# EDGAR Filing Document

**Accession Number:** 0000844779
**File Stem:** 0001193125-25-135621
**Filing Date:** 2025-6
**Character Count:** 181126
**Document Hash:** 52de68ef7f4cdfff9b46b576e904bfd9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-135621.hdr.sgml**: 20250605

**ACCESSION NUMBER**: 0001193125-25-135621

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250605

**DATE AS OF CHANGE**: 20250605

**EFFECTIVENESS DATE**: 20250605

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK FUNDS
- **CENTRAL INDEX KEY:** 0000844779

**ORGANIZATION NAME:**
- **EIN:** 510318674
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05742
- **FILM NUMBER:** 251026404

**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:** COMPASS CAPITAL FUNDS\
- **DATE OF NAME CHANGE:** 19961114

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PNC FUND
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NCP FUNDS
- **DATE OF NAME CHANGE:** 19890511

## Series and Classes Contracts Data

### BLACKROCK ADVANTAGE SMALL CAP GROWTH FUND (Series ID: S000001507)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000004047 | INSTITUTIONAL  | PSGIX           |
| C000004049 | INVESTOR A     | CSGEX           |
| C000037627 | Class R Shares |  |
| C000198224 | Class K        |  |

?xml version='1.0' encoding='ASCII'? BlackRock Funds

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number:

811-05742

Name of Fund:

BlackRock Funds<sup>SM</sup>

BlackRock Advantage Small Cap Growth Fund

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Funds<sup>SM</sup>,

50 Hudson Yards, New York, NY 10001

Registrant's telephone number, including area code:

&nbsp;&nbsp;&nbsp;&nbsp;(800) 441-7762

Date of fiscal year end:

09/30/2025

Date of reporting period:

03/31/2025

Item 1 — Reports to Stockholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Reports to Shareholders are attached herewith

![TSR - Blackrock Fund Logo](g945558images_27640.jpg)

### BlackRock Advantage Small Cap Growth Fund

### Institutional Shares \| PSGIX

#### Semi-Annual Shareholder Report — March 31, 2025

------

This semi-annual shareholder report contains important information about BlackRock Advantage Small Cap Growth Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| Institutional Shares | $24 | 0.50%(a) |

---

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

Fund performance

Average annual total returns

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *6-Month<br>Total<br>Returns* | *1 Year* | *5 Years* | *10 Years* |
| Institutional Shares | (9.93)% | (5.42)% | 11.29% | 6.69% |
| Russell 3000<sup>®</sup> Index | (2.21) | 7.22 | 18.18 | 11.80 |
| Russell 2000<sup>®</sup> Growth Index | (9.60) | (4.86) | 10.78 | 6.14 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$539478102 |
| Number of Portfolio Holdings | &nbsp;&nbsp;608 |
| Portfolio Turnover Rate | &nbsp;&nbsp;66% |

---

**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. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of March 31, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Health Care | 25.7% |
| Industrials | 22.3% |
| Information Technology | 18.3% |
| Consumer Discretionary | 10.5% |
| Financials | 8.4% |
| Consumer Staples | 4.0% |
| Materials | 3.2% |
| Communication Services | 2.4% |
| Energy | 2.2% |
| Real Estate | 1.7% |
| Short-Term Securities | 6.9% |
| Liabilities in Excess of Other Assets | (5.6)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| Sprouts Farmers Market, Inc. | 1.5% |
| Corcept Therapeutics, Inc. | 1.2% |
| ExlService Holdings, Inc. | 1.0% |
| Insmed, Inc. | 1.0% |
| FTAI Aviation Ltd. | 0.9% |
| Primoris Services Corp. | 0.9% |
| Moog, Inc., Class A | 0.8% |
| Piper Sandler Cos. | 0.7% |
| PJT Partners, Inc., Class A | 0.7% |
| Fabrinet | 0.7% |

---

<sup><sup>(a)</sup></sup> <sup>For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g945558images_27639.jpg)

BlackRock Advantage Small Cap Growth Fund

Institutional Shares \| PSGIX

Semi-Annual Shareholder Report — March 31, 2025

PSGIX-03/25-SAR

![TSR - Blackrock Fund Logo](g945558images_27640.jpg)

### BlackRock Advantage Small Cap Growth Fund

### Investor A Shares \| CSGEX

#### Semi-Annual Shareholder Report — March 31, 2025

------

This semi-annual shareholder report contains important information about BlackRock Advantage Small Cap Growth Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| Investor A Shares | $36 | 0.75%(a) |

---

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

Fund performance

Average annual total returns

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *6-Month<br>Total<br>Returns* | *1 Year* | *5 Years* | *10 Years* |
| Investor A Shares | (10.03)% | (5.61)% | 11.01% | 6.41% |
| Investor A Shares (with sales charge) | (14.75) | (10.57) | 9.82 | 5.84 |
| Russell 3000<sup>®</sup> Index | (2.21) | 7.22 | 18.18 | 11.80 |
| Russell 2000<sup>®</sup> Growth Index | (9.60) | (4.86) | 10.78 | 6.14 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$539478102 |
| Number of Portfolio Holdings | &nbsp;&nbsp;608 |
| Portfolio Turnover Rate | &nbsp;&nbsp;66% |

---

Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.

**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. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of March 31, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Health Care | 25.7% |
| Industrials | 22.3% |
| Information Technology | 18.3% |
| Consumer Discretionary | 10.5% |
| Financials | 8.4% |
| Consumer Staples | 4.0% |
| Materials | 3.2% |
| Communication Services | 2.4% |
| Energy | 2.2% |
| Real Estate | 1.7% |
| Short-Term Securities | 6.9% |
| Liabilities in Excess of Other Assets | (5.6)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| Sprouts Farmers Market, Inc. | 1.5% |
| Corcept Therapeutics, Inc. | 1.2% |
| ExlService Holdings, Inc. | 1.0% |
| Insmed, Inc. | 1.0% |
| FTAI Aviation Ltd. | 0.9% |
| Primoris Services Corp. | 0.9% |
| Moog, Inc., Class A | 0.8% |
| Piper Sandler Cos. | 0.7% |
| PJT Partners, Inc., Class A | 0.7% |
| Fabrinet | 0.7% |

---

<sup><sup>(a)</sup></sup> <sup>For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g945558images_27639.jpg)

BlackRock Advantage Small Cap Growth Fund

Investor A Shares \| CSGEX

Semi-Annual Shareholder Report — March 31, 2025

CSGEX-03/25-SAR

![TSR - Blackrock Fund Logo](g945558images_27640.jpg)

### BlackRock Advantage Small Cap Growth Fund

### Class K Shares \| PSGKX

#### Semi-Annual Shareholder Report — March 31, 2025

------

This semi-annual shareholder report contains important information about BlackRock Advantage Small Cap Growth Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| Class K Shares | $21 | 0.45%(a) |

---

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

Fund performance

Average annual total returns

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *6-Month<br>Total<br>Returns* | *1 Year* | *5 Years* | *10 Years* |
| Class K Shares | (9.88)% | (5.37)% | 11.35% | 6.72% |
| Russell 3000<sup>®</sup> Index | (2.21) | 7.22 | 18.18 | 11.80 |
| Russell 2000<sup>®</sup> Growth Index | (9.60) | (4.86) | 10.78 | 6.14 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$539478102 |
| Number of Portfolio Holdings | &nbsp;&nbsp;608 |
| Portfolio Turnover Rate | &nbsp;&nbsp;66% |

---

**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. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of March 31, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Health Care | 25.7% |
| Industrials | 22.3% |
| Information Technology | 18.3% |
| Consumer Discretionary | 10.5% |
| Financials | 8.4% |
| Consumer Staples | 4.0% |
| Materials | 3.2% |
| Communication Services | 2.4% |
| Energy | 2.2% |
| Real Estate | 1.7% |
| Short-Term Securities | 6.9% |
| Liabilities in Excess of Other Assets | (5.6)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| Sprouts Farmers Market, Inc. | 1.5% |
| Corcept Therapeutics, Inc. | 1.2% |
| ExlService Holdings, Inc. | 1.0% |
| Insmed, Inc. | 1.0% |
| FTAI Aviation Ltd. | 0.9% |
| Primoris Services Corp. | 0.9% |
| Moog, Inc., Class A | 0.8% |
| Piper Sandler Cos. | 0.7% |
| PJT Partners, Inc., Class A | 0.7% |
| Fabrinet | 0.7% |

---

<sup><sup>(a)</sup></sup> <sup>For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g945558images_27639.jpg)

BlackRock Advantage Small Cap Growth Fund

Class K Shares \| PSGKX

Semi-Annual Shareholder Report — March 31, 2025

PSGKX-03/25-SAR

![TSR - Blackrock Fund Logo](g945558images_27640.jpg)

### BlackRock Advantage Small Cap Growth Fund

### Class R Shares \| BSGRX

#### Semi-Annual Shareholder Report — March 31, 2025

------

This semi-annual shareholder report contains important information about BlackRock Advantage Small Cap Growth Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| Class R Shares | $47 | 1.00%(a) |

---

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

Fund performance

Average annual total returns

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *6-Month<br>Total<br>Returns* | *1 Year* | *5 Years* | *10 Years* |
| Class R Shares | (10.19)% | (5.92)% | 10.73% | 6.15% |
| Russell 3000<sup>®</sup> Index | (2.21) | 7.22 | 18.18 | 11.80 |
| Russell 2000<sup>®</sup> Growth Index | (9.60) | (4.86) | 10.78 | 6.14 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$539478102 |
| Number of Portfolio Holdings | &nbsp;&nbsp;608 |
| Portfolio Turnover Rate | &nbsp;&nbsp;66% |

---

Average annual total returns reflect reductions for distribution and service fees.

**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. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of March 31, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Health Care | 25.7% |
| Industrials | 22.3% |
| Information Technology | 18.3% |
| Consumer Discretionary | 10.5% |
| Financials | 8.4% |
| Consumer Staples | 4.0% |
| Materials | 3.2% |
| Communication Services | 2.4% |
| Energy | 2.2% |
| Real Estate | 1.7% |
| Short-Term Securities | 6.9% |
| Liabilities in Excess of Other Assets | (5.6)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| Sprouts Farmers Market, Inc. | 1.5% |
| Corcept Therapeutics, Inc. | 1.2% |
| ExlService Holdings, Inc. | 1.0% |
| Insmed, Inc. | 1.0% |
| FTAI Aviation Ltd. | 0.9% |
| Primoris Services Corp. | 0.9% |
| Moog, Inc., Class A | 0.8% |
| Piper Sandler Cos. | 0.7% |
| PJT Partners, Inc., Class A | 0.7% |
| Fabrinet | 0.7% |

---

<sup><sup>(a)</sup></sup> <sup>For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes short-term securities.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g945558images_27639.jpg)

BlackRock Advantage Small Cap Growth Fund

Class R Shares \| BSGRX

Semi-Annual Shareholder Report — March 31, 2025

BSGRX-03/25-SAR

------

&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 Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 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 – Financial Statements and Financial Highlights for Open-End Management Investment Companies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Financial Statements are attached herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The registrant's Financial Highlights are attached herewith.

------

---

| | |
|:---|:---|
| ![LOGO](g945558g42l24.jpg)  | **MARCH 31, 2025** |

---

**2025 Semi-Annual Financial**<br> **Statements and Additional**<br> **Information (Unaudited)**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

#### BlackRock Funds<sup>SM</sup>
· BlackRock Advantage Small Cap Growth Fund

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

------

**Table of Contents**

---

| | |
|:---|:---|
|  | Page |
|  [Derivative Financial Instruments](#fin875423_1) | 3 |
|  [Schedule of Investments](#fin875423_2) | 4 |
|  [Statement of Assets and Liabilities](#fin875423_3) | 14 |
|  [Statement of Operations](#fin875423_4) | 16 |
|  [Statements of Changes in Net Assets](#fin875423_5) | 17 |
|  [Financial Highlights](#fin875423_6) | 18 |
|  [Notes to Financial Statements](#fin875423_7) | 22 |
|  [Additional Information](#fin875423_8) | 31 |
|  [Glossary of Terms Used in these Financial Statements](#fin875423_9) | 33 |

---

2.0 ------

Derivative Financial Instruments

The Fund may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Fund must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Fund's successful use of a derivative financial instrument depends on the investment adviser's ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Fund's investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.

D E R I V A T I V E F I N A N C I A L I N S T R U M E N T S 3

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) <br>March 31, 2025 | **BlackRock Advantage Small Cap Growth Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
|  **Common Stocks** |  |  |
| Aerospace & Defense — 2.1% |  |  |
|  AeroVironment, Inc.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4098 | $488441 |
|  Archer Aviation, Inc., Class A<sup>(a)</sup>  | 111887 | 795517 |
|  Astronics Corp.<sup>(a)</sup>  | 6167 | 149056 |
|  BWX Technologies, Inc. | 8248 | 813665 |
|  Ducommun, Inc.<sup>(a)</sup>  | 16197 | 939912 |
|  Karman Holdings, Inc.<sup>(a)</sup>  | 12453 | 416179 |
|  Kratos Defense & Security Solutions, Inc.<sup>(a)</sup>  | 8599 | 255304 |
|  Leonardo DRS, Inc. | 40062 | 1317239 |
|  Moog, Inc., Class A | 23781 | 4122436 |
|  Rocket Lab U.S.A., Inc., Class A<sup>(a)(b)</sup>  | 118873 | 2125449 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11423198 |
| Automobile Components — 1.5% |  |  |
|  Adient PLC<sup>(a)</sup>  | 11281 | 145074 |
|  BorgWarner, Inc. | 22746 | 651673 |
|  Dorman Products, Inc.<sup>(a)(b)</sup>  | 15932 | 1920443 |
|  Gentex Corp. | 16537 | 385312 |
|  Goodyear Tire & Rubber Co. (The)<sup>(a)</sup>  | 18929 | 174904 |
|  Modine Manufacturing Co.<sup>(a)</sup>  | 29337 | 2251615 |
|  Patrick Industries, Inc. | 11779 | 996032 |
|  Standard Motor Products, Inc. | 3954 | 98573 |
|  Stoneridge, Inc.<sup>(a)</sup>  | 36269 | 166475 |
|  Visteon Corp.<sup>(a)</sup>  | 18153 | 1409036 |
|  |  | 8199137 |
| Banks — 0.7% |  |  |
|  Axos Financial, Inc.<sup>(a)</sup>  | 871 | 56197 |
|  Bank7 Corp. | 23837 | 923445 |
|  First Business Financial Services, Inc. | 17562 | 828048 |
|  First Financial Bankshares, Inc. | 12009 | 431363 |
|  First Internet Bancorp. | 14554 | 389756 |
|  Greene County Bancorp, Inc. | 1592 | 38383 |
|  Independent Bank Corp. | 1990 | 61272 |
|  Kearny Financial Corp. | 24360 | 152494 |
|  Metropolitan Bank Holding Corp.<sup>(a)</sup>  | 2552 | 142887 |
|  Northfield Bancorp, Inc. | 16745 | 182688 |
|  ServisFirst Bancshares, Inc. | 4733 | 390946 |
|  USCB Financial Holdings, Inc., Class A | 18069 | 335361 |
|  |  | 3932840 |
| Beverages — 0.4% |  |  |
|  Boston Beer Co., Inc. (The), Class A<sup>(a)</sup>  | 4900 | 1170316 |
|  National Beverage Corp. | 7068 | 293605 |
|  Vita Coco Co., Inc. (The)<sup>(a)</sup>  | 23256 | 712796 |
|  |  | 2176717 |
| Biotechnology — 12.8% |  |  |
|  4D Molecular Therapeutics, Inc.<sup>(a)</sup>  | 22131 | 71483 |
|  ACADIA Pharmaceuticals, Inc.<sup>(a)</sup>  | 69481 | 1154079 |
|  ADMA Biologics, Inc.<sup>(a)</sup>  | 102031 | 2024295 |
|  Agios Pharmaceuticals, Inc.<sup>(a)</sup>  | 10325 | 302522 |
|  Alector, Inc.<sup>(a)</sup>  | 127329 | 156615 |
|  Alkermes PLC<sup>(a)</sup>  | 55061 | 1818114 |
|  Amicus Therapeutics, Inc.<sup>(a)(b)</sup>  | 238758 | 1948265 |
|  AnaptysBio, Inc.<sup>(a)(b)</sup>  | 14442 | 268477 |
|  Anika Therapeutics, Inc.<sup>(a)</sup>  | 6965 | 104684 |
|  Apellis Pharmaceuticals, Inc.<sup>(a)</sup>  | 4688 | 102527 |
|  Apogee Therapeutics, Inc.<sup>(a)</sup>  | 15416 | 575942 |
|  Arcellx, Inc.<sup>(a)</sup>  | 11053 | 725077 |
|  Arcturus Therapeutics Holdings, Inc.<sup>(a)</sup>  | 22036 | 233361 |
|  Arcus Biosciences, Inc.<sup>(a)</sup>  | 35457 | 278337 |
|  Arcutis Biotherapeutics, Inc.<sup>(a)</sup>  | 30287 | 473689 |
|  Ardelyx, Inc.<sup>(a)</sup>  | 76365 | 374952 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Biotechnology (continued)** |  |  |
|  Arrowhead Pharmaceuticals, Inc.<sup>(a)(b)</sup>  | 74803 | $952990 |
|  ARS Pharmaceuticals, Inc.<sup>(a)</sup>  | 4260 | 53591 |
|  Astria Therapeutics, Inc.<sup>(a)</sup>  | 37508 | 200293 |
|  Avidity Biosciences, Inc.<sup>(a)</sup>  | 32101 | 947621 |
|  BioCryst Pharmaceuticals, Inc.<sup>(a)</sup>  | 221036 | 1657770 |
|  Biohaven Ltd.<sup>(a)</sup>  | 21757 | 523038 |
|  Blueprint Medicines Corp.<sup>(a)</sup>  | 32212 | 2851084 |
|  Bridgebio Pharma, Inc.<sup>(a)</sup>  | 29201 | 1009479 |
|  Capricor Therapeutics, Inc.<sup>(a)(b)</sup>  | 7703 | 73101 |
|  CareDx, Inc.<sup>(a)</sup>  | 4127 | 73254 |
|  Catalyst Pharmaceuticals, Inc.<sup>(a)</sup>  | 85615 | 2076164 |
|  Celldex Therapeutics, Inc.<sup>(a)</sup>  | 44329 | 804571 |
|  Coherus Biosciences, Inc.<sup>(a)(b)</sup>  | 156142 | 126007 |
|  Crinetics Pharmaceuticals, Inc.<sup>(a)</sup>  | 29461 | 988122 |
|  Cytokinetics, Inc.<sup>(a)</sup>  | 4698 | 188813 |
|  Day One Biopharmaceuticals, Inc.<sup>(a)</sup>  | 111664 | 885495 |
|  Denali Therapeutics, Inc.<sup>(a)</sup>  | 80009 | 1087722 |
|  Dynavax Technologies Corp.<sup>(a)</sup>  | 8130 | 105446 |
|  Dyne Therapeutics, Inc.<sup>(a)</sup>  | 46015 | 481317 |
|  Fate Therapeutics, Inc.<sup>(a)(b)</sup>  | 116212 | 91819 |
|  Geron Corp.<sup>(a)</sup>  | 41389 | 65808 |
|  Halozyme Therapeutics, Inc.<sup>(a)(b)</sup>  | 45990 | 2934622 |
|  Ideaya Biosciences, Inc.<sup>(a)</sup>  | 90708 | 1485797 |
|  Inhibrx Biosciences, Inc.<sup>(a)</sup>  | 1 | 14 |
|  Insmed, Inc.<sup>(a)</sup>  | 68106 | 5195807 |
|  Intellia Therapeutics, Inc.<sup>(a)</sup>  | 67313 | 478595 |
|  Ionis Pharmaceuticals, Inc.<sup>(a)</sup>  | 30176 | 910410 |
|  Iovance Biotherapeutics, Inc.<sup>(a)</sup>  | 182965 | 609273 |
|  iTeos Therapeutics, Inc.<sup>(a)</sup>  | 65191 | 389190 |
|  Keros Therapeutics, Inc.<sup>(a)</sup>  | 16966 | 172884 |
|  Kiniksa Pharmaceuticals International PLC<sup>(a)</sup>  | 44860 | 996341 |
|  Krystal Biotech, Inc.<sup>(a)</sup>  | 8119 | 1463856 |
|  Kura Oncology, Inc.<sup>(a)</sup>  | 148006 | 976840 |
|  Kymera Therapeutics, Inc.<sup>(a)</sup>  | 30229 | 827368 |
|  Larimar Therapeutics, Inc.<sup>(a)</sup>  | 37029 | 79612 |
|  Madrigal Pharmaceuticals, Inc.<sup>(a)</sup>  | 6322 | 2094036 |
|  MannKind Corp.<sup>(a)</sup>  | 124667 | 627075 |
|  MeiraGTx Holdings PLC<sup>(a)</sup>  | 16274 | 110338 |
|  Metsera, Inc.<sup>(a)(b)</sup>  | 7603 | 206954 |
|  MiMedx Group, Inc.<sup>(a)</sup>  | 53898 | 409625 |
|  Mineralys Therapeutics, Inc.<sup>(a)</sup>  | 9666 | 153496 |
|  Mirum Pharmaceuticals, Inc.<sup>(a)</sup>  | 11375 | 512444 |
|  Moderna, Inc.<sup>(a)</sup>  | 22029 | 624522 |
|  Natera, Inc.<sup>(a)</sup>  | 6027 | 852278 |
|  Novavax, Inc.<sup>(a)(b)</sup>  | 22999 | 147424 |
|  Nurix Therapeutics, Inc.<sup>(a)</sup>  | 13657 | 162245 |
|  Nuvalent, Inc., Class A<sup>(a)</sup>  | 8607 | 610408 |
|  Organogenesis Holdings, Inc., Class A<sup>(a)</sup>  | 71059 | 306975 |
|  ORIC Pharmaceuticals, Inc.<sup>(a)</sup>  | 23857 | 133122 |
|  Praxis Precision Medicines, Inc.<sup>(a)</sup>  | 8712 | 329923 |
|  Protagonist Therapeutics, Inc.<sup>(a)</sup>  | 16609 | 803211 |
|  Prothena Corp. PLC<sup>(a)</sup>  | 21312 | 263736 |
|  PTC Therapeutics, Inc.<sup>(a)</sup>  | 35560 | 1812138 |
|  Puma Biotechnology, Inc.<sup>(a)</sup>  | 60896 | 180252 |
|  Recursion Pharmaceuticals, Inc., Class A<sup>(a)(b)</sup>  | 144837 | 766188 |
|  REGENXBIO, Inc.<sup>(a)</sup>  | 30424 | 217532 |
|  Relay Therapeutics, Inc.<sup>(a)</sup>  | 128202 | 335889 |
|  Revolution Medicines, Inc.<sup>(a)</sup>  | 35375 | 1250860 |
|  Rhythm Pharmaceuticals, Inc.<sup>(a)(b)</sup>  | 15490 | 820505 |
|  Rigel Pharmaceuticals, Inc.<sup>(a)</sup>  | 26122 | 469935 |
|  Scholar Rock Holding Corp.<sup>(a)</sup>  | 19458 | 625575 |
|  Solid Biosciences, Inc.<sup>(a)</sup>  | 27444 | 101543 |

---

4 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued) <br>March 31, 2025 | **BlackRock Advantage Small Cap Growth Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Biotechnology (continued) |  |  |
|  SpringWorks Therapeutics, Inc.<sup>(a)(b)</sup>  | 27235 | $1201881 |
|  Summit Therapeutics, Inc.<sup>(a)(b)</sup>  | 10488 | 202314 |
|  Syndax Pharmaceuticals, Inc.<sup>(a)</sup>  | 108127 | 1328340 |
|  Taysha Gene Therapies, Inc.<sup>(a)</sup>  | 68658 | 95435 |
|  TG Therapeutics, Inc.<sup>(a)</sup>  | 67478 | 2660658 |
|  Travere Therapeutics, Inc.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7771 | 139256 |
|  Twist Bioscience Corp.<sup>(a)(b)</sup>  | 34024 | 1335782 |
|  Vanda Pharmaceuticals, Inc.<sup>(a)</sup>  | 142968 | 656223 |
|  Vaxcyte, Inc.<sup>(a)(b)</sup>  | 47011 | 1775135 |
|  Vera Therapeutics, Inc., Class A<sup>(a)</sup>  | 11503 | 276302 |
|  Vericel Corp.<sup>(a)(b)</sup>  | 24212 | 1080339 |
|  Verve Therapeutics, Inc.<sup>(a)</sup>  | 38591 | 176361 |
|  Viking Therapeutics, Inc.<sup>(a)(b)</sup>  | 17444 | 421273 |
|  Voyager Therapeutics, Inc.<sup>(a)</sup>  | 55938 | 189070 |
|  Xencor, Inc.<sup>(a)</sup>  | 20750 | 220780 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;69063911 |
| Broadline Retail — 0.1% |  |  |
|  Etsy, Inc.<sup>(a)</sup>  | 12141 | 572812 |
| Building Products — 1.3% |  |  |
|  CSW Industrials, Inc. | 6297 | 1835701 |
|  Gibraltar Industries, Inc.<sup>(a)</sup>  | 17216 | 1009891 |
|  Griffon Corp. | 44977 | 3215855 |
|  Zurn Elkay Water Solutions Corp. | 34912 | 1151398 |
|  |  | 7212845 |
| Capital Markets — 3.4% |  |  |
|  Acadian Asset Management, Inc. | 89908 | 2325021 |
|  Evercore, Inc., Class A | 2364 | 472138 |
|  GCM Grosvenor, Inc., Class A | 52358 | 692696 |
|  Hamilton Lane, Inc., Class A | 12303 | 1829087 |
|  Houlihan Lokey, Inc., Class A | 21578 | 3484847 |
|  Perella Weinberg Partners, Class A | 22419 | 412510 |
|  Piper Sandler Cos. | 16268 | 4028933 |
|  PJT Partners, Inc., Class A | 28832 | 3975356 |
|  Silvercrest Asset Management Group, Inc., Class A | 12153 | 198823 |
|  Victory Capital Holdings, Inc., Class A | 7801 | 451444 |
|  Virtus Investment Partners, Inc. | 2442 | 420903 |
|  |  | 18291758 |
| Chemicals — 0.7% |  |  |
|  Balchem Corp. | 16630 | 2760580 |
|  Cabot Corp. | 9891 | 822338 |
|  Ingevity Corp.<sup>(a)</sup>  | 5828 | 230730 |
|  |  | 3813648 |
| Commercial Services & Supplies — 0.3% |  |  |
|  ACV Auctions, Inc., Class A<sup>(a)</sup>  | 64249 | 905268 |
|  Cimpress PLC<sup>(a)</sup>  | 3265 | 147676 |
|  Clean Harbors, Inc.<sup>(a)</sup>  | 336 | 66226 |
|  CoreCivic, Inc.<sup>(a)</sup>  | 23082 | 468334 |
|  Tetra Tech, Inc. | 8194 | 239674 |
|  |  | 1827178 |
| Communications Equipment — 0.4% |  |  |
|  ADTRAN Holdings, Inc.<sup>(a)</sup>  | 33753 | 294326 |
|  Calix, Inc.<sup>(a)</sup>  | 11540 | 408978 |
|  Ciena Corp.<sup>(a)</sup>  | 19238 | 1162552 |
|  |  | 1865856 |
| Construction & Engineering — 3.0% |  |  |
|  Comfort Systems U.S.A., Inc. | 8776 | 2828768 |
|  Dycom Industries, Inc.<sup>(a)</sup>  | 8060 | 1227860 |
|  Fluor Corp.<sup>(a)</sup>  | 71421 | 2558300 |
|  IES Holdings, Inc.<sup>(a)</sup>  | 3094 | 510850 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Construction & Engineering (continued)** |  |  |
|  MasTec, Inc.<sup>(a)</sup>  | 18759 | $2189363 |
|  Primoris Services Corp. | 84382 | 4844371 |
|  Sterling Infrastructure, Inc.<sup>(a)(b)</sup>  | 17658 | 1999062 |
|  Tutor Perini Corp.<sup>(a)</sup>  | 9059 | 209988 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16368562 |
| **Construction Materials — 0.1%** |  |  |
|  Eagle Materials, Inc. | 896 | 198849 |
|  United States Lime & Minerals, Inc. | 6459 | 570847 |
|  |  | 769696 |
| **Consumer Finance — 1.7%** |  |  |
|  Dave, Inc., Class A<sup>(a)</sup>  | 1810 | 149615 |
|  Enova International, Inc.<sup>(a)</sup>  | 19707 | 1902908 |
|  EZCORP, Inc., Class A, NVS<sup>(a)</sup>  | 65103 | 958316 |
|  FirstCash Holdings, Inc. | 15122 | 1819479 |
|  LendingTree, Inc.<sup>(a)</sup>  | 9828 | 494053 |
|  OneMain Holdings, Inc. | 14577 | 712524 |
|  PRA Group, Inc.<sup>(a)</sup>  | 33470 | 690151 |
|  Regional Management Corp. | 36984 | 1113588 |
|  Upstart Holdings, Inc.<sup>(a)</sup>  | 33960 | 1563179 |
|  |  | 9403813 |
| **Consumer Staples Distribution & Retail — 1.6%** |  |  |
|  Chefs' Warehouse, Inc. (The)<sup>(a)</sup>  | 6240 | 339831 |
|  Sprouts Farmers Market, Inc.<sup>(a)</sup>  | 54027 | 8246681 |
|  United Natural Foods, Inc.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5283 | 144701 |
|  |  | 8731213 |
| **Containers & Packaging — 0.3%** |  |  |
|  Crown Holdings, Inc. | 12698 | 1133424 |
|  Myers Industries, Inc. | 41067 | 489929 |
|  |  | 1623353 |
| **Distributors — 0.0%** |  |  |
|  GigaCloud Technology, Inc., Class A<sup>(a)(b)</sup>  | 9059 | 128638 |
| **Diversified Consumer Services — 2.0%** |  |  |
|  Bright Horizons Family Solutions, Inc.<sup>(a)</sup>  | 15447 | 1962387 |
|  Coursera, Inc.<sup>(a)</sup>  | 89373 | 595224 |
|  Frontdoor, Inc.<sup>(a)</sup>  | 27237 | 1046445 |
|  Laureate Education, Inc., Class A<sup>(a)</sup>  | 171119 | 3499384 |
|  OneSpaWorld Holdings Ltd. | 47814 | 802797 |
|  Stride, Inc.<sup>(a)</sup>  | 17830 | 2255495 |
|  Udemy, Inc.<sup>(a)</sup>  | 43628 | 338553 |
|  |  | 10500285 |
| **Diversified Telecommunication Services — 0.3%** |  |  |
|  Anterix, Inc.<sup>(a)</sup>  | 10518 | 384959 |
|  Bandwidth, Inc., Class A<sup>(a)</sup>  | 40498 | 530524 |
|  IDT Corp., Class B | 12980 | 666003 |
|  |  | 1581486 |
| **Electrical Equipment — 1.4%** |  |  |
|  Allient, Inc. | 19652 | 431951 |
|  American Superconductor Corp.<sup>(a)</sup>  | 11180 | 202805 |
|  Atkore, Inc. | 2389 | 143316 |
|  Bloom Energy Corp., Class A<sup>(a)</sup>  | 96222 | 1891725 |
|  EnerSys | 8239 | 754528 |
|  Enovix Corp.<sup>(a)(b)</sup>  | 10942 | 80314 |
|  Generac Holdings, Inc.<sup>(a)</sup>  | 3385 | 428710 |
|  NEXTracker, Inc., Class A<sup>(a)</sup>  | 52017 | 2191996 |
|  NuScale Power Corp., Class A<sup>(a)</sup>  | 14841 | 210149 |
|  Powell Industries, Inc. | 2229 | 379666 |
|  Sensata Technologies Holding PLC | 18475 | 448388 |
|  Vicor Corp.<sup>(a)</sup>  | 10068 | 470981 |
|  |  | 7634529 |

---

S C H E D U L E O F I N V E S T M E N T S 5

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued) <br>March 31, 2025 | **BlackRock Advantage Small Cap Growth Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Electronic Equipment, Instruments & Components — 3.1% | Electronic Equipment, Instruments & Components — 3.1% | Electronic Equipment, Instruments & Components — 3.1% |
|  908 Devices, Inc.<sup>(a)(b)</sup>  | 12869 | $57653 |
|  Advanced Energy Industries, Inc. | 1195 | 113895 |
|  Arlo Technologies, Inc.<sup>(a)</sup>  | 32141 | 317232 |
|  Badger Meter, Inc. | 17055 | 3244714 |
|  Benchmark Electronics, Inc. | 2061 | 78380 |
|  Fabrinet<sup>(a)</sup>  | 19074 | 3767306 |
|  Flex Ltd.<sup>(a)</sup>  | 40531 | 1340765 |
|  Insight Enterprises, Inc.<sup>(a)(b)</sup>  | 22207 | 3330828 |
|  Itron, Inc.<sup>(a)</sup>  | 13338 | 1397289 |
|  Methode Electronics, Inc. | 69986 | 446511 |
|  OSI Systems, Inc.<sup>(a)(b)</sup>  | 5355 | 1040691 |
|  PC Connection, Inc. | 2108 | 131581 |
|  Plexus Corp.<sup>(a)</sup>  | 9549 | 1223513 |
|  TTM Technologies, Inc.<sup>(a)</sup>  | 10860 | 222739 |
|  |  | 16713097 |
| Energy Equipment & Services — 1.7% |  |  |
|  Archrock, Inc. | 83091 | 2180308 |
|  ChampionX Corp. | 83580 | 2490684 |
|  Flowco Holdings, Inc., Class A<sup>(a)</sup>  | 11338 | 290820 |
|  Forum Energy Technologies, Inc.<sup>(a)</sup>  | 15868 | 319105 |
|  Oceaneering International, Inc.<sup>(a)(b)</sup>  | 110362 | 2406995 |
|  Tidewater, Inc.<sup>(a)</sup>  | 27203 | 1149871 |
|  Transocean Ltd.<sup>(a)(b)</sup>  | 127352 | 403706 |
|  |  | 9241489 |
| Entertainment — 0.3% |  |  |
|  Cinemark Holdings, Inc. | 11542 | 287280 |
|  Playstudios, Inc., Class A<sup>(a)</sup>  | 118462 | 150447 |
|  Roku, Inc., Class A<sup>(a)</sup>  | 18690 | 1316524 |
|  |  | 1754251 |
| Financial Services — 0.9% |  |  |
|  Euronet Worldwide, Inc.<sup>(a)</sup>  | 1546 | 165190 |
|  EVERTEC, Inc. | 19355 | 711684 |
|  NCR Atleos Corp.<sup>(a)</sup>  | 4314 | 113803 |
|  NewtekOne, Inc. | 7803 | 93324 |
|  NMI Holdings, Inc., Class A<sup>(a)</sup>  | 7332 | 264319 |
|  Pagseguro Digital Ltd., Class A<sup>(a)</sup>  | 54383 | 414942 |
|  Remitly Global, Inc.<sup>(a)</sup>  | 89569 | 1863035 |
|  StoneCo Ltd., Class A<sup>(a)</sup>  | 49186 | 515469 |
|  Velocity Financial, Inc.<sup>(a)</sup>  | 24162 | 452071 |
|  |  | 4593837 |
| Food Products — 1.1% |  |  |
|  Cal-Maine Foods, Inc. | 4754 | 432139 |
|  Darling Ingredients, Inc.<sup>(a)</sup>  | 20218 | 631610 |
|  Freshpet, Inc.<sup>(a)</sup>  | 6670 | 554744 |
|  John B. Sanfilippo & Son, Inc. | 15178 | 1075513 |
|  Lancaster Colony Corp. | 13013 | 2277275 |
|  Mission Produce, Inc.<sup>(a)</sup>  | 15032 | 157535 |
|  Utz Brands, Inc., Class A | 4414 | 62149 |
|  Vital Farms, Inc.<sup>(a)</sup>  | 23695 | 721987 |
|  |  | 5912952 |
| Gas Utilities — 0.0% |  |  |
|  New Jersey Resources Corp. | 4716 | 231367 |
|  Ground Transportation — 0.3% |  |  |
|  Covenant Logistics Group, Inc., Class A | 21532 | 478011 |
|  Lyft, Inc., Class A<sup>(a)</sup>  | 68038 | 807611 |
|  Saia, Inc.<sup>(a)(b)</sup>  | 226 | 78971 |
|  |  | 1364593 |
| Health Care Equipment & Supplies — 3.5% |  |  |
|  Accuray, Inc.<sup>(a)</sup>  | 198672 | 355623 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Health Care Equipment & Supplies (continued)** |  |  |
|  Alphatec Holdings, Inc.<sup>(a)</sup>  | 34425 | $349069 |
|  Axogen, Inc.<sup>(a)</sup>  | 16195 | 299608 |
|  Beta Bionics, Inc.<sup>(a)</sup>  | 13205 | 161629 |
|  Cerus Corp.<sup>(a)</sup>  | 298032 | 414264 |
|  Envista Holdings Corp.<sup>(a)</sup>  | 9963 | 171961 |
|  Glaukos Corp.<sup>(a)</sup>  | 8233 | 810292 |
|  Haemonetics Corp.<sup>(a)(b)</sup>  | 28720 | 1825156 |
|  Inogen, Inc.<sup>(a)</sup>  | 7 | 50 |
|  iRadimed Corp. | 54502 | 2860265 |
|  iRhythm Technologies, Inc.<sup>(a)</sup>  | 10518 | 1101024 |
|  Lantheus Holdings, Inc.<sup>(a)</sup>  | 23768 | 2319757 |
|  LeMaitre Vascular, Inc. | 12993 | 1090113 |
|  LivaNova PLC<sup>(a)</sup>  | 9310 | 365697 |
|  Merit Medical Systems, Inc.<sup>(a)</sup>  | 17734 | 1874661 |
|  Novocure Ltd.<sup>(a)</sup>  | 73711 | 1313530 |
|  PROCEPT BioRobotics Corp.<sup>(a)(b)</sup>  | 12168 | 708908 |
|  Pulmonx Corp.<sup>(a)</sup>  | 15104 | 101650 |
|  RxSight, Inc.<sup>(a)</sup>  | 28852 | 728513 |
|  Surmodics, Inc.<sup>(a)</sup>  | 2574 | 78584 |
|  Tandem Diabetes Care, Inc.<sup>(a)</sup>  | 22449 | 430123 |
|  TransMedics Group, Inc.<sup>(a)(b)</sup>  | 13092 | 880830 |
|  Treace Medical Concepts, Inc.<sup>(a)</sup>  | 33454 | 280679 |
|  UFP Technologies, Inc.<sup>(a)(b)</sup>  | 1871 | 377399 |
|  Varex Imaging Corp.<sup>(a)</sup>  | 16996 | 197154 |
|  |  | 19096539 |
| **Health Care Providers & Services — 5.6%** |  |  |
|  23andMe Holding Co., Class A<sup>(a)</sup>  | 7 | 5 |
|  Acadia Healthcare Co., Inc.<sup>(a)</sup>  | 2849 | 86382 |
|  agilon health, Inc.<sup>(a)</sup>  | 162759 | 704747 |
|  Alignment Healthcare, Inc.<sup>(a)</sup>  | 91123 | 1696710 |
|  AMN Healthcare Services, Inc.<sup>(a)</sup>  | 7746 | 189467 |
|  Ardent Health Partners, Inc.<sup>(a)(b)</sup>  | 18619 | 256011 |
|  Brookdale Senior Living, Inc.<sup>(a)</sup>  | 31727 | 198611 |
|  Castle Biosciences, Inc.<sup>(a)</sup>  | 2344 | 46927 |
|  CorVel Corp.<sup>(a)</sup>  | 26418 | 2958023 |
|  Encompass Health Corp. | 3029 | 306777 |
|  Ensign Group, Inc. (The) | 25579 | 3309923 |
|  Guardant Health, Inc.<sup>(a)</sup>  | 54046 | 2302360 |
|  HealthEquity, Inc.<sup>(a)</sup>  | 34727 | 3068825 |
|  Hims & Hers Health, Inc., Class A<sup>(a)</sup>  | 86277 | 2549485 |
|  InfuSystem Holdings, Inc.<sup>(a)</sup>  | 23141 | 124499 |
|  LifeStance Health Group, Inc.<sup>(a)</sup>  | 65272 | 434712 |
|  Option Care Health, Inc.<sup>(a)</sup>  | 11604 | 405560 |
|  Pennant Group, Inc. (The)<sup>(a)</sup>  | 32323 | 812923 |
|  Privia Health Group, Inc.<sup>(a)</sup>  | 115643 | 2596185 |
|  Progyny, Inc.<sup>(a)</sup>  | 59850 | 1337049 |
|  RadNet, Inc.<sup>(a)</sup>  | 41585 | 2067606 |
|  Select Medical Holdings Corp. | 155693 | 2600073 |
|  Universal Health Services, Inc., Class B | 5359 | 1006956 |
|  Viemed Healthcare, Inc.<sup>(a)</sup>  | 128544 | 935800 |
|  |  | 29995616 |
| **Health Care Technology — 0.7%** |  |  |
|  Doximity, Inc., Class A<sup>(a)</sup>  | 12405 | 719862 |
|  Evolent Health, Inc., Class A<sup>(a)</sup>  | 40062 | 379387 |
|  Health Catalyst, Inc.<sup>(a)</sup>  | 67230 | 304552 |
|  HealthStream, Inc | 8523 | 274270 |
|  Phreesia, Inc.<sup>(a)</sup>  | 56162 | 1435501 |
|  Schrodinger, Inc.<sup>(a)</sup>  | 21809 | 430510 |
|  Waystar Holding Corp.<sup>(a)</sup>  | 4171 | 155828 |
|  |  | 3699910 |

---

6 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued) <br>March 31, 2025 | **BlackRock Advantage Small Cap Growth Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Hotel & Resort REITs — 0.1% |  |  |
|  Chatham Lodging Trust | 30092 | $214556 |
|  DiamondRock Hospitality Co. | 21747 | 167887 |
|  |  | 382443 |
| Hotels, Restaurants & Leisure — 1.9% |  |  |
|  Brinker International, Inc.<sup>(a)</sup>  | 18649 | 2779633 |
|  Despegar.com Corp.<sup>(a)</sup>  | 3747 | 70406 |
|  Dutch Bros, Inc., Class A<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9571 | 590913 |
|  Everi Holdings, Inc.<sup>(a)</sup>  | 18901 | 258377 |
|  Life Time Group Holdings, Inc.<sup>(a)</sup>  | 22050 | 665910 |
|  Lindblad Expeditions Holdings, Inc.<sup>(a)</sup>  | 37702 | 349498 |
|  Marriott Vacations Worldwide Corp. | 2142 | 137602 |
|  Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup>  | 5014 | 95065 |
|  Rush Street Interactive, Inc., Class A<sup>(a)(b)</sup>  | 73669 | 789732 |
|  Shake Shack, Inc., Class A<sup>(a)</sup>  | 19915 | 1755906 |
|  Super Group SGHC Ltd. | 76300 | 491372 |
|  Texas Roadhouse, Inc. | 4248 | 707844 |
|  Travel + Leisure Co. | 6972 | 322734 |
|  Wingstop, Inc. | 2481 | 559664 |
|  Wyndham Hotels & Resorts, Inc. | 1294 | 117120 |
|  Wynn Resorts Ltd. | 3236 | 270206 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;9961982 |
| Household Durables — 1.4% |  |  |
|  Century Communities, Inc. | 16770 | 1125267 |
|  Champion Homes, Inc.<sup>(a)</sup>  | 7541 | 714585 |
|  Installed Building Products, Inc. | 8947 | 1534053 |
|  Landsea Homes Corp.<sup>(a)</sup>  | 12982 | 83345 |
|  M/I Homes, Inc.<sup>(a)</sup>  | 26415 | 3016065 |
|  Newell Brands, Inc. | 30117 | 186725 |
|  Taylor Morrison Home Corp., Class A<sup>(a)</sup>  | 8307 | 498752 |
|  Tri Pointe Homes, Inc.<sup>(a)</sup>  | 17526 | 559430 |
|  |  | 7718222 |
| Household Products — 0.5% |  |  |
|  Central Garden & Pet Co.<sup>(a)</sup>  | 1226 | 44945 |
|  Energizer Holdings, Inc. | 2505 | 74950 |
|  WD-40 Co. | 10863 | 2650572 |
|  |  | 2770467 |
| Industrial REITs — 0.3% |  |  |
|  First Industrial Realty Trust, Inc. | 32018 | 1727691 |
| Insurance — 1.7% |  |  |
|  Globe Life, Inc. | 12962 | 1707355 |
|  Goosehead Insurance, Inc., Class A | 2521 | 297629 |
|  Hanover Insurance Group, Inc. (The) | 1064 | 185083 |
|  Investors Title Co. | 1 | 241 |
|  Lemonade, Inc.<sup>(a)(b)</sup>  | 7720 | 242640 |
|  Mercury General Corp. | 2459 | 137458 |
|  Oscar Health, Inc., Class A<sup>(a)</sup>  | 83598 | 1095970 |
|  Palomar Holdings, Inc.<sup>(a)</sup>  | 11592 | 1589031 |
|  Root, Inc., Class A<sup>(a)</sup>  | 1684 | 224713 |
|  Stewart Information Services Corp. | 17154 | 1223938 |
|  Tiptree, Inc. | 63939 | 1540290 |
|  Universal Insurance Holdings, Inc. | 30272 | 717446 |
|  |  | 8961794 |
| Interactive Media & Services — 1.5% |  |  |
|  Cargurus, Inc., Class A<sup>(a)</sup>  | 12818 | 373388 |
|  DHI Group, Inc.<sup>(a)</sup>  | 24259 | 33720 |
|  EverQuote, Inc., Class A<sup>(a)</sup>  | 36050 | 944149 |
|  Grindr, Inc.<sup>(a)</sup>  | 70343 | 1259140 |
|  MediaAlpha, Inc., Class A<sup>(a)</sup>  | 52012 | 480591 |
|  Nextdoor Holdings, Inc., Class A<sup>(a)</sup>  | 152294 | 233010 |
|  QuinStreet, Inc.<sup>(a)</sup>  | 87271 | 1556914 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Interactive Media & Services (continued)** |  |  |
|  Shutterstock, Inc. | 24349 | $453622 |
|  Yelp, Inc.<sup>(a)</sup>  | 43197 | 1599585 |
|  ZipRecruiter, Inc., Class A<sup>(a)(b)</sup>  | 216921 | 1277665 |
|  |  | 8211784 |
| **IT Services — 0.3%** |  |  |
|  Backblaze, Inc., Class A<sup>(a)</sup>  | 34204 | 165205 |
|  DigitalOcean Holdings, Inc.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5933 | 198103 |
|  Grid Dynamics Holdings, Inc., Class A<sup>(a)</sup>  | 10160 | 159004 |
|  Hackett Group, Inc. (The) | 24109 | 704465 |
|  Information Services Group, Inc. | 48445 | 189420 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1416197 |
| **Leisure Products — 0.4%** |  |  |
|  Hasbro, Inc. | 8541 | 525186 |
|  Peloton Interactive, Inc., Class A<sup>(a)</sup>  | 147300 | 930936 |
|  YETI Holdings, Inc.<sup>(a)</sup>  | 27182 | 899724 |
|  |  | 2355846 |
| **Life Sciences Tools & Services — 0.4%** |  |  |
|  BioLife Solutions, Inc.<sup>(a)</sup>  | 317 | 7240 |
|  Bruker Corp. | 12953 | 540658 |
|  Codexis, Inc.<sup>(a)</sup>  | 51071 | 137381 |
|  CryoPort, Inc.<sup>(a)</sup>  | 65814 | 400149 |
|  Cytek Biosciences, Inc.<sup>(a)</sup>  | 32802 | 131536 |
|  Medpace Holdings, Inc.<sup>(a)</sup>  | 427 | 130103 |
|  Niagen Bioscience, Inc.<sup>(a)</sup>  | 18610 | 128409 |
|  Personalis, Inc.<sup>(a)</sup>  | 19774 | 69407 |
|  Quanterix Corp.<sup>(a)</sup>  | 28502 | 185548 |
|  Seer, Inc., Class A<sup>(a)</sup>  | 123972 | 209513 |
|  |  | 1939944 |
| **Machinery — 5.2%** |  |  |
|  Alamo Group, Inc. | 1957 | 348757 |
|  Atmus Filtration Technologies, Inc. | 71753 | 2635488 |
|  Blue Bird Corp.<sup>(a)(b)</sup>  | 6919 | 223968 |
|  Chart Industries, Inc.<sup>(a)(b)</sup>  | 13521 | 1951891 |
|  Crane Co. | 1645 | 251981 |
|  Douglas Dynamics, Inc. | 11508 | 267331 |
|  Energy Recovery, Inc.<sup>(a)</sup>  | 47129 | 748880 |
|  ESCO Technologies, Inc. | 870 | 138434 |
|  Federal Signal Corp. | 25498 | 1875378 |
|  Flowserve Corp. | 28821 | 1407618 |
|  Graham Corp.<sup>(a)</sup>  | 7733 | 222865 |
|  ITT, Inc. | 19627 | 2535023 |
|  Kadant, Inc. | 2639 | 889105 |
|  Mueller Industries, Inc. | 40093 | 3052681 |
|  Mueller Water Products, Inc., Class A | 123635 | 3142802 |
|  REV Group, Inc. | 9032 | 285411 |
|  Shyft Group, Inc. (The) | 13718 | 110979 |
|  SPX Technologies, Inc.<sup>(a)</sup>  | 26197 | 3373650 |
|  Tennant Co. | 945 | 75364 |
|  Watts Water Technologies, Inc., Class A | 18204 | 3712160 |
|  Worthington Enterprises, Inc. | 11715 | 586804 |
|  |  | 27836570 |
| **Media — 0.2%** |  |  |
|  Ibotta, Inc., Class A<sup>(a)</sup>  | 1744 | 73597 |
|  Magnite, Inc.<sup>(a)</sup>  | 9305 | 106170 |
|  PubMatic, Inc., Class A<sup>(a)</sup>  | 18253 | 166832 |
|  TechTarget, Inc.<sup>(a)</sup>  | 6641 | 98353 |
|  Thryv Holdings, Inc.<sup>(a)</sup>  | 54132 | 693431 |
|  |  | 1138383 |
| **Metals & Mining — 2.0%** |  |  |
|  Alcoa Corp. | 9849 | 300395 |

---

S C H E D U L E O F I N V E S T M E N T S 7

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued) <br>March 31, 2025 | **BlackRock Advantage Small Cap Growth Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Metals & Mining (continued) |  |  |
|  Alpha Metallurgical Resources, Inc.<sup>(a)</sup>  | 8587 | $1075522 |
|  Carpenter Technology Corp. | 20775 | 3764014 |
|  Century Aluminum Co.<sup>(a)</sup>  | 59037 | 1095727 |
|  Cleveland-Cliffs, Inc.<sup>(a)</sup>  | 22532 | 185213 |
|  Compass Minerals International, Inc. | 21752 | 202076 |
|  Constellium SE, Class A<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9261 | 93443 |
|  Ivanhoe Electric, Inc.<sup>(a)(b)</sup>  | 17014 | 98851 |
|  Kaiser Aluminum Corp. | 15091 | 914816 |
|  Materion Corp. | 13586 | 1108618 |
|  Olympic Steel, Inc. | 21136 | 666207 |
|  Piedmont Lithium, Inc.<sup>(a)(b)</sup>  | 9648 | 60782 |
|  Radius Recycling, Inc., Class A | 27162 | 784439 |
|  Ramaco Resources, Inc., Class A | 50636 | 416734 |
|  SunCoke Energy, Inc. | 18848 | 173402 |
|  Tredegar Corp.<sup>(a)</sup>  | 11707 | 90144 |
|  |  | 11030383 |
| Oil, Gas & Consumable Fuels — 0.5% |  |  |
|  Ardmore Shipping Corp. | 8 | 78 |
|  California Resources Corp. | 10812 | 475404 |
|  Chord Energy Corp. | 5350 | 603052 |
|  DHT Holdings, Inc. | 4 | 42 |
|  Murphy Oil Corp. | 24003 | 681685 |
|  Par Pacific Holdings, Inc.<sup>(a)</sup>  | 14187 | 202307 |
|  PBF Energy, Inc., Class A | 3914 | 74718 |
|  REX American Resources Corp.<sup>(a)</sup>  | 5127 | 192621 |
|  SM Energy Co. | 8347 | 249993 |
|  Uranium Energy Corp.<sup>(a)</sup>  | 81330 | 388757 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2868657 |
| Passenger Airlines — 0.4% |  |  |
|  Alaska Air Group, Inc.<sup>(a)</sup>  | 6791 | 334253 |
|  American Airlines Group, Inc.<sup>(a)</sup>  | 27717 | 292415 |
|  Joby Aviation, Inc., Class A<sup>(a)</sup>  | 89402 | 538200 |
|  SkyWest, Inc.<sup>(a)</sup>  | 9517 | 831500 |
|  |  | 1996368 |
| Personal Care Products — 0.4% |  |  |
|  BellRing Brands, Inc.<sup>(a)</sup>  | 27260 | 2029780 |
|  Herbalife Ltd.<sup>(a)</sup>  | 9084 | 78395 |
|  |  | 2108175 |
| Pharmaceuticals — 2.8% |  |  |
|  Amneal Pharmaceuticals, Inc., Class A<sup>(a)</sup>  | 59831 | 501384 |
|  Arvinas, Inc.<sup>(a)</sup>  | 20001 | 140407 |
|  Atea Pharmaceuticals, Inc.<sup>(a)</sup>  | 137951 | 412474 |
|  Axsome Therapeutics, Inc.<sup>(a)</sup>  | 16062 | 1873311 |
|  Collegium Pharmaceutical, Inc.<sup>(a)</sup>  | 3063 | 91431 |
|  Corcept Therapeutics, Inc.<sup>(a)</sup>  | 56996 | 6510083 |
|  Edgewise Therapeutics, Inc.<sup>(a)</sup>  | 25703 | 565466 |
|  EyePoint Pharmaceuticals, Inc.<sup>(a)</sup>  | 22991 | 124611 |
|  Fulcrum Therapeutics, Inc.<sup>(a)</sup>  | 48967 | 141025 |
|  Harmony Biosciences Holdings, Inc.<sup>(a)</sup>  | 21726 | 721086 |
|  Harrow, Inc.<sup>(a)(b)</sup>  | 14296 | 380274 |
|  Neumora Therapeutics, Inc.<sup>(a)(b)</sup>  | 238731 | 238731 |
|  Nuvation Bio, Inc., Class A<sup>(a)(b)</sup>  | 77629 | 136627 |
|  Ocular Therapeutix, Inc.<sup>(a)</sup>  | 51979 | 381006 |
|  Pacira BioSciences, Inc.<sup>(a)</sup>  | 11144 | 276928 |
|  Phibro Animal Health Corp., Class A | 36545 | 780601 |
|  Scilex Holding Co. (Acquired 05/03/22, cost $349,038)<sup>(a)(c)</sup>  | 29374 | 7271 |
|  Supernus Pharmaceuticals, Inc.<sup>(a)</sup>  | 12477 | 408622 |
|  Tarsus Pharmaceuticals, Inc.<sup>(a)</sup>  | 7081 | 363751 |
|  Trevi Therapeutics, Inc.<sup>(a)</sup>  | 64860 | 407969 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Pharmaceuticals (continued)** |  |  |
|  WaVe Life Sciences Ltd.<sup>(a)</sup>  | 16449 | $132908 |
|  Xeris Biopharma Holdings, Inc.<sup>(a)</sup>  | 59621 | 327319 |
|  |  | 14923285 |
| **Professional Services — 4.8%** |  |  |
|  Barrett Business Services, Inc. | 17926 | 737655 |
|  CACI International, Inc., Class A<sup>(a)</sup>  | 2820 | 1034714 |
|  CRA International, Inc. | 6383 | 1105536 |
|  ExlService Holdings, Inc.<sup>(a)(b)</sup>  | 117800 | 5561338 |
|  Exponent, Inc. | 12886 | 1044539 |
|  Genpact Ltd. | 31377 | 1580773 |
|  Huron Consulting Group, Inc.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6045 | 867155 |
|  IBEX Holdings Ltd.<sup>(a)</sup>  | 18264 | 444728 |
|  ICF International, Inc. | 15239 | 1294858 |
|  Innodata, Inc.<sup>(a)</sup>  | 3295 | 118291 |
|  Insperity, Inc. | 19258 | 1718391 |
|  KBR, Inc. | 17907 | 891948 |
|  Kforce, Inc. | 3700 | 180893 |
|  ManpowerGroup, Inc. | 46141 | 2670641 |
|  Maximus, Inc. | 32342 | 2205401 |
|  NV5 Global, Inc.<sup>(a)</sup>  | 45511 | 876997 |
|  Robert Half, Inc. | 5569 | 303789 |
|  TriNet Group, Inc. | 20903 | 1656354 |
|  Verra Mobility Corp., Class A<sup>(a)</sup>  | 50058 | 1126806 |
|  WNS Holdings Ltd.<sup>(a)</sup>  | 2996 | 184224 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;25605031 |
| **Real Estate Management & Development — 0.4%** |  |  |
|  Compass, Inc., Class A<sup>(a)</sup>  | 115868 | 1011528 |
|  Real Brokerage, Inc. (The)<sup>(a)</sup>  | 37499 | 152246 |
|  Redfin Corp.<sup>(a)</sup>  | 8829 | 81315 |
|  RMR Group, Inc. (The), Class A | 6 | 100 |
|  St. Joe Co. (The) | 16581 | 778478 |
|  |  | 2023667 |
| **Retail REITs — 0.7%** |  |  |
|  Brixmor Property Group, Inc. | 92559 | 2457442 |
|  NETSTREIT Corp. | 22757 | 360698 |
|  Saul Centers, Inc. | 5703 | 205707 |
|  Tanger, Inc. | 18555 | 626974 |
|  |  | 3650821 |
| **Semiconductors & Semiconductor Equipment — 3.4%** |  |  |
|  ACM Research, Inc., Class A<sup>(a)</sup>  | 14613 | 341067 |
|  Ambarella, Inc.<sup>(a)</sup>  | 34590 | 1740915 |
|  Axcelis Technologies, Inc.<sup>(a)(b)</sup>  | 22454 | 1115290 |
|  Credo Technology Group Holding Ltd.<sup>(a)</sup>  | 73069 | 2934451 |
|  Impinj, Inc.<sup>(a)</sup>  | 8235 | 746915 |
|  Lattice Semiconductor Corp.<sup>(a)(b)</sup>  | 12053 | 632180 |
|  MaxLinear, Inc.<sup>(a)</sup>  | 42193 | 458216 |
|  Onto Innovation, Inc.<sup>(a)</sup>  | 6570 | 797204 |
|  Power Integrations, Inc. | 33305 | 1681902 |
|  Rambus, Inc.<sup>(a)</sup>  | 54819 | 2838254 |
|  Semtech Corp.<sup>(a)</sup>  | 32640 | 1122816 |
|  Silicon Laboratories, Inc.<sup>(a)</sup>  | 4507 | 507353 |
|  SiTime Corp.<sup>(a)(b)</sup>  | 14336 | 2191544 |
|  Synaptics, Inc.<sup>(a)</sup>  | 9418 | 600115 |
|  Ultra Clean Holdings, Inc.<sup>(a)</sup>  | 25763 | 551586 |
|  |  | 18259808 |
| **Software — 10.6%** |  |  |
|  8x8, Inc.<sup>(a)</sup>  | 95942 | 191884 |
|  A10 Networks, Inc. | 14589 | 238384 |
|  ACI Worldwide, Inc.<sup>(a)</sup>  | 54481 | 2980656 |
|  Alarm.com Holdings, Inc.<sup>(a)</sup>  | 42351 | 2356833 |

---

8 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued) <br>March 31, 2025 | **BlackRock Advantage Small Cap Growth Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Software (continued) |  |  |
|  Amplitude, Inc., Class A<sup>(a)(b)</sup>  | 41669 | $424607 |
|  Arteris, Inc.<sup>(a)</sup>  | 13918 | 96173 |
|  Asana, Inc., Class A<sup>(a)</sup>  | 57484 | 837542 |
|  Aurora Innovation, Inc., Class A<sup>(a)</sup>  | 161465 | 1085852 |
|  Blend Labs, Inc., Class A<sup>(a)</sup>  | 96496 | 323262 |
|  Box, Inc., Class A<sup>(a)</sup>  | 99816 | 3080322 |
|  Braze, Inc., Class A<sup>(a)</sup>  | 26581 | 959042 |
|  C3.ai, Inc., Class A<sup>(a)(b)</sup>  | 66456 | 1398899 |
|  Cleanspark, Inc.<sup>(a)(b)</sup>  | 77806 | 522856 |
|  Clear Secure, Inc., Class A | 29800 | 772118 |
|  Clearwater Analytics Holdings, Inc., Class A<sup>(a)</sup>  | 114242 | 3061686 |
|  Commvault Systems, Inc.<sup>(a)</sup>  | 11418 | 1801304 |
|  Confluent, Inc., Class A<sup>(a)</sup>  | 10925 | 256082 |
|  DoubleVerify Holdings, Inc.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6162 | 82386 |
|  Elastic NV<sup>(a)</sup>  | 9172 | 817225 |
|  Expensify, Inc., Class A<sup>(a)</sup>  | 29204 | 88780 |
|  Five9, Inc.<sup>(a)</sup>  | 24419 | 662976 |
|  Freshworks, Inc., Class A<sup>(a)</sup>  | 112309 | 1584680 |
|  Gitlab, Inc., Class A<sup>(a)</sup>  | 2982 | 140154 |
|  Intapp, Inc.<sup>(a)</sup>  | 17039 | 994737 |
|  InterDigital, Inc. | 11791 | &nbsp;&nbsp;&nbsp;&nbsp;2437789 |
|  Life360, Inc.<sup>(a)</sup>  | 5519 | 211874 |
|  LiveRamp Holdings, Inc.<sup>(a)</sup>  | 59008 | 1542469 |
|  MARA Holdings, Inc.<sup>(a)</sup>  | 78779 | 905958 |
|  Olo, Inc., Class A<sup>(a)</sup>  | 197256 | 1191426 |
|  Ooma, Inc.<sup>(a)</sup>  | 150142 | 1965359 |
|  Porch Group, Inc.<sup>(a)</sup>  | 33657 | 245360 |
|  PROS Holdings, Inc.<sup>(a)</sup>  | 48179 | 916846 |
|  Q2 Holdings, Inc.<sup>(a)</sup>  | 30760 | 2461108 |
|  Qualys, Inc.<sup>(a)</sup>  | 29364 | 3697809 |
|  Rapid7, Inc.<sup>(a)</sup>  | 34530 | 915390 |
|  Red Violet, Inc. | 29549 | 1110747 |
|  RingCentral, Inc., Class A<sup>(a)</sup>  | 42456 | 1051211 |
|  SEMrush Holdings, Inc., Class A<sup>(a)</sup>  | 34653 | 323312 |
|  SoundHound AI, Inc., Class A<sup>(a)(b)</sup>  | 78300 | 635796 |
|  SoundThinking, Inc.<sup>(a)</sup>  | 44650 | 756818 |
|  Sprout Social, Inc., Class A<sup>(a)</sup>  | 10577 | 232588 |
|  SPS Commerce, Inc.<sup>(a)</sup>  | 5525 | 733333 |
|  Tenable Holdings, Inc.<sup>(a)</sup>  | 85499 | 2990755 |
|  Terawulf, Inc.<sup>(a)</sup>  | 35552 | 97057 |
|  Unity Software, Inc.<sup>(a)</sup>  | 26836 | 525717 |
|  Varonis Systems, Inc.<sup>(a)(b)</sup>  | 59402 | 2402811 |
|  Verint Systems, Inc.<sup>(a)</sup>  | 8722 | 155688 |
|  Workiva, Inc., Class A<sup>(a)</sup>  | 38609 | 2930809 |
|  Zeta Global Holdings Corp., Class A<sup>(a)</sup>  | 137401 | 1863158 |
|  |  | 57059628 |
| Specialized REITs — 0.2% |  |  |
|  CubeSmart | 6378 | 272404 |
|  Four Corners Property Trust, Inc. | 11470 | 329189 |
|  Lamar Advertising Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3101 | 352832 |
|  Rayonier, Inc. | 5624 | 156797 |
|  |  | 1111222 |
| Specialty Retail — 2.8% |  |  |
|  Abercrombie & Fitch Co., Class A<sup>(a)</sup>  | 25985 | 1984475 |
|  American Eagle Outfitters, Inc. | 50477 | 586543 |
|  Bath & Body Works, Inc. | 38129 | 1156071 |
|  Boot Barn Holdings, Inc.<sup>(a)(b)</sup>  | 17898 | 1922782 |
|  Camping World Holdings, Inc., Class A | 21120 | 341299 |
|  CarParts.com, Inc.<sup>(a)</sup>  | 134616 | 134616 |
|  Chewy, Inc., Class A<sup>(a)</sup>  | 5733 | 186380 |
|  Duluth Holdings, Inc., Class B<sup>(a)</sup>  | 35126 | 61119 |
|  Five Below, Inc.<sup>(a)</sup>  | 8489 | 636038 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Specialty Retail (continued)** |  |  |
|  Floor & Decor Holdings, Inc., Class A<sup>(a)</sup>  | 873 | $70250 |
|  Haverty Furniture Cos., Inc. | 13656 | 269296 |
|  Lands' End, Inc.<sup>(a)</sup>  | 9248 | 94145 |
|  Lithia Motors, Inc., Class A | 4126 | 1211146 |
|  Petco Health & Wellness Co., Inc.<sup>(a)</sup>  | 29103 | 88764 |
|  RealReal, Inc. (The)<sup>(a)</sup>  | 50087 | 269969 |
|  Revolve Group, Inc., Class A<sup>(a)</sup>  | 77571 | 1667001 |
|  RH<sup>(a)</sup>  | 2745 | 643456 |
|  Stitch Fix, Inc., Class A<sup>(a)</sup>  | 26800 | 87100 |
|  Upbound Group, Inc. | 26498 | 634892 |
|  Urban Outfitters, Inc.<sup>(a)</sup>  | 13324 | 698178 |
|  Victoria's Secret & Co.<sup>(a)</sup>  | 13042 | 242320 |
|  Warby Parker, Inc., Class A<sup>(a)</sup>  | 69147 | 1260550 |
|  Wayfair, Inc., Class A<sup>(a)</sup>  | 14902 | 477311 |
|  Winmark Corp | 677 | 215198 |
|  |  | 14938899 |
| **Technology Hardware, Storage & Peripherals — 0.3%** |  |  |
|  Corsair Gaming, Inc.<sup>(a)</sup>  | 4124 | 36539 |
|  IonQ, Inc.<sup>(a)</sup>  | 75779 | 1672442 |
|  |  | 1708981 |
| **Textiles, Apparel & Luxury Goods — 0.4%** |  |  |
|  Crocs, Inc.<sup>(a)</sup>  | 1646 | 174805 |
|  Kontoor Brands, Inc. | 16887 | 1082963 |
|  Ralph Lauren Corp., Class A | 3410 | 752724 |
|  Steven Madden Ltd. | 4205 | 112021 |
|  |  | 2122513 |
| **Tobacco — 0.0%** |  |  |
|  Turning Point Brands, Inc. | 2263 | 134513 |
| **Trading Companies & Distributors — 3.5%** |  |  |
|  Applied Industrial Technologies, Inc. | 12248 | 2759964 |
|  Beacon Roofing Supply, Inc.<sup>(a)</sup>  | 18906 | 2338672 |
|  BlueLinx Holdings, Inc.<sup>(a)</sup>  | 7171 | 537681 |
|  Boise Cascade Co. | 27280 | 2675895 |
|  DNOW, Inc.<sup>(a)</sup>  | 68714 | 1173635 |
|  FTAI Aviation Ltd. | 44034 | 4889095 |
|  Global Industrial Co. | 18769 | 420426 |
|  H&E Equipment Services, Inc. | 1880 | 178205 |
|  Herc Holdings, Inc. | 16136 | 2166581 |
|  McGrath RentCorp. | 10744 | 1196882 |
|  MRC Global, Inc.<sup>(a)</sup>  | 10427 | 119702 |
|  Rush Enterprises, Inc., Class A | 1187 | 63398 |
|  Xometry, Inc., Class A<sup>(a)</sup>  | 19092 | 475773 |
|  |  | 18995909 |
|  **Total Common Stocks — 98.4%<br>(Cost: $500,216,547)** |  | 530684309 |
| **Preferred Securities** |  |  |
| **Preferred Stocks — 0.3%** |  |  |
| **Software — 0.3%** |  |  |
|  Illumio, Inc., Series C (Acquired 03/10/15, cost $1,000,317)<sup>(a)(c)(d)</sup>  | 311155 | 1574444 |

---

S C H E D U L E O F I N V E S T M E N T S 9

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Advantage Small Cap Growth Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Technology Hardware, Storage & Peripherals — 0.0% | Technology Hardware, Storage & Peripherals — 0.0% |  |
|  AliphCom |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 6, 0.00%, (Acquired 12/16/15, cost $0)<sup>(a)(c)(d)</sup>  | 8264 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 8, 0.00%<sup>(a)(d)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;192156 | 2 |
|  |  | 2 |
|  **Total Preferred Securities — 0.3%<br>(Cost: $2,175,301)** |  | 1574446 |
| Rights |  |  |
| Biotechnology — 0.0% |  |  |
|  Albireo Pharma Inc., CVR<sup>(a)(d)</sup>  | 7975 | 27912 |
|  Chinook Therapeutics, Inc., CVR<sup>(a)(d)</sup>  | 7289 | 6196 |
|  Contra Aduro Biotech I, CVR<sup>(a)(d)</sup>  | 18964 | 8913 |
|  Flexion Therapeutics, Inc., CVR<sup>(a)(d)</sup>  | 33053 | 16527 |
|  Inhibrx, Inc., CVR<sup>(a)(d)</sup>  | 196 | 221 |
|  Poseida Therapeutics, Inc., CVR<sup>(a)</sup>  | 8645 | 12017 |
|  Prevail Therapeutics, Inc., CVR<sup>(a)(d)</sup>  | 10004 | 5002 |
|  |  | 76788 |
| Metals & Mining — 0.0% |  |  |
|  Pan American Silver Corp., CVR<sup>(a)</sup>  | 36363 | 15541 |
|  **Total Rights — 0.0%<br>(Cost: $—)** |  | 92329 |
|  **Total Long-Term Investments — 98.7%<br>(Cost: $502,391,848)** |  | 532351084 |

---

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
|  **Short-Term Securities** |  |  |
| Money Market Funds — 6.9% |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency<br>Shares, 4.50%<sup>(e)(f)(g)</sup>  | 30330654 | $30345820 |
|  BlackRock Liquidity Funds, T-Fund, Institutional<br>Shares, 4.22%<sup>(e)(f)</sup>  | 7071742 | 7071742 |
|  **Total Short-Term Securities — 6.9%<br>(Cost: $37,413,909)** |  | 37417562 |
|  **Total Investments — 105.6%<br>(Cost: $539,805,757)** |  | 569768646 |
|  **Liabilities in Excess of Other Assets — (5.6)%** |  | (30290544) |
|  **Net Assets — 100.0%** |  | $539478102 |

---

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

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

<sup>(c)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $1,581,715, representing 0.3% of its net assets as of period end, and an original cost of $1,349,355. 

<sup>(d)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

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

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

<sup>(g)</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 March 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Issuer | Value at<br>09/30/24 | *Purchases*<br> *at Cost* | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>03/31/25 | Shares<br>Held at<br>03/31/25 | Income | *Capital*<br> *Gain*<br> *Distributions<br>from Underlyin<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $33974569 | $— | $(3617334)<sup>(a)</sup> | $2341 | $(13756) | $30345820 | 30330654 | $48434 <sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares | 5979615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092127 <sup>(a)</sup> |  |  |  | 7071742 | 7071742 | 137292 |  |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2341 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13756) | $37417562 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185726 | $— |

---

(a) Represents net amount purchased (sold).

(b) All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities.

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.

10 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Advantage Small Cap Growth Fund** |

---

#### Derivative Financial Instruments Outstanding as of Period End

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts | Expiration<br>Date | Notional<br>Amount<br>(000) | Value/<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Russell 2000 E-Mini Index | 60 | 06/20/25 | $6081 | $(140969) |

---

#### Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Currency<br>Exchange<br>Contracts | Interest<br>Rate<br>Contracts | Other<br>Contracts | Total |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts<sup>(a)</sup>  | $— | $— | $140969 | $— | $— | $— | $140969 |

---

(a) Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended March 31, 2025, the effect of derivative financial instruments in the Statement of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Currency<br>Exchange<br>Contracts | Interest<br>Rate<br>Contracts | Other<br>Contracts | Total |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(825400) | $— | $— | $— | $(825400) |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(208635) | $— | $— | $— | $(208635) |

---

#### Average Quarterly Balances of Outstanding Derivative Financial Instruments

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $6190370 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 | $11423198 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $11423198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobile Components | 8199137 |  |  | 8199137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks | 3932840 |  |  | 3932840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beverages | 2176717 |  |  | 2176717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 69063911 |  |  | 69063911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 572812 |  |  | 572812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Building Products | 7212845 |  |  | 7212845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 18291758 |  |  | 18291758 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Advantage Small Cap Growth Fund** |

---

#### Fair Value Hierarchy as of Period End (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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 | $3813648 | $— | $— | $3813648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 1827178 |  |  | 1827178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 1865856 |  |  | 1865856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | 16368562 |  |  | 16368562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | 769696 |  |  | 769696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | 9403813 |  |  | 9403813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 8731213 |  |  | 8731213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | 1623353 |  |  | 1623353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributors | 128638 |  |  | 128638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Consumer Services | 10500285 |  |  | 10500285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | 1581486 |  |  | 1581486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 7634529 |  |  | 7634529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 16713097 |  |  | 16713097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | 9241489 |  |  | 9241489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 1754251 |  |  | 1754251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 4593837 |  |  | 4593837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food Products | 5912952 |  |  | 5912952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas Utilities | 231367 |  |  | 231367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | 1364593 |  |  | 1364593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 19096539 |  |  | 19096539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 29995616 |  |  | 29995616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Technology | 3699910 |  |  | 3699910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotel & Resort REITs | 382443 |  |  | 382443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 9961982 |  |  | 9961982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Durables | 7718222 |  |  | 7718222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Products | 2770467 |  |  | 2770467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial REITs | 1727691 |  |  | 1727691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance | 8961794 |  |  | 8961794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 8211784 |  |  | 8211784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services | 1416197 |  |  | 1416197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leisure Products | 2355846 |  |  | 2355846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 1939944 |  |  | 1939944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery | 27836570 |  |  | 27836570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Media | 1138383 |  |  | 1138383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 11030383 |  |  | 11030383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 2868657 |  |  | 2868657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Passenger Airlines | 1996368 |  |  | 1996368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personal Care Products | 2108175 |  |  | 2108175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 14916014 | 7271 |  | 14923285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 25605031 |  |  | 25605031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | 2023667 |  |  | 2023667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retail REITs | 3650821 |  |  | 3650821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 18259808 |  |  | 18259808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | 57059628 |  |  | 57059628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialized REITs | 1111222 |  |  | 1111222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 14938899 |  |  | 14938899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 1708981 |  |  | 1708981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 2122513 |  |  | 2122513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco | 134513 |  |  | 134513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | 18995909 |  |  | 18995909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities |  |  | 1574446 | 1574446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biotechnology |  | 12017 | 64771 | 76788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 15541 |  |  | 15541 |
| &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 | 37417562 |  |  | 37417562 |
|  | $568110141 | $19288 | $1639217 | $569768646 |

---

12 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> March 31, 2025 | **BlackRock Advantage Small Cap Growth Fund** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
|  Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(140969) | $&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;(140969) |

---

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.* 

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

------

Statement of Assets and Liabilities (unaudited)

March 31, 2025

---

| | |
|:---|:---|
|  | BlackRock<br>Advantage<br>Small Cap<br>Growth Fund |
|  **ASSETS** |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup>  | $532351084 |
|  Investments, at value — affiliated<sup>(c)</sup>  | 37417562 |
|  Cash pledged: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 622000 |
|  Foreign currency, at value<sup>(d)</sup>  | 13243 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 2111507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 6303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 2110404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 73852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 20406 |
| &nbsp;&nbsp;&nbsp;&nbsp; From the Manager | 39843 |
|  Prepaid expenses | 50611 |
|  Total assets | 574816815 |
|  **LIABILITIES** |  |
|  Collateral on securities loaned | 30338575 |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 3760358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 19895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 625654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 146633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and Officer's fees | 3079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 350325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 20265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution fees | 34546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 39383 |
|  Total liabilities | 35338713 |
|  **Commitments and contingent liabilities** |  |
|  NET ASSETS | $539478102 |
|  **NET ASSETS CONSIST OF:** |  |
|  Paid-in capital | $555676749 |
|  Accumulated loss | (16198647) |
|  NET ASSETS | $539478102 |
|  <sup>(a) </sup>Investments, at cost — unaffiliated | $502391848 |
|  <sup>(b) </sup>Securities loaned, at value | $28608275 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $37413909 |
|  <sup>(d) </sup>Foreign currency, at cost | $12506 |

---

14 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Statement of Assets and Liabilities (unaudited) (continued)

March 31, 2025

---

| | |
|:---|:---|
|  | BlackRock<br>Advantage<br>Small Cap<br>Growth Fund |
|  **NET ASSET VALUE** |  |
| **Institutional** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $342866194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 17829441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $19.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 |
| **Investor A** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142253523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 11778588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $12.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 |
| **Class K** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $47417213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 2465942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $19.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 |
| **Class R** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $6941172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 574376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $12.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 |

---

*See notes to financial statements* 

S T A T E M E N T O F A S S E T S A N D L I A B I L I T I E S 15

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Statement of Operations (unaudited)

Six Months Ended March 31, 2025

---

| | |
|:---|:---|
|  | BlackRock<br>Advantage<br>Small Cap<br>Growth Fund |
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $1471926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 137292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 48434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | (118) |
|  Total investment income | 1657534 |
|  EXPENSES |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 1365208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent — class specific | 427525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution — class specific | 224238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration | 127585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 87775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration — class specific | 60690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | 59766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration | 44554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services | 34726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and postage | 19657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees and Officer | 6350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 21040 |
|  Total expenses | 2479114 |
|  Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees waived by the Manager — class specific | (60690) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fees waived and/or reimbursed by the Manager | (401295) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees waived and/or reimbursed by the Manager — class specific | (288341) |
|  Total expenses after fees waived and/or reimbursed | 1728788 |
|  Net investment loss | (71254) |
|  **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 | 15834043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 2341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (825400) |
|  | 15010984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (73691154) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (13756) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (208635) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (462) |
|  | (73914007) |
|  Net realized and unrealized loss | (58903023) |
|  NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $(58974277) |

---

*See notes to financial statements.* 

16 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | BlackRock Advantage Small Cap Growth Fund | BlackRock Advantage Small Cap Growth Fund |
|  | Six Months<br> Ended<br> 03/31/25<br>(unaudited) | Year Ended<br>09/30/24 |
|  *INCREASE (DECREASE) IN NET ASSETS* | *INCREASE (DECREASE) IN NET ASSETS* |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(71254) | $906806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 15010984 | 60427609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (73914007) | 81345637 |
|  Net increase (decrease) in net assets resulting from operations | (58974277) | 142680052 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | (950750) | (857268) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A | (297001) | (288412) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | (147452) | (132903) |
|  Decrease in net assets resulting from distributions to shareholders | (1395203) | (1278583) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |
|  Net decrease in net assets derived from capital share transactions | (4982502) | (35623415) |
|  *NET ASSETS* |  |  |
|  Total increase (decrease) in net assets | (65351982) | 105778054 |
|  Beginning of period | 604830084 | 499052030 |
|  End of period | $539478102 | $604830084 |

---

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

*See notes to financial statements.* 

S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S 17

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Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Small Cap Growth Fund | BlackRock Advantage Small Cap Growth Fund | BlackRock Advantage Small Cap Growth Fund | BlackRock Advantage Small Cap Growth Fund | BlackRock Advantage Small Cap Growth Fund | BlackRock Advantage Small Cap Growth Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months<br>Ended<br>03/31/25<br>(unaudited) | Year Ended<br>09/30/24 | Year Ended<br>09/30/23 | Year Ended<br>09/30/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $21.40 | $16.58 | $15.04 | $25.11 | $19.86 | $18.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.01 | 0.04 | 0.04 | 0.04 | 0.01 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.13) | 4.83 | 1.57 | (6.20) | 6.54 | 2.84 |
|  Net increase (decrease) from investment operations | (2.12) | 4.87 | 1.61 | (6.16) | 6.55 | 2.89 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.05) | (0.05) | (0.07) |  | (0.01) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  | (3.91) | (1.29) | (0.97) |
|  Total distributions | (0.05) | (0.05) | (0.07) | (3.91) | (1.30) | (1.04) |
|  **Net asset value, end of period** | $19.23 | $21.40 | $16.58 | $15.04 | $25.11 | $19.86 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | (9.93)%<sup>(d)</sup> | 29.42% | 10.72% | (29.20)% | 33.89% | 16.32% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 0.76 %<sup>(f)</sup> | 0.79% | 0.82% | 0.71% | 0.68% | 0.73% |
|  Total expenses after fees waived and/or reimbursed | 0.50 %<sup>(f)</sup> | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
|  Net investment income | 0.05 %<sup>(f)</sup> | 0.23% | 0.23% | 0.22% | 0.04% | 0.25% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $342866 | $381437 | $304607 | $300391 | $743578 | $508084 |
|  Portfolio turnover rate | 66% | 148% | 133% | 102% | 125% | 126% |

---

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

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

<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> Annualized.

*See notes to financial statements.* 

18 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Small Cap Growth Fund (continued) | BlackRock Advantage Small Cap Growth Fund (continued) | BlackRock Advantage Small Cap Growth Fund (continued) | BlackRock Advantage Small Cap Growth Fund (continued) | BlackRock Advantage Small Cap Growth Fund (continued) | BlackRock Advantage Small Cap Growth Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months<br>Ended<br>03/31/25<br>(unaudited) | Year Ended<br>09/30/24 | Year Ended<br>09/30/23 | Year Ended<br>09/30/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $13.45 | $10.43 | $9.50 | $17.27 | $14.01 | $12.98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup>  | (0.01) | (0.00)<sup>(b)</sup> | (0.00)<sup>(b)</sup> | 0.00 <sup>(c)</sup> | (0.04) | 0.00 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.34) | 3.04 | 0.98 | (3.90) | 4.57 | 2.04 |
|  Net increase (decrease) from investment operations | (1.35) | 3.04 | 0.98 | (3.90) | 4.53 | 2.04 |
|  **Distributions<sup>(d)</sup>**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.02) | (0.02) | (0.05) |  |  | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  | (3.87) | (1.27) | (0.97) |
|  Total distributions | (0.02) | (0.02) | (0.05) | (3.87) | (1.27) | (1.01) |
|  **Net asset value, end of period** | $12.08 | $13.45 | $10.43 | $9.50 | $17.27 | $14.01 |
|  **Total Return<sup>(e)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | (10.03)%<sup>(f)</sup> | 29.20% | 10.32% | (29.32)% | 33.54% | 16.03% |
|  **Ratios to Average Net Assets<sup>(g)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 0.99 %<sup>(h)</sup> | 1.04% | 1.06% | 0.97% | 0.96% | 1.02% |
|  Total expenses after fees waived and/or reimbursed | 0.75 %<sup>(h)</sup> | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
|  Net investment income (loss) | (0.20)%<sup>(h)</sup> | (0.01)% | (0.02)% | 0.01% | (0.21)% | 0.00 %<sup>(i)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $142254 | $165783 | $148563 | $149192 | $225211 | $168457 |
|  Portfolio turnover rate | 66% | 148% | 133% | 102% | 125% | 126% |

---

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

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

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

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

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

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

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

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

<sup>(i)</sup> Amount is less than 0.005%. 

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 19

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Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Small Cap Growth Fund (continued) | BlackRock Advantage Small Cap Growth Fund (continued) | BlackRock Advantage Small Cap Growth Fund (continued) | BlackRock Advantage Small Cap Growth Fund (continued) | BlackRock Advantage Small Cap Growth Fund (continued) | BlackRock Advantage Small Cap Growth Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months<br>Ended<br>03/31/25<br>(unaudited) | Year Ended<br>09/30/24 | Year Ended<br>09/30/23 | Year Ended<br>09/30/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $21.40 | $16.58 | $15.05 | $25.11 | $19.86 | $18.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.01 | 0.05 | 0.05 | 0.06 | 0.02 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.12) | 4.83 | 1.57 | (6.20) | 6.54 | 2.85 |
|  Net increase (decrease) from investment operations | (2.11) | 4.88 | 1.62 | (6.14) | 6.56 | 2.90 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.06) | (0.06) | (0.09) |  | (0.02) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  | (3.92) | (1.29) | (0.97) |
|  Total distributions | (0.06) | (0.06) | (0.09) | (3.92) | (1.31) | (1.05) |
|  **Net asset value, end of period** | $19.23 | $21.40 | $16.58 | $15.05 | $25.11 | $19.86 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | (9.88)%<sup>(d)</sup> | 29.48% | 10.72% | (29.12)% | 33.94% | 16.37% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 0.60 %<sup>(f)</sup> | 0.64% | 0.65% | 0.57% | 0.56% | 0.58% |
|  Total expenses after fees waived and/or reimbursed | 0.45 %<sup>(f)</sup> | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
|  Net investment income | 0.09 %<sup>(f)</sup> | 0.28% | 0.28% | 0.33% | 0.08% | 0.27% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $47417 | $50329 | $38981 | $34153 | $36442 | $13264 |
|  Portfolio turnover rate | 66% | 148% | 133% | 102% | 125% | 126% |

---

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

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

<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> Annualized.

*See notes to financial statements.* 

20 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Small Cap Growth Fund (continued) | BlackRock Advantage Small Cap Growth Fund (continued) | BlackRock Advantage Small Cap Growth Fund (continued) | BlackRock Advantage Small Cap Growth Fund (continued) | BlackRock Advantage Small Cap Growth Fund (continued) | BlackRock Advantage Small Cap Growth Fund (continued) |
|  | Class R | Class R | Class R | Class R | Class R | Class R |
|  | Six Months<br>Ended<br>03/31/25<br>(unaudited) | Year Ended<br>09/30/24 | Year Ended<br>09/30/23 | Year Ended<br>09/30/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $13.45 | $10.44 | $9.50 | $17.26 | $13.99 | $12.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup>  | (0.03) | (0.03) | (0.03) | (0.03) | (0.08) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.34) | 3.04 | 0.99 | (3.92) | 4.57 | 2.03 |
|  Net increase (decrease) from investment operations | (1.37) | 3.01 | 0.96 | (3.95) | 4.49 | 2.00 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  |  | (0.02) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  | (3.81) | (1.22) | (0.97) |
|  Total distributions |  |  | (0.02) | (3.81) | (1.22) | (0.97) |
|  **Net asset value, end of period** | $12.08 | $13.45 | $10.44 | $9.50 | $17.26 | $13.99 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | (10.19)%<sup>(d)</sup> | 28.83% | 10.14% | (29.57)% | 33.25% | 15.75% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 1.32 %<sup>(f)</sup> | 1.34% | 1.35% | 1.29% | 1.26% | 1.27% |
|  Total expenses after fees waived and/or reimbursed | 1.00 %<sup>(f)</sup> | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
|  Net investment loss | (0.46)%<sup>(f)</sup> | (0.26)% | (0.27)% | (0.25)% | (0.45)% | (0.24)% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $6941 | $7281 | $6901 | $6797 | $11713 | $11314 |
|  Portfolio turnover rate | 66% | 148% | 133% | 102% | 125% | 126% |

---

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

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

<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> 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 21

------

Notes to Financial Statements (unaudited)

*1. ORGANIZATION* 

BlackRock Funds<sup>SM</sup> (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized as a Massachusetts business trust. BlackRock Advantage Small Cap Growth Fund (the "Fund") is a series of the Trust. The Fund is classified as diversified.

The 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 and Class R Shares bear certain expenses related to shareholder servicing of such shares, and Class R Shares also bear certain expenses related to the distribution of such shares. Investor A Shares are generally available through financial intermediaries. Class R Shares are sold only to certain employer-sponsored retirement plans. 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, Class K and Class R 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 Fund, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the "Manager") or its affiliates, is included in a complex of funds referred to as the BlackRock Multi-Asset Complex.

On September 18, 2024, the Board of Trustees of the Trust (the "Board") approved a change to the Fund's 80% investment policy to invest, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in small cap growth equity securities of U.S. issuers and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. This change became effective on January 28, 2025.

*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. The 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 Fund is informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

**Foreign Currency Translation:** The 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.

The 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 Statement 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. The Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

**Foreign Taxes:** The Fund 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 the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement 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 March 31, 2025, if any, are disclosed in the Statement of Assets and Liabilities.

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

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Notes to Financial Statements (unaudited) (continued)

**Cash:** The Fund may maintain cash at its custodian which, at times may exceed United States federally insured limits. The Fund may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statement of Operations.

**Collateralization:** If required by an exchange or counterparty agreement, the Fund may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

**Distributions:** Distributions paid by the Fund 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.

**Indemnifications:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund's maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.

**Other:** Expenses directly related to the Fund or its classes are charged to the Fund or the applicable class. Expenses directly related to the Fund and other shared expenses prorated to the Fund are allocated daily to each class based on its 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 Fund has an arrangement with its custodian whereby credits are earned on uninvested cash balances. For financial reporting purposes, custodian credits, if any, are included in interest income in the Statement of Operations.

**Segment Reporting:** The Fund adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The Fund's adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations.

The Chief Financial Officer acts as the Fund's Chief Operating Decision Maker ("CODM') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

*3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS* 

**Investment Valuation Policies:** The 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 has approved the designation of the Fund's Manager as the valuation designee for the Fund. The 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 the Fund's assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last trade or last available bid (long positions) or ask (short positions) price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's net asset value ("NAV").

• Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the contract is traded.

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 Fund uses 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 occurs after 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 the 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 as of the measurement date.

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 23

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Notes to Financial Statements (unaudited) (continued)

For investments in equity or debt issued by privately held companies or funds ("Private Company" or collectively, the "Private Companies") and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs:

&nbsp;&nbsp;&nbsp;&nbsp;(i) recent market transactions, including secondary market transactions, merger or acquisition activity and subsequent rounds of financing in the underlying investment or comparable issuers

&nbsp;&nbsp;&nbsp;&nbsp;(ii) recapitalizations and other transactions across the capital structure

&nbsp;&nbsp;&nbsp;&nbsp;(iii) market or relevant indices multiples of comparable issuers

&nbsp;&nbsp;&nbsp;&nbsp;(iv) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks

&nbsp;&nbsp;&nbsp;&nbsp;(v) quoted prices for similar investments or assets in active markets

&nbsp;&nbsp;&nbsp;&nbsp;(vi) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates

&nbsp;&nbsp;&nbsp;&nbsp;(vii) audited or unaudited financial statements, investor communications and Private Company financial or operational metrics

&nbsp;&nbsp;&nbsp;&nbsp;(viii) relevant market news and other public sources.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing a market approach to determine the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model ("OPM"), a probability weighted expected return model ("PWERM"), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involves a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

Private Companies are not subject to public company disclosure, timing, and reporting standards applicable to other investments held by the Fund. Certain information made available by a Private Company is as of a date that is earlier than the date the Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price the Fund could receive upon the sale of the investment.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

• Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

*4. SECURITIES AND OTHER INVESTMENTS* 

**Preferred Stocks:** Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer's board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.

**Securities Lending:** The Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund 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 the 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 Fund is entitled to all distributions made on or in respect of the loaned securities, but does 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.

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Notes to Financial Statements (unaudited) (continued)

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 Schedule 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 Fund's Schedule of Investments. The market value of any securities on loan and the value of related collateral, if any, are shown separately in the Statement 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 Fund 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 Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the 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 table is a summary of the Fund's securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  *Counterparty* | Securities<br>Loaned at Value | Cash<br>Collateral Received<br><sup>(a)</sup> | Non-Cash<br>Collateral Received,<br>at Fair Value | <br><sup>(a)</sup> | Net<br>Amount |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | $202639 | $(202639) | $— |  | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 664717 | (664717) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 7422377 | (7422377) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 3886788 | (3886788) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 11724632 | (11724632) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Financial Services LLC | 1385903 | (1385903) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | 2431001 | (2431001) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | 890218 | (890218) |  |  |  |
|  | $28608275 | $(28608275) | $&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;— |

---

<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 Fund benefits 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. The Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the 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 Fund.

*5. DERIVATIVE FINANCIAL INSTRUMENTS* 

The Fund engages in various portfolio investment strategies using derivative contracts both to increase the returns of the Fund and/or to manage its exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedule of Investments. These contracts may be transacted on an exchange or over-the-counter ("OTC").

**Futures Contracts:** Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Fund and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract's size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statement of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract ("variation margin"). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

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 25

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Notes to Financial Statements (unaudited) (continued)

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

**Investment Advisory:** The Trust, on behalf of the Fund, entered into an Investment Advisory Agreement with the Manager, the Fund's 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 the Fund's portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of the Fund.

For such services, the Fund pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of the Fund's net assets:

---

| | |
|:---|:---|
| Average Daily Net Assets | Investment Advisory Fees |
|  First $1 billion | 0.45% |
|  $1 billion — $3 billion | 0.42 |
|  $3 billion — $5 billion | 0.41 |
|  $5 billion — $10 billion | 0.39 |
|  Greater than $10 billion | 0.38 |

---

**Service and Distribution Fees:** The Trust, on behalf of the Fund, 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, the 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 the Fund as follows:

---

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

---

BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing and distribution services to the Fund. 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 March 31, 2025, the following table shows the class specific service and distribution fees borne directly by each share class of the Fund:

---

| | | | |
|:---|:---|:---|:---|
|  | Investor A | Class R | Total |
|  Service and distribution — class specific | $205850 | $18388 | $224238 |

---

**Administration:** The Trust, on behalf of the Fund, 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 the Fund. The administration fee, which is shown as administration in the Statement 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 Statement of Operations, at an annual rate of 0.02% of the average daily net assets of each respective class.

For the six months ended March 31, 2025, the following table shows the class specific administration fees borne directly by each share class of the Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Institutional | Investor A | Class K | Class R | Total |
|  Administration — class specific | $38327 | $16497 | $5130 | $736 | $60690 |

---

**Transfer Agent:** Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Fund 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 March 31, 2025, the Fund paid $12,196 for the Fund's Institutional Shares to affiliates of BlackRock in return for these services, which are included in transfer agent — class specific in the Statement of Operations.

The Manager maintains a call center that is responsible for providing certain shareholder services to the Fund. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the six months ended March 31, 2025, the Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statement of Operations:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Institutional | Investor A | Class K | Class R | Total |
|  Reimbursed amounts | $1130 | $6606 | $117 | $116 | $7969 |

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Notes to Financial Statements (unaudited) (continued)

For the six months ended March 31, 2025, the following table shows the class specific transfer agent fees borne directly by each share class of the Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Institutional | Investor A | Class K | Class R | Total |
|  Transfer agent — class specific | $302874 | $116282 | $367 | $8002 | $427525 |

---

**Other Fees:** For the six months ended March 31, 2025, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of the Fund's Investor A Shares for a total of $5,157.

For the six months ended March 31, 2025, affiliates received CDSCs in the amount of $330 for Investor A Shares.

**Expense Limitations, Waivers and Reimbursements:** The Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Fund pays to the Manager indirectly through its investment in affiliated money market funds (the "affiliated money market fund waiver") through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the trustees who are not "interested persons" of the Trust, as defined in the 1940 Act ("Independent Trustees"), or by a vote of a majority of the outstanding voting securities of the 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. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended March 31, 2025, the amount waived was $2,327.

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the 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, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Fund. For the six months ended March 31, 2025, there were no fees waived by the Manager pursuant to this arrangement.

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 the Fund's business ("expense limitation"). The expense limitations as a percentage of average daily net assets are as follows:

---

| | | | |
|:---|:---|:---|:---|
| Institutional | Investor A | Class K | Class R |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | 0.75% | 0.45% | 1.00% |

---

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2026, unless approved by the Board, including a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Fund. For the six months ended March 31, 2025, the Manager waived and/or reimbursed investment advisory fees of $398,968, which is included in fees waived and/or reimbursed by the Manager in the Statement of Operations.

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 Statement of Operations. For the six months ended March 31, 2025, class specific expense waivers and/or reimbursements were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Institutional | Investor A | Class K | Class R | Total |
|  Administration fees waived by the Manager — class specific | $38327 | $16497 | $5130 | $736 | $60690 |
|  Transfer agent fees waived and/or reimbursed by the Manager — class specific | 207069 | 74771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367 | 6134 | 288341 |

---

**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 Fund, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional, managed by the Manager or its affiliates. However, BIM has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been reinvested may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, the money market fund will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. The money market fund will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If the money market fund cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. The Fund retains a portion of the securities lending income and remits the remaining portion to BIM as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, the Fund retains 81% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

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 27

------

Notes to Financial Statements (unaudited) (continued)

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 specified thresholds, the Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 84% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2025, 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 securities lending income in an amount equal to 81% of securities lending income (which excluded collateral investment fees), and this amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by the Fund is shown as securities lending income—affiliated—net in the Statement of Operations. For the six months ended March 31, 2025, the Fund paid BIM $11,305 for securities lending agent services.

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

**Other Transactions:** The Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the six months ended March 31, 2025, the purchase and sale transactions and any net realized gains (losses) with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases | Sales | *Net Realized* <br> *Loss*  |
| $7926419 | $11390397 | $(56492) |

---

**7.**  ***PURCHASES AND SALES*** 

For the six months ended March 31, 2025, purchases and sales of investments, excluding short-term securities, were $392,813,838 and $401,866,047, respectively.

**8.**  ***INCOME TAX INFORMATION*** 

It is the 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.

The 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 the 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 the 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 Fund as of March 31, 2025, 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 Fund's financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Fund's NAV.

As of September 30, 2024, the Fund had non-expiring capital loss carryforwards available to offset future realized capital gains of $49,150,042.

As of March 31, 2025, 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:

---

| | |
|:---|:---|
|  | Amounts |
|  Tax cost | $551357085 |
|  Gross unrealized appreciation | $69139190 |
|  Gross unrealized depreciation | (50868598) |
|  Net unrealized appreciation (depreciation) | $18270592 |

---

**9.**  ***BANK BORROWINGS*** 

The Trust, on behalf of the Fund, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is party to a 364-day, $2.40 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

28 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Notes to Financial Statements (unaudited) (continued)

2025 unless extended or renewed. Prior to April 11, 2024, the aggregate commitment amount was $2.50 billion. 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 March 31, 2025, the Fund did not borrow under the credit agreement.

**10.**  ***PRINCIPAL RISKS*** 

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the 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, tariffs 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 Fund and its investments. The Fund's prospectus provides details of the risks to which the Fund is subject.

The Fund 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 mandatory and discretionary liquidity fees under certain circumstances.

**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. The Fund may invest in illiquid investments. An illiquid investment is any investment that the 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. The 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 the 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 the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

The price the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

**Counterparty Credit Risk:** The Fund 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 Fund manages 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 Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Fund's exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Fund.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Fund.

**Geographic/Asset Class Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Fund's portfolio are disclosed in its Schedule of Investments.

The Fund invests a significant portion of its 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.

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 29

------

Notes to Financial Statements (unaudited) (continued)

**11.**  ***CAPITAL SHARE TRANSACTIONS*** 

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended 03/31/25 | Six Months Ended 03/31/25 | Year Ended 09/30/24 | Year Ended 09/30/24 |
| Share Class | Shares | Amount | Shares | Amount |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1783596 | $38025845 | 4096566 | $76978397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 36891 | 828941 | 42643 | 741557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1817824) | (39230332) | (4688237) | (89415569) |
|  | 2663 | $(375546) | (549028) | $(11695615) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 1066785 | $14579271 | 1931309 | $23445354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 20472 | 289070 | 25647 | 280839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1638351) | (22335009) | (3864424) | (45866954) |
|  | (551094) | $(7466668) | (1907468) | $(22140761) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 480196 | $10284925 | 701966 | $13161286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 6137 | 137817 | 7173 | 124658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (372201) | (8018923) | (708616) | (13602333) |
|  | 114132 | $2403819 | 523 | $(316389) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 116041 | $1586843 | 120829 | $1446377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (83093) | (1130950) | (240240) | (2917027) |
|  | 32948 | $455893 | (119411) | $(1470650) |
|  | (401351) | $(4982502) | (2575384) | $(35623415) |

---

**12.**  ***SUBSEQUENT EVENTS*** 

Management's evaluation of the impact of all subsequent events on the Fund's financial statements was completed through the date the financial statements were issued and the following item was noted:

Effective April 10, 2025, the credit agreement was extended until April 2026 under substantially similar terms.

30 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Additional Information

#### Changes in and Disagreements with Accountants
Not applicable.

#### Proxy Results
Not applicable.

#### Remuneration Paid to Trustees, Officers, and Others
Compensation to the independent directors/trustees of the Trust is paid by the Trust, on behalf of the Fund.

#### General Information
Quarterly performance, shareholder reports, semi-annual and annual financial statements, current net asset value and other information regarding the Fund 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 Fund and does not, and is not intended to, incorporate BlackRock's website in this report.

#### Electronic Delivery
Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program.

To enroll in electronic delivery:

#### Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:
Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.

#### Shareholders Who Hold Accounts Directly with BlackRock:
1. Access the BlackRock website at **blackrock.com**

2. Select "Access Your Account"

3. Next, select "eDelivery" in the "Related Resources" box and follow the sign-up instructions.

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

#### Shareholder Privileges

#### Account Information
Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit **blackrock.com** for more information**.**

#### Automatic Investment Plans
Investor class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.

#### Systematic Withdrawal Plans
Investor class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.

#### Retirement Plans
Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.

A D D I T I O N A L I N F O R M A T I O N 31

------

Additional Information (continued)

#### Fund and Service Providers

---

| | |
|:---|:---|
| **Investment Adviser and Administrator** | **Independent Registered Public Accounting Firm** |
| BlackRock Advisors, LLC | Deloitte & Touche LLP |
| Wilmington, DE 19809 | Boston, MA 02110 |
| <br> **Accounting Agent and Transfer Agent** | <br> **Distributor** |
| BNY Mellon Investment Servicing (US) Inc. | BlackRock Investments, LLC |
| Wilmington, DE 19809 | New York, NY 10001 |
| <br> **Custodian** | <br> **Legal Counsel** |
| The Bank of New York Mellon | Sidley Austin LLP |
| New York, NY 10286 | New York, NY 10019 |
|  | <br> **Address of the Trust** |
|  | 100 Bellevue Parkway |
|  | Wilmington, DE 19809 |

---

32 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Glossary of Terms Used in these Financial Statements

#### Portfolio Abbreviation

---

| | |
|:---|:---|
| CVR | Contingent Value Rights |
| NVS | Non-Voting Shares |
| REIT | Real Estate Investment Trust |

---

G L O S S A R Y O F T E R M S U S E D I N T H E S E F I N A N C I A L S T A T E M E N T S 33

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### 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 Fund unless preceded or accompanied by the Fund's 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.

---

| | |
|:---|:---|
| ![LOGO](g945558g42l24.jpg)  | ![LOGO](g945558g59a01.jpg) |

---

------

Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7

Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7

Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – Not Applicable

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 13 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

---

| | |
|:---|:---|
| Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.  |

---

Item 16 – 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 date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 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 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

#### 2

------

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

(a)(1) Code of Ethics – Not Applicable to this semi-annual report

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed – Not Applicable

[(a)(3) Section 302 Certifications are attached.](d945558dex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) 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.](d945558dex99906cert.htm)

#### 3

------

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<sup>SM</sup>

---

| | |
|:---|:---|
| By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Funds<sup>SM</sup> |

---

Date: May 22, 2025

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<sup>SM</sup> |

---

Date: May 22, 2025

---

| | |
|:---|:---|
| By: | /s/ Trent Walker  |
|  | Trent Walker |
|  | Chief Financial Officer (principal financial officer) of |
|  | BlackRock Funds<sup>SM</sup> |

---

Date: May 22, 2025

#### 4

## 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<sup>SM</sup>, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Funds<sup>SM</sup> ;

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 trustees (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: May 22, 2025

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

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Funds<sup>SM</sup>

------

**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<sup>SM</sup>, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Funds<sup>SM</sup>;

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 trustees (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: May 22, 2025

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

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds<sup>SM</sup>

## 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<sup>SM</sup> (the "Registrant"), hereby certifies, to the best of his knowledge, that the Registrant's Report on Form N-CSR for the period ended March 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 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: May 22, 2025

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

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Funds<sup>SM</sup>

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Funds<sup>SM</sup> (the "Registrant"), hereby certifies, to the best of his knowledge, that the Registrant's Report on Form N-CSR for the period ended March 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 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: May 22, 2025

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

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds<sup>SM</sup>

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**.**