# EDGAR Filing Document

**Accession Number:** 0000202741
**File Stem:** 0001193125-23-000619
**Filing Date:** 2023-1
**Character Count:** 182238
**Document Hash:** dcb0e0fba60921370d895bef9f2dfd8f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-000619.hdr.sgml**: 20230103

**ACCESSION NUMBER**: 0001193125-23-000619

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 9

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230103

**DATE AS OF CHANGE**: 20230103

**EFFECTIVENESS DATE**: 20230103

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK FUNDS VII, INC.
- **CENTRAL INDEX KEY:** 0000202741
- **IRS NUMBER:** 132866632
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02661
- **FILM NUMBER:** 23501634

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800-441-7762

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BLACKROCK ASIAN DRAGON FUND, INC.
- **DATE OF NAME CHANGE:** 20171031

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BLACKROCK PACIFIC FUND, INC.
- **DATE OF NAME CHANGE:** 20061002

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MERRILL LYNCH PACIFIC FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### BlackRock Sustainable U.S. Growth Equity Fund (Series ID: S000073892)

| Class ID   | Class Name                                                           | Ticker Symbol   |
|:---|:---|:---|
| C000231153 | BlackRock Sustainable U.S. Growth Equity Fund - Institutional Shares |  |
| C000231154 | BlackRock Sustainable U.S. Growth Equity Fund - Class K Shares       |  |
| C000231155 | BlackRock Sustainable U.S. Growth Equity Fund - Investor A Shares    |  |

### BlackRock Sustainable U.S. Value Equity Fund (Series ID: S000073893)

| Class ID   | Class Name                                                          | Ticker Symbol   |
|:---|:---|:---|
| C000231156 | BlackRock Sustainable U.S. Value Equity Fund - Class K Shares       |  |
| C000231157 | BlackRock Sustainable U.S. Value Equity Fund - Institutional Shares |  |
| C000231158 | BlackRock Sustainable U.S. Value Equity Fund - Investor A Shares    |  |

### BlackRock Sustainable International Equity Fund (Series ID: S000073894)

| Class ID   | Class Name                                                             | Ticker Symbol   |
|:---|:---|:---|
| C000231159 | BlackRock Sustainable International Equity Fund - Class K Shares       |  |
| C000231160 | BlackRock Sustainable International Equity Fund - Institutional Shares |  |
| C000231161 | BlackRock Sustainable International Equity Fund - Investor A Shares    |  |

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: 811-02661

Name of Fund: BlackRock Funds VII, Inc.

BlackRock Sustainable International Equity Fund

BlackRock Sustainable U.S. Growth Fund

BlackRock Sustainable U.S. Value Equity Fund

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Funds VII, Inc., 55 East 52<sup>nd</sup> Street, New York, NY 10055

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

Date of fiscal year end: 04/30/2023

Date of reporting period: 10/31/2022

------

Item 1 – Report to Stockholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is attached herewith.

------

---

| | |
|:---|:---|
| ![LOGO](g432562g42l24.jpg)  | **OCTOBER 31, 2022** |

---

**2022 Semi-Annual Report**<br> **(Unaudited)**<br>

**BlackRock Funds VII, Inc.** 

· BlackRock Sustainable International Equity Fund

· BlackRock Sustainable U.S. Growth Equity Fund

· BlackRock Sustainable U.S. Value Equity Fund

&nbsp;&nbsp;&nbsp;**Not FDIC Insured • May Lose Value • No Bank Guarantee**

------

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended October 31, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia's invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks as inflation decreased the value of future cash flows and investors shifted focus to balance sheet resilience. Both large- and small-capitalization U.S. stocks fell, although declines for small-capitalization U.S. stocks were slightly steeper. Emerging market stocks and international equities from developed markets also declined significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the "Fed"), acknowledging that inflation has been more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed's future trajectory, the Fed's statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic's restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy's capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market's concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit **blackrock.com** for further insight about investing in today's markets.

Sincerely,

![LOGO](g432562gra002.jpg)

Rob Kapito

President, BlackRock Advisors, LLC

![LOGO](g432562photo_01mips.jpg)

Rob Kapito

President, BlackRock Advisors, LLC

---

| | | |
|:---|:---|:---|
| **Total Returns as of October 31, 2022** | **Total Returns as of October 31, 2022** | **Total Returns as of October 31, 2022** |
|  | <br> *6-Month*  | <br> *12-Month* |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. large cap equities (S&P 500<sup>®</sup> Index) | (5.50)% | (14.61)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. small cap equities (Russell 2000<sup>®</sup> Index) | (0.20) | (18.54) |
| &nbsp;&nbsp;&nbsp;&nbsp; International equities (MSCI Europe, Australasia, Far East Index) | (12.70) | (23.00) |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging market equities (MSCI Emerging Markets Index) | (19.66) | (31.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-month Treasury bills<br> (ICE BofA 3-Month U.S. Treasury Bill Index) | 0.72 | 0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury securities<br> (ICE BofA 10-Year U.S. Treasury Index) | (8.24) | (17.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index) | (6.86) | (15.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt municipal bonds (Bloomberg Municipal Bond Index) | (4.43) | (11.98) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) | (4.71) | (11.76) |
| Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |

---

2 T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

------

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
|  [The Markets in Review](#tx432562_1) | 2 |
|  **Semi-Annual Report:** |  |
|  [Fund Summary](#tx432562_2) | 4 |
|  [About Fund Performance](#tx432562_3) | 10 |
|  [Disclosure of Expenses](#tx432562_4) | 10 |
|  Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schedules of Investments](#tx432562_5) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#tx432562_6) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#tx432562_7) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#tx432562_8) | 21 |
|  [Financial Highlights](#tx432562_9) | 23 |
|  [Notes to Financial Statements](#tx432562_10) | 32 |
|  [Additional Information](#tx432562_11) | 42 |
|  [Glossary of Terms Used in this Report](#tx432562_12) | 44 |

---

![LOGO](g432562gra03.jpg)

3.0 ------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **BlackRock Sustainable International Equity Fund** |

---

**Investment Objective** 

**BlackRock Sustainable International Equity Fund's (the "Fund")** investment objective is to seek to maximize total return while seeking to maintain certain environmental, social and governance ("ESG") characteristics, climate risk exposure and climate opportunities relative to the Fund's benchmark.

**Portfolio Management Commentary** 

**How did the Fund perform?** 

For the six-month period ended October 31, 2022, the Fund underperformed its benchmark, the MSCI EAFE Index.

**What factors influenced performance?** 

The largest detractors from the Fund's relative performance during the period included stock selection within the consumer discretionary, information technology and communication services sectors. The Fund's underweight position in the energy sector also detracted.

The largest positive contributor to performance during the period was the Fund's stock selection within the industrials sector, most notably within the machinery sub-sector. The Fund's underweight position in real estate also proved advantageous, along with stock selection in utilities.

**Describe recent portfolio activity.** 

During the period, a combination of portfolio trading activity and market price changes resulted in increased exposure to the healthcare and industrials sectors. Conversely, the Fund saw a decrease in exposure to information technology, materials and communication services.

The Fund's cash position was approximately 5.8% at the end of the period. The Fund's cash position did not have a material impact on performance.

**Describe portfolio positioning at period end.** 

Relative to the MSCI EAFE Index benchmark, the Fund's largest overweight positions were in the industrials, healthcare and information technology sectors. The Fund's most significant underweights were in financials, energy and communication services.

As of period end, the fund maintained a 11% ESG score premium to the benchmark. From a carbon emissions intensity perspective, the Fund had an absolute carbon footprint that was 71% lower than the benchmark, while its carbon emissions intensity by sales was 62% lower than the benchmark, and carbon emissions intensity by capital was 70% lower than the benchmark.

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.

4 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **BlackRock Sustainable International Equity Fund** |

---

**Performance** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns<sup>(a)(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns<sup>(a)(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns<sup>(a)(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns<sup>(a)(b)</sup>  |
|  | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Year  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Year  | &nbsp;&nbsp;&nbsp;&nbsp;Since Inception<sup>(c)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;Since Inception<sup>(c)</sup>  |
|  | *6-Month*<br> *Total*<br> *Returns* | *Without*<br> *Sales*<br> *Charge* | *With*<br> *Sales*<br> *Charge* | *Without*<br> *Sales*<br> *Charge* | *With*<br> *Sales*<br> *Charge* |
|  Institutional | (12.97)% | (25.65)% | N/A | (23.22)% | N/A |
|  Investor A | (13.19) | (25.92) | (29.80)% | (23.49) | (27.37)% |
|  Class K | (12.97) | (25.64) | N/A | (23.21) | N/A |
|  **MSCI EAFE Index<sup>(d)</sup>**  | (12.70) | (23.00) | N/A | (21.64) | N/A |

---

<sup>(a)</sup> 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. 

<sup>(b)</sup> 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 of companies that are components of, or have characteristics similar to, the companies included in the MSCI EAFE Index, and derivatives with similar economic characteristics. 

<sup>(c)</sup> The Fund commenced operations on October 18, 2021.

<sup>(d)</sup> 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.

**Expense Example** 

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Actual | Actual | Actual | Actual | Actual | Actual |  | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  | | |  |
|  | | *Beginning* | | *Ending* | | *Expenses* | | | *Beginning* | | *Ending* | | *Expenses* | | | *Annualized* | |
|  | | *Account Value* | | *Account Value* | | *Paid During* | | | *Account Value* | | *Account Value* | | *Paid During* | | | *Expense* | |
|  | | *(5/01/22)* | | *(10/31/22)* | | *the Period* | *<sup>(a)</sup>* | | *(5/01/22)* | | *(10/31/22)* | | *the Period* | *<sup>(a)</sup>* | | *Ratio* | |
|  Institutional |  | $1000.00 |  | $870.30 |  | $3.08 |  |  | $1000.00 |  | $1021.91 |  | $3.31 |  |  | 0.65 | % |
|  Investor A |  | 1000.00 |  | 868.10 |  | 4.24 |  |  | 1000.00 |  | 1020.67 |  | 4.58 |  |  | 0.90 |  |
|  Class K |  | 1000.00 |  | 870.30 |  | 2.84 |  |  | 1000.00 |  | 1022.17 |  | 3.06 |  |  | 0.60 |  |

---

<sup>(a)</sup> 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 one-half year period shown).

See "Disclosure of Expenses" for further information on how expenses were calculated.

**Portfolio Information** 

---

| | |
|:---|:---|
| **TEN LARGEST HOLDINGS** | **TEN LARGEST HOLDINGS** |
| *Security<sup>(a)</sup>* | *Percent of*<br> *Net Assets* |
|  Schneider Electric SE | 4.6% |
|  AstraZeneca PLC | 4.3 |
|  Roche Holding AG | 4.2 |
|  Allianz SE, Registered Shares | 4.1 |
|  Nestle SA, Registered Shares | 4.1 |
|  L'Oreal SA | 4.0 |
|  BNP Paribas SA | 4.0 |
|  Iberdrola SA | 4.0 |
|  RELX PLC | 3.9 |
|  Mastercard, Inc., Class A | 3.6 |

---

---

| | |
|:---|:---|
| **GEOGRAPHIC ALLOCATION** | **GEOGRAPHIC ALLOCATION** |
| *Country* | *Percent of*<br> *Net Assets* |
|  United Kingdom | 22.7% |
|  Japan | 14.3 |
|  United States | 14.1 |
|  France | 13.9 |
|  Switzerland | 11.7 |
|  Germany | 8.6 |
|  Netherlands | 5.0 |
|  Spain | 4.0 |
|  Denmark | 3.4 |
|  Finland | 2.1 |
|  Other Assets Less Liabilities | 0.2 |

---

<sup>(a)</sup> Excludes short-term securities.

F U N D S U M M A R Y 5

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **BlackRock Sustainable U.S. Growth Equity Fund** |

---

**Investment Objective** 

**BlackRock Sustainable U.S. Growth Equity Fund's (the "Fund")** investment objective is to seek to maximize total return while seeking to maintain certain environmental, social and governance ("ESG") characteristics, climate risk exposure and climate opportunities relative to the Fund's benchmark.

**Portfolio Management Commentary** 

**How did the Fund perform?** 

For the six month period ended October 31, 2022, the Fund underperformed its benchmark, the Russell 1000<sup>®</sup> Growth Index.

**What factors influenced performance?** 

Stock selection in the information technology sector, particularly among semiconductor stocks, was the largest detractor from performance. The Fund's zero weighting in biotechnology stocks in the healthcare sector also proved detrimental, as did stock selection in the materials and financials sectors.

Stock selection in the industrials sector made the largest positive contribution to performance. Specifically, stock selection in the machinery industry and an overweight in commercial services and supplies companies helped results. A zero weighting in real estate investment trusts was additive to performance, as well. Selection in the software and health care providers and services industries was an additional contributor.

**Describe recent portfolio activity.** 

The Fund's weightings in the healthcare and industrials sectors rose due to the combination of portfolio trading activity and market price changes. Conversely, the Fund's weightings in technology and communication services declined.

**Describe portfolio positioning at period end.** 

The Fund's largest allocations were in the technology, healthcare and consumer discretionary sectors. Relative to the Russell 1000<sup>®</sup> Growth Index, the largest overweight positions were in healthcare, materials and financials. The Fund's largest underweights were in consumer staples, communication services and energy.

The Fund maintained a 11% ESG score premium to the benchmark as of the close of the period. From a carbon emissions intensity perspective, the Fund had an absolute carbon footprint that was 12% below the benchmark, while its carbon emissions intensity by sales and total capital were 57% and 59% lower, respectively. In alignment with its objective, the Fund was overweight in companies that have committed to setting science-based targets for reducing greenhouse gas emissions.

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.

6 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **BlackRock Sustainable U.S. Growth Equity Fund** |

---

**Performance** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> |
|  |  | | 1 Year | 1 Year | Since Inception<sup>(c)</sup> | Since Inception<sup>(c)</sup> |
|  | | *6-Month*<br> *Total*<br> *Returns* | *Without*<br> *Sales*<br> *Charge* | *With*<br> *Sales*<br> *Charge* | *Without*<br> *Sales*<br> *Charge* | *With*<br> *Sales*<br> *Charge* |
|  Institutional |  | (11.42)% | (35.45)% | N/A | (32.45)% | N/A |
|  Investor A |  | (11.45) | (35.56) | (38.95)% | (32.56) | (35.98)% |
|  Class K |  | (11.28) | (35.35) | N/A | (32.35) | N/A |
|  **Russell 1000**<sup>®</sup> **Growth Index**<sup>(d)</sup>  |  | (8.23) | (24.60) | N/A | (21.36) | N/A |

---

<sup>(a)</sup> 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. 

<sup>(b)</sup> 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 of U.S. issuers and derivatives with similar economic characteristics. 

<sup>(c)</sup> The Fund commenced operations on October 18, 2021.

<sup>(d)</sup> An index that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000<sup>®</sup> companies with higher price-to-book ratios and higher forecasted growth values.

N/A - Not applicable as share class and index do not have a sales charge.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

**Expense Example** 

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Actual | Actual | Actual | Actual | Actual | Actual |  | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  | | |  |
|  | | *Beginning* | | *Ending* | | *Expenses* | | | *Beginning* | | *Ending* | | *Expenses* | | | *Annualized* | |
|  | | *Account Value* | | *Account Value* | | *Paid During* | | | *Account Value* | | *Account Value* | | *Paid During* | | | *Expense* | |
|  | | *(5/01/22)* | | *(10/31/22)* | | *the Period* | *<sup>(a)</sup>* | | *(5/01/22)* | | *(10/31/22)* | | *the Period* | *<sup>(a)</sup>* | | *Ratio* | |
|  Institutional |  | $1000.00 |  | $885.80 |  | $3.20 |  |  | $1000.00 |  | $1021.81 |  | $3.41 |  |  | 0.67 | % |
|  Investor A |  | 1000.00 |  | 885.50 |  | 4.39 |  |  | 1000.00 |  | 1020.55 |  | 4.69 |  |  | 0.92 |  |
|  Class K |  | 1000.00 |  | 887.20 |  | 2.96 |  |  | 1000.00 |  | 1022.07 |  | 3.16 |  |  | 0.62 |  |

---

<sup>(a)</sup> 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 one-half year period shown).

See "Disclosure of Expenses" for further information on how expenses were calculated.

**Portfolio Information** 

---

| | |
|:---|:---|
| **TEN LARGEST HOLDINGS** | **TEN LARGEST HOLDINGS** |
| *Security<sup>(a)</sup>* | *Percent of*<br> *Net Assets* |
|  Microsoft Corp. | 11.5% |
|  Apple, Inc. | 9.2 |
|  Amazon.com, Inc. | 7.5 |
|  Visa, Inc., Class A | 6.6 |
|  Intuit, Inc. | 4.5 |
|  S&P Global, Inc. | 4.5 |
|  UnitedHealth Group, Inc. | 4.0 |
|  Alphabet, Inc., Class A | 4.0 |
|  Tesla, Inc. | 3.8 |
|  Chart Industries, Inc. | 3.7 |

---

---

| | |
|:---|:---|
| **SECTOR ALLOCATION** | **SECTOR ALLOCATION** |
| *Sector<sup>(b)</sup>* | *Percent of*<br> *Net Assets* |
|  Information Technology | 43.5% |
|  Health Care | 15.7 |
|  Consumer Discretionary | 15.4 |
|  Industrials | 8.7 |
|  Financials | 4.5 |
|  Communication Services | 4.0 |
|  Materials | 3.1 |
|  Consumer Staples | 2.6 |
|  Short-Term Securities | 7.8 |
|  Liabilities in Excess of Other Assets | (5.3) |

---

<sup>(a)</sup> Excludes short-term securities.

<sup>(b)</sup> 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. 

F U N D S U M M A R Y 7

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **BlackRock Sustainable U.S. Value Equity Fund** |

---

**Investment Objective** 

**BlackRock Sustainable U.S. Value Equity Fund's (the "Fund")** investment objective is to seek to maximize total return while seeking to maintain certain environmental, social and governance ("ESG") characteristics, climate risk exposure and climate opportunities relative to the Fund's benchmark.

**Portfolio Management Commentary** 

**How did the Fund perform?** 

For the six-month period ended October 31, 2022, the Fund underperformed its benchmark, the Russell 1000<sup>®</sup> Value Index.

**What factors influenced performance?** 

Stock selection and allocation decisions in the consumer staples sector, particularly in the beverages and food products industries, made the largest contributor to relative performance. An underweight in real estate boosted relative results, as did allocation decisions in the communication services sector. The Fund's cash position further contributed given the poor performance for equities.

Positioning in the information technology sector—especially selection in the IT services and technology hardware, storage, and peripherals industries—was the largest detractor from relative performance. The Fund was also hurt by an overweight in metals and mining stocks in the materials sector. Selection in industrials and consumer discretionary detracted, as well.

**Describe recent portfolio activity.** 

The Fund's weightings in the industrials, information technology and financials sectors rose due to the combination of portfolio trading activity and market price changes. Conversely, the Fund's weightings in materials, communication services and utilities declined.

**Describe portfolio positioning at period end.** 

The Fund's largest allocations were in the financials, health care and information technology sectors. Relative to the Russell 1000<sup>®</sup> Value Index, the largest overweight positions were in consumer discretionary, health care and financials sectors. The Fund's largest underweights were in industrials, communication services, and real estate.

As of period end, the fund maintained a 13% ESG score premium to the benchmark. From a carbon emissions intensity perspective, the Fund had an absolute carbon footprint of 3,247,830 compared to the benchmark of 9,383,111. Carbon emissions intensity by sales was 108.8% compared to the benchmark of 249.8%. Carbon emissions intensity by capital was 51.9% compared to the benchmark of 121.6%. In alignment with its climate opportunities objective, the Fund invested a greater percentage of its portfolio than the benchmark in companies that have committed to setting science based targets for reducing greenhouse gas ("GHG") emissions.

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.

8 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **BlackRock Sustainable U.S. Value Equity Fund** |

---

**Performance** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> |
|  |  | | 1 Year | 1 Year | Since Inception<sup>(c)</sup> | Since Inception<sup>(c)</sup> |
|  | | *6-Month*<br> *Total*<br> *Returns* | *Without*<br> *Sales*<br> *Charge* | *With*<br> *Sales*<br> *Charge* | *Without*<br> *Sales*<br> *Charge* | *With*<br> *Sales*<br> *Charge* |
|  Institutional |  | (6.02)% | (8.91)% | N/A | (7.30)% | N/A |
|  Investor A |  | (6.29) | (9.22) | (13.99)% | (7.60) | (12.29)% |
|  Class K |  | (6.01) | (8.89) | N/A | (7.27) | N/A |
|  **Russell 1000**<sup>®</sup> **Value Inde**x<sup>(d)</sup>  |  | (3.19) | (7.00) | N/A | (5.52) | N/A |

---

<sup>(a)</sup> 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. 

<sup>(b)</sup> 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 of U.S. issuers and derivatives with similar economic characteristics. 

<sup>(c)</sup> The Fund commenced operations on October 18, 2021.

<sup>(d)</sup> An index that measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000<sup>®</sup> companies with lower price-to-book ratios and lower expected growth values.

N/A - Not applicable as share class and index do not have a sales charge.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

**Expense Example** 

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Actual | Actual | Actual | Actual | Actual | Actual |  | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  | | |  |
|  | | *Beginning* | | *Ending* | | *Expenses* | | | *Beginning* | | *Ending* | | *Expenses* | | | *Annualized* | |
|  | | *Account Value* | | *Account Value* | | *Paid During* | | | *Account Value* | | *Account Value* | | *Paid During* | | | *Expense* | |
|  | | *(5/01/22)* | | *(10/31/22)* | | *the Period* | *<sup>(a)</sup>* | | *(5/01/22)* | | *(10/31/22)* | | *the Period* | *<sup>(a)</sup>* | | *Ratio* | |
|  Institutional |  | $1000.00 |  | $939.80 |  | $2.60 |  |  | $1000.00 |  | $1022.52 |  | $2.70 |  |  | 0.53 | % |
|  Investor A |  | 1000.00 |  | 937.10 |  | 3.82 |  |  | 1000.00 |  | 1021.26 |  | 3.97 |  |  | 0.78 |  |
|  Class K |  | 1000.00 |  | 939.90 |  | 2.36 |  |  | 1000.00 |  | 1022.78 |  | 2.45 |  |  | 0.48 |  |

---

<sup>(a)</sup> 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 one-half year period shown).

See "Disclosure of Expenses" for further information on how expenses were calculated.

**Portfolio Information** 

---

| | |
|:---|:---|
| **TEN LARGEST HOLDINGS** | **TEN LARGEST HOLDINGS** |
| *Security* | *Percent of<br>Net Assets* |
|  Wells Fargo & Co. | 3.0% |
|  Willis Towers Watson PLC | 2.9 |
|  Cisco Systems, Inc. | 2.9 |
|  Laboratory Corp. of America Holdings | 2.8 |
|  Cigna Corp. | 2.7 |
|  Sanofi | 2.6 |
|  Cognizant Technology Solutions Corp., Class A | 2.6 |
|  Shell PLC | 2.6 |
|  American International Group, Inc. | 2.6 |
|  AstraZeneca PLC | 2.5 |

---

---

| | |
|:---|:---|
| **SECTOR ALLOCATION** | **SECTOR ALLOCATION** |
| *Sector* | *Percent of<br>Net Assets* |
|  Financials | 22.3% |
|  Health Care | 20.3 |
|  Information Technology | 14.0 |
|  Consumer Discretionary | 10.1 |
|  Energy | 8.8 |
|  Industrials | 5.7 |
|  Consumer Staples | 4.9 |
|  Materials | 4.2 |
|  Utilities | 3.7 |
|  Communication Services | 3.2 |
|  Real Estate | 1.3 |
|  Short-Term Securities | 2.0 |
|  Liabilities in Excess of Other Assets | (0.5) |

---

F U N D S U M M A R Y 9

------

About Fund Performance

**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.

**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.

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 tables assume reinvestment of all distributions, if any, at net asset value ("NAV") on the ex-dividend date or payable date, as applicable. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Distributions paid to each class of shares will vary because of the different levels of service, distribution and transfer agency fees applicable to each class, which are deducted from the income available to be paid to shareholders.

BlackRock Advisors, LLC (the "Manager"), each Fund's investment adviser, has contractually and/or voluntarily agreed to waive and/or reimburse a portion of each Fund's expenses. Without such waiver(s) and/or reimbursement(s), each Fund's performance would have been lower. With respect to each Fund's voluntary waiver(s), if any, the Manager is under no obligation to waive and/or reimburse or to continue waiving and/or reimbursing its fees and such voluntary waiver(s) may be reduced or discontinued at any time. With respect to each Fund's contractual waiver(s), if any, the Manager is under no obligation to continue waiving and/or reimbursing its fees after the applicable termination date of such agreement. See the Notes to Financial Statements for additional information on waivers and/or reimbursements.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (a) transactional expenses, such as sales charges; and (b) operating expenses, including investment advisory fees, administration fees, service and distribution fees, including 12b-1 fees, acquired fund fees and expenses, and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other mutual funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number corresponding to their Fund and share class under the heading entitled "Expenses Paid During the Period."

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in these Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in shareholder reports of other funds.

The expenses shown in the expense examples are intended to highlight shareholders' ongoing costs only and do not reflect transactional expenses, such as sales charges, if any. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

10 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) <br> October 31, 2022 | **BlackRock Sustainable International Equity Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
|  **Denmark — 3.4%** |  |  |
|  Novo Nordisk A/S, Class B | 1205 | $131021 |
|  **Finland — 2.1%** |  |  |
|  Kone Oyj, Class B | 1910 | 78206 |
|  **France — 13.9%** |  |  |
|  BNP Paribas SA | 3237 | 151796 |
|  Euroapi SA<sup>(a)</sup>  | 2772 | 48507 |
|  L'Oreal SA | 485 | 152292 |
|  Schneider Electric SE | 1386 | 175269 |
|  |  | 527864 |
| **Germany — 8.6%** |  |  |
|  Allianz SE, Registered Shares | 873 | 157057 |
|  Puma SE | 1343 | 59375 |
|  Symrise AG | 1086 | 110851 |
|  |  | 327283 |
| **Japan — 14.3%** |  |  |
|  Dai-ichi Life Holdings, Inc. | 4700 | 74649 |
|  Ebara Corp. | 2300 | 74732 |
|  Kurita Water Industries Ltd. | 2500 | 91512 |
|  Recruit Holdings Co. Ltd. | 1900 | 58465 |
|  Sony Group Corp. | 1900 | 128126 |
|  Toyota Motor Corp. | 8400 | 116547 |
|  |  | 544031 |
| **Netherlands — 5.0%** |  |  |
|  ASML Holding NV | 275 | 128999 |
|  Koninklijke DSM NV | 517 | 60815 |
|  |  | 189814 |
| **Spain — 4.0%** |  |  |
|  Iberdrola SA | 14778 | 150282 |
|  **Switzerland — 11.7%** |  |  |
|  Lonza Group AG, Registered Shares | 249 | 128181 |
|  Nestle SA, Registered Shares | 1429 | 155559 |
|  Roche Holding AG | 482 | 159927 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443667 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **United Kingdom — 22.7%** |  |  |
|  Ashtead Group PLC | 2340 | $121898 |
|  AstraZeneca PLC | 1394 | 163561 |
|  Prudential PLC | 5680 | 52765 |
|  Reckitt Benckiser Group PLC | 1986 | 131799 |
|  RELX PLC | 5459 | 146631 |
|  Rentokil Initial PLC | 21447 | 133832 |
|  Smith & Nephew PLC | 9432 | 111457 |
|  |  | 861943 |
| **United States — 8.5%** |  |  |
|  Chart Industries, Inc.<sup>(a)</sup>  | 297 | 66195 |
|  Mastercard, Inc., Class A | 421 | 138164 |
|  Microsoft Corp. | 512 | 118851 |
|  |  | 323210 |
|  **Total Long-Term Investments — 94.2%<br>(Cost: $4,458,858)** |  | 3577321 |
|  **Short-Term Securities** |  |  |
|  **Money Market Funds — 5.6%** |  |  |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class, 2.92%<sup>(b)(c)</sup>  | 211162 | 211162 |
|  **Total Short-Term Securities — 5.6%<br>(Cost: $211,162)** |  | 211162 |
|  **Total Investments — 99.8%<br>(Cost: $4,670,020)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3788483 |
|  **Other Assets Less Liabilities — 0.2%** |  | 7392 |
|  **Net Assets — 100.0%** |  | $3795875 |
|  <sup>(a)</sup> Non-income producing security. |  |  |
|  <sup>(b)</sup> Affiliate of the Fund. |  |  |
|  <sup>(c)</sup> Annualized 7-day yield as of period end. |  |  |

---

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *04/30/22* | *Purchases*<br> *at Cost* | *Proceeds*<br> *from Sale* | *Net*<br> *Realized*<br> *Gain (Loss)* | *Value at*<br> *10/31/22* | *Shares*<br> *Held at*<br> *10/31/22* | *Income* | *Capital*<br> *Gain*<br> *Distributions*<br> *from Underlying*<br> *Funds* |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class | $242919 | $– $| (31757)<sup>(a)</sup> | $– $– $| 211162 | 211162 | $1473 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

S C H E D U L E S O F I N V E S T M E N T S 11

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Sustainable International Equity Fund** |

---

**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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark | $— | $131021 | $— | $131021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland |  | 78206 |  | 78206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 527863 |  | 527863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 327283 |  | 327283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 544032 |  | 544032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 189814 |  | 189814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 150282 |  | 150282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 443667 |  | 443667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 861944 |  | 861944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 323209 |  |  | 323209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 211162 |  |  | 211162 |
|  | $534371 | $&nbsp;&nbsp;&nbsp;&nbsp;3254112 | $— | $3788483 |

---

*See notes to financial statements.* 

12 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> October 31, 2022 | **BlackRock Sustainable U.S. Growth Equity Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
|  **Automobiles — 3.8%** |  |  |
|  Tesla, Inc.<sup>(a)</sup>  | 550 | $125147 |
|  **Capital Markets — 4.5%** |  |  |
|  S&P Global, Inc. | 466 | 149702 |
|  **Chemicals — 1.8%** |  |  |
|  Ecolab, Inc. | 383 | 60158 |
|  **Commercial Services & Supplies — 2.9%** |  |  |
|  Copart, Inc.<sup>(a)</sup>  | 826 | 95007 |
|  **Containers & Packaging — 1.3%** |  |  |
|  Ball Corp. | 889 | 43908 |
|  **Health Care Equipment & Supplies — 3.1%** |  |  |
|  Boston Scientific Corp.<sup>(a)</sup>  | 1544 | 66562 |
|  IDEXX Laboratories, Inc.<sup>(a)</sup>  | 106 | 38126 |
|  |  | 104688 |
| **Health Care Providers & Services — 6.8%** |  |  |
|  Humana, Inc. | 168 | 93758 |
|  UnitedHealth Group, Inc. | 242 | 134346 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228104 |
| **Interactive Media & Services — 4.0%** |  |  |
|  Alphabet, Inc., Class A<sup>(a)</sup>  | 1406 | 132881 |
|  **Internet & Direct Marketing Retail — 9.5%** |  |  |
|  Amazon.com, Inc.<sup>(a)</sup>  | 2456 | 251593 |
|  Etsy, Inc.<sup>(a)</sup>  | 685 | 64328 |
|  |  | 315921 |
| **IT Services — 8.1%** |  |  |
|  Adyen NV<sup>(a)(b)</sup>  | 37 | 52821 |
|  Visa, Inc., Class A<sup>(c)</sup>  | 1056 | 218761 |
|  |  | 271582 |
| **Life Sciences Tools & Services — 5.7%** |  |  |
|  Danaher Corp. | 193 | 48572 |
|  Lonza Group AG, Registered Shares | 170 | 87513 |
|  West Pharmaceutical Services, Inc. | 236 | 54304 |
|  |  | 190389 |
| **Machinery — 5.8%** |  |  |
|  Chart Industries, Inc.<sup>(a)</sup>  | 551 | 122807 |
|  Xylem, Inc. | 705 | 72213 |
|  |  | 195020 |
| **Personal Products — 2.6%** |  |  |
|  L'Oreal SA | 272 | 85409 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Semiconductors & Semiconductor Equipment — 7.1%** | **Semiconductors & Semiconductor Equipment — 7.1%** | **Semiconductors & Semiconductor Equipment — 7.1%** |
|  ASML Holding NV, Registered Shares | 236 | $111491 |
|  Marvell Technology, Inc. | 1529 | 60671 |
|  NVIDIA Corp. | 479 | 64650 |
|  |  | 236812 |
| **Software — 19.1%** |  |  |
|  Cadence Design Systems, Inc.<sup>(a)</sup>  | 391 | 59193 |
|  Intuit, Inc. | 351 | 150053 |
|  Microsoft Corp. | 1660 | 385336 |
|  ServiceNow, Inc.<sup>(a)</sup>  | 102 | 42915 |
|  |  | 637497 |
| **Technology Hardware, Storage & Peripherals — 9.2%** | **Technology Hardware, Storage & Peripherals — 9.2%** | **Technology Hardware, Storage & Peripherals — 9.2%** |
|  Apple, Inc. | 1999 | 306527 |
|  **Textiles, Apparel & Luxury Goods — 2.2%** |  |  |
|  Kering SA | 161 | 73732 |
|  **Total Long-Term Investments — 97.5%<br>(Cost: $4,310,642)** |  | 3252484 |
|  **Short-Term Securities** |  |  |
|  **Money Market Funds — 7.8%** |  |  |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class, 2.92%<sup>(d)(e)</sup>  | 37149 | 37149 |
|  SL Liquidity Series, LLC, Money Market Series, 3.37%<sup>(d)(e)(f)</sup>  | 223194 | 223038 |
|  **Total Short-Term Securities — 7.8%<br>(Cost: $260,222)** |  | 260187 |
|  **Total Investments — 105.3%<br>(Cost: $4,570,864)** |  | 3512671 |
|  **Liabilities in Excess of Other Assets — (5.3)%** |  | (175838) |
|  **Net Assets — 100.0%** |  | $3336833 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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.

<sup>(c)</sup> All or a portion of this security is on loan.

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Annualized 7-day yield as of period end.

<sup>(f)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

S C H E D U L E S O F I N V E S T M E N T S 13

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Sustainable U.S. Growth Equity Fund** |

---

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *04/30/22* | *Purchases*<br> *at Cost* | *Proceeds*<br> *from Sale* | *Net*<br> *Realized*<br> *Gain (Loss)* | *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* | *Value at*<br> *10/31/22* | *Shares*<br> *Held at*<br> *10/31/22* | *Income* | *Capital*<br> *Gain<br>Distributions*<br> *from Underlying*<br> *Funds* |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class | $&nbsp;&nbsp;&nbsp;&nbsp;22321 | $14828 <sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $37149 | 37149 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | $— |
|  SL Liquidity Series, LLC, Money Market Series | 63400 | 159827 <sup>(a)</sup> |  | (154) | (35) | 223038 | 223194 | 90 <sup>(b)</sup> |  |
|  |  |  |  | $(154) | $(35) | $260187 |  | $240 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> 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.

**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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles | $125147 | $— | $— | $125147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 149702 |  |  | 149702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 60158 |  |  | 60158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 95007 |  |  | 95007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | 43908 |  |  | 43908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 104688 |  |  | 104688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 228104 |  |  | 228104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 132881 |  |  | 132881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Internet & Direct Marketing Retail | 315921 |  |  | 315921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services | 218761 | 52821 |  | 271582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 102876 | 87513 |  | 190389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery | 195020 |  |  | 195020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personal Products |  | 85409 |  | 85409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 236812 |  |  | 236812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | 637497 |  |  | 637497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 306527 |  |  | 306527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods |  | 73732 |  | 73732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 37149 |  |  | 37149 |
|  | $2990158 | $299475 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 3289633 |
|  Investments valued at NAV<sup>(a)</sup>  |  |  |  | 223038 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;3512671 |

---

<sup>(a)</sup> 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.

*See notes to financial statements.* 

14 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) <br> October 31, 2022 | **BlackRock Sustainable U.S. Value Equity Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
|  **Aerospace & Defense — 1.1%** |  |  |
|  L3Harris Technologies, Inc. | 198 | $48801 |
|  **Auto Components — 1.0%** |  |  |
|  Lear Corp. | 318 | 44110 |
|  **Automobiles — 2.3%** |  |  |
|  General Motors Co. | 2687 | 105465 |
|  **Banks — 10.4%** |  |  |
|  Citigroup, Inc. | 2402 | 110156 |
|  Citizens Financial Group, Inc. | 1620 | 66258 |
|  Comerica, Inc. | 1197 | 84389 |
|  JPMorgan Chase & Co. | 639 | 80437 |
|  Wells Fargo & Co. | 2976 | 136866 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478106 |
|  **Beverages — 2.3%** |  |  |
|  PepsiCo, Inc. | 597 | 108403 |
|  **Capital Markets — 3.6%** |  |  |
|  Charles Schwab Corp. | 685 | 54574 |
|  Invesco Ltd. | 2985 | 45730 |
|  Morgan Stanley | 820 | 67380 |
|  |  | 167684 |
|  **Chemicals — 1.4%** |  |  |
|  PPG Industries, Inc. | 579 | 66110 |
|  **Communications Equipment — 3.4%** |  |  |
|  Ciena Corp.<sup>(a)(b)</sup>  | 549 | 26297 |
|  Cisco Systems, Inc. | 2920 | 132656 |
|  |  | 158953 |
|  **Containers & Packaging — 1.6%** |  |  |
|  Sealed Air Corp. | 1591 | 75763 |
|  **Diversified Telecommunication Services — 2.1%** |  |  |
|  Verizon Communications, Inc. | 2554 | 95443 |
|  **Electronic Equipment, Instruments & Components — 1.2%** |  |  |
|  Zebra Technologies Corp., Class A<sup>(a)</sup>  | 195 | 55228 |
|  **Food Products — 1.2%** |  |  |
|  Kraft Heinz Co. | 1420 | 54627 |
|  **Health Care Equipment & Supplies — 1.9%** |  |  |
|  Baxter International, Inc. | 1640 | 89134 |
|  **Health Care Providers & Services — 11.7%** |  |  |
|  Cardinal Health, Inc. | 1270 | 96393 |
|  Cigna Corp. | 379 | 122440 |
|  Elevance Health, Inc. | 173 | 94591 |
|  Humana, Inc. | 170 | 94874 |
|  Laboratory Corp. of America Holdings | 590 | 130897 |
|  |  | 539195 |
|  **Household Durables — 2.8%** |  |  |
|  Newell Brands, Inc. | 3673 | 50724 |
|  Panasonic Holdings Corp. | 10900 | 77637 |
|  |  | 128361 |
|  **Household Products — 1.3%** |  |  |
|  Reckitt Benckiser Group PLC | 905 | 60059 |
|  **Insurance — 8.3%** |  |  |
|  American International Group, Inc. | 2088 | 119016 |
|  Fidelity National Financial, Inc. | 918 | 36151 |
|  First American Financial Corp. | 766 | 38606 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Insurance (continued)** |  |  |  |
|  Prudential PLC | 5644 | $| 52431 |
|  Willis Towers Watson PLC | 624 |  | 136163 |
|  |  |  | 382367 |
| **IT Services — 5.7%** |  |  |  |
|  Cognizant Technology Solutions Corp., Class A | 1937 |  | 120579 |
|  Fidelity National Information Services, Inc. | 1183 |  | 98177 |
|  Visa, Inc., Class A | 226 |  | 46818 |
|  |  |  | 265574 |
| **Machinery — 1.9%** |  |  |  |
|  Komatsu Ltd. | 4600 |  | 90115 |
|  **Metals & Mining — 1.1%** |  |  |  |
|  Newmont Corp. | 1170 |  | 49514 |
|  **Multiline Retail — 1.9%** |  |  |  |
|  Dollar Tree, Inc.<sup>(a)</sup>  | 547 |  | 86700 |
|  **Multi-Utilities — 3.7%** |  |  |  |
|  Public Service Enterprise Group, Inc. | 1568 |  | 87918 |
|  Sempra Energy | 556 |  | 83922 |
|  |  |  | 171840 |
| **Oil, Gas & Consumable Fuels — 8.8%** |  |  |  |
|  Cheniere Energy, Inc. | 500 |  | 88205 |
|  EQT Corp. | 1454 |  | 60835 |
|  Hess Corp. | 323 |  | 45569 |
|  Shell PLC | 4300 |  | 119117 |
|  Woodside Energy Group Ltd. | 4021 |  | 92959 |
|  |  |  | 406685 |
| **Pharmaceuticals — 6.7%** |  |  |  |
|  AstraZeneca PLC | 996 |  | 116863 |
|  Eli Lilly & Co. | 70 |  | 25346 |
|  Novo Nordisk A/S, ADR | 420 |  | 45713 |
|  Sanofi | 1416 |  | 121858 |
|  |  |  | 309780 |
| **Professional Services — 1.0%** |  |  |  |
|  Robert Half International, Inc. | 576 |  | 44041 |
|  **Real Estate Management & Development — 1.3%** |  |  |  |
|  CBRE Group, Inc., Class A<sup>(a)</sup>  | 855 |  | 60654 |
|  **Road & Rail — 1.8%** |  |  |  |
|  Norfolk Southern Corp. | 357 |  | 81421 |
|  **Software — 1.9%** |  |  |  |
|  Microsoft Corp. | 378 |  | 87745 |
|  **Technology Hardware, Storage & Peripherals — 1.7%** | **Technology Hardware, Storage & Peripherals — 1.7%** | **Technology Hardware, Storage & Peripherals — 1.7%** | **Technology Hardware, Storage & Peripherals — 1.7%** |
|  Western Digital Corp.<sup>(a)</sup>  | 2277 |  | 78261 |
|  **Textiles, Apparel & Luxury Goods — 2.2%** |  |  |  |
|  Ralph Lauren Corp. | 1093 |  | 101310 |
|  **Wireless Telecommunication Services — 1.2%** |  |  |  |
|  Rogers Communications, Inc., Class B | 1291 |  | 53740 |
|  **Total Long-Term Investments — 98.5%<br>(Cost: $5,001,533)** |  |  | 4545189 |

---

S C H E D U L E S O F I N V E S T M E N T S 15

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Sustainable U.S. Value Equity Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 2.0%** |  |  |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class, 2.92%<sup>(c)(d)</sup>  | 66899 | $66899 |
|  SL Liquidity Series, LLC, Money Market Series, 3.37%<sup>(c)(d)(e)</sup>  | 26893 | 26874 |
|  **Total Short-Term Securities — 2.0%<br>(Cost: $93,778)** |  | 93773 |
|  **Total Investments — 100.5%<br>(Cost: $5,095,311)** |  | &nbsp;&nbsp;&nbsp;&nbsp;4638962 |
|  **Liabilities in Excess of Other Assets — (0.5)%** |  | (21922) |
|  **Net Assets — 100.0%** |  | $4617040 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

<sup>(e)</sup> 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, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | *Capital* | |
|  |  |  |  |  |  |  |  |  | *Change in* |  |  |  |  |  |  | *Gain* | |
|  |  |  |  |  |  |  | *Net* | | *Unrealized* |  | | *Shares* | |  |  | *Distributions* | |
|  | *Value at* | | *Purchases* | | *Proceeds* | | *Realized* | | *Appreciation* | *Value at* | | *Held at* | |  |  | *from Underlying* | |
|  *Affiliated Issuer* | *04/30/22* | | *at Cost* | | *from Sale* | | *Gain (Loss)* | | *(Depreciation* | *10/31/22* | | *10/31/22* | | *Income* | | *Funds* | |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class | $101438 |  | $— |  | $(34539) |)<sup>(a)</sup> | $— |  | $— | $66899 |  | 66899 |  | $386 |  | $— |  |
|  SL Liquidity Series, LLC, Money Market Series |  |  | 26879 | <sup>(a)</sup> |  |  |  |  | (5) | 26874 |  | 26893 |  | 9 | <sup>(b)</sup> |  |  |
|  |  |  |  |  |  |  | $— |  | $(5) | $93773 |  |  |  | $395 |  | $— |  |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> 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.

**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 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $48801 |  | $— | $— | $48801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auto Components | 44110 |  |  |  | 44110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 105465 |  |  |  | 105465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks | &nbsp;&nbsp;&nbsp;&nbsp;478106 |  |  |  | 478106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beverages | 108403 |  |  |  | 108403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 167684 |  |  |  | 167684 |

---

16 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Sustainable U.S. Value Equity Fund** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Level 1* | | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks (continued) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals | $66110 |  | $— | $— | $66110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 158953 |  |  |  | 158953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | 75763 |  |  |  | 75763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | 95443 |  |  |  | 95443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 55228 |  |  |  | 55228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food Products | 54627 |  |  |  | 54627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 89134 |  |  |  | 89134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 539195 |  |  |  | 539195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Durables | 50724 |  | 77637 |  | 128361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Products |  |  | 60059 |  | 60059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance | 329936 |  | 52431 |  | 382367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services | 265574 |  |  |  | 265574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery |  |  | 90115 |  | 90115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 49514 |  |  |  | 49514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multiline Retail | 86700 |  |  |  | 86700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | 171840 |  |  |  | 171840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 194609 |  | 212076 |  | 406685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 71059 |  | 238721 |  | 309780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 44041 |  |  |  | 44041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | 60654 |  |  |  | 60654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Road & Rail | 81421 |  |  |  | 81421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | 87745 |  |  |  | 87745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 78261 |  |  |  | 78261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 101310 |  |  |  | 101310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | 53740 |  |  |  | 53740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 66899 |  |  |  | 66899 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;3881049 |  | $&nbsp;&nbsp;&nbsp;&nbsp;731039 | $— | 4612088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments valued at NAV<sup>(a)</sup>  |  |  |  |  | 26874 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;4638962 |

---

<sup>(a)</sup> 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.

*See notes to financial statements.* 

S C H E D U L E S O F I N V E S T M E N T S 17

------

Statements of Assets and Liabilities (unaudited)

October 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | BlackRock<br>Sustainable<br>International<br>Equity<br>Fund | BlackRock<br>Sustainable<br>U.S. Growth<br>Equity<br>Fund | BlackRock<br>Sustainable<br>U.S. Value<br>Equity<br>Fund |
|  **ASSETS** |  |  |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup>  | $3577321 | $3252484 | $4545189 |
|  Investments, at value — affiliated<sup>(c)</sup>  | 211162 | 260187 | 93773 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 5751 | 190150 | 79136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated |  | 61 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 5828 |  | 5649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 459 | 50 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp; From the Manager | 15961 | 14842 | 15020 |
|  Prepaid expenses | 39505 | 39920 | 39900 |
|  Total assets | 3855987 | 3757694 | 4778785 |
|  **LIABILITIES** |  |  |  |
|  Collateral on securities loaned |  | 223212 | 26879 |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased |  | 147665 | 78766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services fees | 9152 | 9146 | 9161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 9966 | 6970 | 6025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' and Officer's fees | 2914 | 2916 | 2910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 940 | 907 | 875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing fees | 3331 | 4169 | 4169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 33793 | 25862 | 32926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service fees | 16 | 14 | 34 |
|  Total liabilities | 60112 | 420861 | 161745 |
|  NET ASSETS | $3795875 | $3336833 | $4617040 |
|  **NET ASSETS CONSIST OF:** |  |  |  |
|  Paid-in capital | $4994001 | $4998429 | $5083757 |
|  Accumulated loss | (1198126) | (1661596) | (466717) |
|  NET ASSETS | $3795875 | $3336833 | $4617040 |
|  <sup>(a)</sup> Investments, at cost — unaffiliated | $4458858 | $4310642 | $5001533 |
|  <sup>(b)</sup> Securities loaned, at value | $— | $216482 | $26010 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $211162 | $260222 | $93778 |

---

18 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statements of Assets and Liabilities (unaudited) (continued)

October 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | BlackRock<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sustainable<br>International<br>Equity<br>Fund | BlackRock<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sustainable<br>U.S. Growth<br>Equity<br>Fund | BlackRock<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sustainable<br>U.S. Value<br>Equity<br>Fund |
|  **NET ASSET VALUE** |  |  |  |
| **Institutional** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $75864 | $68241 | $98657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 10000 | 10242 | 10881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $7.59 | $6.66 | $9.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 500 million | 500 million | 500 million |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 | $0.10 | $0.10 |
| **Investor A** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $76849 | $68968 | $165062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 10146 | 10376 | 18230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $7.57 | $6.65 | $9.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 100 million | 100 million | 100 million |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 | $0.10 | $0.10 |
| **Class K** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $3643162 | $3199624 | $4353321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 480000 | 480000 | 480000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $7.59 | $6.67 | $9.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 500 million | 500 million | 500 million |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 | $0.10 | $0.10 |

---

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 19

------

Statements of Operations (unaudited)

Six Months Ended October 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | BlackRock<br>Sustainable<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International<br>Equity<br>Fund | BlackRock<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sustainable<br>U.S. Growth<br>Equity<br>Fund | BlackRock<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sustainable<br>U.S. Value<br>Equity<br>Fund |
|  **INVESTMENT INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $59862 | $9782 | $60003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 1473 | 150 | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net |  | 90 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | (9148) | (689) | (1965) |
|  Total investment income | 52187 | 9333 | 58433 |
|  EXPENSES |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Offering | 48413 | 47036 | 48517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 34763 | 31298 | 30772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services | 18509 | 18496 | 18528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 12167 | 11034 | 11368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration | 7691 | 7691 | 7691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | 6891 | 3080 | 3167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors and Officer | 3823 | 3822 | 3823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration | 862 | 756 | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent — class specific | 471 | 496 | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration — class specific | 406 | 356 | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service — class specific | 103 | 92 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 6014 | 4713 | 4719 |
|  Total expenses | 140113 | 128870 | 130751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees waived and/or reimbursed by the Manager | (126922) | (116848) | (118180) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees waived by the Manager — class specific | (406) | (356) | (473) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees waived and/or reimbursed — class specific | (430) | (460) | (422) |
|  Total expenses after fees waived and/or reimbursed | 12355 | 11206 | 11676 |
|  Net investment income (loss) | 39832 | (1873) | 46757 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (225569) | (422716) | (56263) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated |  | (154) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 1588 | (357) | (690) |
|  | (223981) | (423227) | (56953) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (385076) | (3275) | (292937) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated |  | (35) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (8) | (4) | 132 |
|  | (385084) | (3314) | (292810) |
|  Net realized and unrealized loss | (609065) | (426541) | (349763) |
|  NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $(569233) | $(428414) | $(303006) |

---

*See notes to financial statements.* 

20 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock Sustainable International Equity<br> Fund | BlackRock Sustainable International Equity<br> Fund | BlackRock Sustainable U.S. Growth Equity Fund | BlackRock Sustainable U.S. Growth Equity Fund |
| | Six Months Ended<br> 10/31/22<br> (unaudited) | Period from<br> 10/18/21<sup>(a)</sup> <br> to 04/30/22 | Six Months Ended<br>10/31/22<br> (unaudited) | Period from<br> 10/18/21<sup>(a)</sup> <br> to 04/30/22 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $39832 | $16681 | $(1873) | $(6560) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized loss | (223981) | (147842) | (423227) | (179167) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (385084) | (496721) | (3314) | (1054879) |
|  Net decrease in net assets resulting from operations | (569233) | (627882) | (428414) | (1240606) |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(b)</sup>**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | (168) |  | (15) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A | (92) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | (8240) |  | (860) |  |
|  Decrease in net assets resulting from distributions to shareholders | (8500) |  | (875) |  |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase in net assets derived from capital share transactions | 1 | 5001489 | 1627 | 5005101 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase (decrease) in net assets | (577732) | 4373607 | (427662) | 3764495 |
|  Beginning of period | 4373607 |  | 3764495 |  |
|  End of period | $3795875 | $4373607 | $3336833 | $3764495 |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 21

------

Statements of Changes in Net Assets (continued)

---

| | | |
|:---|:---|:---|
|  | BlackRock Sustainable U.S. Value Equity Fund | BlackRock Sustainable U.S. Value Equity Fund |
|  | Six Months Ended | Period from |
|  | 10/31/22 | 10/18/21<sup>(a)</sup> |
| | (unaudited) | to 04/30/22 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $46757 | $43850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (56953) | 38503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (292810) | (163636) |
|  Net decrease in net assets resulting from operations | (303006) | (81283) |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(b)</sup>**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | (1455) | (280) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A | (2277) | (228) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | (70093) | (14408) |
|  Decrease in net assets resulting from distributions to shareholders | (73825) | (14916) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |
|  Net increase in net assets derived from capital share transactions | 51324 | 5038746 |
|  *NET ASSETS* |  |  |
|  Total increase (decrease) in net assets | (325507) | 4942547 |
|  Beginning of period | 4942547 |  |
|  End of period | $4617040 | $4942547 |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

22 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Sustainable International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Sustainable International Equity Fund |
|  | Institutional | Institutional |
| | Six Months<br> Ended<br>10/31/22<br>(unaudited) | Period from<br>10/18/21<sup>(a)</sup><br>to 04/30/22 |
|  **Net asset value, beginning of period** | $8.74 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.08 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss | (1.21) | (1.29) |
|  Net decrease from investment operations | (1.13) | (1.26) |
|  Distributions from net investment income | (0.02) |  |
|  **Net asset value, end of period** | $7.59 | $8.74 |
|  **Total Return<sup>(c)</sup>**  |  |  |
|  Based on net asset value | (12.97)%<sup>(d)</sup> | (12.60)%<sup>(d)</sup> |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |
|  Total expenses<sup>(f)</sup>  | 4.54 %<sup>(g)</sup> | 4.76 %<sup>(g)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.65 %<sup>(g)</sup> | 0.65 %<sup>(g)</sup> |
|  Net investment income | 1.92 %<sup>(g)</sup> | 0.60 %<sup>(g)</sup> |
|  **Supplemental Data** |  |  |
|  Net assets, end of period (000) | $76 | $87 |
|  Portfolio turnover rate | 17% | 20% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Audit, offering, organization and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 7.26% and 6.80%, respectively. 

<sup>(g)</sup> Annualized.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 23

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Sustainable International Equity Fund (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Sustainable International Equity Fund (continued) |
|  | Investor A | Investor A |
| | Six Months<br> Ended<br>10/31/22<br>(unaudited) | Period from<br>10/18/21<sup>(a)</sup><br>to 04/30/22 |
|  **Net asset value, beginning of period** | $8.73 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.07 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss | (1.22) | (1.29) |
|  Net decrease from investment operations | (1.15) | (1.27) |
|  Distributions from net investment income | (0.01) |  |
|  **Net asset value, end of period** | $7.57 | $8.73 |
|  **Total Return<sup>(c)</sup>**  |  |  |
|  Based on net asset value | (13.19)%<sup>(d)</sup> | (12.70)%<sup>(d)</sup> |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |
|  Total expenses<sup>(f)</sup>  | 4.81 %<sup>(g)</sup> | 5.01 %<sup>(g)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.90 %<sup>(g)</sup> | 0.90 %<sup>(g)</sup> |
|  Net investment income | 1.67 %<sup>(g)</sup> | 0.36 %<sup>(g)</sup> |
|  **Supplemental Data** |  |  |
|  Net assets, end of period (000) | $77 | $89 |
|  Portfolio turnover rate | 17% | 20% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Audit, offering, organization and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 7.53% and 7.05%, respectively. 

<sup>(g)</sup> Annualized.

*See notes to financial statements.* 

24 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Sustainable International Equity Fund (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Sustainable International Equity Fund (continued) |
|  | Class K | Class K |
| | Six Months<br> Ended<br>10/31/22<br>(unaudited) | Period from<br>10/18/21<sup>(a)</sup><br>to 04/30/22 |
|  **Net asset value, beginning of period** | $8.74 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.08 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss | (1.21) | (1.29) |
|  Net decrease from investment operations | (1.13) | (1.26) |
|  Distributions from net investment income | (0.02) |  |
|  **Net asset value, end of period** | $7.59 | $8.74 |
|  **Total Return<sup>(c)</sup>**  |  |  |
|  Based on net asset value | (12.97)%<sup>(d)</sup> | (12.60)%<sup>(d)</sup> |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |
|  Total expenses<sup>(f)</sup>  | 4.17 %<sup>(g)</sup> | 4.39 %<sup>(g)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.60 %<sup>(g)</sup> | 0.60 %<sup>(g)</sup> |
|  Net investment income | 1.97 %<sup>(g)</sup> | 0.65 %<sup>(g)</sup> |
|  **Supplemental Data** |  |  |
|  Net assets, end of period (000) | $3643 | $4198 |
|  Portfolio turnover rate | 17% | 20% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Audit, offering, organization and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 6.89% and 6.43%, respectively. 

<sup>(g)</sup> Annualized.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 25

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | |
|:---|:---|:---|
|  | BlackRock Sustainable U.S. Growth Equity Fund | BlackRock Sustainable U.S. Growth Equity Fund |
|  | Institutional | Institutional |
| | Six Months<br> Ended<br> 10/31/22<br> (unaudited)  | Period from<br> 10/18/21<br> to 04/30/22<br><sup>(a)</sup> <br>|
|  **Net asset value, beginning of period** | $7.52 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(b)</sup>  | (0.01) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss | (0.85) | (2.46) |
|  Net decrease from investment operations | (0.86) | (2.48) |
|  Distributions from net investment income | (0.00)<sup>(c)</sup> |  |
|  **Net asset value, end of period** | $6.66 | $7.52 |
|  **Total Return<sup>(d)</sup>**  |  |  |
|  Based on net asset value | (11.42)%<sup>(e)</sup> | (24.80)%<sup>(e)</sup> |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |
|  Total expenses<sup>(g)</sup>  | 5.61 %<sup>(h)</sup> | 4.69 %<sup>(h)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.67 %<sup>(h)</sup> | 0.67 %<sup>(h)</sup> |
|  Net investment loss | (0.15)%<sup>(h)</sup> | (0.31)%<sup>(h)</sup> |
|  **Supplemental Data** |  |  |
|  Net assets, end of period (000) | $68 | $76 |
|  Portfolio turnover rate | 11% | 7% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Amount is greater than $(0.005) per share. 

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Audit, offering, organization and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 7.67% and 6.73%, respectively. 

<sup>(h)</sup> Annualized.

*See notes to financial statements.* 

26 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Sustainable U.S. Growth Equity Fund (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Sustainable U.S. Growth Equity Fund (continued) |
|  | Investor A | Investor A |
| | Six Months<br> Ended<br> 10/31/22<br> (unaudited)  | Period from<br> 10/18/21<br> to 04/30/22<br><sup>(a)</sup> <br>|
|  **Net asset value, beginning of period** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.51 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(b)</sup>  | (0.01) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss | (0.85) | (2.46) |
|  Net decrease from investment operations | (0.86) | (2.49) |
|  **Net asset value, end of period** | $6.65 | $7.51 |
|  **Total Return<sup>(c)</sup>**  |  |  |
|  Based on net asset value | (11.45)%<sup>(d)</sup> | (24.90)%<sup>(d)</sup> |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |
|  Total expenses<sup>(f)</sup>  | 5.87 %<sup>(g)</sup> | 4.94 %<sup>(g)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.92 %<sup>(g)</sup> | 0.92 %<sup>(g)</sup> |
|  Net investment loss | (0.40)%<sup>(g)</sup> | (0.56)%<sup>(g)</sup> |
|  **Supplemental Data** |  |  |
|  Net assets, end of period (000) | $69 | $77 |
|  Portfolio turnover rate | 11% | 7% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Audit, offering, organization and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 7.93% and 6.98%, respectively. 

<sup>(g)</sup> Annualized.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 27

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | |
|:---|:---|:---|
|  | BlackRock Sustainable U.S. Growth Equity Fund (continued) | BlackRock Sustainable U.S. Growth Equity Fund (continued) |
|  | Class K | Class K |
| | Six Months<br> Ended<br> 10/31/22<br> (unaudited)  | Period from<br> 10/18/21<br> to 04/30/22<br><sup>(a)</sup> <br>|
|  **Net asset value, beginning of period** | $7.52 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(b)</sup>  | (0.00)<sup>(c)</sup> | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss | (0.85) | (2.47) |
|  Net decrease from investment operations | (0.85) | (2.48) |
|  Distributions from net investment income | (0.00)<sup>(c)</sup> |  |
|  **Net asset value, end of period** | $6.67 | $7.52 |
|  **Total Return<sup>(d)</sup>**  |  |  |
|  Based on net asset value | (11.28)%<sup>(e)</sup> | (24.80)%<sup>(e)</sup> |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |
|  Total expenses<sup>(g)</sup>  | 5.15 %<sup>(h)</sup> | 4.31 %<sup>(h)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.62 %<sup>(h)</sup> | 0.62 %<sup>(h)</sup> |
|  Net investment loss | (0.10)%<sup>(h)</sup> | (0.26)%<sup>(h)</sup> |
|  **Supplemental Data** |  |  |
|  Net assets, end of period (000) | $3200 | $3611 |
|  Portfolio turnover rate | 11% | 7% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Amount is greater than $(0.005) per share. 

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Audit, offering, organization and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 7.22% and 6.36%, respectively. 

<sup>(h)</sup> Annualized.

*See notes to financial statements.* 

28 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | |
|:---|:---|:---|
|  | BlackRock Sustainable U.S. Value Equity<br> Fund | BlackRock Sustainable U.S. Value Equity<br> Fund |
|  | Institutional | Institutional |
| | Six Months<br> Ended<br> 10/31/22<br> (unaudited)  | Period from<br> 10/18/21<br> to 04/30/22<br><sup>(a)</sup> <br>|
|  **Net asset value, beginning of period** | $9.81 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.09 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss | (0.68) | (0.25) |
|  Net decrease from investment operations | (0.59) | (0.16) |
|  **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.07) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.08) | (0.00)<sup>(c)</sup> |
|  Total distributions | (0.15) | (0.03) |
|  **Net asset value, end of period** | $9.07 | $9.81 |
|  **Total Return<sup>(d)</sup>**  |  |  |
|  Based on net asset value | (6.02)%<sup>(e)</sup> | (1.63)%<sup>(e)</sup> |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |
|  Total expenses<sup>(g)</sup>  | 4.20 %<sup>(h)</sup> | 4.18 %<sup>(h)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.53 %<sup>(h)</sup> | 0.53 %<sup>(h)</sup> |
|  Net investment income | 1.92 %<sup>(h)</sup> | 1.57 %<sup>(h)</sup> |
|  **Supplemental Data** |  |  |
|  Net assets, end of period (000) | $99 | $98 |
|  Portfolio turnover rate | 32% | 40% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Amount is greater than $(0.005) per share. 

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Audit, excise tax, offering, organization and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 5.80% and 0.54%, respectively. 

<sup>(h)</sup> Annualized.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 29

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | |
|:---|:---|:---|
|  | BlackRock Sustainable U.S. Value Equity Fund<br> (continued) | BlackRock Sustainable U.S. Value Equity Fund<br> (continued) |
|  | Investor A | Investor A |
| | Six Months<br> Ended<br> 10/31/22<br> (unaudited)  | Period from<br> 10/18/21<br> to 04/30/22<br><sup>(a)</sup> <br>|
|  **Net asset value, beginning of period** | $9.81 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.08 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss | (0.70) | (0.25) |
|  Net decrease from investment operations | (0.62) | (0.17) |
|  **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.06) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.08) | (0.00)<sup>(c)</sup> |
|  Total distributions | (0.14) | (0.02) |
|  **Net asset value, end of period** | $9.05 | $9.81 |
|  **Total Return<sup>(d)</sup>**  |  |  |
|  Based on net asset value | (6.29)%<sup>(e)</sup> | (1.68)%<sup>(e)</sup> |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |
|  Total expenses<sup>(g)</sup>  | 4.40 %<sup>(h)</sup> | 4.39 %<sup>(h)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.78 %<sup>(h)</sup> | 0.78 %<sup>(h)</sup> |
|  Net investment income | 1.66 %<sup>(h)</sup> | 1.39 %<sup>(h)</sup> |
|  **Supplemental Data** |  |  |
|  Net assets, end of period (000) | $165 | $134 |
|  Portfolio turnover rate | 32% | 40% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Amount is greater than $(0.005) per share. 

<sup>(d)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Audit, excise tax, offering, organization and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 5.95% and 0.79%, respectively. 

<sup>(h)</sup> Annualized.

*See notes to financial statements.* 

30 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Sustainable U.S. Value Equity Fund<br> (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Sustainable U.S. Value Equity Fund<br> (continued) |
|  | Class K | Class K |
| | Six Months<br> Ended<br> 10/31/22<br> (unaudited)  | Period from<br> 10/18/21<br> to 04/30/22<br><sup>(a)</sup> <br>|
|  **Net asset value, beginning of period** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.81 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.09 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss | (0.68) | (0.25) |
|  Net decrease from investment operations | (0.59) | (0.16) |
|  **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.07) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.08) | (0.00)<sup>(c)</sup> |
|  Total distributions | (0.15) | (0.03) |
|  **Net asset value, end of period** | $9.07 | $9.81 |
|  **Total Return<sup>(d)</sup>**  |  |  |
|  Based on net asset value | (6.01)%<sup>(e)</sup> | (1.61)%<sup>(e)</sup> |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |
|  Total expenses<sup>(g)</sup>  | 3.91 %<sup>(h)</sup> | 3.83 %<sup>(h)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.48 %<sup>(h)</sup> | 0.48 %<sup>(h)</sup> |
|  Net investment income | 1.99 %<sup>(h)</sup> | 1.62 %<sup>(h)</sup> |
|  **Supplemental Data** |  |  |
|  Net assets, end of period (000) | $4353 | $4711 |
|  Portfolio turnover rate | 32% | 40% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Amount is greater than $(0.005) per share. 

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Audit, excise tax, offering, organization and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 5.50% and 0.49%, respectively. 

<sup>(h)</sup> Annualized.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 31

------

Notes to Financial Statements (unaudited)

***1.***  ***ORGANIZATION*** 

BlackRock Funds VII, Inc. (the "Corporation") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Corporation is organized as a Maryland corporation. The following, each of which is a series of the Corporation, are referred to herein collectively as the "Funds" or individually as a "Fund":

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Herein Referred To As* | *Diversification Classification* |
|  BlackRock Sustainable International Equity Fund | Sustainable International Equity | Non-Diversified |
|  BlackRock Sustainable U.S. Growth Equity Fund | Sustainable U.S. Growth Equity | Non-Diversified |
|  BlackRock Sustainable U.S. Value Equity Fund | Sustainable U.S. Value Equity | Non-Diversified |

---

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 and Class K Shares are sold only to certain eligible investors. Investor A Shares bear certain expenses related to shareholder servicing of such shares. Investor A 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.

---

| | | | |
|:---|:---|:---|:---|
| *Share Class* | *Initial Sales Charge* | *CDSC* | *Conversion Privilege* |
|  Institutional and Class K Shares | No | No |  |
|  Investor A Shares | Yes | No <sup>(a)</sup> |  |

---

<sup>(a)</sup> Investor A Shares may be subject to a contingent deferred sales charge ("CDSC") for certain redemptions where no initial sales charge was paid at the time of purchase.

The Funds, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the "Manager") or its affiliates, are included in a complex of funds referred to as the BlackRock Multi-Asset Complex.

***2.***  ***SIGNIFICANT ACCOUNTING POLICIES*** 

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Funds are informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. 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.

**ForeignTaxes:** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of October 31, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

32 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Notes to Financial Statements (unaudited) (continued)

**Distributions:** Distributions paid by the Funds are recorded on the ex-dividend dates. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

**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.

The Funds have an arrangement with their custodian whereby credits are earned on uninvested cash balances, which could be used to reduce custody fees and/or overdraft charges. The Funds may incur charges on overdrafts, subject to certain conditions.

***3.***  ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*** 

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Directors of the Corporation (the "Board") has approved the designation of each Fund's Manager as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager's policies and procedures as reflecting fair value. The Manager has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of each Fund's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are
valued at that day's published NAV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each
Fund has the ability to access;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent
observable inputs are not available (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or

N O T E S T O F I N A N C I A L S T A T E M E N T S 33

------

Notes to Financial Statements (unaudited) (continued)

funds 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, 2022, certain investments of the Funds were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

***4.***  ***SECURITIES AND OTHER INVESTMENTS*** 

**Securities Lending:** The 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, respectively.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA"), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and a Fund 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.

As of period end, the following is a summary of the Funds' securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  *Fund Name/Counterparty* | *Securities*<br> *Loaned at Value* | <br>| *Cash*<br> *Collateral Received* | <br>|
|  Sustainable U.S. Growth Equity<br>Goldman Sachs & Co. LLC | $216482 |  | $(216482) | $– |
|  Sustainable U.S. Value Equity<br>Barclays Capital, Inc. | $26010 |  | $(26010) | $– |

---

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund's Statement of Assets and Liabilities. 

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.***  ***INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*** 

**Investment Advisory:** The Corporation, 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.

34 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Notes to Financial Statements (unaudited) (continued)

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:

---

| | | | |
|:---|:---|:---|:---|
|  | Investment Advisory Fees | Investment Advisory Fees | Investment Advisory Fees |
| *Average Daily Net Assets* | *Sustainable*<br> *International*<br> *Equity* | *Sustainable*<br> *U.S. Growth*<br> *Equity* | *Sustainable*<br> *U.S. Value*<br> *Equity* |
|  First $1 billion | 0.60% | 0.62% | 0.48% |
|  $1 billion - $3 billion | 0.56 | 0.58 | 0.45 |
|  $3 billion - $5 billion | 0.54 | 0.56 | 0.43 |
|  $5 billion - $10 billion | 0.52 | 0.54 | 0.42 |
|  Greater than $10 billion | 0.51 | 0.53 | 0.41 |

---

With respect to Sustainable International Equity, the Manager entered into a sub-advisory agreement with BlackRock International Limited ("BIL"), an affiliate of the Manager. The Manager pays BIL for services it provides for that portion of the Fund for which BIL acts as sub-adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by the Fund to the Manager.

**Service and Distribution Fees:** The Corporation, 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:

---

| | | |
|:---|:---|:---|
| *Share Class* | *Service Fees* | *Distribution Fees* |
|  Investor A | 0.25% | N/A |

---

BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing and distribution services to the Funds. The ongoing service and/or distribution fee compensates BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to shareholders.

For the six months ended October 31, 2022, the following table shows the class specific service and distribution fees borne directly by each share class of each Fund:

---

| | |
|:---|:---|
| *Fund Name* | *Investor A* |
|  Sustainable International Equity | $103 |
|  Sustainable U.S. Growth Equity | 92 |
|  Sustainable U.S. Value Equity | 201 |

---

**Administration:** The Corporation, on behalf of the Funds, 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.

---

| | |
|:---|:---|
| *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 |

---

In addition, the Manager charges each of the share classes 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.

For the six months ended October 31, 2022, the following table shows the class specific administration fees borne directly by each share class of each Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Institutional* | *Investor A* | *Class K* | *Total* |
|  Sustainable International Equity | $8 | $8 | $390 | $&nbsp;&nbsp;&nbsp;&nbsp;406 |
|  Sustainable U.S. Growth Equity | 7 | 7 | 342 | 356 |
|  Sustainable U.S. Value Equity | 9 | 16 | 448 | 473 |

---

**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, 2022, the Funds did not pay any amounts to affiliates in return for these services.

N O T E S T O F I N A N C I A L S T A T E M E N T S 35

------

Notes to Financial Statements (unaudited) (continued)

For the six months ended October 31, 2022, the following table shows the class specific transfer agent fees borne directly by each share class of each Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Institutional* | *Investor A* | *Class K* | *Total* |
|  Sustainable International Equity | $152 | $163 | $156 | $471 |
|  Sustainable U.S. Growth Equity | 167 | 175 | 154 | 496 |
|  Sustainable U.S. Value Equity | 152 | 180 | 154 | 486 |

---

**Other Fees:** For the six months ended October 31, 2022, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of each Fund's Investor A Shares as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Amounts* |
|  Sustainable International Equity | $— |
|  Sustainable U.S. Growth Equity | 1 |
|  Sustainable U.S. Value Equity | 53 |

---

**Expense Limitations, Waivers, Reimbursements, and Recoupments:** With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the "affiliated money market fund waiver") through June 30, 2024. The contractual agreement may be terminated upon 90 days' notice by a majority of the directors who are not "interested persons" of the Corporation, as defined in the 1940 Act ("Independent Directors"), 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 limitation 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, 2022, the amounts waived were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Amounts Waived* |
|  Sustainable International Equity | $30709 |
|  Sustainable U.S. Growth Equity | 29457 |
|  Sustainable U.S. Value Equity | 30072 |

---

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of each Fund's assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2024. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of a Fund. For the six months ended October 31, 2022, there were no fees waived by the Manager pursuant to this arrangement.

With respect to each Fund, the Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, tax expense, acquired fund fees and expenses, and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of each Fund's business ("expense limitation"). The expense limitations as a percentage of average daily net assets are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Share Class* | *Sustainable<br>International<br>Equity* | *Sustainable<br>U.S. Growth<br>Equity* | *Sustainable<br>U.S. Value<br>Equity* |
|  Institutional | 0.65% | 0.67% | 0.53% |
|  Investor A | 0.90 | 0.92 | 0.78 |
|  Class K | 0.60 | 0.62 | 0.48 |

---

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2024, unless approved by the Board, including a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of a Fund.

For the six months ended October 31, 2022, the Manager waived and/or reimbursed investment advisory fees, which is included in fees waived and/or reimbursed by the Manager in the Statements of Operations, as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Amounts Waived* |
|  Sustainable International Equity | $126922 |
|  Sustainable U.S. Growth Equity | 116848 |
|  Sustainable U.S. Value Equity | 118180 |

---

36 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Notes to Financial Statements (unaudited) (continued)

In addition, these amounts waived and/or reimbursed by the Manager are included in administration fees waived by the Manager — class specific and transfer agent fees waived and/or reimbursed by the Manager — class specific, respectively, in the Statements of Operations. For the six months ended October 31, 2022, class specific expense waivers and/or reimbursements are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Administration Fees Waived by the Manager - class<br> specific | Administration Fees Waived by the Manager - class<br> specific | Administration Fees Waived by the Manager - class<br> specific | Administration Fees Waived by the Manager - class<br> specific |
| *Fund Name* | *Institutional* | *Investor A* | *Class K* | *Total* |
|  Sustainable International Equity | $8 | $8 | $390 | $&nbsp;&nbsp;&nbsp;&nbsp;406 |
|  Sustainable U.S. Growth Equity | 7 | 7 | 342 | 356 |
|  Sustainable U.S. Value Equity | 9 | 16 | 448 | 473 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Transfer Agent Fees Waived and/or Reimbursed - class<br> specific | Transfer Agent Fees Waived and/or Reimbursed - class<br> specific | Transfer Agent Fees Waived and/or Reimbursed - class<br> specific | Transfer Agent Fees Waived and/or Reimbursed - class<br> specific |
| *Fund Name* | *Institutional* | *Investor A* | *Class K* | *Total* |
|  Sustainable International Equity | $131 | $143 | $156 | $430 |
|  Sustainable U.S. Growth Equity | 149 | 157 | 154 | 460 |
|  Sustainable U.S. Value Equity | 128 | 140 | 154 | 422 |

---

With respect to the contractual expense limitation, if during a Fund's fiscal year the operating expenses of a share class, that at any time during the prior two fiscal years received a waiver and/or reimbursement from the Manager, are less than the current expense limitation for that share class, the Manager is entitled to be reimbursed by such share class up to the lesser of: (a) the amount of fees waived and/or expenses reimbursed during those prior two fiscal years under the agreement and (b) an amount not to exceed either the current expense limitation of that share class or the expense limitation of the share class in effect at the time that the share class received the applicable waiver and/or reimbursement, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) each Fund, of which the share class is a part, has more than $50 million in assets for the fiscal year, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Manager or an affiliate continues to serve as a Fund's investment adviser or administrator.

This repayment applies only to the contractual expense limitation on net expenses and does not apply to the contractual investment advisory fee waiver described above or any voluntary waivers that may be in effect from time to time. Effective October 19, 2028, the repayment arrangement between each Fund and the Manager pursuant to which such Fund may be required to repay amounts waived and/or reimbursed under each Fund's contractual caps on net expenses will be terminated.

As of October 31, 2022, the fund level and class specific waivers and/or reimbursements subject to possible future recoupment under the expense limitation agreement are as follows:

---

| | |
|:---|:---|
| *Fund Name/Fund Level/Share Class* | *Expiring 06/30/24* |
|  Sustainable International Equity |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund Level | $141908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | 689 |
|  Sustainable U.S. Growth Equity |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund Level | 132882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | 666 |
|  Sustainable U.S. Value Equity |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund Level | 133001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | 714 |

---

**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 Fund is responsible for expenses in connection with the investment of cash collateral received for securities on loan (the "collateral investment expenses"). The cash collateral is invested in a private investment company, Money Market Series, managed by the Manager or its affiliates. However, BIM has agreed to cap the collateral investment expenses of the Money Market Series to an annual rate of 0.04%. The investment adviser to the Money Market Series will not charge any advisory fees with respect to shares purchased by the Funds. The Money Market Series may, under certain circumstances, impose a liquidity fee of up to 2% of the value withdrawn or temporarily restrict withdrawals for up to 10 business days during a 90 day period, in the event that the private investment company's weekly liquid assets fall below certain thresholds. The Money Market Series seeks current income consistent with maintaining liquidity and preserving capital. Although the Money Market Series is not registered under the 1940 Act, its investments may follow the parameters of investments by a money market fund that is subject to Rule 2a-7 under the 1940 Act.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment expenses. Each Fund retains a portion of securities lending income and remits a remaining portion to BIM as compensation for its services as securities lending agent.

N O T E S T O F I N A N C I A L S T A T E M E N T S 37

------

Notes to Financial Statements (unaudited) (continued)

Pursuant to the current securities lending agreement, (i) Sustainable U.S. Growth Equity and Sustainable U.S. Value Equity retain 81% of securities lending (which excludes collateral investment expenses); and (ii) Sustainable International Equity retains 82% of securities lending (which excludes collateral investment expenses), and these amounts 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, Sustainable U.S. Growth Equity and Sustainable U.S. Value Equity, 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.

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, Sustainable International Equity, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 85% of securities lending income (which excludes collateral investment expenses), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.

Prior to January 1, 2022, Sustainable U.S. Growth Equity and Sustainable U.S. Value Equity retained 77% of securities lending income (which excluded collateral investment expenses) and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment expenses. In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeded a specified threshold, the Fund would retain for the remainder of that calendar year 81% of securities lending income (which excluded collateral investment expenses), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment expenses.

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, 2022, each Fund paid BIM the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *Fund Name* | *Amounts* |
|  Sustainable U.S. Growth Equity | $21 |
|  Sustainable U.S. Value Equity | 2 |

---

**Interfund Lending:** In accordance with an exemptive order (the "Order") from the SEC, each Fund may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund's investment policies and restrictions. Each Fund is currently permitted to borrow 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 six months ended October 31, 2022, the Funds did not participate in the Interfund Lending Program.

**Directors and Officers:** Certain directors and/or officers of the Fund's are directors and/or officers of BlackRock or its affiliates. Each Fund reimburses the Manager for a portion of the compensation paid to the Corporation's Chief Compliance Officer, which is included in Directors and Officer in the Statements of Operations.

***6.***  ***PURCHASES AND SALES*** 

For the six months ended October 31, 2022, purchases and sales of investments, excluding short-term securities, were as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Purchases* | *Sales* |
|  Sustainable International Equity | $701774 | $668556 |
|  Sustainable U.S. Growth Equity | 383181 | 481770 |
|  Sustainable U.S. Value Equity | 1524443 | 1497723 |

---

***7.***  ***INCOME TAX INFORMATION*** 

It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund's U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on each Fund's state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements.

38 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Notes to Financial Statements (unaudited) (continued)

As of April 30, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

---

| | | |
|:---|:---|:---|
| *Sustainable International Equity* | *Sustainable U.S. Growth Equity* | *Sustainable U.S. Value Equity* |
| $(132172) | $(178376) | $— |

---

As of October 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *Sustainable<br>International<br>Equity* | *Sustainable<br>U.S. Growth<br>Equity* | *Sustainable<br>U.S. Value<br>Equity* |
|  Tax cost | $4670020 | $4570864 | $&nbsp;&nbsp;&nbsp;&nbsp;5095385 |
|  Gross unrealized appreciation | $32289 | $57277 | $243174 |
|  Gross unrealized depreciation | (913826) | (1115470) | (699597) |
|  Net unrealized appreciation (depreciation) | $(881537) | $(1058193) | $(456423) |

---

***8.***  ***BANK BORROWINGS*** 

The Corporation, on behalf of the Funds, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is a party to a 364-day, $2.50 billion credit agreement with a group of lenders. Under this agreement, the Fund may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Fund, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate ("SOFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2023 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended October 31, 2022, the Funds did not borrow under the credit agreement.

***9.***  ***PRINCIPAL RISKS*** 

In the normal course of business, the Funds invest in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund's prospectus provides details of the risks to which each Fund is subject.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

**Market Risk:** An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund's investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Fund may invest in illiquid investments. An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Fund may lose value, regardless of the individual results of the securities and other instruments in which a Fund invests.

**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.

N O T E S T O F I N A N C I A L S T A T E M E N T S 39

------

Notes to Financial Statements (unaudited) (continued)

**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 Schedule of Investments.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

**LIBOR Transition Risk:** The United Kingdom's Financial Conduct Authority announced a phase out of the London Interbank Offered Rate ("LIBOR"). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

***10.***  ***CAPITAL SHARE TRANSACTIONS*** 

Transactions in capital shares for each class were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months Ended 10/31/22 | Six Months Ended 10/31/22 | Six Months Ended 10/31/22 | Period from 10/18/21<sup>(a)</sup> to 04/30/22 | Period from 10/18/21<sup>(a)</sup> to 04/30/22 | Period from 10/18/21<sup>(a)</sup> to 04/30/22 |
|  *Fund Name/Share Class* | | *Shares* | *Amount* | | *Shares* | *Amount* |
|  Sustainable International Equity |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  |  | $— |  | 10000 | $100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  |  | $— |  | 10146 | $101489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  | 1 |  |  |  |
|  |  |  | $1 |  | 10146 | $101489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  |  | $— |  | 480000 | $4800000 |
|  |  |  | $1 |  | 500146 | $5001489 |
|  Sustainable U.S. Growth Equity |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  | 172 | $1200 |  | 10793 | $108001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed |  |  |  |  | (723) | (6071) |
|  |  | 172 | $1200 |  | 10070 | $101930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  | 61 | $427 |  | 10315 | $103171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  |  | $— |  | 480000 | $4800000 |
|  |  | 233 | $1627 |  | 500385 | $5005101 |
|  Sustainable U.S. Value Equity |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  | 881 | $7957 |  | 10000 | $100022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  | 5577 | $52382 |  | 13649 | $137667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  | 100 | 884 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed |  | (1096) | (9899) |  |  |  |
|  |  | 4581 | $43367 |  | 13649 | $137667 |

---

40 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Notes to Financial Statements (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended 10/31/22 | Six Months Ended 10/31/22 | Period from 10/18/21<sup>(a)</sup> to 04/30/22 | Period from 10/18/21<sup>(a)</sup> to 04/30/22 |
| *Fund Name/Share Class* | *Shares* | *Amount* | *Shares* | *Amount* |
|  Sustainable U.S. Value Equity (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  | $— | 480000 | $4801057 |
|  | 5462 | $51324 | 503649 | $5038746 |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Rounds to less than 1.

As of October 31, 2022, shares owned by BlackRock Financial Management, Inc., an affiliate of the Funds, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | *Sustainable* | *Sustainable* | *Sustainable* |
|  | | *International* | *U.S. Growth* | *U.S. Value* |
|  *Share Class* | | *Equity* | *Equity* | *Equity* |
|  Institutional |  | 10000 | 10000 | 10000 |
|  Investor A |  | 10000 | 10000 | 10000 |
|  Class K |  | 480000 | 480000 | 480000 |

---

***11.***  ***SUBSEQUENT EVENTS*** 

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

N O T E S T O F I N A N C I A L S T A T E M E N T S 41

------

Additional Information

**General Information** 

Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Funds may be found on BlackRock's website, which can be accessed at **blackrock.com**. Any reference to BlackRock's website in this report is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock's website in this report.

**Householding** 

The Funds will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports, Rule 30e-3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Funds at (800) 441-7762.

**Availability of Quarterly Schedule of Investments** 

The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds' Forms N-PORT are available on the SEC's website at **sec.gov**. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at **blackrock.com/fundreports**.

**Availability of Proxy Voting Policies, Procedures and Voting Records** 

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information about how the Funds voted proxies relating to securities held in the Funds' portfolios during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 441-7762; (2) on the BlackRock website at **blackrock.com**; and (3) on the SEC's website at **sec.gov**.

**BlackRock's Mutual Fund Family** 

BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit **blackrock.com** for more information.

**Shareholder Privileges** 

**Account Information** 

Call us at (800) 441-7762 from 8:00AM 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.

42 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Additional Information (continued)

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

---

| | |
|:---|:---|
| **Fund and Service Providers** |  |
| **Investment Adviser and Administrator** | **Independent Registered Public Accounting Firm** |
| BlackRock Advisors, LLC | Deloitte & Touche LLP |
| Wilmington, DE 19809 | Boston, MA 02116 |
| **Sub-Adviser<sup>(a)</sup>** | **Distributor** |
| BlackRock International Limited | BlackRock Investments, LLC |
| Edinburgh, EH3 8BL United Kingdom | New York, NY 10022 |
| **Accounting Agent and Transfer Agent** | **Legal Counsel** |
| BNY Mellon Investment Servicing (US) Inc. | Sidley Austin LLP |
| Wilmington, DE 19809 | New York, NY 10019 |
| **Custodian** | **Address of the Corporation** |
| The Bank of New York Mellon | 100 Bellevue Parkway |
| New York, NY 10286 | Wilmington, DE 19809 |

---

<sup>(a)</sup> For BlackRock Sustainable International Equity Fund.

A D D I T I O N A L I N F O R M A T I O N 43

------

Glossary of Terms Used in this Report

---

| | |
|:---|:---|
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| ADR | American Depositary Receipt |

---

44 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

**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.

SEF-10/22-SAR

---

| | |
|:---|:---|
| ![LOGO](g432562gra048b.jpg)  |  |
|  | ![LOGO](g432562gra048a.jpg) |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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](d432562dex99cert.htm)

(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Section 906 Certifications are attached](d432562dex99906cert.htm)

------

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 VII, Inc.

---

| | |
|:---|:---|
| By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Funds VII, Inc. |

---

Date: December 21, 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 VII, Inc. |

---

Date: December 21, 2022

---

| | |
|:---|:---|
| By: | /s/ Trent Walker  |
|  | Trent Walker |
|  | Chief Financial Officer (principal financial officer) of |
|  | BlackRock Funds VII, Inc. |

---

Date: December 21, 2022

## Ex-99.Cert

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

------

I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Funds VII, Inc., certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Funds VII, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: December 21, 2022

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Funds VII, Inc.

------

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

------

I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock Funds VII, Inc., certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Funds VII, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: December 21, 2022

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds VII, Inc.

## Exhibit 99.906

Exhibit 99.906CERT

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and** 

**Section 906 of the Sarbanes-Oxley Act of 2002** 

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Funds VII, Inc. (the "registrant"), hereby certifies, to the best of his knowledge, that the registrant's Report on Form N-CSR for the period ended October 31, 2022 (the "Report") fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: December 21, 2022

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Funds VII, Inc.

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Funds VII, Inc. (the "registrant"), hereby certifies, to the best of his knowledge, that the registrant's Report on Form N-CSR for the period ended October 31, 2022 (the "Report") fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: December 21, 2022

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds VII, Inc.

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission**.**