# EDGAR Filing Document

**Accession Number:** 0000230382
**File Stem:** 0001193125-26-257171
**Filing Date:** 2026-6
**Character Count:** 229208
**Document Hash:** 33b60c27e8e4f3b9f5461a598ef338e5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-257171.hdr.sgml**: 20260604

**ACCESSION NUMBER**: 0001193125-26-257171

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260604

**DATE AS OF CHANGE**: 20260604

**EFFECTIVENESS DATE**: 20260604

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock Advantage SMID Cap Fund, Inc.
- **CENTRAL INDEX KEY:** 0000230382

**ORGANIZATION NAME:**
- **EIN:** 132928561
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02809
- **FILM NUMBER:** 261064513

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BlackRock Advantage U.S. Total Market Fund, Inc.
- **DATE OF NAME CHANGE:** 20171218

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BlackRock Value Opportunities Fund, Inc.
- **DATE OF NAME CHANGE:** 20061002

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Merrill Lynch Value Opportunities Fund, Inc.
- **DATE OF NAME CHANGE:** 20040726

## Series and Classes Contracts Data

### BlackRock Advantage SMID Cap Fund, Inc. (Series ID: S000002323)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000006079 | Investor A    |  |
| C000006081 | Investor C    |  |
| C000006082 | Institutional |  |
| C000006083 | Class R       |  |
| C000199765 | Class K       |  |

?xml version='1.0' encoding='ASCII'? BlackRock Advantage SMID Cap Fund, Inc.

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:

#### 811-02809
Name of Fund:

BlackRock Advantage SMID Cap Fund, Inc.

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Advantage SMID Cap Fund, Inc., 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:

#### 03/31/2026
Date of reporting period:

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](g629273images_30956.jpg)

### BlackRock Advantage SMID Cap Fund, Inc.

### Institutional Shares \| MASPX

#### Annual Shareholder Report — March 31, 2026

------

This annual shareholder report contains important information about BlackRock Advantage SMID Cap Fund, Inc. (the "Fund") for the period of April 1, 2025 to March 31, 2026. 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 year?
(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 | $54 | 0.48% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2026, the Fund's Institutional Shares returned 23.48%. 

* For the same period, the Fund's benchmark, the Russell 3000<sup>®</sup> Index returned 18.09% and the Russell 2500<sup>®</sup> Index returned 23.45%. 

What contributed to performance?

Sentiment-based insights led positive contributions to the Fund's performance, most notably measures capturing market trends and investor behavior which supported strong performance by holdings within the industrials sector. Additionally, insights gauging patterns and tone within management earnings call discussions helped position the portfolio effectively in information technology. Fundamental quality and value measures also added to performance, as signals focused on company strength and efficient capital use supported positive exposure to consumer discretionary and energy stocks.

What detracted from performance?

Toward the latter part of the period amid heightened geopolitical tensions, macro-based insights struggled to keep pace with shifting market dynamics, leading to less effective positioning, most notably with respect to utilities. Additionally, certain sentiment signals linked to investor engagement weighed on positioning within communication services and consumer staples. Finally, fundamental signals tied to earnings expectations and operational efficiency detracted from performance.

*The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: April 1, 2016 through March 31, 2026

Initial investment of $10,000

![Fund Performance - Growth of 10K](g629273chartimages_11647229.jpg)

See "Average annual total returns" for additional information on fund performance.

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Institutional Shares | 23.48% | 6.58% | 10.82% |
| Russell 3000<sup>®</sup> Index | 18.09 | 10.87 | 13.72 |
| Russell 2500<sup>®</sup> Index | 23.45 | 5.48 | 10.58 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$754988166 |
| Number of Portfolio Holdings | &nbsp;&nbsp;778 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1910062 |
| Portfolio Turnover Rate | &nbsp;&nbsp;90% |

---

The Fund's returns shown prior to December 15, 2017, are the returns of the Fund when it followed a different investment objective and different investment strategies under the name BlackRock Value Opportunities Fund, Inc.

The Fund's returns shown for the period between December 15, 2017 and February 8, 2021, are the returns of the Fund when it followed different investment strategies under the name BlackRock Advantage U.S. Total Market Fund, Inc.

**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, 2026)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Industrials | 22.7% |
| Information Technology | 16.1% |
| Financials | 14.9% |
| Health Care | 10.7% |
| Consumer Discretionary | 8.8% |
| Materials | 6.0% |
| Energy | 5.7% |
| Real Estate | 4.7% |
| Utilities | 3.4% |
| Consumer Staples | 3.3% |
| Communication Services | 2.5% |
| Short-Term Securities | 3.2% |
| Liabilities in Excess of Other Assets | (2.0)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| Sandisk Corp. | 1.3% |
| Comfort Systems U.S.A., Inc. | 1.2% |
| Cullen/Frost Bankers, Inc. | 1.0% |
| Ciena Corp. | 1.0% |
| Lumentum Holdings, Inc. | 0.9% |
| EMCOR Group, Inc. | 0.7% |
| Reinsurance Group of America, Inc. | 0.7% |
| Coherent Corp. | 0.7% |
| ITT, Inc. | 0.7% |
| Casey's General Stores, Inc. | 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**.

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

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.©2026 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](g629273images_30954.jpg)

BlackRock Advantage SMID Cap Fund, Inc.

Institutional Shares \| MASPX

Annual Shareholder Report — March 31, 2026

MASPX-03/26-AR

![TSR - Blackrock Fund Logo](g629273images_30956.jpg)

### BlackRock Advantage SMID Cap Fund, Inc.

### Investor A Shares \| MDSPX

#### Annual Shareholder Report — March 31, 2026

------

This annual shareholder report contains important information about BlackRock Advantage SMID Cap Fund, Inc. (the "Fund") for the period of April 1, 2025 to March 31, 2026. 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 year?
(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 | $81 | 0.73% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2026, the Fund's Investor A Shares returned 23.18%. 

* For the same period, the Fund's benchmark, the Russell 3000<sup>®</sup> Index returned 18.09% and the Russell 2500<sup>®</sup> Index returned 23.45%. 

What contributed to performance?

Sentiment-based insights led positive contributions to the Fund's performance, most notably measures capturing market trends and investor behavior which supported strong performance by holdings within the industrials sector. Additionally, insights gauging patterns and tone within management earnings call discussions helped position the portfolio effectively in information technology. Fundamental quality and value measures also added to performance, as signals focused on company strength and efficient capital use supported positive exposure to consumer discretionary and energy stocks.

What detracted from performance?

Toward the latter part of the period amid heightened geopolitical tensions, macro-based insights struggled to keep pace with shifting market dynamics, leading to less effective positioning, most notably with respect to utilities. Additionally, certain sentiment signals linked to investor engagement weighed on positioning within communication services and consumer staples. Finally, fundamental signals tied to earnings expectations and operational efficiency detracted from performance.

*The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: April 1, 2016 through March 31, 2026

Initial investment of $10,000

![Fund Performance - Growth of 10K](g629273chartimages_11647274.jpg)

See "Average annual total returns" for additional information on fund performance.

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Investor A Shares | 23.18% | 6.32% | 10.54% |
| Investor A Shares (with sales charge) | 16.71 | 5.17 | 9.95 |
| Russell 3000<sup>®</sup> Index | 18.09 | 10.87 | 13.72 |
| Russell 2500<sup>®</sup> Index | 23.45 | 5.48 | 10.58 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$754988166 |
| Number of Portfolio Holdings | &nbsp;&nbsp;778 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1910062 |
| Portfolio Turnover Rate | &nbsp;&nbsp;90% |

---

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

The Fund's returns shown prior to December 15, 2017, are the returns of the Fund when it followed a different investment objective and different investment strategies under the name BlackRock Value Opportunities Fund, Inc.

The Fund's returns shown for the period between December 15, 2017 and February 8, 2021, are the returns of the Fund when it followed different investment strategies under the name BlackRock Advantage U.S. Total Market Fund, Inc.

**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, 2026)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Industrials | 22.7% |
| Information Technology | 16.1% |
| Financials | 14.9% |
| Health Care | 10.7% |
| Consumer Discretionary | 8.8% |
| Materials | 6.0% |
| Energy | 5.7% |
| Real Estate | 4.7% |
| Utilities | 3.4% |
| Consumer Staples | 3.3% |
| Communication Services | 2.5% |
| Short-Term Securities | 3.2% |
| Liabilities in Excess of Other Assets | (2.0)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| Sandisk Corp. | 1.3% |
| Comfort Systems U.S.A., Inc. | 1.2% |
| Cullen/Frost Bankers, Inc. | 1.0% |
| Ciena Corp. | 1.0% |
| Lumentum Holdings, Inc. | 0.9% |
| EMCOR Group, Inc. | 0.7% |
| Reinsurance Group of America, Inc. | 0.7% |
| Coherent Corp. | 0.7% |
| ITT, Inc. | 0.7% |
| Casey's General Stores, Inc. | 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**.

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

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.©2026 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](g629273images_30954.jpg)

BlackRock Advantage SMID Cap Fund, Inc.

Investor A Shares \| MDSPX

Annual Shareholder Report — March 31, 2026

MDSPX-03/26-AR

![TSR - Blackrock Fund Logo](g629273images_30956.jpg)

### BlackRock Advantage SMID Cap Fund, Inc.

### Investor C Shares \| MCSPX

#### Annual Shareholder Report — March 31, 2026

------

This annual shareholder report contains important information about BlackRock Advantage SMID Cap Fund, Inc. (the "Fund") for the period of April 1, 2025 to March 31, 2026. 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 year?
(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 C Shares | $165 | 1.48% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2026, the Fund's Investor C Shares returned 22.30%. 

* For the same period, the Fund's benchmark, the Russell 3000<sup>®</sup> Index returned 18.09% and the Russell 2500<sup>®</sup> Index returned 23.45%. 

What contributed to performance?

Sentiment-based insights led positive contributions to the Fund's performance, most notably measures capturing market trends and investor behavior which supported strong performance by holdings within the industrials sector. Additionally, insights gauging patterns and tone within management earnings call discussions helped position the portfolio effectively in information technology. Fundamental quality and value measures also added to performance, as signals focused on company strength and efficient capital use supported positive exposure to consumer discretionary and energy stocks.

What detracted from performance?

Toward the latter part of the period amid heightened geopolitical tensions, macro-based insights struggled to keep pace with shifting market dynamics, leading to less effective positioning, most notably with respect to utilities. Additionally, certain sentiment signals linked to investor engagement weighed on positioning within communication services and consumer staples. Finally, fundamental signals tied to earnings expectations and operational efficiency detracted from performance.

*The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: April 1, 2016 through March 31, 2026

Initial investment of $10,000

![Fund Performance - Growth of 10K](g629273chartimages_11647319.jpg)

See "Average annual total returns" for additional information on fund performance.

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Investor C Shares | 22.30% | 5.52% | 9.87% |
| Investor C Shares (with sales charge) | 21.30 | 5.52 | 9.87 |
| Russell 3000<sup>®</sup> Index | 18.09 | 10.87 | 13.72 |
| Russell 2500<sup>®</sup> Index | 23.45 | 5.48 | 10.58 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$754988166 |
| Number of Portfolio Holdings | &nbsp;&nbsp;778 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1910062 |
| Portfolio Turnover Rate | &nbsp;&nbsp;90% |

---

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

The Fund's returns shown prior to December 15, 2017, are the returns of the Fund when it followed a different investment objective and different investment strategies under the name BlackRock Value Opportunities Fund, Inc.

The Fund's returns shown for the period between December 15, 2017 and February 8, 2021, are the returns of the Fund when it followed different investment strategies under the name BlackRock Advantage U.S. Total Market Fund, Inc.

**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, 2026)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Industrials | 22.7% |
| Information Technology | 16.1% |
| Financials | 14.9% |
| Health Care | 10.7% |
| Consumer Discretionary | 8.8% |
| Materials | 6.0% |
| Energy | 5.7% |
| Real Estate | 4.7% |
| Utilities | 3.4% |
| Consumer Staples | 3.3% |
| Communication Services | 2.5% |
| Short-Term Securities | 3.2% |
| Liabilities in Excess of Other Assets | (2.0)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| Sandisk Corp. | 1.3% |
| Comfort Systems U.S.A., Inc. | 1.2% |
| Cullen/Frost Bankers, Inc. | 1.0% |
| Ciena Corp. | 1.0% |
| Lumentum Holdings, Inc. | 0.9% |
| EMCOR Group, Inc. | 0.7% |
| Reinsurance Group of America, Inc. | 0.7% |
| Coherent Corp. | 0.7% |
| ITT, Inc. | 0.7% |
| Casey's General Stores, Inc. | 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**.

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

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.©2026 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](g629273images_30954.jpg)

BlackRock Advantage SMID Cap Fund, Inc.

Investor C Shares \| MCSPX

Annual Shareholder Report — March 31, 2026

MCSPX-03/26-AR

![TSR - Blackrock Fund Logo](g629273images_30956.jpg)

### BlackRock Advantage SMID Cap Fund, Inc.

### Class K Shares \| MKSPX

#### Annual Shareholder Report — March 31, 2026

------

This annual shareholder report contains important information about BlackRock Advantage SMID Cap Fund, Inc. (the "Fund") for the period of April 1, 2025 to March 31, 2026. 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 year?
(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 | $48 | 0.43% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2026, the Fund's Class K Shares returned 23.53%. 

* For the same period, the Fund's benchmark, the Russell 3000<sup>®</sup> Index returned 18.09% and the Russell 2500<sup>®</sup> Index returned 23.45%. 

What contributed to performance?

Sentiment-based insights led positive contributions to the Fund's performance, most notably measures capturing market trends and investor behavior which supported strong performance by holdings within the industrials sector. Additionally, insights gauging patterns and tone within management earnings call discussions helped position the portfolio effectively in information technology. Fundamental quality and value measures also added to performance, as signals focused on company strength and efficient capital use supported positive exposure to consumer discretionary and energy stocks.

What detracted from performance?

Toward the latter part of the period amid heightened geopolitical tensions, macro-based insights struggled to keep pace with shifting market dynamics, leading to less effective positioning, most notably with respect to utilities. Additionally, certain sentiment signals linked to investor engagement weighed on positioning within communication services and consumer staples. Finally, fundamental signals tied to earnings expectations and operational efficiency detracted from performance.

*The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: April 1, 2016 through March 31, 2026

Initial investment of $10,000

![Fund Performance - Growth of 10K](g629273chartimages_11647139.jpg)

See "Average annual total returns" for additional information on fund performance.

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Class K Shares | 23.53% | 6.63% | 10.86% |
| Russell 3000<sup>®</sup> Index | 18.09 | 10.87 | 13.72 |
| Russell 2500<sup>®</sup> Index | 23.45 | 5.48 | 10.58 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$754988166 |
| Number of Portfolio Holdings | &nbsp;&nbsp;778 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1910062 |
| Portfolio Turnover Rate | &nbsp;&nbsp;90% |

---

The Fund's returns shown prior to December 15, 2017, are the returns of the Fund when it followed a different investment objective and different investment strategies under the name BlackRock Value Opportunities Fund, Inc.

The Fund's returns shown for the period between December 15, 2017 and February 8, 2021, are the returns of the Fund when it followed different investment strategies under the name BlackRock Advantage U.S. Total Market Fund, Inc.

**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, 2026)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Industrials | 22.7% |
| Information Technology | 16.1% |
| Financials | 14.9% |
| Health Care | 10.7% |
| Consumer Discretionary | 8.8% |
| Materials | 6.0% |
| Energy | 5.7% |
| Real Estate | 4.7% |
| Utilities | 3.4% |
| Consumer Staples | 3.3% |
| Communication Services | 2.5% |
| Short-Term Securities | 3.2% |
| Liabilities in Excess of Other Assets | (2.0)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| Sandisk Corp. | 1.3% |
| Comfort Systems U.S.A., Inc. | 1.2% |
| Cullen/Frost Bankers, Inc. | 1.0% |
| Ciena Corp. | 1.0% |
| Lumentum Holdings, Inc. | 0.9% |
| EMCOR Group, Inc. | 0.7% |
| Reinsurance Group of America, Inc. | 0.7% |
| Coherent Corp. | 0.7% |
| ITT, Inc. | 0.7% |
| Casey's General Stores, Inc. | 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**.

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

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.©2026 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](g629273images_30954.jpg)

BlackRock Advantage SMID Cap Fund, Inc.

Class K Shares \| MKSPX

Annual Shareholder Report — March 31, 2026

MKSPX-03/26-AR

![TSR - Blackrock Fund Logo](g629273images_30956.jpg)

### BlackRock Advantage SMID Cap Fund, Inc.

### Class R Shares \| MRSPX

#### Annual Shareholder Report — March 31, 2026

------

This annual shareholder report contains important information about BlackRock Advantage SMID Cap Fund, Inc. (the "Fund") for the period of April 1, 2025 to March 31, 2026. 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 year?
(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 | $109 | 0.98% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2026, the Fund's Class R Shares returned 22.92%. 

* For the same period, the Fund's benchmark, the Russell 3000<sup>®</sup> Index returned 18.09% and the Russell 2500<sup>®</sup> Index returned 23.45%. 

What contributed to performance?

Sentiment-based insights led positive contributions to the Fund's performance, most notably measures capturing market trends and investor behavior which supported strong performance by holdings within the industrials sector. Additionally, insights gauging patterns and tone within management earnings call discussions helped position the portfolio effectively in information technology. Fundamental quality and value measures also added to performance, as signals focused on company strength and efficient capital use supported positive exposure to consumer discretionary and energy stocks.

What detracted from performance?

Toward the latter part of the period amid heightened geopolitical tensions, macro-based insights struggled to keep pace with shifting market dynamics, leading to less effective positioning, most notably with respect to utilities. Additionally, certain sentiment signals linked to investor engagement weighed on positioning within communication services and consumer staples. Finally, fundamental signals tied to earnings expectations and operational efficiency detracted from performance.

*The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: April 1, 2016 through March 31, 2026

Initial investment of $10,000

![Fund Performance - Growth of 10K](g629273chartimages_11647184.jpg)

See "Average annual total returns" for additional information on fund performance.

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Class R Shares | 22.92% | 6.06% | 10.26% |
| Russell 3000<sup>®</sup> Index | 18.09 | 10.87 | 13.72 |
| Russell 2500<sup>®</sup> Index | 23.45 | 5.48 | 10.58 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$754988166 |
| Number of Portfolio Holdings | &nbsp;&nbsp;778 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1910062 |
| Portfolio Turnover Rate | &nbsp;&nbsp;90% |

---

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

The Fund's returns shown prior to December 15, 2017, are the returns of the Fund when it followed a different investment objective and different investment strategies under the name BlackRock Value Opportunities Fund, Inc.

The Fund's returns shown for the period between December 15, 2017 and February 8, 2021, are the returns of the Fund when it followed different investment strategies under the name BlackRock Advantage U.S. Total Market Fund, Inc.

**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, 2026)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Industrials | 22.7% |
| Information Technology | 16.1% |
| Financials | 14.9% |
| Health Care | 10.7% |
| Consumer Discretionary | 8.8% |
| Materials | 6.0% |
| Energy | 5.7% |
| Real Estate | 4.7% |
| Utilities | 3.4% |
| Consumer Staples | 3.3% |
| Communication Services | 2.5% |
| Short-Term Securities | 3.2% |
| Liabilities in Excess of Other Assets | (2.0)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| Sandisk Corp. | 1.3% |
| Comfort Systems U.S.A., Inc. | 1.2% |
| Cullen/Frost Bankers, Inc. | 1.0% |
| Ciena Corp. | 1.0% |
| Lumentum Holdings, Inc. | 0.9% |
| EMCOR Group, Inc. | 0.7% |
| Reinsurance Group of America, Inc. | 0.7% |
| Coherent Corp. | 0.7% |
| ITT, Inc. | 0.7% |
| Casey's General Stores, Inc. | 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**.

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

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.©2026 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](g629273images_30954.jpg)

BlackRock Advantage SMID Cap Fund, Inc.

Class R Shares \| MRSPX

Annual Shareholder Report — March 31, 2026

MRSPX-03/26-AR

------

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

---

| | |
|:---|:---|
| Item 2 – | Code of Ethics – The registrant (or the "Fund") has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-441-7762.  |

---

Item 3 – Audit Committee Financial Experts – The registrant's board of directors (the "board of directors"), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Neil A. Cotty

Henry R. Keizer

------

Kenneth L. Urish

Claire A. Walton

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

Item 4 – Principal Accountant Fees and Services

The following table presents fees billed by Deloitte & Touche LLP ("D&T") in each of the last two fiscal years for the services rendered to the Fund:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **(a) Audit Fees** | **(a) Audit Fees** | **(b) Audit-Related Fees<sup>1</sup>** | **(b) Audit-Related Fees<sup>1</sup>** | **(c) Tax Fees<sup>2</sup>** | **(c) Tax Fees<sup>2</sup>** | **(d) All Other Fees** | **(d) All Other Fees** |
| &nbsp;&nbsp;&nbsp;**Entity Name** | **<u>Current</u> <br><u>Fiscal</u> <u>Year</u>** <br> **<u>End</u>**  | **<u>Previous</u> <br><u>Fiscal Year</u>** <br> **<u>End</u>**  | **<u>Current</u> <br><u>Fiscal Year</u>** <br> **<u>End</u>**  | **<u>Previous</u> <br><u>Fiscal Year</u>** <br> **<u>End</u>**  | **<u>Current</u> <br><u>Fiscal Year</u>** <br> **<u>End</u>**  | **<u>Previous</u> <br><u>Fiscal Year</u>** <br> **<u>End</u>**  | **<u>Current</u> <br><u>Fiscal Year</u>** <br> **<u>End</u>**  | **<u>Previous</u> <br><u>Fiscal Year</u>** <br> **<u>End</u>**  |
| &nbsp;&nbsp;&nbsp;BlackRock Advantage SMID Cap Fund, Inc. | $31518 | $31365 | $0 | $0 | $15300 | $15300 | $388 | $0 |

---

The following table presents fees billed by D&T that were required to be approved by the registrant's audit committee (the "Committee") for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the "Investment Adviser" or "BlackRock") and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund ("Affiliated Service Providers"):

---

| | | |
|:---|:---|:---|
|  | **Current Fiscal Year End** | **Previous Fiscal Year End** |
| &nbsp;&nbsp;&nbsp; (b) Audit-Related Fees<sup>1</sup> | $0 | $0 |
| &nbsp;&nbsp;&nbsp; (c) Tax Fees<sup>2</sup> | $0 | $0 |
| &nbsp;&nbsp;&nbsp; (d) All Other Fees<sup>3</sup> | $2277000 | $2149000 |

---

<sup>1</sup> The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

<sup>2</sup> The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

<sup>3</sup> Non-audit fees of $2,277,000 and $2,149,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund's principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription. These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

#### 2

------

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the SEC's auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis ("general pre-approval"). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees, defined as the sum of the fees shown under "Audit-Related Fees," "Tax Fees" and "All Other Fees," paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Entity Name** | **<u>Current Fiscal Year</u> <br><u>End</u>** | **<u>Previous Fiscal</u> <br><u>Year End</u>** |
| &nbsp;&nbsp;&nbsp;BlackRock Advantage SMID Cap Fund, Inc. | $15688 | $15300 |

---

Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored and advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Current Fiscal Year</u>** <br> **<u>End</u>** | **<u>Previous Fiscal Year</u>** <br> **<u>End</u>** |
| &nbsp;&nbsp;&nbsp; $2277000 | $2149000 |

---

These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) – Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) – Not Applicable

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.

#### 3

------

![](g629273imgec00900c1.jpg)

March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp; 2026 Annual Financial Statements <br> and Additional Information<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BlackRock Advantage SMID Cap Fund, Inc.**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Not FDIC Insured ● May Lose Value ● No Bank Guarantee**<br>

------

**Table of Contents**

**Page**

------

---

| | |
|:---|:---|
| [Derivative Financial Instruments](#xx_fd701783-fa18-4163-9f8f-073d902d8c73_AFP-TEXT-3417_1)  | 3 |
| [Schedule of Investments](#xx_fd701783-fa18-4163-9f8f-073d902d8c73_SOIM-TEXT-3417_1)  | 4 |
| [Statement of Assets and Liabilities](#xx_fd701783-fa18-4163-9f8f-073d902d8c73_FS-TEXT-3417_1)  | 14 |
| [Statement of Operations](#xx_fd701783-fa18-4163-9f8f-073d902d8c73_FS-TEXT-3417_3)  | 16 |
| [Statements of Changes in Net Assets](#xx_fd701783-fa18-4163-9f8f-073d902d8c73_FS-TEXT-3417_4)  | 17 |
| [Financial Highlights](#xx_fd701783-fa18-4163-9f8f-073d902d8c73_FIHI-TEXT-3417_1)  | 18 |
| [Notes to Financial Statements](#xx_fd701783-fa18-4163-9f8f-073d902d8c73_NTF-TEXT-3417_1)  | 23 |
| [Report of Independent Registered Public Accounting Firm](#xx_fd701783-fa18-4163-9f8f-073d902d8c73_AUD-TEXT-3417_1)  | 32 |
| [Important Tax Information](#xx_fd701783-fa18-4163-9f8f-073d902d8c73_Tax-TEXT-3417_1)  | 33 |
| [Additional Information](#xx_fd701783-fa18-4163-9f8f-073d902d8c73_AddInfo-TEXT-3417_1)  | 34 |
| [Glossary of Terms Used in these Financial Statements](#xx_fd701783-fa18-4163-9f8f-073d902d8c73_Gloss-TEXT-3417_1)  | 36 |

---

------

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 the 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.

Derivative Financial Instruments

------

Schedule of Investments

March 31, 2026

**BlackRock Advantage SMID Cap Fund, Inc.**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 4.0%** | **Aerospace & Defense — 4.0%** | **Aerospace & Defense — 4.0%** |
| AeroVironment, Inc.<sup>(a)</sup> | 3896 | $713163 |
| Archer Aviation, Inc., Class A<sup>(a)</sup> | 46202 | 238864 |
| ATI, Inc.<sup>(a)</sup> | 16700 | 2429182 |
| BWX Technologies, Inc. | 17690 | 3617428 |
| Carpenter Technology Corp. | 9093 | 3584006 |
| Curtiss-Wright Corp. | 1271 | 865704 |
| Ducommun, Inc.<sup>(a)</sup> | 9810 | 1196820 |
| FTAI Aviation Ltd. | 10634 | 2605330 |
| Huntington Ingalls Industries, Inc. | 7772 | 2952583 |
| Intuitive Machines, Inc., Class A<sup>(a)</sup> | 11716 | 217449 |
| Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 20217 | 1425501 |
| Leonardo DRS, Inc. | 13144 | 585171 |
| Mercury Systems, Inc.<sup>(a)</sup> | 1688 | 123072 |
| Moog, Inc., Class A | 6446 | 1886357 |
| Rocket Lab Corp.<sup>(a)</sup> | 42216 | 2711111 |
| Textron, Inc. | 15905 | 1392642 |
| V2X, Inc.<sup>(a)</sup> | 7900 | 541150 |
| Woodward, Inc. | 9723 | 3480056 |
|  |  | 30565589 |
| **Air Freight & Logistics — 0.4%** | **Air Freight & Logistics — 0.4%** | **Air Freight & Logistics — 0.4%** |
| CH Robinson Worldwide, Inc. | 11537 | 1915950 |
| Forward Air Corp.<sup>(a)</sup> | 11234 | 187720 |
| GXO Logistics, Inc.<sup>(a)</sup> | 5005 | 259509 |
| Hub Group, Inc., Class A | 12406 | 447112 |
|  |  | 2810291 |
| **Automobile Components — 0.9%** | **Automobile Components — 0.9%** | **Automobile Components — 0.9%** |
| Adient PLC<sup>(a)</sup> | 31958 | 645871 |
| BorgWarner, Inc. | 64432 | 3496080 |
| Dana, Inc. | 5122 | 172355 |
| Dauch Corp.<sup>(a)</sup> | 26218 | 155473 |
| Garrett Motion, Inc. | 18126 | 329350 |
| Gentex Corp. | 31648 | 691509 |
| Mobileye Global, Inc., Class A<sup>(a)</sup> | 68439 | 470176 |
| QuantumScape Corp., Class A<sup>(a)(b)</sup> | 80174 | 511510 |
| Standard Motor Products, Inc. | 4899 | 170191 |
| Visteon Corp. | 3783 | 344669 |
|  |  | 6987184 |
| **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** |
| Rivian Automotive, Inc., Class A<sup>(a)</sup> | 50597 | 761485 |
| Winnebago Industries, Inc. | 4439 | 137564 |
|  |  | 899049 |
| **Banks — 6.0%** | **Banks — 6.0%** | **Banks — 6.0%** |
| 1st Source Corp. | 3102 | 214689 |
| Amalgamated Financial Corp. | 25992 | 1010309 |
| Ameris Bancorp | 10841 | 845490 |
| Associated Banc-Corp. | 14974 | 387228 |
| Axos Financial, Inc.<sup>(a)</sup> | 4695 | 399498 |
| Banc of California, Inc. | 4430 | 77879 |
| Bank of Hawaii Corp. | 3878 | 287941 |
| Bank7 Corp. | 6845 | 272979 |
| Bar Harbor Bankshares | 5140 | 166793 |
| BOK Financial Corp. | 3098 | 396730 |
| Byline Bancorp, Inc. | 3634 | 114725 |
| Capital City Bank Group, Inc. | 4329 | 188138 |
| Capitol Federal Financial, Inc. | 8827 | 62936 |
| ConnectOne Bancorp, Inc. | 5367 | 143675 |
| Cullen/Frost Bankers, Inc. | 56678 | 7769420 |
| Customers Bancorp, Inc.<sup>(a)</sup> | 9255 | 642390 |
| East West Bancorp, Inc. | 11993 | 1280373 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| First Bank | 26373 | $421968 |
| First Business Financial Services, Inc. | 3051 | 164540 |
| First Hawaiian, Inc. | 105254 | 2593459 |
| First Horizon Corp. | 149356 | 3399343 |
| First Internet Bancorp | 13163 | 268262 |
| Flushing Financial Corp. | 17382 | 266987 |
| FNB Corp. | 52826 | 883251 |
| Glacier Bancorp, Inc. | 6988 | 312154 |
| Heritage Commerce Corp. | 98075 | 1223976 |
| HomeTrust Bancshares, Inc. | 8814 | 375917 |
| Horizon Bancorp, Inc. | 59538 | 986545 |
| Independent Bank Corp. | 63534 | 2115682 |
| Kearny Financial Corp. | 96497 | 728552 |
| Live Oak Bancshares, Inc. | 32268 | 1067103 |
| Metropolitan Bank Holding Corp. | 10638 | 886039 |
| Midland States Bancorp, Inc. | 28100 | 626911 |
| National Bank Holdings Corp., Class A | 4052 | 158676 |
| Nicolet Bankshares, Inc. | 3565 | 529830 |
| Northfield Bancorp, Inc. | 98050 | 1327597 |
| OceanFirst Financial Corp. | 67279 | 1213713 |
| Old National Bancorp | 77141 | 1704816 |
| Old Second Bancorp, Inc. | 5366 | 108179 |
| Park National Corp. | 2093 | 342101 |
| Pinnacle Financial Partners, Inc. | 50403 | 4341714 |
| Popular, Inc. | 4353 | 584042 |
| Republic First Bancorp, Inc.<sup>(a)</sup> | 87118 | 9 |
| Southern First Bancshares, Inc.<sup>(a)</sup> | 1844 | 100498 |
| SouthState Bank Corp. | 3709 | 343157 |
| Texas Capital Bancshares, Inc.<sup>(a)</sup> | 3122 | 296215 |
| UMB Financial Corp. | 3037 | 342543 |
| United Bankshares, Inc. | 4396 | 182082 |
| United Community Banks, Inc. | 12895 | 406064 |
| Univest Financial Corp. | 11731 | 401904 |
| USCB Financial Holdings, Inc., Class A | 8747 | 162169 |
| Washington Trust Bancorp, Inc. | 16530 | 553094 |
| Western Alliance Bancorp | 10414 | 737832 |
| Western New England Bancorp, Inc. | 18690 | 241662 |
| Zions Bancorp N.A. | 15187 | 875075 |
|  |  | 45534854 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| Celsius Holdings, Inc.<sup>(a)</sup> | 6028 | 213873 |
| National Beverage Corp.<sup>(a)</sup> | 11941 | 401815 |
| Primo Brands Corp., Class A | 6372 | 119985 |
|  |  | 735673 |
| **Biotechnology — 6.0%** | **Biotechnology — 6.0%** | **Biotechnology — 6.0%** |
| ACADIA Pharmaceuticals, Inc.<sup>(a)</sup> | 51343 | 1142895 |
| Agios Pharmaceuticals, Inc.<sup>(a)</sup> | 8129 | 275004 |
| Alkermes PLC<sup>(a)</sup> | 37348 | 1320625 |
| Altimmune, Inc.<sup>(a)(b)</sup> | 54155 | 166797 |
| Amicus Therapeutics, Inc.<sup>(a)</sup> | 17995 | 260208 |
| Apellis Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 12870 | 517760 |
| Arcus Biosciences, Inc.<sup>(a)</sup> | 7419 | 160250 |
| Ardelyx, Inc.<sup>(a)</sup> | 80680 | 483273 |
| Arrowhead Pharmaceuticals, Inc.<sup>(a)</sup> | 12282 | 770081 |
| Atrium Therapeutics, Inc.<sup>(a)</sup> | 445 | 5950 |
| Beam Therapeutics, Inc.<sup>(a)</sup> | 10630 | 253313 |
| BioCryst Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 104635 | 996125 |
| Biohaven Ltd.<sup>(a)</sup> | 6326 | 53518 |
| BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 3540 | 199975 |
| Bridgebio Pharma, Inc.<sup>(a)</sup> | 5733 | 425733 |
| Caris Life Sciences, Inc.<sup>(a)</sup> | 29470 | 526924 |
| Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | 41296 | 1022489 |

---

42026 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**BlackRock Advantage SMID Cap Fund, Inc.**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| Celcuity, Inc.<sup>(a)</sup> | 1307 | $149181 |
| Celldex Therapeutics, Inc.<sup>(a)</sup> | 5998 | 190257 |
| Cytokinetics, Inc.<sup>(a)</sup> | 12320 | 812011 |
| Day One Biopharmaceuticals, Inc.<sup>(a)</sup> | 13170 | 282365 |
| Dyne Therapeutics, Inc.<sup>(a)</sup> | 9372 | 169914 |
| Editas Medicine, Inc.<sup>(a)</sup> | 31081 | 76770 |
| Exelixis, Inc.<sup>(a)</sup> | 40673 | 1744465 |
| GRAIL, Inc.<sup>(a)</sup> | 2753 | 142275 |
| Halozyme Therapeutics, Inc.<sup>(a)</sup> | 5237 | 338467 |
| Ideaya Biosciences, Inc.<sup>(a)</sup> | 31300 | 1042916 |
| Insmed, Inc.<sup>(a)</sup> | 21962 | 3591226 |
| Intellia Therapeutics, Inc.<sup>(a)</sup> | 32612 | 418086 |
| Ionis Pharmaceuticals, Inc.<sup>(a)</sup> | 25722 | 1931465 |
| Ironwood Pharmaceuticals, Inc., Class A<sup>(a)</sup> | 32822 | 115205 |
| Janux Therapeutics, Inc.<sup>(a)</sup> | 32344 | 449582 |
| Kura Oncology, Inc.<sup>(a)</sup> | 51387 | 417776 |
| Kymera Therapeutics, Inc.<sup>(a)</sup> | 3336 | 277855 |
| Madrigal Pharmaceuticals, Inc.<sup>(a)</sup> | 2376 | 1243765 |
| MannKind Corp.<sup>(a)</sup> | 141290 | 346160 |
| MiMedx Group, Inc.<sup>(a)</sup> | 97922 | 386792 |
| Mirum Pharmaceuticals, Inc.<sup>(a)</sup> | 4035 | 372753 |
| Moderna, Inc.<sup>(a)</sup> | 6969 | 354025 |
| Monte Rosa Therapeutics, Inc.<sup>(a)</sup> | 6431 | 105790 |
| MoonLake Immunotherapeutics<sup>(a)</sup> | 6836 | 127423 |
| Natera, Inc.<sup>(a)</sup> | 3252 | 650367 |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | 14893 | 1962004 |
| Praxis Precision Medicines, Inc.<sup>(a)</sup> | 2582 | 831895 |
| Prothena Corp. PLC<sup>(a)</sup> | 13711 | 133271 |
| PTC Therapeutics, Inc.<sup>(a)</sup> | 11114 | 757197 |
| Recursion Pharmaceuticals, Inc., Class A<sup>(a)</sup> | 136789 | 419942 |
| REGENXBIO, Inc.<sup>(a)</sup> | 62212 | 521337 |
| Revolution Medicines, Inc.<sup>(a)</sup> | 18633 | 1812059 |
| Rhythm Pharmaceuticals, Inc.<sup>(a)</sup> | 1181 | 102712 |
| Rigel Pharmaceuticals, Inc.<sup>(a)</sup> | 5419 | 146530 |
| Roivant Sciences Ltd.<sup>(a)</sup> | 18205 | 504278 |
| Sarepta Therapeutics, Inc.<sup>(a)</sup> | 45726 | 994998 |
| Scholar Rock Holding Corp.<sup>(a)</sup> | 2710 | 133224 |
| Soleno Therapeutics, Inc.<sup>(a)</sup> | 4383 | 146743 |
| SQZ Biotechnologies Co.<sup>(a)</sup> | 1031 | 25 |
| Summit Therapeutics, Inc.<sup>(a)(b)</sup> | 6132 | 116263 |
| Syndax Pharmaceuticals, Inc.<sup>(a)</sup> | 43421 | 1014315 |
| TG Therapeutics, Inc.<sup>(a)</sup> | 38004 | 1262493 |
| Travere Therapeutics, Inc.<sup>(a)</sup> | 11132 | 330732 |
| Twist Bioscience Corp.<sup>(a)</sup> | 9957 | 473157 |
| Ultragenyx Pharmaceutical, Inc.<sup>(a)</sup> | 44291 | 927896 |
| United Therapeutics Corp.<sup>(a)</sup> | 5912 | 3505698 |
| UroGen Pharma Ltd.<sup>(a)</sup> | 3442 | 61887 |
| Vanda Pharmaceuticals, Inc.<sup>(a)</sup> | 91708 | 633702 |
| Vaxcyte, Inc.<sup>(a)</sup> | 7295 | 423912 |
| Vera Therapeutics, Inc., Class A<sup>(a)</sup> | 2512 | 101058 |
| Veracyte, Inc.<sup>(a)(b)</sup> | 25520 | 821999 |
| Viking Therapeutics, Inc.<sup>(a)(b)</sup> | 35445 | 1153380 |
| Vir Biotechnology, Inc.<sup>(a)</sup> | 13947 | 124965 |
| Voyager Therapeutics, Inc.<sup>(a)</sup> | 10632 | 41040 |
| Xencor, Inc.<sup>(a)</sup> | 61607 | 742980 |
| Zymeworks, Inc.<sup>(a)</sup> | 28705 | 718773 |
|  |  | 45238276 |
| **Broadline Retail — 0.7%** | **Broadline Retail — 0.7%** | **Broadline Retail — 0.7%** |
| Dillard's, Inc., Class A | 1307 | 747748 |
| Etsy, Inc.<sup>(a)</sup> | 17945 | 896891 |
| Groupon, Inc.<sup>(a)(b)</sup> | 20637 | 245580 |
| Kohl's Corp. | 41582 | 536408 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Broadline Retail (continued)** | **Broadline Retail (continued)** | **Broadline Retail (continued)** |
| Macy's, Inc. | 90215 | $1631989 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 14818 | 1363849 |
|  |  | 5422465 |
| **Building Products — 1.3%** | **Building Products — 1.3%** | **Building Products — 1.3%** |
| A. O. Smith Corp. | 1257 | 82887 |
| Advanced Drainage Systems, Inc. | 7392 | 1013665 |
| Allegion PLC | 14720 | 2138669 |
| Armstrong World Industries, Inc. | 4101 | 675845 |
| AZZ, Inc. | 870 | 108863 |
| Caesarstone Ltd.<sup>(a)(b)</sup> | 4705 | 5034 |
| Fortune Brands Innovations, Inc. | 15754 | 613933 |
| Gibraltar Industries, Inc.<sup>(a)</sup> | 3767 | 150190 |
| Modine Manufacturing Co.<sup>(a)</sup> | 3798 | 823065 |
| Owens Corning | 27812 | 3009815 |
| Resideo Technologies, Inc.<sup>(a)</sup> | 9619 | 324256 |
| UFP Industries, Inc. | 7414 | 682978 |
| Zurn Elkay Water Solutions Corp. | 9180 | 411631 |
|  |  | 10040831 |
| **Capital Markets — 2.8%** | **Capital Markets — 2.8%** | **Capital Markets — 2.8%** |
| Acadian Asset Management, Inc. | 6457 | 351390 |
| BGC Group, Inc., Class A | 7246 | 70866 |
| Blue Owl Capital, Inc., Class A | 28952 | 264332 |
| Carlyle Group, Inc. (The) | 12247 | 592632 |
| DigitalBridge Group, Inc., Class A | 5947 | 91703 |
| Evercore, Inc., Class A | 4099 | 1223593 |
| FactSet Research Systems, Inc. | 4390 | 952586 |
| Franklin Resources, Inc. | 98760 | 2332711 |
| Hamilton Lane, Inc., Class A | 606 | 60236 |
| Houlihan Lokey, Inc., Class A | 6349 | 911843 |
| Interactive Brokers Group, Inc., Class A | 23649 | 1586138 |
| Invesco Ltd. | 23224 | 564111 |
| Janus Henderson Group PLC | 17649 | 906629 |
| Jefferies Financial Group, Inc. | 44284 | 1827601 |
| Morningstar, Inc. | 4036 | 682286 |
| PJT Partners, Inc., Class A | 3222 | 450178 |
| SEI Investments Co. | 37012 | 2904332 |
| StepStone Group, Inc., Class A | 15334 | 731738 |
| StoneX Group, Inc.<sup>(a)</sup> | 9172 | 739722 |
| Virtu Financial, Inc., Class A | 55725 | 2450786 |
| Webull Corp., Class A<sup>(a)</sup> | 24278 | 116534 |
| XP, Inc., Class A | 62361 | 1187353 |
|  |  | 20999300 |
| **Chemicals — 1.8%** | **Chemicals — 1.8%** | **Chemicals — 1.8%** |
| AdvanSix, Inc. | 12661 | 308928 |
| Albemarle Corp. | 12687 | 2277697 |
| Balchem Corp. | 2300 | 389804 |
| Celanese Corp., Class A | 16022 | 1053767 |
| Eastman Chemical Co. | 2694 | 205606 |
| Element Solutions, Inc. | 32161 | 1097977 |
| FMC Corp. | 49707 | 855955 |
| Huntsman Corp. | 214104 | 2849724 |
| Innospec, Inc. | 9976 | 728447 |
| Mativ Holdings, Inc. | 38650 | 336255 |
| Mosaic Co. (The) | 62902 | 1604001 |
| NewMarket Corp. | 1467 | 940274 |
| Olin Corp. | 32117 | 954838 |
| Solstice Advanced Materials, Inc. | 1479 | 112641 |
|  |  | 13715914 |
| **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** |
| ACV Auctions, Inc., Class A<sup>(a)</sup> | 26671 | 113085 |
| Brink's Co. (The) | 2355 | 244049 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**BlackRock Advantage SMID Cap Fund, Inc.**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| Clean Harbors, Inc.<sup>(a)</sup> | 4856 | $1392361 |
| CoreCivic, Inc.<sup>(a)</sup> | 24188 | 457395 |
| GEO Group, Inc. (The)<sup>(a)</sup> | 20775 | 349228 |
| MillerKnoll, Inc. | 10596 | 153218 |
| Tetra Tech, Inc. | 33643 | 1013327 |
|  |  | 3722663 |
| **Communications Equipment — 3.0%** | **Communications Equipment — 3.0%** | **Communications Equipment — 3.0%** |
| ADTRAN Holdings, Inc.<sup>(a)</sup> | 6172 | 77644 |
| Applied Optoelectronics, Inc.<sup>(a)</sup> | 11658 | 986150 |
| Calix, Inc.<sup>(a)</sup> | 40867 | 2002074 |
| Ciena Corp.<sup>(a)</sup> | 18793 | 7296006 |
| Extreme Networks, Inc.<sup>(a)(b)</sup> | 24671 | 372039 |
| F5, Inc.<sup>(a)</sup> | 3791 | 1096850 |
| Harmonic, Inc.<sup>(a)</sup> | 126589 | 1136769 |
| Lumentum Holdings, Inc.<sup>(a)</sup> | 10104 | 7100687 |
| NETGEAR, Inc.<sup>(a)</sup> | 26362 | 575746 |
| Viasat, Inc.<sup>(a)</sup> | 13327 | 610377 |
| Viavi Solutions, Inc.<sup>(a)</sup> | 16831 | 560136 |
| Vistance Networks, Inc.<sup>(a)</sup> | 36342 | 661424 |
|  |  | 22475902 |
| **Construction & Engineering — 4.0%** | **Construction & Engineering — 4.0%** | **Construction & Engineering — 4.0%** |
| AECOM | 20876 | 1770702 |
| API Group Corp.<sup>(a)</sup> | 20685 | 838156 |
| Argan, Inc. | 891 | 485283 |
| Centuri Holdings, Inc.<sup>(a)</sup> | 12746 | 372311 |
| Comfort Systems U.S.A., Inc. | 6377 | 8793819 |
| Construction Partners, Inc., Class A<sup>(a)(b)</sup> | 5790 | 643385 |
| Dycom Industries, Inc.<sup>(a)</sup> | 7923 | 2684471 |
| EMCOR Group, Inc. | 7212 | 5324692 |
| Everus Construction Group, Inc.<sup>(a)</sup> | 6240 | 736694 |
| Fluor Corp.<sup>(a)</sup> | 50572 | 2359184 |
| MasTec, Inc.<sup>(a)</sup> | 13250 | 4263055 |
| Sterling Infrastructure, Inc.<sup>(a)</sup> | 632 | 257394 |
| Tutor Perini Corp. | 22909 | 1768346 |
| WillScot Holdings Corp., Class A | 8441 | 146536 |
|  |  | 30444028 |
| **Construction Materials — 0.1%** | **Construction Materials — 0.1%** | **Construction Materials — 0.1%** |
| Eagle Materials, Inc.<sup>(b)</sup> | 3509 | 664780 |
| Knife River Corp.<sup>(a)</sup> | 2329 | 190163 |
|  |  | 854943 |
| **Consumer Finance — 1.9%** | **Consumer Finance — 1.9%** | **Consumer Finance — 1.9%** |
| Ally Financial, Inc. | 58958 | 2312922 |
| Encore Capital Group, Inc.<sup>(a)</sup> | 8358 | 586063 |
| Enova International, Inc.<sup>(a)</sup> | 17421 | 2366294 |
| EZCORP, Inc., Class A, NVS<sup>(a)</sup> | 48811 | 1238823 |
| LendingTree, Inc.<sup>(a)</sup> | 4205 | 180310 |
| Navient Corp. | 36725 | 300411 |
| OneMain Holdings, Inc. | 52002 | 2781587 |
| Oportun Financial Corp.<sup>(a)</sup> | 39964 | 184234 |
| PRA Group, Inc.<sup>(a)</sup> | 30078 | 526365 |
| Regional Management Corp. | 10911 | 351880 |
| SoFi Technologies, Inc.<sup>(a)</sup> | 154404 | 2451936 |
| Upstart Holdings, Inc.<sup>(a)</sup> | 28779 | 738181 |
|  |  | 14019006 |
| **Consumer Staples Distribution & Retail — 3.0%** | **Consumer Staples Distribution & Retail — 3.0%** | **Consumer Staples Distribution & Retail — 3.0%** |
| Albertsons Cos., Inc., Class A | 61988 | 1056275 |
| Andersons, Inc. (The) | 12088 | 867677 |
| BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 30571 | 3008798 |
| Casey's General Stores, Inc. | 7041 | 5124862 |
| Chefs' Warehouse, Inc. (The)<sup>(a)</sup> | 8817 | 524171 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Consumer Staples Distribution & Retail (continued)** | **Consumer Staples Distribution & Retail (continued)** | **Consumer Staples Distribution & Retail (continued)** |
| Maplebear, Inc.<sup>(a)</sup> | 37467 | $1403514 |
| Performance Food Group Co.<sup>(a)</sup> | 48907 | 4189374 |
| PriceSmart, Inc. | 6415 | 965457 |
| Sprouts Farmers Market, Inc.<sup>(a)</sup> | 31208 | 2407073 |
| U.S. Foods Holding Corp.<sup>(a)</sup> | 17539 | 1617271 |
| United Natural Foods, Inc.<sup>(a)</sup> | 37886 | 1707143 |
|  |  | 22871615 |
| **Containers & Packaging — 0.9%** | **Containers & Packaging — 0.9%** | **Containers & Packaging — 0.9%** |
| Crown Holdings, Inc. | 35495 | 3558374 |
| Graphic Packaging Holding Co. | 119540 | 1188227 |
| Packaging Corp. of America | 10222 | 2169313 |
|  |  | 6915914 |
| **Distributors — 0.4%** | **Distributors — 0.4%** | **Distributors — 0.4%** |
| Gold.com, Inc. | 11428 | 458035 |
| LKQ Corp. | 68849 | 2022095 |
| Pool Corp. | 2028 | 410325 |
|  |  | 2890455 |
| **Diversified Consumer Services — 0.8%** | **Diversified Consumer Services — 0.8%** | **Diversified Consumer Services — 0.8%** |
| Bright Horizons Family Solutions, Inc.<sup>(a)</sup> | 16212 | 1331492 |
| Coursera, Inc.<sup>(a)(b)</sup> | 76343 | 444316 |
| Duolingo, Inc., Class A<sup>(a)</sup> | 7041 | 694031 |
| Frontdoor, Inc.<sup>(a)</sup> | 8113 | 428853 |
| Grand Canyon Education, Inc.<sup>(a)</sup> | 4691 | 797611 |
| Laureate Education, Inc., Class A<sup>(a)</sup> | 47816 | 1665909 |
| Liberty Live Holdings, Inc., Class C, NVS<sup>(a)</sup> | 2077 | 195467 |
| Perdoceo Education Corp. | 5690 | 211725 |
| Strategic Education, Inc. | 3649 | 302721 |
|  |  | 6072125 |
| **Diversified REITs — 0.2%** | **Diversified REITs — 0.2%** | **Diversified REITs — 0.2%** |
| Essential Properties Realty Trust, Inc. | 39462 | 1198066 |
| **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** |
| AST SpaceMobile, Inc., Class A<sup>(a)</sup> | 14380 | 1191671 |
| GCI Liberty, Inc., Class A<sup>(a)</sup> | 238 | 8770 |
| Globalstar, Inc.<sup>(a)</sup> | 5353 | 355546 |
| IDT Corp., Class B | 1722 | 84550 |
| Iridium Communications, Inc. | 11510 | 319288 |
| Liberty Global Ltd., Class A<sup>(a)</sup> | 26308 | 318064 |
| Lumen Technologies, Inc.<sup>(a)</sup> | 135455 | 941412 |
|  |  | 3219301 |
| **Electric Utilities — 0.5%** | **Electric Utilities — 0.5%** | **Electric Utilities — 0.5%** |
| NRG Energy, Inc. | 3526 | 515290 |
| Portland General Electric Co. | 52106 | 2749634 |
| TXNM Energy, Inc. | 5853 | 342166 |
|  |  | 3607090 |
| **Electrical Equipment — 2.4%** | **Electrical Equipment — 2.4%** | **Electrical Equipment — 2.4%** |
| Acuity, Inc. | 5842 | 1637045 |
| American Superconductor Corp.<sup>(a)</sup> | 2774 | 93900 |
| Bloom Energy Corp., Class A<sup>(a)</sup> | 25481 | 3452421 |
| EnerSys | 18944 | 3290952 |
| Enovix Corp.<sup>(a)(b)</sup> | 7856 | 40694 |
| Eos Energy Enterprises, Inc., Class A<sup>(a)(b)</sup> | 28221 | 139976 |
| Fluence Energy, Inc., Class A<sup>(a)</sup> | 5974 | 82202 |
| Forgent Power Solutions, Inc.<sup>(a)</sup> | 47297 | 1384383 |
| Generac Holdings, Inc.<sup>(a)</sup> | 8596 | 1679057 |
| Nextpower, Inc., Class A<sup>(a)</sup> | 16698 | 2012944 |
| NuScale Power Corp., Class A<sup>(a)</sup> | 25673 | 278295 |
| nVent Electric PLC | 11579 | 1369564 |
| Regal Rexnord Corp. | 9716 | 1819418 |
| Shoals Technologies Group, Inc., Class A<sup>(a)</sup> | 11897 | 78282 |

---

62026 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**BlackRock Advantage SMID Cap Fund, Inc.**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Electrical Equipment (continued)** | **Electrical Equipment (continued)** | **Electrical Equipment (continued)** |
| Sunrun, Inc.<sup>(a)</sup> | 24833 | $336736 |
| Vicor Corp.<sup>(a)</sup> | 4494 | 723534 |
|  |  | 18419403 |
| **Electronic Equipment, Instruments & Components — 4.1%** | **Electronic Equipment, Instruments & Components — 4.1%** | **Electronic Equipment, Instruments & Components — 4.1%** |
| Advanced Energy Industries, Inc. | 11509 | 3714070 |
| Avnet, Inc. | 24795 | 1527868 |
| Cognex Corp. | 43389 | 2125627 |
| Coherent Corp.<sup>(a)</sup> | 22014 | 5243955 |
| Crane NXT Co. | 10121 | 410811 |
| Fabrinet<sup>(a)(b)</sup> | 4935 | 2573701 |
| Flex Ltd.<sup>(a)</sup> | 64795 | 4241481 |
| Insight Enterprises, Inc.<sup>(a)</sup> | 5704 | 382225 |
| IPG Photonics Corp.<sup>(a)</sup> | 11881 | 1361444 |
| Jabil, Inc. | 6868 | 1824347 |
| Littelfuse, Inc. | 2163 | 734014 |
| Methode Electronics, Inc. | 52385 | 289165 |
| Mirion Technologies, Inc., Class A<sup>(a)</sup> | 12170 | 226240 |
| nLight, Inc.<sup>(a)</sup> | 6912 | 394122 |
| OSI Systems, Inc.<sup>(a)</sup> | 616 | 163554 |
| Ouster, Inc.<sup>(a)</sup> | 16810 | 308800 |
| PC Connection, Inc. | 6185 | 361575 |
| Plexus Corp.<sup>(a)</sup> | 2089 | 423106 |
| Sanmina Corp.<sup>(a)</sup> | 9182 | 1190355 |
| TD SYNNEX Corp. | 9566 | 1613880 |
| TTM Technologies, Inc.<sup>(a)</sup> | 21210 | 2066278 |
| Vontier Corp. | 1505 | 53382 |
|  |  | 31230000 |
| **Energy Equipment & Services — 2.2%** | **Energy Equipment & Services — 2.2%** | **Energy Equipment & Services — 2.2%** |
| Archrock, Inc. | 55626 | 1935785 |
| Helmerich & Payne, Inc. | 5486 | 197660 |
| Liberty Energy, Inc., Class A | 18451 | 531389 |
| Nabors Industries Ltd.<sup>(a)</sup> | 2594 | 223240 |
| Noble Corp. PLC | 3410 | 167329 |
| NOV, Inc. | 58059 | 1092090 |
| Oceaneering International, Inc.<sup>(a)</sup> | 58804 | 2085778 |
| Patterson-UTI Energy, Inc. | 235736 | 2553021 |
| ProPetro Holding Corp.<sup>(a)</sup> | 19072 | 274827 |
| TechnipFMC PLC | 39688 | 2743631 |
| Tidewater, Inc.<sup>(a)</sup> | 8324 | 695470 |
| Transocean Ltd.<sup>(a)</sup> | 219598 | 1455935 |
| Valaris Ltd.<sup>(a)</sup> | 4252 | 416866 |
| Weatherford International PLC | 25555 | 2416992 |
|  |  | 16790013 |
| **Entertainment — 0.4%** | **Entertainment — 0.4%** | **Entertainment — 0.4%** |
| Cinemark Holdings, Inc. | 8780 | 250405 |
| Lionsgate Studios Corp.<sup>(a)</sup> | 18304 | 175535 |
| Playtika Holding Corp. | 38329 | 106555 |
| Roku, Inc., Class A<sup>(a)</sup> | 27069 | 2561269 |
|  |  | 3093764 |
| **Financial Services — 0.9%** | **Financial Services — 0.9%** | **Financial Services — 0.9%** |
| Affirm Holdings, Inc., Class A<sup>(a)</sup> | 34859 | 1597239 |
| Banco Latinoamericano de Comercio Exterior SA, <br> Class E<br>| 3613 | 184552 |
| Euronet Worldwide, Inc.<sup>(a)</sup> | 5122 | 339947 |
| MGIC Investment Corp. | 14971 | 392989 |
| NMI Holdings, Inc., Class A<sup>(a)</sup> | 48187 | 1807494 |
| Pagseguro Digital Ltd., Class A | 30205 | 302654 |
| Remitly Global, Inc.<sup>(a)</sup> | 63179 | 990015 |
| Velocity Financial, Inc.<sup>(a)</sup> | 16787 | 303677 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Voya Financial, Inc. | 10886 | $743732 |
| Walker & Dunlop, Inc. | 4887 | 216885 |
|  |  | 6879184 |
| **Food Products — 0.1%** | **Food Products — 0.1%** | **Food Products — 0.1%** |
| Cal-Maine Foods, Inc. | 6285 | 497458 |
| Darling Ingredients, Inc.<sup>(a)</sup> | 3060 | 189261 |
| Marzetti Co. (The) | 532 | 73592 |
| Smithfield Foods, Inc. | 2921 | 81700 |
|  |  | 842011 |
| **Gas Utilities — 1.5%** | **Gas Utilities — 1.5%** | **Gas Utilities — 1.5%** |
| Brookfield Infrastructure Corp., Class A | 15717 | 621136 |
| National Fuel Gas Co. | 4667 | 438511 |
| New Jersey Resources Corp. | 91696 | 5035945 |
| ONE Gas, Inc. | 31754 | 2734972 |
| Southwest Gas Holdings, Inc. | 29909 | 2599092 |
|  |  | 11429656 |
| **Ground Transportation — 0.8%** | **Ground Transportation — 0.8%** | **Ground Transportation — 0.8%** |
| Covenant Logistics Group, Inc., Class A | 16111 | 437414 |
| Knight-Swift Transportation Holdings, Inc. | 8231 | 473941 |
| Lyft, Inc., Class A<sup>(a)</sup> | 76156 | 1012875 |
| RXO, Inc.<sup>(a)</sup> | 19853 | 290251 |
| Ryder System, Inc. | 4779 | 978309 |
| Saia, Inc.<sup>(a)</sup> | 812 | 285239 |
| XPO, Inc.<sup>(a)</sup> | 11862 | 2307752 |
|  |  | 5785781 |
| **Health Care Equipment & Supplies — 0.9%** | **Health Care Equipment & Supplies — 0.9%** | **Health Care Equipment & Supplies — 0.9%** |
| Accuray, Inc.<sup>(a)</sup> | 28286 | 10978 |
| DENTSPLY SIRONA, Inc. | 41811 | 485008 |
| Enovis Corp.<sup>(a)</sup> | 19924 | 453271 |
| Glaukos Corp.<sup>(a)</sup> | 9153 | 985412 |
| Inmode Ltd.<sup>(a)</sup> | 25083 | 343135 |
| Inogen, Inc.<sup>(a)</sup> | 6 | 37 |
| Inspire Medical Systems, Inc.<sup>(a)</sup> | 5219 | 269196 |
| iRadimed Corp. | 5456 | 525195 |
| IRhythm Holdings, Inc.<sup>(a)</sup> | 5418 | 639432 |
| Masimo Corp.<sup>(a)</sup> | 3727 | 662921 |
| NeuroPace, Inc.<sup>(a)</sup> | 25385 | 333813 |
| Novocure Ltd.<sup>(a)</sup> | 78795 | 858865 |
| Omnicell, Inc.<sup>(a)</sup> | 6204 | 207090 |
| Penumbra, Inc.<sup>(a)</sup> | 1954 | 641635 |
| TransMedics Group, Inc.<sup>(a)</sup> | 3732 | 370998 |
|  |  | 6786986 |
| **Health Care Providers & Services — 2.8%** | **Health Care Providers & Services — 2.8%** | **Health Care Providers & Services — 2.8%** |
| Acadia Healthcare Co., Inc.<sup>(a)</sup> | 7447 | 174185 |
| Addus HomeCare Corp.<sup>(a)</sup> | 11749 | 1100294 |
| BrightSpring Health Services, Inc.<sup>(a)</sup> | 10126 | 431469 |
| Castle Biosciences, Inc.<sup>(a)</sup> | 10914 | 267939 |
| Clover Health Investments Corp., Class A<sup>(a)</sup> | 42877 | 75464 |
| CorVel Corp.<sup>(a)</sup> | 3970 | 216960 |
| Cross Country Healthcare, Inc.<sup>(a)</sup> | 3359 | 31575 |
| Encompass Health Corp. | 43475 | 4205337 |
| Ensign Group, Inc. (The) | 9030 | 1819545 |
| Fulgent Genetics, Inc.<sup>(a)</sup> | 10264 | 163198 |
| GeneDx Holdings Corp., Class A<sup>(a)</sup> | 1469 | 94339 |
| Guardant Health, Inc.<sup>(a)</sup> | 12582 | 1162199 |
| HealthEquity, Inc.<sup>(a)</sup> | 2651 | 221544 |
| Henry Schein, Inc.<sup>(a)</sup> | 20328 | 1498174 |
| Hims & Hers Health, Inc., Class A<sup>(a)(b)</sup> | 32496 | 674617 |
| Hinge Health, Inc., Class A<sup>(a)(b)</sup> | 15261 | 588464 |
| LifeStance Health Group, Inc.<sup>(a)</sup> | 139531 | 888812 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**BlackRock Advantage SMID Cap Fund, Inc.**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| PACS Group, Inc.<sup>(a)</sup> | 9895 | $317827 |
| Privia Health Group, Inc.<sup>(a)</sup> | 54049 | 1111788 |
| RadNet, Inc.<sup>(a)</sup> | 4878 | 272631 |
| Select Medical Holdings Corp. | 41293 | 672663 |
| Tenet Healthcare Corp.<sup>(a)</sup> | 14510 | 2738182 |
| Universal Health Services, Inc., Class B | 8567 | 1533236 |
| Viemed Healthcare, Inc.<sup>(a)</sup> | 53409 | 491897 |
|  |  | 20752339 |
| **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** |
| Alexandria Real Estate Equities, Inc. | 9520 | 441918 |
| Janus Living, Inc., Class A<sup>(a)</sup> | 11784 | 277749 |
| Omega Healthcare Investors, Inc. | 36689 | 1607712 |
|  |  | 2327379 |
| **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** |
| Doximity, Inc., Class A<sup>(a)</sup> | 33525 | 781132 |
| Evolent Health, Inc., Class A<sup>(a)</sup> | 10407 | 23728 |
| Health Catalyst, Inc.<sup>(a)</sup> | 27539 | 34975 |
| Phreesia, Inc.<sup>(a)</sup> | 36997 | 310035 |
| Schrodinger, Inc.<sup>(a)</sup> | 38514 | 437519 |
| Teladoc Health, Inc.<sup>(a)</sup> | 12107 | 65983 |
|  |  | 1653372 |
| **Hotel & Resort REITs — 0.7%** | **Hotel & Resort REITs — 0.7%** | **Hotel & Resort REITs — 0.7%** |
| Chatham Lodging Trust | 5184 | 40798 |
| DiamondRock Hospitality Co. | 72936 | 683410 |
| Host Hotels & Resorts, Inc. | 214980 | 4119017 |
| RLJ Lodging Trust | 63256 | 469360 |
|  |  | 5312585 |
| **Hotels, Restaurants & Leisure — 1.4%** | **Hotels, Restaurants & Leisure — 1.4%** | **Hotels, Restaurants & Leisure — 1.4%** |
| Aramark | 81896 | 3320064 |
| Brinker International, Inc.<sup>(a)</sup> | 2213 | 315950 |
| Churchill Downs, Inc. | 2430 | 218287 |
| Dutch Bros, Inc., Class A<sup>(a)(b)</sup> | 22644 | 1147145 |
| Lindblad Expeditions Holdings, Inc.<sup>(a)</sup> | 17223 | 297958 |
| Monarch Casino & Resort, Inc. | 1756 | 167874 |
| Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 47171 | 882098 |
| Planet Fitness, Inc., Class A<sup>(a)</sup> | 6313 | 469561 |
| Rush Street Interactive, Inc., Class A<sup>(a)</sup> | 32826 | 713965 |
| Travel + Leisure Co. | 33430 | 2313022 |
| Wynn Resorts Ltd. | 3790 | 384874 |
|  |  | 10230798 |
| **Household Durables — 1.0%** | **Household Durables — 1.0%** | **Household Durables — 1.0%** |
| Century Communities, Inc. | 11571 | 663944 |
| Champion Homes, Inc.<sup>(a)</sup> | 9261 | 688741 |
| Green Brick Partners, Inc.<sup>(a)</sup> | 3720 | 239754 |
| Installed Building Products, Inc. | 2266 | 600830 |
| KB Home | 12129 | 627676 |
| Leggett & Platt, Inc. | 21758 | 214969 |
| LGI Homes, Inc.<sup>(a)</sup> | 3774 | 149186 |
| M/I Homes, Inc.<sup>(a)</sup> | 14156 | 1733402 |
| Newell Brands, Inc. | 281197 | 964506 |
| Somnigroup International, Inc. | 4493 | 332122 |
| Sonos, Inc.<sup>(a)</sup> | 12000 | 160800 |
| Toll Brothers, Inc. | 3625 | 494704 |
| TopBuild Corp.<sup>(a)</sup> | 1164 | 408913 |
|  |  | 7279547 |
| **Household Products — 0.1%** | **Household Products — 0.1%** | **Household Products — 0.1%** |
| Central Garden & Pet Co., Class A, NVS<sup>(a)</sup> | 25361 | 822204 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Independent Power and Renewable Electricity Producers — 0.3%** | **Independent Power and Renewable Electricity Producers — 0.3%** | **Independent Power and Renewable Electricity Producers — 0.3%** |
| AES Corp. (The) | 83810 | $1180883 |
| Talen Energy Corp.<sup>(a)</sup> | 3345 | 1067824 |
|  |  | 2248707 |
| **Industrial Conglomerates — 0.3%** | **Industrial Conglomerates — 0.3%** | **Industrial Conglomerates — 0.3%** |
| Brookfield Business Corp., Class A<sup>(b)</sup> | 76069 | 2406823 |
| **Industrial REITs — 0.6%** | **Industrial REITs — 0.6%** | **Industrial REITs — 0.6%** |
| Americold Realty Trust, Inc. | 57185 | 655340 |
| First Industrial Realty Trust, Inc. | 60450 | 3497033 |
|  |  | 4152373 |
| **Insurance — 3.2%** | **Insurance — 3.2%** | **Insurance — 3.2%** |
| American Financial Group, Inc. | 1252 | 159893 |
| AMERISAFE, Inc. | 30852 | 1028297 |
| Assurant, Inc. | 8382 | 1825684 |
| Assured Guaranty Ltd. | 22109 | 1801441 |
| Axis Capital Holdings Ltd. | 7532 | 763820 |
| CNO Financial Group, Inc. | 1817 | 74606 |
| Donegal Group, Inc., Class A | 12573 | 216004 |
| eHealth, Inc.<sup>(a)</sup> | 13777 | 17772 |
| F&G Annuities & Life, Inc. | 26719 | 676525 |
| Fidelis Insurance Holdings Ltd. | 6221 | 118883 |
| Genworth Financial, Inc., Class A<sup>(a)</sup> | 31316 | 254286 |
| Globe Life, Inc. | 10392 | 1446255 |
| Hanover Insurance Group, Inc. (The) | 13350 | 2314223 |
| Kinsale Capital Group, Inc. | 2526 | 863033 |
| Lemonade, Inc.<sup>(a)</sup> | 8830 | 553464 |
| Mercury General Corp. | 8114 | 715249 |
| NI Holdings, Inc.<sup>(a)</sup> | 16634 | 214412 |
| Oscar Health, Inc., Class A<sup>(a)</sup> | 40538 | 464971 |
| Palomar Holdings, Inc.<sup>(a)</sup> | 16721 | 1998160 |
| Reinsurance Group of America, Inc. | 25763 | 5259774 |
| RenaissanceRe Holdings Ltd.<sup>(b)</sup> | 3207 | 953217 |
| Root, Inc., Class A<sup>(a)</sup> | 2849 | 125840 |
| Ryan Specialty Holdings, Inc., Class A | 2392 | 80706 |
| Skyward Specialty Insurance Group, Inc.<sup>(a)</sup> | 11128 | 486071 |
| Stewart Information Services Corp. | 24337 | 1498673 |
| Tiptree, Inc. | 1028 | 17394 |
| Universal Insurance Holdings, Inc. | 6095 | 208205 |
|  |  | 24136858 |
| **Interactive Media & Services — 0.4%** | **Interactive Media & Services — 0.4%** | **Interactive Media & Services — 0.4%** |
| EverQuote, Inc., Class A<sup>(a)</sup> | 33722 | 519993 |
| Grindr, Inc.<sup>(a)</sup> | 46451 | 561593 |
| MediaAlpha, Inc., Class A<sup>(a)</sup> | 14185 | 131921 |
| QuinStreet, Inc.<sup>(a)</sup> | 44901 | 539261 |
| Shutterstock, Inc. | 17287 | 287137 |
| Taboola.com Ltd.<sup>(a)</sup> | 92630 | 287153 |
| Yelp, Inc.<sup>(a)</sup> | 7051 | 174442 |
| ZipRecruiter, Inc., Class A<sup>(a)</sup> | 149122 | 274384 |
|  |  | 2775884 |
| **IT Services — 0.4%** | **IT Services — 0.4%** | **IT Services — 0.4%** |
| Amdocs Ltd. | 1794 | 117077 |
| Applied Digital Corp.<sup>(a)(b)</sup> | 23350 | 554329 |
| DXC Technology Co.<sup>(a)</sup> | 15876 | 199561 |
| EPAM Systems, Inc.<sup>(a)</sup> | 3986 | 539704 |
| Fastly, Inc., Class A<sup>(a)</sup> | 14466 | 420382 |
| Globant SA<sup>(a)</sup> | 23061 | 1063343 |
|  |  | 2894396 |
| **Leisure Products — 0.4%** | **Leisure Products — 0.4%** | **Leisure Products — 0.4%** |
| Brunswick Corp. | 8560 | 622826 |
| Hasbro, Inc. | 20418 | 1911125 |

---

82026 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**BlackRock Advantage SMID Cap Fund, Inc.**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Leisure Products (continued)** | **Leisure Products (continued)** | **Leisure Products (continued)** |
| Peloton Interactive, Inc., Class A<sup>(a)</sup> | 75704 | $324770 |
| Polaris, Inc. | 4838 | 263671 |
|  |  | 3122392 |
| **Life Sciences Tools & Services — 0.5%** | **Life Sciences Tools & Services — 0.5%** | **Life Sciences Tools & Services — 0.5%** |
| Avantor, Inc.<sup>(a)</sup> | 24112 | 189038 |
| Azenta, Inc.<sup>(a)</sup> | 11819 | 249735 |
| Bio-Techne Corp. | 4729 | 247138 |
| Charles River Laboratories International, Inc.<sup>(a)</sup> | 2599 | 448328 |
| Medpace Holdings, Inc.<sup>(a)</sup> | 1297 | 622806 |
| Personalis, Inc.<sup>(a)</sup> | 33930 | 216134 |
| QIAGEN NV | 19614 | 785345 |
| Repligen Corp.<sup>(a)</sup> | 1496 | 176259 |
| Tempus AI, Inc., Class A<sup>(a)(b)</sup> | 19638 | 888030 |
|  |  | 3822813 |
| **Machinery — 4.5%** | **Machinery — 4.5%** | **Machinery — 4.5%** |
| Aebi Schmidt Holding AG | 21487 | 208639 |
| Atmus Filtration Technologies, Inc. | 30797 | 1748346 |
| Chart Industries, Inc.<sup>(a)</sup> | 2410 | 498268 |
| Crane Co. | 5603 | 958113 |
| Donaldson Co., Inc. | 40814 | 3463884 |
| Energy Recovery, Inc.<sup>(a)</sup> | 23426 | 235900 |
| ESCO Technologies, Inc. | 2793 | 785866 |
| Federal Signal Corp. | 3564 | 385411 |
| Flowserve Corp. | 21123 | 1552752 |
| Franklin Electric Co., Inc. | 13852 | 1276739 |
| Greenbrier Cos., Inc. (The) | 8891 | 468111 |
| ITT, Inc. | 27382 | 5217092 |
| Kadant, Inc. | 433 | 126588 |
| Kennametal, Inc. | 7630 | 275672 |
| Lincoln Electric Holdings, Inc. | 10042 | 2501261 |
| Mueller Industries, Inc. | 27863 | 3087220 |
| Oshkosh Corp. | 3726 | 548504 |
| Pentair PLC | 34791 | 3030644 |
| RBC Bearings, Inc.<sup>(a)</sup> | 7637 | 4147807 |
| SPX Technologies, Inc.<sup>(a)</sup> | 4173 | 834350 |
| Stanley Black & Decker, Inc. | 13967 | 992495 |
| Toro Co. (The) | 5259 | 491401 |
| Trinity Industries, Inc. | 8779 | 282508 |
| Worthington Enterprises, Inc. | 18897 | 985290 |
|  |  | 34102861 |
| **Marine Transportation — 0.7%** | **Marine Transportation — 0.7%** | **Marine Transportation — 0.7%** |
| Costamare, Inc. | 19889 | 336124 |
| Genco Shipping & Trading Ltd. | 3185 | 71822 |
| Kirby Corp.<sup>(a)</sup> | 20055 | 2664909 |
| Matson, Inc. | 11761 | 1928098 |
|  |  | 5000953 |
| **Media — 1.2%** | **Media — 1.2%** | **Media — 1.2%** |
| DoubleVerify Holdings, Inc.<sup>(a)</sup> | 35786 | 339967 |
| EchoStar Corp., Class A<sup>(a)</sup> | 17312 | 2026716 |
| Magnite, Inc.<sup>(a)</sup> | 32013 | 380314 |
| New York Times Co. (The), Class A | 25623 | 2145414 |
| News Corp., Class A, NVS | 63233 | 1576399 |
| News Corp., Class B | 22894 | 652708 |
| Paramount Skydance Corp., Class B, NVS | 11641 | 105002 |
| Sirius XM Holdings, Inc. | 48676 | 1123442 |
| Thryv Holdings, Inc.<sup>(a)</sup> | 16344 | 44782 |
| Versant Media Group, Inc.<sup>(a)</sup> | 24260 | 898105 |
|  |  | 9292849 |
| **Metals & Mining — 3.0%** | **Metals & Mining — 3.0%** | **Metals & Mining — 3.0%** |
| Alcoa Corp. | 35176 | 2333224 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
| Alpha Metallurgical Resources, Inc.<sup>(a)</sup> | 7547 | $1549173 |
| Century Aluminum Co.<sup>(a)</sup> | 17112 | 1004303 |
| Cleveland-Cliffs, Inc.<sup>(a)</sup> | 150631 | 1272832 |
| Coeur Mining, Inc.<sup>(a)</sup> | 75414 | 1415521 |
| Commercial Metals Co. | 6175 | 379330 |
| Constellium SE, Class A<sup>(a)</sup> | 69379 | 1705336 |
| Elevra Lithium Ltd., ADR<sup>(a)(b)</sup> | 1985 | 116917 |
| Hecla Mining Co. | 65322 | 1216949 |
| Kaiser Aluminum Corp. | 9084 | 1094713 |
| Materion Corp. | 4131 | 597549 |
| MP Materials Corp., Class A<sup>(a)</sup> | 14625 | 705802 |
| Ramaco Resources, Inc., Class A<sup>(a)</sup> | 22435 | 346845 |
| Ramaco Resources, Inc., Class B | 113 | 1153 |
| Reliance, Inc. | 15761 | 4790083 |
| Royal Gold, Inc. | 10717 | 2727369 |
| Ryerson Holding Corp. | 23307 | 523941 |
| SSR Mining, Inc.<sup>(a)</sup> | 8159 | 239875 |
| Warrior Met Coal, Inc. | 6914 | 644039 |
|  |  | 22664954 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** |
| Annaly Capital Management, Inc. | 50631 | 1070846 |
| **Multi-Utilities — 1.0%** | **Multi-Utilities — 1.0%** | **Multi-Utilities — 1.0%** |
| Avista Corp. | 78662 | 3157493 |
| Black Hills Corp. | 15728 | 1091680 |
| NiSource, Inc. | 56956 | 2657567 |
| Northwestern Energy Group, Inc. | 11241 | 741232 |
|  |  | 7647972 |
| **Office REITs — 0.1%** | **Office REITs — 0.1%** | **Office REITs — 0.1%** |
| COPT Defense Properties | 3545 | 108477 |
| SL Green Realty Corp. | 8958 | 330908 |
|  |  | 439385 |
| **Oil, Gas & Consumable Fuels — 3.5%** | **Oil, Gas & Consumable Fuels — 3.5%** | **Oil, Gas & Consumable Fuels — 3.5%** |
| Antero Resources Corp.<sup>(a)</sup> | 31413 | 1333168 |
| Ardmore Shipping Corp. | 29073 | 443363 |
| California Resources Corp. | 9232 | 639039 |
| Centrus Energy Corp., Class A<sup>(a)(b)</sup> | 1538 | 266981 |
| Chord Energy Corp. | 28841 | 4100613 |
| Clean Energy Fuels Corp.<sup>(a)</sup> | 63090 | 156463 |
| CNX Resources Corp.<sup>(a)</sup> | 11582 | 446486 |
| CVR Energy, Inc.<sup>(a)</sup> | 9476 | 318867 |
| Delek U.S. Holdings, Inc. | 8374 | 377416 |
| DHT Holdings, Inc. | 42124 | 769605 |
| Energy Fuels, Inc.<sup>(a)</sup> | 16444 | 300103 |
| EQT Corp. | 10362 | 659438 |
| Golar LNG Ltd. | 2681 | 145069 |
| Green Plains, Inc.<sup>(a)</sup> | 8866 | 145846 |
| HF Sinclair Corp. | 35035 | 2185834 |
| International Seaways, Inc. | 5530 | 403026 |
| Magnolia Oil & Gas Corp., Class A | 59536 | 1879552 |
| Matador Resources Co. | 28668 | 1811244 |
| Murphy Oil Corp. | 19662 | 811057 |
| Ovintiv, Inc. | 41176 | 2444207 |
| Par Pacific Holdings, Inc.<sup>(a)</sup> | 10337 | 647510 |
| PBF Energy, Inc., Class A | 11796 | 561726 |
| Plains GP Holdings LP, Class A | 38238 | 928419 |
| Range Resources Corp. | 9503 | 429346 |
| Scorpio Tankers, Inc. | 17779 | 1327380 |
| SM Energy Co. | 74032 | 2308318 |
| Uranium Energy Corp.<sup>(a)</sup> | 46927 | 633515 |
|  |  | 26473591 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**BlackRock Advantage SMID Cap Fund, Inc.**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** |
| Sylvamo Corp. | 23811 | $1005777 |
| **Passenger Airlines — 0.7%** | **Passenger Airlines — 0.7%** | **Passenger Airlines — 0.7%** |
| Alaska Air Group, Inc.<sup>(a)</sup> | 60518 | 2225852 |
| American Airlines Group, Inc.<sup>(a)</sup> | 21649 | 232510 |
| Joby Aviation, Inc., Class A<sup>(a)(b)</sup> | 94145 | 777638 |
| SkyWest, Inc.<sup>(a)</sup> | 23064 | 2117967 |
|  |  | 5353967 |
| **Pharmaceuticals — 0.4%** | **Pharmaceuticals — 0.4%** | **Pharmaceuticals — 0.4%** |
| Arvinas, Inc.<sup>(a)</sup> | 38437 | 407432 |
| Atea Pharmaceuticals, Inc.<sup>(a)</sup> | 20922 | 112560 |
| Corcept Therapeutics, Inc.<sup>(a)</sup> | 9116 | 367466 |
| Harmony Biosciences Holdings, Inc.<sup>(a)</sup> | 16900 | 473369 |
| Jazz Pharmaceuticals PLC<sup>(a)</sup> | 2480 | 468844 |
| Nuvation Bio, Inc., Class A<sup>(a)(b)</sup> | 20660 | 88632 |
| Ocular Therapeutix, Inc.<sup>(a)</sup> | 29462 | 249543 |
| Theravance Biopharma, Inc.<sup>(a)</sup> | 4175 | 67760 |
| Trevi Therapeutics, Inc.<sup>(a)</sup> | 41749 | 498066 |
| WaVe Life Sciences Ltd.<sup>(a)</sup> | 26359 | 191103 |
|  |  | 2924775 |
| **Professional Services — 1.3%** | **Professional Services — 1.3%** | **Professional Services — 1.3%** |
| CACI International, Inc., Class A<sup>(a)</sup> | 2128 | 1157355 |
| CBIZ, Inc.<sup>(a)</sup> | 3275 | 87934 |
| ExlService Holdings, Inc.<sup>(a)</sup> | 102162 | 3110833 |
| Genpact Ltd. | 8528 | 317668 |
| IBEX Holdings Ltd.<sup>(a)</sup> | 18548 | 497457 |
| ICF International, Inc. | 4368 | 285187 |
| KBR, Inc. | 63908 | 2355649 |
| ManpowerGroup, Inc. | 12927 | 380829 |
| Planet Labs PBC, Class A<sup>(a)</sup> | 22029 | 615710 |
| Willdan Group, Inc.<sup>(a)</sup> | 8510 | 651526 |
|  |  | 9460148 |
| **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** |
| Compass, Inc., Class A<sup>(a)</sup> | 33604 | 245645 |
| Jones Lang LaSalle, Inc.<sup>(a)</sup> | 2182 | 664026 |
| Kennedy-Wilson Holdings, Inc. | 23229 | 251338 |
| Marcus & Millichap, Inc. | 7903 | 210141 |
| Newmark Group, Inc., Class A | 10885 | 163166 |
| Opendoor Technologies, Inc., Class A<sup>(a)</sup> | 21801 | 102029 |
| Zillow Group, Inc., Class A<sup>(a)</sup> | 5153 | 213283 |
| Zillow Group, Inc., Class C, NVS<sup>(a)</sup> | 12372 | 511953 |
|  |  | 2361581 |
| **Residential REITs — 0.0%** | **Residential REITs — 0.0%** | **Residential REITs — 0.0%** |
| Clipper Realty, Inc. | 18 | 54 |
| Veris Residential, Inc. | 8153 | 153847 |
|  |  | 153901 |
| **Retail REITs — 1.8%** | **Retail REITs — 1.8%** | **Retail REITs — 1.8%** |
| Agree Realty Corp. | 62210 | 4689390 |
| FrontView REIT, Inc. | 9038 | 139818 |
| Kimco Realty Corp. | 129447 | 2908674 |
| NNN REIT, Inc. | 93379 | 3924719 |
| Regency Centers Corp. | 25856 | 1956265 |
|  |  | 13618866 |
| **Semiconductors & Semiconductor Equipment — 3.5%** | **Semiconductors & Semiconductor Equipment — 3.5%** | **Semiconductors & Semiconductor Equipment — 3.5%** |
| ACM Research, Inc., Class A<sup>(a)</sup> | 2618 | 103018 |
| Ambarella, Inc.<sup>(a)</sup> | 15428 | 794156 |
| Amkor Technology, Inc. | 34946 | 1573618 |
| Astera Labs, Inc.<sup>(a)</sup> | 15843 | 1736393 |
| Axcelis Technologies, Inc.<sup>(a)</sup> | 4675 | 435149 |
| Cirrus Logic, Inc.<sup>(a)</sup> | 9617 | 1390811 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| Credo Technology Group Holding Ltd.<sup>(a)</sup> | 26123 | $2452166 |
| FormFactor, Inc.<sup>(a)</sup> | 14953 | 1450292 |
| Impinj, Inc.<sup>(a)</sup> | 3969 | 407616 |
| Kulicke & Soffa Industries, Inc. | 15060 | 989743 |
| Lattice Semiconductor Corp.<sup>(a)</sup> | 13669 | 1267937 |
| MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | 4609 | 1023521 |
| MaxLinear, Inc.<sup>(a)</sup> | 25206 | 438332 |
| MKS, Inc. | 6963 | 1600167 |
| Navitas Semiconductor Corp.<sup>(a)</sup> | 10066 | 88279 |
| Onto Innovation, Inc.<sup>(a)</sup> | 8861 | 1817125 |
| Photronics, Inc.<sup>(a)</sup> | 12981 | 524562 |
| Qorvo, Inc.<sup>(a)</sup> | 16095 | 1245753 |
| Rambus, Inc.<sup>(a)</sup> | 18558 | 1596545 |
| Semtech Corp.<sup>(a)</sup> | 6478 | 498094 |
| Silicon Laboratories, Inc.<sup>(a)</sup> | 6280 | 1307182 |
| SiTime Corp.<sup>(a)</sup> | 3124 | 1078873 |
| Skyworks Solutions, Inc. | 47520 | 2544696 |
|  |  | 26364028 |
| **Software — 3.2%** | **Software — 3.2%** | **Software — 3.2%** |
| 8x8, Inc.<sup>(a)</sup> | 80071 | 132918 |
| ACI Worldwide, Inc.<sup>(a)</sup> | 30697 | 1258884 |
| Alarm.com Holdings, Inc.<sup>(a)</sup> | 38233 | 1651283 |
| Amplitude, Inc., Class A<sup>(a)</sup> | 66405 | 452882 |
| Asana, Inc., Class A<sup>(a)</sup> | 27333 | 174931 |
| Aurora Innovation, Inc., Class A<sup>(a)</sup> | 153724 | 633343 |
| Box, Inc., Class A<sup>(a)</sup> | 34108 | 806313 |
| C3.ai, Inc., Class A<sup>(a)</sup> | 69046 | 581367 |
| Cipher Digital, Inc.<sup>(a)</sup> | 16928 | 217863 |
| Cleanspark, Inc.<sup>(a)</sup> | 30418 | 258857 |
| Clearwater Analytics Holdings, Inc., Class A<sup>(a)</sup> | 29683 | 702003 |
| Dolby Laboratories, Inc., Class A | 6997 | 420240 |
| D-Wave Quantum, Inc.<sup>(a)(b)</sup> | 18109 | 261313 |
| Dynatrace, Inc.<sup>(a)</sup> | 24077 | 890367 |
| Elastic NV<sup>(a)</sup> | 19222 | 960908 |
| Freshworks, Inc., Class A<sup>(a)</sup> | 13701 | 110019 |
| Guidewire Software, Inc.<sup>(a)</sup> | 17698 | 2646913 |
| Hut 8 Corp.<sup>(a)</sup> | 1906 | 89410 |
| InterDigital, Inc. | 1410 | 425820 |
| Klaviyo, Inc., Class A<sup>(a)</sup> | 6934 | 134936 |
| LiveRamp Holdings, Inc.<sup>(a)</sup> | 20205 | 535837 |
| Manhattan Associates, Inc.<sup>(a)</sup> | 17449 | 2322811 |
| Netskope, Inc., Class A<sup>(a)</sup> | 39125 | 332171 |
| Nutanix, Inc., Class A<sup>(a)</sup> | 13935 | 529669 |
| Ooma, Inc.<sup>(a)</sup> | 43567 | 633900 |
| Pagaya Technologies Ltd., Class A<sup>(a)(b)</sup> | 19922 | 232091 |
| Porch Group, Inc.<sup>(a)</sup> | 8752 | 62752 |
| Progress Software Corp.<sup>(a)</sup> | 10172 | 260912 |
| Q2 Holdings, Inc.<sup>(a)</sup> | 7670 | 362791 |
| Qualys, Inc.<sup>(a)</sup> | 10397 | 913376 |
| RingCentral, Inc., Class A | 23789 | 884713 |
| Riot Platforms, Inc.<sup>(a)</sup> | 22143 | 273688 |
| Rubrik, Inc., Class A<sup>(a)</sup> | 16470 | 806536 |
| SentinelOne, Inc., Class A<sup>(a)</sup> | 9721 | 125207 |
| SoundHound AI, Inc., Class A<sup>(a)(b)</sup> | 19104 | 131245 |
| Sprout Social, Inc., Class A<sup>(a)</sup> | 15810 | 90117 |
| Tenable Holdings, Inc.<sup>(a)</sup> | 43986 | 744023 |
| Terawulf, Inc.<sup>(a)(b)</sup> | 18269 | 263622 |
| Unity Software, Inc.<sup>(a)</sup> | 27978 | 613837 |
| Workiva, Inc., Class A<sup>(a)</sup> | 3129 | 186582 |
| Zeta Global Holdings Corp., Class A<sup>(a)</sup> | 52113 | 829639 |
|  |  | 23946089 |

---

102026 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**BlackRock Advantage SMID Cap Fund, Inc.**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Specialized REITs — 0.8%** | **Specialized REITs — 0.8%** | **Specialized REITs — 0.8%** |
| CubeSmart | 122393 | $4485703 |
| EPR Properties | 26368 | 1317345 |
| Four Corners Property Trust, Inc. | 12067 | 285385 |
|  |  | 6088433 |
| **Specialty Retail — 2.0%** | **Specialty Retail — 2.0%** | **Specialty Retail — 2.0%** |
| Abercrombie & Fitch Co., Class A<sup>(a)</sup> | 8559 | 782036 |
| Advance Auto Parts, Inc. | 1775 | 93631 |
| American Eagle Outfitters, Inc. | 30516 | 509617 |
| Asbury Automotive Group, Inc.<sup>(a)</sup> | 1372 | 268102 |
| AutoNation, Inc.<sup>(a)</sup> | 1238 | 241732 |
| Boot Barn Holdings, Inc.<sup>(a)</sup> | 6198 | 907139 |
| Camping World Holdings, Inc., Class A | 21273 | 145295 |
| EVgo, Inc., Class A<sup>(a)</sup> | 16700 | 28724 |
| Five Below, Inc.<sup>(a)</sup> | 6775 | 1547952 |
| Gap, Inc. (The) | 36502 | 883348 |
| Group 1 Automotive, Inc. | 4668 | 1543381 |
| Lithia Motors, Inc., Class A | 7029 | 1755282 |
| Murphy U.S.A., Inc. | 2319 | 1145516 |
| Penske Automotive Group, Inc. | 11619 | 1737273 |
| Petco Health & Wellness Co., Inc.<sup>(a)</sup> | 32056 | 89116 |
| RealReal, Inc. (The)<sup>(a)</sup> | 14371 | 130489 |
| Revolve Group, Inc., Class A<sup>(a)</sup> | 8749 | 197815 |
| Sonic Automotive, Inc., Class A | 1460 | 100112 |
| Upbound Group, Inc. | 3605 | 65070 |
| Urban Outfitters, Inc.<sup>(a)(b)</sup> | 17362 | 1099883 |
| Victoria's Secret & Co.<sup>(a)</sup> | 12798 | 593315 |
| Wayfair, Inc., Class A<sup>(a)</sup> | 12679 | 953588 |
| Zumiez, Inc.<sup>(a)</sup> | 27131 | 601223 |
|  |  | 15419639 |
| **Technology Hardware, Storage & Peripherals — 1.9%** | **Technology Hardware, Storage & Peripherals — 1.9%** | **Technology Hardware, Storage & Peripherals — 1.9%** |
| Everpure, Inc., Class A<sup>(a)</sup> | 63294 | 3736878 |
| IonQ, Inc.<sup>(a)(b)</sup> | 19328 | 557226 |
| Sandisk Corp.<sup>(a)</sup> | 15225 | 9673051 |
|  |  | 13967155 |
| **Textiles, Apparel & Luxury Goods — 0.9%** | **Textiles, Apparel & Luxury Goods — 0.9%** | **Textiles, Apparel & Luxury Goods — 0.9%** |
| Amer Sports, Inc.<sup>(a)</sup> | 2978 | 98036 |
| G-III Apparel Group Ltd. | 26794 | 742194 |
| Levi Strauss & Co., Class A | 14241 | 263316 |
| Ralph Lauren Corp., Class A | 8877 | 3053599 |
| Tapestry, Inc. | 20308 | 2865662 |
|  |  | 7022807 |
| **Trading Companies & Distributors — 1.9%** | **Trading Companies & Distributors — 1.9%** | **Trading Companies & Distributors — 1.9%** |
| Air Lease Corp., Class A | 15495 | 1006245 |
| Applied Industrial Technologies, Inc. | 9560 | 2536459 |
| BlueLinx Holdings, Inc.<sup>(a)</sup> | 3824 | 207184 |
| Boise Cascade Co. | 25214 | 1912482 |
| Core & Main, Inc., Class A<sup>(a)</sup> | 1622 | 80127 |
| DNOW, Inc.<sup>(a)</sup> | 80794 | 962257 |
| GATX Corp. | 3742 | 638909 |
| Global Industrial Co. | 1733 | 54624 |
| Herc Holdings, Inc. | 3591 | 357484 |
| McGrath RentCorp | 2589 | 285515 |
| QXO, Inc.<sup>(a)</sup> | 40360 | 783791 |
| Rush Enterprises, Inc., Class A | 12405 | 820095 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** |
| SiteOne Landscape Supply, Inc.<sup>(a)</sup> | 4579 | $609511 |
| Watsco, Inc. | 2727 | 992055 |
| WESCO International, Inc. | 10127 | 2770950 |
| Xometry, Inc., Class A<sup>(a)</sup> | 4970 | 202975 |
|  |  | 14220663 |
| **Water Utilities — 0.1%** | **Water Utilities — 0.1%** | **Water Utilities — 0.1%** |
| American States Water Co. | 1284 | 97096 |
| H2O America | 7314 | 429112 |
|  |  | 526208 |
| **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
| Millicom International Cellular SA | 9820 | 735911 |
| **Total Common Stocks — 98.8%** <br>**(Cost: $661,570,762)** | **Total Common Stocks — 98.8%** <br>**(Cost: $661,570,762)** | 746299161 |
| **Rights** | **Rights** | **Rights** |
| **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** |
| Akero Therapeutics, Inc., CVR<sup>(a)(c)</sup> | 2290 | 1511 |
| Blueprint Medicines Corp., CVR<sup>(a)(c)</sup> | 8512 | 8512 |
| Poseida Therapeutics, Inc., CVR<sup>(a)(c)</sup> | 4680 | 6833 |
|  |  | 16856 |
| **Consumer Staples Distribution & Retail — 0.0%** | **Consumer Staples Distribution & Retail — 0.0%** | **Consumer Staples Distribution & Retail — 0.0%** |
| Akouos, Inc., CVR<sup>(a)(c)</sup> | 2192 |  |
| Walgreens Boots Alliance, Inc., CVR<sup>(a)(c)</sup> | 37514 | 19882 |
|  |  | 19882 |
| **Total Rights — 0.0%** <br>**(Cost: $—)** | **Total Rights — 0.0%** <br>**(Cost: $—)** | 36738 |
| **Total Long-Term Investments — 98.8%** <br>**(Cost: $661,570,762)** | **Total Long-Term Investments — 98.8%** <br>**(Cost: $661,570,762)** | 746335899 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 3.2%** | **Money Market Funds — 3.2%** | **Money Market Funds — 3.2%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 3.77%<sup>(d)(e)(f)</sup><br>| 15699904 | 15703045 |
| BlackRock Liquidity Funds, T-Fund, Institutional Shares, <br> 3.55%<sup>(d)(e)</sup><br>| 8226702 | 8226702 |
| **Total Short-Term Securities — 3.2%** <br>**(Cost: $23,930,696)** | **Total Short-Term Securities — 3.2%** <br>**(Cost: $23,930,696)** | 23929747 |
| **Total Investments — 102.0%** <br>**(Cost: $685,501,458)** | **Total Investments — 102.0%** <br>**(Cost: $685,501,458)** | 770265646 |
| **Liabilities in Excess of Other Assets — (2.0)%** | **Liabilities in Excess of Other Assets — (2.0)%** | (15277480)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $754988166 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

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

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

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2026

**BlackRock Advantage SMID Cap Fund, Inc.**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/25*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain* <br>*(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*03/31/26*<br>| *Shares* <br>*Held at* <br>*03/31/26*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, <br> SL Agency Shares<br>| &nbsp;&nbsp; $5061431<br>&nbsp;&nbsp; $10647556 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4826)<br>| &nbsp;&nbsp; $(1116)<br>| &nbsp;&nbsp; $15703045 | &nbsp;&nbsp; 15699904 | &nbsp;&nbsp; $166278 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Liquidity Funds, T-Fund, <br> Institutional Shares<br>| &nbsp;&nbsp; 3391091<br>&nbsp;&nbsp; 4835611 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8226702 | &nbsp;&nbsp; 8226702 | &nbsp;&nbsp; 248636 | &nbsp;&nbsp; — |
|  |  |  | &nbsp;&nbsp; $(4826)<br>| &nbsp;&nbsp; $(1116)<br>| &nbsp;&nbsp; $23929747 |  | &nbsp;&nbsp; $414914 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of 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.

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Russell 2000 E-Mini Index | 78 | 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; $9798 | &nbsp;&nbsp;&nbsp;&nbsp; $8864 |

---

**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*<br>| &nbsp;&nbsp; *Credit* <br>*Contracts*<br>| &nbsp;&nbsp; *Equity* <br>*Contracts*<br>| &nbsp;&nbsp; *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| &nbsp;&nbsp; *Interest* <br>*Rate* <br>*Contracts*<br>| &nbsp;&nbsp; *Other* <br>*Contracts*<br>| *Total* |
| **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $8864 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $8864 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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, 2026, the effect of derivative financial instruments in the Statement of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| &nbsp;&nbsp; *Credit* <br>*Contracts*<br>| &nbsp;&nbsp; *Equity* <br>*Contracts*<br>| &nbsp;&nbsp; *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| &nbsp;&nbsp; *Interest* <br>*Rate* <br>*Contracts*<br>| &nbsp;&nbsp; *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $790867 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $790867 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $72953 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $72953 |

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $9842959 |

---

122026 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2026

**BlackRock Advantage SMID Cap Fund, Inc.**

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 |  |  |  |  |
| Investments |  |  |  |  |
| Long-Term Investments |  |  |  |  |
| Common Stocks  | &nbsp;&nbsp; $746299161 | $— | $— | $746299161 |
| Rights  | &nbsp;&nbsp; — |  | 36738 | 36738 |
| Short-Term Securities |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 23929747 |  |  | 23929747 |
|  | &nbsp;&nbsp; $770228908 | $— | $36738 | $770265646 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| Assets |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $8864 | $— | $— | $8864 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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.*

Schedule of Investments

------

Statement of Assets and Liabilities

March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | BlackRock <br>Advantage <br>SMID Cap <br>Fund, Inc.<br>|
| **ASSETS** |  |
| Investments, at value — unaffiliated<sup>(a)</sup><sup>(b)</sup> | &nbsp;&nbsp; $746335899 |
| Investments, at value — affiliated<sup>(c)</sup> | &nbsp;&nbsp; 23929747 |
| Cash | &nbsp;&nbsp; 45645 |
| Cash pledged: |  |
| Futures contracts | &nbsp;&nbsp; 781000 |
| Receivables: |  |
| Investments sold | &nbsp;&nbsp; 2131834 |
| Securities lending income — affiliated | &nbsp;&nbsp; 6169 |
| Capital shares sold | &nbsp;&nbsp; 365530 |
| Dividends — unaffiliated | &nbsp;&nbsp; 526891 |
| Dividends — affiliated | &nbsp;&nbsp; 25684 |
| From the Manager | &nbsp;&nbsp; 43852 |
| Variation margin on futures contracts | &nbsp;&nbsp; 310837 |
| Prepaid expenses | &nbsp;&nbsp; 55805 |
| Total assets | &nbsp;&nbsp; 774558893 |
| **LIABILITIES** |  |
| Collateral on securities loaned | &nbsp;&nbsp; 15709883 |
| Payables: |  |
| Investments purchased | &nbsp;&nbsp; 2126982 |
| Administration fees | &nbsp;&nbsp; 26656 |
| Capital shares redeemed | &nbsp;&nbsp; 1200812 |
| Investment advisory fees | &nbsp;&nbsp; 182739 |
| Directors' and Officer's fees | &nbsp;&nbsp; 559 |
| Other accrued expenses | &nbsp;&nbsp; 219594 |
| Professional fees | &nbsp;&nbsp; 47678 |
| Service and distribution fees | &nbsp;&nbsp; 55824 |
| Total liabilities | &nbsp;&nbsp; 19570727 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | &nbsp;&nbsp; $754988166 |
| **NET ASSETS CONSIST OF:** |  |
| Paid-in capital | &nbsp;&nbsp; $658158231 |
| Accumulated earnings | &nbsp;&nbsp; 96829935 |
| NET ASSETS | &nbsp;&nbsp; $754988166 |
| <sup>(a)</sup> Investments, at cost — unaffiliated | &nbsp;&nbsp; $661570762 |
| <sup>(b)</sup> Securities loaned, at value | &nbsp;&nbsp; $16308432 |
| <sup>(c)</sup> Investments, at cost — affiliated | &nbsp;&nbsp; $23930696 |

---

142026 BlackRock Annual Financial Statements and Additional Information

------

Statement of Assets and Liabilities (continued)

March 31, 2026

---

| | |
|:---|:---|
|  | BlackRock<br> Advantage<br> SMID Cap<br> Fund, Inc.<br>|
| **NET ASSET VALUE** |  |
| **Institutional** |  |
| Net assets | &nbsp;&nbsp; $248307885 |
| Shares outstanding | &nbsp;&nbsp; 7734790 |
| Net asset value | &nbsp;&nbsp; $32.10 |
| Shares authorized | &nbsp;&nbsp; 100<br> million<br>|
| Par value | &nbsp;&nbsp; $0.10 |
| **Investor A** |  |
| Net assets | &nbsp;&nbsp; $182593703 |
| Shares outstanding | &nbsp;&nbsp; 6144663 |
| Net asset value | &nbsp;&nbsp; $29.72 |
| Shares authorized | &nbsp;&nbsp; 100<br> million<br>|
| Par value | &nbsp;&nbsp; $0.10 |
| **Investor C** |  |
| Net assets | &nbsp;&nbsp; $9954417 |
| Shares outstanding | &nbsp;&nbsp; 854561 |
| Net asset value | &nbsp;&nbsp; $11.65 |
| Shares authorized | &nbsp;&nbsp; 100<br> million<br>|
| Par value | &nbsp;&nbsp; $0.10 |
| **Class K** |  |
| Net assets | &nbsp;&nbsp; $295711922 |
| Shares outstanding | &nbsp;&nbsp; 9215295 |
| Net asset value | &nbsp;&nbsp; $32.09 |
| Shares authorized | &nbsp;&nbsp; 2<br> billion<br>|
| Par value | &nbsp;&nbsp; $0.10 |
| **Class R** |  |
| Net assets | &nbsp;&nbsp; $18420239 |
| Shares outstanding | &nbsp;&nbsp; 1162422 |
| Net asset value | &nbsp;&nbsp; $15.85 |
| Shares authorized | &nbsp;&nbsp; 100<br> million<br>|
| Par value | &nbsp;&nbsp; $0.10 |

---

*See notes to financial statements.*

Statement of Assets and Liabilities

------

Statement of Operations

Year Ended March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | BlackRock <br>Advantage <br>SMID Cap <br>Fund, Inc.<br>|
| **INVESTMENT INCOME** |  |
| Dividends — unaffiliated | &nbsp;&nbsp; $7740326 |
| Dividends — affiliated | &nbsp;&nbsp; 248636 |
| Securities lending income — affiliated — net | &nbsp;&nbsp; 166278 |
| Foreign taxes withheld | &nbsp;&nbsp; (4154)<br>|
| Total investment income | &nbsp;&nbsp; 8151086 |
| EXPENSES |  |
| Investment advisory | &nbsp;&nbsp; 3002691 |
| Service and distribution — class specific | &nbsp;&nbsp; 605138 |
| Transfer agent — class specific | &nbsp;&nbsp; 477215 |
| Administration | &nbsp;&nbsp; 252168 |
| Administration — class specific | &nbsp;&nbsp; 120108 |
| Professional | &nbsp;&nbsp; 114424 |
| Registration | &nbsp;&nbsp; 87879 |
| Accounting services | &nbsp;&nbsp; 69044 |
| Custodian | &nbsp;&nbsp; 65625 |
| Printing and postage | &nbsp;&nbsp; 36861 |
| Directors and Officer | &nbsp;&nbsp; 8738 |
| Miscellaneous | &nbsp;&nbsp; 37644 |
| Total expenses | &nbsp;&nbsp; 4877535 |
| Less: |  |
| Administration fees waived by the Manager — class specific | &nbsp;&nbsp; (120108)<br>|
| Fees waived and/or reimbursed by the Manager | &nbsp;&nbsp; (1092629)<br>|
| Transfer agent fees waived and/or reimbursed by the Manager — class specific | &nbsp;&nbsp; (288822)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 3375976 |
| Net investment income | &nbsp;&nbsp; 4775110 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain (loss) from: |  |
| Investments — unaffiliated | &nbsp;&nbsp; 27273301 |
| Investments — affiliated | &nbsp;&nbsp; (4826)<br>|
| Futures contracts | &nbsp;&nbsp; 790867 |
|  | &nbsp;&nbsp; 28059342 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated | &nbsp;&nbsp; 80056826 |
| Investments — affiliated | &nbsp;&nbsp; (1116)<br>|
| Futures contracts | &nbsp;&nbsp; 72953 |
| Foreign currency translations | &nbsp;&nbsp; 17 |
|  | &nbsp;&nbsp; 80128680 |
| Net realized and unrealized gain | &nbsp;&nbsp; 108188022 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $112963132 |

---

*See notes to financial statements.*

162026 BlackRock Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | BlackRock Advantage SMID Cap Fund, Inc. | BlackRock Advantage SMID Cap Fund, Inc. |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Year Ended <br>03/31/26<br>| &nbsp;&nbsp;&nbsp;&nbsp; Year Ended <br>03/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; $4775110 | &nbsp;&nbsp;&nbsp;&nbsp; $3359866 |
| Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp; 28059342 | &nbsp;&nbsp;&nbsp;&nbsp; 35771398 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; 80128680 | &nbsp;&nbsp;&nbsp;&nbsp; (53966515)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp; 112963132 | &nbsp;&nbsp;&nbsp;&nbsp; (14835251)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Institutional | &nbsp;&nbsp;&nbsp;&nbsp; (8806176)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1499861)<br>|
| Investor A | &nbsp;&nbsp;&nbsp;&nbsp; (9510198)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2432443)<br>|
| Investor C | &nbsp;&nbsp;&nbsp;&nbsp; (1202835)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (111621)<br>|
| Class K | &nbsp;&nbsp;&nbsp;&nbsp; (11693760)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2012256)<br>|
| Class R | &nbsp;&nbsp;&nbsp;&nbsp; (1177615)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (130428)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp; (32390584)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6186609)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp; 258572450 | &nbsp;&nbsp;&nbsp;&nbsp; 14280161 |
| *NET ASSETS* |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp; 339144998 | &nbsp;&nbsp;&nbsp;&nbsp; (6741699)<br>|
| Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp; 415843168 | &nbsp;&nbsp;&nbsp;&nbsp; 422584867 |
| End of year | &nbsp;&nbsp;&nbsp;&nbsp; $754988166 | &nbsp;&nbsp;&nbsp;&nbsp; $415843168 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage SMID Cap Fund, Inc. | BlackRock Advantage SMID Cap Fund, Inc. | BlackRock Advantage SMID Cap Fund, Inc. | BlackRock Advantage SMID Cap Fund, Inc. | BlackRock Advantage SMID Cap Fund, Inc. |
|  | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Year Ended <br>03/31/26<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $27.36 | &nbsp;&nbsp;&nbsp; $28.66 | &nbsp;&nbsp;&nbsp; $23.51 | &nbsp;&nbsp;&nbsp; $25.77 | &nbsp;&nbsp;&nbsp; $36.31 |
| Net investment income<sup>(a)</sup> | 0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net realized and unrealized gain (loss) | 6.06 | &nbsp;&nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.14 | &nbsp;&nbsp;&nbsp; (2.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Net increase (decrease) from investment operations | 6.33 | &nbsp;&nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.40 | &nbsp;&nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>|
| From net realized gain | &nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (10.74)<br>|
| Total distributions | &nbsp;&nbsp; (1.59)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (11.15)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $32.10 | &nbsp;&nbsp;&nbsp; $27.36 | &nbsp;&nbsp;&nbsp; $28.66 | &nbsp;&nbsp;&nbsp; $23.51 | &nbsp;&nbsp;&nbsp; $25.77 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 23.48<br> %<br>| &nbsp;&nbsp;&nbsp; (3.26)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.15<br> %<br>| &nbsp;&nbsp;&nbsp; (7.86)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br> %<br>|
| **Ratios to Average Net Assets**<sup>(d)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>|
| Net investment income | 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $248308 | &nbsp;&nbsp;&nbsp; $95753 | &nbsp;&nbsp;&nbsp; $97832 | &nbsp;&nbsp;&nbsp; $78727 | &nbsp;&nbsp;&nbsp; $91738 |
| Portfolio turnover rate | &nbsp;&nbsp; 90<br> %<br>| &nbsp;&nbsp;&nbsp; 115<br> %<br>| &nbsp;&nbsp;&nbsp; 120<br> %<br>| &nbsp;&nbsp;&nbsp; 125<br> %<br>| &nbsp;&nbsp;&nbsp; 145<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

*See notes to financial statements.*

182026 BlackRock Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage SMID Cap Fund, Inc. (continued) | BlackRock Advantage SMID Cap Fund, Inc. (continued) | BlackRock Advantage SMID Cap Fund, Inc. (continued) | BlackRock Advantage SMID Cap Fund, Inc. (continued) | BlackRock Advantage SMID Cap Fund, Inc. (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Year Ended <br>03/31/26<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $25.43 | &nbsp;&nbsp;&nbsp; $26.68 | &nbsp;&nbsp;&nbsp; $21.91 | &nbsp;&nbsp;&nbsp; $24.05 | &nbsp;&nbsp;&nbsp; $34.61 |
| Net investment income<sup>(a)</sup> | 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| Net realized and unrealized gain (loss) | 5.62 | &nbsp;&nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.78 | &nbsp;&nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.37 |
| Net increase (decrease) from investment operations | 5.80 | &nbsp;&nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.97 | &nbsp;&nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>|
| From net realized gain | &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (10.74)<br>|
| Total distributions | &nbsp;&nbsp; (1.51)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (11.08)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $29.72 | &nbsp;&nbsp;&nbsp; $25.43 | &nbsp;&nbsp;&nbsp; $26.68 | &nbsp;&nbsp;&nbsp; $21.91 | &nbsp;&nbsp;&nbsp; $24.05 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 23.18<br> %<br>| &nbsp;&nbsp;&nbsp; (3.49)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.85<br> %<br>| &nbsp;&nbsp;&nbsp; (8.10)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>|
| **Ratios to Average Net Assets**<sup>(d)</sup> <br>|  |  |  |  |  |
| Total expenses | 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>|
| Net investment income | 0.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $182594 | &nbsp;&nbsp;&nbsp; $166743 | &nbsp;&nbsp;&nbsp; $194651 | &nbsp;&nbsp;&nbsp; $181709 | &nbsp;&nbsp;&nbsp; $224871 |
| Portfolio turnover rate | &nbsp;&nbsp; 90<br> %<br>| &nbsp;&nbsp;&nbsp; 115<br> %<br>| &nbsp;&nbsp;&nbsp; 120<br> %<br>| &nbsp;&nbsp;&nbsp; 125<br> %<br>| &nbsp;&nbsp;&nbsp; 145<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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, excludes the effects of any sales charges and assumes the reinvestment of distributions.

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

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage SMID Cap Fund, Inc. (continued) | BlackRock Advantage SMID Cap Fund, Inc. (continued) | BlackRock Advantage SMID Cap Fund, Inc. (continued) | BlackRock Advantage SMID Cap Fund, Inc. (continued) | BlackRock Advantage SMID Cap Fund, Inc. (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Year Ended <br>03/31/26<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $10.82 | &nbsp;&nbsp;&nbsp; $11.62 | &nbsp;&nbsp;&nbsp; $9.70 | &nbsp;&nbsp;&nbsp; $10.81 | &nbsp;&nbsp;&nbsp; $21.55 |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; (0.02)<br>|
| Net realized and unrealized gain (loss) | 2.34 | &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Net increase (decrease) from investment operations | 2.33 | &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>|
| From net realized gain | &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (10.74)<br>|
| Total distributions | &nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (11.01)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $11.65 | &nbsp;&nbsp;&nbsp; $10.82 | &nbsp;&nbsp;&nbsp; $11.62 | &nbsp;&nbsp;&nbsp; $9.70 | &nbsp;&nbsp;&nbsp; $10.81 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 22.30<br> %<br>| &nbsp;&nbsp;&nbsp; (4.23)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.91<br> %<br>| &nbsp;&nbsp;&nbsp; (8.78)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 1.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.92<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 1.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48<br> %<br>|
| Net investment income (loss) | &nbsp;&nbsp; (0.11)%<br>| &nbsp;&nbsp;&nbsp; (0.11)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp; (0.17)%<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $9954 | &nbsp;&nbsp;&nbsp; $8017 | &nbsp;&nbsp;&nbsp; $3056 | &nbsp;&nbsp;&nbsp; $2710 | &nbsp;&nbsp;&nbsp; $3866 |
| Portfolio turnover rate | &nbsp;&nbsp; 90<br> %<br>| &nbsp;&nbsp;&nbsp; 115<br> %<br>| &nbsp;&nbsp;&nbsp; 120<br> %<br>| &nbsp;&nbsp;&nbsp; 125<br> %<br>| &nbsp;&nbsp;&nbsp; 145<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

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

*See notes to financial statements.*

202026 BlackRock Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage SMID Cap Fund, Inc. (continued) | BlackRock Advantage SMID Cap Fund, Inc. (continued) | BlackRock Advantage SMID Cap Fund, Inc. (continued) | BlackRock Advantage SMID Cap Fund, Inc. (continued) | BlackRock Advantage SMID Cap Fund, Inc. (continued) |
|  | Class K | Class K | Class K | Class K | Class K |
|  | Year Ended <br>03/31/26<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $27.35 | &nbsp;&nbsp;&nbsp; $28.64 | &nbsp;&nbsp;&nbsp; $23.49 | &nbsp;&nbsp;&nbsp; $25.75 | &nbsp;&nbsp;&nbsp; $36.29 |
| Net investment income<sup>(a)</sup> | 0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Net realized and unrealized gain (loss) | 6.05 | &nbsp;&nbsp;&nbsp; (1.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.14 | &nbsp;&nbsp;&nbsp; (2.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Net increase (decrease) from investment operations | 6.34 | &nbsp;&nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.41 | &nbsp;&nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>|
| From net realized gain | &nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (10.74)<br>|
| Total distributions | &nbsp;&nbsp; (1.60)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (11.17)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $32.09 | &nbsp;&nbsp;&nbsp; $27.35 | &nbsp;&nbsp;&nbsp; $28.64 | &nbsp;&nbsp;&nbsp; $23.49 | &nbsp;&nbsp;&nbsp; $25.75 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 23.53<br> %<br>| &nbsp;&nbsp;&nbsp; (3.20)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.23<br> %<br>| &nbsp;&nbsp;&nbsp; (7.83)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51<br> %<br>|
| **Ratios to Average Net Assets**<sup>(d)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>|
| Net investment income | 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $295712 | &nbsp;&nbsp;&nbsp; $139472 | &nbsp;&nbsp;&nbsp; $122457 | &nbsp;&nbsp;&nbsp; $76595 | &nbsp;&nbsp;&nbsp; $59019 |
| Portfolio turnover rate | &nbsp;&nbsp; 90<br> %<br>| &nbsp;&nbsp;&nbsp; 115<br> %<br>| &nbsp;&nbsp;&nbsp; 120<br> %<br>| &nbsp;&nbsp;&nbsp; 125<br> %<br>| &nbsp;&nbsp;&nbsp; 145<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage SMID Cap Fund, Inc. (continued) | BlackRock Advantage SMID Cap Fund, Inc. (continued) | BlackRock Advantage SMID Cap Fund, Inc. (continued) | BlackRock Advantage SMID Cap Fund, Inc. (continued) | BlackRock Advantage SMID Cap Fund, Inc. (continued) |
|  | Class R | Class R | Class R | Class R | Class R |
|  | Year Ended <br>03/31/26<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $14.22 | &nbsp;&nbsp;&nbsp; $15.11 | &nbsp;&nbsp;&nbsp; $12.52 | &nbsp;&nbsp;&nbsp; $13.87 | &nbsp;&nbsp;&nbsp; $24.56 |
| Net investment income<sup>(a)</sup> | 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Net realized and unrealized gain (loss) | 3.12 | &nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Net increase (decrease) from investment operations | 3.18 | &nbsp;&nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.37 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>|
| From net realized gain | &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (10.74)<br>|
| Total distributions | &nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (11.06)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $15.85 | &nbsp;&nbsp;&nbsp; $14.22 | &nbsp;&nbsp;&nbsp; $15.11 | &nbsp;&nbsp;&nbsp; $12.52 | &nbsp;&nbsp;&nbsp; $13.87 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 22.92<br> %<br>| &nbsp;&nbsp;&nbsp; (3.76)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.55<br> %<br>| &nbsp;&nbsp;&nbsp; (8.37)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>|
| **Ratios to Average Net Assets**<sup>(d)</sup> <br>|  |  |  |  |  |
| Total expenses | 1.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.43<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>|
| Net investment income | 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $18420 | &nbsp;&nbsp;&nbsp; $5859 | &nbsp;&nbsp;&nbsp; $4588 | &nbsp;&nbsp;&nbsp; $3875 | &nbsp;&nbsp;&nbsp; $5340 |
| Portfolio turnover rate | &nbsp;&nbsp; 90<br> %<br>| &nbsp;&nbsp;&nbsp; 115<br> %<br>| &nbsp;&nbsp;&nbsp; 120<br> %<br>| &nbsp;&nbsp;&nbsp; 125<br> %<br>| &nbsp;&nbsp;&nbsp; 145<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

*See notes to financial statements.*

222026 BlackRock Annual Financial Statements and Additional Information

------

Notes to Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

BlackRock Advantage SMID Cap Fund, Inc. (the "Fund") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Fund is organized as a Maryland corporation. The Fund is classified as a diversified fund under the 1940 Act.

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, Investor C and Class R Shares bear certain expenses related to shareholder servicing of such shares, and Investor C and Class R Shares also bear certain expenses related to the distribution of such shares. Investor A and Investor C 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 (except that Investor C shareholders may vote on material changes to the Investor A Shares distribution and service plan).

---

| | | | |
|:---|:---|:---|:---|
| *Share Class* | *Initial Sales Charge* | *CDSC* | *Conversion Privilege* |
| Institutional, Class K and Class R Shares | No | No |  |
| Investor A Shares | Yes | &nbsp;&nbsp; No<sup>(a)</sup> <br>|  |
| Investor C Shares | No | &nbsp;&nbsp; Yes<sup>(b)</sup> <br>| To Investor A Shares after approximately 8 years |
| <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. | <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. | <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. | <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. |
| <sup>(b)</sup> A CDSC of 1.00% is assessed on certain redemptions of Investor C Shares made within one year after purchase. | <sup>(b)</sup> A CDSC of 1.00% is assessed on certain redemptions of Investor C Shares made within one year after purchase. | <sup>(b)</sup> A CDSC of 1.00% is assessed on certain redemptions of Investor C Shares made within one year after purchase. | <sup>(b)</sup> A CDSC of 1.00% is assessed on certain redemptions of Investor C Shares made within one year after 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.

***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, 2026, 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.

**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.

Notes to Financial Statements

------

Notes to Financial Statements (continued)

**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 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.

**Recent Accounting Standard:** The Fund adopted Financial Accounting Standards Board Update 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures ("ASU 2023-09") during the period. ASU 2023-09 enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The Fund's adoption of the new standard did not have a material impact on financial statement disclosures and did not affect the Fund's financial position or results of operations.

***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 of Directors of the Fund (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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equity investments (except ETF options, equity index options or those that are customized) 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 or, if a reported closing price is not available, the last traded price on the exchange or market on which the security or instrument is primarily traded at the time of valuation or last available bid (long positions) or ask (short positions) price.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

**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:

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

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

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

242026 BlackRock Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

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

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

**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 an approved 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 market 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 is 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.

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*<br>| &nbsp;&nbsp; *Cash* <br>*Collateral Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash* <br>*Collateral Received,* <br>*at Fair Value*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Net* <br>*Amount*<sup>(b)</sup> <br>|
| J.P. Morgan Securities LLC | &nbsp;&nbsp; $2909505 | &nbsp;&nbsp;&nbsp; $(2801062)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $108443 |
| Jefferies LLC | &nbsp;&nbsp; 91112 | &nbsp;&nbsp;&nbsp; (86100)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5012 |
| Morgan Stanley | &nbsp;&nbsp; 9391485 | &nbsp;&nbsp;&nbsp; (9186867)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 204618 |
| National Financial Services LLC | &nbsp;&nbsp; 1907296 | &nbsp;&nbsp;&nbsp; (1744150)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 163146 |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 2009034 | &nbsp;&nbsp;&nbsp; (1891704)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 117330 |
|  | &nbsp;&nbsp; $16308432 | &nbsp;&nbsp;&nbsp; $(15709883)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $598549 |

---

&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. 

<sup>(b)</sup> The market value of the loaned securities is determined as of March 31, 2026. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty. 

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").

Notes to Financial Statements

------

Notes to Financial Statements (continued)

**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.

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

**Investment Advisory:** The Fund entered into an Investment Advisory Agreement with the Manager, the Fund's investment adviser and an indirect, majority-owned subsidiary of BlackRock, Inc. ("BlackRock"), to provide investment advisory and administrative 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 | 0.500<br> %<br>|
| $1 billion - $1.5 billion | 0.475 |
| Greater than $1.5 billion | 0.450 |

---

**Service and Distribution Fees:** The Fund entered into a Distribution Agreement and Distribution and Service Plans 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<br> %<br>| &nbsp;&nbsp;&nbsp; N/A |
| Investor C | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|
| Class R | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;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 year ended March 31, 2026, the following table shows the class specific service and distribution fees borne directly by each share class of the Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Investor A* | *Investor C* | *Class R* | *Total* |
| Service and distribution — class specific | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $447603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $95435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $62100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $605138 |

---

**Administration:** The Fund entered into an Administration Agreement with the Manager, an indirect, majority-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<br> %<br>|
| $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.

262026 BlackRock Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

For the year ended March 31, 2026, the following table shows the class specific administration fees borne directly by each share class of the Fund:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Class R* | *Total* |
| Administration — class specific | &nbsp;&nbsp;&nbsp; $35276 | &nbsp;&nbsp;&nbsp;&nbsp; $35803 | &nbsp;&nbsp;&nbsp;&nbsp; $1908 | &nbsp;&nbsp;&nbsp;&nbsp; $44643 | &nbsp;&nbsp;&nbsp;&nbsp; $2478 | &nbsp;&nbsp;&nbsp;&nbsp; $120108 |

---

**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 year ended March 31, 2026, the Fund did not pay any amounts to affiliates in return for these services.

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 year ended March 31, 2026, 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* | *Investor C* | *Class K* | *Class R* | *Total* |
| Reimbursed amounts | $5878 | $4205 | &nbsp;&nbsp;&nbsp; $1199 | &nbsp;&nbsp;&nbsp; $437 | &nbsp;&nbsp;&nbsp; $258 | &nbsp;&nbsp;&nbsp; $11977 |

---

For the year ended March 31, 2026, the following table shows the class specific transfer agent fees borne directly by each share class of the Fund:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Class R* | *Total* |
| Transfer agent — class specific | $215486 | $201984 | &nbsp;&nbsp;&nbsp; $26136 | &nbsp;&nbsp;&nbsp; $8294 | &nbsp;&nbsp;&nbsp; $25315 | &nbsp;&nbsp;&nbsp; $477215 |

---

**Other Fees:** For the year ended March 31, 2026, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of the Fund's Investor A Shares for a total of $2,016.

For the year ended March 31, 2026, affiliates received CDSCs as follows:

---

| | |
|:---|:---|
| *Share Class* | *Amounts* |
| Investor A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $490 |
| Investor C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 |

---

**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, 2027. The contractual agreement may be terminated upon 90 days' notice by a majority of the directors who are not "interested persons" of the Fund, as defined in the 1940 Act ("Independent Directors"), 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 year ended March 31, 2026, the amount waived was $4,790.

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, 2027. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of the Fund. For the year ended March 31, 2026, 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 net total annual operating expenses, excluding interest expense, dividend expense, tax expense, acquired fund fees and expenses, and certain other fund expenses ("expense limitation"). The expense limitations as a percentage of average daily net assets are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Institutional* | *Investor A* | *Investor C* | *Class K* | *Class R* |
| 0.48%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.48<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> % <br>|

---

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2027, unless approved by the Board, including a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of the Fund. For the year ended March 31, 2026, the Manager waived and/or reimbursed investment advisory fees of $1,087,839 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 year ended March 31, 2026, class specific expense waivers and/or reimbursements were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; *Institutional* | &nbsp;&nbsp;&nbsp; *Investor A* | &nbsp;&nbsp;&nbsp; *Investor C* | &nbsp;&nbsp;&nbsp; *Class K* | &nbsp;&nbsp;&nbsp; *Class R* | *Total* |
| Administration fees waived by the Manager — class specific | &nbsp;&nbsp; $35276 | &nbsp;&nbsp;&nbsp; $35803 | &nbsp;&nbsp;&nbsp; $1908 | &nbsp;&nbsp;&nbsp; $44643 | &nbsp;&nbsp;&nbsp; $2478 | &nbsp;&nbsp;&nbsp; $120108 |
| Transfer agent fees waived and/or reimbursed by the Manager — class specific | &nbsp;&nbsp; 127279 | &nbsp;&nbsp;&nbsp; 112693 | &nbsp;&nbsp;&nbsp; 21265 | &nbsp;&nbsp;&nbsp; 8294 | &nbsp;&nbsp;&nbsp; 19291 | &nbsp;&nbsp;&nbsp; 288822 |

---

Notes to Financial Statements

------

Notes to Financial Statements (continued)

**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 securities lending agreement effective as of January 1, 2026, 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.

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds a specific threshold, 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.

Pursuant to the securities lending agreement effective as of January 1, 2025, identical securities lending agreements were in place for the Fund for the calendar year ended December 31, 2025.

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 year ended March 31, 2026, the Fund paid BIM $38,928 for securities lending agent services.

**Directors and Officers:** Certain directors and/or officers of the Fund are directors and/or officers of BlackRock or its affiliates. The Fund reimburses the Manager for a portion of the compensation paid to the Fund's Chief Compliance Officer, which is included in Directors 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 directors. For the year ended March 31, 2026, 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:

---

| | | |
|:---|:---|:---|
| *Purchases* | *Sales* | &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; *Net Realized* <br>*Gain*<br>|
| $30768618 | &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; $28957762 | &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; $1941187 |

---

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

For the year ended March 31, 2026, purchases and sales of investments, excluding short-term securities, were $757,978,639 and $533,985,780, 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, 2026, 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 the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Fund's NAV.

282026 BlackRock Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | *Year Ended* <br>*03/31/26*<br>| &nbsp;&nbsp; *Year Ended* <br>*03/31/25*<br>|
| Ordinary income | &nbsp;&nbsp; $12499926 | &nbsp;&nbsp;&nbsp; $6186609 |
| Long-term capital gains | &nbsp;&nbsp; 19890658 | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $32390584 | &nbsp;&nbsp;&nbsp; $6186609 |

---

As of March 31, 2026, the tax components of accumulated earnings (loss) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Undistributed* <br>*Ordinary Income*<br>| &nbsp;&nbsp; *Undistributed Long-Term* <br>*Capital Gains*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Gains (Losses)*<sup>(a)</sup> <br>| *Total* |
| Advantage SMID Cap Fund, Inc. | &nbsp;&nbsp; $10654133 | &nbsp;&nbsp;&nbsp; $7141368 | &nbsp;&nbsp;&nbsp; $79034434 | &nbsp;&nbsp;&nbsp; $96829935 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies. 

As of March 31, 2026, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Advantage SMID Cap Fund, Inc. | &nbsp;&nbsp; $691231170 | &nbsp;&nbsp;&nbsp; $136043655 | &nbsp;&nbsp;&nbsp; $(57009179)<br>| &nbsp;&nbsp;&nbsp; $79034476 |

---

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

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 2026 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the year ended March 31, 2026, 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 or 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

Notes to Financial Statements

------

Notes to Financial Statements (continued)

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 of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Fund invests.

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

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

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended 03/31/26 | Year Ended 03/31/26 | Year Ended 03/31/25 | Year Ended 03/31/25 |
| *Share Class* | *Shares* | *Amount* | *Shares* | *Amount* |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 5417212 | &nbsp;&nbsp;&nbsp; $170073579 | &nbsp;&nbsp;&nbsp; 810871 | &nbsp;&nbsp;&nbsp; $23498730 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp;&nbsp; 262913 | &nbsp;&nbsp;&nbsp; 8227236 | &nbsp;&nbsp;&nbsp; 42934 | &nbsp;&nbsp;&nbsp; 1341264 |
| Shares redeemed | &nbsp;&nbsp;&nbsp; (1445231)<br>| &nbsp;&nbsp;&nbsp; (45176283)<br>| &nbsp;&nbsp;&nbsp; (767725)<br>| &nbsp;&nbsp;&nbsp; (21940812)<br>|
|  | &nbsp;&nbsp;&nbsp; 4234894 | &nbsp;&nbsp;&nbsp; $133124532 | &nbsp;&nbsp;&nbsp; 86080 | &nbsp;&nbsp;&nbsp; $2899182 |
| Investor A |  |  |  |  |
| Shares sold and automatic conversion of shares | &nbsp;&nbsp;&nbsp; 270139 | &nbsp;&nbsp;&nbsp; $7593271 | &nbsp;&nbsp;&nbsp; 270979 | &nbsp;&nbsp;&nbsp; $7359772 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp;&nbsp; 305188 | &nbsp;&nbsp;&nbsp; 8681123 | &nbsp;&nbsp;&nbsp; 76154 | &nbsp;&nbsp;&nbsp; 2212280 |
| Shares redeemed | &nbsp;&nbsp;&nbsp; (988424)<br>| &nbsp;&nbsp;&nbsp; (27745071)<br>| &nbsp;&nbsp;&nbsp; (1085375)<br>| &nbsp;&nbsp;&nbsp; (29146726)<br>|
|  | &nbsp;&nbsp;&nbsp; (413097)<br>| &nbsp;&nbsp;&nbsp; $(11470677)<br>| &nbsp;&nbsp;&nbsp; (738242)<br>| &nbsp;&nbsp;&nbsp; $(19574674)<br>|
| Investor C |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 335126 | &nbsp;&nbsp;&nbsp; $3899744 | &nbsp;&nbsp;&nbsp; 601531 | &nbsp;&nbsp;&nbsp; $7067146 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp;&nbsp; 105179 | &nbsp;&nbsp;&nbsp; 1202821 | &nbsp;&nbsp;&nbsp; 9007 | &nbsp;&nbsp;&nbsp; 111601 |
| Shares redeemed and automatic conversion of shares | &nbsp;&nbsp;&nbsp; (326494)<br>| &nbsp;&nbsp;&nbsp; (3788675)<br>| &nbsp;&nbsp;&nbsp; (132778)<br>| &nbsp;&nbsp;&nbsp; (1555316)<br>|
|  | &nbsp;&nbsp;&nbsp; 113811 | &nbsp;&nbsp;&nbsp; $1313890 | &nbsp;&nbsp;&nbsp; 477760 | &nbsp;&nbsp;&nbsp; $5623431 |

---

302026 BlackRock Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended 03/31/26 | Year Ended 03/31/26 | Year Ended 03/31/25 | Year Ended 03/31/25 |
| *Share Class* | *Shares* | *Amount* | *Shares* | *Amount* |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 5458109 | &nbsp;&nbsp;&nbsp; $165435888 | &nbsp;&nbsp;&nbsp; 2520882 | &nbsp;&nbsp;&nbsp; $72604420 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp;&nbsp; 376608 | &nbsp;&nbsp;&nbsp; 11692132 | &nbsp;&nbsp;&nbsp; 64440 | &nbsp;&nbsp;&nbsp; 2011822 |
| Shares redeemed | &nbsp;&nbsp;&nbsp; (1719672)<br>| &nbsp;&nbsp;&nbsp; (53388719)<br>| &nbsp;&nbsp;&nbsp; (1760851)<br>| &nbsp;&nbsp;&nbsp; (51006706)<br>|
|  | &nbsp;&nbsp;&nbsp; 4115045 | &nbsp;&nbsp;&nbsp; $123739301 | &nbsp;&nbsp;&nbsp; 824471 | &nbsp;&nbsp;&nbsp; $23609536 |
| Class R |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 925067 | &nbsp;&nbsp;&nbsp; $14640686 | &nbsp;&nbsp;&nbsp; 180162 | &nbsp;&nbsp;&nbsp; $2780823 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp;&nbsp; 75345 | &nbsp;&nbsp;&nbsp; 1176735 | &nbsp;&nbsp;&nbsp; 8021 | &nbsp;&nbsp;&nbsp; 130421 |
| Shares redeemed | &nbsp;&nbsp;&nbsp; (249919)<br>| &nbsp;&nbsp;&nbsp; (3952017)<br>| &nbsp;&nbsp;&nbsp; (79905)<br>| &nbsp;&nbsp;&nbsp; (1188558)<br>|
|  | &nbsp;&nbsp;&nbsp; 750493 | &nbsp;&nbsp;&nbsp; $11865404 | &nbsp;&nbsp;&nbsp; 108278 | &nbsp;&nbsp;&nbsp; $1722686 |
|  | &nbsp;&nbsp;&nbsp; 8801146 | &nbsp;&nbsp;&nbsp; $258572450 | &nbsp;&nbsp;&nbsp; 758347 | &nbsp;&nbsp;&nbsp; $14280161 |

---

***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 9, 2026, the credit agreement was extended until April 2027 under substantially similar terms.

Notes to Financial Statements

------

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of BlackRock Advantage SMID Cap Fund, Inc.:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of BlackRock Advantage SMID Cap Fund, Inc. (the "Fund"), including the schedule of investments, as of March 31, 2026, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of March 31, 2026, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of March 31, 2026, by correspondence with custodians or counterparties; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

May 22, 2026

We have served as the auditor of one or more BlackRock investment companies since 1992.

322026 BlackRock Annual Financial Statements and Additional Information

------

Important Tax Information (unaudited)

The following amount, or maximum amount allowable by law, is hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2026:

---

| | |
|:---|:---|
| *Fund Name* | &nbsp;&nbsp; *Qualified Dividend* <br>*Income*<br>|
| BlackRock Advantage SMID Cap Fund, Inc. | &nbsp;&nbsp;&nbsp; $5700586 |

---

The following amount, or maximum amount allowable by law, is hereby designated as qualified business income for individuals for the fiscal year ended March 31, 2026:

---

| | |
|:---|:---|
| *Fund Name* | &nbsp;&nbsp; *Qualified Business* <br>*Income*<br>|
| BlackRock Advantage SMID Cap Fund, Inc. | &nbsp;&nbsp;&nbsp; $1217523 |

---

The Fund hereby designates the following amount, or maximum amount allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended March 31, 2026:

---

| | |
|:---|:---|
| *Fund Name* | &nbsp;&nbsp; *20% Rate* <br>*Long-Term* <br>*Capital Gain* <br>*Dividends*<br>|
| BlackRock Advantage SMID Cap Fund, Inc. | &nbsp;&nbsp;&nbsp; $19890658 |

---

The Fund hereby designates the following amount, or maximum amount allowable by law, of distributions from direct federal obligation interest for the fiscal year ended March 31, 2026:

---

| | |
|:---|:---|
| *Fund Name* | &nbsp;&nbsp; *Federal Obligation* <br>*Interest*<br>|
| BlackRock Advantage SMID Cap Fund, Inc. | &nbsp;&nbsp;&nbsp; $73627 |

---

The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2026 qualified for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| *Fund Name* | &nbsp;&nbsp; *Dividends-Received* <br>*Deduction*<br>|
| BlackRock Advantage SMID Cap Fund, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 37.52<br> % <br>|

---

The Fund hereby designates the following amount, or maximum amount allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended March 31, 2026:

---

| | |
|:---|:---|
| *Fund Name* | *Interest Dividends* |
| BlackRock Advantage SMID Cap Fund, Inc. | &nbsp;&nbsp;&nbsp; $146161 |

---

The Fund hereby designates the following amount, or maximum amount allowable by law, as interest-related dividends and qualified short-term capital gains eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended March 31, 2026:

---

| | | |
|:---|:---|:---|
| *Fund Name* | &nbsp;&nbsp; *Interest-Related* <br>*Dividends*<br>| &nbsp;&nbsp; *Qualified* <br>*Short-Term* <br>*Capital Gains*<br>|
| BlackRock Advantage SMID Cap Fund, Inc. | &nbsp;&nbsp;&nbsp; $146161 | &nbsp;&nbsp;&nbsp; $8422366 |

---

Important Tax Information

------

Additional Information

**Changes in and Disagreements with Accountants**

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others**

Compensation to the independent directors of the Fund is paid by 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.

342026 BlackRock Annual Financial Statements and Additional Information

------

Additional Information (continued)

**Fund and Service Providers**

**Investment Adviser and Administrator**

BlackRock Advisors, LLC

Wilmington, DE 19809

**Accounting Agent and Custodian**

The Bank of New York Mellon

New York, NY 10286

**Transfer Agent**

BNY Mellon Investment Servicing (US) Inc.

Westborough, MA 01581

**Independent Registered Public Accounting Firm**

Deloitte & Touche LLP

Boston, MA 02110

**Distributor**

BlackRock Investments, LLC

New York, NY 10001

**Legal Counsel**

Ropes & Gray LLP

New York, NY 10036

**Address of the Manager and Administrator**

100 Bellevue Parkway

Wilmington, DE 19809

Additional Information

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ADR | American Depositary Receipt |
| CVR | Contingent Value Rights |
| LP | Limited Partnership |
| NVS | Non-Voting Shares |
| REIT | Real Estate Investment Trust |

---

362026 BlackRock Annual Financial Statements and Additional Information

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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.

![](g629273img9a17ea3d2.jpg)

![](g629273img7b25b3a23.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

#### 4

------

&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 (the "Exchange Act").

&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

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

[(a)(1) Code of Ethics – See Item 2](#item2)

(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.](d629273dex99cert.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.](d629273dex99906cert.htm)

#### 5

------

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 Advantage SMID Cap Fund, Inc.

---

| | |
|:---|:---|
| By: | /s/ John M. Perlowski |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Advantage SMID Cap Fund, Inc.  |

---

Date: May 22, 2026

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 Advantage SMID Cap Fund, Inc. |

---

Date: May 22, 2026

---

| | |
|:---|:---|
| By: | /s/ Trent Walker |
|  | Trent Walker |
|  | Chief Financial Officer (principal financial officer) of |
|  | BlackRock Advantage SMID Cap Fund, Inc.  |

---

Date: May 22, 2026

#### 6

## 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 Advantage SMID Cap Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Advantage SMID Cap Fund, Inc.;

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

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

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

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

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

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

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

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

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

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

Date: May 22, 2026

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

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Advantage SMID Cap Fund, Inc.

------

**EX-99. CERT** 

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

**OXLEY ACT OF 2002** 

I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock Advantage SMID Cap Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Advantage SMID Cap Fund, Inc.;

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

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

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

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

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

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

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

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

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

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

Date: May 22, 2026

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

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Advantage SMID Cap Fund, Inc.

## Exhibit 99.906

Exhibit 99.906CERT

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

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

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Advantage SMID Cap Fund, Inc. (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended March 31, 2026 (the "Report") fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: May 22, 2026

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

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Advantage SMID Cap Fund, Inc.

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Advantage SMID Cap Fund, Inc. (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended March 31, 2026 (the "Report") fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: May 22, 2026

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

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Advantage SMID Cap Fund, Inc.

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