The)
..............
887
5,989
CapitaLand
Integrated
Commercial
Trust
....
202,945
323,181
Covivio
..........................
827
71,630
Crown
Castle
International
Corp.
.........
10,960
1,976,088
Daiwa
House
REIT
Investment
Corp.
......
40
114,785
Dexus
...........................
4,471
36,675
Digital
Realty
Trust,
Inc.
...............
7,099
1,120,293
Duke
Realty
Corp.
...................
8,328
468,367
Equinix
,
Inc.
.......................
2,299
1,924,424
Equity
Residential
...................
7,728
667,699
Essex
Property
Trust,
Inc.
..............
1,552
527,571
Extra
Space
Storage,
Inc.
..............
3,465
683,887
Federal
Realty
Investment
Trust
..........
1,585
190,755
Gecina
SA
........................
912
127,624
GLP
J-
Reit
........................
76
123,960
Goodman
Group
....................
26,092
432,002
GPT
Group
(The)
....................
7,500
29,280
Healthpeak
Properties,
Inc.
.............
11,281
400,588
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Tactical
Opportunities
Fund
46
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2021
Security
Shares
Shares
Value
Equity
Real
Estate
Investment
Trusts
(REITs)
(continued)
Host
Hotels
&
Resorts,
Inc.
(d)
............
14,963
$
251,827
Invitation
Homes,
Inc.
.................
4,895
201,919
Iron
Mountain,
Inc.
...................
7,509
342,711
Japan
Metropolitan
Fund
Invest
..........
117
107,467
Japan
Real
Estate
Investment
Corp.
.......
26
159,360
Kimco
Realty
Corp.
..................
13,892
313,959
Klepierre
SA
.......................
3,605
85,822
Land
Securities
Group
plc
..............
9,353
87,866
Link
REIT
.........................
44,900
397,789
Mapletree
Commercial
Trust
............
76,200
123,255
Mapletree
Logistics
Trust
..............
86,700
130,010
Medical
Properties
Trust,
Inc.
............
4,337
92,508
Mid-America
Apartment
Communities,
Inc.
...
2,765
564,641
Nippon
Building
Fund,
Inc.
..............
35
227,393
Nippon
Prologis
REIT,
Inc.
..............
15
50,100
Nomura
Real
Estate
Master
Fund,
Inc.
.....
54
80,863
Orix
JREIT,
Inc.
.....................
37
61,387
Prologis,
Inc.
.......................
18,507
2,682,775
Public
Storage
......................
3,792
1,259,627
Realty
Income
Corp.
..................
9,548
682,014
Regency
Centers
Corp.
...............
3,382
238,127
SBA
Communications
Corp.
............
2,966
1,024,249
Scentre
Group
......................
63,817
145,559
Segro
plc
.........................
19,352
342,038
Simon
Property
Group,
Inc.
.............
8,434
1,236,256
Stockland
.........................
16,843
58,057
Sun
Communities,
Inc.
................
653
127,975
UDR,
Inc.
.........................
6,776
376,271
Unibail
-
Rodamco
-Westfield
(d)
............
1,822
130,099
Ventas,
Inc.
.......................
9,507
507,389
VEREIT,
Inc.
.......................
1,484
74,645
VICI
Properties,
Inc.
..................
2,444
71,731
Vicinity
Centres
.....................
41,078
53,647
Vornado
Realty
Trust
.................
3,402
145,027
Welltower
,
Inc.
......................
10,284
826,834
Weyerhaeuser
Co.
...................
17,251
616,206
28,737,608
Food
&
Staples
Retailing
—
0.8%
Aeon
Co.
Ltd.
......................
4,200
96,620
Carrefour
SA
.......................
4,404
79,729
Costco
Wholesale
Corp.
...............
8,666
4,259,686
Jeronimo
Martins
SGPS
SA
.............
24,281
550,149
Koninklijke
Ahold
Delhaize
NV
...........
27,434
892,496
Ocado
Group
plc
(d)
...................
5,396
133,176
Sysco
Corp.
.......................
11,245
864,741
Walgreens
Boots
Alliance,
Inc.
...........
10,067
473,350
Walmart,
Inc.
.......................
29,162
4,357,386
11,707,333
Food
Products
—
0.3%
Kerry
Group
plc,
Class
A
...............
1,982
266,007
Kikkoman
Corp.
.....................
1,800
147,222
Nestle
SA
(Registered)
................
36,069
4,757,762
5,170,991
Gas
Utilities
—
0.3%
APA
Group
(h)
.......................
94,025
583,392
Hong
Kong
&
China
Gas
Co.
Ltd.
.........
177,222
275,320
Naturgy
Energy
Group
SA
..............
45,107
1,185,226
Osaka
Gas
Co.
Ltd.
..................
35,500
572,189
Snam
SpA
........................
143,429
812,352
Toho
Gas
Co.
Ltd.
...................
2,800
82,943
Tokyo
Gas
Co.
Ltd.
..................
27,300
473,735
3,985,157
Security
Shares
Shares
Value
Health
Care
Equipment
&
Supplies
—
1.6%
Abbott
Laboratories
..................
40,342
$
5,199,680
Alcon,
Inc.
........................
8,502
704,974
Align
Technology,
Inc.
(d)
................
625
390,231
Baxter
International,
Inc.
...............
13,382
1,056,643
Becton
Dickinson
and
Co.
..............
3,114
746,083
Boston
Scientific
Corp.
(d)
...............
12,926
557,498
Carl
Zeiss
Meditec
AG
................
1,579
317,995
Coloplast
A/S,
Class
B
................
2,125
347,051
Danaher
Corp.
.....................
12,615
3,932,978
DexCom
,
Inc.
(d)
.....................
898
559,643
Edwards
Lifesciences
Corp.
(d)
...........
6,093
730,063
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
......
8,562
191,819
GN
Store
Nord
A/S
...................
629
38,223
Hoya
Corp.
........................
6,600
971,576
IDEXX
Laboratories,
Inc.
(d)
..............
669
445,648
Intuitive
Surgical,
Inc.
(d)
................
4,764
1,720,423
Koninklijke
Philips
NV
.................
16,457
776,362
Medtronic
plc
......................
20,553
2,463,483
Olympus
Corp.
.....................
19,600
424,596
ResMed
,
Inc.
......................
995
261,595
Siemens
Healthineers
AG
(c)(e)
............
11,058
735,423
Smith
&
Nephew
plc
..................
10,553
182,251
Sonova
Holding
AG
(Registered)
.........
642
266,027
Straumann
Holding
AG
(Registered)
.......
129
268,539
Stryker
Corp.
......................
3,892
1,035,544
Sysmex
Corp.
......................
2,900
359,574
Terumo
Corp.
......................
12,000
529,390
West
Pharmaceutical
Services,
Inc.
.......
532
228,696
25,442,008
Health
Care
Providers
&
Services
—
1.2%
Anthem,
Inc.
.......................
6,557
2,853,147
Centene
Corp.
(d)
....................
17,029
1,213,146
Cigna
Corp.
.......................
5,690
1,215,441
CVS
Health
Corp.
...................
11,459
1,023,060
Fresenius
Medical
Care
AG
&
Co.
KGaA
....
5,707
379,111
Fresenius
SE
&
Co.
KGaA
..............
11,315
514,309
HCA
Healthcare,
Inc.
.................
222
55,602
Humana,
Inc.
......................
3,556
1,646,997
UnitedHealth
Group,
Inc.
...............
23,046
10,611,992
19,512,805
Health
Care
Technology
—
0.0%
M3,
Inc.
..........................
8,100
477,336
Hotels,
Restaurants
&
Leisure
—
1.9%
Airbnb,
Inc.,
Class
A
(d)
.................
3,036
518,124
Aramark
..........................
13,751
501,636
Aristocrat
Leisure
Ltd.
.................
2,821
100,052
Booking
Holdings,
Inc.
(d)
...............
1,370
3,316,469
Caesars
Entertainment,
Inc.
(d)
...........
7,047
771,365
Carnival
Corp.
(d)
.....................
39,992
886,223
Chipotle
Mexican
Grill,
Inc.
(d)
............
1,032
1,835,959
Compass
Group
plc
(d)
.................
41,520
881,081
Darden
Restaurants,
Inc.
..............
5,685
819,436
Domino's
Pizza,
Inc.
..................
1,271
621,481
DraftKings
,
Inc.,
Class
A
(d)
..............
5,317
247,719
Entain
plc
(d)
........................
2,514
70,445
Evolution
AB
(c)(e)
.....................
3,380
548,716
Expedia
Group,
Inc.
(d)
.................
4,916
808,239
Flutter
Entertainment
plc
(d)
..............
3,129
592,340
Hilton
Worldwide
Holdings,
Inc.
(d)
.........
8,103
1,166,427
InterContinental
Hotels
Group
plc
(d)
........
3,911
273,954
La
Francaise
des
Jeux
SAEM
(c)(e)
.........
1,384
71,865
Las
Vegas
Sands
Corp.
(d)
..............
6,439
249,897
Marriott
International,
Inc.,
Class
A
(d)
.......
7,950
1,272,159
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
47
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2021
Security
Shares
Shares
Value
Hotels,
Restaurants
&
Leisure
(continued)
McDonald's
Corp.
...................
21,851
$
5,365,513
MGM
Resorts
International
.............
11,922
562,241
Norwegian
Cruise
Line
Holdings
Ltd.
(d)
......
8,379
215,508
Oriental
Land
Co.
Ltd.
................
4,100
647,553
Penn
National
Gaming,
Inc.
(d)
............
3,550
254,180
Royal
Caribbean
Cruises
Ltd.
(d)
..........
7,234
610,767
Sodexo
SA
(d)
.......................
4,512
438,969
Starbucks
Corp.
.....................
37,662
3,994,808
Vail
Resorts,
Inc.
....................
708
244,055
Wynn
Resorts
Ltd.
(d)
..................
3,476
312,145
Yum!
Brands,
Inc.
...................
11,947
1,492,658
29,691,984
Household
Durables
—
0.7%
Casio
Computer
Co.
Ltd.
...............
6,400
90,567
DR
Horton,
Inc.
.....................
28,188
2,516,343
Husqvarna
AB,
Class
B
................
16,473
234,755
Leggett
&
Platt,
Inc.
..................
3,019
141,440
Lennar
Corp.,
Class
A
.................
24,171
2,415,408
NVR,
Inc.
(d)
........................
308
1,507,599
Panasonic
Corp.
....................
43,900
542,869
PulteGroup,
Inc.
....................
29,261
1,406,869
Sekisui
House
Ltd.
...................
4,300
89,400
Sony
Corp.
........................
23,700
2,744,374
11,689,624
Household
Products
—
0.1%
Procter
&
Gamble
Co.
(The)
............
4,058
580,253
Reckitt
Benckiser
Group
plc
.............
13,918
1,129,902
1,710,155
Independent
Power
and
Renewable
Electricity
Producers
—
0.1%
EDP
Renovaveis
SA
..................
21,997
612,828
Meridian
Energy
Ltd.
.................
84,959
304,348
Uniper
SE
.........................
20,153
890,897
1,808,073
Industrial
Conglomerates
—
0.2%
CK
Hutchison
Holdings
Ltd.
.............
91,500
613,455
Hitachi
Ltd.
........................
11,900
685,732
Siemens
AG
(Registered)
..............
12,809
2,082,512
Smiths
Group
plc
....................
5,619
104,334
Toshiba
Corp.
......................
5,100
219,974
3,706,007
Insurance
—
4.1%
Admiral
Group
plc
...................
2,958
116,197
Aegon
NV
.........................
37,438
189,897
Aflac,
Inc.
.........................
34,767
1,865,945
Ageas
SA
.........................
2,577
125,365
AIA
Group
Ltd.
.....................
227,800
2,552,957
Alleghany
Corp.
(d)
....................
1,094
712,610
Allianz
SE
(Registered)
................
9,182
2,132,156
Allstate
Corp.
(The)
..................
19,445
2,404,763
American
Financial
Group,
Inc.
..........
4,960
674,758
American
International
Group,
Inc.
........
19,365
1,144,278
Aon
plc,
Class
A
....................
13,076
4,183,274
Arch
Capital
Group
Ltd.
(d)
..............
25,846
1,080,880
Arthur
J
Gallagher
&
Co.
...............
15,135
2,537,685
Assicurazioni
Generali
SpA
.............
11,196
243,795
Assurant,
Inc.
......................
1,332
214,865
Athene
Holding
Ltd.,
Class
A
(d)
...........
8,903
774,650
Aviva
plc
.........................
79,367
428,258
AXA
SA
..........................
46,740
1,359,807
Baloise
Holding
AG
(Registered)
.........
1,931
307,724
Brown
&
Brown,
Inc.
..................
22,463
1,417,640
Cincinnati
Financial
Corp.
..............
9,253
1,123,684
Security
Shares
Shares
Value
Insurance
(continued)
CNP
Assurances
....................
4,629
$
115,980
Dai-ichi
Life
Holdings,
Inc.
..............
21,200
446,018
Erie
Indemnity
Co.,
Class
A
.............
3,757
773,228
Everest
Re
Group
Ltd.
................
3,939
1,030,049
Fidelity
National
Financial,
Inc.
...........
18,423
882,646
Globe
Life,
Inc.
.....................
3,367
299,730
Hannover
Rueck
SE
..................
2,773
506,305
Hartford
Financial
Services
Group,
Inc.
(The)
.
22,981
1,676,004
Insurance
Australia
Group
Ltd.
...........
12,588
45,612
Japan
Post
Holdings
Co.
Ltd.
(d)
...........
75,200
577,830
Japan
Post
Insurance
Co.
Ltd.
...........
7,300
118,440
Legal
&
General
Group
plc
.............
108,929
429,592
Lincoln
National
Corp.
................
9,023
651,009
Loews
Corp.
.......................
21,240
1,190,927
Markel
Corp.
(d)
......................
589
773,434
Marsh
&
McLennan
Cos.,
Inc.
...........
23,660
3,946,488
MetLife,
Inc.
.......................
38,404
2,411,771
MS&AD
Insurance
Group
Holdings,
Inc.
....
16,600
536,302
Muenchener
Rueckversicherungs-Gesellschaft
AG
(Registered)
..................
4,024
1,191,452
Group
NV
......................
14,425
771,114
Group
Holdings
plc
............
6,011
53,970
Principal
Financial
Group,
Inc.
...........
10,484
703,372
Progressive
Corp.
(The)
...............
35,632
3,380,764
Prudential
Financial,
Inc.
...............
15,837
1,742,862
Prudential
plc
......................
44,189
901,807
QBE
Insurance
Group
Ltd.
.............
15,479
138,590
RenaissanceRe
Holdings
Ltd.
...........
4,020
570,036
Sampo
OYJ,
Class
A
.................
16,177
859,991
SCOR
SE
.........................
1,051
35,382
Sompo
Holdings,
Inc.
.................
9,800
424,995
Suncorp
Group
Ltd.
..................
22,391
198,135
Swiss
Life
Holding
AG
(Registered)
........
1,293
709,297
Swiss
Re
AG
.......................
9,316
902,492
T&D
Holdings,
Inc.
...................
9,600
123,126
Tokio
Marine
Holdings,
Inc.
.............
19,100
1,005,998
Travelers
Cos.,
Inc.
(The)
..............
16,933
2,724,181
Tryg
A/S
..........................
19,963
473,784
Willis
Towers
Watson
plc
...............
9,399
2,277,190
WR
Berkley
Corp.
...................
14,991
1,193,284
Zurich
Insurance
Group
AG
.............
4,234
1,876,597
64,260,972
Interactive
Media
&
Services
—
3.8%
Alphabet,
Inc.,
Class
A
(d)
...............
6,916
20,477,723
Alphabet,
Inc.,
Class
C
(d)
...............
6,499
19,272,199
Facebook,
Inc.,
Class
A
(d)
..............
54,676
17,691,513
Match
Group,
Inc.
(d)
..................
6,821
1,028,470
Pinterest,
Inc.,
Class
A
(d)
...............
2,270
101,333
Snap,
Inc.,
Class
A
(d)
.................
2,968
156,057
Twitter,
Inc.
(d)
.......................
20,031
1,072,460
Z
Holdings
Corp.
....................
43,000
266,945
Zillow
Group,
Inc.,
Class
A
(d)
............
476
50,323
Zillow
Group,
Inc.,
Class
C
(d)
............
914
94,718
60,211,741
Internet
&
Direct
Marketing
Retail
—
3.4%
Amazon.com,
Inc.
(d)
..................
12,000
40,469,160
Chewy,
Inc.,
Class
A
(d)
................
8,186
620,499
Delivery
Hero
SE
(c)(d)(e)
.................
4,340
541,307
DoorDash
,
Inc.,
Class
A
(d)
..............
7,996
1,557,621
eBay,
Inc.
.........................
35,296
2,707,909
Etsy,
Inc.
(d)
........................
7,901
1,980,702
HelloFresh
SE
(d)
.....................
4,554
369,051
Just
Eat
Takeaway.com
NV
(c)(d)(e)
..........
3,435
246,754
MercadoLibre
,
Inc.
(d)
..................
795
1,177,411
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Tactical
Opportunities
Fund
48
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2021
Security
Shares
Shares
Value
Internet
&
Direct
Marketing
Retail
(continued)
Mercari
,
Inc.
(d)
......................
3,000
$
162,328
Prosus
NV
(d)
.......................
18,699
1,647,064
Rakuten
Group,
Inc.
..................
20,600
225,529
Wayfair,
Inc.,
Class
A
(d)
................
3,659
911,457
Zalando
SE
(c)(d)(e)
....................
4,775
451,145
ZOZO,
Inc.
........................
1,600
51,358
53,119,295
IT
Services
—
2.9%
Accenture
plc,
Class
A
................
14,101
5,059,298
Adyen
NV
(c)(d)(e)
.....................
428
1,291,409
Afterpay
Ltd.
(d)
......................
2,021
187,224
Akamai
Technologies,
Inc.
(d)
.............
3,032
319,755
Amadeus
IT
Group
SA
(d)
...............
4,022
269,063
Atos
SE
..........................
5,014
261,594
Automatic
Data
Processing,
Inc.
..........
11,158
2,504,859
Broadridge
Financial
Solutions,
Inc.
.......
1,444
257,624
Capgemini
SE
......................
5,333
1,243,459
Cognizant
Technology
Solutions
Corp.,
Class
A
12,776
997,678
Computershare
Ltd.
..................
33,304
473,895
DXC
Technology
Co.
(d)
................
5,704
185,779
Edenred
..........................
2,239
121,155
EPAM
Systems,
Inc.
(d)
.................
285
191,873
Fidelity
National
Information
Services,
Inc.
...
13,505
1,495,544
Fiserv,
Inc.
(d)
.......................
12,932
1,273,673
FleetCor
Technologies,
Inc.
(d)
............
1,969
487,150
Fujitsu
Ltd.
........................
1,700
293,811
Gartner,
Inc.
(d)
......................
1,850
614,033
Global
Payments,
Inc.
................
6,196
885,966
International
Business
Machines
Corp.
.....
21,500
2,689,650
Jack
Henry
&
Associates,
Inc.
...........
439
73,085
Mastercard
,
Inc.,
Class
A
...............
20,001
6,710,735
MongoDB,
Inc.
(d)
....................
388
202,261
NTT
Data
Corp.
.....................
22,800
457,387
Obic
Co.
Ltd.
.......................
400
73,969
Okta
,
Inc.,
Class
A
(d)
..................
164
40,538
Paychex,
Inc.
......................
5,442
670,890
PayPal
Holdings,
Inc.
(d)
................
27,120
6,307,841
Snowflake,
Inc.,
Class
A
(d)
..............
740
261,842
Square,
Inc.,
Class
A
(d)
................
1,216
309,472
Twilio
,
Inc.,
Class
A
(d)
.................
380
110,717
VeriSign,
Inc.
(d)
.....................
1,188
264,532
Visa,
Inc.,
Class
A
...................
38,251
8,100,414
Wix.com
Ltd.
(d)
......................
919
170,897
Worldline
SA
(c)(d)(e)
...................
5,844
340,800
45,199,872
Leisure
Products
—
0.3%
Bandai
Namco
Holdings,
Inc.
............
5,500
420,302
Hasbro,
Inc.
.......................
13,824
1,323,786
Peloton
Interactive,
Inc.,
Class
A
(d)
........
26,019
2,379,178
Shimano,
Inc.
......................
2,000
558,027
Yamaha
Corp.
......................
5,300
334,844
5,016,137
Life
Sciences
Tools
&
Services
—
0.9%
Agilent
Technologies,
Inc.
..............
7,017
1,105,107
Avantor
,
Inc.
(d)
......................
7,311
295,218
Bio-Rad
Laboratories,
Inc.,
Class
A
(d)
.......
445
353,633
Bio-
Techne
Corp.
....................
747
391,167
Charles
River
Laboratories
International,
Inc.
(d)
628
281,771
Eurofins
Scientific
SE
.................
1,597
188,470
Illumina,
Inc.
(d)
......................
3,568
1,480,934
IQVIA
Holdings,
Inc.
(d)
.................
4,290
1,121,492
Lonza
Group
AG
(Registered)
...........
1,104
907,268
Mettler
-Toledo
International,
Inc.
(d)
........
500
740,440
Security
Shares
Shares
Value
Life
Sciences
Tools
&
Services
(continued)
PerkinElmer,
Inc.
....................
2,614
$
462,390
QIAGEN
NV
(d)
......................
5,780
317,981
Sartorius
Stedim
Biotech
...............
325
179,131
Thermo
Fisher
Scientific,
Inc.
............
9,218
5,835,639
Waters
Corp.
(d)
.....................
1,248
458,702
14,119,343
Machinery
—
0.6%
Atlas
Copco
AB,
Class
A
...............
5,876
378,407
Atlas
Copco
AB,
Class
B
...............
6,902
374,046
Daifuku
Co.
Ltd.
.....................
3,300
303,796
Deere
&
Co.
.......................
1,923
658,262
FANUC
Corp.
......................
2,800
553,339
Harmonic
Drive
Systems,
Inc.
...........
4,100
185,860
Hoshizaki
Corp.
.....................
1,300
109,318
Illinois
Tool
Works,
Inc.
................
3,021
688,395
KION
Group
AG
.....................
848
92,626
Komatsu
Ltd.
......................
26,700
699,308
Kubota
Corp.
......................
42,300
901,118
Makita
Corp.
.......................
8,500
394,501
Mitsubishi
Heavy
Industries
Ltd.
..........
3,800
97,177
NGK
Insulators
Ltd.
..................
7,700
128,214
Rational
AG
.......................
74
73,449
Sandvik
AB
........................
9,169
232,514
Schindler
Holding
AG
(Registered)
........
597
153,266
SKF
AB,
Class
B
....................
3,466
80,499
SMC
Corp.
........................
600
358,059
Snap-on,
Inc.
......................
260
52,840
Spirax-Sarco
Engineering
plc
............
1,360
290,318
Stanley
Black
&
Decker,
Inc.
............
1,377
247,488
Techtronic
Industries
Co.
Ltd.
............
56,000
1,150,534
Volvo
AB,
Class
B
...................
34,607
807,006
Xylem,
Inc.
........................
1,779
232,320
Yaskawa
Electric
Corp.
................
2,300
99,618
9,342,278
Marine
—
0.1%
AP
Moller
-
Maersk
A/S,
Class
A
..........
133
365,173
AP
Moller
-
Maersk
A/S,
Class
B
..........
54
156,489
Kuehne
+
Nagel
International
AG
(Registered)
2,382
750,212
Nippon
Yusen
KK
....................
1,000
72,057
SITC
International
Holdings
Co.
Ltd.
.......
14,000
47,318
1,391,249
Media
—
0.7%
Charter
Communications,
Inc.,
Class
A
(d)
....
3,723
2,512,615
Comcast
Corp.,
Class
A
...............
114,806
5,904,473
CyberAgent
,
Inc.
....................
2,900
48,591
Dentsu
Group,
Inc.
...................
1,700
62,124
Discovery,
Inc.,
Class
A
(d)
..............
4,825
113,098
Discovery,
Inc.,
Class
C
(d)
..............
8,582
193,610
Fox
Corp.,
Class
A
...................
7,677
305,084
Fox
Corp.,
Class
B
...................
1,369
50,598
I-CABLE
Communications
Ltd.
(d)
..........
12,579
110
Informa
plc
(d)
.......................
30,060
213,845
Interpublic
Group
of
Cos.,
Inc.
(The)
.......
7,742
283,125
Liberty
Broadband
Corp.,
Class
C
(d)
.......
634
102,993
News
Corp.,
Class
A
..................
7,005
160,415
News
Corp.,
Class
B
.................
2,758
62,220
Omnicom
Group,
Inc.
.................
4,081
277,834
Pearson
plc
.......................
9,416
77,481
Publicis
Groupe
SA
..................
1,919
128,829
Sirius
XM
Holdings,
Inc.
...............
14,918
90,851
ViacomCBS
,
Inc.
....................
17,217
623,600
Vivendi
SE
........................
14,137
182,121
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
49
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2021
Security
Shares
Shares
Value
Media
(continued)
WPP
plc
..........................
15,616
$
225,726
11,619,343
Metals
&
Mining
—
0.2%
Antofagasta
plc
.....................
35,589
694,172
ArcelorMittal
SA
.....................
4,357
147,354
Boliden
AB
........................
11,976
422,204
Glencore
plc
(d)
......................
144,076
720,464
Rio
Tinto
Ltd.
......................
7,699
527,480
Rio
Tinto
plc
.......................
10,476
653,194
Sumitomo
Metal
Mining
Co.
Ltd.
..........
10,700
415,078
3,579,946
Multiline
Retail
—
0.9%
Dollar
General
Corp.
.................
16,932
3,750,777
Dollar
Tree,
Inc.
(d)
....................
23,167
2,496,476
Pan
Pacific
International
Holdings
Corp.
....
7,600
159,576
Ryohin
Keikaku
Co.
Ltd.
...............
3,300
65,031
Target
Corp.
.......................
29,000
7,528,980
14,000,840
Multi-Utilities
—
1.1%
CenterPoint
Energy,
Inc.
...............
42,686
1,111,544
Consolidated
Edison,
Inc.
..............
32,970
2,485,938
E.ON
SE
.........................
144,613
1,833,666
Engie
SA
.........................
94,976
1,351,048
National
Grid
plc
....................
147,606
1,889,882
Public
Service
Enterprise
Group,
Inc.
......
57,070
3,641,066
Sempra
Energy
.....................
19,561
2,496,570
Suez
SA
..........................
30,815
701,222
Veolia
Environnement
SA
..............
29,297
956,810
16,467,746
Oil,
Gas
&
Consumable
Fuels
—
2.6%
Ampol
Ltd.
........................
4,961
114,754
APA
Corp.
........................
8,560
224,358
BP
plc
...........................
453,706
2,173,661
Cabot
Oil
&
Gas
Corp.
................
18,396
392,203
Chevron
Corp.
......................
68,652
7,859,967
ConocoPhillips
.....................
36,964
2,753,448
Devon
Energy
Corp.
..................
12,876
516,070
Diamondback
Energy,
Inc.
..............
3,854
413,110
ENEOS
Holdings,
Inc.
................
171,400
691,128
Eni
SpA
..........................
84,571
1,212,109
EOG
Resources,
Inc.
.................
12,615
1,166,383
Exxon
Mobil
Corp.
...................
95,861
6,180,159
Galp
Energia
SGPS
SA
...............
35,329
366,996
Hess
Corp.
........................
10,210
843,040
Idemitsu
Kosan
Co.
Ltd.
...............
14,900
406,953
Inpex
Corp.
........................
31,000
258,519
Kinder
Morgan,
Inc.
..................
42,096
705,108
Koninklijke
Vopak
NV
.................
8,210
326,741
Lundin
Energy
AB
...................
4,961
195,927
Marathon
Oil
Corp.
...................
17,852
291,345
Marathon
Petroleum
Corp.
.............
13,770
907,856
Matador
Resources
Co.
...............
939
39,297
Neste
OYJ
........................
13,347
743,052
Occidental
Petroleum
Corp.
.............
38,511
1,291,274
OMV
AG
.........................
10,625
643,273
ONEOK,
Inc.
.......................
9,630
612,661
Phillips
66
.........................
9,465
707,793
Pioneer
Natural
Resources
Co.
..........
6,911
1,292,219
Repsol
SA
........................
53,644
687,101
Santos
Ltd.
........................
12,867
67,565
TOTAL
SE
........................
64,523
3,230,987
Valero
Energy
Corp.
..................
20,860
1,613,104
Williams
Cos.,
Inc.
(The)
...............
78,216
2,197,087
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Woodside
Petroleum
Ltd.
..............
14,184
$
247,959
41,373,207
Paper
&
Forest
Products
—
0.0%
Mondi
plc
.........................
6,292
157,135
Stora
Enso
OYJ,
Class
R
..............
4,703
78,255
235,390
Personal
Products
—
0.3%
L'Oreal
SA
........................
3,172
1,451,046
Shiseido
Co.
Ltd.
....................
3,700
246,890
Unilever
plc
........................
30,737
1,645,717
Unilever
plc
........................
13,278
710,829
4,054,482
Pharmaceuticals
—
5.0%
Astellas
Pharma,
Inc.
.................
31,100
524,308
AstraZeneca
plc
....................
25,722
3,217,857
AstraZeneca
plc,
ADR
................
6,175
385,196
Bristol-Myers
Squibb
Co.
...............
98,322
5,742,005
Catalent
,
Inc.
(d)
.....................
11,835
1,631,573
Chugai
Pharmaceutical
Co.
Ltd.
..........
13,600
508,496
Daiichi
Sankyo
Co.
Ltd.
................
29,700
749,402
Eisai
Co.
Ltd.
......................
4,000
283,425
Elanco
Animal
Health,
Inc.
(d)
.............
28,502
937,146
Eli
Lilly
&
Co.
......................
34,228
8,719,925
GlaxoSmithKline
plc
..................
81,227
1,686,340
Jazz
Pharmaceuticals
plc
(d)
.............
4,284
569,943
Johnson
&
Johnson
..................
75,255
12,257,534
Kyowa
Kirin
Co.
Ltd.
..................
3,300
108,531
Merck
&
Co.,
Inc.
....................
96,933
8,534,951
Merck
KGaA
.......................
3,310
782,236
Novartis
AG
(Registered)
..............
38,205
3,160,040
Novo
Nordisk
A/S,
Class
B
.............
28,865
3,165,189
Ono
Pharmaceutical
Co.
Ltd.
............
2,600
54,552
Organon
&
Co.
.....................
5,741
210,982
Otsuka
Holdings
Co.
Ltd.
..............
5,500
217,521
Pfizer,
Inc.
........................
217,628
9,519,049
Roche
Holding
AG
...................
13,336
5,232,476
Royalty
Pharma
plc,
Class
A
............
8,214
324,699
Sanofi
...........................
18,000
1,807,995
Shionogi
&
Co.
Ltd.
..................
3,600
234,721
Takeda
Pharmaceutical
Co.
Ltd.
..........
32,100
900,913
UCB
SA
..........................
978
116,896
Viatris
,
Inc.
........................
88,599
1,182,797
Zoetis,
Inc.
........................
22,400
4,842,880
77,609,578
Professional
Services
—
0.8%
Adecco
Group
AG
(Registered)
..........
1,494
75,268
Booz
Allen
Hamilton
Holding
Corp.
........
1,997
173,459
Clarivate
plc
(d)
......................
6,019
141,146
CoStar
Group,
Inc.
(d)
..................
5,375
462,519
Equifax,
Inc.
.......................
3,224
894,434
Experian
plc
.......................
24,154
1,107,489
IHS
Markit
Ltd.
.....................
9,056
1,183,800
Intertek
Group
plc
...................
3,885
260,170
Nielsen
Holdings
plc
..................
8,125
164,531
Randstad
NV
......................
4,724
339,407
Recruit
Holdings
Co.
Ltd.
..............
27,500
1,829,273
RELX
plc
.........................
53,724
1,665,841
Robert
Half
International,
Inc.
............
3,663
414,175
Teleperformance
....................
1,008
421,054
TransUnion
........................
2,564
295,604
Verisk
Analytics,
Inc.
..................
4,551
956,939
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Tactical
Opportunities
Fund
50
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2021
Security
Shares
Shares
Value
Professional
Services
(continued)
Wolters
Kluwer
NV
...................
17,221
$
1,803,357
12,188,466
Real
Estate
Management
&
Development
—
0.4%
Aroundtown
SA
.....................
24,092
167,428
Capitaland
Investment
Ltd.
(d)
............
129,600
330,607
CBRE
Group,
Inc.,
Class
A
(d)
............
8,236
857,203
CK
Asset
Holdings
Ltd.
................
52,500
324,296
Daito
Trust
Construction
Co.
Ltd.
.........
900
111,586
Daiwa
House
Industry
Co.
Ltd.
...........
12,500
412,377
ESR
Cayman
Ltd.
(c)(d)(e)
................
14,000
45,302
Fastighets
AB
Balder,
Class
B
(d)
..........
2,467
178,877
Hang
Lung
Properties
Ltd.
..............
24,000
55,700
Henderson
Land
Development
Co.
Ltd.
.....
55,000
230,295
Hongkong
Land
Holdings
Ltd.
...........
50,900
281,084
Hulic
Co.
Ltd.
......................
4,300
41,347
LEG
Immobilien
SE
..................
1,434
213,298
Mitsubishi
Estate
Co.
Ltd.
..............
35,300
536,454
Mitsui
Fudosan
Co.
Ltd.
...............
22,100
505,291
New
World
Development
Co.
Ltd.
.........
49,000
212,534
Sino
Land
Co.
Ltd.
...................
40,000
52,575
Sumitomo
Realty
&
Development
Co.
Ltd.
...
7,500
271,049
Sun
Hung
Kai
Properties
Ltd.
............
39,000
517,075
Swire
Pacific
Ltd.,
Class
A
..............
8,500
53,436
Swire
Properties
Ltd.
.................
18,200
48,794
Swiss
Prime
Site
AG
(Registered)
.........
3,511
356,951
UOL
Group
Ltd.
.....................
22,600
121,213
Vonovia
SE
........................
11,753
712,970
Wharf
Real
Estate
Investment
Co.
Ltd.
.....
20,000
112,965
6,750,707
Road
&
Rail
—
0.8%
Central
Japan
Railway
Co.
.............
1,400
207,677
CSX
Corp.
........................
58,489
2,115,547
East
Japan
Railway
Co.
...............
2,800
174,402
JB
Hunt
Transport
Services,
Inc.
.........
1,811
357,111
Kansas
City
Southern
.................
4,541
1,408,845
Lyft,
Inc.,
Class
A
(d)
...................
3,080
141,280
MTR
Corp.
Ltd.
.....................
47,500
259,118
Norfolk
Southern
Corp.
................
6,314
1,850,318
Old
Dominion
Freight
Line,
Inc.
..........
2,135
728,782
Uber
Technologies,
Inc.
(d)
..............
9,352
409,805
Union
Pacific
Corp.
..................
17,087
4,124,802
West
Japan
Railway
Co.
...............
1,300
61,367
11,839,054
Semiconductors
&
Semiconductor
Equipment
—
2.6%
Advanced
Micro
Devices,
Inc.
(d)
..........
16,276
1,956,864
Analog
Devices,
Inc.
..................
8,505
1,475,532
Applied
Materials,
Inc.
................
18,548
2,534,584
ASM
International
NV
.................
911
412,305
ASML
Holding
NV
...................
5,054
4,108,398
Broadcom,
Inc.
.....................
7,017
3,730,728
Enphase
Energy,
Inc.
(d)
................
2,930
678,676
Infineon
Technologies
AG
..............
13,944
653,016
Intel
Corp.
........................
59,977
2,938,873
KLA
Corp.
.........................
1,288
480,115
Lam
Research
Corp.
.................
2,921
1,646,188
Lasertec
Corp.
.....................
1,200
260,299
Microchip
Technology,
Inc.
..............
9,924
735,269
Micron
Technology,
Inc.
................
11,922
823,810
NVIDIA
Corp.
......................
42,730
10,924,779
NXP
Semiconductors
NV
..............
9,286
1,865,186
QUALCOMM,
Inc.
...................
10,794
1,436,034
Renesas
Electronics
Corp.
(d)
............
27,200
334,599
Skyworks
Solutions,
Inc.
...............
534
89,247
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
SolarEdge
Technologies,
Inc.
(d)
...........
773
$
274,168
STMicroelectronics
NV
................
10,148
481,815
Texas
Instruments,
Inc.
................
11,046
2,070,904
Tokyo
Electron
Ltd.
..................
1,600
745,653
Xilinx,
Inc.
.........................
2,591
466,380
41,123,422
Software
—
6.1%
Adobe,
Inc.
(d)
.......................
11,072
7,200,786
ANSYS,
Inc.
(d)
......................
2,155
817,995
Autodesk,
Inc.
(d)
.....................
5,984
1,900,578
Cadence
Design
Systems,
Inc.
(d)
.........
4,154
719,099
Ceridian
HCM
Holding,
Inc.
(d)
............
4,037
505,634
Citrix
Systems,
Inc.
..................
2,238
212,006
Crowdstrike
Holdings,
Inc.,
Class
A
(d)
.......
319
89,894
Dassault
Systemes
SE
................
22,447
1,310,847
DocuSign,
Inc.
(d)
....................
265
73,747
Dynatrace
,
Inc.
(d)
....................
4,636
347,700
Fortinet,
Inc.
(d)
......................
2,673
899,037
HubSpot
,
Inc.
(d)
.....................
308
249,551
Intuit,
Inc.
.........................
5,748
3,598,190
Microsoft
Corp.
.....................
167,521
55,553,314
NortonLifeLock
,
Inc.
..................
16,535
420,816
Oracle
Corp.
.......................
37,387
3,586,909
Palantir
Technologies,
Inc.,
Class
A
(d)
......
5,692
147,309
Paycom
Software,
Inc.
(d)
...............
1,026
562,094
PTC,
Inc.
(d)
........................
1,828
232,796
salesforce.com,
Inc.
(d)
.................
22,175
6,645,626
SAP
SE
..........................
24,637
3,567,713
ServiceNow
,
Inc.
(d)
...................
5,978
4,171,209
Sinch
AB
(c)(d)(e)
......................
14,907
283,751
Synopsys,
Inc.
(d)
....................
2,868
955,560
Temenos
AG
(Registered)
..............
1,024
156,771
Trade
Desk,
Inc.
(The),
Class
A
(d)
.........
788
59,029
Trend
Micro,
Inc.
....................
2,300
129,997
Tyler
Technologies,
Inc.
(d)
..............
521
283,018
Unity
Software,
Inc.
(d)
.................
416
62,945
WiseTech
Global
Ltd.
.................
1,494
58,227
Zoom
Video
Communications,
Inc.,
Class
A
(d)
.
236
64,817
94,866,965
Specialty
Retail
—
1.5%
ABC-Mart,
Inc.
.....................
1,100
52,870
Bath
&
Body
Works,
Inc.
...............
21,454
1,482,257
Best
Buy
Co.,
Inc.
...................
383
46,818
Burlington
Stores,
Inc.
(d)
...............
1,935
534,621
Fast
Retailing
Co.
Ltd.
................
1,400
929,345
Gap,
Inc.
(The)
.....................
4,874
110,591
H
&
M
Hennes
&
Mauritz
AB,
Class
B
......
20,972
394,543
Home
Depot,
Inc.
(The)
...............
18,600
6,914,364
Industria
de
Diseno
Textil
SA
............
23,446
849,314
Lowe's
Cos.,
Inc.
....................
10,212
2,387,770
Nitori
Holdings
Co.
Ltd.
................
1,200
220,453
Ross
Stores,
Inc.
....................
15,262
1,727,658
TJX
Cos.,
Inc.
(The)
..................
48,405
3,170,043
Tractor
Supply
Co.
...................
9,557
2,075,494
Ulta
Beauty,
Inc.
(d)
...................
5,172
1,899,986
22,796,127
Technology
Hardware,
Storage
&
Peripherals
—
3.2%
Apple,
Inc.
........................
322,806
48,356,339
Brother
Industries
Ltd.
................
8,600
166,272
Canon,
Inc.
........................
20,000
454,787
FUJIFILM
Holdings
Corp.
..............
5,200
401,842
HP,
Inc.
..........................
12,914
391,682
Logitech
International
SA
(Registered)
......
2,976
248,951
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
51
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2021
Security
Shares
Shares
Value
Technology
Hardware,
Storage
&
Peripherals
(continued)
Ricoh
Co.
Ltd.
......................
4,300
$
41,873
Seiko
Epson
Corp.
...................
3,400
60,541
50,122,287
Textiles,
Apparel
&
Luxury
Goods
—
1.8%
adidas
AG
........................
3,698
1,210,361
EssilorLuxottica
SA
..................
5,763
1,192,350
Hanesbrands,
Inc.
...................
7,906
134,718
Hermes
International
.................
345
547,831
Kering
SA
.........................
1,107
830,842
Lululemon
Athletica
,
Inc.
(d)
..............
8,403
3,915,882
LVMH
Moet
Hennessy
Louis
Vuitton
SE
.....
4,855
3,806,911
NIKE,
Inc.,
Class
B
..................
71,452
11,953,205
Pandora
A/S
.......................
2,657
371,809
Puma
SE
.........................
3,033
376,243
PVH
Corp.
(d)
.......................
1,616
176,677
Ralph
Lauren
Corp.
..................
1,101
140,014
Tapestry,
Inc.
.......................
6,314
246,120
Under
Armour
,
Inc.,
Class
A
(d)
............
4,272
93,813
Under
Armour
,
Inc.,
Class
C
(d)
...........
4,719
89,095
VF
Corp.
.........................
42,954
3,130,488
28,216,359
Trading
Companies
&
Distributors
—
0.6%
Ashtead
Group
plc
...................
15,216
1,275,255
Brenntag
SE
.......................
780
74,208
Bunzl
plc
.........................
14,477
535,071
Fastenal
Co.
.......................
17,829
1,017,679
Ferguson
plc
.......................
12,010
1,807,066
ITOCHU
Corp.
.....................
7,400
211,054
Marubeni
Corp.
.....................
93,300
791,681
Mitsubishi
Corp.
.....................
27,900
887,163
Mitsui
&
Co.
Ltd.
....................
6,500
148,749
Sumitomo
Corp.
....................
42,300
602,761
United
Rentals,
Inc.
(d)
.................
2,806
1,063,783
WW
Grainger,
Inc.
...................
1,665
771,078
9,185,548
Transportation
Infrastructure
—
0.1%
Auckland
International
Airport
Ltd.
(d)
.......
10,894
62,443
Transurban
Group
(h)
..................
91,280
930,066
992,509
Water
Utilities
—
0.4%
American
Water
Works
Co.,
Inc.
..........
18,555
3,231,910
Essential
Utilities,
Inc.
.................
17,278
813,275
Severn
Trent
plc
....................
23,618
884,547
United
Utilities
Group
plc
...............
54,452
773,934
5,703,666
Wireless
Telecommunication
Services
—
0.0%
SoftBank
Group
Corp.
................
11,800
638,821
Total
Common
Stocks
—
73.3%
(Cost:
$851,946,208)
..............................
1,147,755,651
Beneficial
Interest
(000)
Other
Interests
—
0.0%
(i)
Capital
Markets
—
0.0%
Lehman
Brothers
Holdings,
Inc.
(a)(d)(j)
.......
USD
300
—
Total
Other
Interests
—
0.0%
(Cost:
$0)
.....................................
—
Security
Shares
Shares
Value
Preferred
Stocks
—
0.1%
Automobiles
—
0.1%
Bayerische
Motoren
Werke
AG
(Preference)
..
2,202
$
187,702
Porsche
Automobil
Holding
SE
(Preference)
..
1,907
198,474
Volkswagen
AG
(Preference)
............
3,007
674,866
1,061,042
Health
Care
Equipment
&
Supplies
—
0.0%
Sartorius
AG
(Preference)
..............
821
531,793
Total
Preferred
Stocks
—
0.1%
(Cost:
$1,414,227)
...............................
1,592,835
Rights
—
0.0%
Hotels,
Restaurants
&
Leisure
—
0.0%
Aristocrat
Leisure
Ltd.(Expires
11/08/21)
(d)
...
137
487
Total
Rights
—
0.0%
(Cost:
$0)
.....................................
487
Par
(000)
Par
(000)
U.S.
Treasury
Obligations
—
5.7%
U.S.
Treasury
Notes
1.50%, 09/15/22
..................
USD
15,000
15,176,953
0.13%, 12/15/23
(k)
.................
75,000
74,326,172
Total
U.S.
Treasury
Obligations
—
5.7%
(Cost:
$89,906,003)
...............................
89,503,125
Shares
Shares
Warrants
—
0.0%
Oil,
Gas
&
Consumable
Fuels
—
0.0%
Occidental
Petroleum
Corp.
(Issued/exercisable
07/06/20,
1
share
for
1
warrant,
Expires
08/03/27,
Strike
Price
USD
22.00)
(d)
.....
1,719
25,854
Total
Warrants
—
0.0%
(Cost:
$8,509)
..................................
25,854
Total
Long-Term
Investments
—
79.1%
(Cost:
$943,456,174)
..............................
1,238,877,952
Short-Term
Securities
—
1.9%
(l)(m)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.00%
....................
30,177,426
30,177,426
SL
Liquidity
Series,
LLC,
Money
Market
Series,
0.14%
(n)
........................
63,901
63,914
Total
Short-Term
Securities
—
1.9%
(Cost:
$30,241,346)
...............................
30,241,340
Total
Investments
—
81.0%
(Cost:
$973,697,520
)
..............................
1,269,119,292
Other
Assets
Less
Liabilities
—
19.0%
...................
298,341,734
Net
Assets
—
100.0%
...............................
$
1,567,461,026
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Tactical
Opportunities
Fund
52
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2021
(a)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(b)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(c)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(d)
Non-income
producing
security.
(e)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(f)
All
or
a
portion
of
this
security
is
on
loan.
(g)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$5,166,
representing
less
than
0.05%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$48,000.
(h)
A
security
contractually
bound
to
one
or
more
other
securities
to
form
a
single
saleable
unit
which
cannot
be
sold
separately.
(i)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
(j)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(k)
All
or
a
portion
of
the
security
has
been
pledged
as
collateral
in
connection
with
outstanding
OTC
derivatives.
(l)
Affiliate
of
the
Fund.
(m)
Annualized
7-day
yield
as
of
period
end.
(n)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
October
31,
2021
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
04/30/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
10/31/21
Shares
Held
at
10/31/21
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
35,759,937
$
—
$
(5,582,511)
$
—
$
—
$
30,177,426
30,177,426
$
1,873
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(a)
..........
34,743
29,177
—
—
(6)
63,914
63,901
10
(b)
—
$
—
$
(6)
$
30,241,340
$
1,883
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
53
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2021
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
IBEX
35
Index
............................................................
582
11/19/21
$
60,858
$
1,203,425
OMXS30
Index
...........................................................
1,275
11/19/21
33,961
(311,200)
FTSE
China
A50
Index
......................................................
481
11/29/21
7,632
(127,473)
MSCI
Singapore
Index
......................................................
821
11/29/21
22,405
3,896
Euro-Bund
..............................................................
1,379
12/08/21
268,004
(1,075,454)
TOPIX
Index
.............................................................
227
12/09/21
39,684
(323,300)
Australia
10
Year
Bond
......................................................
8,464
12/15/21
858,605
(52,932,061)
FTSE/JSE
Top
40
Index
.....................................................
1,226
12/15/21
49,054
2,610,155
SPI
200
Index
............................................................
437
12/16/21
59,829
(108,797)
FTSE
100
Index
..........................................................
102
12/17/21
10,084
327,702
FTSE/MIB
Index
..........................................................
1,377
12/17/21
212,881
9,419,531
Mini-DAX
Index
...........................................................
117
12/17/21
10,593
94,629
S&P
500
E-Mini
Index
......................................................
39
12/17/21
8,964
488,705
WIG20
Index
............................................................
19
12/17/21
230
9,082
Canada
10
Year
Bond
......................................................
1,245
12/20/21
141,793
(2,930,999)
(43,652,159)
Short
Contracts
AEX
Index
..............................................................
772
11/19/21
144,346
(7,070,295)
CAC
40
10
Euro
Index
......................................................
641
11/19/21
50,584
(2,246,967)
IBEX
35
Index
............................................................
219
11/19/21
22,900
(449,461)
SGX
NIFTY
50
Index
.......................................................
697
11/25/21
24,744
701,132
Euro-
Buxl
...............................................................
534
12/08/21
129,004
598,780
S&P/TSX
60
Index
.........................................................
199
12/16/21
40,536
(1,668,917)
DAX
Index
..............................................................
97
12/17/21
43,911
(91,940)
FTSE
100
Index
..........................................................
140
12/17/21
13,841
(23,365)
MSCI
EAFE
E-Mini
Index
....................................................
2,474
12/17/21
289,409
2,663,015
S&P
500
E-Mini
Index
......................................................
4,364
12/17/21
1,003,065
(29,820,480)
U.S.
Treasury
10
Year
Note
...................................................
1,284
12/21/21
167,783
399,985
U.S.
Treasury
Ultra
Bond
....................................................
277
12/21/21
54,405
(57,846)
Long
Gilt
...............................................................
2,430
12/29/21
415,431
(250,989)
SET50
Index
.............................................................
10,351
12/29/21
60,810
141,555
(37,175,793)
$
(80,827,952)
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
AUD
3,889,000
USD
2,870,451
Bank
of
New
York
Mellon
12/15/21
$
55,552
AUD
39,742,000
USD
29,358,674
Goldman
Sachs
International
12/15/21
542,378
AUD
4,746,000
USD
3,469,193
UBS
AG
12/15/21
101,599
CAD
7,487,000
USD
5,918,239
Goldman
Sachs
International
12/15/21
131,807
CHF
5,176,000
USD
5,628,839
HSBC
Bank
plc
12/15/21
31,671
CHF
4,218,000
USD
4,539,418
State
Street
Bank
and
Trust
Co.
12/15/21
73,416
GBP
3,136,000
USD
4,252,980
Morgan
Stanley
&
Co.
International
plc
12/15/21
39,490
GBP
13,192,000
USD
17,843,229
Standard
Chartered
Bank
12/15/21
213,614
NZD
555,000
USD
393,924
UBS
AG
12/15/21
3,521
PLN
23,789,000
USD
5,947,348
Toronto
Dominion
Bank
12/15/21
9,573
RUB
722,345,000
USD
9,694,462
HSBC
Bank
plc
12/15/21
392,059
SEK
37,600,000
USD
4,364,382
HSBC
Bank
plc
12/15/21
16,513
USD
6,431,797
BRL
36,186,000
HSBC
Bank
plc
12/15/21
78,058
USD
10,436,665
BRL
55,981,000
UBS
AG
12/15/21
607,210
USD
3,692,720
EUR
3,120,000
Citibank
NA
12/15/21
82,152
USD
11,790,681
EUR
10,049,000
HSBC
Bank
plc
12/15/21
161,642
USD
32,315,525
EUR
27,286,000
Morgan
Stanley
&
Co.
International
plc
12/15/21
739,254
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Tactical
Opportunities
Fund
54
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2021
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
USD
6,465,921
GBP
4,710,000
Banco
Santander
SA
12/15/21
$
19,004
USD
9,476,316
GBP
6,878,000
HSBC
Bank
plc
12/15/21
61,902
USD
901,776
JPY
99,330,000
Bank
of
New
York
Mellon
12/15/21
29,838
USD
40,096,825
JPY
4,416,396,580
HSBC
Bank
plc
12/15/21
1,328,862
USD
7,033,077
KRW
8,252,261,000
Citibank
NA
12/15/21
15,024
USD
23,368,870
MXN
471,567,000
Toronto
Dominion
Bank
12/15/21
618,260
USD
5,881,078
PLN
23,090,000
HSBC
Bank
plc
12/15/21
99,191
USD
4,688,383
THB
153,801,000
Citibank
NA
12/15/21
54,812
USD
6,477,617
ZAR
93,373,000
BNP
Paribas
SA
12/15/21
398,062
5,904,464
CLP
2,170,057,000
USD
2,735,860
Citibank
NA
12/15/21
(81,548)
EUR
87,982,054
USD
104,199,452
Morgan
Stanley
&
Co.
International
plc
12/15/21
(2,383,677)
EUR
7,799,000
USD
9,119,538
Standard
Chartered
Bank
12/15/21
(94,274)
EUR
2,110,000
USD
2,489,553
Toronto
Dominion
Bank
12/15/21
(47,790)
EUR
6,342,000
USD
7,362,891
UBS
AG
12/15/21
(23,717)
GBP
2,537,000
USD
3,495,362
Bank
of
New
York
Mellon
12/15/21
(22,787)
INR
3,123,000
USD
41,916
BNP
Paribas
SA
12/15/21
(477)
JPY
430,725,000
USD
3,863,738
HSBC
Bank
plc
12/15/21
(82,753)
KRW
1,369,746,000
USD
1,172,126
HSBC
Bank
plc
12/15/21
(7,239)
SGD
802,000
USD
595,812
HSBC
Bank
plc
12/15/21
(1,193)
USD
14,009,384
AUD
18,679,000
Bank
of
America
NA
12/15/21
(44,307)
USD
6,634,998
AUD
8,938,000
BNP
Paribas
SA
12/15/21
(89,767)
USD
11,125,707
AUD
15,380,000
Goldman
Sachs
International
12/15/21
(445,885)
USD
45,764,774
AUD
62,004,480
Morgan
Stanley
&
Co.
International
plc
12/15/21
(886,105)
USD
6,357,451
AUD
8,707,000
Standard
Chartered
Bank
12/15/21
(193,514)
USD
45,802,808
CAD
58,036,975
Morgan
Stanley
&
Co.
International
plc
12/15/21
(1,095,333)
USD
3,250,438
CHF
2,989,000
Morgan
Stanley
&
Co.
International
plc
12/15/21
(18,353)
USD
5,838,449
CHF
5,360,000
UBS
AG
12/15/21
(23,285)
USD
6,141,244
EUR
5,320,000
BNP
Paribas
SA
12/15/21
(15,238)
USD
15,964,188
GBP
11,674,000
Bank
of
America
NA
12/15/21
(14,858)
USD
2,571,962
JPY
293,797,000
Bank
of
Montreal
12/15/21
(7,044)
USD
6,268,848
KRW
7,412,959,000
BNP
Paribas
SA
12/15/21
(35,429)
USD
97,645
NOK
852,000
Goldman
Sachs
International
12/15/21
(3,175)
USD
9,564,073
RUB
707,048,000
Morgan
Stanley
&
Co.
International
plc
12/15/21
(308,848)
USD
5,291,943
SEK
45,581,000
Commonwealth
Bank
of
Australia
12/15/21
(18,844)
USD
6,462,121
THB
216,072,000
Citibank
NA
12/15/21
(47,492)
(5,992,932)
$
(88,468)
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)
7.51%
Monthly
28
day
MXIBTIIE
Monthly
03/16/22
(a)
03/10/27
MXN
331,000
$
141,531
$
—
$
141,531
7.54%
Monthly
28
day
MXIBTIIE
Monthly
03/16/22
(a)
03/10/27
MXN
843,000
309,635
—
309,635
7.44%
Monthly
28
day
MXIBTIIE
Monthly
03/16/22
(a)
03/10/27
MXN
564,000
326,159
—
326,159
7.34%
Monthly
28
day
MXIBTIIE
Monthly
03/16/22
(a)
03/10/27
MXN
996,000
766,120
—
766,120
7.67%
Monthly
28
day
MXIBTIIE
Monthly
03/16/22
(a)
03/10/27
MXN
631,000
70,100
—
70,100
7.73%
Monthly
28
day
MXIBTIIE
Monthly
03/16/22
(a)
03/10/27
MXN
533,000
(2,373)
—
(2,373)
7.55%
Monthly
28
day
MXIBTIIE
Monthly
03/16/22
(a)
03/10/27
MXN
446,000
159,335
—
159,335
7.72%
Monthly
28
day
MXIBTIIE
Monthly
03/16/22
(a)
03/10/27
MXN
658,000
3,682
—
3,682
7.41%
Monthly
28
day
MXIBTIIE
Monthly
03/16/22
(a)
03/10/27
MXN
606,000
383,936
—
383,936
1.13%
Semi-Annual
3
month
LIBOR
Quarterly
03/16/22
(a)
03/15/27
USD
35,000
375,711
12,002
363,709
1.37%
Semi-Annual
3
month
LIBOR
Quarterly
03/16/22
(a)
03/15/27
USD
19,000
(20,428)
1,578
(22,006)
1.35%
Semi-Annual
3
month
LIBOR
Quarterly
03/16/22
(a)
03/15/27
USD
36,000
742
14,907
(14,165)
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
55
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2021
Centrally
Cleared
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1.12%
Semi-Annual
3
month
LIBOR
Quarterly
03/16/22
(a)
03/15/27
USD
95,000
$
1,068,365
$
356,529
$
711,836
1
day
SORA
Semi-Annual
0.92%
Semi-Annual
03/16/22
(a)
03/16/27
SGD
36,000
(727,440)
—
(727,440)
1
day
SORA
Semi-Annual
0.92%
Semi-Annual
03/16/22
(a)
03/16/27
SGD
24,000
(485,827)
—
(485,827)
6
month
BBR
Semi-Annual
0.96%
Semi-Annual
03/16/22
(a)
03/16/27
AUD
282,260
(9,513,528)
—
(9,513,528)
6
month
BBR
Semi-Annual
0.97%
Semi-Annual
03/16/22
(a)
03/16/27
AUD
326,240
(10,925,588)
—
(10,925,588)
6
month
BBR
Semi-Annual
0.98%
Semi-Annual
03/16/22
(a)
03/16/27
AUD
32,500
(1,066,236)
—
(1,066,236)
6
month
BBR
Semi-Annual
0.98%
Semi-Annual
03/16/22
(a)
03/16/27
AUD
32,500
(1,073,237)
—
(1,073,237)
1
day
SORA
Semi-Annual
0.99%
Semi-Annual
03/16/22
(a)
03/16/27
SGD
61,000
(1,078,733)
—
(1,078,733)
0.94%
Annual
1
day
SONIA
Annual
03/16/22
(a)
03/16/27
GBP
56,000
572,286
15,980
556,306
0.83%
Annual
1
day
SONIA
Annual
03/16/22
(a)
03/16/27
GBP
31,000
534,069
(3,668)
537,737
0.81%
Annual
1
day
SONIA
Annual
03/16/22
(a)
03/16/27
GBP
39,000
747,264
22,911
724,353
0.80%
Annual
1
day
SONIA
Annual
03/16/22
(a)
03/16/27
GBP
73,000
1,432,885
22,345
1,410,540
0.81%
Annual
1
day
SONIA
Annual
03/16/22
(a)
03/16/27
GBP
49,000
933,364
(68,942)
1,002,306
0.54%
Annual
1
day
SONIA
Annual
03/16/22
(a)
03/16/27
GBP
37,000
1,351,934
(10,875)
1,362,809
0.51%
Annual
1
day
SONIA
Annual
03/16/22
(a)
03/16/27
GBP
141,000
5,492,304
1,242
5,491,062
1.08%
Annual
1
day
SONIA
Annual
03/16/22
(a)
03/16/27
GBP
110,000
91,233
(234,814)
326,047
1.07%
Annual
1
day
SONIA
Annual
03/16/22
(a)
03/16/27
GBP
50,000
77,392
42,786
34,606
1.06%
Annual
1
day
SONIA
Annual
03/16/22
(a)
03/16/27
GBP
29,000
69,479
(27,485)
96,964
0.98%
Annual
1
day
SONIA
Annual
03/16/22
(a)
03/16/27
GBP
45,000
336,233
11,967
324,266
0.96%
Annual
1
day
SONIA
Annual
03/16/22
(a)
03/16/27
GBP
46,000
419,410
21,613
397,797
1.05%
Annual
1
day
SONIA
Annual
03/16/22
(a)
03/16/27
GBP
85,000
250,218
57,032
193,186
0.94%
Annual
1
day
SONIA
Annual
03/16/22
(a)
03/16/27
GBP
65,000
645,057
(9,097)
654,154
6
month
BBR
Semi-Annual
1.03%
Semi-Annual
03/16/22
(a)
03/16/27
AUD
93,130
(2,898,186)
—
(2,898,186)
6
month
BBR
Semi-Annual
1.03%
Semi-Annual
03/16/22
(a)
03/16/27
AUD
45,870
(1,424,171)
—
(1,424,171)
6
month
BBR
Semi-Annual
1.16%
Semi-Annual
03/16/22
(a)
03/16/27
AUD
64,000
(1,702,140)
—
(1,702,140)
6
month
BBR
Semi-Annual
1.19%
Semi-Annual
03/16/22
(a)
03/16/27
AUD
42,900
(1,090,137)
—
(1,090,137)
1
day
SORA
Semi-Annual
1.19%
Semi-Annual
03/16/22
(a)
03/16/27
SGD
40,000
(426,274)
—
(426,274)
6
month
BBR
Semi-Annual
1.20%
Semi-Annual
03/16/22
(a)
03/16/27
AUD
44,200
(1,114,443)
—
(1,114,443)
6
month
BBR
Semi-Annual
1.20%
Semi-Annual
03/16/22
(a)
03/16/27
AUD
42,900
(1,082,436)
—
(1,082,436)
6
month
BBR
Semi-Annual
1.21%
Semi-Annual
03/16/22
(a)
03/16/27
AUD
38,000
(936,972)
—
(936,972)
6
month
BBR
Semi-Annual
1.23%
Semi-Annual
03/16/22
(a)
03/16/27
AUD
23,000
(550,186)
—
(550,186)
6
month
BBR
Semi-Annual
1.24%
Semi-Annual
03/16/22
(a)
03/16/27
AUD
23,000
(545,231)
—
(545,231)
1
day
SORA
Semi-Annual
1.25%
Semi-Annual
03/16/22
(a)
03/16/27
SGD
44,000
(364,249)
—
(364,249)
6
month
BBR
Semi-Annual
1.29%
Semi-Annual
03/16/22
(a)
03/16/27
AUD
33,500
(735,807)
—
(735,807)
6
month
BBR
Semi-Annual
1.31%
Semi-Annual
03/16/22
(a)
03/16/27
AUD
33,500
(712,954)
—
(712,954)
6
month
BBR
Semi-Annual
1.32%
Semi-Annual
03/16/22
(a)
03/16/27
AUD
58,000
(1,201,050)
—
(1,201,050)
6
month
BBR
Semi-Annual
1.36%
Semi-Annual
03/16/22
(a)
03/16/27
AUD
25,000
(482,688)
—
(482,688)
6
month
BBR
Semi-Annual
1.36%
Semi-Annual
03/16/22
(a)
03/16/27
AUD
27,000
(520,334)
—
(520,334)
6
month
BBR
Semi-Annual
1.36%
Semi-Annual
03/16/22
(a)
03/16/27
AUD
25,000
(482,239)
—
(482,239)
3
month
BA
Semi-Annual
1.40%
Semi-Annual
03/16/22
(a)
03/16/27
CAD
282,000
(7,786,744)
(413,000)
(7,373,744)
3
month
HIBOR
Quarterly
1.45%
Quarterly
03/16/22
(a)
03/16/27
HKD
105,000
(19,407)
—
(19,407)
6
month
BBR
Semi-Annual
1.53%
Semi-Annual
03/16/22
(a)
03/16/27
AUD
31,000
(407,930)
—
(407,930)
6
month
BBR
Semi-Annual
1.54%
Semi-Annual
03/16/22
(a)
03/16/27
AUD
57,000
(738,298)
—
(738,298)
6
month
BBR
Semi-Annual
1.57%
Semi-Annual
03/16/22
(a)
03/16/27
AUD
117,000
(1,397,833)
—
(1,397,833)
3
month
BA
Semi-Annual
1.67%
Semi-Annual
03/16/22
(a)
03/16/27
CAD
45,000
(774,448)
(43,224)
(731,224)
3
month
BA
Semi-Annual
1.68%
Semi-Annual
03/16/22
(a)
03/16/27
CAD
52,000
(879,891)
—
(879,891)
3
month
BA
Semi-Annual
1.69%
Semi-Annual
03/16/22
(a)
03/16/27
CAD
170,000
(2,811,070)
38,877
(2,849,947)
3
month
BA
Semi-Annual
1.71%
Semi-Annual
03/16/22
(a)
03/16/27
CAD
57,000
(904,103)
3,529
(907,632)
6
month
BBR
Semi-Annual
1.75%
Semi-Annual
03/16/22
(a)
03/16/27
AUD
44,500
(244,067)
—
(244,067)
3
month
BA
Semi-Annual
1.79%
Semi-Annual
03/16/22
(a)
03/16/27
CAD
85,000
(1,079,683)
18,791
(1,098,474)
3
month
BA
Semi-Annual
1.80%
Semi-Annual
03/16/22
(a)
03/16/27
CAD
46,000
(566,576)
(25,780)
(540,796)
3
month
BA
Semi-Annual
1.81%
Semi-Annual
03/16/22
(a)
03/16/27
CAD
48,000
(572,716)
41,534
(614,250)
6
month
BBR
Semi-Annual
1.87%
Semi-Annual
03/16/22
(a)
03/16/27
AUD
44,500
(52,342)
—
(52,342)
3
month
BA
Semi-Annual
1.90%
Semi-Annual
03/16/22
(a)
03/16/27
CAD
46,000
(378,712)
(29,990)
(348,722)
3
month
BA
Semi-Annual
2.10%
Semi-Annual
03/16/22
(a)
03/16/27
CAD
63,000
(40,497)
24,466
(64,963)
1.22%
Semi-Annual
3
month
LIBOR
Quarterly
03/16/22
(a)
03/16/27
USD
73,000
482,358
22,804
459,554
1.08%
Semi-Annual
3
month
LIBOR
Quarterly
03/16/22
(a)
03/16/27
USD
36,000
474,684
(6,297)
480,981
1.06%
Semi-Annual
3
month
LIBOR
Quarterly
03/16/22
(a)
03/16/27
USD
12,000
169,922
(1,709)
171,631
0.06%
Annual
6
month
EURIBOR
Semi-Annual
03/16/22
(a)
03/16/27
EUR
49,000
127,571
6,202
121,369
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Tactical
Opportunities
Fund
56
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2021
Centrally
Cleared
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
(0.07)%
Annual
6
month
EURIBOR
Semi-Annual
03/16/22
(a)
03/16/27
EUR
26,000
$
254,570
$
(1,189)
$
255,759
(0.28)%
Annual
6
month
EURIBOR
Semi-Annual
03/16/22
(a)
03/16/27
EUR
39,000
870,706
7,103
863,603
2.63%
Annual
6
month
WIBOR
Semi-Annual
03/16/22
(a)
03/16/27
PLN
281,000
677,351
—
677,351
2.63%
Annual
6
month
WIBOR
Semi-Annual
03/16/22
(a)
03/16/27
PLN
126,000
307,377
—
307,377
2.69%
Annual
6
month
WIBOR
Semi-Annual
03/16/22
(a)
03/16/27
PLN
380,000
666,962
—
666,962
2.74%
Annual
6
month
WIBOR
Semi-Annual
03/16/22
(a)
03/16/27
PLN
101,000
118,111
—
118,111
2.75%
Annual
6
month
WIBOR
Semi-Annual
03/16/22
(a)
03/16/27
PLN
206,000
221,786
—
221,786
3
month
JIBAR
Quarterly
6.28%
Quarterly
03/16/22
(a)
03/16/27
ZAR
4,332,000
(11,442,444)
—
(11,442,444)
3
month
JIBAR
Quarterly
6.30%
Quarterly
03/16/22
(a)
03/16/27
ZAR
919,000
(2,376,630)
—
(2,376,630)
3
month
JIBAR
Quarterly
6.41%
Quarterly
03/16/22
(a)
03/16/27
ZAR
470,000
(1,079,244)
—
(1,079,244)
3
month
JIBAR
Quarterly
6.67%
Quarterly
03/16/22
(a)
03/16/27
ZAR
519,000
(823,737)
—
(823,737)
3
month
JIBAR
Quarterly
6.88%
Quarterly
03/16/22
(a)
03/16/27
ZAR
486,000
(496,842)
—
(496,842)
3
month
JIBAR
Quarterly
6.94%
Quarterly
03/16/22
(a)
03/16/27
ZAR
215,000
(183,566)
—
(183,566)
3
month
JIBAR
Quarterly
7.01%
Quarterly
03/16/22
(a)
03/16/27
ZAR
540,000
(366,413)
—
(366,413)
$
(55,656,238)
$
(131,872)
$
(55,524,366)
(a)
Forward
swap.
OTC
Interest
Rate
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Counterparty
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
8.07%
At
Termination
1
day
BZDIOVER
At
Termination
Bank
of
America
NA
N/A
01/02/25
BRL
101,000
$
1,687,376
$
—
$
1,687,376
9.34%
At
Termination
1
day
BZDIOVER
At
Termination
Bank
of
America
NA
N/A
01/02/25
BRL
72,000
898,813
—
898,813
7.18%
At
Termination
1
day
BZDIOVER
At
Termination
Barclays
Bank
plc
N/A
01/02/25
BRL
138,000
2,949,012
—
2,949,012
6.42%
At
Termination
1
day
BZDIOVER
At
Termination
BNP
Paribas
SA
N/A
01/02/25
BRL
37,000
917,690
—
917,690
7.86%
At
Termination
1
day
BZDIOVER
At
Termination
BNP
Paribas
SA
N/A
01/02/25
BRL
159,000
2,949,502
—
2,949,502
7.91%
At
Termination
1
day
BZDIOVER
At
Termination
BNP
Paribas
SA
N/A
01/02/25
BRL
78,000
1,467,732
—
1,467,732
8.32%
At
Termination
1
day
BZDIOVER
At
Termination
BNP
Paribas
SA
N/A
01/02/25
BRL
81,000
1,379,558
—
1,379,558
7.82%
At
Termination
1
day
BZDIOVER
At
Termination
HSBC
Bank
plc
N/A
01/02/25
BRL
82,000
1,568,506
—
1,568,506
8.67%
At
Termination
1
day
BZDIOVER
At
Termination
HSBC
Bank
plc
N/A
01/02/25
BRL
101,000
1,568,646
—
1,568,646
6.75%
At
Termination
1
day
BZDIOVER
At
Termination
Morgan
Stanley
&
Co.
International
plc
N/A
01/02/25
BRL
116,000
2,727,580
—
2,727,580
0.66%
Quarterly
3
month
TWCPBA
Quarterly
Bank
of
America
NA
03/16/22
(a)
03/16/27
TWD
4,734,000
2,074,650
—
2,074,650
0.99%
Semi-Annual
6
month
THBFIX
Semi-Annual
Bank
of
America
NA
03/16/22
(a)
03/16/27
THB
2,761,000
2,047,730
—
2,047,730
1
day
MIBOR
Semi-Annual
5.38%
Semi-Annual
Bank
of
America
NA
03/16/22
(a)
03/16/27
INR
3,439,726
(903,710)
—
(903,710)
1
day
MIBOR
Semi-Annual
5.83%
Semi-Annual
Bank
of
America
NA
03/16/22
(a)
03/16/27
INR
2,934,400
(20,543)
—
(20,543)
1
week
CNREPOFI
Quarterly
2.68%
Quarterly
Bank
of
America
NA
03/16/22
(a)
03/16/27
CNY
57,600
(2,490)
—
(2,490)
1
week
CNREPOFI
Quarterly
2.68%
Quarterly
Bank
of
America
NA
03/16/22
(a)
03/16/27
CNY
86,400
(1,235)
—
(1,235)
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
57
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2021
OTC
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Counterparty
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1
week
CNREPOFI
Quarterly
2.69%
Quarterly
Bank
of
America
NA
03/16/22
(a)
03/16/27
CNY
109,500
$
2,395
$
—
$
2,395
1
week
CNREPOFI
Quarterly
2.69%
Quarterly
Bank
of
America
NA
03/16/22
(a)
03/16/27
CNY
109,500
7,147
—
7,147
1.47%
Semi-Annual
6
month
THBFIX
Semi-Annual
Bank
of
America
NA
03/16/22
(a)
03/16/27
THB
285,238
—
—
—
1.68%
Quarterly
3
month
CD_KSDA
Quarterly
Bank
of
America
NA
03/16/22
(a)
03/16/27
KRW
144,948,539
3,504,177
—
3,504,177
1.71%
Quarterly
3
month
CD_KSDA
Quarterly
Bank
of
America
NA
03/16/22
(a)
03/16/27
KRW
29,604,300
677,650
—
677,650
2.04%
Quarterly
3
month
CD_KSDA
Quarterly
Bank
of
America
NA
03/16/22
(a)
03/16/27
KRW
22,657,040
222,007
—
222,007
1
day
MIBOR
Semi-Annual
5.83%
Semi-Annual
BNP
Paribas
SA
03/16/22
(a)
03/16/27
INR
1,650,600
(13,427)
—
(13,427)
1
week
CNREPOFI
Quarterly
2.66%
Quarterly
BNP
Paribas
SA
03/16/22
(a)
03/16/27
CNY
100,000
(16,620)
—
(16,620)
1
week
CNREPOFI
Quarterly
2.70%
Quarterly
BNP
Paribas
SA
03/16/22
(a)
03/16/27
CNY
48,000
4,522
—
4,522
1.65%
Quarterly
3
month
CD_KSDA
Quarterly
BNP
Paribas
SA
03/16/22
(a)
03/16/27
KRW
59,141,100
1,515,256
—
1,515,256
2.05%
Quarterly
3
month
CD_KSDA
Quarterly
BNP
Paribas
SA
03/16/22
(a)
03/16/27
KRW
35,830,490
336,700
—
336,700
1
week
CNREPOFI
Quarterly
2.72%
Quarterly
Citibank
NA
03/16/22
(a)
03/16/27
CNY
98,784
23,598
—
23,598
1
week
CNREPOFI
Quarterly
2.73%
Quarterly
Citibank
NA
03/16/22
(a)
03/16/27
CNY
97,216
34,475
—
34,475
0.99%
Semi-Annual
6
month
THBFIX
Semi-Annual
Goldman
Sachs
International
03/16/22
(a)
03/16/27
THB
3,585,245
2,659,041
—
2,659,041
0.74%
Quarterly
3
month
TWCPBA
Quarterly
HSBC
Bank
plc
03/16/22
(a)
03/16/27
TWD
415,000
124,312
—
124,312
1
week
CNREPOFI
Quarterly
2.67%
Quarterly
HSBC
Bank
plc
03/16/22
(a)
03/16/27
CNY
100,000
(12,280)
—
(12,280)
1.42%
Semi-Annual
6
month
THBFIX
Semi-Annual
HSBC
Bank
plc
03/16/22
(a)
03/16/27
THB
465,388
54,167
—
54,167
2.05%
Quarterly
3
month
CD_KSDA
Quarterly
JPMorgan
Chase
Bank
NA
03/16/22
(a)
03/16/27
KRW
22,430,470
215,283
—
215,283
1.41%
Semi-Annual
6
month
THBFIX
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
03/16/22
(a)
03/16/27
THB
450,375
58,968
—
58,968
1.68%
Quarterly
3
month
CD_KSDA
Quarterly
Morgan
Stanley
&
Co.
International
plc
03/16/22
(a)
03/16/27
KRW
186,717,619
4,566,446
—
4,566,446
1.74%
Quarterly
3
month
CD_KSDA
Quarterly
Morgan
Stanley
&
Co.
International
plc
03/16/22
(a)
03/16/27
KRW
75,374,000
1,646,630
—
1,646,630
1.75%
Quarterly
3
month
CD_KSDA
Quarterly
Morgan
Stanley
&
Co.
International
plc
03/16/22
(a)
03/16/27
KRW
33,878,500
726,509
—
726,509
1.77%
Quarterly
3
month
CD_KSDA
Quarterly
Morgan
Stanley
&
Co.
International
plc
03/16/22
(a)
03/16/27
KRW
33,878,500
706,101
—
706,101
0.98%
Semi-Annual
6
month
THBFIX
Semi-Annual
Standard
Chartered
Bank
03/16/22
(a)
03/16/27
THB
3,676,200
2,766,591
—
2,766,591
$
41,118,465
$
—
$
41,118,465
(a)
Forward
swap.
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Tactical
Opportunities
Fund
58
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2021
OTC
Total
Return
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate
(Amount)/
Reference
Frequency
Rate/Reference
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
0.00%
...........
At
Termination
Taiwan
Capitalization
Weighted
Stock
Index
Futures
Novemebr
2021
At
Termination
Merrill
Lynch
International
&
Co.
11/17/21
TWD
874,354
$
367,782
$
—
$
367,782
0.00%
...........
At
Termination
Taiwan
Capitalization
Weighted
Stock
Index
Futures
Novemebr
2021
At
Termination
Merrill
Lynch
International
&
Co.
11/17/21
TWD
883,340
410,267
—
410,267
0.00%
...........
At
Termination
Taiwan
Capitalization
Weighted
Stock
Index
Futures
Novemebr
2021
At
Termination
Merrill
Lynch
International
&
Co.
11/17/21
TWD
306,954
52,615
—
52,615
0.00%
...........
At
Termination
Taiwan
Capitalization
Weighted
Stock
Index
Futures
Novemebr
2021
At
Termination
Merrill
Lynch
International
&
Co.
11/17/21
TWD
286,316
(58,362)
—
(58,362)
0.00%
...........
At
Termination
Taiwan
Capitalization
Weighted
Stock
Index
Futures
Novemebr
2021
At
Termination
Merrill
Lynch
International
&
Co.
11/17/21
TWD
67,912
(4,590)
—
(4,590)
0.00%
...........
At
Termination
KOSPI
200
Index
Futures
December
2021
At
Termination
Merrill
Lynch
International
&
Co.
12/09/21
KRW
4,661,511
79,865
—
79,865
0.00%
...........
At
Termination
KOSPI
200
Index
Futures
December
2021
At
Termination
Merrill
Lynch
International
&
Co.
12/09/21
KRW
2,620,870
(734)
—
(734)
0.00%
...........
At
Termination
KOSPI
200
Index
Futures
December
2021
At
Termination
Merrill
Lynch
International
&
Co.
12/09/21
KRW
9,113,832
(242,539)
—
(242,539)
0.00%
...........
At
Termination
KOSPI
200
Index
Futures
December
2021
At
Termination
Merrill
Lynch
International
&
Co.
12/09/21
KRW
17,491,798
(685,763)
—
(685,763)
0.00%
...........
At
Termination
KOSPI
200
Index
Futures
December
2021
At
Termination
Merrill
Lynch
International
&
Co.
12/09/21
KRW
74,960,218
(4,856,825)
—
(4,856,825)
0.00%
...........
At
Termination
KOSPI
200
Index
Futures
December
2021
At
Termination
Merrill
Lynch
International
&
Co.
12/09/21
KRW
5,926,434
(6,115)
—
(6,115)
0.00%
...........
At
Termination
BOVESPA
Index
Futures
December
2021
At
Termination
Merrill
Lynch
International
&
Co.
12/15/21
BRL
53,763
(749,117)
—
(749,117)
0.00%
...........
At
Termination
Swiss
Market
Index
Futures
December
2021
At
Termination
HSBC
Bank
plc
12/17/21
CHF
4,318
39,078
—
39,078
Russian
Depositary
Net
Total
Return
USD
Index
..........
Quarterly
3
month
LIBOR
minus
0.25%
Quarterly
Merrill
Lynch
International
&
Co.
02/11/22
USD
2,924
(399,431)
—
(399,431)
3
month
LIBOR
.....
Quarterly
MSCI
Mexico
Net
Return
Index
Quarterly
HSBC
Bank
plc
05/04/22
USD
15,913
(224,966)
—
(224,966)
3
month
LIBOR
plus
0.15%
.........
Quarterly
MSCI
Mexico
Net
Return
Index
Quarterly
Merrill
Lynch
International
&
Co.
05/04/22
USD
4,268
(61,828)
—
(61,828)
MSCI
Chile
Net
Return
Index
..........
Quarterly
3
month
LIBOR
plus
0.19%
Quarterly
HSBC
Bank
plc
06/10/22
USD
2,975
313,793
—
313,793
$
(6,026,870)
$
—
$
(6,026,870)
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
59
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2021
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1
day
BZDIOVER
.....................................
Overnight
Brazil
CETIP
—
Interbank
Rate
0.03
%
1
day
MIBOR
........................................
Mumbai
Interbank
Offered
Rate
3.42
1
day
SONIA
.........................................
Sterling
Overnight
Index
Average
0.05
1
day
SORA
.........................................
Singapore
Overnight
Rate
Average
0.22
1
week
CNREPOFI
....................................
China
Fixing
Repo
Rates
2.35
28
day
MXIBTIIE
......................................
Mexico
Interbank
TIIE
28-Day
5.00
3
month
BA
..........................................
Canadian
Bankers
Acceptances
0.48
3
month
CD_KSDA
....................................
Certificates
of
Deposit
by
the
Korean
Securities
Dealers
Association
1.12
3
month
HIBOR
.......................................
Hong
Kong
Interbank
Offered
Rate
0.15
3
month
JIBAR
.......................................
Johannesburg
Interbank
Average
Rate
3.68
3
month
LIBOR
.......................................
London
Interbank
Offered
Rate
0.13
3
month
TWCPBA
.....................................
Taiwan
Secondary
Markets
Bills
Rate
0.48
6
month
BBR
........................................
Australian
Bank
Bill
Rate
0.20
6
month
EURIBOR
.....................................
Euro
Interbank
Offered
Rate
(0.53)
6
month
THBFIX
......................................
Thai
Baht
Interest
Rate
Fixing
0.37
6
month
WIBOR
......................................
Warsaw
Interbank
Offered
Rate
0.86
Balances
Reported
in
the
Statements
of
Assets
and
Liabilities
for
Centrally
Cleared
and
OTC
Swaps
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Value
Centrally
Cleared
Swaps
(a)
...........................................
$
744,198
$
(876,070)
$
20,692,660
$
(76,217,026)
$
—
OTC
Swaps
.....................................................
—
—
43,352,170
(8,260,575)
—
(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)
.....
$
—
$
—
$
17,662,827
$
—
$
998,765
$
—
$
18,661,592
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
5,904,464
—
—
5,904,464
Swaps
—
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
20,692,660
—
20,692,660
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
—
1,263,400
—
42,088,770
—
43,352,170
$
—
$
—
$
18,926,227
$
5,904,464
$
63,780,195
$
—
$
88,610,886
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
.....
—
—
42,242,195
—
57,247,349
—
99,489,544
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
5,992,932
—
—
5,992,932
Swaps
—
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
76,217,026
—
76,217,026
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
—
7,290,270
—
970,305
—
8,260,575
$
—
$
—
$
49,532,465
$
5,992,932
$
134,434,680
$
—
$
189,960,077
(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).
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Tactical
Opportunities
Fund
60
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2021
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
For
the
period
ended
October
31,
2021,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
(81,688,434)
$
—
$
6,148,867
$
—
$
(75,539,567)
Forward
foreign
currency
exchange
contracts
....
—
—
—
(3,925,954)
—
—
(3,925,954)
Swaps
..............................
—
—
(8,069,918)
—
33,541,142
—
25,471,224
$
—
$
—
$
(89,758,352)
$
(3,925,954)
$
39,690,009
$
—
$
(53,994,297)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
—
—
12,223,838
—
(62,713,121)
—
(50,489,283)
Forward
foreign
currency
exchange
contracts
....
—
—
—
1,096,446
—
—
1,096,446
Swaps
..............................
—
—
(3,439,899)
—
(27,621,767)
—
(31,061,666)
$
—
$
—
$
8,783,939
$
1,096,446
$
(90,334,888)
$
—
$
(80,454,503)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts:
Average
notional
value
of
contracts
—
long
..................................................................................
$
1,783,698,886
Average
notional
value
of
contracts
—
short
.................................................................................
2,719,943,943
Forward
foreign
currency
exchange
contracts:
Average
amounts
purchased
—
in
USD
....................................................................................
321,626,781
Average
amounts
sold
—
in
USD
........................................................................................
263,641,355
Interest
rate
swaps:
Average
notional
value
—
pays
fixed
rate
...................................................................................
3,246,218,433
Average
notional
value
—
receives
fixed
rate
................................................................................
2,360,702,283
Total
return
swaps:
Average
notional
value
...............................................................................................
243,720,335
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
5,118,456
$
22,070,291
Forward
foreign
currency
exchange
contracts
.................................................................
5,904,464
5,992,932
Swaps
—
Centrally
cleared
.............................................................................
—
7,486,354
Swaps
—
OTC
(a)
....................................................................................
43,352,170
8,260,575
Total
derivative
assets
and
liabilities
in
the
Statement
s
of
Assets
and
Liabilities
............................................
$
54,375,090
$
43,810,152
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(5,118,456)
(29,556,645)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
49,256,634
$
14,253,507
(a)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
(paid/received)
in
the
Statements
of
Assets
and
Liabilities.
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
61
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2021
The
following
tables
present
the
Fund's
derivative
assets
and
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
received
and
pledged
by
the
Fund:
Counterparty
Derivative
Assets
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Received
Cash
Collateral
Received
(b)
Net
Amount
of
Derivative
Assets
(c)(d)
Banco
Santander
SA
..............................
$
19,004
$
—
$
—
$
—
$
19,004
Bank
of
America
NA
..............................
11,121,945
(987,143)
(6,824,155)
(1,520,000)
1,790,647
Bank
of
New
York
................................
85,390
(22,787)
—
—
62,603
Barclays
Bank
plc
................................
2,949,012
—
—
(2,380,000)
569,012
BNP
Paribas
SA
.................................
8,969,022
(170,958)
—
(8,798,064)
—
Citibank
NA
....................................
210,061
(129,040)
—
—
81,021
Goldman
Sachs
International
........................
3,333,226
(449,060)
—
(2,180,000)
704,166
HSBC
Bank
plc
..................................
5,838,400
(328,431)
(3,620,542)
—
1,889,427
JPMorgan
Chase
Bank
NA
..........................
215,283
—
—
—
215,283
Merrill
Lynch
International
&
Co.
......................
910,529
(910,529)
—
—
—
Morgan
Stanley
&
Co.
International
plc
..................
11,210,978
(4,692,316)
—
(6,518,662)
—
Standard
Chartered
Bank
...........................
2,980,205
(287,788)
—
(2,270,000)
422,417
State
Street
Bank
and
Trust
Co.
......................
73,416
—
—
—
73,416
Toronto
Dominion
Bank
............................
627,833
(47,790)
—
—
580,043
UBS
AG
......................................
712,330
(47,002)
—
(420,000)
245,328
$
49,256,634
$
(8,072,844)
$
(10,444,697)
$
(24,086,726)
$
6,652,367
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Pledged
Cash
Collateral
Pledged
Net
Amount
of
Derivative
Liabilities
(d)(e)
Bank
of
America
NA
..............................
$
987,143
$
(987,143)
$
—
$
—
$
—
Bank
of
Montreal
................................
7,044
—
—
—
7,044
Bank
of
New
York
................................
22,787
(22,787)
—
—
—
BNP
Paribas
SA
.................................
170,958
(170,958)
—
—
—
Citibank
NA
....................................
129,040
(129,040)
—
—
—
Commonwealth
Bank
of
Australia
.....................
18,844
—
—
—
18,844
Goldman
Sachs
International
........................
449,060
(449,060)
—
—
—
HSBC
Bank
plc
..................................
328,431
(328,431)
—
—
—
Merrill
Lynch
International
&
Co.
......................
7,065,304
(910,529)
(647,457)
(2,920,000)
2,587,318
Morgan
Stanley
&
Co.
International
plc
..................
4,692,316
(4,692,316)
—
—
—
Standard
Chartered
Bank
...........................
287,788
(287,788)
—
—
—
Toronto
Dominion
Bank
............................
47,790
(47,790)
—
—
—
UBS
AG
......................................
47,002
(47,002)
—
—
—
$
14,253,507
$
(8,072,844)
$
(647,457)
$
(2,920,000)
$
2,613,206
(a)
The
amount
of
derivatives
available
for
offset
is
limited
to
the
amount
of
derivative
assets
and/or
liabilities
that
are
subject
to
an
MNA.
(b)
Excess
of
collateral
received
from
the
individual
counterparty
is
not
shown
for
financial
reporting
purposes.
(c)
Net
amount
represents
the
net
amount
receivable
from
the
counterparty
in
the
event
of
default.
(d)
Net
amount
may
also
include
forward
foreign
currency
exchange
contracts
that
are
not
required
to
be
collateralized.
(e)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Tactical
Opportunities
Fund
62
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2021
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
...................................
$
—
$
—
$
—
$
—
Common
Stocks
Aerospace
&
Defense
....................................
—
1,393,743
—
1,393,743
Air
Freight
&
Logistics
....................................
5,283,056
1,542,482
—
6,825,538
Airlines
..............................................
4,369,777
228,370
—
4,598,147
Auto
Components
......................................
918,908
3,546,618
—
4,465,526
Automobiles
..........................................
25,752,800
10,659,705
—
36,412,505
Banks
...............................................
31,615,408
24,278,277
—
55,893,685
Beverages
...........................................
95,454
1,961,252
—
2,056,706
Biotechnology
.........................................
17,543,155
2,493,654
—
20,036,809
Building
Products
.......................................
6,479,051
3,150,893
—
9,629,944
Capital
Markets
........................................
22,009,098
8,953,590
—
30,962,688
Chemicals
............................................
9,342,034
9,585,935
—
18,927,969
Commercial
Services
&
Supplies
.............................
6,515,829
1,658,559
—
8,174,388
Construction
&
Engineering
................................
382,153
1,487,939
—
1,870,092
Construction
Materials
....................................
—
2,078,794
—
2,078,794
Consumer
Finance
......................................
4,562,473
—
—
4,562,473
Containers
&
Packaging
..................................
2,245,933
124,018
—
2,369,951
Distributors
...........................................
7,038,432
—
—
7,038,432
Diversified
Financial
Services
...............................
13,786,511
3,037,096
—
16,823,607
Electric
Utilities
........................................
24,310,835
9,944,909
5,166
34,260,910
Electrical
Equipment
.....................................
—
5,052,057
—
5,052,057
Electronic
Equipment,
Instruments
&
Components
.................
96,645
4,132,488
—
4,229,133
Entertainment
.........................................
19,437,451
990,672
—
20,428,123
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
24,953,988
3,783,620
—
28,737,608
Food
&
Staples
Retailing
..................................
10,505,312
1,202,021
—
11,707,333
Food
Products
.........................................
266,007
4,904,984
—
5,170,991
Gas
Utilities
...........................................
1,185,226
2,799,931
—
3,985,157
Health
Care
Equipment
&
Supplies
...........................
19,328,208
6,113,800
—
25,442,008
Health
Care
Providers
&
Services
............................
18,619,385
893,420
—
19,512,805
Health
Care
Technology
..................................
—
477,336
—
477,336
Hotels,
Restaurants
&
Leisure
..............................
26,067,009
3,624,975
—
29,691,984
Household
Durables
.....................................
7,987,659
3,701,965
—
11,689,624
Household
Products
.....................................
580,253
1,129,902
—
1,710,155
Independent
Power
and
Renewable
Electricity
Producers
............
612,828
1,195,245
—
1,808,073
Industrial
Conglomerates
..................................
—
3,706,007
—
3,706,007
Insurance
............................................
44,362,007
19,898,965
—
64,260,972
Interactive
Media
&
Services
...............................
59,944,796
266,945
—
60,211,741
Internet
&
Direct
Marketing
Retail
............................
49,424,759
3,694,536
—
53,119,295
IT
Services
...........................................
40,186,106
5,013,766
—
45,199,872
Leisure
Products
.......................................
3,702,964
1,313,173
—
5,016,137
Life
Sciences
Tools
&
Services
..............................
12,844,474
1,274,869
—
14,119,343
Machinery
............................................
1,879,305
7,462,973
—
9,342,278
Marine
..............................................
—
1,391,249
—
1,391,249
Media
...............................................
10,680,516
938,827
—
11,619,343
Metals
&
Mining
........................................
—
3,579,946
—
3,579,946
Multiline
Retail
.........................................
13,776,233
224,607
—
14,000,840
Multi-Utilities
..........................................
10,436,340
6,031,406
—
16,467,746
Oil,
Gas
&
Consumable
Fuels
...............................
30,006,482
11,366,725
—
41,373,207
Paper
&
Forest
Products
..................................
—
235,390
—
235,390
Personal
Products
......................................
710,829
3,343,653
—
4,054,482
Pharmaceuticals
.......................................
54,858,680
22,750,898
—
77,609,578
Professional
Services
....................................
4,686,607
7,501,859
—
12,188,466
Real
Estate
Management
&
Development
.......................
1,187,810
5,562,897
—
6,750,707
Road
&
Rail
...........................................
11,136,490
702,564
—
11,839,054
BlackRock
Tactical
Opportunities
Fund
Schedules
of
Investments
63
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2021
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Semiconductors
&
Semiconductor
Equipment
....................
$
34,127,337
$
6,996,085
$
—
$
41,123,422
Software
.............................................
89,359,659
5,507,306
—
94,866,965
Specialty
Retail
........................................
20,349,602
2,446,525
—
22,796,127
Technology
Hardware,
Storage
&
Peripherals
....................
48,748,021
1,374,266
—
50,122,287
Textiles,
Apparel
&
Luxury
Goods
............................
19,880,012
8,336,347
—
28,216,359
Trading
Companies
&
Distributors
............................
2,852,540
6,333,008
—
9,185,548
Transportation
Infrastructure
...............................
—
992,509
—
992,509
Water
Utilities
.........................................
4,045,185
1,658,481
—
5,703,666
Wireless
Telecommunication
Services
.........................
—
638,821
—
638,821
Other
Interests
..........................................
—
—
—
—
Preferred
Stocks
.........................................
—
1,592,835
—
1,592,835
Rights
................................................
487
—
—
487
U.S.
Treasury
Obligations
...................................
—
89,503,125
—
89,503,125
Warrants
..............................................
25,854
—
—
25,854
Short-Term
Securities
.......................................
30,177,426
—
—
30,177,426
$
911,281,399
$
357,768,813
$
5,166
$
1,269,055,378
Investments
valued
at
NAV
(a)
......................................
63,914
$
—
$
1,269,119,292
$
—
Derivative
Financial
Instruments
(b)
Assets
Equity
contracts
...........................................
$
17,662,827
$
1,263,400
$
—
$
18,926,227
Foreign
currency
exchange
contracts
............................
—
5,904,464
—
5,904,464
Interest
rate
contracts
.......................................
998,765
62,781,430
—
63,780,195
Liabilities
Equity
contracts
...........................................
(42,242,195)
(7,290,270)
—
(49,532,465)
Foreign
currency
exchange
contracts
............................
—
(5,992,932)
—
(5,992,932)
Interest
rate
contracts
.......................................
(57,247,349)
(77,187,331)
—
(134,434,680)
$
(80,827,952)
$
(20,521,239)
$
—
$
(101,349,191)
(a)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
per
share
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
(b)
Derivative
financial
instruments
are
swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts.
Swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
U.S.
Impact
Fund
64
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
October
31,
2021
Security
Shares
Shares
Value
Common
Stocks
—
99.2%
Auto
Components
—
5.7%
Aptiv
plc
(a)
.........................
2,437
$
421,333
Building
Products
—
1.6%
View,
Inc.,
Class
A
(a)
..................
22,338
119,285
Capital
Markets
—
1.2%
(a)
AEA-Bridges
Impact
Corp.,
Class
A
........
4,560
44,734
Natural
Order
Acquisition
Corp.
..........
4,570
44,740
89,474
Diversified
Consumer
Services
—
6.9%
(a)
Chegg
,
Inc.
(b)
.......................
3,635
216,065
Coursera,
Inc.
......................
5,453
190,364
Duolingo
,
Inc.,
Class
A
................
39
6,774
Stride,
Inc.
........................
2,724
96,702
509,905
Electric
Utilities
—
2.3%
Avangrid
,
Inc.
......................
3,206
168,956
Electrical
Equipment
—
0.8%
Sensata
Technologies
Holding
plc
(a)
.......
1,020
56,202
Electronic
Equipment,
Instruments
&
Components
—
1.1%
Itron
,
Inc.
(a)
........................
1,092
84,925
Equity
Real
Estate
Investment
Trusts
(REITs)
—
3.2%
Boston
Properties,
Inc.
................
1,071
121,708
Sun
Communities,
Inc.
................
576
112,885
234,593
Food
&
Staples
Retailing
—
2.7%
Grocery
Outlet
Holding
Corp.
(a)
...........
8,868
196,781
Food
Products
—
0.9%
Darling
Ingredients,
Inc.
(a)
..............
762
64,404
Health
Care
Equipment
&
Supplies
—
9.2%
Boston
Scientific
Corp.
(a)
...............
8,489
366,130
Danaher
Corp.
.....................
770
240,063
IDEXX
Laboratories,
Inc.
(a)
..............
112
74,608
680,801
Health
Care
Providers
&
Services
—
6.8%
(a)
1Life
Healthcare,
Inc.
.................
8,050
174,363
Cano
Health,
Inc.,
Class
A
..............
17,647
193,941
Oak
Street
Health,
Inc.
................
2,927
138,242
506,546
Health
Care
Technology
—
4.3%
Veeva
Systems,
Inc.,
Class
A
(a)
..........
997
316,059
Independent
Power
and
Renewable
Electricity
Producers
—
4.5%
Brookfield
Renewable
Corp.
............
8,008
331,611
Internet
&
Direct
Marketing
Retail
—
3.5%
Etsy,
Inc.
(a)
........................
1,039
260,467
IT
Services
—
18.2%
Jack
Henry
&
Associates,
Inc.
...........
2,449
407,710
PayPal
Holdings,
Inc.
(a)
................
1,486
345,629
Remitly
Global,
Inc.
(a)
.................
860
26,333
Shopify,
Inc.,
Class
A
(a)
................
211
309,480
Square,
Inc.,
Class
A
(a)
................
1,016
258,572
1,347,724
Security
Shares
Shares
Value
Life
Sciences
Tools
&
Services
—
1.1%
Agilent
Technologies,
Inc.
..............
524
$
82,525
Machinery
—
0.4%
Xylem,
Inc.
........................
226
29,513
Pharmaceuticals
—
9.8%
Royalty
Pharma
plc,
Class
A
............
9,855
389,568
Zoetis,
Inc.
........................
1,554
335,975
725,543
Professional
Services
—
3.3%
ICF
International,
Inc.
.................
2,427
243,889
Semiconductors
&
Semiconductor
Equipment
—
0.4%
First
Solar,
Inc.
(a)
....................
270
32,289
Software
—
10.0%
(a)
Alkami
Technology,
Inc.
................
6,272
188,160
Everbridge
,
Inc.
.....................
1,469
234,026
Mimecast
Ltd.
......................
3,623
273,319
Rapid7,
Inc.
.......................
349
44,934
740,439
Specialty
Retail
—
1.3%
EVgo
,
Inc.,
Class
A
(a)
.................
10,535
98,186
Total
Common
Stocks
—
99.2%
(Cost:
$6,615,070)
...............................
7,341,450
Warrants
—
0.2%
Building
Products
—
0.0%
View,
Inc.
(Issued/exercisable
03/11/21,
1
share
for
1
warrant,
Expires
03/08/26,
Strike
Price
USD
11.50)
(a)
....................
1,004
870
Capital
Markets
—
0.2%
(a)
AEA-Bridges
Impact
Corp.
(Issued/exercisable
11/10/20,
1
share
for
1
warrant,
Expires
12/31/25,
Strike
Price
USD
11.50)
......
9,067
6,347
Natural
Order
Acquisition
Corp.
(Issued/
exercisable
02/23/21,
1
share
for
1
warrant,
Expires
09/15/25,
Strike
Price
USD
11.50)
.
13,145
7,230
13,577
Total
Warrants
—
0.2%
(Cost:
$0)
.....................................
14,447
Total
Long-Term
Investments
—
99.4%
(Cost:
$6,615,070)
...............................
7,355,897
Short-Term
Securities
—
5.0%
(c)(d)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.00%
....................
176,542
176,542
SL
Liquidity
Series,
LLC,
Money
Market
Series,
0.14%
(e)
........................
192,784
192,823
Total
Short-Term
Securities
—
5.0%
(Cost:
$369,365)
.................................
369,365
Total
Investments
—
104.4%
(Cost:
$6,984,435
)
...............................
7,725,262
Liabilities
in
Excess
of
Other
Assets
—
(4.4)%
.............
(322,510)
Net
Assets
—
100.0%
...............................
$
7,402,752
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
BlackRock
U.S.
Impact
Fund
Schedules
of
Investments
65
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2021
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
October
31,
2021
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
04/30/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
10/31/21
Shares
Held
at
10/31/21
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
128,840
$
47,702
$
—
$
—
$
—
$
176,542
176,542
$
3
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(a)
..........
939,405
—
(746,561)
(21)
—
192,823
192,784
4,865
(b)
—
$
(21)
$
—
$
369,365
$
4,868
$
—
—
—
(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.
2021
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
U.S.
Impact
Fund
66
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2021
See
notes
to
financial
statements
Fair
Value
Hiera
rchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
......................................
$
7,355,897
$
—
$
—
$
7,355,897
Short-Term
Securities
.......................................
176,542
—
—
176,542
$
7,532,439
$
—
$
—
$
7,532,439
Investments
valued
at
NAV
(a)
......................................
192,823
$
—
$
7,725,262
$
—
(a)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
per
share
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
Statements
of
Assets
and
Liabilities
(unaudited)
October
31,
2021
67
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Advantage
ESG
Emerging
Markets
Equity
Fund
BlackRock
Advantage
ESG
International
Equity
Fund
BlackRock
Global
Impact
Fund
BlackRock
International
Impact
Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.........................................
$
11,032,445
$
12,547,305
$
58,433,668
$
7,931,818
Investments,
at
value
—
affiliated
(c)
...........................................
533,458
173,052
4,714,550
277,961
Cash
...............................................................
—
—
1,972
—
Cash
pledged:
Futures
contracts
......................................................
21,000
14,000
—
—
Foreign
currency,
at
value
(d)
................................................
63,969
8,187
1,600
1,967
Receivables:
–
–
–
–
Investments
sold
......................................................
30,970
11,783
6,292
14,141
Securities
lending
income
—
affiliated
........................................
7
—
15,406
3,063
Capital
shares
sold
.....................................................
48,747
48,736
—
—
Dividends
—
affiliated
...................................................
1
1
2
—
Dividends
—
unaffiliated
.................................................
18,598
36,304
52,741
12,540
From
the
Manager
.....................................................
16,593
18,420
3,496
3,900
Unrealized
appreciation
on:
–
–
–
–
Forward
foreign
currency
exchange
contracts
...................................
—
—
5,225
1,614
Prepaid
expenses
.......................................................
48,372
48,377
3,038
3,015
Total
assets
...........................................................
11,814,160
12,906,165
63,237,990
8,250,019
LIABILITIES
Collateral
on
securities
loaned,
at
value
.........................................
17,458
—
4,385,168
197,053
Payables:
–
–
–
–
Investments
purchased
..................................................
—
—
149,734
—
Accounting
services
fees
.................................................
23,575
23,575
—
—
Administration
fees
.....................................................
3
4
9,019
704
Custodian
fees
........................................................
45,060
74,603
—
—
Deferred
foreign
capital
gain
tax
............................................
13,904
—
—
—
Investment
advisory
fees
.................................................
19
1
31,791
4,404
Trustees'
and
Officer's
fees
...............................................
5,291
5,291
1,903
3,574
Pricing
fees
..........................................................
19,867
23,057
—
—
Printing
and
postage
fees
................................................
14,766
14,770
—
—
Professional
fees
......................................................
721
158
30,975
31,185
Service
and
distribution
fees
...............................................
26
30
59
36
Transfer
agent
fees
....................................................
870
808
—
—
Other
accrued
expenses
.................................................
3,462
2,994
—
—
Variation
margin
on
futures
contracts
.........................................
4,527
1,359
—
—
Total
liabilities
..........................................................
149,549
146,650
4,608,649
236,956
NET
ASSETS
..........................................................
$
11,664,611
$
12,759,515
$
58,629,341
$
8,013,063
NET
ASSETS
CONSIST
OF
Paid-in
capital
..........................................................
$
11,199,676
$
11,135,711
$
54,717,191
$
6,987,850
Accumulated
earnings
....................................................
464,935
1,623,804
3,912,150
1,025,213
NET
ASSETS
..........................................................
$
11,664,611
$
12,759,515
$
58,629,341
$
8,013,063
(a)
Investments,
at
cost
—
unaffiliated
..........................................
$
10,607,339
$
11,405,499
$
55,868,063
$
7,244,994
(b)
Securities
loaned,
at
value
................................................
$
16,850
$
—
$
4,314,191
$
190,068
(c)
Investments,
at
cost
—
affiliated
............................................
$
445,018
$
173,052
$
4,714,692
$
277,979
(d)
Foreign
currency,
at
cost
.................................................
$
64,722
$
8,097
$
1,617
$
1,964
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
October
31,
2021
2021
BlackRock
Semi-Annual
Report
to
Shareholders
68
See
notes
to
financial
statements.
BlackRock
Advantage
ESG
Emerging
Markets
Equity
Fund
BlackRock
Advantage
ESG
International
Equity
Fund
BlackRock
Global
Impact
Fund
BlackRock
International
Impact
Fund
NET
ASSET
VALUE
Institutional
Net
assets
.....................................................
$
134,367
$
200,189
$
49,168,451
$
133,836
Shares
outstanding
..............................................
12,780
17,278
3,323,988
11,233
Net
asset
value
.................................................
$
10.51
$
11.59
$
14.79
$
11.91
Shares
authorized
...............................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
.....................................................
$
0.001
$
0.001
$
0.001
$
0.001
Investor
A
Net
assets
.....................................................
$
175,328
$
196,490
$
289,282
$
173,564
Shares
outstanding
..............................................
16,697
16,983
19,584
14,593
Net
asset
value
.................................................
$
10.50
$
11.57
$
14.77
$
11.89
Shares
authorized
...............................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
.....................................................
$
0.001
$
0.001
$
0.001
$
0.001
Class
K
Net
assets
.....................................................
$
11,354,916
$
12,362,836
$
9,171,608
$
7,705,663
Shares
outstanding
..............................................
1,079,660
1,066,684
619,385
646,428
Net
asset
value
.................................................
$
10.52
$
11.59
$
14.81
$
11.92
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,
2021
69
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Tactical
Opportunities
Fund
BlackRock
U.S.
Impact
Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
........................................................................
$
1,238,877,952
$
7,355,897
Investments,
at
value
—
affiliated
(c)
..........................................................................
30,241,340
369,365
Cash
pledged:
Collateral
—
OTC
derivatives
.............................................................................
2,920,000
—
Futures
contracts
.....................................................................................
191,401,093
—
Centrally
cleared
swaps
.................................................................................
53,368,000
—
Foreign
currency,
at
value
(d)
...............................................................................
71,947,825
—
Receivables:
–
–
Investments
sold
.....................................................................................
2,254,943
48,805
Securities
lending
income
—
affiliated
.......................................................................
3
42
Capital
shares
sold
....................................................................................
2,025,909
—
Dividends
—
affiliated
..................................................................................
263
1
Dividends
—
unaffiliated
................................................................................
1,335,140
389
Interest
—
unaffiliated
..................................................................................
65,229
—
From
the
Manager
....................................................................................
—
3,822
Variation
margin
on
futures
contracts
........................................................................
5,118,456
—
Unrealized
appreciation
on:
–
–
Forward
foreign
currency
exchange
contracts
..................................................................
5,904,464
—
OTC
swaps
.........................................................................................
43,352,170
—
Prepaid
expenses
......................................................................................
61,944
—
Total
assets
..........................................................................................
1,648,874,731
7,778,321
LIABILITIES
Bank
overdraft
.........................................................................................
4,685,625
—
Foreign
bank
overdraft
(e)
..................................................................................
—
48,783
Cash
received:
Collateral
—
OTC
derivatives
.............................................................................
29,967,000
—
Collateral
on
securities
loaned,
at
value
........................................................................
64,316
192,844
Payables:
–
–
Investments
purchased
.................................................................................
—
96,091
Accounting
services
fees
................................................................................
127,968
—
Administration
fees
....................................................................................
81,182
640
Capital
shares
redeemed
................................................................................
1,185,539
—
Custodian
fees
.......................................................................................
102,289
—
Investment
advisory
fees
................................................................................
719,318
3,950
Trustees'
and
Officer's
fees
..............................................................................
2,473
3,579
Other
affiliate
fees
....................................................................................
70,205
—
Printing
and
postage
fees
...............................................................................
40,339
—
Professional
fees
.....................................................................................
106,479
29,635
Registration
fees
.....................................................................................
33,620
—
Service
and
distribution
fees
..............................................................................
50,930
47
Transfer
agent
fees
...................................................................................
282,516
—
Other
accrued
expenses
................................................................................
83,754
—
Variation
margin
on
futures
contracts
........................................................................
22,070,291
—
Variation
margin
on
centrally
cleared
swaps
...................................................................
7,486,354
—
Unrealized
depreciation
on:
–
–
Forward
foreign
currency
exchange
contracts
..................................................................
5,992,932
—
OTC
swaps
.........................................................................................
8,260,575
—
Total
liabilities
.........................................................................................
81,413,705
375,569
NET
ASSETS
.........................................................................................
$
1,567,461,026
$
7,402,752
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
October
31,
2021
2021
BlackRock
Semi-Annual
Report
to
Shareholders
70
See
notes
to
financial
statements.
BlackRock
Tactical
Opportunities
Fund
BlackRock
U.S.
Impact
Fund
NET
ASSETS
CONSIST
OF
Paid-in
capital
.........................................................................................
$
1,619,564,523
$
5,914,752
Accumulated
earnings
(loss)
...............................................................................
(52,103,497)
1,488,000
NET
ASSETS
.........................................................................................
$
1,567,461,026
$
7,402,752
(a)
Investments,
at
cost
—
unaffiliated
.........................................................................
$
943,456,174
$
6,615,070
(b)
Securities
loaned,
at
value
...............................................................................
$
63,305
$
193,299
(c)
Investments,
at
cost
—
affiliated
...........................................................................
$
30,241,346
$
369,365
(d)
Foreign
currency,
at
cost
................................................................................
$
72,185,380
$
—
(e)
Foreign
bank
overdraft,
at
cost
............................................................................
$
—
$
48,783
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
October
31,
2021
71
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Tactical
Opportunities
Fund
BlackRock
U.S.
Impact
Fund
NET
ASSET
VALUE
Institutional
Net
assets
.......................................................................................
$
511,681,058
$
149,154
Shares
outstanding
................................................................................
37,549,666
11,494
Net
asset
value
...................................................................................
$
13.63
$
12.98
Shares
authorized
.................................................................................
Unlimited
Unlimited
Par
value
.......................................................................................
$
0.001
$
0.001
Service
Net
assets
.......................................................................................
$
1,717,423
$
—
Shares
outstanding
................................................................................
126,862
—
Net
asset
value
...................................................................................
$
13.54
$
—
Shares
authorized
.................................................................................
Unlimited
—
Par
value
.......................................................................................
$
0.001
$
—
Investor
A
Net
assets
.......................................................................................
$
189,802,216
$
232,272
Shares
outstanding
................................................................................
14,062,514
17,934
Net
asset
value
...................................................................................
$
13.50
$
12.95
Shares
authorized
.................................................................................
Unlimited
Unlimited
Par
value
.......................................................................................
$
0.001
$
0.001
Investor
C
Net
assets
.......................................................................................
$
8,178,792
$
—
Shares
outstanding
................................................................................
622,908
—
Net
asset
value
...................................................................................
$
13.13
$
—
Shares
authorized
.................................................................................
Unlimited
—
Par
value
.......................................................................................
$
0.001
$
—
Class
K
Net
assets
.......................................................................................
$
856,081,537
$
7,021,326
Shares
outstanding
................................................................................
62,907,460
540,749
Net
asset
value
...................................................................................
$
13.61
$
12.98
Shares
authorized
.................................................................................
Unlimited
Unlimited
Par
value
.......................................................................................
$
0.001
$
0.001
Statements
of
Operations
(unaudited)
Six
Months
Ended
October
31,
2021
2021
BlackRock
Semi-Annual
Report
to
Shareholders
72
See
notes
to
financial
statements.
BlackRock
Advantage
ESG
Emerging
Markets
Equity
Fund
BlackRock
Advantage
ESG
International
Equity
Fund
BlackRock
Global
Impact
Fund
BlackRock
International
Impact
Fund
INVESTMENT
INCOME
–
–
–
–
Dividends
—
affiliated
...................................................
$
2,308
$
11
$
17
$
3
Dividends
—
unaffiliated
.................................................
194,339
171,850
310,784
74,666
Securities
lending
income
—
affiliated
—
net
...................................
140
35
50,865
8,729
Non-cash
dividends
—
unaffiliated
..........................................
—
10,234
—
—
Foreign
taxes
withheld
..................................................
(21,302)
(20,280)
(29,158)
(8,079)
Total
investment
income
...................................................
175,485
161,850
332,508
75,319
EXPENSES
Custodian
...........................................................
54,884
93,847
—
—
Investment
advisory
....................................................
48,649
28,606
185,637
26,819
Professional
.........................................................
39,967
19,880
22,836
22,928
Accounting
services
....................................................
27,679
27,678
—
—
Offering
............................................................
21,777
40,721
—
—
Pricing
.............................................................
12,548
15,110
—
—
Trustees
and
Officer
....................................................
6,993
6,992
5,157
6,433
Administration
.......................................................
2,585
2,702
—
—
Registration
.........................................................
1,965
1,965
—
—
Administration
—
class
specific
............................................
1,215
1,272
52,482
4,283
Transfer
agent
—
class
specific
............................................
353
308
—
—
Service
and
distribution
—
class
specific
......................................
168
183
357
221
Miscellaneous
........................................................
14,969
12,261
57
57
Total
expenses
.........................................................
233,752
251,525
266,526
60,741
Less:
–
–
–
–
Fees
waived
and/or
reimbursed
by
the
Manager
.................................
(180,173)
(218,454)
(28,050)
(29,369)
Administration
fees
waived
...............................................
(2,585)
(2,700)
—
—
Administration
fees
waived
—
class
specific
....................................
(1,215)
(1,261)
—
—
Transfer
agent
fees
waived
and/or
reimbursed
—
class
specific
.......................
(288)
(242)
—
—
Total
expenses
after
fees
waived
and/or
reimbursed
................................
49,491
28,868
238,476
31,372
Net
investment
income
....................................................
125,994
132,982
94,032
43,947
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(864,612)
$
402,503
$
(159,565)
$
(210,100)
Net
realized
gain
(loss)
from:
Investments
—
affiliated
...............................................
$
3,255
$
—
$
(43)
$
(2)
Investments
—
unaffiliated
(a)
............................................
(43,038)
397,198
1,506,987
324,298
Forward
foreign
currency
exchange
contracts
.................................
—
—
(16,660)
(5,695)
Foreign
currency
transactions
...........................................
(3,287)
(5)
(6,405)
(555)
Futures
contracts
....................................................
(15,050)
26,333
—
—
(58,120)
423,526
1,483,879
318,046
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
affiliated
...............................................
30,608
—
(142)
(18)
Investments
—
unaffiliated
(b)
............................................
(829,533)
(9,852)
(1,655,322)
(531,942)
Forward
foreign
currency
exchange
contracts
.................................
—
—
13,200
4,115
Foreign
currency
translations
............................................
(1,424)
(984)
(1,180)
(301)
Futures
contracts
....................................................
(6,143)
(10,187)
—
—
(806,492)
(21,023)
(1,643,444)
(528,146)
Net
realized
and
unrealized
gain
(loss)
.........................................
(864,612)
402,503
(159,565)
(210,100)
NET
INCREASE
(DECREASE)
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..........
$
(738,618)
$
535,485
$
(65,533)
$
(166,153)
(a)
Net
of
foreign
capital
gain
tax
of
............................................
$
(8,483
)
$
—
$
—
$
—
(b)
Net
of
increase
in
deferred
foreign
capital
gain
tax
of
..............................
$
(13,904
)
$
—
$
—
$
—
Statements
of
Operations
(unaudited)
(continued)
Six
Months
Ended
October
31,
2021
73
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Tactical
Opportunities
Fund
BlackRock
U.S.
Impact
Fund
INVESTMENT
INCOME
–
–
Dividends
—
affiliated
..................................................................................
$
1,873
$
3
Dividends
—
unaffiliated
................................................................................
7,818,085
17,315
Interest
—
unaffiliated
..................................................................................
156,050
—
Securities
lending
income
—
affiliated
—
net
..................................................................
10
4,865
Non-cash
dividends
—
unaffiliated
.........................................................................
196,491
—
Foreign
taxes
withheld
.................................................................................
(354,519)
(605)
Total
investment
income
..................................................................................
7,817,990
21,578
EXPENSES
Investment
advisory
...................................................................................
4,160,199
23,999
Transfer
agent
—
class
specific
...........................................................................
512,272
—
Administration
......................................................................................
312,018
—
Service
and
distribution
—
class
specific
.....................................................................
297,432
276
Administration
—
class
specific
...........................................................................
156,313
3,876
Accounting
services
...................................................................................
111,960
—
Professional
........................................................................................
87,638
21,977
Custodian
..........................................................................................
84,606
—
Registration
........................................................................................
50,400
—
Trustees
and
Officer
...................................................................................
4,920
6,435
Miscellaneous
.......................................................................................
106,340
57
Total
expenses
........................................................................................
5,884,098
56,620
Less:
–
–
Fees
waived
and/or
reimbursed
by
the
Manager
................................................................
(6,754)
(28,424)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................................
5,877,344
28,196
Net
investment
income
(loss)
...............................................................................
1,940,646
(6,618)
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(50,009,085)
$
153,638
Net
realized
gain
(loss)
from:
Investments
—
affiliated
..............................................................................
$
—
$
(21)
Investments
—
unaffiliated
............................................................................
29,692,438
796,633
Forward
foreign
currency
exchange
contracts
................................................................
(3,925,954)
—
Foreign
currency
transactions
..........................................................................
(2,423,086)
(398)
Futures
contracts
...................................................................................
(75,539,567)
—
Swaps
.........................................................................................
25,471,224
—
(26,724,945)
796,214
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
affiliated
..............................................................................
(6)
—
Investments
—
unaffiliated
............................................................................
56,642,811
(642,572)
Forward
foreign
currency
exchange
contracts
................................................................
1,096,446
—
Foreign
currency
translations
...........................................................................
527,558
(4)
Futures
contracts
...................................................................................
(50,489,283)
—
Swaps
.........................................................................................
(31,061,666)
—
(23,284,140)
(642,576)
Net
realized
and
unrealized
gain
(loss)
........................................................................
(50,009,085)
153,638
NET
INCREASE
(DECREASE)
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.........................................
$
(48,068,439)
$
147,020
Statements
of
Changes
in
Net
Assets
2021
BlackRock
Semi-Annual
Report
to
Shareholders
74
See
notes
to
financial
statements.
BlackRock
Advantage
ESG
Emerging
Markets
Equity
Fund
BlackRock
Advantage
ESG
International
Equity
Fund
Six
Months
Ended
10/31/21
(unaudited)
Period
from
08/18/20
(a)
to
04/30/21
Six
Months
Ended
10/31/21
(unaudited)
Period
from
08/18/20
(a)
to
04/30/21
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
....................................................
$
125,994
$
41,472
$
132,982
$
132,206
Net
realized
gain
(loss)
....................................................
(58,120)
1,014,062
423,526
866,371
Net
change
in
unrealized
appreciation
(depreciation)
................................
(806,492)
1,297,751
(21,023)
1,158,873
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...........................
(738,618)
2,353,285
535,485
2,157,450
DISTRIBUTIONS
TO
SHAREHOLDERS
(b)
Institutional
...........................................................
(12,954)
(493)
(15,928)
(836)
Investor
A
............................................................
(12,424)
(408)
(11,572)
(569)
Class
K
..............................................................
(1,096,101)
(50,099)
(986,458)
(66,875)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(1,121,479)
(51,000)
(1,013,958)
(68,280)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
.........................
1,205,886
10,016,537
1,100,473
10,048,345
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...........................................
(654,211)
12,318,822
622,000
12,137,515
Beginning
of
period
........................................................
12,318,822
—
12,137,515
—
End
of
period
............................................................
$
11,664,611
$
12,318,822
$
12,759,515
$
12,137,515
(a)
Commencement
of
operations.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
75
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Global
Impact
Fund
BlackRock
International
Impact
Fund
Six
Months
Ended
10/31/21
(unaudited)
Period
from
05/27/20
(a)
to
04/30/21
Six
Months
Ended
10/31/21
(unaudited)
Period
from
06/30/20
(a)
to
04/30/21
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
....................................................
$
94,032
$
3,016
$
43,947
$
32,193
Net
realized
gain
........................................................
1,483,879
2,239,581
318,046
1,093,998
Net
change
in
unrealized
appreciation
(depreciation)
................................
(1,643,444)
4,212,699
(528,146)
1,216,203
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...........................
(65,533)
6,455,296
(166,153)
2,342,394
DISTRIBUTIONS
TO
SHAREHOLDERS
(b)
Institutional
...........................................................
(1,402,168)
(470,005)
(14,754)
(4,436)
Investor
A
............................................................
(8,062)
(6,678)
(18,981)
(4,284)
Class
K
..............................................................
(273,225)
(317,475)
(851,401)
(257,172)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(1,683,455)
(794,158)
(885,136)
(265,892)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
.........................
7,921,438
46,795,753
893,217
6,094,633
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...........................................
6,172,450
52,456,891
(158,072)
8,171,135
Beginning
of
period
........................................................
52,456,891
—
8,171,135
—
End
of
period
............................................................
$
58,629,341
$
52,456,891
$
8,013,063
$
8,171,135
(a)
Commencement
of
operations.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
76
See
notes
to
financial
statements.
BlackRock
Tactical
Opportunities
Fund
BlackRock
U.S.
Impact
Fund
Six
Months
Ended
10/31/21
(unaudited)
Year
Ended
04/30/21
Six
Months
Ended
10/31/21
(unaudited)
Period
from
06/30/20
(a)
to
04/30/21
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
(loss)
................................................
$
1,940,646
$
4,394,969
$
(6,618)
$
(10,097)
Net
realized
gain
(loss)
....................................................
(26,724,945)
(143,840,740)
796,214
1,283,959
Net
change
in
unrealized
appreciation
(depreciation)
................................
(23,284,140)
203,100,134
(642,576)
1,383,404
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...........................
(48,068,439)
63,654,363
147,020
2,657,266
DISTRIBUTIONS
TO
SHAREHOLDERS
(b)
From
net
investment
income
and
net
realized
gain:
Institutional
...........................................................
—
(8,252,526)
(16,399)
(9,744)
Service
..............................................................
—
(54,595)
—
—
Investor
A
............................................................
—
(5,029,093)
(25,167)
(9,665)
Investor
C
............................................................
—
(136,513)
—
—
Class
K
..............................................................
—
(18,476,253)
(785,396)
(469,915)
Return
of
capital:
–
–
–
–
Institutional
...........................................................
—
(51,931)
—
—
Service
..............................................................
—
(344)
—
—
Investor
A
............................................................
—
(31,647)
—
—
Investor
C
............................................................
—
(859)
—
—
Class
K
..............................................................
—
(116,265)
—
—
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
—
(32,150,026)
(826,962)
(489,324)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
.........................
157,564,972
551,060,076
865,989
5,048,763
NET
ASSETS
Total
increase
in
net
assets
...................................................
109,496,533
582,564,413
186,047
7,216,705
Beginning
of
period
........................................................
1,457,964,493
875,400,080
7,216,705
—
End
of
period
............................................................
$
1,567,461,026
$
1,457,964,493
$
7,402,752
$
7,216,705
(a)
Commencement
of
operations.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
77
Financial
Highlights
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
as
follows:
(g)
Annualized.
(h)
Offering
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
3.99%.
(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
4.30%.
BlackRock
Advantage
ESG
Emerging
Markets
Equity
Fund
Institutional
Six
Months
Ended
10/31/21
(unaudited)
Period
from
08/18/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
.........................................................................
$
12.30
$
10.00
Net
investment
income
(b)
.................................................................................
0.12
0.04
Net
realized
and
unrealized
gain
(loss)
........................................................................
(0.80)
2.31
Net
increase
(decrease)
from
investment
operations
................................................................
(0.68)
2.35
Distributions
(c)
–
–
From
net
investment
income
..............................................................................
(0.06)
(0.05)
From
net
realized
gain
...................................................................................
(1.05)
—
Total
distributions
.......................................................................................
(1.11)
(0.05)
Net
asset
value,
end
of
period
..............................................................................
$
10.51
$
12.30
Total
Return
(d)
(6.05)%
23.53%
Based
on
net
asset
value
..................................................................................
(6.05)%
(e)
23.53%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
.........................................................................................
3.82%
(g)(h)
3.70%
(g)(
i
)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................................
0.86%
(g)
0.86%
(g)
Net
investment
income
...................................................................................
2.04%
(g)
0.47%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................................
$
134
$
125
Portfolio
turnover
rate
....................................................................................
88%
147%
Six
Months
Ended
10/31/21
(unaudited)
Period
from
08/18/20
(a)
to
04/30/21
Investments
in
underlying
funds
..............................................................................
0.02%
0.03%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
78
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
as
follows:
(g)
Annualized.
(h)
Offering
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
4.27%.
(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
4.52%.
BlackRock
Advantage
ESG
Emerging
Markets
Equity
Fund
Investor
A
Six
Months
Ended
10/31/21
(unaudited)
Period
from
08/18/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
.........................................................................
$
12.29
$
10.00
Net
investment
income
(b)
.................................................................................
0.10
0.02
Net
realized
and
unrealized
gain
(loss)
........................................................................
(0.79)
2.31
Net
increase
(decrease)
from
investment
operations
................................................................
(0.69)
2.33
Distributions
(c)
–
–
From
net
investment
income
..............................................................................
(0.05)
(0.04)
From
net
realized
gain
...................................................................................
(1.05)
—
Total
distributions
.......................................................................................
(1.10)
(0.04)
Net
asset
value,
end
of
period
..............................................................................
$
10.50
$
12.29
Total
Return
(d)
(6.14)%
23.33%
Based
on
net
asset
value
..................................................................................
(6.14)%
(e)
23.33%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
.........................................................................................
4.09%
(g)(h)
3.92%
(g)(
i
)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................................
1.11%
(g)
1.11%
(g)
Net
investment
income
...................................................................................
1.79%
(g)
0.31%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................................
$
175
$
138
Portfolio
turnover
rate
....................................................................................
88%
147%
Six
Months
Ended
10/31/21
(unaudited)
Period
from
08/18/20
(a)
to
04/30/21
Investments
in
underlying
funds
..............................................................................
0.02%
0.03%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
79
Financial
Highlights
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
as
follows:
(g)
Annualized.
(h)
Offering
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
3.84%.
(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
4.00%.
BlackRock
Advantage
ESG
Emerging
Markets
Equity
Fund
Class
K
Six
Months
Ended
10/31/21
(unaudited)
Period
from
08/18/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
.........................................................................
$
12.30
$
10.00
Net
investment
income
(b)
.................................................................................
0.12
0.04
Net
realized
and
unrealized
gain
(loss)
........................................................................
(0.79)
2.31
Net
increase
(decrease)
from
investment
operations
................................................................
(0.67)
2.35
Distributions
(c)
–
–
From
net
investment
income
..............................................................................
(0.06)
(0.05)
From
net
realized
gain
...................................................................................
(1.05)
—
Total
distributions
.......................................................................................
(1.11)
(0.05)
Net
asset
value,
end
of
period
..............................................................................
$
10.52
$
12.30
Total
Return
(d)
(5.95)%
23.55%
Based
on
net
asset
value
..................................................................................
(5.95)%
(e)
23.55%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
.........................................................................................
3.66%
(g)(h)
3.39%
(g)(
i
)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................................
0.81%
(g)
0.81%
(g)
Net
investment
income
...................................................................................
2.08%
(g)
0.52%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................................
$
11,355
$
12,056
Portfolio
turnover
rate
....................................................................................
88%
147%
Six
Months
Ended
10/31/21
(unaudited)
Period
from
08/18/20
(a)
to
04/30/21
Investments
in
underlying
funds
..............................................................................
0.02%
0.03%
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
80
BlackRock
Advantage
ESG
International
Equity
Fund
Institutional
Six
Months
Ended
10/31/21
(unaudited)
Period
from
08/18/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
.........................................................................
$
12.08
$
10.00
Net
investment
income
(b)
.................................................................................
0.12
0.13
Net
realized
and
unrealized
gain
............................................................................
0.39
2.01
Net
increase
from
investment
operations
........................................................................
0.51
2.14
Distributions
(c)
–
–
From
net
investment
income
..............................................................................
(0.12)
(0.06)
From
net
realized
gain
...................................................................................
(0.88)
(0.00)
(d)
Total
distributions
.......................................................................................
(1.00)
(0.06)
Net
asset
value,
end
of
period
..............................................................................
$
11.59
$
12.08
Total
Return
(e)
4.42%
21.53%
Based
on
net
asset
value
..................................................................................
4.42%
(f)
21.53%
(f)
Ratios
to
Average
Net
Assets
Total
expenses
.........................................................................................
3.65%
(g)(h)
3.40%
(g)(
i
)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................................
0.49%
(g)
0.50%
(g)
Net
investment
income
...................................................................................
2.03%
(g)
1.69%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................................
$
200
$
156
Portfolio
turnover
rate
....................................................................................
74%
172%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Aggregate
total
return.
(g)
Annualized.
(h)
Offering
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
3.96%.
(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)
81
Financial
Highlights
BlackRock
Advantage
ESG
International
Equity
Fund
Investor
A
Six
Months
Ended
10/31/21
(unaudited)
Period
from
08/18/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
.........................................................................
$
12.07
$
10.00
Net
investment
income
(b)
.................................................................................
0.11
0.11
Net
realized
and
unrealized
gain
............................................................................
0.38
2.01
Net
increase
from
investment
operations
........................................................................
0.49
2.12
Distributions
(c)
–
–
From
net
investment
income
..............................................................................
(0.11)
(0.05)
From
net
realized
gain
...................................................................................
(0.88)
(0.00)
(d)
Total
distributions
.......................................................................................
(0.99)
(0.05)
Net
asset
value,
end
of
period
..............................................................................
$
11.57
$
12.07
Total
Return
(e)
4.25%
21.33%
Based
on
net
asset
value
..................................................................................
4.25%
(f)
21.33%
(f)
Ratios
to
Average
Net
Assets
Total
expenses
.........................................................................................
4.02%
(g)(h)
3.76%
(g)(
i
)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................................
0.75%
(g)
0.75%
(g)
Net
investment
income
...................................................................................
1.80%
(g)
1.45%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................................
$
196
$
140
Portfolio
turnover
rate
....................................................................................
74%
172%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.005)
per
share.
(e)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(f)
Aggregate
total
return.
(g)
Annualized.
(h)
Offering
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
4.34%.
(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)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
82
BlackRock
Advantage
ESG
International
Equity
Fund
Class
K
Six
Months
Ended
10/31/21
(unaudited)
Period
from
08/18/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
.........................................................................
$
12.08
$
10.00
Net
investment
income
(b)
.................................................................................
0.13
0.13
Net
realized
and
unrealized
gain
............................................................................
0.38
2.01
Net
increase
from
investment
operations
........................................................................
0.51
2.14
Distributions
(c)
–
–
From
net
investment
income
..............................................................................
(0.12)
(0.06)
From
net
realized
gain
...................................................................................
(0.88)
(0.00)
(d)
Total
distributions
.......................................................................................
(1.00)
(0.06)
Net
asset
value,
end
of
period
..............................................................................
$
11.59
$
12.08
Total
Return
(e)
4.43%
21.55%
Based
on
net
asset
value
..................................................................................
4.43%
(f)
21.55%
(f)
Ratios
to
Average
Net
Assets
Total
expenses
.........................................................................................
3.64%
(g)(h)
3.15%
(g)(
i
)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................................
0.45%
(g)
0.45%
(g)
Net
investment
income
...................................................................................
2.10%
(g)
1.72%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................................
$
12,363
$
11,842
Portfolio
turnover
rate
....................................................................................
74%
172%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Aggregate
total
return.
(g)
Annualized.
(h)
Offering
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
3.95%.
(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)
83
Financial
Highlights
z
BlackRock
Global
Impact
Fund
Institutional
Six
Months
Ended
10/31/21
(unaudited)
Period
from
05/27/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
.........................................................................
$
15.27
$
10.00
Net
investment
income
(loss)
(b)
.............................................................................
0.02
(0.02)
Net
realized
and
unrealized
gain
(loss)
........................................................................
(0.05)
5.82
Net
increase
(decrease)
from
investment
operations
................................................................
(0.03)
5.80
Distributions
(c)
–
–
From
net
investment
income
..............................................................................
—
(0.07)
From
net
realized
gain
...................................................................................
(0.45)
(0.46)
Total
distributions
.......................................................................................
(0.45)
(0.53)
Net
asset
value,
end
of
period
..............................................................................
$
14.79
$
15.27
Total
Return
(d)
(0.19)%
58.53%
Based
on
net
asset
value
..................................................................................
(0.19)%
(e)
58.53%
(e)
Ratios
to
Average
Net
Assets
Total
expenses
.........................................................................................
0.95%
(f)
0.98%
(f)(g)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................................
0.85%
(f)
0.84%
(f)
Net
investment
income
(loss)
...............................................................................
0.31%
(f)
(0.14)%
(f)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................................
$
49,168
$
42,999
Portfolio
turnover
rate
....................................................................................
44%
100%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Annualized.
(g)
Audit
fees
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
0.98%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
84
BlackRock
Global
Impact
Fund
Investor
A
Six
Months
Ended
10/31/21
(unaudited)
Period
from
05/27/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
.........................................................................
$
15.26
$
10.00
Net
investment
income
(loss)
(b)
.............................................................................
0.01
(0.02)
Net
realized
and
unrealized
gain
(loss)
........................................................................
(0.06)
5.79
Net
increase
(decrease)
from
investment
operations
................................................................
(0.05)
5.77
Distributions
(c)
–
–
From
net
investment
income
..............................................................................
—
(0.05)
From
net
realized
gain
...................................................................................
(0.44)
(0.46)
Total
distributions
.......................................................................................
(0.44)
(0.51)
Net
asset
value,
end
of
period
..............................................................................
$
14.77
$
15.26
Total
Return
(d)
(0.34)%
58.22%
Based
on
net
asset
value
..................................................................................
(0.34)%
(e)
58.22%
(e)
Ratios
to
Average
Net
Assets
Total
expenses
.........................................................................................
1.20%
(f)
1.27%
(f)(g)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................................
1.10%
(f)
1.10%
(f)
Net
investment
income
(loss)
...............................................................................
0.07%
(f)
(0.18)%
(f)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................................
$
289
$
272
Portfolio
turnover
rate
....................................................................................
44%
100%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Annualized.
(g)
Audit
fees
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
1.28%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
85
Financial
Highlights
BlackRock
Global
Impact
Fund
Class
K
Six
Months
Ended
10/31/21
(unaudited)
Period
from
05/27/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
.........................................................................
$
15.29
$
10.00
Net
investment
income
(b)
.................................................................................
0.03
0.04
Net
realized
and
unrealized
gain
(loss)
........................................................................
(0.06)
5.78
Net
increase
(decrease)
from
investment
operations
................................................................
(0.03)
5.82
Distributions
(c)
–
–
From
net
investment
income
..............................................................................
—
(0.07)
From
net
realized
gain
...................................................................................
(0.45)
(0.46)
Total
distributions
.......................................................................................
(0.45)
(0.53)
Net
asset
value,
end
of
period
..............................................................................
$
14.81
$
15.29
Total
Return
(d)
(0.17)%
58.75%
Based
on
net
asset
value
..................................................................................
(0.17)%
(e)
58.75%
(e)
Ratios
to
Average
Net
Assets
Total
expenses
.........................................................................................
0.85%
(f)
0.93%
(f)(g)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................................
0.75%
(f)
0.75%
(f)
Net
investment
income
...................................................................................
0.43%
(f)
0.34%
(f)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................................
$
9,172
$
9,186
Portfolio
turnover
rate
....................................................................................
44%
100%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Annualized.
(g)
Audit
fees
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
0.94%.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
86
BlackRock
International
Impact
Fund
Institutional
Six
Months
Ended
10/31/21
(unaudited)
Period
from
06/30/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
.........................................................................
$
13.65
$
10.00
Net
investment
income
(b)
.................................................................................
0.06
0.05
Net
realized
and
unrealized
gain
(loss)
........................................................................
(0.33)
4.04
Net
increase
(decrease)
from
investment
operations
................................................................
(0.27)
4.09
Distributions
(c)
–
–
From
net
investment
income
..............................................................................
—
(0.08)
From
net
realized
gain
...................................................................................
(1.47)
(0.36)
Total
distributions
.......................................................................................
(1.47)
(0.44)
Net
asset
value,
end
of
period
..............................................................................
$
11.91
$
13.65
Total
Return
(d)
(2.13)%
41.25%
Based
on
net
asset
value
..................................................................................
(2.13)%
(e)
41.25%
(e)
Ratios
to
Average
Net
Assets
Total
expenses
.........................................................................................
1.57%
(f)
1.37%
(f)(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................................
0.85%
(f)
0.85%
(f)(g)
Net
investment
income
...................................................................................
0.97%
(f)
0.50%
(f)(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................................
$
134
$
137
Portfolio
turnover
rate
....................................................................................
47%
87%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Annualized.
(g)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
of
0.01%.
(h)
Audit
fees
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
1.44%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
87
Financial
Highlights
BlackRock
International
Impact
Fund
Investor
A
Six
Months
Ended
10/31/21
(unaudited)
Period
from
06/30/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
.........................................................................
$
13.63
$
10.00
Net
investment
income
(b)
.................................................................................
0.05
0.02
Net
realized
and
unrealized
gain
(loss)
........................................................................
(0.32)
4.04
Net
increase
(decrease)
from
investment
operations
................................................................
(0.27)
4.06
Distributions
(c)
–
–
From
net
investment
income
..............................................................................
—
(0.07)
From
net
realized
gain
...................................................................................
(1.47)
(0.36)
Total
distributions
.......................................................................................
(1.47)
(0.43)
Net
asset
value,
end
of
period
..............................................................................
$
11.89
$
13.63
Total
Return
(d)
(2.20)%
40.89%
Based
on
net
asset
value
..................................................................................
(2.20)%
(e)
40.89%
(e)
Ratios
to
Average
Net
Assets
Total
expenses
.........................................................................................
1.81%
(f)
1.63%
(f)(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................................
1.10%
(f)
1.10%
(f)(g)
Net
investment
income
...................................................................................
0.71%
(f)
0.23%
(f)(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................................
$
174
$
169
Portfolio
turnover
rate
....................................................................................
47%
87%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Annualized.
(g)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
of
0.01%.
(h)
Audit
fees
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
1.71%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
88
BlackRock
International
Impact
Fund
Class
K
Six
Months
Ended
10/31/21
(unaudited)
Period
from
06/30/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
.........................................................................
$
13.65
$
10.00
Net
investment
income
(b)
.................................................................................
0.07
0.06
Net
realized
and
unrealized
gain
(loss)
........................................................................
(0.32)
4.04
Net
increase
(decrease)
from
investment
operations
................................................................
(0.25)
4.10
Distributions
(c)
–
–
From
net
investment
income
..............................................................................
—
(0.09)
From
net
realized
gain
...................................................................................
(1.48)
(0.36)
Total
distributions
.......................................................................................
(1.48)
(0.45)
Net
asset
value,
end
of
period
..............................................................................
$
11.92
$
13.65
Total
Return
(d)
(2.02)%
41.32%
Based
on
net
asset
value
..................................................................................
(2.02)%
(e)
41.32%
(e)
Ratios
to
Average
Net
Assets
Total
expenses
.........................................................................................
1.46%
(f)
1.26%
(f)(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................................
0.75%
(f)
0.75%
(f)(g)
Net
investment
income
...................................................................................
1.08%
(f)
0.54%
(f)(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................................
$
7,706
$
7,865
Portfolio
turnover
rate
....................................................................................
47%
87%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Annualized.
(g)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
of
0.01%.
(h)
Audit
fees
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
1.34%.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
89
Financial
Highlights
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
as
follows:
(g)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees.
Excluding
the
recoupment
of
past
waived
and/or
reimbursed
fees,
the
expense
ratios
were
as
follows:
(h)
Annualized.
BlackRock
Tactical
Opportunities
Fund
Institutional
Six
Months
Ended
10/31/21
(unaudited)
Year
Ended
04/30/2021
Period
from
10/01/19
to
04/30/20
Year
Ended
September
30,
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
$
14.05
$
13.59
$
13.67
$
15.44
$
14.11
$
13.41
$
14.20
Net
investment
income
(a)
........
0.02
0.05
0.06
0.19
0.14
0.09
0.07
Net
realized
and
unrealized
gain
(loss)
(0.44)
0.79
0.32
(0.57)
1.31
0.82
(0.16)
Net
increase
(decrease)
from
investment
operations
...............
(0.42)
0.84
0.38
(0.38)
1.45
0.91
(0.09)
Distributions
(b)
–
–
–
–
–
–
–
From
net
investment
income
.....
—
(0.38)
(0.46)
(0.55)
(0.12)
(0.23)
(0.51)
From
net
realized
gain
..........
—
—
—
(0.84)
—
—
(0.19)
Return
of
capital
..............
—
(0.00)
(c)
—
—
—
—
—
Total
distributions
..............
—
(0.38)
(0.46)
(1.39)
(0.12)
(0.23)
(0.70)
Capital
Contribution
............
—
—
—
—
—
0.02
—
Net
asset
value,
end
of
period
.....
$
13.63
$
14.05
$
13.59
$
13.67
$
15.44
$
14.11
$
13.41
Total
Return
(d)
(2.99)%
6.18%
2.79%
(2.43)%
10.36%
—
—
Based
on
net
asset
value
.........
(2.99)%
(e)
6.18%
2.79%
(e)
(2.43)%
10.36%
7.05%
(0.71)%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
(g)
...............
0.78%
(h)
0.81%
0.86%
(h)
0.80%
0.93%
0.92%
0.91%
Total
expenses
after
fees
waived
and/or
reimbursed
.................
0.78%
(h)
0.80%
0.85%
(h)
0.79%
0.89%
0.89%
0.87%
Net
investment
income
..........
0.22%
(h)
0.38%
0.77%
(h)
1.36%
0.94%
0.65%
0.49%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....
$
511,681
$
464,694
$
289,127
$
290,851
$
220,711
$
189,242
$
271,623
Portfolio
turnover
rate
...........
45%
136%
167%
288%
265%
257%
359%
Six
Months
Ended
10/31/21
(unaudited)
Year
Ended
04/30/2021
Period
from
10/01/19
to
04/30/20
Year
Ended
September
30,
2019
2018
2017
2016
Investments
in
underlying
funds
.....
—%
0.01%
0.01%
0.01%
0.01%
0.01%
0.05%
Six
Months
Ended
10/31/21
(unaudited)
Year
Ended
04/30/2021
Period
from
10/01/19
to
04/30/20
Year
Ended
September
30,
2019
2018
2017
2016
Expense
ratios
................
N/A
N/A
N/A
0.79%
N/A
N/A
N/A
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
90
(a)
Based
on
average
shares
outstanding.
(b)
Amount
is
greater
than
$(0.005)
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
as
follows:
(g)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees.
Excluding
the
recoupment
of
past
waived
and/or
reimbursed
fees,
the
expense
ratios
were
as
follows:
(h)
Annualized.
BlackRock
Tactical
Opportunities
Fund
Service
Six
Months
Ended
10/31/21
(unaudited)
Year
Ended
04/30/2021
Period
from
10/01/19
to
04/30/20
Year
Ended
September
30,
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
$
13.97
$
13.54
$
13.56
$
15.33
$
14.02
$
13.34
$
14.12
Net
investment
income
(loss)
(a)
....
(0.00)
(b)
0.01
0.04
0.16
0.10
0.05
0.02
Net
realized
and
unrealized
gain
(loss)
(0.43)
0.78
0.31
(0.58)
1.32
0.81
(0.14)
Net
increase
(decrease)
from
investment
operations
...............
(0.43)
0.79
0.35
(0.42)
1.42
0.86
(0.12)
Distributions
(c)
–
–
–
–
–
–
–
From
net
investment
income
.....
—
(0.36)
(0.37)
(0.51)
(0.11)
(0.20)
(0.47)
From
net
realized
gain
..........
—
—
—
(0.84)
—
—
(0.19)
Return
of
capital
..............
—
(0.00)
(b)
—
—
—
—
—
Total
distributions
..............
—
(0.36)
(0.37)
(1.35)
(0.11)
(0.20)
(0.66)
Capital
Contribution
............
—
—
—
—
—
0.02
—
Net
asset
value,
end
of
period
.....
$
13.54
$
13.97
$
13.54
$
13.56
$
15.33
$
14.02
$
13.34
Total
Return
(d)
(3.08)%
5.86%
2.63%
(2.74)%
10.21%
—
—
Based
on
net
asset
value
.........
(3.08)%
(e)
5.86%
2.63%
(e)
(2.74)%
10.21%
6.66%
(0.95)%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
(g)
...............
1.05%
(h)
1.07%
1.16%
(h)
1.06%
1.22%
1.23%
1.24%
Total
expenses
after
fees
waived
and/or
reimbursed
.................
1.05%
(h)
1.06%
1.14%
(h)
1.06%
1.16%
1.17%
1.17%
Net
investment
income
(loss)
......
(0.04)%
(h)
0.08%
0.53%
(h)
1.14%
0.65%
0.38%
0.17%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....
$
1,717
$
1,972
$
836
$
767
$
832
$
828
$
1,667
Portfolio
turnover
rate
...........
45%
136%
167%
288%
265%
257%
359%
Six
Months
Ended
10/31/21
(unaudited)
Year
Ended
04/30/2021
Period
from
10/01/19
to
04/30/20
Year
Ended
September
30,
2019
2018
2017
2016
Investments
in
underlying
funds
.....
—%
0.01%
0.01%
0.01%
0.01%
0.01%
0.05%
Six
Months
Ended
10/31/21
(unaudited)
Year
Ended
04/30/2021
Period
from
10/01/19
to
04/30/20
Year
Ended
September
30,
2019
2018
2017
2016
Expense
ratios
................
N/A
N/A
N/A
1.04%
N/A
N/A
1.23%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
91
Financial
Highlights
(a)
Based
on
average
shares
outstanding.
(b)
Amount
is
greater
than
$(0.005)
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
as
follows:
(g)
Annualized.
(h)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees
with
no
financial
impact
to
the
expense
ratios.
BlackRock
Tactical
Opportunities
Fund
Investor
A
Six
Months
Ended
10/31/21
(unaudited)
Year
Ended
04/30/2021
Period
from
10/01/19
to
04/30/20
Year
Ended
September
30,
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
$
13.93
$
13.49
$
13.54
$
15.31
$
14.02
$
13.33
$
14.12
Net
investment
income
(loss)
(a)
....
(0.00)
(b)
0.01
0.04
0.14
0.09
0.05
0.02
Net
realized
and
unrealized
gain
(loss)
(0.43)
0.77
0.32
(0.56)
1.31
0.81
(0.15)
Net
increase
(decrease)
from
investment
operations
...............
(0.43)
0.78
0.36
(0.42)
1.40
0.86
(0.13)
Distributions
(c)
–
–
–
–
–
–
–
From
net
investment
income
.....
—
(0.34)
(0.41)
(0.51)
(0.11)
(0.19)
(0.47)
From
net
realized
gain
..........
—
—
—
(0.84)
—
—
(0.19)
Return
of
capital
..............
—
(0.00)
(b)
—
—
—
—
—
Total
distributions
..............
—
(0.34)
(0.41)
(1.35)
(0.11)
(0.19)
(0.66)
Capital
Contribution
............
—
—
—
—
—
0.02
—
Net
asset
value,
end
of
period
.....
$
13.50
$
13.93
$
13.49
$
13.54
$
15.31
$
14.02
$
13.33
Total
Return
(d)
(3.09)%
5.77%
2.70%
(2.77)%
10.06%
—
—
Based
on
net
asset
value
.........
(3.09)%
(e)
5.77%
2.70%
(e)
(2.77)%
10.06%
6.66%
(1.02)%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
................
1.05%
(g)
1.09%
1.15%
(g)
1.10%
(h)
1.21%
1.20%
(h)
1.21%
Total
expenses
after
fees
waived
and/or
reimbursed
.................
1.05%
(g)
1.09%
1.14%
(g)
1.09%
1.20%
1.20%
1.18%
Net
investment
income
(loss)
......
(0.04)%
(g)
0.09%
0.48%
(g)
1.01%
0.61%
0.37%
0.15%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....
$
189,802
$
202,884
$
208,746
$
218,634
$
237,442
$
244,101
$
271,941
Portfolio
turnover
rate
...........
45%
136%
167%
288%
265%
257%
359%
Six
Months
Ended
10/31/21
(unaudited)
Year
Ended
04/30/2021
Period
from
10/01/19
to
04/30/20
Year
Ended
September
30,
2019
2018
2017
2016
Investments
in
underlying
funds
.....
—%
0.01%
0.01%
0.01%
0.01%
0.01%
0.05%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
92
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
as
follows:
(g)
Annualized.
(h)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees
with
no
financial
impact
to
the
expense
ratios.
BlackRock
Tactical
Opportunities
Fund
Investor
C
Six
Months
Ended
10/31/21
(unaudited)
Year
Ended
04/30/2021
Period
from
10/01/19
to
04/30/20
Year
Ended
September
30,
2019
2018
2017
2016
Net
asset
value,
beginning
of
period
$
13.60
$
13.13
$
13.14
$
14.81
$
13.64
$
12.95
$
13.73
Net
investment
income
(loss)
(a)
....
(0.06)
(0.09)
(0.02)
0.04
(0.01)
(0.05)
(0.07)
Net
realized
and
unrealized
gain
(loss)
(0.41)
0.75
0.31
(0.54)
1.27
0.80
(0.15)
Net
increase
(decrease)
from
investment
operations
...............
(0.47)
0.66
0.29
(0.50)
1.26
0.75
(0.22)
Distributions
(b)
–
–
–
–
–
–
–
From
net
investment
income
.....
—
(0.19)
(0.30)
(0.33)
(0.09)
(0.08)
(0.37)
From
net
realized
gain
..........
—
—
—
(0.84)
—
—
(0.19)
Return
of
capital
..............
—
(0.00)
(c)
—
—
—
—
—
Total
distributions
..............
—
(0.19)
(0.30)
(1.17)
(0.09)
(0.08)
(0.56)
Capital
Contribution
............
—
—
—
—
—
0.02
—
Net
asset
value,
end
of
period
.....
$
13.13
$
13.60
$
13.13
$
13.14
$
14.81
$
13.64
$
12.95
Total
Return
(d)
(3.46)%
5.02%
2.21%
(3.45)%
9.27%
—
—
Based
on
net
asset
value
.........
(3.46)%
(e)
5.02%
2.21%
(e)
(3.45)%
9.27%
5.99%
(1.70)%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
................
1.82%
(g)
1.84%
1.86%
(g)
1.82%
(h)
1.89%
1.89%
1.90%
Total
expenses
after
fees
waived
and/or
reimbursed
.................
1.82%
(g)
1.84%
1.85%
(g)
1.81%
1.88%
1.89%
1.87%
Net
investment
income
(loss)
......
(0.81)%
(g)
(0.65)%
(0.24)%
(g)
0.26%
(0.08)%
(0.34)%
(0.54)%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....
$
8,179
$
8,665
$
13,187
$
17,171
$
31,022
$
35,343
$
54,050
Portfolio
turnover
rate
...........
45%
136%
167%
288%
265%
257%
359%
Six
Months
Ended
10/31/21
(unaudited)
Year
Ended
04/30/2021
Period
from
10/01/19
to
04/30/20
Year
Ended
September
30,
2019
2018
2017
2016
Investments
in
underlying
funds
.....
—%
0.01%
0.01%
0.01%
0.01%
0.01%
0.05%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
93
Financial
Highlights
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Aggregate
total
return.
(g)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
as
follows:
(h)
Annualized.
(i)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees
with
no
financial
impact
to
the
expense
ratios.
(j)
Portfolio
turnover
rate
is
representative
of
the
portfolio
for
the
entire
year.
BlackRock
Tactical
Opportunities
Fund
Class
K
Six
Months
Ended
10/31/21
(unaudited)
Year
Ended
04/30/2021
Period
from
10/01/19
to
04/30/20
Year
Ended
September
30,
Period
from
08/01/16
(a)
to
09/30/16
2019
2018
2017
Net
asset
value,
beginning
of
period
$
14.02
$
13.57
$
13.65
$
15.43
$
14.08
$
13.42
$
13.41
Net
investment
income
(b)
........
0.02
0.07
0.07
0.21
0.16
0.13
0.03
Net
realized
and
unrealized
gain
(loss)
(0.43)
0.78
0.32
(0.57)
1.32
0.79
(0.02)
Net
increase
(decrease)
from
investment
operations
...............
(0.41)
0.85
0.39
(0.36)
1.48
0.92
0.01
Distributions
(c)
–
–
–
–
–
–
–
From
net
investment
income
.....
—
(0.40)
(0.47)
(0.58)
(0.13)
(0.26)
—
From
net
realized
gain
..........
—
—
—
(0.84)
—
—
—
Return
of
capital
..............
—
(0.00)
(d)
—
—
—
—
—
Total
distributions
..............
—
(0.40)
(0.47)
(1.42)
(0.13)
(0.26)
—
Net
asset
value,
end
of
period
.....
$
13.61
$
14.02
$
13.57
$
13.65
$
15.43
$
14.08
$
13.42
Total
Return
(e)
(2.92)%
6.25%
2.93%
(2.34)%
10.57%
—
—
Based
on
net
asset
value
.........
(2.92)%
(f)
6.25%
2.93%
(f)
(2.34)%
10.57%
6.93%
0.07%
(f)
Ratios
to
Average
Net
Assets
(g)
Total
expenses
................
0.65%
(h)
0.67%
0.72%
(h)
0.67%
(
i
)
0.76%
0.77%
0.78%
(h)(
i
)
Total
expenses
after
fees
waived
and/or
reimbursed
.................
0.65%
(h)
0.66%
0.72%
(h)
0.67%
0.75%
0.77%
0.75%
(h)
Net
investment
income
..........
0.35%
(h)
0.49%
0.91%
(h)
1.51%
1.09%
0.94%
1.20%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
.....
$
856,082
$
779,750
$
363,505
$
366,664
$
198,487
$
138,018
$
200
Portfolio
turnover
rate
...........
45%
136%
167%
288%
265%
257%
359%
(j)
Six
Months
Ended
10/31/21
(unaudited)
Year
Ended
04/30/2021
Period
from
10/01/19
to
04/30/20
Year
Ended
September
30,
Period
from
08/01/16
(a)
to
09/30/16
2019
2018
2017
Investments
in
underlying
funds
.....
—%
0.01%
0.01%
0.01%
0.01%
0.01%
0.05%
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
94
BlackRock
U.S.
Impact
Fund
Institutional
Six
Months
Ended
10/31/21
(unaudited)
Period
from
06/30/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
.........................................................................
$
14.33
$
10.00
Net
investment
loss
(b)
...................................................................................
(0.02)
(0.03)
Net
realized
and
unrealized
gain
............................................................................
0.30
5.33
Net
increase
from
investment
operations
........................................................................
0.28
5.30
Distributions
(c)
–
–
From
net
investment
income
..............................................................................
—
(0.00)
(d)
From
net
realized
gain
...................................................................................
(1.63)
(0.97)
Total
distributions
.......................................................................................
(1.63)
(0.97)
Net
asset
value,
end
of
period
..............................................................................
$
12.98
$
14.33
Total
Return
(e)
2.00%
54.03%
Based
on
net
asset
value
..................................................................................
2.00%
(f)
54.03%
(f)
Ratios
to
Average
Net
Assets
Total
expenses
.........................................................................................
1.62%
(g)
1.42%
(g)(h)(
i
)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................................
0.85%
(g)
0.85%
(g)(h)
Net
investment
loss
......................................................................................
(0.27)%
(g)
(0.28)%
(g)(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................................
$
149
$
143
Portfolio
turnover
rate
....................................................................................
62%
98%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Aggregate
total
return.
(g)
Annualized.
(h)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
of
0.01%.
(i)
Audit
fees
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
1.50%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
95
Financial
Highlights
BlackRock
U.S.
Impact
Fund
Investor
A
Six
Months
Ended
10/31/21
(unaudited)
Period
from
06/30/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
.........................................................................
$
14.31
$
10.00
Net
investment
loss
(b)
...................................................................................
(0.03)
(0.06)
Net
realized
and
unrealized
gain
............................................................................
0.29
5.33
Net
increase
from
investment
operations
........................................................................
0.26
5.27
Distributions
from
net
realized
gain
(c)
........................................................................
(1.62)
(0.96)
Net
asset
value,
end
of
period
..............................................................................
$
12.95
$
14.31
Total
Return
(d)
1.88%
53.64%
Based
on
net
asset
value
..................................................................................
1.88%
(e)
53.64%
(e)
Ratios
to
Average
Net
Assets
Total
expenses
.........................................................................................
1.86%
(f)
1.68%
(f)(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................................
1.10%
(f)
1.10%
(f)(g)
Net
investment
loss
......................................................................................
(0.50)%
(f)
(0.58)%
(f)(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................................
$
232
$
192
Portfolio
turnover
rate
....................................................................................
62%
98%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Annualized.
(g)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
of
0.01%.
(h)
Audit
fees
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
1.77%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
96
BlackRock
U.S.
Impact
Fund
Class
K
Six
Months
Ended
10/31/21
(unaudited)
Period
from
06/30/20
(a)
to
04/30/21
Net
asset
value,
beginning
of
period
.........................................................................
$
14.33
$
10.00
Net
investment
loss
(b)
...................................................................................
(0.01)
(0.02)
Net
realized
and
unrealized
gain
............................................................................
0.30
5.33
Net
increase
from
investment
operations
........................................................................
0.29
5.31
Distributions
(c)
–
–
From
net
investment
income
..............................................................................
—
(0.01)
From
net
realized
gain
...................................................................................
(1.64)
(0.97)
Total
distributions
.......................................................................................
(1.64)
(0.98)
Net
asset
value,
end
of
period
..............................................................................
$
12.98
$
14.33
Total
Return
(d)
2.03%
54.09%
Based
on
net
asset
value
..................................................................................
2.03%
(e)
54.09%
(e)
Ratios
to
Average
Net
Assets
Total
expenses
.........................................................................................
1.52%
(f)
1.32%
(f)(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................................
0.75%
(f)
0.75%
(f)(g)
Net
investment
loss
......................................................................................
(0.17)%
(f)
(0.18)%
(f)(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................................
$
7,021
$
6,881
Portfolio
turnover
rate
....................................................................................
62%
98%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Aggregate
total
return.
(f)
Annualized.
(g)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
of
0.01%.
(h)
Audit
fees
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
1.40%.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
97
Notes
to
Financial
Statements
1.
ORGANIZATION
BlackRock
Funds
SM
(the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Massachusetts
business
trust.
The
following
,
each
of
which
is
a
series
of
the
Trust,
are
referred
to
herein
collectively
as
the
“Funds”
or
individually
as
a
“Fund”:
Each
Fund
offers
multiple
classes
of
shares.
All
classes
of
shares
have
identical
voting,
dividend,
liquidation
and
other
rights
and
are
subject
to
the
same
terms
and
conditions,
except
that
certain
classes
bear
expenses
related
to
the
shareholder
servicing
and
distribution
of
such
shares.
Institutional,
Service
and
Class K
Shares
are
sold
only
to
certain
eligible
investors.
Service,
Investor
A
and
Investor
C
Shares
bear
certain
expenses
related
to
shareholder
servicing
of
such
shares,
and
Investor
C
Shares
also
bear
certain
expenses
related
to
the
distribution
of
such
shares.
Investor
A
and
Investor
C
Shares
are
generally
available
through
financial
intermediaries.
Each
class
has
exclusive
voting
rights
with
respect
to
matters
relating
to
its
shareholder
servicing
and
distribution
expenditures
(except
that
Investor C
shareholders
may
vote
on
material
changes
to
the
Investor
A
Shares
distribution
and
service
plan).
(a)
Investor
A
Shares
may
be
subject
to
a
CDSC
for
certain
redemptions
where
no
initial
sales
charge
was
paid
at
the
time
of
purchase.
(b)
A
CDSC
of
1.00%
is
assessed
on
certain
redemptions
of
Investor
C
Shares
made
within
one
year
after
purchase.
The
Funds,
together
with
certain
other
registered
investment
companies
advised
by
BlackRock
Advisors,
LLC
(the
"Manager") or
its
affiliates,
are
included
in
a
complex
of
equity,
multi-asset,
index
and
money
market
funds
referred
to
as
the
BlackRock
Multi-Asset
Complex.
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
dates.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
dates
at
fair
value.
Dividends
from
foreign
securities
where
the
ex-dividend
dates
may
have
passed
are
subsequently
recorded
when
the
Funds
are
informed
of
the
ex-dividend
dates.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest.
Upon
notification
from
issuers,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain.
Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis.
Income,
expenses
and
realized
and
unrealized
gains
and
losses
are
allocated
daily
to
each
class
based
on
its
relative
net
assets.
Foreign
Currency
Translation:
Each
Fund’s
books
and
records
are
maintained
in
U.S.
dollars.
Securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
exchange
rates
determined
as
of
the
close
of
trading
on
the
New
York
Stock
Exchange
(“NYSE”)
.
Purchases
and
sales
of
investments
are
recorded
at
the
rates
of
exchange
prevailing
on
the
respective
dates
of
such
transactions.
Generally,
when
the
U.S.
dollar
rises
in
value
against
a
foreign
currency,
the
investments
denominated
in
that
currency
will
lose
value;
the
opposite
effect
occurs
if
the
U.S.
dollar
falls
in
relative
value.
Each
Fund
does
not
isolate
the
effect
of
fluctuations
in
foreign
exchange
rates
from
the
effect
of
fluctuations
in
the
market
prices
of
investments
for
financial
reporting
purposes.
Accordingly,
the
effects
of
changes
in
exchange
rates
on
investments
are
not
segregated
in
the
Statements
of
Operations
from
the
effects
of
changes
in
market
prices
of
those
investments,
but
are
included
as
a
component
of
net
realized
and
unrealized
gain
(loss)
from
investments.
Each
Fund
reports
realized
currency
gains
(losses)
on
foreign
currency
related
transactions
as
components
of
net
realized
gain
(loss)
for
financial
reporting
purposes,
whereas
such
components
are
generally
treated
as
ordinary
income
for
U.S.
federal
income
tax
purposes.
Foreign
Taxes:
The
Funds
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
Fund
Name
Herein
Referred
To
As
Diversification
Classification
BlackRock
Advantage
ESG
Emerging
Markets
Equity
Fund
............................
Advantage
ESG
Emerging
Markets
Equity
Diversified
BlackRock
Advantage
ESG
International
Equity
Fund
................................
Advantage
ESG
International
Equity
Diversified
BlackRock
Global
Impact
Fund
...............................................
Global
Impact
Non-Diversified
BlackRock
International
Impact
Fund
...........................................
International
Impact
Non-Diversified
BlackRock
Tactical
Opportunities
Fund
..........................................
Tactical
Opportunities
Diversified
BlackRock
U.S.
Impact
Fund
.................................................
U.S.
Impact
Non-Diversified
Share
Class
Initial
Sales
Charge
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)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
98
each
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
each
Fund
and
are
reflected
in
its
Statements
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Foreign
taxes
withheld”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
October
31,
2021
,
if
any,
are
disclosed
in
the Statements
of
Assets
and
Liabilities.
The
Funds
file
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Funds
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction's
applicable
laws,
payment
history
and
market
convention.
The
Statements
of
Operations
includes
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.
Segregation
and
Collateralization:
In
cases
where a
Fund
enters
into
certain
investments
(e.g.,
futures
contracts,
forward
foreign
currency
exchange
contracts
and
swaps)
that
would
be
treated
as
“senior
securities”
for
1940
Act
purposes, a
Fund
may
segregate
or
designate
on
its
books
and
records
cash
or
liquid
assets
having
a
market
value
at
least
equal
to
the
amount
of
its
future
obligations
under
such
investments.
Doing
so
allows
the
investments
to
be
excluded
from
treatment
as
a
“senior
security.”
Furthermore,
if
required
by
an
exchange
or
counterparty
agreement,
the
Funds
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-dealer
or
custodian
as
collateral
for
certain
investments
or
obligations.
Distributions:
Distributions
paid
by
the
Funds
are
recorded
on
the
ex-dividend
dates.
The
portion
of
distributions,
if
any,
that
exceeds
a
fund’s
current
and
accumulated
earnings
and
profits,
as
measured
on
a
tax
basis,
constitute
a
non-taxable
return
of
capital.
The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP
.
Offering
Costs:
Offering
costs
are
amortized
over
a
12-month
period
beginning
with
the
commencement
of
operations
of
a
class
of
shares.
Indemnifications:
In
the
normal
course
of
business,
a
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
A
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
a
Fund,
which
cannot
be
predicted
with
any
certainty.
Other:
Expenses
directly
related
to
a
Fund
or
its
classes
are
charged
to
that
Fund
or
the
applicable
class.
Expenses
directly
related
to
the
Funds
and
other
shared
expenses
prorated
to
the
Funds
are
allocated
daily
to
each
class
based
on
their
relative
net
assets
or
other
appropriate
methods.
Other
operating
expenses
shared
by
several
funds,
including
other
funds
managed
by
the
Manager
,
are
prorated
among
those
funds
on
the
basis
of
relative
net
assets
or
other
appropriate
methods.
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS
Investment
Valuation
Policies:
Each
Fund's
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund
is
open
for
business
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
policies
approved
by
the
Board
of
Trustees
of
the
Trust
(the
“Board”).
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
a
policy
approved
by
the
Board
as
reflecting
fair
value.
The
BlackRock
Global
Valuation
Methodologies
Committee
(the
“Global
Valuation
Committee”)
is
the
committee
formed
by
management
to
develop
global
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
each
Fund’s
assets
and
liabilities:
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day's official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
may
be
valued
at
the
last
available
bid
(long
positions)
or
ask
(short
positions)
price.
Fixed-income investments
for
which
market
quotations
are
readily
available
are
generally
valued
using
the
last
available
bid
price
or
current
market
quotations
provided
by
independent
dealers
or
third-party
pricing
services.
Pricing
services
generally
value
fixed-income
securities
assuming
orderly
transactions
of
an
institutional
round
lot
size,
but
a
fund
may
hold
or
transact
in
such
securities
in
smaller,
odd
lot
sizes.
Odd
lots
may
trade
at
lower
prices
than
institutional
round
lots.
The
pricing
services
may
use
matrix
pricing
or
valuation
models
that
utilize
certain
inputs
and
assumptions
to
derive
values,
including
transaction
data
(e.g.,
recent
representative
bids
and
offers),
market
data, credit
quality
information,
perceived
market
movements,
news,
and
other
relevant
information.
Certain
fixed-income
securities,
including
asset-
backed
and
mortgage
related
securities
may
be
valued
based
on
valuation
models
that
consider
the
estimated
cash
flows
of
each
tranche
of
the
entity,
establish
a
benchmark
yield
and
develop
an
estimated
tranche
specific
spread
to
the
benchmark
yield
based
on
the
unique
attributes
of
the
tranche.
The
amortized
cost
method
of
valuation
may
be
used
with
respect
to
debt
obligations
with
sixty
days
or
less
remaining
to
maturity
unless
the
Manager
determines
such
method
does
not
represent
fair
value.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds) are
valued
at
that
day's
published net
asset
value
(“NAV”).
The
Funds
value
their
investment
in
SL
Liquidity
Series,
LLC,
Money
Market
Series
(the
“Money
Market
Series”)
at
fair
value,
which
is
ordinarily
based
upon
their
pro
rata
ownership
in
the
underlying
fund’s
net
assets.
Futures
contracts
are valued
based
on
that
day’s
last
reported
settlement
or
trade price
on
the
exchange
where
the
contract
is
traded.
Forward
foreign
currency
exchange
contracts
are
valued
at
the
mean
between
the
bid
and
ask
prices
and
are
determined
as
of
the
close
of
trading
on
the
NYSE
based
on
that
day’s
prevailing
forward
exchange
rate
for
the
underlying
currencies.
Swap
agreements
are
valued
utilizing
quotes
received
daily
by
independent pricing
services
or
through
brokers,
which
are
derived
using
daily
swap
curves
and
models
that
incorporate
a
number
of
market
data
factors,
such
as
discounted
cash
flows,
trades
and
values
of
the
underlying
reference
instruments.
Notes
to
Financial
Statements
(unaudited)
(continued)
99
Notes
to
Financial
Statements
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the
NYSE.
Each
business
day,
the
Funds
use
current
market
factors
supplied
by
independent
pricing
services
to
value
certain
foreign
instruments
(“Systematic
Fair
Value
Price”).
The
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which
follows
the
close
of
the
local
markets.
If
events
(e.g.,
market
volatility,
company
announcement or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Global
Valuation
Committee,
or
its
delegate,
in
accordance
with
a
policy
approved
by
the
Board
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Global
Valuation
Committee include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Global
Valuation
Committee,
or
its
delegate,
seeks
to
determine
the
price
that
each
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Global
Valuation
Committee,
or
its
delegate,
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
The
pricing
of
all
Fair
Valued
Investments
is
subsequently
reported
to
the
Board
or
a
committee
thereof
on
a
quarterly
basis.
For
investments
in
equity
or
debt
issued
by
privately
held
companies
or
funds
(“Private
Company”
or
collectively,
the
“Private
Companies”)
and
other
Fair
Valued
Investments,
the
fair
valuation
approaches
that
are
used
by
the
Global
Valuation
Committee
and
third-party
pricing
services
utilize
one
or
a
combination
of,
but
not
limited
to,
the
following
inputs.
Investments
in
series
of
preferred
stock
issued
by
Private
Companies
are
typically
valued
utilizing
market
approach
in
determining
the
enterprise
value
of
the
company.
Such
investments
often
contain
rights
and
preferences
that
differ
from
other
series
of
preferred
and
common
stock
of
the
same
issuer.
Enterprise
valuation
techniques
such
as
an
option
pricing
model
(“OPM”),
a
probability
weighted
expected
return
model
(“PWERM”),
current
value
method or
a
hybrid
of
those
techniques
are
used
as
deemed
appropriate
under
the
circumstances.
The
use
of these
valuation techniques
involve
a
determination
of
the
exit
scenarios
of
the
investment
in
order
to
appropriately
allocate
the
enterprise
value
of
the
company
among
the
various
parts
of
its
capital
structure.
The
Private
Companies
are
not
subject
to
the
public
company
disclosure,
timing,
and
reporting
standards
applicable
to other
investments
held
by
a
Fund.
Typically,
the
most
recently
available
information
by
a
Private
Company
is
as
of
a
date
that
is
earlier
than
the
date
a
Fund
is
calculating
its
NAV.
This
factor
may
result
in
a
difference
between
the
value
of
the
investment
and
the
price
a
Fund
could
receive
upon
the
sale
of
the
investment.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial reporting purposes
as
follows:
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
each
Fund
has
the
ability
to
access;
Level
2
—
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market–corroborated
inputs);
and
Level
3 —
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
Global
Valuation
Committee's
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety. Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Global
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
Private
Companies
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
As
of
October
31,
2021,
certain
investments
of
Advantage
ESG
Emerging
Markets
Equity,
Global
Impact,
International
Impact,
Tactical
Opportunities
and
U.S.
Impact
were
valued
using
NAV
per
share
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
Standard
Inputs
Generally
Considered
By
Third-Party
Pricing
Services
Market
approach
........................
(i)
recent
market
transactions,
including
subsequent
rounds
of
financing,
in
the
underlying
investment
or
comparable
issuers;
(ii) recapitalizations
and
other
transactions
across
the
capital
structure;
and
(iii)
market
multiples
of
comparable
issuers.
Income
approach
..........................
(i)
future
cash
flows
discounted
to
present
and
adjusted
as
appropriate
for
liquidity,
credit,
and/or
market
risks;
(ii) quoted
prices
for
similar
investments
or
assets
in
active
markets;
and
(iii)
other
risk
factors,
such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks,
recovery
rates,
liquidation
amounts
and/or
default
rates.
Cost
approach
............................
(i)
audited
or
unaudited
financial
statements,
investor
communications
and
financial
or
operational
metrics
issued
by
the
Private
Company;
(ii) changes
in
the
valuation
of
relevant
indices
or
publicly
traded
companies
comparable
to
the
Private
Company;
(iii)
relevant
news
and
other
public
sources;
and
(iv)
known
secondary
market
transactions
in
the
Private
Company’s
interests
and
merger
or
acquisition
activity
in
companies
comparable
to
the
Private
Company.
Notes
to
Financial
Statements
(unaudited)
(continued)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
100
4.
SECURITIES
AND
OTHER
INVESTMENTS
Asset-Backed
and
Mortgage-Backed
Securities:
Asset-backed
securities
are
generally
issued
as
pass-through
certificates
or
as
debt
instruments.
Asset-backed
securities
issued
as
pass-through
certificates
represent
undivided
fractional
ownership
interests
in
an
underlying
pool
of
assets.
Asset-backed
securities
issued
as
debt
instruments,
which
are
also
known
as
collateralized
obligations,
are
typically
issued
as
the
debt
of
a
special
purpose
entity
organized
solely
for
the
purpose
of
owning
such
assets
and
issuing
such
debt.
Asset-backed
securities
are
often
backed
by
a
pool
of
assets
representing
the
obligations
of
a
number
of
different
parties.
The
yield
characteristics
of
certain
asset-backed
securities
may
differ
from
traditional
debt
securities.
One
such
major
difference
is
that
all
or
a
principal
part
of
the
obligations
may
be
prepaid
at
any
time
because
the
underlying
assets
(i.e.,
loans)
may
be
prepaid
at
any
time.
As
a
result,
a
decrease
in
interest
rates
in
the
market
may
result
in
increases
in
the
level
of
prepayments
as
borrowers,
particularly
mortgagors,
refinance
and
repay
their
loans.
An
increased
prepayment
rate
with
respect
to
an
asset-backed
security
will
have
the
effect
of
shortening
the
maturity
of
the
security.
In
addition,
a
fund
may
subsequently
have
to
reinvest
the
proceeds
at
lower
interest
rates.
If
a
fund
has
purchased
such
an
asset-backed
security
at
a
premium,
a
faster
than
anticipated
prepayment
rate
could
result
in
a
loss
of
principal
to
the
extent
of
the
premium
paid.
For
mortgage
pass-through
securities
(the
“Mortgage
Assets”)
there
are
a
number
of
important
differences
among
the
agencies
and
instrumentalities
of
the
U.S.
Government
that
issue
mortgage-related
securities
and
among
the
securities
that
they
issue.
For
example,
mortgage-related
securities
guaranteed
by
Ginnie
Mae
are
guaranteed
as
to
the
timely
payment
of
principal
and
interest
by
Ginnie
Mae
and
such
guarantee
is
backed
by
the
full
faith
and
credit
of
the
United
States.
However,
mortgage-related
securities
issued
by
Freddie
Mac
and
Fannie
Mae,
including
Freddie
Mac
and
Fannie
Mae
guaranteed
mortgage
pass-through
certificates,
which
are
solely
the
obligations
of
Freddie
Mac
and
Fannie
Mae,
are
not
backed
by
or
entitled
to
the
full
faith
and
credit
of
the
United
States,
but
are
supported
by
the
right
of
the
issuer
to
borrow
from
the
U.S.
Treasury.
Non-agency
mortgage-backed
securities
are
securities
issued
by
non-governmental
issuers
and
have
no
direct
or
indirect
government
guarantees
of
payment
and
are
subject
to
various
risks.
Non-agency
mortgage
loans
are
obligations
of
the
borrowers
thereunder
only
and
are
not
typically
insured
or
guaranteed
by
any
other
person
or
entity.
The
ability
of
a
borrower
to
repay
a
loan
is
dependent
upon
the
income
or
assets
of
the
borrower.
A
number
of
factors,
including
a
general
economic
downturn,
acts
of
God,
terrorism,
social
unrest
and
civil
disturbances,
may
impair
a
borrower’s
ability
to
repay
its
loans.
Collateralized
Debt
Obligations:
Collateralized
debt
obligations
(“CDOs”),
including
collateralized
bond
obligations
(“CBOs”)
and
collateralized
loan
obligations
(“CLOs”),
are
types
of
asset-backed
securities.
A
CDO
is
an
entity
that
is
backed
by
a
diversified
pool
of
debt
securities
(CBOs)
or
syndicated
bank
loans
(CLOs).
The
cash
flows
of
the
CDO
can
be
split
into
multiple
segments,
called
“tranches,”
which
will
vary
in
risk
profile
and
yield.
The
riskiest
segment
is
the
subordinated
or
“equity”
tranche.
This
tranche
bears
the
greatest
risk
of
defaults
from
the
underlying
assets
in
the
CDO
and
serves
to
protect
the
other,
more
senior,
tranches
from
default
in
all
but
the
most
severe
circumstances.
Since
it
is
shielded
from
defaults
by
the
more
junior
tranches,
a
“senior”
tranche
will
typically
have
higher
credit
ratings
and
lower
yields
than
their
underlying
securities,
and
often
receive
investment
grade
ratings
from
one
or
more
of
the
nationally
recognized
rating
agencies.
Despite
the
protection
from
the
more
junior
tranches,
senior
tranches
can
experience
substantial
losses
due
to
actual
defaults,
increased
sensitivity
to
future
defaults
and
the
disappearance
of
one
or
more
protecting
tranches
as
a
result
of
changes
in
the
credit
profile
of
the
underlying
pool
of
assets.
Preferred
Stocks:
Preferred
stock
has
a
preference
over
common
stock
in
liquidation
(and
generally
in
receiving
dividends
as
well),
but
is
subordinated
to
the
liabilities
of
the
issuer
in
all
respects.
As
a
general
rule,
the
market
value
of
preferred
stock
with
a
fixed
dividend
rate
and
no
conversion
element
varies
inversely
with
interest
rates
and
perceived
credit
risk,
while
the
market
price
of
convertible
preferred
stock
generally
also
reflects
some
element
of
conversion
value.
Because
preferred
stock
is
junior
to
debt
securities
and
other
obligations
of
the
issuer,
deterioration
in
the
credit
quality
of
the
issuer
will
cause
greater
changes
in
the
value
of
a
preferred
stock
than
in
a
more
senior
debt
security
with
similar
stated
yield
characteristics.
Unlike
interest
payments
on
debt
securities,
preferred
stock
dividends
are
payable
only
if
declared
by
the
issuer’s
board
of
directors.
Preferred
stock
also
may
be
subject
to
optional
or
mandatory
redemption
provisions.
Warrants:
Warrants
entitle
a
fund
to
purchase
a
specified
number
of
shares
of
common
stock
and
are
non-income
producing.
The
purchase
price
and
number
of
shares
are
subject
to
adjustment
under
certain
conditions
until
the
expiration
date
of
the
warrants,
if
any.
If
the
price
of
the
underlying
stock
does
not
rise
above
the
strike
price
before
the
warrant
expires,
the
warrant
generally
expires
without
any
value
and
a
fund
will
lose
any
amount
it
paid
for
the
warrant.
Thus,
investments
in
warrants
may
involve
more
risk
than
investments
in
common
stock.
Warrants
may
trade
in
the
same
markets
as
their
underlying
stock;
however,
the
price
of
the
warrant
does
not
necessarily
move
with
the
price
of
the
underlying
stock.
Securities
Lending:
Certain
Funds
may
lend
their
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Funds
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
a
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
Government.
The
initial
collateral
received
by
each
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
market
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund,
or
excess
collateral returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
the
Funds
are
entitled
to
all
distributions
made
on
or in
respect
of
the
loaned
securities,
but
do
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
by
the
securities
lending
agent,
BlackRock
Investment
Management,
LLC
(“BIM”),
if
any,
is
disclosed
in
the
Schedules
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
disclosed
in
the
Funds’
Schedules
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
any
related
collateral
are
shown
separately
in
the
Statements
of
Assets
and
Liabilities
as
a
component
of
investments
at
value
–
unaffiliated
and
collateral
on
securities
loaned
at
value,
respectively.
Securities
lending
transactions
are
entered
into
by
the
Funds
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”),
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency),
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Funds,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
Notes
to
Financial
Statements
(unaudited)
(continued)
101
Notes
to
Financial
Statements
(b)
The
market
value
of
the
loaned
securities
is
determined
as
of
October
31,
2021.
Additional
collateral
is
delivered
to
the
Funds
on
the
next
business
day
in
accordance
with
the
MSLA.
The
net
amount
would
be
subject
to
the
borrower
default
indemnity
in
the
event
of
default
by
the
counterparty.
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.
As
of
period
end,
the
following
table
is
a
summary
of
the
Funds'
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
Net
Amount
(b)
Advantage
ESG
Emerging
Markets
Equity
Citigroup
Global
Markets,
Inc.
....................
$
16,850
$
(16,850)
$
—
$
—
Global
Impact
Barclays
Capital,
Inc.
..........................
176,215
(176,215)
—
—
Citigroup
Global
Markets,
Inc.
....................
2,888,871
(2,888,871)
—
—
Goldman
Sachs
&
Co.
LLC
......................
79,526
(79,526)
—
—
Morgan
Stanley
&
Co.
LLC
......................
717,011
(708,942)
—
8,069
State
Street
Bank
&
Trust
Co.
....................
452,568
(452,568)
—
—
$
4,314,191
$
(4,306,122)
$
—
$
8,069
International
Impact
BofA
Securities,
Inc.
...........................
45,240
(45,240)
—
—
Citigroup
Global
Markets,
Inc.
....................
124,166
(124,166)
—
—
Goldman
Sachs
&
Co.
LLC
......................
20,662
(20,662)
—
—
$
190,068
$
(190,068)
$
—
$
—
Tactical
Opportunities
Toronto
Dominion
Bank
........................
$
63,305
$
(63,305)
$
—
$
—
U.S.
Impact
Citigroup
Global
Markets,
Inc.
....................
$
193,299
$
(192,844
)
$
—
$
455
(a)
Collateral
received
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
these
tables.
The
total
cash
collateral
received
by
each
Fund
is
disclosed
in
the
Statements
of
Assets
and
Liabilities.
Notes
to
Financial
Statements
(unaudited)
(continued)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
102
Forward
Foreign
Currency
Exchange
Contracts:
Forward
foreign
currency
exchange
contracts
are
entered
into
to
gain
or
reduce
exposure
to
foreign
currencies
(foreign
currency
exchange
rate
risk).
A
forward
foreign
currency
exchange
contract
is
an
agreement
between
two
parties
to
buy
and
sell
a
currency
at
a
set
exchange
rate
on
a
specified
date.
These
contracts
help
to
manage
the
overall
exposure
to
the
currencies
in
which
some
of
the
investments
held
by
the
Funds
are
denominated
and
in
some
cases,
may
be
used
to
obtain
exposure
to
a
particular
market.
The
contracts
are
traded
OTC
and
not
on
an
organized
exchange.
The
contract
is
marked-to-market
daily
and
the
change
in
market
value
is
recorded
as
unrealized
appreciation
(depreciation)
in
the
Statements
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
value
at
the
time
it
was
opened
and
the
value
at
the
time
it
was
closed.
Non-deliverable
forward
foreign
currency
exchange
contracts
are
settled
with
the
counterparty
in
cash
without
the
delivery
of
foreign
currency.
The
use
of
forward
foreign
currency
exchange
contracts
involves
the
risk
that
the
value
of
a
forward
foreign
currency
exchange
contract
changes
unfavorably
due
to
movements
in
the
value
of
the
referenced
foreign
currencies,
and
such
value
may
exceed
the
amount(s)
reflected
in
the
Statements
of
Assets
and
Liabilities.
Cash
amounts
pledged
for
forward
foreign
currency
exchange
contracts
are
considered
restricted
and
are
included
in
cash
pledged
as
collateral
for
OTC
derivatives
in
the
Statements
of
Assets
and
Liabilities.
A
Fund’s
risk
of
loss
from
counterparty
credit
risk
on
OTC
derivatives
is
generally
limited
to
the
aggregate
unrealized
gain
netted
against
any
collateral
held
by
the
Fund.
Swaps:
Swap
contracts
are
entered
into
to
manage
exposure
to
issuers,
markets
and
securities.
Such
contracts
are
agreements
between
the
Funds
and
a
counterparty
to
make
periodic
net
payments
on
a
specified
notional
amount
or
a
net
payment
upon
termination.
Swap
agreements
are
privately
negotiated
in
the
OTC
market
and
may
be
entered
into
as
a
bilateral
contract
(“OTC
swaps”)
or
centrally
cleared
(“centrally
cleared
swaps”).
For
OTC
swaps,
any
upfront
premiums
paid
and
any
upfront
fees
received
are
shown
as
swap
premiums
paid
and
swap
premiums
received,
respectively,
in
the
Statements
of
Assets
and
Liabilities
and
amortized
over
the
term
of
the
contract.
The
daily
fluctuation
in
market
value
is
recorded
as
unrealized
appreciation
(depreciation)
on
OTC
Swaps
in
the
Statements
of
Assets
and
Liabilities.
Payments
received
or
paid
are
recorded
in
the
Statements
of
Operations
as
realized
gains
or
losses,
respectively.
When
an
OTC
swap
is
terminated,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
proceeds
from
(or
cost
of)
the
closing
transaction
and
the
Funds’
basis
in
the
contract,
if
any.
Generally,
the
basis
of
the
contract
is
the
premium
received
or
paid.
In
a
centrally
cleared
swap,
immediately
following
execution
of
the
swap
contract,
the
swap
contract
is
novated
to
a
central
counterparty
(the
“CCP”)
and
the
CCP
becomes
the Funds’
counterparty
on
the
swap. Each
Fund is
required
to
interface
with
the
CCP
through
the
broker.
Upon
entering
into
a
centrally
cleared
swap, each
Fund is
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
the
size
and
risk
profile
of
the
particular
swap.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedules
of
Investments
and
cash
deposited
is
shown
as
cash
pledged
for
centrally
cleared
swaps
in
the
Statements
of
Assets
and
Liabilities.
Amounts
pledged,
which
are
considered
restricted
cash,
are
included
in
cash
pledged
for
centrally
cleared
swaps
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract, each
Fund
agrees
to
receive
from
or
pay
to
the
broker
variation
margin.
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and
shown
as
variation
margin
receivable
(or
payable)
on
centrally
cleared
swaps
in
the
Statements
of
Assets
and
Liabilities.
Payments
received
from
(paid
to)
the
counterparty
are
amortized
over
the
term
of
the
contract
and recorded
as
realized
gains
(losses)
in
the
Statements
of
Operations,
including
those
at
termination.
Total
return
swaps
—
Total
return
swaps
are
entered
into
to
obtain
exposure
to
a
security
or
market
without
owning
such
security
or
investing
directly
in
such
market
or
to
exchange
the
risk/return
of
one
security
or
market
(e.g.,
fixed-income)
with
another
security
or
market
(e.g.,
equity
or
commodity
prices)
(equity
risk,
commodity
price
risk
and/or
interest
rate
risk).
Total
return
swaps
are
agreements
in
which
there
is
an
exchange
of
cash
flows
whereby
one
party
commits
to
make
payments
based
on
the
total
return
(distributions
plus
capital
gains/losses)
of
an
underlying
instrument,
or
basket
of
underlying
instruments,
in
exchange
for
fixed
or
floating
rate
interest
payments.
If
the
total
return
of
the
instrument(s)
or
index
underlying
the
transaction
exceeds
or
falls
short
of
the
offsetting
fixed
or
floating
interest
rate
obligation,
the
Funds
receive
payment
from
or
make
a
payment
to
the
counterparty.
Interest
rate
swaps
—
Interest
rate
swaps
are
entered
into
to
gain
or
reduce
exposure
to
interest
rates
or
to
manage
duration,
the
yield
curve
or
interest
rate
(interest
rate
risk).
Interest
rate
swaps
are
agreements
in
which
one
party
pays
a
stream
of
interest
payments,
either
fixed
or
floating,
in
exchange
for
another
party’s
stream
of
interest
payments,
either
fixed
or
floating,
on
the
same
notional
amount
for
a
specified
period
of
time.
In
more
complex
interest
rate
swaps,
the
notional
principal
amount
may
decline
(or
amortize)
over
time.
Forward
swaps
— The
Funds
may enter
into
forward
interest
rate
swaps
and
forward
total
return
swaps.
In
a
forward
swap,
each
Fund
and
the
counterparty
agree
to
make
periodic
net
payments
beginning
on
a
specified
date
or
a
net
payment
at
termination.
Swap
transactions
involve,
to
varying
degrees,
elements
of
interest
rate,
credit
and
market
risk
in
excess
of
the
amounts
recognized
in
the
Statements
of
Assets
and
Liabilities.
Such
risks
involve
the
possibility
that
there
will
be
no
liquid
market
for
these
agreements,
that
the
counterparty
to
the
agreements
may
default
on
its
obligation
to
perform
or
disagree
as
to
the
meaning
of
the
contractual
terms
in
the
agreements,
and
that
there
may
be
unfavorable
changes
in
interest
rates
and/or
market
values
associated
with
these
transactions.
Master
Netting
Arrangements:
In
order
to
define
its
contractual
rights
and
to
secure
rights
that
will
help
it mitigate its
counterparty
risk, a
Fund
may
enter
into
an
International
Swaps
and
Derivatives
Association,
Inc.
Master
Agreement
(“ISDA
Master
Agreement”)
or
similar
agreement
with
its
counterparties.
An
ISDA
Master
Agreement
is
a
bilateral
agreement
between a
Fund
and
a
counterparty
that
governs
certain
OTC
derivatives
and
typically
contains,
among
other
things,
collateral
posting
terms
and
netting
provisions
in
the
event
of
a
default
and/or
termination
event.
Under
an
ISDA
Master
Agreement, a
Fund
may,
under
certain
circumstances,
offset
with
the
counterparty
certain
derivative
financial
instruments’
payables
and/or
receivables
with
collateral
held
and/or
posted
and
create
one
single
net
payment.
The
provisions
of
the
ISDA
Master
Agreement
typically
permit
a
single
net
payment
in
the
event
of
default
including
the
bankruptcy
or
insolvency
of
the
counterparty.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
the
right
of
offset
in
bankruptcy,
insolvency
or
other
events.
Notes
to
Financial
Statements
(unaudited)
(continued)
103
Notes
to
Financial
Statements
Collateral
Requirements:
For
derivatives
traded
under
an
ISDA
Master
Agreement,
the
collateral
requirements
are
typically
calculated
by
netting
the
mark-to-market
amount
for
each
transaction
under
such
agreement
and
comparing
that
amount
to
the
value
of
any
collateral
currently
pledged
by
the
Fund
and
the
counterparty.
Cash
collateral
that
has
been
pledged
to
cover
obligations
of
the
Funds
and
cash
collateral
received
from
the
counterparty,
if
any,
is
reported
separately
in
the
Statements
of
Assets
and
Liabilities
as
cash
pledged
as
collateral
and
cash
received
as
collateral,
respectively.
Non-cash
collateral
pledged
by
the
Funds,
if
any,
is
noted
in
the
Schedules
of
Investments.
Generally,
the
amount
of
collateral
due
from
or
to
a
counterparty
is
subject
to
a
certain
minimum
transfer
amount
threshold
before
a
transfer
is
required,
which
is
determined
at
the
close
of
business
of
the
Funds.
Any
additional
required
collateral
is
delivered
to/pledged
by
the
Funds
on
the
next
business
day.
Typically,
the
counterparty
is
not
permitted
to
sell,
re-pledge
or
use
cash
and
non-cash
collateral
it
receives.
A
Fund
generally
agrees
not
to
use
non-cash
collateral
that
it
receives
but
may,
absent
default
or
certain
other
circumstances
defined
in
the
underlying
ISDA
Master
Agreement,
be
permitted
to
use
cash
collateral
received.
In
such
cases,
interest
may
be
paid
pursuant
to
the
collateral
arrangement
with
the
counterparty.
To
the
extent
amounts
due
to
the
Funds
from the
counterparties
are
not
fully
collateralized, each
Fund bears
the
risk
of
loss
from
counterparty
non-performance.
Likewise,
to
the
extent
the
Funds have
delivered
collateral
to
a
counterparty
and
stand
ready
to
perform
under
the
terms
of
their
agreement
with
such
counterparty, each
Fund bears
the
risk
of
loss
from
a
counterparty
in
the
amount
of
the
value
of
the
collateral
in
the
event
the
counterparty
fails
to
return
such
collateral.
Based
on
the
terms
of
agreements,
collateral
may
not
be
required
for
all
derivative
contracts.
For
financial
reporting
purposes,
the
Funds
do
not
offset
derivative
assets
and
derivative
liabilities
that
are
subject
to
netting
arrangements,
if
any,
in
the
Statements
of
Assets
and
Liabilities.
6.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES
Investment
Advisory:
The
Trust,
on
behalf
of
the
Funds,
entered
into
an
Investment
Advisory
Agreement
with
the
Manager,
the
Funds'
investment
adviser
and
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
Inc.
(“BlackRock”)
,
to
provide
investment
advisory
services.
The
Manager
is
responsible
for
the
management
of each
Fund’s
portfolio
and
provides
the
personnel,
facilities,
equipment
and
certain
other
services
necessary
to
the
operations
of each
Fund.
For
such
services,
each
Fund
pays
the
Manager
a
monthly
fee
at
an
annual
rate
equal
to
the
following
percentages
of
the
average
daily
value
of
each
Fund’s
net
assets:
With
respect
to
Tactical
Opportunities,
the
Manager
entered
into
separate
sub-advisory
agreements
with
each
of
BlackRock
(Singapore)
Limited
(“BRS”)
and
BlackRock
Asset
Management
North
Asia
Limited
("BAMNA")
(collectively,
the
“Sub-Advisers”),
each
an
affiliate
of
the
Manager.
The
Manager
pays
BRS
and
BAMNA
for
services
they
provide
for
that
portion
of
Tactical
Opportunities
for
which
BRS
and
BAMNA,
as
applicable,
acts
as
sub-adviser,
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by
Tactical
Opportunities
to
the
Manager.
Service
and
Distribution
Fees:
The
Trust
,
on behalf
of
the
Funds,
entered
into
a
Distribution
Agreement
and
a Distribution and
Service
Plan
with
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
the
Manager.
Pursuant
to
the
Distribution
and
Service
Plan
and
in
accordance
with
Rule
12b-1
under
the
1940
Act,
each
Fund
pays
BRIL
ongoing
service
and
distribution
fees.
The
fees
are
accrued
daily
and
paid
monthly
at
annual
rates
based
upon
the
average
daily
net
assets
of
the
relevant
share
class
of
each
Fund
as
follows:
BRIL
and
broker-dealers,
pursuant
to
sub-agreements
with
BRIL,
provide
shareholder
servicing
and
distribution
services to
the
Funds.
The
ongoing
service
and/or
distribution
fee
compensates
BRIL
and
each
broker-dealer
for
providing
shareholder
servicing
and/or
distribution related
services
to
shareholders.
Advantage
ESG
Emerging
Markets
Equity
Advantage
ESG
International
Equity
Global
Impact
International
Impact
U.S.
Impact
Average
Daily
Net
Assets
Investment
Advisory
Fees
Investment
Advisory
Fees
Investment
Advisory
Fees
Investment
Advisory
Fees
Investment
Advisory
Fees
First
$1
b
illion
...................................................
0.800%
0.450%
0.650%
0.650%
0.650%
$1
billion
-
$3
b
illion
...............................................
0.750
0.420
0.610
0.610
0.610
$3
billion
-
$5
b
illion
...............................................
0.720
0.410
0.590
0.590
0.590
$5
b
illion
-
$10
b
illion
..............................................
0.700
0.390
0.570
0.570
0.570
Greater
than
$10
b
illion
.............................................
0.680
0.380
0.550
0.550
0.550
Tactical
Opportunities
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$1
billion
..........................................................................................................
0.550%
$1
billion
-
$2
billion
......................................................................................................
0.500
$2
billion
-
$3
billion
......................................................................................................
0.475
Greater
than
$3
billion
....................................................................................................
0.450
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)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
104
For
the
six
months
ended
October
31,
2021,
the
following
table
shows
the
class
specific
service
and
distribution
fees
borne
directly
by
each
share
class
of
each
Fund:
Administration:
The
Trust,
on
behalf
of
Advantage
ESG
Emerging
Markets
Equity,
Advantage
ESG
International
Equity
and
Tactical
Opportunities,
entered
into
an
Administration
Agreement
with
the
Manager,
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
to
provide
administrative
services.
For
these
services,
the
Manager
receives
an
administration
fee
computed
daily
and
payable
monthly,
based
on
a
percentage
of
the
average
daily
net
assets
of
each
Fund.
The
administration
fee,
which
is
shown
as
administration
in
the
Statements
of
Operations,
is
paid
at
the
annual
rates
below
.
In
addition,
the
Manager
charges
each
of
the
share
classes
of
Advantage
ESG
Emerging
Markets
Equity,
Advantage
ESG
International
Equity
and
Tactical
Opportunities
an
administration
fee,
which
is
shown
as
administration
—
class
specific
in
the
Statements
of
Operations,
at
an
annual
rate
of
0.02%
of
the
average
daily
net
assets
of
each
respective
class.
The
Trust,
on
behalf
of
Global
Impact,
International
Impact
and
U.S.
Impact,
entered
into
an
Administration
Agreement
with
the
Manager,
which
has
agreed
to
provide
general
administrative
services
(other
than
investment
advice
and
related
portfolio
activities).
The
Manager
has
agreed
to
bear
all
of
the
Funds'
ordinary
operating
expenses,
excluding,
generally,
investment
advisory
fees,
distribution
fees,
brokerage
and
other
expenses
related
to
the
execution
of
portfolio
transactions,
extraordinary
expenses
and
certain
other
expenses
which
are
borne
by
the
Funds.
The
Manager
is
entitled
to
receive
for
these
administrative
services
an
annual
fee
based
on
the
average
daily
net
assets
of
each
Fund
as
follows:
For
the
six
months
ended
October
31,
2021, the
following
table
shows
the
class
specific
administration
fees
borne
directly
by
each
share
class
of
each
Fund:
Transfer
Agent:
Pursuant
to
written
agreements,
certain
financial
intermediaries,
some
of
which
may
be
affiliates,
provide
the
Funds
with
sub-accounting,
recordkeeping,
sub-transfer
agency
and
other
administrative
services
with
respect
to
servicing
of
underlying
investor
accounts.
For
these
services,
these
entities
receive
an
asset-based
fee
or
an
annual
fee
per
shareholder
account,
which
will
vary
depending
on
share
class
and/or
net
assets.
For
the
six
months
ended
October
31,
2021
,
Tactical
Opportunities
paid
the
following
amounts
to
affiliates
of
BlackRock
in
return
for
these
services,
which
are
included
in
transfer
agent
—
class
specific
in
the
Statements
of
Operations:
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
six
months
ended
October
31,
2021,
Tactical
Opportunities
reimbursed
the
Manager
the
following
amounts
for
costs
incurred
in
running
the
call
center,
which
are
included
in
transfer
agent
—
class
specific
in
the
Statements
of
Operations:
Fund
Name
Service
Investor
A
Investor
C
Total
Advantage
ESG
Emerging
Markets
Equity
.....................................................
$
—
$
168
$
—
$
168
Advantage
ESG
International
Equity
.........................................................
—
183
—
183
Global
Impact
........................................................................
—
357
—
357
International
Impact
....................................................................
—
221
—
221
Tactical
Opportunities
...................................................................
2,487
251,42
3
43,522
297,43
2
U.S.
Impact
..........................................................................
—
276
—
276
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
Advantage
ESG
Emerging
Markets
Equity
.....................................
$
1
3
$
—
$
1
3
$
—
$
1,18
9
$
1,21
5
Advantage
ESG
International
Equity
.........................................
20
—
15
—
1,237
1,272
Global
Impact
........................................................
47,559
—
285
—
4,638
52,48
2
International
Impact
....................................................
138
—
177
—
3,96
8
4,28
3
Tactical
Opportunities
...................................................
51,333
199
20,112
870
83,799
156,313
U.S.
Impact
..........................................................
148
—
221
—
3,50
7
3,87
6
Institutional
Tactical
Opportunities
.......................................................................................................
$
85,773
Fund
Name
Class
K
Tactical
Opportunities
.......................................................................................................
$
272
Notes
to
Financial
Statements
(unaudited)
(continued)
105
Notes
to
Financial
Statements
For
the
six
months
ended
October
31,
2021,
the
following
table
shows
the
class
specific
transfer
agent
fees
borne
directly
by
each
share
class
of
each
Fund:
Other
Fees:
For
the
six
months
ended
October
31,
2021
,
affiliates
earned
underwriting
discounts,
direct
commissions
and
dealer
concessions
on
sales
of each
Fund’s Investor
A
Shares as
follows:
For
the
six
months
ended
October
31,
2021,
affiliates
received
CDSCs
as
follows:
Expense
Limitations,
Waivers
and
Reimbursements:
With
respect
to each
Fund,
the
Manager
contractually
agreed
to
waive
its
investment
advisory
fees
by
the
amount
of
investment
advisory
fees
each
Fund
pays
to
the
Manager
indirectly
through
its
investment
in
affiliated
money
market
funds
(the
“affiliated
money
market
fund
waiver”)
through
June
30,
2023.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
trustees
who
are
not
"interested
persons"
of
the
Trust,
as
defined
in
the
1940
Act
("Independent
Trustees"),
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
a
Fund.
The
amount
of
waivers
and/or
reimbursements
of
fees
and
expenses
made
pursuant
to
the
expense
limitations
described
below
will
be
reduced
by
the
amount
of
the
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
six
months
ended
October
31,
2021,
the
amounts
waived
were
as
follows:
The
Manager
has
contractually
agreed
to
waive
its
investment
advisory
fee
with
respect
to
any
portion
of
each
Fund's
assets
invested
in
affiliated
equity
and
fixed-income
mutual
funds
and
affiliated
exchange-traded
funds
that
have
a
contractual
management
fee
through
June
30,
2023.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Trustees,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
a
Fund.
These
amounts
are
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statements
of
Operations.
For
the
six
months
ended
October
31,
2021,
the
Manager
waived
$1,011
in
investment
advisory
fees
with
respect
to
Advantage
ESG
Emerging
Markets
Equity
pursuant
to
these
arrangements.
With
respect
to
Advantage
ESG
Emerging
Markets
Equity,
Advantage
ESG
International
Equity
and
Tactical
Opportunities,
the
Manager
contractually
agreed
to
waive
and/
or
reimburse
fees
or
expenses
in
order
to
limit
expenses,
excluding
interest
expense,
dividend
expense,
tax
expense,
acquired
fund
fees
and
expenses,
and
certain
other
fund
expenses,
which
constitute
extraordinary
expenses
not
incurred
in
the
ordinary
course
of each
Fund’s
business
(“expense
limitation”).
The
expense
limitations
as
a
percentage
of
average
daily
net
assets are
as
follows:
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2023
for
Tactical
Opportunities,
Advantage
ESG
Emerging
Markets
Equity
and
Advantage
ESG
International
Equity,
unless
approved
by
the
Board,
including
a
majority
of
the
Independent
Trustees,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
a
Fund.
For
the
six
months
ended
October
31,
2021,
the
amounts
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statements
of
Operations
were
as
follows:
Fund
Name
Institutional
Service
Investor
A
Investor
C
Class
K
Total
Advantage
ESG
Emerging
Markets
Equity
.....................................
$
118
—
$
1
20
$
—
$
115
$
35
3
Advantage
ESG
International
Equity
.........................................
88
—
104
—
116
308
Tactical
Opportunities
...................................................
343,715
1,468
151,288
7,245
8,556
512,272
Global
Impact
...........................................................................................................
$
4
International
Impact
.......................................................................................................
13
Tactical
Opportunities
......................................................................................................
1,725
U.S.
Impact
.............................................................................................................
73
Fund
Name
Investor
A
Investor
C
Tactical
Opportunities
...........................................................................................
$
63
$
9
Advantage
ESG
Emerging
Markets
Equity
............................................................................................
$
34
Advantage
ESG
International
Equity
................................................................................................
37
Global
Impact
...............................................................................................................
57
International
Impact
...........................................................................................................
9
Tactical
Opportunities
..........................................................................................................
6,754
U.S.
Impact
.................................................................................................................
12
Fund
Name
Institutional
Service
Investor
A
Investor
C
Class
K
Advantage
ESG
Emerging
Markets
Equity
..........................................
0.86%
N/A
1.11%
N/A
0.81%
Advantage
ESG
International
Equity
..............................................
0.50
N/A
0.75
N/A
0.45
Tactical
Opportunities
........................................................
0.89
1.17%
1.37
2.14%
0.84
Advantage
ESG
Emerging
Markets
Equity
..........................................................................................
$
179,128
Advantage
ESG
International
Equity
..............................................................................................
218,417
Notes
to
Financial
Statements
(unaudited)
(continued)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
106
The
following
Funds
also
had
a
waiver
of
administration
fees,
which
are
included
in
Administration
fees
waived,
in
the
Statements
of
Operations.
For
the
six
months
ended
October
31,
2021,
the
amounts
were
as
follows:
In
addition,
these
amounts
waived
and/or
reimbursed
by
the
Manager
are
included
in
administration
fees
waived
—
class
specific
and
transfer
agent
fees
waived
and/or
reimbursed
—
class
specific,
respectively,
in
the
Statements
of
Operations.
For
the
six
months
ended
October
31,
2021,
class
specific
expense
waivers
and/or
reimbursements
were
as
follows:
With
respect
to
Global
Impact,
International
Impact
and
U.S.
Impact,
the
fees
and
expenses
of
the
Funds'
Independent
Trustees,
counsel
to
the
Independent
Trustees
and
the
Funds'
independent
registered
public
accounting
firm
(together
the
"Independent
Expenses")
are
paid
directly
by
the
Funds.
The
Manager
has
contractually
agreed
to
reimburse
the
Funds
or
provide
an
offsetting
credit
against
the
investment
advisory
fees
paid
by
the
Funds
in
an
amount
equal
to
these
independent
expenses
through
June
30,
2032.
Such
contractual
arrangements
may
not
be
terminated
prior
to
July
1,
2032
without
the
consent
of
the
Board.
For
the
six
months
ended
October
31,
2021,
the
amounts
reimbursed
were
as
follows:
Securities
Lending:
The
U.S.
Securities
and
Exchange
Commission
(“SEC”)
has
issued
an
exemptive
order
which
permits
BIM,
an
affiliate
of
the
Manager,
to
serve
as
securities
lending
agent
for
the
Funds,
subject
to
applicable
conditions.
As
securities
lending
agent,
BIM
bears
all
operational
costs
directly
related
to
securities
lending.
The
Funds
are
responsible
for
expenses
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
expenses”).
The
cash
collateral
is
invested
in
a
private
investment
company,
Money
Market
Series, managed
by
the
Manager
or
its
affiliates.
However,
BIM
has
agreed
to
cap
the
collateral
investment
expenses
of
the Money
Market
Series to
an
annual
rate
of
0.04%.
The
investment
adviser
to
the
Money
Market
Series
will
not
charge
any
advisory
fees
with
respect
to
shares
purchased
by
the
Funds.
The
Money
Market
Series
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
withdrawn
or
temporarily
restrict
withdrawals
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
private
investment
company’s
weekly
liquid
assets
fall
below
certain
thresholds. The
Money
Market
Series
seeks
current
income
consistent
with
maintaining
liquidity
and
preserving
capital.
Although
the
Money
Market
Series
is
not
registered
under
the
1940
Act,
its
investments
may
follow
the
parameters
of
investments
by
a
money
market
fund
that
is
subject
to
Rule
2a-7
under
the
1940
Act.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
expenses.
Each
Fund
retains
a
portion
of
securities
income
and
remits
a
remaining
portion
to
BIM
as
compensation
for
its
services
as
securities
lending
agent.
Pursuant
to
the
current
securities
lending
agreement,
Tactical
Opportunities
and
U.S.
Impact
retain
77%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
earned
across
the
BlackRock
Multi-Asset
Complex
in
a
calendar
year
exceeds
a
specified
threshold,
Tactical
Opportunities
and
U.S.
Impact,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
securities
lending
income
in
an
amount
equal
to
81%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.
Pursuant
to
the
current
securities
lending
agreement,
Advantage
ESG
Emerging
Markets
Equity,
Advantage
ESG
International
Equity,
Global
Impact
and
International
Impact
retain
82%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
earned
across
the
BlackRock
Multi-Asset
Complex
in
a
calendar
year
exceeds
a
specified
threshold,
Advantage
ESG
Emerging
Markets
Equity,
Advantage
ESG
International
Equity,
Global
Impact
and
International
Impact,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
securities
lending
income
in
an
amount
equal
to
85%
of
securities
lending
income
(which
Advantage
ESG
Emerging
Markets
Equity
..........................................................................................
$
2,585
Advantage
ESG
International
Equity
..............................................................................................
2,700
Fund
Name/Share
Class
Administration
Fees
Waived
Transfer
Agent
Fees
Waived
and/or
Reimbursed
Advantage
ESG
Emerging
Markets
Equity
Institutional
....................................................................................
$
13
$
8
5
Investor
A
.....................................................................................
13
88
Class
K
......................................................................................
1,189
11
5
$
1,215
$
28
8
Advantage
ESG
International
Equity
Institutional
....................................................................................
11
56
Investor
A
.....................................................................................
14
70
Class
K
......................................................................................
1,236
116
$
1,261
$
242
Global
Impact
...............................................................................................................
$
27,993
International
Impact
...........................................................................................................
29,360
U.S.
Impact
.................................................................................................................
28,412
Notes
to
Financial
Statements
(unaudited)
(continued)
107
Notes
to
Financial
Statements
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
six
months
ended
October
31,
2021, each
Fund
paid
BIM
the
following
amounts
for
securities
lending
agent
services:
Interfund
Lending:
In
accordance
with
an
exemptive
order
(the
“Order”)
from
the
SEC,
each
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.
Advantage
ESG
Emerging
Markets
Equity,
Advantage
ESG
International
Equity,
Global
Impact,
International
Impact
and
U.S.
Impact
are
currently
permitted
to
borrow
and
lend
under
the
Interfund
Lending
Program.
Tactical
Opportunities
is
currently
permitted
to
borrow
under
the
Interfund
Lending
Program.
A
lending
BlackRock
fund
may
lend
in
aggregate
up
to
15%
of
its
net
assets
but
may
not
lend
more
than
5%
of
its
net
assets
to
any
one
borrowing
fund
through
the
Interfund
Lending
Program.
A
borrowing
BlackRock
fund
may
not
borrow
through
the
Interfund
Lending
Program
or
from
any
other
source
more
than
33
1/3%
of
its
total
assets
(or
any
lower
threshold
provided
for
by
the fund’s
investment
restrictions).
If
a
borrowing
BlackRock
fund’s
total
outstanding
borrowings
exceed
10%
of
its
total
assets,
each
of
its
outstanding
interfund
loans
will
be
subject
to
collateralization
of
at
least
102%
of
the
outstanding
principal
value
of
the
loan.
All
interfund
loans
are
for
temporary
or
emergency
purposes
and
the
interest
rate
to
be
charged
will
be
the
average
of
the
highest
current
overnight
repurchase
agreement
rate
available
to
a
lending
fund
and
the
bank
loan
rate,
as
calculated
according
to
a
formula
established
by
the
Board.
During
the
period
ended
October
31,
2021,
the
Funds
did
not
participate
in
the
Interfund
Lending
Program.
Trustees
and
Officers:
Certain
trustees
and/or
officers
of
the Trust are directors and/or
officers
of BlackRock
or
its
affiliates.
The
Funds
reimburse
the
Manager
for
a
portion
of
the
compensation
paid
to
the
Trust’s
Chief
Compliance
Officer,
which
is
included
in
Trustees and
Officer
in
the
Statements
of
Operations.
7.
PURCHASES
AND
SALES
For
the
six
months
ended
October
31,
2021,
purchases
and
sales
of
investments, including
paydowns/payups
and
excluding
short-term
investments,
were
as
follows:
RULEABOVE
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
fiscal
years
after
they
are
filed.
The
statutes
of
limitations
on
each
Fund’s
state
and
local
tax
returns
may
remain
open
for
an
additional
year
depending
upon
the
jurisdiction.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the Funds
as
of
October
31,
2021,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
As
of
April
30,
2021,
Tactical
Opportunities
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
of
$98,975,161.
Advantage
ESG
Emerging
Markets
Equity
........................................................................................
$
29
Advantage
ESG
International
Equity
............................................................................................
8
Global
Impact
...........................................................................................................
10,596
International
Impact
.......................................................................................................
1,725
Tactical
Opportunities
......................................................................................................
2
U.S.
Impact
.............................................................................................................
1,430
U.S.
Government
Securities
Other
Securities
Fund
Name
Purchases
Sales
Purchases
Sales
Advantage
ESG
Emerging
Markets
Equity
.....................................
$
—
$
—
$
10,470,290
$
10,254,052
Advantage
ESG
International
Equity
.........................................
—
—
9,421,840
8,938,791
Global
Impact
........................................................
—
—
31,365,774
24,875,857
International
Impact
....................................................
—
—
3,958,300
3,791,487
Tactical
Opportunities
...................................................
24,911,956
216,378,350
533,725,544
320,892,250
U.S.
Impact
..........................................................
—
—
4,601,987
4,516,688
Notes
to
Financial
Statements
(unaudited)
(continued)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
108
As
of
October
31,
2021, gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
9.
BANK
BORROWINGS
The
Trust,
on
behalf
of
the
Funds,
along
with
certain
other
funds
managed
by
the
Manager
and
its
affiliates
(“Participating
Funds”),
is
a
party
to
a
364-day,
$2.25
billion
credit
agreement
with
a
group
of
lenders.
Under
this
agreement,
the
Funds
may
borrow
to
fund
shareholder
redemptions.
Excluding
commitments
designated
for
certain
individual
funds,
the
Participating
Funds,
including
the
Funds,
can
borrow
up
to
an
aggregate
commitment
amount
of
$1.75
billion
at
any
time
outstanding,
subject
to
asset
coverage
and
other
limitations
as
specified
in
the
agreement.
The
credit
agreement
has
the
following
terms:
a
fee
of
0.10%
per
annum
on
unused
commitment
amounts
and
interest
at
a
rate
equal
to
the
higher
of
(a)
one-month
London
Interbank
Offered
Rate
(''LIBOR")
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.80%
per
annum
or
(b)
the
Fed
Funds
rate
(but,
in
any
event,
not
less
than
0.00%)
in
effect
from
time
to
time
plus
0.80%
per
annum
on
amounts
borrowed.
The
agreement
expires
in
April
2022
unless
extended
or
renewed. These
fees
were
allocated
among
such
funds
based
upon
portions
of
the
aggregate
commitment
available
to
them
and
relative
net
assets
of
Participating
Funds.
During
the
six
months ended
October
31,
2021,
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
currency,
interest
rate
and
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
each
Fund
is
subject.
The
Funds
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Market
Risk:
Investments
in
the
securities
of
issuers
domiciled
in
countries
with
emerging
capital
markets
involve
certain
additional
risks
that
do
not
generally
apply
to
investments
in
securities
of
issuers
in
more
developed
capital
markets,
such
as
(i)
low
or
nonexistent
trading
volume,
resulting
in
a
lack
of
liquidity
and
increased
volatility
in
prices
for
such
securities;
(ii)
uncertain
national
policies
and
social,
political
and
economic
instability,
increasing
the
potential
for
expropriation
of
assets,
confiscatory
taxation,
high
rates
of
inflation
or
unfavorable
diplomatic
developments;
(iii)
lack
of
publicly
available
or
reliable
information
about
issuers
as
a
result
of
not
being
subject
to
the
same
degree
of
regulatory
requirements
and
accounting,
auditing
and
financial
reporting
standards;
and
(iv)
possible
fluctuations
in
exchange
rates,
differing
legal
systems
and
the
existence
or
possible
imposition
of
exchange
controls,
custodial
restrictions
or
other
foreign
or
U.S.
governmental
laws
or
restrictions
applicable
to
such
investments.
Each
Fund
may
be
exposed
to
prepayment
risk,
which
is
the
risk
that
borrowers
may
exercise
their
option
to
prepay
principal
earlier
than
scheduled
during
periods
of
declining
interest
rates,
which
would
force
each
Fund
to
reinvest
in
lower
yielding
securities. Each
Fund
may
also
be
exposed
to
reinvestment
risk,
which
is
the
risk
that
income
from
each
Fund’s
portfolio
will
decline
if
each
Fund
invests
the
proceeds
from
matured,
traded
or
called
fixed-income
securities
at
market
interest
rates
that
are
below
each
Fund
portfolio’s
current
earnings
rate.
An
outbreak
of
respiratory
disease
caused
by
a
novel
coronavirus
has
developed
into
a
global
pandemic
and
has
resulted
in
closing
borders,
quarantines,
disruptions
to
supply
chains
and
customer
activity,
as
well
as
general
concern
and
uncertainty.
The
impact
of
this
pandemic,
and
other
global
health
crises
that
may
arise
in
the
future,
could
affect
the
economies
of
many
nations,
individual
companies
and
the
market
in
general
in
ways
that
cannot
necessarily
be
foreseen
at
the
present
time.
This
pandemic
may
result
in
substantial
market
volatility
and
may
adversely
impact
the
prices
and
liquidity
of
a
fund's
investments.
The duration
of
this
pandemic
and
its
effects
cannot
be
determined
with
certainty.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries. A
Fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that a
Fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment. A
Fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
each
Fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of a
Fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which a
Fund
invests.
The
price a
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from a
Fund’s
valuation
of
the
investment,
particularly
for
securities
that
trade
in
thin
or
volatile
markets
or
that
are
valued
using
a
fair
valuation
technique
or
a
price
provided
by
an
independent
pricing
service.
Changes
to
significant
unobservable
inputs
and
assumptions
(i.e.,
publicly
traded
company
multiples,
growth
rate,
time
to
exit)
due
to
the
lack
of
observable
inputs
may
significantly
impact
the
resulting
fair
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Advantage
ESG
Emerging
Markets
Equity
.................................
$
11,147,729
$
1,058,717
$
(647,852)
$
410,865
Advantage
ESG
International
Equity
.....................................
11,642,487
1,418,712
(344,407)
1,074,305
Global
Impact
....................................................
60,823,279
6,492,292
(4,162,128)
2,330,164
International
Impact
................................................
7,549,655
1,265,466
(603,728)
661,738
Tactical
Opportunities
..............................................
1,000,166,674
364,272,403
(196,668,976)
167,603,427
U.S.
Impact
.....................................................
7,026,918
1,119,594
(421,250)
698,344
Notes
to
Financial
Statements
(unaudited)
(continued)
109
Notes
to
Financial
Statements
value
and
therefore a
Fund’s
results
of
operations.
As
a
result,
the
price
received
upon
the
sale
of
an
investment
may
be
less
than
the
value
ascribed
by a
Fund,
and a
Fund
could
realize
a
greater
than
expected
loss
or
lesser
than
expected
gain
upon
the
sale
of
the
investment.
A
Fund’s
ability
to
value
its
investments
may
also
be
impacted
by
technological
issues
and/or
errors
by
pricing
services
or
other
third-party
service
providers.
Counterparty
Credit
Risk:
The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
the
Manager
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds.
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
With
exchange-traded
futures
and
centrally
cleared
swaps,
there
is
less
counterparty
credit
risk
to
the
Funds
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, a
Fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in exchange-traded
futures
and
centrally
cleared
swaps
with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Funds.
Concentration
Risk:
A
diversified
portfolio,
where
this
is appropriate
and
consistent
with
a
fund's
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each Fund's
portfolio
are
disclosed
in
its Schedule
of
Investments.
Certain Funds
invest
a
significant
portion
of their
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
Fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
Fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
Fund’s
portfolio.
Investment
percentages
in
specific
sectors
are
presented
in
the
Schedules
of
Investments.
Certain
Funds
invest
a
significant
portion
of
their
assets
in
fixed-income
securities
and/or
use
derivatives
tied
to
the
fixed-income
markets.
Changes
in
market
interest
rates
or
economic
conditions
may
affect
the
value
and/or
liquidity
of
such
investments.
Interest
rate
risk
is
the
risk
that
prices
of
bonds
and
other
fixed-income
securities
will
increase
as
interest
rates
fall
and
decrease
as
interest
rates
rise.
The
Funds
may
be
subject
to
a
greater
risk
of
rising
interest
rates
due
to
the
current
period
of
historically
low
rates.
Certain
Funds
invest
a
substantial
amount
of
their
assets
in
issuers
located
in
a
single
country
or
a
limited
number
of
countries.
When a
Fund
concentrates its investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
in
those
countries
may
have
a
significant
impact
on
their
investment
performance
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
Fund's
portfolio.
Unanticipated
or
sudden
political
or
social
developments
may
cause
uncertainty
in
the
markets
and
as
a
result
adversely
affect
the
Fund’s
investments.
Foreign
issuers
may
not
be
subject
to
the
same
uniform
accounting,
auditing
and
financial
reporting
standards
and
practices
as
used
in
the
United
States.
Foreign
securities
markets
may
also
be
more
volatile
and
less
liquid
than
U.S.
securities
and
may
be
less
subject
to
governmental
supervision
not
typically
associated
with
investing
in
U.S.
securities.
Investment
percentages
in
specific
countries
are
presented
in
the
Schedules
of
Investments.
Certain
Funds
invest a
significant
portion
of
their
assets
in
securities
of
issuers
located
in
Europe
or
with
significant
exposure
to
European
issuers
or
countries.
The
European
financial
markets
have
recently
experienced
volatility
and
adverse
trends
due
to
concerns
about
economic
downturns
in,
or
rising
government
debt
levels
of,
several
European
countries.
These
events
may
spread
to
other
countries
in
Europe
and
may
affect
the
value
and
liquidity
of
certain
of
the
Funds’
investments.
Responses
to
the
financial
problems
by
European
governments,
central
banks
and
others,
including
austerity
measures
and
reforms,
may
not
work,
may
result
in
social
unrest
and
may
limit
future
growth
and
economic
recovery
or
have
other
unintended
consequences.
Further
defaults
or
restructurings
by
governments
and
others
of
their
debt
could
have
additional
adverse
effects
on
economies,
financial
markets
and
asset
valuations
around
the
world.
In
addition,
the
United
Kingdom
has
withdrawn
from
the
European
Union,
and
one
or
more
other
countries
may
withdraw
from
the
European
Union
and/or
abandon
the
Euro,
the
common
currency
of
the
European
Union.
The
impact
of
these
actions,
especially
if
they
occur
in
a
disorderly
fashion,
is
not
clear
but
could
be
significant
and
far
reaching.
Certain
Funds
invest
a
significant
portion
of
their
assets
in
securities
of
issuers
located
in
Asia
or
with
significant
exposure
to
Asian
issuers
or
countries.
The
Asian
financial
markets
have
recently
experienced
volatility
and
adverse
trends
due
to
concerns
in
several
Asian
countries
regarding
monetary
policy,
government
intervention
in
the
markets,
rising
government
debt
levels
or
economic
downturns.
These
events
may
spread
to
other
countries
in
Asia
and
may
affect
the
value
and
liquidity
of
certain
of
the
Funds’
investments.
Certain
Funds
invest
a
significant
portion
of
their
assets
in
securities
of
issuers
located
in
China
or
with
significant
exposure
to
Chinese
issuers
or
countries.
Investments
in
Chinese
securities,
including
certain
Hong
Kong-listed
securities,
involves
risks
specific
to
China.
China
may
be
subject
to
considerable
degrees
of
economic,
political
and
social
instability
and
demonstrates
significantly
higher
volatility
from
time
to
time
in
comparison
to
developed
markets.
Chinese
markets
generally
continue
to
experience
inefficiency,
volatility
and
pricing
anomalies
resulting
from
governmental
influence,
a
lack
of
publicly
available
information
and/or
political
and
social
instability.
Internal
social
unrest
or
confrontations
with
other
neighboring
countries
may
disrupt
economic
development
in
China
and
result
in
a
greater
risk
of
currency
fluctuations,
currency
non-
convertibility,
interest
rate
fluctuations
and
higher
rates
of
inflation.
Incidents
involving
China’s
or
the
region’s
security
may
cause
uncertainty
in
Chinese
markets
and
may
adversely
affect
the
Chinese
economy
and
the
Fund’s
investments.
Reduction
in
spending
on
Chinese
products
and
services,
institution
of
tariffs
or
other
trade
barriers,
or
a
downturn
in
any
of
the
economies
of
China’s
key
trading
partners
may
have
an
adverse
impact
on
the
Chinese
economy.
In
addition,
measures
may
be
taken
to
limit
the
flow
of
capital
and/or
sanctions
may
be
imposed,
which
could
prohibit
or
restrict
the
ability
to
own
or
transfer
fund
assets
and
may
also
include
retaliatory
actions,
such
as
seizure
of
fund
assets.
Notes
to
Financial
Statements
(unaudited)
(continued)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
110
LIBOR
Transition
Risk:
The
United
Kingdom’s
Financial
Conduct
Authority
announced
a phase
out
of
the
LIBOR.
Although
many
LIBOR
rates
will
be
phased
out
by
the
end
of
2021,
a
selection
of
widely
used
USD
LIBOR
rates
will
continue
to
be
published
through
June
2023
in
order
to
assist
with
the
transition.
The
Funds
may
be
exposed
to
financial
instruments
tied
to
LIBOR
to
determine
payment
obligations,
financing
terms,
hedging
strategies
or
investment
value.
The
transition
process
away
from
LIBOR
might
lead
to
increased
volatility
and
illiquidity
in
markets
for,
and
reduce
the
effectiveness
of
new
hedges
placed
against,
instruments
whose
terms
currently
include
LIBOR.
The
ultimate
effect
of
the
LIBOR
transition
process
on
the
Funds
is
uncertain.
11.
CAPITAL
SHARE
TRANSACTIONS
Transactions
in
capital
shares
for
each
class
were
as
follows:
d
Six
Months
Ended
10/31/21
Period
from
08/18/20
to
04/30/21
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Advantage
ESG
Emerging
Markets
Equity
Institutional
Shares
sold
.............................................
1,480
$
18,099
10,346
$
104,336
Shares
issued
in
reinvestment
of
distributions
........................
1,155
12,954
—
—
Shares
redeemed
.........................................
(8)
(90)
(193)
(2,363)
2,627
$
30,963
10,153
$
101,973
Investor
A
Shares
sold
.............................................
4,673
$
49,094
12,163
$
126,170
Shares
issued
in
reinvestment
of
distributions
........................
1,107
12,424
1
11
Shares
redeemed
.........................................
(301)
(3,249)
(946)
(11,617)
5,479
$
58,269
11,218
$
114,564
Class
K
Shares
sold
.............................................
1,968
$
20,553
980,000
$
9,800,000
Shares
issued
in
reinvestment
of
distributions
........................
97,692
1,096,101
—
—
99,660
$
1,116,654
980,000
$
9,800,000
107,766
$
1,205,886
1,001,371
$
10,016,537
d
Six
Months
Ended
10/31/21
Period
from
08/18/20
to
04/30/21
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Advantage
ESG
International
Equity
Institutional
Shares
sold
.............................................
2,975
$
36,100
12,887
$
129,436
Shares
issued
in
reinvestment
of
distributions
........................
1,400
15,928
16
172
4,375
$
52,028
12,903
$
129,608
Investor
A
Shares
sold
.............................................
4,359
$
50,415
11,606
$
118,737
Shares
issued
in
reinvestment
of
distributions
........................
1,018
11,572
—
—
5,377
$
61,987
11,606
$
118,737
Class
K
Shares
sold
.............................................
—
$
—
980,000
$
9,800,000
Shares
issued
in
reinvestment
of
distributions
........................
86,684
986,458
—
—
86,684
$
986,458
980,000
$
9,800,000
96,436
$
1,100,473
1,004,509
$
10,048,345
d
Six
Months
Ended
10/31/21
Period
from
05/27/20
to
04/30/21
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Global
Impact
Institutional
Shares
sold
.............................................
459,176
$
6,885,930
2,805,083
$
40,410,905
Shares
issued
in
reinvestment
of
distributions
........................
89,790
1,329,795
33,432
464,697
Shares
redeemed
.........................................
(39,986)
(593,978)
(23,507)
(369,888)
508,980
$
7,621,747
2,815,008
$
40,505,714
Investor
A
Shares
sold
.............................................
1,566
$
23,429
21,923
$
271,546
Shares
issued
in
reinvestment
of
distributions
........................
545
8,062
112
1,562
Shares
redeemed
.........................................
(340)
(5,025)
(4,222)
(64,076)
1,771
$
26,466
17,813
$
209,032
Notes
to
Financial
Statements
(unaudited)
(continued)
111
Notes
to
Financial
Statements
d
Six
Months
Ended
10/31/21
Period
from
05/27/20
to
04/30/21
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Class
K
Shares
sold
.............................................
—
$
—
597,117
$
6,028,575
Shares
issued
in
reinvestment
of
distributions
........................
18,437
273,225
4,460
61,999
Shares
redeemed
.........................................
—
—
(629)
(9,567)
18,437
$
273,225
600,948
$
6,081,007
529,188
$
7,921,438
3,433,769
$
46,795,753
d
Six
Months
Ended
10/31/21
Period
from
06/30/20
to
04/30/21
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
International
Impact
Institutional
Shares
sold
.............................................
—
$
—
10,045
$
100,602
Shares
issued
in
reinvestment
of
distributions
........................
1,218
14,754
1
7
Shares
redeemed
.........................................
—
—
(31)
(431)
1,218
$
14,754
10,015
$
100,178
Investor
A
Shares
sold
.............................................
595
$
8,081
13,432
$
146,894
Shares
issued
in
reinvestment
of
distributions
........................
1,569
18,981
—
—
Shares
redeemed
.........................................
—
—
(1,003)
(14,121)
2,164
$
27,062
12,429
$
132,773
Class
K
Shares
sold
.............................................
—
$
—
572,845
$
5,820,000
Shares
issued
in
reinvestment
of
distributions
........................
70,306
851,401
3,277
41,682
70,306
$
851,401
576,122
$
5,861,682
73,688
$
893,217
598,566
$
6,094,633
d
Six
Months
Ended
10/31/21
Year
Ended
04/30/21
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Tactical
Opportunities
Institutional
Shares
sold
.............................................
9,057,154
$
127,364,957
19,159,552
$
267,673,798
Shares
issued
in
reinvestment
of
distributions
........................
—
—
551,314
7,729,427
Shares
redeemed
.........................................
(4,592,000)
(64,442,897)
(7,895,711)
(110,223,366)
4,465,154
$
62,922,060
11,815,155
$
165,179,859
Service
Shares
sold
.............................................
17,160
$
238,752
133,042
$
1,855,600
Shares
issued
in
reinvestment
of
distributions
........................
—
—
3,935
54,939
Shares
redeemed
.........................................
(31,393)
(437,820)
(57,600)
(806,611)
(14,233)
$
(199,068)
79,377
$
1,103,928
Investor
A
Shares
sold
and
automatic
conversion
of
shares
.......................
336,595
$
4,691,410
953,324
$
13,225,907
Shares
issued
in
reinvestment
of
distributions
........................
—
—
354,372
4,932,853
Shares
redeemed
.........................................
(837,792)
(11,676,663)
(2,223,072)
(30,766,044)
(501,197)
$
(6,985,253)
(915,376)
$
(12,607,284)
Investor
C
Shares
sold
.............................................
43,331
$
590,370
148,931
$
2,008,992
Shares
issued
in
reinvestment
of
distributions
........................
—
—
10,027
136,665
Shares
redeemed
and
automatic
conversion
of
shares
...................
(57,385)
(779,159)
(526,110)
(7,144,097)
(14,054)
$
(188,789)
(367,152)
$
(4,998,440)
Class
K
Shares
sold
.............................................
8,192,120
$
114,807,156
36,285,961
$
505,473,976
Shares
issued
in
reinvestment
of
distributions
........................
—
—
1,181,757
16,532,783
Shares
redeemed
.........................................
(911,022)
(12,791,134)
(8,636,301)
(119,624,746)
7,281,098
$
102,016,022
28,831,417
$
402,382,013
11,216,768
$
157,564,972
39,443,421
$
551,060,076
Notes
to
Financial
Statements
(unaudited)
(continued)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
112
As
of
October
31,
2021,
shares
owned
by
BlackRock
Financial
Management,
Inc.,
an
affiliate
of
the
Funds,
were
as
follows:
12.
SUBSEQUENT
EVENTS
Management’s
evaluation
of
the
impact
of
all
subsequent
events
on
the
Funds’
financial
statements
was
completed
through
the
date
the
financial
statements
were
issued
and
the
following
items
were
noted:
On
July
27,
2021,
the
Board
approved
a
proposal
to
change
the
name
of
the
Fund
from
BlackRock
Advantage
ESG
Emerging
Markets
Equity
Fund
to
BlackRock
Sustainable
Advantage
Emerging
Markets
Equity
Fund
and
certain
changes
to
the
Fund's
investment
objective,
investment
strategy
and
investment
process.
These
changes
will
be
effective
on
December
1,
2021.
On
July
27,
2021,
the
Board
approved
a
proposal
to
change
the
name
of
the
Fund
from
BlackRock
Advantage
ESG
International
Equity
Fund
to
BlackRock
Sustainable
Advantage
International
Equity
Fund
and
certain
changes
to
the
Fund's
investment
objective,
investment
strategy
and
investment
process.
These
changes
will
be
effective
on
December
1,
2021.
d
Six
Months
Ended
10/31/21
Period
from
06/30/20
to
04/30/21
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
U.S.
Impact
Institutional
Shares
sold
.............................................
385
$
5,071
10,038
$
100,500
Shares
issued
in
reinvestment
of
distributions
........................
1,267
16,399
1
15
Shares
redeemed
.........................................
(166)
(2,145)
(31)
(442)
1,486
$
19,325
10,008
$
100,073
Investor
A
Shares
sold
.............................................
2,900
$
40,666
13,446
$
148,367
Shares
issued
in
reinvestment
of
distributions
........................
1,948
25,167
—
—
Shares
redeemed
.........................................
(360)
(4,965)
—
—
4,488
$
60,868
13,446
$
148,367
Class
K
Shares
sold
.............................................
29
$
400
480,023
$
4,800,300
Shares
issued
in
reinvestment
of
distributions
........................
60,695
785,396
2
23
60,724
$
785,796
480,025
$
4,800,323
66,698
$
865,989
503,479
$
5,048,763
Institutional
Investor
A
Class
K
Advantage
ESG
Emerging
Markets
Equity
.................................................................
10,995
10,986
1,077,692
Advantage
ESG
International
Equity
.....................................................................
10,883
10,876
1,066,683
Global
Impact
....................................................................................
10,305
10,296
494,726
International
Impact
................................................................................
11,217
11,211
538,576
U.S.
Impact
......................................................................................
11,261
11,258
540,690
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
7,
2021
(the
“April
Meeting”)
and
May
10-12,
2021
(the
“May
Meeting”)
to
consider
the
approval
to
continue
the
investment
advisory
agreement
(the
“Advisory
Agreement”)
between
the
Trust,
on
behalf
of
BlackRock
Tactical
Opportunities
Fund
(“Tactical
Opportunities
Fund”),
BlackRock
U.S.
Impact
Fund
(“U.S.
Impact
Fund”),
BlackRock
International
Impact
Fund
(“International
Impact
Fund”)
and
BlackRock
Global
Impact
Fund
(“Global
Impact
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
of
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
whom
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
typically
extending
for
two
days,
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
a
fifth
one-
day
meeting
to
consider
specific
information
surrounding
the
renewal
of
the
Agreements.
In
particular,
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
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.
As
a
result
of
the
discussions
that
occurred
during
the
April
Meeting,
and
as
a
culmination
of
the
Board’s
year-long
deliberative
process,
the
Board
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)
2021
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
members
of
the
Board
gave
attention
to
all
of
the
information
that
was
furnished,
and
each
Board
Member
placed
varying
degrees
of
importance
on
the
various
pieces
of
information
that
were
provided
to
them.
The
Board
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
number,
education
and
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
Funds
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,
including
in
light
of
the
ongoing
COVID-19
pandemic.
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,
2020,
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”).
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
the
since-inception
period
reported,
each
of
the
Global
Impact
Fund,
U.S.
Impact
Fund
and
International
Impact
Fund
ranked
in
the
first
quartile
against
its
Performance
Peers.
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
the
one-,
three-
and
five-year
periods
reported,
the
Fund
outperformed,
underperformed,
and
underperformed,
respectively,
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.
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
115
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
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
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,
2020
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,
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
Tactical
Opportunities
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
International
Impact
Fund’s
contractual
advisory
fee
rate
ranked
in
the
first
quartile,
and
that
the
actual
advisory
fee
rate
and
total
expense
ratio
ranked
in
the
third
and
first
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
Global
Impact
Fund’s
contractual
advisory
fee
rate
ranked
in
the
first
quartile,
and
that
the
actual
advisory
fee
rate
and
total
expense
ratio
ranked
in
the
fourth
and
first
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
U.S.
Impact
Fund’s
contractual
advisory
fee
rate
ranked
in
the
second
quartile,
and
that
the
actual
advisory
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
also
noted
that
each
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
size
of
the
pertinent
Fund
increases
above
certain
contractually
specified
levels.
The
Board
noted
that
if
the
size
of
the
Fund
were
to
decrease,
the
Fund
could
lose
the
benefit
of
one
or
more
breakpoints.
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
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.
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.
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
116
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
The
Board,
including
the
Independent
Board
Members,
unanimously
approved
the
continuation
of
the
Advisory
Agreement
between
the
Manager
and
the
Trust,
on
behalf
of
each
Fund,
for
a
one-year
term
ending
June
30,
2022,
and
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,
2022.
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
also
assisted
by
the
advice
of
independent
legal
counsel
in
making
this
determination.
Additional
Information
117
Additional
Information
Proxy
Results
At
a
Joint
Special
Meeting
of
Shareholders
of
BlackRock
Tactical
Opportunities
Fund,
held
on
Tuesday,
October
26,
2021,
Fund
shareholders
were
asked
to
vote
on
the
following
proposals:
Proposal
1.
To
approve
the
amendment
or
elimination,
as
applicable,
of
certain
of
the
fundamental
investment
restrictions
of
the
Fund.
Proposal
1a.
To
Approve
the
Amendment
of
the
Fundamental
Investment
Restriction
Regarding
Concentration.
With
respect
to
this
Proposal,
the
shares
of
the
Fund
were
voted
as
follows:
Proposal
1b.
To
Approve
the
Amendment
of
the
Fundamental
Investment
Restriction
Regarding
Borrowing
and
the
Issuance
of
Senior
Securities.
With
respect
to
this
Proposal,
the
shares
of
the
Fund
were
voted
as
follows:
Proposal
1e.
To
Approve
the
Amendment
of
the
Fundamental
Investment
Restriction
Regarding
Investing
in
Real
Estate.
With
respect
to
this
Proposal,
the
shares
of
the
Fund
were
voted
as
follows:
Proposal
1f.
To
Approve
the
Amendment
of
the
Fundamental
Investment
Restriction
Regarding
Underwriting.
With
respect
to
this
Proposal,
the
shares
of
the
Fund
were
voted
as
follows:
Proposal
1g.
To
Approve
the
Amendment
of
the
Fundamental
Investment
Restriction
Regarding
Investing
in
Commodities.
With
respect
to
this
Proposal,
the
shares
of
the
Fund
were
voted
as
follows:
Proposal
1h.
To
Approve
the
Amendment
of
the
Fundamental
Investment
Restriction
Regarding
Lending.
With
respect
to
this
Proposal,
the
shares
of
the
Fund
were
voted
as
follows:
Proposal
1i.
To
Approve
the
Amendment
of
the
Fundamental
Investment
Restriction
Regarding
Diversification.
With
respect
to
this
Proposal,
the
shares
of
the
Fund
were
voted
as
follows:
Proposal
1j.
To
Approve
the
Elimination
of
the
Fundamental
Investment
Restriction
Regarding
Investing
for
the
Purpose
of
Exercising
Control
or
Management.
With
respect
to
this
Proposal,
the
shares
of
the
Fund
were
voted
as
follows:
For
Against
Abstain
70,771,247
123,432
263,501
For
Against
Abstain
70,746,895
159,504
251,782
For
Against
Abstain
70,769,434
147,723
241,023
For
Against
Abstain
70,747,995
145,934
264,251
For
Against
Abstain
70,756,474
161,024
240,682
For
Against
Abstain
70,737,690
157,975
262,515
For
Against
Abstain
70,808,260
106,117
243,803
For
Against
Abstain
70,700,499
185,172
272,509
Additional
Information
(continued)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
118
Proposal
1k.
To
Approve
the
Elimination
of
the
Fundamental
Investment
Restriction
Regarding
Purchasing
Commodities
Contracts
and
Investing
in
Oil,
Gas
or
Mineral
Exploration
or
Development
Programs.
With
respect
to
this
Proposal,
the
shares
of
the
Fund
were
voted
as
follows:
Proposal
1l.
To
Approve
the
Elimination
of
the
Fundamental
Investment
Restriction
Regarding
Acquiring
Other
Investment
Companies.
With
respect
to
this
Proposal,
the
shares
of
the
Fund
were
voted
as
follows:
Proposal
1m.
To
Approve
the
Elimination
of
the
Fundamental
Investment
Restriction
Regarding
Writing
and
Selling
Options,
Straddles
and
Spreads.
With
respect
to
this
Proposal,
the
shares
of
the
Fund
were
voted
as
follows:
Proposal
1n.
To
Approve
the
Elimination
of
the
Fundamental
Investment
Restriction
Regarding
the
Purchase
of
Securities
on
Margin
and
Short
Sales.
With
respect
to
this
Proposal,
the
shares
of
the
Fund
were
voted
as
follows:
Regulation
Regarding
Derivatives
On
October
28,
2020,
the
Securities
and
Exchange
Commission
(the
“SEC”)
adopted
new
regulations
governing
the
use
of
derivatives
by
registered
investment
companies
(“Rule
18f-4”).
The
Funds
will
be
required
to
implement
and
comply
with
Rule
18f-4
by
August
19, 2022.
Once
implemented,
Rule
18f-4
will
impose
limits
on
the
amount
of
derivatives
a
fund
can
enter
into,
eliminate
the
asset
segregation
framework
currently
used
by
funds
to
comply
with
Section
18
of
the
1940
Act,
treat
derivatives
as
senior
securities
and
require
funds
whose
use
of
derivatives
is
more
than
a
limited
specified
exposure
amount
to
establish
and
maintain
a
comprehensive
derivatives
risk
management
program
and
appoint
a
derivatives
risk
manager.
General
Information
Quarterly
performance,
semi-annual
and
annual
reports,
current
net
asset
value
and
other
information
regarding
the
Funds
may
be
found
on
BlackRock’s
website,
which
can
be
accessed
at
blackrock.com
.
Any
reference
to
BlackRock’s
website
in
this
report
is
intended
to
allow
investors
public
access
to
information
regarding
the
Funds
and
does
not,
and
is
not
intended
to,
incorporate
BlackRock’s
website
in
this
report.
Householding
The
Funds
will
mail
only
one
copy
of
shareholder
documents,
including
prospectuses,
annual
and
semi-annual
reports,
Rule
30e-3
notices
and
proxy
statements,
to
shareholders
with
multiple
accounts
at
the
same
address.
This
practice
is
commonly
called
“householding”
and
is
intended
to
reduce
expenses
and
eliminate
duplicate
mailings
of
shareholder
documents.
Mailings
of
your
shareholder
documents
may
be
householded
indefinitely
unless
you
instruct
us
otherwise.
If
you
do
not
want
the
mailing
of
these
documents
to
be
combined
with
those
for
other
members
of
your
household,
please
call
the
Funds at
(800)
441-7762.
Availability
of
Quarterly
Schedule
of
Investments
The
Funds
file
their
complete
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
.
For
Against
Abstain
70,712,296
192,099
253,785
For
Against
Abstain
70,728,379
164,301
265,500
For
Against
Abstain
70,665,502
203,544
289,134
For
Against
Abstain
70,659,640
231,254
267,286
Additional
Information
(continued)
119
Additional
Information
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.
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.
Additional
Information
(continued)
2021
BlackRock
Semi-Annual
Report
to
Shareholders
120
Fund
and
Service
Providers
Investment
Adviser
and
Administrator
BlackRock
Advisors,
LLC
Wilmington,
DE
19809
Sub-Advisers
(a)
BlackRock
Asset
Management
North
Asia
Limited
Hong
Kong
BlackRock
(Singapore)
Limited
079912
Singapore
Accounting
Agent
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Transfer
Agent
BNY
Mellon
Investment
Servicing
(US)
Inc.
Wilmington,
DE
19809
Custodian
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Independent
Registered
Public
Accounting
Firm
Deloitte
&
Touche
LLP
Boston,
MA
02116
Distributor
BlackRock
Investments,
LLC
New
York,
NY
10022
Legal
Counsel
Sidley
Austin
LLP
New
York,
NY
10019
Address
of
the
Trust
100
Bellevue
Parkway
Wilmington,
DE
19809
(a)
For
BlackRock
Tactical
Opportunities
Fund.
Glossary
of
Terms
Used
in
this
Report
121
Glossary
of
Terms
Used
in
this
Report
Currency
Abbreviation
AUD
Australian
Dollar
BRL
Brazili
an
Real
CAD
Canadian
Dollar
CHF
Swiss
Franc
CLP
Chilean
Peso
CNY
Chinese
Yuan
EUR
Euro
GBP
British
Pound
HKD
Hong
Kong
Dollar
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
MXN
Mexican
Peso
NOK
Norwegian
Krone
NZD
New
Zealand
Dollar
PLN
Polish
Zloty
RUB
New
Russian
Ruble
SEK
Swedish
Krona
SGD
Singapore
Dollar
THB
Thai
Baht
TWD
Taiwan
New
Dollar
USD
United
States
Dollar
ZAR
South
African
Rand
Portfolio
Abbreviation
ADR
American
Depositary
Receipts
BA
Canadian
Bankers
Acceptances
BBR
Australian
Bank
Bill
Rate
BZDIOVER
Overnight
Brazil
CETIP
—
Interbank
Rate
CD_KSDA
Certificates
of
Deposit
by
the
Korean
Securities
Dealers
Association
CDO
Collateralized
Debt
Obligation
CDI
Crest
Depository
Interests
CNREPOFI
Day
China
Fixing
Repo
Rates
CVA
Certification
Van
Aandelon
(Dutch
Certificate)
ETF
Exchange-Traded
Fund
EURIBOR
Euro
Interbank
Offered
Rate
GDR
Global
Depositary
Receipts
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
OTC
Over-the-counter
PCL
Public
Company
Limited
PJSC
Public
Joint
Stock
Company
REIT
Real
Estate
Investment
Trust
S&P
Standard
&
Poor's
SCA
Svenska
Cellulosa
Aktiebolaget
SDR
Swedish
Depositary
Receipts
THBFIX
Thai
Baht
Interest
Rate
Fixing
TWCPBA
Taiwan
Secondary
Markets
Bills
Rate
WIBOR
Warsaw
Interbank
Offered
Rate
Want
to
know
more?
blackrock.com
|
800-441-7762
This
report
is
intended
for
current
holders.
It
is
not
authorized
for
use
as
an
offer
of
sale
or
a
solicitation
of
an
offer
to
buy
shares
of
the
Funds
unless
preceded
or
accompanied
by
the
Funds’
current
prospectus.
Past
performance
results
shown
in
this
report
should
not
be
considered
a
representation
of
future
performance.
Investment
returns
and
principal
value
of
shares
will
fluctuate
so
that
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Statements
and
other
information
herein
are
as
dated
and
are
subject
to
change.
ESGIMPTO-10/21-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 – Exhibits attached hereto
(a)(1) Code of Ethics – Not Applicable to this semi-annual report
(a)(2) Section 302 Certifications are attached
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 –
Not Applicable
(a)(4) Change in Registrant’s independent public accountant –
Not Applicable
(b) Section 906 Certifications are attached
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock Funds
SMBy: /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Funds
SMDate: January 4, 2022
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Funds
SMDate: January 4, 2022
By: /s/ Trent Walker
Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Funds
SMDate: January 4, 2022