# EDGAR Filing Document

**Accession Number:** 0000844779
**File Stem:** 0001193125-25-173321
**Filing Date:** 2025-8
**Character Count:** 1706445
**Document Hash:** 773bfe0fad52bf0424a25a0c24ae87a5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-173321.hdr.sgml**: 20250805

**ACCESSION NUMBER**: 0001193125-25-173321

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 69

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250805

**DATE AS OF CHANGE**: 20250805

**EFFECTIVENESS DATE**: 20250805

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05742
- **FILM NUMBER:** 251183999

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

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

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

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

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

## Series and Classes Contracts Data

### BLACKROCK MID CAP GROWTH EQUITY PORTFOLIO (Series ID: S000001505)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000004036 | INSTITUTIONAL  | CMGIX           |
| C000004037 | SERVICE        | CMGSX           |
| C000004038 | INVESTOR A     | BMGAX           |
| C000004040 | INVESTOR C     | BMGCX           |
| C000037625 | Class R Shares | BMRRX           |
| C000166016 | Class K        |  |

### BLACKROCK HIGH EQUITY INCOME FUND (Series ID: S000001509)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000004057 | INSTITUTIONAL | BMCIX           |
| C000004059 | INVESTOR A    | BMEAX           |
| C000004061 | INVESTOR C    | BMECX           |
| C000219259 | Class K       |  |

### BlackRock Technology Opportunities Fund (Series ID: S000001510)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000004062 | INSTITUTIONAL  | BGSIX           |
| C000004063 | SERVICE        | BSTSX           |
| C000004064 | INVESTOR A     | BGSAX           |
| C000004066 | INVESTOR C     | BGSCX           |
| C000037630 | Class R Shares |  |
| C000216612 | Class K        |  |

### BLACKROCK ENERGY OPPORTUNITIES FUND (Series ID: S000001869)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000004873 | INSTITUTIONAL | BACIX           |
| C000004875 | INVESTOR A    | BACAX           |
| C000004877 | INVESTOR C    | BACCX           |

### BLACKROCK ADVANTAGE LARGE CAP GROWTH FUND (Series ID: S000001871)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000004883 | INSTITUTIONAL  | CMVIX           |
| C000004885 | INVESTOR A     | BMCAX           |
| C000004887 | INVESTOR C     | BMCCX           |
| C000037656 | Class R Shares |  |
| C000198239 | Class K        |  |

### BLACKROCK HEALTH SCIENCES OPPORTUNITIES PORTFOLIO (Series ID: S000001877)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000004912 | INSTITUTIONAL  | SHSSX           |
| C000004913 | SERVICE        | SHISX           |
| C000004914 | INVESTOR A     | SHSAX           |
| C000004916 | INVESTOR C     | SHSCX           |
| C000037661 | Class R Shares |  |
| C000172900 | Class K        |  |

### BLACKROCK ADVANTAGE INTERNATIONAL FUND (Series ID: S000008399)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000023028 | Institutional Shares |  |
| C000023030 | Investor A Shares    |  |
| C000023032 | Investor C Shares    |  |
| C000037670 | Class R Shares       |  |
| C000198216 | Class K              |  |

### BlackRock Commodity Strategies Fund (Series ID: S000033601)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000103250 | Investor A Shares    |  |
| C000103251 | Investor C Shares    |  |
| C000103252 | Institutional Shares |  |
| C000198241 | Class K              |  |

### BlackRock Advantage Small Cap Core Fund (Series ID: S000039982)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000124019 | Institutional Shares | BDSIX           |
| C000124020 | Investor A Shares    | BDSAX           |
| C000124021 | Investor C Shares    | BDSCX           |
| C000166014 | Class K              | BDSKX           |

### BlackRock SMID-Cap Growth Equity Fund (Series ID: S000072352)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000228503 | Class K       |  |
| C000228504 | Investor A    |  |
| C000228505 | Institutional |  |

### BlackRock U.S. Insights Long/Short Equity Fund (Series ID: S000080441)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000242843 | Class K       |  |
| C000242844 | Investor A    |  |
| C000242845 | Institutional |  |

?xml version='1.0' encoding='ASCII'? BLACKROCK FUNDS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

#### FORM N-CSR

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

811-05742

Name of Fund:

BlackRock Funds<sup>SM</sup>

BlackRock Advantage International Fund

BlackRock Advantage Large Cap Growth Fund

BlackRock Advantage Small Cap Core Fund

BlackRock Commodity Strategies Fund

BlackRock Energy Opportunities Fund

BlackRock Health Sciences Opportunities Portfolio

BlackRock High Equity Income Fund

BlackRock Mid-Cap Growth Equity Portfolio

BlackRock SMID-Cap Growth Equity Fund

BlackRock Technology Opportunities Fund

BlackRock U.S. Insights Long/Short Equity Fund

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

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

50 Hudson Yards, New York, NY 10001

Registrant's telephone number, including area code:

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

Date of fiscal year end:

05/31/2025

Date of reporting period:

05/31/2025

Item 1 — Reports to Stockholders

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

![TSR - Blackrock Fund Logo](g73997images_27941.jpg)

### BlackRock Advantage International Fund

### Institutional Shares \| BROIX

#### Annual Shareholder Report — May 31, 2025

------

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

#### What were the Fund costs for the last 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 | 0.50% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Institutional Shares returned 16.48%. 

* For the same period, the Fund's benchmark, the MSCI EAFE Index, returned 13.33%. 

What contributed to performance?

The Fund delivered strong positive absolute performance during a period of heightened geopolitical tensions and market volatility. In regional and country terms, positive contributions were led by the Fund's exposure to Japan where equities were boosted by structural reforms. Exposure to European financials also contributed meaningfully as banks in the region benefited from higher interest rates. This positioning was driven by sentiment insights, in particular those looking at broker reports and company executive views as these highly responsive measures proved adept at positioning the portfolio against a rapidly changing market backdrop. Quality-related measures also proved additive, most notably those looking at company balance sheets. Finally, macro thematic insights drove positive positioning within industrials, specifically in companies positioned to benefit from defense and aerospace spending increases amid rising geopolitical tensions.

What detracted from performance?

Insights based on analyzing informed investor sentiment detracted modestly, most notably positioning within energy names as the sector broadly lagged with oil prices range-bound at relatively low levels. In addition, positioning in European healthcare companies weighed on return given disappointing obesity drug trial data results and increased competition among weight loss drug manufacturers.

*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: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g73997chartimages_10119612.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Institutional Shares | 16.48% | 13.13% | 6.90% |
| MSCI EAFE Index | 13.33 | 11.42 | 5.97 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$4880629060 |
| Number of Portfolio Holdings | &nbsp;&nbsp;414 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$10342204 |
| Portfolio Turnover Rate | &nbsp;&nbsp;113% |

---

The Fund's returns shown prior to June 12, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock Global Opportunities Portfolio.

**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 May 31, 2025)

**Geographic allocation**

---

| | |
|:---|:---|
| *Country* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Japan | 23.0% |
| United Kingdom | 14.0% |
| Germany | 10.9% |
| France | 10.5% |
| United States | 7.2% |
| Australia | 6.0% |
| Switzerland | 5.6% |
| Netherlands | 4.4% |
| Italy | 2.7% |
| Sweden | 2.6% |
| Other<sup>#</sup> | 11.0% |
| Short-Term Securities | 2.9% |
| Liabilities in Excess of Other Assets | (0.8)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(a)</sup>* | *Percent of<br>Net Assets* |
| SAP SE | 2.7% |
| Novartis AG, Registered Shares | 2.2% |
| ASML Holding NV | 2.2% |
| Roche Holding AG, NVS | 1.9% |
| AstraZeneca PLC | 1.5% |
| ABB Ltd., Registered Shares | 1.3% |
| Shell PLC | 1.3% |
| Commonwealth Bank of Australia | 1.3% |
| Safran SA | 1.2% |
| Deutsche Telekom AG, Registered Shares | 1.2% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest countries are presented. Additional countries are found in Other.</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 MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g73997images_27939.jpg)

BlackRock Advantage International Fund

Institutional Shares \| BROIX

Annual Shareholder Report — May 31, 2025

BROIX-05/25-AR

![TSR - Blackrock Fund Logo](g73997images_27941.jpg)

### BlackRock Advantage International Fund

### Investor A Shares \| BROAX

#### Annual Shareholder Report — May 31, 2025

------

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

#### What were the Fund costs for the last 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 | $82 | 0.76% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Investor A Shares returned 16.14%. 

* For the same period, the Fund's benchmark, the MSCI EAFE Index, returned 13.33%. 

What contributed to performance?

The Fund delivered strong positive absolute performance during a period of heightened geopolitical tensions and market volatility. In regional and country terms, positive contributions were led by the Fund's exposure to Japan where equities were boosted by structural reforms. Exposure to European financials also contributed meaningfully as banks in the region benefited from higher interest rates. This positioning was driven by sentiment insights, in particular those looking at broker reports and company executive views as these highly responsive measures proved adept at positioning the portfolio against a rapidly changing market backdrop. Quality-related measures also proved additive, most notably those looking at company balance sheets. Finally, macro thematic insights drove positive positioning within industrials, specifically in companies positioned to benefit from defense and aerospace spending increases amid rising geopolitical tensions.

What detracted from performance?

Insights based on analyzing informed investor sentiment detracted modestly, most notably positioning within energy names as the sector broadly lagged with oil prices range-bound at relatively low levels. In addition, positioning in European healthcare companies weighed on return given disappointing obesity drug trial data results and increased competition among weight loss drug manufacturers.

*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: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g73997chartimages_10119656.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 | 16.14% | 12.84% | 6.62% |
| Investor A Shares (with sales charge) | 10.05 | 11.63 | 6.04 |
| MSCI EAFE Index | 13.33 | 11.42 | 5.97 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$4880629060 |
| Number of Portfolio Holdings | &nbsp;&nbsp;414 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$10342204 |
| Portfolio Turnover Rate | &nbsp;&nbsp;113% |

---

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 June 12, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock Global Opportunities Portfolio.

**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 May 31, 2025)

**Geographic allocation**

---

| | |
|:---|:---|
| *Country* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Japan | 23.0% |
| United Kingdom | 14.0% |
| Germany | 10.9% |
| France | 10.5% |
| United States | 7.2% |
| Australia | 6.0% |
| Switzerland | 5.6% |
| Netherlands | 4.4% |
| Italy | 2.7% |
| Sweden | 2.6% |
| Other<sup>#</sup> | 11.0% |
| Short-Term Securities | 2.9% |
| Liabilities in Excess of Other Assets | (0.8)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(a)</sup>* | *Percent of<br>Net Assets* |
| SAP SE | 2.7% |
| Novartis AG, Registered Shares | 2.2% |
| ASML Holding NV | 2.2% |
| Roche Holding AG, NVS | 1.9% |
| AstraZeneca PLC | 1.5% |
| ABB Ltd., Registered Shares | 1.3% |
| Shell PLC | 1.3% |
| Commonwealth Bank of Australia | 1.3% |
| Safran SA | 1.2% |
| Deutsche Telekom AG, Registered Shares | 1.2% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest countries are presented. Additional countries are found in Other.</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 MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g73997images_27939.jpg)

BlackRock Advantage International Fund

Investor A Shares \| BROAX

Annual Shareholder Report — May 31, 2025

BROAX-05/25-AR

![TSR - Blackrock Fund Logo](g73997images_27941.jpg)

### BlackRock Advantage International Fund

### Investor C Shares \| BROCX

#### Annual Shareholder Report — May 31, 2025

------

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

#### What were the Fund costs for the last 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 | $161 | 1.50% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Investor C Shares returned 15.32%. 

* For the same period, the Fund's benchmark, the MSCI EAFE Index, returned 13.33%. 

What contributed to performance?

The Fund delivered strong positive absolute performance during a period of heightened geopolitical tensions and market volatility. In regional and country terms, positive contributions were led by the Fund's exposure to Japan where equities were boosted by structural reforms. Exposure to European financials also contributed meaningfully as banks in the region benefited from higher interest rates. This positioning was driven by sentiment insights, in particular those looking at broker reports and company executive views as these highly responsive measures proved adept at positioning the portfolio against a rapidly changing market backdrop. Quality-related measures also proved additive, most notably those looking at company balance sheets. Finally, macro thematic insights drove positive positioning within industrials, specifically in companies positioned to benefit from defense and aerospace spending increases amid rising geopolitical tensions.

What detracted from performance?

Insights based on analyzing informed investor sentiment detracted modestly, most notably positioning within energy names as the sector broadly lagged with oil prices range-bound at relatively low levels. In addition, positioning in European healthcare companies weighed on return given disappointing obesity drug trial data results and increased competition among weight loss drug manufacturers.

*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: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g73997chartimages_10119700.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 | 15.32% | 12.01% | 5.97% |
| Investor C Shares (with sales charge) | 14.32 | 12.01 | 5.97 |
| MSCI EAFE Index | 13.33 | 11.42 | 5.97 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$4880629060 |
| Number of Portfolio Holdings | &nbsp;&nbsp;414 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$10342204 |
| Portfolio Turnover Rate | &nbsp;&nbsp;113% |

---

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 June 12, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock Global Opportunities Portfolio.

**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 May 31, 2025)

**Geographic allocation**

---

| | |
|:---|:---|
| *Country* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Japan | 23.0% |
| United Kingdom | 14.0% |
| Germany | 10.9% |
| France | 10.5% |
| United States | 7.2% |
| Australia | 6.0% |
| Switzerland | 5.6% |
| Netherlands | 4.4% |
| Italy | 2.7% |
| Sweden | 2.6% |
| Other<sup>#</sup> | 11.0% |
| Short-Term Securities | 2.9% |
| Liabilities in Excess of Other Assets | (0.8)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(a)</sup>* | *Percent of<br>Net Assets* |
| SAP SE | 2.7% |
| Novartis AG, Registered Shares | 2.2% |
| ASML Holding NV | 2.2% |
| Roche Holding AG, NVS | 1.9% |
| AstraZeneca PLC | 1.5% |
| ABB Ltd., Registered Shares | 1.3% |
| Shell PLC | 1.3% |
| Commonwealth Bank of Australia | 1.3% |
| Safran SA | 1.2% |
| Deutsche Telekom AG, Registered Shares | 1.2% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest countries are presented. Additional countries are found in Other.</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 MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g73997images_27939.jpg)

BlackRock Advantage International Fund

Investor C Shares \| BROCX

Annual Shareholder Report — May 31, 2025

BROCX-05/25-AR

![TSR - Blackrock Fund Logo](g73997images_27941.jpg)

### BlackRock Advantage International Fund

### Class K Shares \| BROKX

#### Annual Shareholder Report — May 31, 2025

------

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

#### What were the Fund costs for the last 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 | $49 | 0.45% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Class K Shares returned 16.58%. 

* For the same period, the Fund's benchmark, the MSCI EAFE Index, returned 13.33%. 

What contributed to performance?

The Fund delivered strong positive absolute performance during a period of heightened geopolitical tensions and market volatility. In regional and country terms, positive contributions were led by the Fund's exposure to Japan where equities were boosted by structural reforms. Exposure to European financials also contributed meaningfully as banks in the region benefited from higher interest rates. This positioning was driven by sentiment insights, in particular those looking at broker reports and company executive views as these highly responsive measures proved adept at positioning the portfolio against a rapidly changing market backdrop. Quality-related measures also proved additive, most notably those looking at company balance sheets. Finally, macro thematic insights drove positive positioning within industrials, specifically in companies positioned to benefit from defense and aerospace spending increases amid rising geopolitical tensions.

What detracted from performance?

Insights based on analyzing informed investor sentiment detracted modestly, most notably positioning within energy names as the sector broadly lagged with oil prices range-bound at relatively low levels. In addition, positioning in European healthcare companies weighed on return given disappointing obesity drug trial data results and increased competition among weight loss drug manufacturers.

*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: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g73997chartimages_10119524.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 | 16.58% | 13.19% | 6.94% |
| MSCI EAFE Index | 13.33 | 11.42 | 5.97 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$4880629060 |
| Number of Portfolio Holdings | &nbsp;&nbsp;414 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$10342204 |
| Portfolio Turnover Rate | &nbsp;&nbsp;113% |

---

The Fund's returns shown prior to June 12, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock Global Opportunities Portfolio.

Performance shown prior to the Class K Shares inception date of January 25, 2018 is that of Institutional Shares. The performance of the Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares.

**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 May 31, 2025)

**Geographic allocation**

---

| | |
|:---|:---|
| *Country* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Japan | 23.0% |
| United Kingdom | 14.0% |
| Germany | 10.9% |
| France | 10.5% |
| United States | 7.2% |
| Australia | 6.0% |
| Switzerland | 5.6% |
| Netherlands | 4.4% |
| Italy | 2.7% |
| Sweden | 2.6% |
| Other<sup>#</sup> | 11.0% |
| Short-Term Securities | 2.9% |
| Liabilities in Excess of Other Assets | (0.8)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(a)</sup>* | *Percent of<br>Net Assets* |
| SAP SE | 2.7% |
| Novartis AG, Registered Shares | 2.2% |
| ASML Holding NV | 2.2% |
| Roche Holding AG, NVS | 1.9% |
| AstraZeneca PLC | 1.5% |
| ABB Ltd., Registered Shares | 1.3% |
| Shell PLC | 1.3% |
| Commonwealth Bank of Australia | 1.3% |
| Safran SA | 1.2% |
| Deutsche Telekom AG, Registered Shares | 1.2% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest countries are presented. Additional countries are found in Other.</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 MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g73997images_27939.jpg)

BlackRock Advantage International Fund

Class K Shares \| BROKX

Annual Shareholder Report — May 31, 2025

BROKX-05/25-AR

![TSR - Blackrock Fund Logo](g73997images_27941.jpg)

### BlackRock Advantage International Fund

### Class R Shares \| BGORX

#### Annual Shareholder Report — May 31, 2025

------

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

#### What were the Fund costs for the last 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 | $108 | 1.00% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Class R Shares returned 15.90%. 

* For the same period, the Fund's benchmark, the MSCI EAFE Index, returned 13.33%. 

What contributed to performance?

The Fund delivered strong positive absolute performance during a period of heightened geopolitical tensions and market volatility. In regional and country terms, positive contributions were led by the Fund's exposure to Japan where equities were boosted by structural reforms. Exposure to European financials also contributed meaningfully as banks in the region benefited from higher interest rates. This positioning was driven by sentiment insights, in particular those looking at broker reports and company executive views as these highly responsive measures proved adept at positioning the portfolio against a rapidly changing market backdrop. Quality-related measures also proved additive, most notably those looking at company balance sheets. Finally, macro thematic insights drove positive positioning within industrials, specifically in companies positioned to benefit from defense and aerospace spending increases amid rising geopolitical tensions.

What detracted from performance?

Insights based on analyzing informed investor sentiment detracted modestly, most notably positioning within energy names as the sector broadly lagged with oil prices range-bound at relatively low levels. In addition, positioning in European healthcare companies weighed on return given disappointing obesity drug trial data results and increased competition among weight loss drug manufacturers.

*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: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g73997chartimages_10119568.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 | 15.90% | 12.56% | 6.32% |
| MSCI EAFE Index | 13.33 | 11.42 | 5.97 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$4880629060 |
| Number of Portfolio Holdings | &nbsp;&nbsp;414 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$10342204 |
| Portfolio Turnover Rate | &nbsp;&nbsp;113% |

---

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

The Fund's returns shown prior to June 12, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock Global Opportunities Portfolio.

**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 May 31, 2025)

**Geographic allocation**

---

| | |
|:---|:---|
| *Country* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Japan | 23.0% |
| United Kingdom | 14.0% |
| Germany | 10.9% |
| France | 10.5% |
| United States | 7.2% |
| Australia | 6.0% |
| Switzerland | 5.6% |
| Netherlands | 4.4% |
| Italy | 2.7% |
| Sweden | 2.6% |
| Other<sup>#</sup> | 11.0% |
| Short-Term Securities | 2.9% |
| Liabilities in Excess of Other Assets | (0.8)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(a)</sup>* | *Percent of<br>Net Assets* |
| SAP SE | 2.7% |
| Novartis AG, Registered Shares | 2.2% |
| ASML Holding NV | 2.2% |
| Roche Holding AG, NVS | 1.9% |
| AstraZeneca PLC | 1.5% |
| ABB Ltd., Registered Shares | 1.3% |
| Shell PLC | 1.3% |
| Commonwealth Bank of Australia | 1.3% |
| Safran SA | 1.2% |
| Deutsche Telekom AG, Registered Shares | 1.2% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest countries are presented. Additional countries are found in Other.</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 MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g73997images_27939.jpg)

BlackRock Advantage International Fund

Class R Shares \| BGORX

Annual Shareholder Report — May 31, 2025

BGORX-05/25-AR

![TSR - Blackrock Fund Logo](g73997images_27941.jpg)

### BlackRock Advantage Large Cap Growth Fund

### Institutional Shares \| CMVIX

#### Annual Shareholder Report — May 31, 2025

------

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

#### What were the Fund costs for the last 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 | $68 | 0.62% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Institutional Shares returned 17.86%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index, returned 13.73% and the Russell 1000<sup>®</sup> Growth Index returned 17.62%. 

What contributed to performance?

Smart money sentiment insights that track hedge fund positioning at prime brokers supported successful positioning in industrials as supply chain bottlenecks cleared and capital goods orders recovered. Text-based sentiment measures drawn from broker reports proved additive within consumer discretionary, where steady wage growth and renewed appetite for travel and leisure kept spending resilient. A macro insight that monitors private market equity offering activity contributed in financials, benefiting returns as capital raising picked up on improved market sentiment during the spring rally.

What detracted from performance?

Traditional valuation measures evaluating company sales relative to enterprise value struggled within healthcare, as valuation-driven stocks lagged when the market rotated toward higher-growth narratives. Sentiment insights that compare bond market default risk with equity risk premiums underperformed in information technology, misreading the sector's artificial intelligence-led advance while bond market credit spreads stayed wide. Finally, a macro model designed to block out short-term sentiment swings detracted in energy as volatile oil prices rendered its mean reversion signal ineffective.

*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: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g73997chartimages_10119392.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Institutional Shares | 17.86% | 16.12% | 14.43% |
| Russell 1000<sup>®</sup> Index | 13.73 | 15.66 | 12.58 |
| Russell 1000<sup>®</sup> Growth Index | 17.62 | 17.69 | 16.08 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$1409328664 |
| Number of Portfolio Holdings | &nbsp;&nbsp;150 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$6641969 |
| Portfolio Turnover Rate | &nbsp;&nbsp;149% |

---

The Fund has added the Russell 1000<sup>®</sup> Index in response to new regulatory requirements.

The Fund's returns shown prior to June 12, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock Flexible Equity Fund.

**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 May 31, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Information Technology | 48.9% |
| Consumer Discretionary | 14.0% |
| Communication Services | 12.3% |
| Health Care | 7.9% |
| Financials | 7.9% |
| Industrials | 3.6% |
| Consumer Staples | 3.5% |
| Real Estate | 0.4% |
| Energy | 0.4% |
| Materials | 0.1% |
| Short-Term Securities | 0.9% |
| Other Assets Less Liabilities | 0.1% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| Microsoft Corp. | 9.3% |
| Apple Inc. | 7.7% |
| NVIDIA Corp. | 7.6% |
| Broadcom, Inc. | 5.1% |
| Amazon.com, Inc. | 4.9% |
| Meta Platforms, Inc., Class A | 4.8% |
| Tesla, Inc. | 3.2% |
| Alphabet, Inc., Class C, NVS | 2.8% |
| Eli Lilly & Co. | 2.3% |
| Costco Wholesale Corp. | 2.3% |

---

<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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g73997images_27939.jpg)

BlackRock Advantage Large Cap Growth Fund

Institutional Shares \| CMVIX

Annual Shareholder Report — May 31, 2025

CMVIX-05/25-AR

![TSR - Blackrock Fund Logo](g73997images_27941.jpg)

### BlackRock Advantage Large Cap Growth Fund

### Investor A Shares \| BMCAX

#### Annual Shareholder Report — May 31, 2025

------

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

#### What were the Fund costs for the last 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 | $95 | 0.87% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Investor A Shares returned 17.58%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index, returned 13.73% and the Russell 1000<sup>®</sup> Growth Index returned 17.62%. 

What contributed to performance?

Smart money sentiment insights that track hedge fund positioning at prime brokers supported successful positioning in industrials as supply chain bottlenecks cleared and capital goods orders recovered. Text-based sentiment measures drawn from broker reports proved additive within consumer discretionary, where steady wage growth and renewed appetite for travel and leisure kept spending resilient. A macro insight that monitors private market equity offering activity contributed in financials, benefiting returns as capital raising picked up on improved market sentiment during the spring rally.

What detracted from performance?

Traditional valuation measures evaluating company sales relative to enterprise value struggled within healthcare, as valuation-driven stocks lagged when the market rotated toward higher-growth narratives. Sentiment insights that compare bond market default risk with equity risk premiums underperformed in information technology, misreading the sector's artificial intelligence-led advance while bond market credit spreads stayed wide. Finally, a macro model designed to block out short-term sentiment swings detracted in energy as volatile oil prices rendered its mean reversion signal ineffective.

*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: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g73997chartimages_10119436.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 | 17.58% | 15.83% | 14.13% |
| Investor A Shares (with sales charge) | 11.41 | 14.59 | 13.51 |
| Russell 1000<sup>®</sup> Index | 13.73 | 15.66 | 12.58 |
| Russell 1000<sup>®</sup> Growth Index | 17.62 | 17.69 | 16.08 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$1409328664 |
| Number of Portfolio Holdings | &nbsp;&nbsp;150 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$6641969 |
| Portfolio Turnover Rate | &nbsp;&nbsp;149% |

---

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

The Fund has added the Russell 1000<sup>®</sup> Index in response to new regulatory requirements.

The Fund's returns shown prior to June 12, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock Flexible Equity Fund.

**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 May 31, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Information Technology | 48.9% |
| Consumer Discretionary | 14.0% |
| Communication Services | 12.3% |
| Health Care | 7.9% |
| Financials | 7.9% |
| Industrials | 3.6% |
| Consumer Staples | 3.5% |
| Real Estate | 0.4% |
| Energy | 0.4% |
| Materials | 0.1% |
| Short-Term Securities | 0.9% |
| Other Assets Less Liabilities | 0.1% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| Microsoft Corp. | 9.3% |
| Apple Inc. | 7.7% |
| NVIDIA Corp. | 7.6% |
| Broadcom, Inc. | 5.1% |
| Amazon.com, Inc. | 4.9% |
| Meta Platforms, Inc., Class A | 4.8% |
| Tesla, Inc. | 3.2% |
| Alphabet, Inc., Class C, NVS | 2.8% |
| Eli Lilly & Co. | 2.3% |
| Costco Wholesale Corp. | 2.3% |

---

<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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g73997images_27939.jpg)

BlackRock Advantage Large Cap Growth Fund

Investor A Shares \| BMCAX

Annual Shareholder Report — May 31, 2025

BMCAX-05/25-AR

![TSR - Blackrock Fund Logo](g73997images_27941.jpg)

### BlackRock Advantage Large Cap Growth Fund

### Investor C Shares \| BMCCX

#### Annual Shareholder Report — May 31, 2025

------

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

#### What were the Fund costs for the last 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 | $176 | 1.62% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Investor C Shares returned 16.71%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index, returned 13.73% and the Russell 1000<sup>®</sup> Growth Index returned 17.62%. 

What contributed to performance?

Smart money sentiment insights that track hedge fund positioning at prime brokers supported successful positioning in industrials as supply chain bottlenecks cleared and capital goods orders recovered. Text-based sentiment measures drawn from broker reports proved additive within consumer discretionary, where steady wage growth and renewed appetite for travel and leisure kept spending resilient. A macro insight that monitors private market equity offering activity contributed in financials, benefiting returns as capital raising picked up on improved market sentiment during the spring rally.

What detracted from performance?

Traditional valuation measures evaluating company sales relative to enterprise value struggled within healthcare, as valuation-driven stocks lagged when the market rotated toward higher-growth narratives. Sentiment insights that compare bond market default risk with equity risk premiums underperformed in information technology, misreading the sector's artificial intelligence-led advance while bond market credit spreads stayed wide. Finally, a macro model designed to block out short-term sentiment swings detracted in energy as volatile oil prices rendered its mean reversion signal ineffective.

*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: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g73997chartimages_10119480.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 | 16.71% | 14.97% | 13.43% |
| Investor C Shares (with sales charge) | 15.81 | 14.97 | 13.43 |
| Russell 1000<sup>®</sup> Index | 13.73 | 15.66 | 12.58 |
| Russell 1000<sup>®</sup> Growth Index | 17.62 | 17.69 | 16.08 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$1409328664 |
| Number of Portfolio Holdings | &nbsp;&nbsp;150 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$6641969 |
| Portfolio Turnover Rate | &nbsp;&nbsp;149% |

---

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

The Fund has added the Russell 1000<sup>®</sup> Index in response to new regulatory requirements.

The Fund's returns shown prior to June 12, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock Flexible Equity Fund.

**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 May 31, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Information Technology | 48.9% |
| Consumer Discretionary | 14.0% |
| Communication Services | 12.3% |
| Health Care | 7.9% |
| Financials | 7.9% |
| Industrials | 3.6% |
| Consumer Staples | 3.5% |
| Real Estate | 0.4% |
| Energy | 0.4% |
| Materials | 0.1% |
| Short-Term Securities | 0.9% |
| Other Assets Less Liabilities | 0.1% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| Microsoft Corp. | 9.3% |
| Apple Inc. | 7.7% |
| NVIDIA Corp. | 7.6% |
| Broadcom, Inc. | 5.1% |
| Amazon.com, Inc. | 4.9% |
| Meta Platforms, Inc., Class A | 4.8% |
| Tesla, Inc. | 3.2% |
| Alphabet, Inc., Class C, NVS | 2.8% |
| Eli Lilly & Co. | 2.3% |
| Costco Wholesale Corp. | 2.3% |

---

<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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g73997images_27939.jpg)

BlackRock Advantage Large Cap Growth Fund

Investor C Shares \| BMCCX

Annual Shareholder Report — May 31, 2025

BMCCX-05/25-AR

![TSR - Blackrock Fund Logo](g73997images_27941.jpg)

### BlackRock Advantage Large Cap Growth Fund

### Class K Shares \| BMCKX

#### Annual Shareholder Report — May 31, 2025

------

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

#### What were the Fund costs for the last 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 | $62 | 0.57% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Class K Shares returned 17.96%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index, returned 13.73% and the Russell 1000<sup>®</sup> Growth Index returned 17.62%. 

What contributed to performance?

Smart money sentiment insights that track hedge fund positioning at prime brokers supported successful positioning in industrials as supply chain bottlenecks cleared and capital goods orders recovered. Text-based sentiment measures drawn from broker reports proved additive within consumer discretionary, where steady wage growth and renewed appetite for travel and leisure kept spending resilient. A macro insight that monitors private market equity offering activity contributed in financials, benefiting returns as capital raising picked up on improved market sentiment during the spring rally.

What detracted from performance?

Traditional valuation measures evaluating company sales relative to enterprise value struggled within healthcare, as valuation-driven stocks lagged when the market rotated toward higher-growth narratives. Sentiment insights that compare bond market default risk with equity risk premiums underperformed in information technology, misreading the sector's artificial intelligence-led advance while bond market credit spreads stayed wide. Finally, a macro model designed to block out short-term sentiment swings detracted in energy as volatile oil prices rendered its mean reversion signal ineffective.

*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: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g73997chartimages_10119304.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 | 17.96% | 16.17% | 14.38% |
| Russell 1000<sup>®</sup> Index | 13.73 | 15.66 | 12.58 |
| Russell 1000<sup>®</sup> Growth Index | 17.62 | 17.69 | 16.08 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$1409328664 |
| Number of Portfolio Holdings | &nbsp;&nbsp;150 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$6641969 |
| Portfolio Turnover Rate | &nbsp;&nbsp;149% |

---

The Fund has added the Russell 1000<sup>®</sup> Index in response to new regulatory requirements.

The Fund's returns shown prior to June 12, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock Flexible Equity Fund.

Performance shown prior to the Class K Shares inception date of January 25, 2018 is that of Investor A Shares. The performance of the Class K Shares would be substantially similar to Investor A Shares because Class K Shares and Investor A Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Investor A Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Investor A Shares because Class K Shares have lower expenses than the Investor A Shares.

**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 May 31, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Information Technology | 48.9% |
| Consumer Discretionary | 14.0% |
| Communication Services | 12.3% |
| Health Care | 7.9% |
| Financials | 7.9% |
| Industrials | 3.6% |
| Consumer Staples | 3.5% |
| Real Estate | 0.4% |
| Energy | 0.4% |
| Materials | 0.1% |
| Short-Term Securities | 0.9% |
| Other Assets Less Liabilities | 0.1% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| Microsoft Corp. | 9.3% |
| Apple Inc. | 7.7% |
| NVIDIA Corp. | 7.6% |
| Broadcom, Inc. | 5.1% |
| Amazon.com, Inc. | 4.9% |
| Meta Platforms, Inc., Class A | 4.8% |
| Tesla, Inc. | 3.2% |
| Alphabet, Inc., Class C, NVS | 2.8% |
| Eli Lilly & Co. | 2.3% |
| Costco Wholesale Corp. | 2.3% |

---

<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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g73997images_27939.jpg)

BlackRock Advantage Large Cap Growth Fund

Class K Shares \| BMCKX

Annual Shareholder Report — May 31, 2025

BMCKX-05/25-AR

![TSR - Blackrock Fund Logo](g73997images_27941.jpg)

### BlackRock Advantage Large Cap Growth Fund

### Class R Shares \| BMCRX

#### Annual Shareholder Report — May 31, 2025

------

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

#### What were the Fund costs for the last 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 | $122 | 1.12% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Class R Shares returned 17.29%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index, returned 13.73% and the Russell 1000<sup>®</sup> Growth Index returned 17.62%. 

What contributed to performance?

Smart money sentiment insights that track hedge fund positioning at prime brokers supported successful positioning in industrials as supply chain bottlenecks cleared and capital goods orders recovered. Text-based sentiment measures drawn from broker reports proved additive within consumer discretionary, where steady wage growth and renewed appetite for travel and leisure kept spending resilient. A macro insight that monitors private market equity offering activity contributed in financials, benefiting returns as capital raising picked up on improved market sentiment during the spring rally.

What detracted from performance?

Traditional valuation measures evaluating company sales relative to enterprise value struggled within healthcare, as valuation-driven stocks lagged when the market rotated toward higher-growth narratives. Sentiment insights that compare bond market default risk with equity risk premiums underperformed in information technology, misreading the sector's artificial intelligence-led advance while bond market credit spreads stayed wide. Finally, a macro model designed to block out short-term sentiment swings detracted in energy as volatile oil prices rendered its mean reversion signal ineffective.

*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: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g73997chartimages_10119348.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 | 17.29% | 15.55% | 13.82% |
| Russell 1000<sup>®</sup> Index | 13.73 | 15.66 | 12.58 |
| Russell 1000<sup>®</sup> Growth Index | 17.62 | 17.69 | 16.08 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$1409328664 |
| Number of Portfolio Holdings | &nbsp;&nbsp;150 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$6641969 |
| Portfolio Turnover Rate | &nbsp;&nbsp;149% |

---

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

The Fund has added the Russell 1000<sup>®</sup> Index in response to new regulatory requirements.

The Fund's returns shown prior to June 12, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock Flexible Equity Fund.

**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 May 31, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Information Technology | 48.9% |
| Consumer Discretionary | 14.0% |
| Communication Services | 12.3% |
| Health Care | 7.9% |
| Financials | 7.9% |
| Industrials | 3.6% |
| Consumer Staples | 3.5% |
| Real Estate | 0.4% |
| Energy | 0.4% |
| Materials | 0.1% |
| Short-Term Securities | 0.9% |
| Other Assets Less Liabilities | 0.1% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| Microsoft Corp. | 9.3% |
| Apple Inc. | 7.7% |
| NVIDIA Corp. | 7.6% |
| Broadcom, Inc. | 5.1% |
| Amazon.com, Inc. | 4.9% |
| Meta Platforms, Inc., Class A | 4.8% |
| Tesla, Inc. | 3.2% |
| Alphabet, Inc., Class C, NVS | 2.8% |
| Eli Lilly & Co. | 2.3% |
| Costco Wholesale Corp. | 2.3% |

---

<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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g73997images_27939.jpg)

BlackRock Advantage Large Cap Growth Fund

Class R Shares \| BMCRX

Annual Shareholder Report — May 31, 2025

BMCRX-05/25-AR

![TSR - Blackrock Fund Logo](g73997images_27941.jpg)

### BlackRock Advantage Small Cap Core Fund

### Institutional Shares \| BDSIX

#### Annual Shareholder Report — May 31, 2025

------

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

#### What were the Fund costs for the last 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 | $50 | 0.50% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Institutional Shares returned 0.21%. 

* For the same period, the Fund's benchmark, the Russell 3000<sup>®</sup> Index, returned 13.12% and the Russell 2000<sup>®</sup> Index returned 1.19%. 

What contributed to performance?

Fundamental quality measures that favor founder-led companies drove gains within financials, the Fund's strongest contributor in sector terms. Sentiment insights that track persistent short-selling activity and seek to align with "smart" sellers added to returns in industrials, helping to identify companies benefiting from improving order flows as supply chain pressures eased. Fundamental insights based on high research and development spending relative to stock price contributed in information technology where smaller software and services firms continued to capitalize on demand driven by innovation.

What detracted from performance?

Fundamental measures that favor companies trading at low sales-to-enterprise-value ratios detracted in materials, where value-driven stock narratives remained under pressure. Another valuation insight that rewards high cash flow generation relative to enterprise value underperformed in energy, failing to offset the sector's broad weakness. A macro signal that seeks to block out short-term sentiment swings struggled in consumer discretionary during the sector's late-period downturn. Finally, the Fund employed derivatives, such as future's contracts, which marginally detracted from results.

*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: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g73997chartimages_10119172.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Institutional Shares | 0.21% | 9.74% | 7.47% |
| Russell 3000<sup>®</sup> Index | 13.12 | 15.34 | 12.21 |
| Russell 2000<sup>®</sup> Index | 1.19 | 9.64 | 6.64 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$3967156900 |
| Number of Portfolio Holdings | &nbsp;&nbsp;786 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$15422725 |
| Portfolio Turnover Rate | &nbsp;&nbsp;88% |

---

The Fund has added the Russell 3000<sup>®</sup> Index in response to new regulatory requirements.

**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 May 31, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Financials | 18.2% |
| Industrials | 16.9% |
| Health Care | 16.9% |
| Information Technology | 13.6% |
| Consumer Discretionary | 10.5% |
| Real Estate | 6.0% |
| Energy | 4.1% |
| Materials | 3.7% |
| Consumer Staples | 3.7% |
| Communication Services | 2.8% |
| Utilities | 2.4% |
| Short-Term Securities | 4.2% |
| Liabilities in Excess of Other Assets | (3.0)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| Sprouts Farmers Market, Inc. | 1.6% |
| CubeSmart | 1.3% |
| ExlService Holdings, Inc. | 0.8% |
| Houlihan Lokey, Inc., Class A | 0.7% |
| Primoris Services Corp. | 0.7% |
| MasTec, Inc. | 0.7% |
| New Jersey Resources Corp. | 0.6% |
| Enova International, Inc. | 0.6% |
| Elastic NV | 0.6% |
| Comfort Systems U.S.A., Inc. | 0.6% |

---

<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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g73997images_27939.jpg)

BlackRock Advantage Small Cap Core Fund

Institutional Shares \| BDSIX

Annual Shareholder Report — May 31, 2025

BDSIX-05/25-AR

![TSR - Blackrock Fund Logo](g73997images_27941.jpg)

### BlackRock Advantage Small Cap Core Fund

### Investor A Shares \| BDSAX

#### Annual Shareholder Report — May 31, 2025

------

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

#### What were the Fund costs for the last 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 | $75 | 0.75% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Investor A Shares returned (0.06)%. 

* For the same period, the Fund's benchmark, the Russell 3000<sup>®</sup> Index, returned 13.12% and the Russell 2000<sup>®</sup> Index returned 1.19%. 

What contributed to performance?

Fundamental quality measures that favor founder-led companies drove gains within financials, the Fund's strongest contributor in sector terms. Sentiment insights that track persistent short-selling activity and seek to align with "smart" sellers added to returns in industrials, helping to identify companies benefiting from improving order flows as supply chain pressures eased. Fundamental insights based on high research and development spending relative to stock price contributed in information technology where smaller software and services firms continued to capitalize on demand driven by innovation.

What detracted from performance?

Fundamental measures that favor companies trading at low sales-to-enterprise-value ratios detracted in materials, where value-driven stock narratives remained under pressure. Another valuation insight that rewards high cash flow generation relative to enterprise value underperformed in energy, failing to offset the sector's broad weakness. A macro signal that seeks to block out short-term sentiment swings struggled in consumer discretionary during the sector's late-period downturn. Finally, the Fund employed derivatives, such as future's contracts, which marginally detracted from results.

*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: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g73997chartimages_10119216.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 | (0.06)% | 9.45% | 7.20% |
| Investor A Shares (with sales charge) | (5.31) | 8.28 | 6.62 |
| Russell 3000<sup>®</sup> Index | 13.12 | 15.34 | 12.21 |
| Russell 2000<sup>®</sup> Index | 1.19 | 9.64 | 6.64 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$3967156900 |
| Number of Portfolio Holdings | &nbsp;&nbsp;786 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$15422725 |
| Portfolio Turnover Rate | &nbsp;&nbsp;88% |

---

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

The Fund has added the Russell 3000<sup>®</sup> Index in response to new regulatory requirements.

**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 May 31, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Financials | 18.2% |
| Industrials | 16.9% |
| Health Care | 16.9% |
| Information Technology | 13.6% |
| Consumer Discretionary | 10.5% |
| Real Estate | 6.0% |
| Energy | 4.1% |
| Materials | 3.7% |
| Consumer Staples | 3.7% |
| Communication Services | 2.8% |
| Utilities | 2.4% |
| Short-Term Securities | 4.2% |
| Liabilities in Excess of Other Assets | (3.0)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| Sprouts Farmers Market, Inc. | 1.6% |
| CubeSmart | 1.3% |
| ExlService Holdings, Inc. | 0.8% |
| Houlihan Lokey, Inc., Class A | 0.7% |
| Primoris Services Corp. | 0.7% |
| MasTec, Inc. | 0.7% |
| New Jersey Resources Corp. | 0.6% |
| Enova International, Inc. | 0.6% |
| Elastic NV | 0.6% |
| Comfort Systems U.S.A., Inc. | 0.6% |

---

<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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g73997images_27939.jpg)

BlackRock Advantage Small Cap Core Fund

Investor A Shares \| BDSAX

Annual Shareholder Report — May 31, 2025

BDSAX-05/25-AR

![TSR - Blackrock Fund Logo](g73997images_27941.jpg)

### BlackRock Advantage Small Cap Core Fund

### Investor C Shares \| BDSCX

#### Annual Shareholder Report — May 31, 2025

------

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

#### What were the Fund costs for the last 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 | $149 | 1.50% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Investor C Shares returned (0.82)%. 

* For the same period, the Fund's benchmark, the Russell 3000<sup>®</sup> Index, returned 13.12% and the Russell 2000<sup>®</sup> Index returned 1.19%. 

What contributed to performance?

Fundamental quality measures that favor founder-led companies drove gains within financials, the Fund's strongest contributor in sector terms. Sentiment insights that track persistent short-selling activity and seek to align with "smart" sellers added to returns in industrials, helping to identify companies benefiting from improving order flows as supply chain pressures eased. Fundamental insights based on high research and development spending relative to stock price contributed in information technology where smaller software and services firms continued to capitalize on demand driven by innovation.

What detracted from performance?

Fundamental measures that favor companies trading at low sales-to-enterprise-value ratios detracted in materials, where value-driven stock narratives remained under pressure. Another valuation insight that rewards high cash flow generation relative to enterprise value underperformed in energy, failing to offset the sector's broad weakness. A macro signal that seeks to block out short-term sentiment swings struggled in consumer discretionary during the sector's late-period downturn. Finally, the Fund employed derivatives, such as future's contracts, which marginally detracted from results.

*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: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g73997chartimages_10119260.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 | (0.82)% | 8.65% | 6.55% |
| Investor C Shares (with sales charge) | (1.82) | 8.65 | 6.55 |
| Russell 3000<sup>®</sup> Index | 13.12 | 15.34 | 12.21 |
| Russell 2000<sup>®</sup> Index | 1.19 | 9.64 | 6.64 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$3967156900 |
| Number of Portfolio Holdings | &nbsp;&nbsp;786 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$15422725 |
| Portfolio Turnover Rate | &nbsp;&nbsp;88% |

---

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

The Fund has added the Russell 3000<sup>®</sup> Index in response to new regulatory requirements.

**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 May 31, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Financials | 18.2% |
| Industrials | 16.9% |
| Health Care | 16.9% |
| Information Technology | 13.6% |
| Consumer Discretionary | 10.5% |
| Real Estate | 6.0% |
| Energy | 4.1% |
| Materials | 3.7% |
| Consumer Staples | 3.7% |
| Communication Services | 2.8% |
| Utilities | 2.4% |
| Short-Term Securities | 4.2% |
| Liabilities in Excess of Other Assets | (3.0)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| Sprouts Farmers Market, Inc. | 1.6% |
| CubeSmart | 1.3% |
| ExlService Holdings, Inc. | 0.8% |
| Houlihan Lokey, Inc., Class A | 0.7% |
| Primoris Services Corp. | 0.7% |
| MasTec, Inc. | 0.7% |
| New Jersey Resources Corp. | 0.6% |
| Enova International, Inc. | 0.6% |
| Elastic NV | 0.6% |
| Comfort Systems U.S.A., Inc. | 0.6% |

---

<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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g73997images_27939.jpg)

BlackRock Advantage Small Cap Core Fund

Investor C Shares \| BDSCX

Annual Shareholder Report — May 31, 2025

BDSCX-05/25-AR

![TSR - Blackrock Fund Logo](g73997images_27941.jpg)

### BlackRock Advantage Small Cap Core Fund

### Class K Shares \| BDSKX

#### Annual Shareholder Report — May 31, 2025

------

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

#### What were the Fund costs for the last 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 | $45 | 0.45% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Class K Shares returned 0.25%. 

* For the same period, the Fund's benchmark, the Russell 3000<sup>®</sup> Index, returned 13.12% and the Russell 2000<sup>®</sup> Index returned 1.19%. 

What contributed to performance?

Fundamental quality measures that favor founder-led companies drove gains within financials, the Fund's strongest contributor in sector terms. Sentiment insights that track persistent short-selling activity and seek to align with "smart" sellers added to returns in industrials, helping to identify companies benefiting from improving order flows as supply chain pressures eased. Fundamental insights based on high research and development spending relative to stock price contributed in information technology where smaller software and services firms continued to capitalize on demand driven by innovation.

What detracted from performance?

Fundamental measures that favor companies trading at low sales-to-enterprise-value ratios detracted in materials, where value-driven stock narratives remained under pressure. Another valuation insight that rewards high cash flow generation relative to enterprise value underperformed in energy, failing to offset the sector's broad weakness. A macro signal that seeks to block out short-term sentiment swings struggled in consumer discretionary during the sector's late-period downturn. Finally, the Fund employed derivatives, such as future's contracts, which marginally detracted from results.

*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: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g73997chartimages_10119128.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 | 0.25% | 9.79% | 7.52% |
| Russell 3000<sup>®</sup> Index | 13.12 | 15.34 | 12.21 |
| Russell 2000<sup>®</sup> Index | 1.19 | 9.64 | 6.64 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$3967156900 |
| Number of Portfolio Holdings | &nbsp;&nbsp;786 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$15422725 |
| Portfolio Turnover Rate | &nbsp;&nbsp;88% |

---

The Fund has added the Russell 3000<sup>®</sup> Index in response to new regulatory requirements.

Performance shown prior to the Class K Shares inception date of March 28, 2016 is that of Institutional Shares. The performance of the Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares.

**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 May 31, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Financials | 18.2% |
| Industrials | 16.9% |
| Health Care | 16.9% |
| Information Technology | 13.6% |
| Consumer Discretionary | 10.5% |
| Real Estate | 6.0% |
| Energy | 4.1% |
| Materials | 3.7% |
| Consumer Staples | 3.7% |
| Communication Services | 2.8% |
| Utilities | 2.4% |
| Short-Term Securities | 4.2% |
| Liabilities in Excess of Other Assets | (3.0)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| Sprouts Farmers Market, Inc. | 1.6% |
| CubeSmart | 1.3% |
| ExlService Holdings, Inc. | 0.8% |
| Houlihan Lokey, Inc., Class A | 0.7% |
| Primoris Services Corp. | 0.7% |
| MasTec, Inc. | 0.7% |
| New Jersey Resources Corp. | 0.6% |
| Enova International, Inc. | 0.6% |
| Elastic NV | 0.6% |
| Comfort Systems U.S.A., Inc. | 0.6% |

---

<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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g73997images_27939.jpg)

BlackRock Advantage Small Cap Core Fund

Class K Shares \| BDSKX

Annual Shareholder Report — May 31, 2025

BDSKX-05/25-AR

![TSR - Blackrock Fund Logo](g73997images_27941.jpg)

### BlackRock Commodity Strategies Fund

### Institutional Shares \| BICSX

#### Annual Shareholder Report — May 31, 2025

------

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

#### What were the Fund costs for the last 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 | $74 | 0.72% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Institutional Shares returned 5.40%. 

* For the same period, the Fund's benchmark, the MSCI All Country World Index, returned 13.65% and the Bloomberg Commodity Index Total Return<sup>SM</sup> returned 1.69%. 

What contributed to performance?

The Fund's holdings in commodity derivatives—which it uses to achieve exposure to physical commodities—contributed to absolute performance, as did its positions in gold stocks. The gold miners Agnico-Eagle Mines Ltd., Kinross Gold Corp., Wheaton Precious Metals Corp., Lundin Gold, Inc. and AngloGold Ashanti PLC were all among the top absolute performers thanks to the combination of rising gold prices and improving management of their operational costs. The Fund's cash position had no material impact on performance.

What detracted from performance?

The Fund's position in the diversified mining company Glencore PLC, which was hurt by weak coal prices and concerns about the impact of U.S. tariffs, was a leading detractor from absolute performance. The pharmaceutical company Novo Nordisk A/S, which the Fund holds as part of its clinical nutrition theme, also detracted. The shares fell due to intensifying competition in the market for GLP-1 weight loss drugs. The paper and packaging company Graphic Packaging Holding Co. was a further detractor, as a slowdown in e-commerce growth dampened demand.

*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: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g73997chartimages_10118996.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Institutional Shares | 5.40% | 12.91% | 4.53% |
| MSCI All Country World Index | 13.65 | 13.37 | 9.25 |
| Bloomberg Commodity Index Total Return<sup>SM</sup> | 1.69 | 12.65 | 1.92 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$621905258 |
| Number of Portfolio Holdings | &nbsp;&nbsp;182 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$3514241 |
| Portfolio Turnover Rate | &nbsp;&nbsp;106% |

---

The Fund has added the MSCI All Country World Index in response to new regulatory requirements.

**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 May 31, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Materials | 37.0% |
| Energy | 12.5% |
| Short-Term Securities | 50.8% |
| Liabilities in Excess of Other Assets | (0.3)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| Nutrien Ltd. | 4.4% |
| Corteva, Inc. | 3.5% |
| Exxon Mobil Corp. | 2.4% |
| Smurfit WestRock PLC | 2.1% |
| Packaging Corp. of America | 1.6% |
| Agnico Eagle Mines Ltd. | 1.6% |
| Graphic Packaging Holding Co. | 1.3% |
| Shell PLC | 1.3% |
| Wheaton Precious Metals Corp. | 1.3% |
| Mosaic Co. (The) | 1.3% |

---

<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 Bloomberg Index Services Limited, MSCI, Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g73997images_27939.jpg)

BlackRock Commodity Strategies Fund

Institutional Shares \| BICSX

Annual Shareholder Report — May 31, 2025

BICSX-05/25-AR

![TSR - Blackrock Fund Logo](g73997images_27941.jpg)

### BlackRock Commodity Strategies Fund

### Investor A Shares \| BCSAX

#### Annual Shareholder Report — May 31, 2025

------

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

#### What were the Fund costs for the last 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 | $99 | 0.97% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Investor A Shares returned 5.06%. 

* For the same period, the Fund's benchmark, the MSCI All Country World Index, returned 13.65% and the Bloomberg Commodity Index Total Return<sup>SM</sup> returned 1.69%. 

What contributed to performance?

The Fund's holdings in commodity derivatives—which it uses to achieve exposure to physical commodities—contributed to absolute performance, as did its positions in gold stocks. The gold miners Agnico-Eagle Mines Ltd., Kinross Gold Corp., Wheaton Precious Metals Corp., Lundin Gold, Inc. and AngloGold Ashanti PLC were all among the top absolute performers thanks to the combination of rising gold prices and improving management of their operational costs. The Fund's cash position had no material impact on performance.

What detracted from performance?

The Fund's position in the diversified mining company Glencore PLC, which was hurt by weak coal prices and concerns about the impact of U.S. tariffs, was a leading detractor from absolute performance. The pharmaceutical company Novo Nordisk A/S, which the Fund holds as part of its clinical nutrition theme, also detracted. The shares fell due to intensifying competition in the market for GLP-1 weight loss drugs. The paper and packaging company Graphic Packaging Holding Co. was a further detractor, as a slowdown in e-commerce growth dampened demand.

*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: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g73997chartimages_10119040.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 | 5.06% | 12.61% | 4.25% |
| Investor A Shares (with sales charge) | (0.45) | 11.41 | 3.69 |
| MSCI All Country World Index | 13.65 | 13.37 | 9.25 |
| Bloomberg Commodity Index Total Return<sup>SM</sup> | 1.69 | 12.65 | 1.92 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$621905258 |
| Number of Portfolio Holdings | &nbsp;&nbsp;182 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$3514241 |
| Portfolio Turnover Rate | &nbsp;&nbsp;106% |

---

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

The Fund has added the MSCI All Country World Index in response to new regulatory requirements.

**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 May 31, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Materials | 37.0% |
| Energy | 12.5% |
| Short-Term Securities | 50.8% |
| Liabilities in Excess of Other Assets | (0.3)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| Nutrien Ltd. | 4.4% |
| Corteva, Inc. | 3.5% |
| Exxon Mobil Corp. | 2.4% |
| Smurfit WestRock PLC | 2.1% |
| Packaging Corp. of America | 1.6% |
| Agnico Eagle Mines Ltd. | 1.6% |
| Graphic Packaging Holding Co. | 1.3% |
| Shell PLC | 1.3% |
| Wheaton Precious Metals Corp. | 1.3% |
| Mosaic Co. (The) | 1.3% |

---

<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 Bloomberg Index Services Limited, MSCI, Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g73997images_27939.jpg)

BlackRock Commodity Strategies Fund

Investor A Shares \| BCSAX

Annual Shareholder Report — May 31, 2025

BCSAX-05/25-AR

![TSR - Blackrock Fund Logo](g73997images_27941.jpg)

### BlackRock Commodity Strategies Fund

### Investor C Shares \| BCSCX

#### Annual Shareholder Report — May 31, 2025

------

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

#### What were the Fund costs for the last 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 | $176 | 1.72% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Investor C Shares returned 4.25%. 

* For the same period, the Fund's benchmark, the MSCI All Country World Index, returned 13.65% and the Bloomberg Commodity Index Total Return<sup>SM</sup> returned 1.69%. 

What contributed to performance?

The Fund's holdings in commodity derivatives—which it uses to achieve exposure to physical commodities—contributed to absolute performance, as did its positions in gold stocks. The gold miners Agnico-Eagle Mines Ltd., Kinross Gold Corp., Wheaton Precious Metals Corp., Lundin Gold, Inc. and AngloGold Ashanti PLC were all among the top absolute performers thanks to the combination of rising gold prices and improving management of their operational costs. The Fund's cash position had no material impact on performance.

What detracted from performance?

The Fund's position in the diversified mining company Glencore PLC, which was hurt by weak coal prices and concerns about the impact of U.S. tariffs, was a leading detractor from absolute performance. The pharmaceutical company Novo Nordisk A/S, which the Fund holds as part of its clinical nutrition theme, also detracted. The shares fell due to intensifying competition in the market for GLP-1 weight loss drugs. The paper and packaging company Graphic Packaging Holding Co. was a further detractor, as a slowdown in e-commerce growth dampened demand.

*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: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g73997chartimages_10119084.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 | 4.25% | 11.78% | 3.64% |
| Investor C Shares (with sales charge) | 3.25 | 11.78 | 3.64 |
| MSCI All Country World Index | 13.65 | 13.37 | 9.25 |
| Bloomberg Commodity Index Total Return<sup>SM</sup> | 1.69 | 12.65 | 1.92 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$621905258 |
| Number of Portfolio Holdings | &nbsp;&nbsp;182 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$3514241 |
| Portfolio Turnover Rate | &nbsp;&nbsp;106% |

---

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

The Fund has added the MSCI All Country World Index in response to new regulatory requirements.

**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 May 31, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Materials | 37.0% |
| Energy | 12.5% |
| Short-Term Securities | 50.8% |
| Liabilities in Excess of Other Assets | (0.3)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| Nutrien Ltd. | 4.4% |
| Corteva, Inc. | 3.5% |
| Exxon Mobil Corp. | 2.4% |
| Smurfit WestRock PLC | 2.1% |
| Packaging Corp. of America | 1.6% |
| Agnico Eagle Mines Ltd. | 1.6% |
| Graphic Packaging Holding Co. | 1.3% |
| Shell PLC | 1.3% |
| Wheaton Precious Metals Corp. | 1.3% |
| Mosaic Co. (The) | 1.3% |

---

<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 Bloomberg Index Services Limited, MSCI, Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g73997images_27939.jpg)

BlackRock Commodity Strategies Fund

Investor C Shares \| BCSCX

Annual Shareholder Report — May 31, 2025

BCSCX-05/25-AR

![TSR - Blackrock Fund Logo](g73997images_27941.jpg)

### BlackRock Commodity Strategies Fund

### Class K Shares \| BCSKX

#### Annual Shareholder Report — May 31, 2025

------

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

#### What were the Fund costs for the last 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 | $69 | 0.67% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Class K Shares returned 5.45%. 

* For the same period, the Fund's benchmark, the MSCI All Country World Index, returned 13.65% and the Bloomberg Commodity Index Total Return<sup>SM</sup> returned 1.69%. 

What contributed to performance?

The Fund's holdings in commodity derivatives—which it uses to achieve exposure to physical commodities—contributed to absolute performance, as did its positions in gold stocks. The gold miners Agnico-Eagle Mines Ltd., Kinross Gold Corp., Wheaton Precious Metals Corp., Lundin Gold, Inc. and AngloGold Ashanti PLC were all among the top absolute performers thanks to the combination of rising gold prices and improving management of their operational costs. The Fund's cash position had no material impact on performance.

What detracted from performance?

The Fund's position in the diversified mining company Glencore PLC, which was hurt by weak coal prices and concerns about the impact of U.S. tariffs, was a leading detractor from absolute performance. The pharmaceutical company Novo Nordisk A/S, which the Fund holds as part of its clinical nutrition theme, also detracted. The shares fell due to intensifying competition in the market for GLP-1 weight loss drugs. The paper and packaging company Graphic Packaging Holding Co. was a further detractor, as a slowdown in e-commerce growth dampened demand.

*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: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g73997chartimages_10118952.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 | 5.45% | 12.95% | 4.57% |
| MSCI All Country World Index | 13.65 | 13.37 | 9.25 |
| Bloomberg Commodity Index Total Return<sup>SM</sup> | 1.69 | 12.65 | 1.92 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$621905258 |
| Number of Portfolio Holdings | &nbsp;&nbsp;182 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$3514241 |
| Portfolio Turnover Rate | &nbsp;&nbsp;106% |

---

The Fund has added the MSCI All Country World Index in response to new regulatory requirements.

Performance shown prior to the Class K Shares inception date of January 25, 2018 is that of Institutional Shares. The performance of the Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares.

**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 May 31, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Materials | 37.0% |
| Energy | 12.5% |
| Short-Term Securities | 50.8% |
| Liabilities in Excess of Other Assets | (0.3)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| Nutrien Ltd. | 4.4% |
| Corteva, Inc. | 3.5% |
| Exxon Mobil Corp. | 2.4% |
| Smurfit WestRock PLC | 2.1% |
| Packaging Corp. of America | 1.6% |
| Agnico Eagle Mines Ltd. | 1.6% |
| Graphic Packaging Holding Co. | 1.3% |
| Shell PLC | 1.3% |
| Wheaton Precious Metals Corp. | 1.3% |
| Mosaic Co. (The) | 1.3% |

---

<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 Bloomberg Index Services Limited, MSCI, Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g73997images_27939.jpg)

BlackRock Commodity Strategies Fund

Class K Shares \| BCSKX

Annual Shareholder Report — May 31, 2025

BCSKX-05/25-AR

![TSR - Blackrock Fund Logo](g73997images_27941.jpg)

### BlackRock Energy Opportunities Fund

### Institutional Shares \| BACIX

#### Annual Shareholder Report — May 31, 2025

------

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

#### What were the Fund costs for the last 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 | $89 | 0.92% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Institutional Shares returned (7.60)%. 

* For the same period, the Fund's benchmark, the MSCI All Country World Index, returned 13.65% and the MSCI World Energy Index returned (7.34)%. 

What contributed to performance?

The Fund's holdings in energy distribution companies were notable contributors to absolute performance. The portfolio's positions in this area were focused on companies with greater exposure to natural gas, liquid natural gas ("LNG"), and capabilities in the Permian Basin. Overweight positions in the distribution companies Williams Cos., TC Energy Corp., and Pembina Pipeline Corp. all contributed positively, as did the LNG exporter Cheniere Energy, Inc. Valuations for energy infrastructure assets generally increased due to expectations for rising U.S. power demand, as well as their lower sensitivity to crude oil prices. The Fund's position in the uranium supplier Cameco Corp. also benefited from the outlook for growing power demand, together with anticipation of increased investment in nuclear power.

What detracted from performance?

Holdings in oil-related stocks were among the largest detractors. Oil prices fell sharply due to rising OPEC production and concerns that slower global growth would crimp demand. The Fund's position in BP PLC detracted from returns, as did holdings in integrated energy companies such as Exxon Mobil Corp., Chevron Corp., and Total Energies SE. Holdings in energy exploration and production companies posted negative returns, as well. A position in ConocoPhillips, which was pressured by its bid for a competitor, also hurt absolute 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: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g73997chartimages_10118820.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Institutional Shares | (7.60)% | 18.18% | 2.83% |
| MSCI All Country World Index | 13.65 | 13.37 | 9.25 |
| MSCI World Energy Index | (7.34) | 17.73 | 3.66 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$264678340 |
| Number of Portfolio Holdings | &nbsp;&nbsp;27 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$2294865 |
| Portfolio Turnover Rate | &nbsp;&nbsp;66% |

---

**Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

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

**Industry allocation**

---

| | |
|:---|:---|
| *Industry<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Oil, Gas & Consumable Fuels | 95.8% |
| Energy Equipment & Services | 2.8% |
| Short-Term Securities | 0.7% |
| Other Assets Less Liabilities | 0.7% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| Exxon Mobil Corp. | 19.6% |
| Shell PLC | 10.5% |
| Chevron Corp. | 9.7% |
| TotalEnergies SE | 7.1% |
| Canadian Natural Resources Ltd. | 4.2% |
| Cheniere Energy, Inc. | 4.1% |
| TC Energy Corp. | 4.1% |
| Williams Cos., Inc. (The) | 4.1% |
| Kinder Morgan, Inc. | 3.8% |
| EOG Resources, Inc. | 3.7% |

---

<sup><sup>(a)</sup></sup> <sup>For purposes of this report, industry 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 MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g73997images_27939.jpg)

BlackRock Energy Opportunities Fund

Institutional Shares \| BACIX

Annual Shareholder Report — May 31, 2025

BACIX-05/25-AR

![TSR - Blackrock Fund Logo](g73997images_27941.jpg)

### BlackRock Energy Opportunities Fund

### Investor A Shares \| BACAX

#### Annual Shareholder Report — May 31, 2025

------

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

#### What were the Fund costs for the last 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 | $125 | 1.30% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Investor A Shares returned (8.00)%. 

* For the same period, the Fund's benchmark, the MSCI All Country World Index, returned 13.65% and the MSCI World Energy Index returned (7.34)%. 

What contributed to performance?

The Fund's holdings in energy distribution companies were notable contributors to absolute performance. The portfolio's positions in this area were focused on companies with greater exposure to natural gas, liquid natural gas ("LNG"), and capabilities in the Permian Basin. Overweight positions in the distribution companies Williams Cos., TC Energy Corp., and Pembina Pipeline Corp. all contributed positively, as did the LNG exporter Cheniere Energy, Inc. Valuations for energy infrastructure assets generally increased due to expectations for rising U.S. power demand, as well as their lower sensitivity to crude oil prices. The Fund's position in the uranium supplier Cameco Corp. also benefited from the outlook for growing power demand, together with anticipation of increased investment in nuclear power.

What detracted from performance?

Holdings in oil-related stocks were among the largest detractors. Oil prices fell sharply due to rising OPEC production and concerns that slower global growth would crimp demand. The Fund's position in BP PLC detracted from returns, as did holdings in integrated energy companies such as Exxon Mobil Corp., Chevron Corp., and Total Energies SE. Holdings in energy exploration and production companies posted negative returns, as well. A position in ConocoPhillips, which was pressured by its bid for a competitor, also hurt absolute 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: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g73997chartimages_10118864.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 | (8.00)% | 17.70% | 2.40% |
| Investor A Shares (with sales charge) | (12.83) | 16.44 | 1.85 |
| MSCI All Country World Index | 13.65 | 13.37 | 9.25 |
| MSCI World Energy Index | (7.34) | 17.73 | 3.66 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$264678340 |
| Number of Portfolio Holdings | &nbsp;&nbsp;27 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$2294865 |
| Portfolio Turnover Rate | &nbsp;&nbsp;66% |

---

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

**Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

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

**Industry allocation**

---

| | |
|:---|:---|
| *Industry<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Oil, Gas & Consumable Fuels | 95.8% |
| Energy Equipment & Services | 2.8% |
| Short-Term Securities | 0.7% |
| Other Assets Less Liabilities | 0.7% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| Exxon Mobil Corp. | 19.6% |
| Shell PLC | 10.5% |
| Chevron Corp. | 9.7% |
| TotalEnergies SE | 7.1% |
| Canadian Natural Resources Ltd. | 4.2% |
| Cheniere Energy, Inc. | 4.1% |
| TC Energy Corp. | 4.1% |
| Williams Cos., Inc. (The) | 4.1% |
| Kinder Morgan, Inc. | 3.8% |
| EOG Resources, Inc. | 3.7% |

---

<sup><sup>(a)</sup></sup> <sup>For purposes of this report, industry 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 MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g73997images_27939.jpg)

BlackRock Energy Opportunities Fund

Investor A Shares \| BACAX

Annual Shareholder Report — May 31, 2025

BACAX-05/25-AR

![TSR - Blackrock Fund Logo](g73997images_27941.jpg)

### BlackRock Energy Opportunities Fund

### Investor C Shares \| BACCX

#### Annual Shareholder Report — May 31, 2025

------

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

#### What were the Fund costs for the last 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 | $191 | 2.00% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Investor C Shares returned (8.68)%. 

* For the same period, the Fund's benchmark, the MSCI All Country World Index, returned 13.65% and the MSCI World Energy Index returned (7.34)%. 

What contributed to performance?

The Fund's holdings in energy distribution companies were notable contributors to absolute performance. The portfolio's positions in this area were focused on companies with greater exposure to natural gas, liquid natural gas ("LNG"), and capabilities in the Permian Basin. Overweight positions in the distribution companies Williams Cos., TC Energy Corp., and Pembina Pipeline Corp. all contributed positively, as did the LNG exporter Cheniere Energy, Inc. Valuations for energy infrastructure assets generally increased due to expectations for rising U.S. power demand, as well as their lower sensitivity to crude oil prices. The Fund's position in the uranium supplier Cameco Corp. also benefited from the outlook for growing power demand, together with anticipation of increased investment in nuclear power.

What detracted from performance?

Holdings in oil-related stocks were among the largest detractors. Oil prices fell sharply due to rising OPEC production and concerns that slower global growth would crimp demand. The Fund's position in BP PLC detracted from returns, as did holdings in integrated energy companies such as Exxon Mobil Corp., Chevron Corp., and Total Energies SE. Holdings in energy exploration and production companies posted negative returns, as well. A position in ConocoPhillips, which was pressured by its bid for a competitor, also hurt absolute 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: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g73997chartimages_10118908.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 | (8.68)% | 16.85% | 1.81% |
| Investor C Shares (with sales charge) | (9.58) | 16.85 | 1.81 |
| MSCI All Country World Index | 13.65 | 13.37 | 9.25 |
| MSCI World Energy Index | (7.34) | 17.73 | 3.66 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$264678340 |
| Number of Portfolio Holdings | &nbsp;&nbsp;27 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$2294865 |
| Portfolio Turnover Rate | &nbsp;&nbsp;66% |

---

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

**Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

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

**Industry allocation**

---

| | |
|:---|:---|
| *Industry<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Oil, Gas & Consumable Fuels | 95.8% |
| Energy Equipment & Services | 2.8% |
| Short-Term Securities | 0.7% |
| Other Assets Less Liabilities | 0.7% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| Exxon Mobil Corp. | 19.6% |
| Shell PLC | 10.5% |
| Chevron Corp. | 9.7% |
| TotalEnergies SE | 7.1% |
| Canadian Natural Resources Ltd. | 4.2% |
| Cheniere Energy, Inc. | 4.1% |
| TC Energy Corp. | 4.1% |
| Williams Cos., Inc. (The) | 4.1% |
| Kinder Morgan, Inc. | 3.8% |
| EOG Resources, Inc. | 3.7% |

---

<sup><sup>(a)</sup></sup> <sup>For purposes of this report, industry 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 MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g73997images_27939.jpg)

BlackRock Energy Opportunities Fund

Investor C Shares \| BACCX

Annual Shareholder Report — May 31, 2025

BACCX-05/25-AR

![TSR - Blackrock Fund Logo](g73997images_27941.jpg)

### BlackRock Health Sciences Opportunities Portfolio

### Institutional Shares \| SHSSX

#### Annual Shareholder Report — May 31, 2025

------

This annual shareholder report contains important information about BlackRock Health Sciences Opportunities Portfolio (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last 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 | $82 | 0.84% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Institutional Shares returned (5.77)%. 

* For the same period, the Fund's benchmark, the Russell 3000<sup>®</sup> Index, returned 13.12% and the Russell 3000<sup>®</sup> Health Care Index returned (6.31)%. 

What contributed to performance?

Boston Scientific Corp. was the largest contributor to the Fund's absolute performance. Shares of the biotech company rallied on the strength of revenue and earnings growth that exceeded analysts' expectations. Abbott Laboratories also contributed to returns due to strong sales and earnings growth, particularly in its medical devices and diabetes care segments, as well as robust performance in diagnostics and emerging markets. Gilead Sciences, Inc. further contributed to Fund returns. The company delivered strong financial results with upbeat guidance, and it announced positive clinical trial results. The Fund's cash position had no material impact on performance.

What detracted from performance?

UnitedHealth Group Inc. was the largest detractor. The health insurer's stock fell due to a combination of surging medical costs, the abrupt resignation of its chief executive officer, the withdrawal of its 2025 earnings guidance, and reports of a U.S. Department of Justice probe into potential Medicare fraud. Eli Lilly & Co. also detracted from performance, primarily as a result of earnings misses and reduced guidance. Thermo Fisher Scientific Inc., which reduced its guidance due to ongoing weakness in China, macroeconomic headwinds, and the negative impact of new tariffs, was another detractor of note.

*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: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g73997chartimages_10119832.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Institutional Shares | (5.77)% | 4.72% | 7.46% |
| Russell 3000<sup>®</sup> Index | 13.12 | 15.34 | 12.21 |
| Russell 3000<sup>®</sup> Health Care Index | (6.31) | 5.44 | 7.14 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$6446425713 |
| Number of Portfolio Holdings | &nbsp;&nbsp;131 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$52207307 |
| Portfolio Turnover Rate | &nbsp;&nbsp;43% |

---

The Fund has added the Russell 3000<sup>®</sup> Index in response to new regulatory requirements.

**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 May 31, 2025)

**Industry allocation**

---

| | |
|:---|:---|
| *Industry<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Health Care Equipment & Supplies | 29.1% |
| Biotechnology | 24.9% |
| Pharmaceuticals | 20.5% |
| Health Care Providers & Services | 15.2% |
| Life Sciences Tools & Services | 6.2% |
| Financial Services | 0.1% |
| Short-Term Securities | 6.0% |
| Liabilities in Excess of Other Assets | (2.0)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| Eli Lilly & Co. | 8.9% |
| Boston Scientific Corp. | 6.7% |
| AbbVie, Inc. | 6.0% |
| Abbott Laboratories | 5.4% |
| UnitedHealth Group, Inc. | 4.4% |
| Johnson & Johnson | 4.1% |
| Stryker Corp. | 4.0% |
| Amgen, Inc. | 3.3% |
| Intuitive Surgical, Inc. | 3.3% |
| Edwards Lifesciences Corp. | 2.9% |

---

<sup><sup>(a)</sup></sup> <sup>For purposes of this report, industry 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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g73997images_27939.jpg)

BlackRock Health Sciences Opportunities Portfolio

Institutional Shares \| SHSSX

Annual Shareholder Report — May 31, 2025

SHSSX-05/25-AR

![TSR - Blackrock Fund Logo](g73997images_27941.jpg)

### BlackRock Health Sciences Opportunities Portfolio

### Service Shares \| SHISX

#### Annual Shareholder Report — May 31, 2025

------

This annual shareholder report contains important information about BlackRock Health Sciences Opportunities Portfolio (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last 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** |
| Service Shares | $112 | 1.15% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Service Shares returned (6.08)%. 

* For the same period, the Fund's benchmark, the Russell 3000<sup>®</sup> Index, returned 13.12% and the Russell 3000<sup>®</sup> Health Care Index returned (6.31)%. 

What contributed to performance?

Boston Scientific Corp. was the largest contributor to the Fund's absolute performance. Shares of the biotech company rallied on the strength of revenue and earnings growth that exceeded analysts' expectations. Abbott Laboratories also contributed to returns due to strong sales and earnings growth, particularly in its medical devices and diabetes care segments, as well as robust performance in diagnostics and emerging markets. Gilead Sciences, Inc. further contributed to Fund returns. The company delivered strong financial results with upbeat guidance, and it announced positive clinical trial results. The Fund's cash position had no material impact on performance.

What detracted from performance?

UnitedHealth Group Inc. was the largest detractor. The health insurer's stock fell due to a combination of surging medical costs, the abrupt resignation of its chief executive officer, the withdrawal of its 2025 earnings guidance, and reports of a U.S. Department of Justice probe into potential Medicare fraud. Eli Lilly & Co. also detracted from performance, primarily as a result of earnings misses and reduced guidance. Thermo Fisher Scientific Inc., which reduced its guidance due to ongoing weakness in China, macroeconomic headwinds, and the negative impact of new tariffs, was another detractor of note.

*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: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g73997chartimages_10119964.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Service Shares | (6.08)% | 4.40% | 7.14% |
| Russell 3000<sup>®</sup> Index | 13.12 | 15.34 | 12.21 |
| Russell 3000<sup>®</sup> Health Care Index | (6.31) | 5.44 | 7.14 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$6446425713 |
| Number of Portfolio Holdings | &nbsp;&nbsp;131 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$52207307 |
| Portfolio Turnover Rate | &nbsp;&nbsp;43% |

---

Average annual total returns reflect reductions for service fees.

The Fund has added the Russell 3000<sup>®</sup> Index in response to new regulatory requirements.

**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 May 31, 2025)

**Industry allocation**

---

| | |
|:---|:---|
| *Industry<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Health Care Equipment & Supplies | 29.1% |
| Biotechnology | 24.9% |
| Pharmaceuticals | 20.5% |
| Health Care Providers & Services | 15.2% |
| Life Sciences Tools & Services | 6.2% |
| Financial Services | 0.1% |
| Short-Term Securities | 6.0% |
| Liabilities in Excess of Other Assets | (2.0)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| Eli Lilly & Co. | 8.9% |
| Boston Scientific Corp. | 6.7% |
| AbbVie, Inc. | 6.0% |
| Abbott Laboratories | 5.4% |
| UnitedHealth Group, Inc. | 4.4% |
| Johnson & Johnson | 4.1% |
| Stryker Corp. | 4.0% |
| Amgen, Inc. | 3.3% |
| Intuitive Surgical, Inc. | 3.3% |
| Edwards Lifesciences Corp. | 2.9% |

---

<sup><sup>(a)</sup></sup> <sup>For purposes of this report, industry 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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g73997images_27939.jpg)

BlackRock Health Sciences Opportunities Portfolio

Service Shares \| SHISX

Annual Shareholder Report — May 31, 2025

SHISX-05/25-AR

![TSR - Blackrock Fund Logo](g73997images_27941.jpg)

### BlackRock Health Sciences Opportunities Portfolio

### Investor A Shares \| SHSAX

#### Annual Shareholder Report — May 31, 2025

------

This annual shareholder report contains important information about BlackRock Health Sciences Opportunities Portfolio (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last 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 | $106 | 1.09% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Investor A Shares returned (6.03)%. 

* For the same period, the Fund's benchmark, the Russell 3000<sup>®</sup> Index, returned 13.12% and the Russell 3000<sup>®</sup> Health Care Index returned (6.31)%. 

What contributed to performance?

Boston Scientific Corp. was the largest contributor to the Fund's absolute performance. Shares of the biotech company rallied on the strength of revenue and earnings growth that exceeded analysts' expectations. Abbott Laboratories also contributed to returns due to strong sales and earnings growth, particularly in its medical devices and diabetes care segments, as well as robust performance in diagnostics and emerging markets. Gilead Sciences, Inc. further contributed to Fund returns. The company delivered strong financial results with upbeat guidance, and it announced positive clinical trial results. The Fund's cash position had no material impact on performance.

What detracted from performance?

UnitedHealth Group Inc. was the largest detractor. The health insurer's stock fell due to a combination of surging medical costs, the abrupt resignation of its chief executive officer, the withdrawal of its 2025 earnings guidance, and reports of a U.S. Department of Justice probe into potential Medicare fraud. Eli Lilly & Co. also detracted from performance, primarily as a result of earnings misses and reduced guidance. Thermo Fisher Scientific Inc., which reduced its guidance due to ongoing weakness in China, macroeconomic headwinds, and the negative impact of new tariffs, was another detractor of note.

*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: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g73997chartimages_10119876.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 | (6.03)% | 4.45% | 7.17% |
| Investor A Shares (with sales charge) | (10.95) | 3.33 | 6.60 |
| Russell 3000<sup>®</sup> Index | 13.12 | 15.34 | 12.21 |
| Russell 3000<sup>®</sup> Health Care Index | (6.31) | 5.44 | 7.14 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$6446425713 |
| Number of Portfolio Holdings | &nbsp;&nbsp;131 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$52207307 |
| Portfolio Turnover Rate | &nbsp;&nbsp;43% |

---

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

The Fund has added the Russell 3000<sup>®</sup> Index in response to new regulatory requirements.

**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 May 31, 2025)

**Industry allocation**

---

| | |
|:---|:---|
| *Industry<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Health Care Equipment & Supplies | 29.1% |
| Biotechnology | 24.9% |
| Pharmaceuticals | 20.5% |
| Health Care Providers & Services | 15.2% |
| Life Sciences Tools & Services | 6.2% |
| Financial Services | 0.1% |
| Short-Term Securities | 6.0% |
| Liabilities in Excess of Other Assets | (2.0)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| Eli Lilly & Co. | 8.9% |
| Boston Scientific Corp. | 6.7% |
| AbbVie, Inc. | 6.0% |
| Abbott Laboratories | 5.4% |
| UnitedHealth Group, Inc. | 4.4% |
| Johnson & Johnson | 4.1% |
| Stryker Corp. | 4.0% |
| Amgen, Inc. | 3.3% |
| Intuitive Surgical, Inc. | 3.3% |
| Edwards Lifesciences Corp. | 2.9% |

---

<sup><sup>(a)</sup></sup> <sup>For purposes of this report, industry 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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g73997images_27939.jpg)

BlackRock Health Sciences Opportunities Portfolio

Investor A Shares \| SHSAX

Annual Shareholder Report — May 31, 2025

SHSAX-05/25-AR

![TSR - Blackrock Fund Logo](g73997images_27941.jpg)

### BlackRock Health Sciences Opportunities Portfolio

### Investor C Shares \| SHSCX

#### Annual Shareholder Report — May 31, 2025

------

This annual shareholder report contains important information about BlackRock Health Sciences Opportunities Portfolio (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last 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 | $179 | 1.85% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Investor C Shares returned (6.73)%. 

* For the same period, the Fund's benchmark, the Russell 3000<sup>®</sup> Index, returned 13.12% and the Russell 3000<sup>®</sup> Health Care Index returned (6.31)%. 

What contributed to performance?

Boston Scientific Corp. was the largest contributor to the Fund's absolute performance. Shares of the biotech company rallied on the strength of revenue and earnings growth that exceeded analysts' expectations. Abbott Laboratories also contributed to returns due to strong sales and earnings growth, particularly in its medical devices and diabetes care segments, as well as robust performance in diagnostics and emerging markets. Gilead Sciences, Inc. further contributed to Fund returns. The company delivered strong financial results with upbeat guidance, and it announced positive clinical trial results. The Fund's cash position had no material impact on performance.

What detracted from performance?

UnitedHealth Group Inc. was the largest detractor. The health insurer's stock fell due to a combination of surging medical costs, the abrupt resignation of its chief executive officer, the withdrawal of its 2025 earnings guidance, and reports of a U.S. Department of Justice probe into potential Medicare fraud. Eli Lilly & Co. also detracted from performance, primarily as a result of earnings misses and reduced guidance. Thermo Fisher Scientific Inc., which reduced its guidance due to ongoing weakness in China, macroeconomic headwinds, and the negative impact of new tariffs, was another detractor of note.

*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: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g73997chartimages_10119920.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 | (6.73)% | 3.67% | 6.55% |
| Investor C Shares (with sales charge) | (7.57) | 3.67 | 6.55 |
| Russell 3000<sup>®</sup> Index | 13.12 | 15.34 | 12.21 |
| Russell 3000<sup>®</sup> Health Care Index | (6.31) | 5.44 | 7.14 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$6446425713 |
| Number of Portfolio Holdings | &nbsp;&nbsp;131 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$52207307 |
| Portfolio Turnover Rate | &nbsp;&nbsp;43% |

---

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

The Fund has added the Russell 3000<sup>®</sup> Index in response to new regulatory requirements.

**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 May 31, 2025)

**Industry allocation**

---

| | |
|:---|:---|
| *Industry<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Health Care Equipment & Supplies | 29.1% |
| Biotechnology | 24.9% |
| Pharmaceuticals | 20.5% |
| Health Care Providers & Services | 15.2% |
| Life Sciences Tools & Services | 6.2% |
| Financial Services | 0.1% |
| Short-Term Securities | 6.0% |
| Liabilities in Excess of Other Assets | (2.0)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| Eli Lilly & Co. | 8.9% |
| Boston Scientific Corp. | 6.7% |
| AbbVie, Inc. | 6.0% |
| Abbott Laboratories | 5.4% |
| UnitedHealth Group, Inc. | 4.4% |
| Johnson & Johnson | 4.1% |
| Stryker Corp. | 4.0% |
| Amgen, Inc. | 3.3% |
| Intuitive Surgical, Inc. | 3.3% |
| Edwards Lifesciences Corp. | 2.9% |

---

<sup><sup>(a)</sup></sup> <sup>For purposes of this report, industry 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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g73997images_27939.jpg)

BlackRock Health Sciences Opportunities Portfolio

Investor C Shares \| SHSCX

Annual Shareholder Report — May 31, 2025

SHSCX-05/25-AR

![TSR - Blackrock Fund Logo](g73997images_27941.jpg)

### BlackRock Health Sciences Opportunities Portfolio

### Class K Shares \| SHSKX

#### Annual Shareholder Report — May 31, 2025

------

This annual shareholder report contains important information about BlackRock Health Sciences Opportunities Portfolio (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last 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 | $73 | 0.75% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Class K Shares returned (5.71)%. 

* For the same period, the Fund's benchmark, the Russell 3000<sup>®</sup> Index, returned 13.12% and the Russell 3000<sup>®</sup> Health Care Index returned (6.31)%. 

What contributed to performance?

Boston Scientific Corp. was the largest contributor to the Fund's absolute performance. Shares of the biotech company rallied on the strength of revenue and earnings growth that exceeded analysts' expectations. Abbott Laboratories also contributed to returns due to strong sales and earnings growth, particularly in its medical devices and diabetes care segments, as well as robust performance in diagnostics and emerging markets. Gilead Sciences, Inc. further contributed to Fund returns. The company delivered strong financial results with upbeat guidance, and it announced positive clinical trial results. The Fund's cash position had no material impact on performance.

What detracted from performance?

UnitedHealth Group Inc. was the largest detractor. The health insurer's stock fell due to a combination of surging medical costs, the abrupt resignation of its chief executive officer, the withdrawal of its 2025 earnings guidance, and reports of a U.S. Department of Justice probe into potential Medicare fraud. Eli Lilly & Co. also detracted from performance, primarily as a result of earnings misses and reduced guidance. Thermo Fisher Scientific Inc., which reduced its guidance due to ongoing weakness in China, macroeconomic headwinds, and the negative impact of new tariffs, was another detractor of note.

*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: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g73997chartimages_10119744.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 | (5.71)% | 4.81% | 7.52% |
| Russell 3000<sup>®</sup> Index | 13.12 | 15.34 | 12.21 |
| Russell 3000<sup>®</sup> Health Care Index | (6.31) | 5.44 | 7.14 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$6446425713 |
| Number of Portfolio Holdings | &nbsp;&nbsp;131 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$52207307 |
| Portfolio Turnover Rate | &nbsp;&nbsp;43% |

---

The Fund has added the Russell 3000<sup>®</sup> Index in response to new regulatory requirements.

Performance shown prior to the Class K Shares inception date of June 8, 2016 is that of Investor A Shares. The performance of the Class K Shares would be substantially similar to Investor A Shares because Class K Shares and Investor A Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Investor A Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Investor A Shares because Class K Shares have lower expenses than the Investor A Shares.

**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 May 31, 2025)

**Industry allocation**

---

| | |
|:---|:---|
| *Industry<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Health Care Equipment & Supplies | 29.1% |
| Biotechnology | 24.9% |
| Pharmaceuticals | 20.5% |
| Health Care Providers & Services | 15.2% |
| Life Sciences Tools & Services | 6.2% |
| Financial Services | 0.1% |
| Short-Term Securities | 6.0% |
| Liabilities in Excess of Other Assets | (2.0)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| Eli Lilly & Co. | 8.9% |
| Boston Scientific Corp. | 6.7% |
| AbbVie, Inc. | 6.0% |
| Abbott Laboratories | 5.4% |
| UnitedHealth Group, Inc. | 4.4% |
| Johnson & Johnson | 4.1% |
| Stryker Corp. | 4.0% |
| Amgen, Inc. | 3.3% |
| Intuitive Surgical, Inc. | 3.3% |
| Edwards Lifesciences Corp. | 2.9% |

---

<sup><sup>(a)</sup></sup> <sup>For purposes of this report, industry 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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g73997images_27939.jpg)

BlackRock Health Sciences Opportunities Portfolio

Class K Shares \| SHSKX

Annual Shareholder Report — May 31, 2025

SHSKX-05/25-AR

![TSR - Blackrock Fund Logo](g73997images_27941.jpg)

### BlackRock Health Sciences Opportunities Portfolio

### Class R Shares \| BHSRX

#### Annual Shareholder Report — May 31, 2025

------

This annual shareholder report contains important information about BlackRock Health Sciences Opportunities Portfolio (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last 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 | $139 | 1.44% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Class R Shares returned (6.36)%. 

* For the same period, the Fund's benchmark, the Russell 3000<sup>®</sup> Index, returned 13.12% and the Russell 3000<sup>®</sup> Health Care Index returned (6.31)%. 

What contributed to performance?

Boston Scientific Corp. was the largest contributor to the Fund's absolute performance. Shares of the biotech company rallied on the strength of revenue and earnings growth that exceeded analysts' expectations. Abbott Laboratories also contributed to returns due to strong sales and earnings growth, particularly in its medical devices and diabetes care segments, as well as robust performance in diagnostics and emerging markets. Gilead Sciences, Inc. further contributed to Fund returns. The company delivered strong financial results with upbeat guidance, and it announced positive clinical trial results. The Fund's cash position had no material impact on performance.

What detracted from performance?

UnitedHealth Group Inc. was the largest detractor. The health insurer's stock fell due to a combination of surging medical costs, the abrupt resignation of its chief executive officer, the withdrawal of its 2025 earnings guidance, and reports of a U.S. Department of Justice probe into potential Medicare fraud. Eli Lilly & Co. also detracted from performance, primarily as a result of earnings misses and reduced guidance. Thermo Fisher Scientific Inc., which reduced its guidance due to ongoing weakness in China, macroeconomic headwinds, and the negative impact of new tariffs, was another detractor of note.

*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: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g73997chartimages_10119788.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 | (6.36)% | 4.08% | 6.81% |
| Russell 3000<sup>®</sup> Index | 13.12 | 15.34 | 12.21 |
| Russell 3000<sup>®</sup> Health Care Index | (6.31) | 5.44 | 7.14 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$6446425713 |
| Number of Portfolio Holdings | &nbsp;&nbsp;131 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$52207307 |
| Portfolio Turnover Rate | &nbsp;&nbsp;43% |

---

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

The Fund has added the Russell 3000<sup>®</sup> Index in response to new regulatory requirements.

**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 May 31, 2025)

**Industry allocation**

---

| | |
|:---|:---|
| *Industry<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Health Care Equipment & Supplies | 29.1% |
| Biotechnology | 24.9% |
| Pharmaceuticals | 20.5% |
| Health Care Providers & Services | 15.2% |
| Life Sciences Tools & Services | 6.2% |
| Financial Services | 0.1% |
| Short-Term Securities | 6.0% |
| Liabilities in Excess of Other Assets | (2.0)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| Eli Lilly & Co. | 8.9% |
| Boston Scientific Corp. | 6.7% |
| AbbVie, Inc. | 6.0% |
| Abbott Laboratories | 5.4% |
| UnitedHealth Group, Inc. | 4.4% |
| Johnson & Johnson | 4.1% |
| Stryker Corp. | 4.0% |
| Amgen, Inc. | 3.3% |
| Intuitive Surgical, Inc. | 3.3% |
| Edwards Lifesciences Corp. | 2.9% |

---

<sup><sup>(a)</sup></sup> <sup>For purposes of this report, industry 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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g73997images_27939.jpg)

BlackRock Health Sciences Opportunities Portfolio

Class R Shares \| BHSRX

Annual Shareholder Report — May 31, 2025

BHSRX-05/25-AR

![TSR - Blackrock Fund Logo](g73997images_27941.jpg)

### BlackRock High Equity Income Fund

### Institutional Shares \| BMCIX

#### Annual Shareholder Report — May 31, 2025

------

This annual shareholder report contains important information about BlackRock High Equity Income Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last 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 | $87 | 0.85% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Institutional Shares returned 4.06%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index, returned 13.73% and the Russell 1000<sup>®</sup> Value Index returned 8.91%. 

What contributed to performance?

The Fund utilizes an actively managed large-cap value approach that seeks to generate enhanced yield by combining dividend-paying equities with a single-stock covered call overlay. In doing so, the Fund utilizes derivatives known as equity-linked notes ("ELNs"), debt instruments with the potential for additional payouts tied to the return of a specific stock. The Fund's primary objective is income generation, targeting a yield of around 8%, while investing in high-quality, attractively valued companies with a consistent dividend history.

Over the period, the use of ELNs had a positive impact on fund performance within the financials, industrials, consumer discretionary, healthcare, utilities, information technology, consumer staples, and communication services sectors.

What detracted from performance?

The use of ELNs had a negative impact on fund performance within the energy, materials, and real estate sectors.

*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: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g73997chartimages_10120536.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Institutional Shares | 4.06% | 11.94% | 6.93% |
| Russell 1000<sup>®</sup> Index | 13.73 | 15.66 | 12.58 |
| Russell 1000<sup>®</sup> Value Index | 8.91 | 13.02 | 8.60 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$1795170680 |
| Number of Portfolio Holdings | &nbsp;&nbsp;180 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$14049604 |
| Portfolio Turnover Rate | &nbsp;&nbsp;130% |

---

The Fund has added the Russell 1000<sup>®</sup> Index in response to new regulatory requirements.

The Fund's returns shown prior to June 12, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock U.S. Opportunities Portfolio.

**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 May 31, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Financials | 20.6% |
| Health Care | 16.1% |
| Industrials | 12.6% |
| Information Technology | 11.9% |
| Consumer Staples | 8.7% |
| Communication Services | 7.2% |
| Consumer Discretionary | 6.9% |
| Materials | 5.9% |
| Energy | 5.1% |
| Utilities | 3.8% |
| Real Estate | 2.8% |
| Short-Term Securities | 5.0% |
| Liabilities in Excess of Other Assets | (6.6)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| Baxter International, Inc. | 2.1% |
| Citigroup, Inc. | 2.0% |
| Comcast Corp., Class A | 2.0% |
| Cardinal Health, Inc. | 1.9% |
| First Citizens BancShares, Inc., Class A | 1.7% |
| WPP PLC | 1.7% |
| Samsung Electronics Co. Ltd., Registered Shares, GDR | 1.6% |
| SS&C Technologies Holdings, Inc. | 1.5% |
| Wells Fargo & Co. | 1.5% |
| JP Morgan Securities LLC (Wells Fargo & Co.), Series N0Q2 | 1.3% |

---

<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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g73997images_27939.jpg)

BlackRock High Equity Income Fund

Institutional Shares \| BMCIX

Annual Shareholder Report — May 31, 2025

BMCIX-05/25-AR

![TSR - Blackrock Fund Logo](g73997images_27941.jpg)

### BlackRock High Equity Income Fund

### Investor A Shares \| BMEAX

#### Annual Shareholder Report — May 31, 2025

------

This annual shareholder report contains important information about BlackRock High Equity Income Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last 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 | $112 | 1.10% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Investor A Shares returned 3.81%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index, returned 13.73% and the Russell 1000<sup>®</sup> Value Index returned 8.91%. 

What contributed to performance?

The Fund utilizes an actively managed large-cap value approach that seeks to generate enhanced yield by combining dividend-paying equities with a single-stock covered call overlay. In doing so, the Fund utilizes derivatives known as equity-linked notes ("ELNs"), debt instruments with the potential for additional payouts tied to the return of a specific stock. The Fund's primary objective is income generation, targeting a yield of around 8%, while investing in high-quality, attractively valued companies with a consistent dividend history.

Over the period, the use of ELNs had a positive impact on fund performance within the financials, industrials, consumer discretionary, healthcare, utilities, information technology, consumer staples, and communication services sectors.

What detracted from performance?

The use of ELNs had a negative impact on fund performance within the energy, materials, and real estate sectors.

*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: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g73997chartimages_10120580.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 | 3.81% | 11.65% | 6.64% |
| Investor A Shares (with sales charge) | (1.64) | 10.45 | 6.07 |
| Russell 1000<sup>®</sup> Index | 13.73 | 15.66 | 12.58 |
| Russell 1000<sup>®</sup> Value Index | 8.91 | 13.02 | 8.60 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$1795170680 |
| Number of Portfolio Holdings | &nbsp;&nbsp;180 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$14049604 |
| Portfolio Turnover Rate | &nbsp;&nbsp;130% |

---

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

The Fund has added the Russell 1000<sup>®</sup> Index in response to new regulatory requirements.

The Fund's returns shown prior to June 12, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock U.S. Opportunities Portfolio.

**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 May 31, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Financials | 20.6% |
| Health Care | 16.1% |
| Industrials | 12.6% |
| Information Technology | 11.9% |
| Consumer Staples | 8.7% |
| Communication Services | 7.2% |
| Consumer Discretionary | 6.9% |
| Materials | 5.9% |
| Energy | 5.1% |
| Utilities | 3.8% |
| Real Estate | 2.8% |
| Short-Term Securities | 5.0% |
| Liabilities in Excess of Other Assets | (6.6)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| Baxter International, Inc. | 2.1% |
| Citigroup, Inc. | 2.0% |
| Comcast Corp., Class A | 2.0% |
| Cardinal Health, Inc. | 1.9% |
| First Citizens BancShares, Inc., Class A | 1.7% |
| WPP PLC | 1.7% |
| Samsung Electronics Co. Ltd., Registered Shares, GDR | 1.6% |
| SS&C Technologies Holdings, Inc. | 1.5% |
| Wells Fargo & Co. | 1.5% |
| JP Morgan Securities LLC (Wells Fargo & Co.), Series N0Q2 | 1.3% |

---

<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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g73997images_27939.jpg)

BlackRock High Equity Income Fund

Investor A Shares \| BMEAX

Annual Shareholder Report — May 31, 2025

BMEAX-05/25-AR

![TSR - Blackrock Fund Logo](g73997images_27941.jpg)

### BlackRock High Equity Income Fund

### Investor C Shares \| BMECX

#### Annual Shareholder Report — May 31, 2025

------

This annual shareholder report contains important information about BlackRock High Equity Income Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last 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 | $188 | 1.85% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Investor C Shares returned 3.01%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index, returned 13.73% and the Russell 1000<sup>®</sup> Value Index returned 8.91%. 

What contributed to performance?

The Fund utilizes an actively managed large-cap value approach that seeks to generate enhanced yield by combining dividend-paying equities with a single-stock covered call overlay. In doing so, the Fund utilizes derivatives known as equity-linked notes ("ELNs"), debt instruments with the potential for additional payouts tied to the return of a specific stock. The Fund's primary objective is income generation, targeting a yield of around 8%, while investing in high-quality, attractively valued companies with a consistent dividend history.

Over the period, the use of ELNs had a positive impact on fund performance within the financials, industrials, consumer discretionary, healthcare, utilities, information technology, consumer staples, and communication services sectors.

What detracted from performance?

The use of ELNs had a negative impact on fund performance within the energy, materials, and real estate sectors.

*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: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g73997chartimages_10120624.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 | 3.01% | 10.81% | 6.01% |
| Investor C Shares (with sales charge) | 2.05 | 10.81 | 6.01 |
| Russell 1000<sup>®</sup> Index | 13.73 | 15.66 | 12.58 |
| Russell 1000<sup>®</sup> Value Index | 8.91 | 13.02 | 8.60 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$1795170680 |
| Number of Portfolio Holdings | &nbsp;&nbsp;180 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$14049604 |
| Portfolio Turnover Rate | &nbsp;&nbsp;130% |

---

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

The Fund has added the Russell 1000<sup>®</sup> Index in response to new regulatory requirements.

The Fund's returns shown prior to June 12, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock U.S. Opportunities Portfolio.

**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 May 31, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Financials | 20.6% |
| Health Care | 16.1% |
| Industrials | 12.6% |
| Information Technology | 11.9% |
| Consumer Staples | 8.7% |
| Communication Services | 7.2% |
| Consumer Discretionary | 6.9% |
| Materials | 5.9% |
| Energy | 5.1% |
| Utilities | 3.8% |
| Real Estate | 2.8% |
| Short-Term Securities | 5.0% |
| Liabilities in Excess of Other Assets | (6.6)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| Baxter International, Inc. | 2.1% |
| Citigroup, Inc. | 2.0% |
| Comcast Corp., Class A | 2.0% |
| Cardinal Health, Inc. | 1.9% |
| First Citizens BancShares, Inc., Class A | 1.7% |
| WPP PLC | 1.7% |
| Samsung Electronics Co. Ltd., Registered Shares, GDR | 1.6% |
| SS&C Technologies Holdings, Inc. | 1.5% |
| Wells Fargo & Co. | 1.5% |
| JP Morgan Securities LLC (Wells Fargo & Co.), Series N0Q2 | 1.3% |

---

<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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g73997images_27939.jpg)

BlackRock High Equity Income Fund

Investor C Shares \| BMECX

Annual Shareholder Report — May 31, 2025

BMECX-05/25-AR

![TSR - Blackrock Fund Logo](g73997images_27941.jpg)

### BlackRock High Equity Income Fund

### Class K Shares \| BHEIX

#### Annual Shareholder Report — May 31, 2025

------

This annual shareholder report contains important information about BlackRock High Equity Income Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last 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 | $82 | 0.80% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Class K Shares returned 4.11%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index, returned 13.73% and the Russell 1000<sup>®</sup> Value Index returned 8.91%. 

What contributed to performance?

The Fund utilizes an actively managed large-cap value approach that seeks to generate enhanced yield by combining dividend-paying equities with a single-stock covered call overlay. In doing so, the Fund utilizes derivatives known as equity-linked notes ("ELNs"), debt instruments with the potential for additional payouts tied to the return of a specific stock. The Fund's primary objective is income generation, targeting a yield of around 8%, while investing in high-quality, attractively valued companies with a consistent dividend history.

Over the period, the use of ELNs had a positive impact on fund performance within the financials, industrials, consumer discretionary, healthcare, utilities, information technology, consumer staples, and communication services sectors.

What detracted from performance?

The use of ELNs had a negative impact on fund performance within the energy, materials, and real estate sectors.

*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: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g73997chartimages_10120668.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 | 4.11% | 11.98% | 6.95% |
| Russell 1000<sup>®</sup> Index | 13.73 | 15.66 | 12.58 |
| Russell 1000<sup>®</sup> Value Index | 8.91 | 13.02 | 8.60 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$1795170680 |
| Number of Portfolio Holdings | &nbsp;&nbsp;180 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$14049604 |
| Portfolio Turnover Rate | &nbsp;&nbsp;130% |

---

The Fund has added the Russell 1000<sup>®</sup> Index in response to new regulatory requirements.

The Fund's returns shown prior to June 12, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock U.S. Opportunities Portfolio.

Performance shown prior to the Class K Shares inception date of April 21, 2020 is that of Institutional Shares. The performance of the Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares.

**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 May 31, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Financials | 20.6% |
| Health Care | 16.1% |
| Industrials | 12.6% |
| Information Technology | 11.9% |
| Consumer Staples | 8.7% |
| Communication Services | 7.2% |
| Consumer Discretionary | 6.9% |
| Materials | 5.9% |
| Energy | 5.1% |
| Utilities | 3.8% |
| Real Estate | 2.8% |
| Short-Term Securities | 5.0% |
| Liabilities in Excess of Other Assets | (6.6)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| Baxter International, Inc. | 2.1% |
| Citigroup, Inc. | 2.0% |
| Comcast Corp., Class A | 2.0% |
| Cardinal Health, Inc. | 1.9% |
| First Citizens BancShares, Inc., Class A | 1.7% |
| WPP PLC | 1.7% |
| Samsung Electronics Co. Ltd., Registered Shares, GDR | 1.6% |
| SS&C Technologies Holdings, Inc. | 1.5% |
| Wells Fargo & Co. | 1.5% |
| JP Morgan Securities LLC (Wells Fargo & Co.), Series N0Q2 | 1.3% |

---

<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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g73997images_27939.jpg)

BlackRock High Equity Income Fund

Class K Shares \| BHEIX

Annual Shareholder Report — May 31, 2025

BHEIX-05/25-AR

![TSR - Blackrock Fund Logo](g73997images_27941.jpg)

### BlackRock Mid-Cap Growth Equity Portfolio

### Institutional Shares \| CMGIX

#### Annual Shareholder Report — May 31, 2025

------

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

#### What were the Fund costs for the last 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 | $84 | 0.80% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Institutional Shares returned 9.90%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index, returned 13.73% and the Russell Midcap<sup>®</sup> Growth Index returned 23.23%. 

What contributed to performance?

Positive contributions to the Fund's performance over the period were led by investment decisions in the industrials, financials and consumer discretionary sectors. In industrials, holdings in the aerospace and defense industry proved beneficial, most notably exposure to a provider of public safety equipment. In financials, positioning in capital markets was most additive, led by exposure to a financial technology platform. Finally, in consumer discretionary, positioning in the diversified consumer services industry contributed, most notably holdings of an educational technology company.

What detracted from performance?

The largest detractors from performance over the period were investment decisions in the healthcare, utilities and materials sectors. In healthcare, positioning in the life sciences tools and services industry detracted, in particular exposure to a provider of pharmaceutical packaging. In utilities, positioning in independent power and renewable electricity providers weighed on return, most notably holdings of a power generation company. Finally, in materials, positioning in the construction materials industry detracted, most notably holdings of a construction company.

*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: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g73997chartimages_10120096.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Institutional Shares | 9.90% | 6.52% | 10.61% |
| Russell 1000<sup>®</sup> Index | 13.73 | 15.66 | 12.58 |
| Russell Midcap<sup>®</sup> Growth Index | 23.23 | 12.22 | 11.47 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$8649804136 |
| Number of Portfolio Holdings | &nbsp;&nbsp;70 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$64983827 |
| Portfolio Turnover Rate | &nbsp;&nbsp;87% |

---

The Fund has added the Russell 1000<sup>®</sup> Index in response to new regulatory requirements.

**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 May 31, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Information Technology | 33.3% |
| Industrials | 20.3% |
| Financials | 14.0% |
| Health Care | 12.6% |
| Consumer Discretionary | 9.9% |
| Communication Services | 6.9% |
| Real Estate | 1.5% |
| Energy | 1.5% |
| Materials | 0.5% |
| Short-Term Securities | 4.0% |
| Liabilities in Excess of Other Assets | (4.5)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| AppLovin Corp., Class A | 6.2% |
| Palantir Technologies, Inc., Class A | 5.8% |
| Axon Enterprise, Inc. | 4.5% |
| Vertiv Holdings Co., Class A | 3.4% |
| HEICO Corp. | 3.3% |
| Dexcom, Inc. | 3.3% |
| Ares Management Corp., Class A | 3.1% |
| Cloudflare, Inc., Class A | 3.0% |
| Howmet Aerospace, Inc. | 2.8% |
| Live Nation Entertainment, Inc. | 2.8% |

---

<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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g73997images_27939.jpg)

BlackRock Mid-Cap Growth Equity Portfolio

Institutional Shares \| CMGIX

Annual Shareholder Report — May 31, 2025

CMGIX-05/25-AR

![TSR - Blackrock Fund Logo](g73997images_27941.jpg)

### BlackRock Mid-Cap Growth Equity Portfolio

### Service Shares \| CMGSX

#### Annual Shareholder Report — May 31, 2025

------

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

#### What were the Fund costs for the last 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** |
| Service Shares | $110 | 1.05% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Service Shares returned 9.58%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index, returned 13.73% and the Russell Midcap<sup>®</sup> Growth Index returned 23.23%. 

What contributed to performance?

Positive contributions to the Fund's performance over the period were led by investment decisions in the industrials, financials and consumer discretionary sectors. In industrials, holdings in the aerospace and defense industry proved beneficial, most notably exposure to a provider of public safety equipment. In financials, positioning in capital markets was most additive, led by exposure to a financial technology platform. Finally, in consumer discretionary, positioning in the diversified consumer services industry contributed, most notably holdings of an educational technology company.

What detracted from performance?

The largest detractors from performance over the period were investment decisions in the healthcare, utilities and materials sectors. In healthcare, positioning in the life sciences tools and services industry detracted, in particular exposure to a provider of pharmaceutical packaging. In utilities, positioning in independent power and renewable electricity providers weighed on return, most notably holdings of a power generation company. Finally, in materials, positioning in the construction materials industry detracted, most notably holdings of a construction company.

*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: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g73997chartimages_10120228.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Service Shares | 9.58% | 6.26% | 10.34% |
| Russell 1000<sup>®</sup> Index | 13.73 | 15.66 | 12.58 |
| Russell Midcap<sup>®</sup> Growth Index | 23.23 | 12.22 | 11.47 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$8649804136 |
| Number of Portfolio Holdings | &nbsp;&nbsp;70 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$64983827 |
| Portfolio Turnover Rate | &nbsp;&nbsp;87% |

---

Average annual total returns reflect reductions for service fees.

The Fund has added the Russell 1000<sup>®</sup> Index in response to new regulatory requirements.

**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 May 31, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Information Technology | 33.3% |
| Industrials | 20.3% |
| Financials | 14.0% |
| Health Care | 12.6% |
| Consumer Discretionary | 9.9% |
| Communication Services | 6.9% |
| Real Estate | 1.5% |
| Energy | 1.5% |
| Materials | 0.5% |
| Short-Term Securities | 4.0% |
| Liabilities in Excess of Other Assets | (4.5)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| AppLovin Corp., Class A | 6.2% |
| Palantir Technologies, Inc., Class A | 5.8% |
| Axon Enterprise, Inc. | 4.5% |
| Vertiv Holdings Co., Class A | 3.4% |
| HEICO Corp. | 3.3% |
| Dexcom, Inc. | 3.3% |
| Ares Management Corp., Class A | 3.1% |
| Cloudflare, Inc., Class A | 3.0% |
| Howmet Aerospace, Inc. | 2.8% |
| Live Nation Entertainment, Inc. | 2.8% |

---

<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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g73997images_27939.jpg)

BlackRock Mid-Cap Growth Equity Portfolio

Service Shares \| CMGSX

Annual Shareholder Report — May 31, 2025

CMGSX-05/25-AR

![TSR - Blackrock Fund Logo](g73997images_27941.jpg)

### BlackRock Mid-Cap Growth Equity Portfolio

### Investor A Shares \| BMGAX

#### Annual Shareholder Report — May 31, 2025

------

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

#### What were the Fund costs for the last 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 | $110 | 1.05% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Investor A Shares returned 9.61%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index, returned 13.73% and the Russell Midcap<sup>®</sup> Growth Index returned 23.23%. 

What contributed to performance?

Positive contributions to the Fund's performance over the period were led by investment decisions in the industrials, financials and consumer discretionary sectors. In industrials, holdings in the aerospace and defense industry proved beneficial, most notably exposure to a provider of public safety equipment. In financials, positioning in capital markets was most additive, led by exposure to a financial technology platform. Finally, in consumer discretionary, positioning in the diversified consumer services industry contributed, most notably holdings of an educational technology company.

What detracted from performance?

The largest detractors from performance over the period were investment decisions in the healthcare, utilities and materials sectors. In healthcare, positioning in the life sciences tools and services industry detracted, in particular exposure to a provider of pharmaceutical packaging. In utilities, positioning in independent power and renewable electricity providers weighed on return, most notably holdings of a power generation company. Finally, in materials, positioning in the construction materials industry detracted, most notably holdings of a construction company.

*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: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g73997chartimages_10120140.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 | 9.61% | 6.26% | 10.30% |
| Investor A Shares (with sales charge) | 3.85 | 5.12 | 9.71 |
| Russell 1000<sup>®</sup> Index | 13.73 | 15.66 | 12.58 |
| Russell Midcap<sup>®</sup> Growth Index | 23.23 | 12.22 | 11.47 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$8649804136 |
| Number of Portfolio Holdings | &nbsp;&nbsp;70 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$64983827 |
| Portfolio Turnover Rate | &nbsp;&nbsp;87% |

---

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

The Fund has added the Russell 1000<sup>®</sup> Index in response to new regulatory requirements.

**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 May 31, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Information Technology | 33.3% |
| Industrials | 20.3% |
| Financials | 14.0% |
| Health Care | 12.6% |
| Consumer Discretionary | 9.9% |
| Communication Services | 6.9% |
| Real Estate | 1.5% |
| Energy | 1.5% |
| Materials | 0.5% |
| Short-Term Securities | 4.0% |
| Liabilities in Excess of Other Assets | (4.5)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| AppLovin Corp., Class A | 6.2% |
| Palantir Technologies, Inc., Class A | 5.8% |
| Axon Enterprise, Inc. | 4.5% |
| Vertiv Holdings Co., Class A | 3.4% |
| HEICO Corp. | 3.3% |
| Dexcom, Inc. | 3.3% |
| Ares Management Corp., Class A | 3.1% |
| Cloudflare, Inc., Class A | 3.0% |
| Howmet Aerospace, Inc. | 2.8% |
| Live Nation Entertainment, Inc. | 2.8% |

---

<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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g73997images_27939.jpg)

BlackRock Mid-Cap Growth Equity Portfolio

Investor A Shares \| BMGAX

Annual Shareholder Report — May 31, 2025

BMGAX-05/25-AR

![TSR - Blackrock Fund Logo](g73997images_27941.jpg)

### BlackRock Mid-Cap Growth Equity Portfolio

### Investor C Shares \| BMGCX

#### Annual Shareholder Report — May 31, 2025

------

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

#### What were the Fund costs for the last 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 | $188 | 1.80% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Investor C Shares returned 8.82%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index, returned 13.73% and the Russell Midcap<sup>®</sup> Growth Index returned 23.23%. 

What contributed to performance?

Positive contributions to the Fund's performance over the period were led by investment decisions in the industrials, financials and consumer discretionary sectors. In industrials, holdings in the aerospace and defense industry proved beneficial, most notably exposure to a provider of public safety equipment. In financials, positioning in capital markets was most additive, led by exposure to a financial technology platform. Finally, in consumer discretionary, positioning in the diversified consumer services industry contributed, most notably holdings of an educational technology company.

What detracted from performance?

The largest detractors from performance over the period were investment decisions in the healthcare, utilities and materials sectors. In healthcare, positioning in the life sciences tools and services industry detracted, in particular exposure to a provider of pharmaceutical packaging. In utilities, positioning in independent power and renewable electricity providers weighed on return, most notably holdings of a power generation company. Finally, in materials, positioning in the construction materials industry detracted, most notably holdings of a construction company.

*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: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g73997chartimages_10120184.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 | 8.82% | 5.47% | 9.65% |
| Investor C Shares (with sales charge) | 7.82 | 5.47 | 9.65 |
| Russell 1000<sup>®</sup> Index | 13.73 | 15.66 | 12.58 |
| Russell Midcap<sup>®</sup> Growth Index | 23.23 | 12.22 | 11.47 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$8649804136 |
| Number of Portfolio Holdings | &nbsp;&nbsp;70 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$64983827 |
| Portfolio Turnover Rate | &nbsp;&nbsp;87% |

---

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

The Fund has added the Russell 1000<sup>®</sup> Index in response to new regulatory requirements.

**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 May 31, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Information Technology | 33.3% |
| Industrials | 20.3% |
| Financials | 14.0% |
| Health Care | 12.6% |
| Consumer Discretionary | 9.9% |
| Communication Services | 6.9% |
| Real Estate | 1.5% |
| Energy | 1.5% |
| Materials | 0.5% |
| Short-Term Securities | 4.0% |
| Liabilities in Excess of Other Assets | (4.5)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| AppLovin Corp., Class A | 6.2% |
| Palantir Technologies, Inc., Class A | 5.8% |
| Axon Enterprise, Inc. | 4.5% |
| Vertiv Holdings Co., Class A | 3.4% |
| HEICO Corp. | 3.3% |
| Dexcom, Inc. | 3.3% |
| Ares Management Corp., Class A | 3.1% |
| Cloudflare, Inc., Class A | 3.0% |
| Howmet Aerospace, Inc. | 2.8% |
| Live Nation Entertainment, Inc. | 2.8% |

---

<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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g73997images_27939.jpg)

BlackRock Mid-Cap Growth Equity Portfolio

Investor C Shares \| BMGCX

Annual Shareholder Report — May 31, 2025

BMGCX-05/25-AR

![TSR - Blackrock Fund Logo](g73997images_27941.jpg)

### BlackRock Mid-Cap Growth Equity Portfolio

### Class K Shares \| BMGKX

#### Annual Shareholder Report — May 31, 2025

------

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

#### What were the Fund costs for the last 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 | $75 | 0.71% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Class K Shares returned 9.97%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index, returned 13.73% and the Russell Midcap<sup>®</sup> Growth Index returned 23.23%. 

What contributed to performance?

Positive contributions to the Fund's performance over the period were led by investment decisions in the industrials, financials and consumer discretionary sectors. In industrials, holdings in the aerospace and defense industry proved beneficial, most notably exposure to a provider of public safety equipment. In financials, positioning in capital markets was most additive, led by exposure to a financial technology platform. Finally, in consumer discretionary, positioning in the diversified consumer services industry contributed, most notably holdings of an educational technology company.

What detracted from performance?

The largest detractors from performance over the period were investment decisions in the healthcare, utilities and materials sectors. In healthcare, positioning in the life sciences tools and services industry detracted, in particular exposure to a provider of pharmaceutical packaging. In utilities, positioning in independent power and renewable electricity providers weighed on return, most notably holdings of a power generation company. Finally, in materials, positioning in the construction materials industry detracted, most notably holdings of a construction company.

*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: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g73997chartimages_10120008.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 | 9.97% | 6.62% | 10.70% |
| Russell 1000<sup>®</sup> Index | 13.73 | 15.66 | 12.58 |
| Russell Midcap<sup>®</sup> Growth Index | 23.23 | 12.22 | 11.47 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$8649804136 |
| Number of Portfolio Holdings | &nbsp;&nbsp;70 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$64983827 |
| Portfolio Turnover Rate | &nbsp;&nbsp;87% |

---

The Fund has added the Russell 1000<sup>®</sup> Index in response to new regulatory requirements.

Performance shown prior to the Class K Shares inception date of March 28, 2016 is that of Institutional Shares. The performance of the Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares.

**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 May 31, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Information Technology | 33.3% |
| Industrials | 20.3% |
| Financials | 14.0% |
| Health Care | 12.6% |
| Consumer Discretionary | 9.9% |
| Communication Services | 6.9% |
| Real Estate | 1.5% |
| Energy | 1.5% |
| Materials | 0.5% |
| Short-Term Securities | 4.0% |
| Liabilities in Excess of Other Assets | (4.5)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| AppLovin Corp., Class A | 6.2% |
| Palantir Technologies, Inc., Class A | 5.8% |
| Axon Enterprise, Inc. | 4.5% |
| Vertiv Holdings Co., Class A | 3.4% |
| HEICO Corp. | 3.3% |
| Dexcom, Inc. | 3.3% |
| Ares Management Corp., Class A | 3.1% |
| Cloudflare, Inc., Class A | 3.0% |
| Howmet Aerospace, Inc. | 2.8% |
| Live Nation Entertainment, Inc. | 2.8% |

---

<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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g73997images_27939.jpg)

BlackRock Mid-Cap Growth Equity Portfolio

Class K Shares \| BMGKX

Annual Shareholder Report — May 31, 2025

BMGKX-05/25-AR

![TSR - Blackrock Fund Logo](g73997images_27941.jpg)

### BlackRock Mid-Cap Growth Equity Portfolio

### Class R Shares \| BMRRX

#### Annual Shareholder Report — May 31, 2025

------

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

#### What were the Fund costs for the last 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 | $136 | 1.30% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Class R Shares returned 9.34%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index, returned 13.73% and the Russell Midcap<sup>®</sup> Growth Index returned 23.23%. 

What contributed to performance?

Positive contributions to the Fund's performance over the period were led by investment decisions in the industrials, financials and consumer discretionary sectors. In industrials, holdings in the aerospace and defense industry proved beneficial, most notably exposure to a provider of public safety equipment. In financials, positioning in capital markets was most additive, led by exposure to a financial technology platform. Finally, in consumer discretionary, positioning in the diversified consumer services industry contributed, most notably holdings of an educational technology company.

What detracted from performance?

The largest detractors from performance over the period were investment decisions in the healthcare, utilities and materials sectors. In healthcare, positioning in the life sciences tools and services industry detracted, in particular exposure to a provider of pharmaceutical packaging. In utilities, positioning in independent power and renewable electricity providers weighed on return, most notably holdings of a power generation company. Finally, in materials, positioning in the construction materials industry detracted, most notably holdings of a construction company.

*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: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g73997chartimages_10120052.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 | 9.34% | 5.99% | 10.03% |
| Russell 1000<sup>®</sup> Index | 13.73 | 15.66 | 12.58 |
| Russell Midcap<sup>®</sup> Growth Index | 23.23 | 12.22 | 11.47 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$8649804136 |
| Number of Portfolio Holdings | &nbsp;&nbsp;70 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$64983827 |
| Portfolio Turnover Rate | &nbsp;&nbsp;87% |

---

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

The Fund has added the Russell 1000<sup>®</sup> Index in response to new regulatory requirements.

**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 May 31, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Information Technology | 33.3% |
| Industrials | 20.3% |
| Financials | 14.0% |
| Health Care | 12.6% |
| Consumer Discretionary | 9.9% |
| Communication Services | 6.9% |
| Real Estate | 1.5% |
| Energy | 1.5% |
| Materials | 0.5% |
| Short-Term Securities | 4.0% |
| Liabilities in Excess of Other Assets | (4.5)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| AppLovin Corp., Class A | 6.2% |
| Palantir Technologies, Inc., Class A | 5.8% |
| Axon Enterprise, Inc. | 4.5% |
| Vertiv Holdings Co., Class A | 3.4% |
| HEICO Corp. | 3.3% |
| Dexcom, Inc. | 3.3% |
| Ares Management Corp., Class A | 3.1% |
| Cloudflare, Inc., Class A | 3.0% |
| Howmet Aerospace, Inc. | 2.8% |
| Live Nation Entertainment, Inc. | 2.8% |

---

<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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g73997images_27939.jpg)

BlackRock Mid-Cap Growth Equity Portfolio

Class R Shares \| BMRRX

Annual Shareholder Report — May 31, 2025

BMRRX-05/25-AR

![TSR - Blackrock Fund Logo](g73997images_27941.jpg)

### BlackRock SMID-Cap Growth Equity Fund

### Institutional Shares \| BSMDX

#### Annual Shareholder Report — May 31, 2025

------

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

#### This report describes changes to the Fund that occurred during the reporting period.

#### 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 | $86 | 0.85% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Institutional Shares returned 2.69%. 

* For the same period, the Fund's benchmark, the Russell 3000<sup>®</sup> Index, returned 13.12% and the Russell 2500<sup>TM</sup> Growth Index returned 3.26%. 

What contributed to performance?

Positive contributions to the Fund's performance over the period were led by investment decisions in the industrials, consumer discretionary and financials sectors. In industrials, holdings in the aerospace and defense industry proved beneficial, most notably exposure to a provider of public safety equipment. In consumer discretionary, positioning in the diversified consumer services industry contributed, most notably holdings of an educational technology company. Finally, in financials, positioning in capital markets was most additive, led by exposure to a financial technology platform.

What detracted from performance?

The largest detractors from performance over the period were investment decisions in the information technology, healthcare and consumer staples sectors. In information technology, positioning in the semiconductors and semiconductor equipment industry detracted, in particular exposure to a provider of semiconductor materials. In healthcare, positioning in life sciences tools and services weighed on returns, most notably holdings of a pharmaceutical packaging company. Finally, in consumer staples, positioning in the food products industry detracted, most notably holdings of a pet food company.

*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: June 29, 2021 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g73997chartimages_10120712.jpg)

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

Average annual total returns

---

| | | |
|:---|:---|:---|
|  | *1 Year* | *Since Fund<br>Inception* |
| Institutional Shares | 2.69% | (10.48)% |
| Russell 3000<sup>®</sup> Index | 13.12 | 8.66 |
| Russell 2500<sup>TM</sup> Growth Index | 3.26 | (2.32) |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$10320861 |
| Number of Portfolio Holdings | &nbsp;&nbsp;91 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$47699 |
| Portfolio Turnover Rate | &nbsp;&nbsp;36% |

---

The Fund has added the Russell 3000<sup>®</sup> Index in response to new regulatory requirements.

The Fund commenced operations on June 29, 2021.

**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 May 31, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Industrials | 27.6% |
| Information Technology | 23.3% |
| Consumer Discretionary | 18.4% |
| Health Care | 11.2% |
| Financials | 8.2% |
| Communication Services | 6.3% |
| Energy | 2.8% |
| Real Estate | 0.8% |
| Consumer Staples | 0.7% |
| Short-Term Securities | 0.9% |
| Liabilities in Excess of Other Assets | (0.2)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| Axon Enterprise, Inc. | 3.9% |
| Comfort Systems U.S.A., Inc. | 3.4% |
| Duolingo, Inc., Class A | 3.1% |
| Tradeweb Markets, Inc., Class A | 2.7% |
| Vertiv Holdings Co., Class A | 2.5% |
| Carvana Co., Class A | 2.4% |
| Galderma Group AG | 2.4% |
| Live Nation Entertainment, Inc. | 2.4% |
| Liberty Media Corp. - Liberty Formula One, Class C, NVS | 2.3% |
| Planet Fitness, Inc., Class A | 2.2% |

---

<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>

#### Material fund changes
This is a summary of certain and planned changes to the Fund since May 31, 2024.

On February 20, 2025, the Fund's Board approved the closure of the Fund to new and subsequent investments and thereafter to liquidate the Fund. Accordingly, effective 4:00 p.m. (Eastern time) on June 6, 2025, the Fund no longer accepted orders to purchase Fund shares. On June 13, 2025, all of the assets of the Fund were liquidated completely, the shares of any shareholders were redeemed at the net asset value per share and the Fund was terminated as a series of the Trust.

#### 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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g73997images_27939.jpg)

BlackRock SMID-Cap Growth Equity Fund

Institutional Shares \| BSMDX

Annual Shareholder Report — May 31, 2025

BSMDX-05/25-AR

![TSR - Blackrock Fund Logo](g73997images_27941.jpg)

### BlackRock SMID-Cap Growth Equity Fund

### Investor A Shares \| BSDAX

#### Annual Shareholder Report — May 31, 2025

------

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

#### This report describes changes to the Fund that occurred during the reporting period.

#### 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 | $111 | 1.10% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Investor A Shares returned 2.47%. 

* For the same period, the Fund's benchmark, the Russell 3000<sup>®</sup> Index, returned 13.12% and the Russell 2500<sup>TM</sup> Growth Index returned 3.26%. 

What contributed to performance?

Positive contributions to the Fund's performance over the period were led by investment decisions in the industrials, consumer discretionary and financials sectors. In industrials, holdings in the aerospace and defense industry proved beneficial, most notably exposure to a provider of public safety equipment. In consumer discretionary, positioning in the diversified consumer services industry contributed, most notably holdings of an educational technology company. Finally, in financials, positioning in capital markets was most additive, led by exposure to a financial technology platform.

What detracted from performance?

The largest detractors from performance over the period were investment decisions in the information technology, healthcare and consumer staples sectors. In information technology, positioning in the semiconductors and semiconductor equipment industry detracted, in particular exposure to a provider of semiconductor materials. In healthcare, positioning in life sciences tools and services weighed on returns, most notably holdings of a pharmaceutical packaging company. Finally, in consumer staples, positioning in the food products industry detracted, most notably holdings of a pet food company.

*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: June 29, 2021 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g73997chartimages_10120756.jpg)

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

Average annual total returns

---

| | | |
|:---|:---|:---|
|  | *1 Year* | *Since Fund<br>Inception* |
| Investor A Shares | 2.47% | (10.69)% |
| Investor A Shares (with sales charge) | (2.91) | (11.91) |
| Russell 3000<sup>®</sup> Index | 13.12 | 8.66 |
| Russell 2500<sup>TM</sup> Growth Index | 3.26 | (2.32) |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$10320861 |
| Number of Portfolio Holdings | &nbsp;&nbsp;91 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$47699 |
| Portfolio Turnover Rate | &nbsp;&nbsp;36% |

---

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

The Fund has added the Russell 3000<sup>®</sup> Index in response to new regulatory requirements.

The Fund commenced operations on June 29, 2021.

**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 May 31, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Industrials | 27.6% |
| Information Technology | 23.3% |
| Consumer Discretionary | 18.4% |
| Health Care | 11.2% |
| Financials | 8.2% |
| Communication Services | 6.3% |
| Energy | 2.8% |
| Real Estate | 0.8% |
| Consumer Staples | 0.7% |
| Short-Term Securities | 0.9% |
| Liabilities in Excess of Other Assets | (0.2)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| Axon Enterprise, Inc. | 3.9% |
| Comfort Systems U.S.A., Inc. | 3.4% |
| Duolingo, Inc., Class A | 3.1% |
| Tradeweb Markets, Inc., Class A | 2.7% |
| Vertiv Holdings Co., Class A | 2.5% |
| Carvana Co., Class A | 2.4% |
| Galderma Group AG | 2.4% |
| Live Nation Entertainment, Inc. | 2.4% |
| Liberty Media Corp. - Liberty Formula One, Class C, NVS | 2.3% |
| Planet Fitness, Inc., Class A | 2.2% |

---

<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>

#### Material fund changes
This is a summary of certain and planned changes to the Fund since May 31, 2024.

On February 20, 2025, the Fund's Board approved the closure of the Fund to new and subsequent investments and thereafter to liquidate the Fund. Accordingly, effective 4:00 p.m. (Eastern time) on June 6, 2025, the Fund no longer accepted orders to purchase Fund shares. On June 13, 2025, all of the assets of the Fund were liquidated completely, the shares of any shareholders were redeemed at the net asset value per share and the Fund was terminated as a series of the Trust.

#### 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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g73997images_27939.jpg)

BlackRock SMID-Cap Growth Equity Fund

Investor A Shares \| BSDAX

Annual Shareholder Report — May 31, 2025

BSDAX-05/25-AR

![TSR - Blackrock Fund Logo](g73997images_27941.jpg)

### BlackRock SMID-Cap Growth Equity Fund

### Class K Shares \| BSDKX

#### Annual Shareholder Report — May 31, 2025

------

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

#### This report describes changes to the Fund that occurred during the reporting period.

#### 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 | $76 | 0.75% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Class K Shares returned 2.77%. 

* For the same period, the Fund's benchmark, the Russell 3000<sup>®</sup> Index, returned 13.12% and the Russell 2500<sup>TM</sup> Growth Index returned 3.26%. 

What contributed to performance?

Positive contributions to the Fund's performance over the period were led by investment decisions in the industrials, consumer discretionary and financials sectors. In industrials, holdings in the aerospace and defense industry proved beneficial, most notably exposure to a provider of public safety equipment. In consumer discretionary, positioning in the diversified consumer services industry contributed, most notably holdings of an educational technology company. Finally, in financials, positioning in capital markets was most additive, led by exposure to a financial technology platform.

What detracted from performance?

The largest detractors from performance over the period were investment decisions in the information technology, healthcare and consumer staples sectors. In information technology, positioning in the semiconductors and semiconductor equipment industry detracted, in particular exposure to a provider of semiconductor materials. In healthcare, positioning in life sciences tools and services weighed on returns, most notably holdings of a pharmaceutical packaging company. Finally, in consumer staples, positioning in the food products industry detracted, most notably holdings of a pet food company.

*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: June 29, 2021 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g73997chartimages_10120800.jpg)

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

Average annual total returns

---

| | | |
|:---|:---|:---|
|  | *1 Year* | *Since Fund<br>Inception* |
| Class K Shares | 2.77% | (10.39)% |
| Russell 3000<sup>®</sup> Index | 13.12 | 8.66 |
| Russell 2500<sup>TM</sup> Growth Index | 3.26 | (2.32) |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$10320861 |
| Number of Portfolio Holdings | &nbsp;&nbsp;91 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$47699 |
| Portfolio Turnover Rate | &nbsp;&nbsp;36% |

---

The Fund has added the Russell 3000<sup>®</sup> Index in response to new regulatory requirements.

The Fund commenced operations on June 29, 2021.

**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 May 31, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Industrials | 27.6% |
| Information Technology | 23.3% |
| Consumer Discretionary | 18.4% |
| Health Care | 11.2% |
| Financials | 8.2% |
| Communication Services | 6.3% |
| Energy | 2.8% |
| Real Estate | 0.8% |
| Consumer Staples | 0.7% |
| Short-Term Securities | 0.9% |
| Liabilities in Excess of Other Assets | (0.2)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| Axon Enterprise, Inc. | 3.9% |
| Comfort Systems U.S.A., Inc. | 3.4% |
| Duolingo, Inc., Class A | 3.1% |
| Tradeweb Markets, Inc., Class A | 2.7% |
| Vertiv Holdings Co., Class A | 2.5% |
| Carvana Co., Class A | 2.4% |
| Galderma Group AG | 2.4% |
| Live Nation Entertainment, Inc. | 2.4% |
| Liberty Media Corp. - Liberty Formula One, Class C, NVS | 2.3% |
| Planet Fitness, Inc., Class A | 2.2% |

---

<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>

#### Material fund changes
This is a summary of certain and planned changes to the Fund since May 31, 2024.

On February 20, 2025, the Fund's Board approved the closure of the Fund to new and subsequent investments and thereafter to liquidate the Fund. Accordingly, effective 4:00 p.m. (Eastern time) on June 6, 2025, the Fund no longer accepted orders to purchase Fund shares. On June 13, 2025, all of the assets of the Fund were liquidated completely, the shares of any shareholders were redeemed at the net asset value per share and the Fund was terminated as a series of the Trust.

#### 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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g73997images_27939.jpg)

BlackRock SMID-Cap Growth Equity Fund

Class K Shares \| BSDKX

Annual Shareholder Report — May 31, 2025

BSDKX-05/25-AR

![TSR - Blackrock Fund Logo](g73997images_27941.jpg)

### BlackRock Technology Opportunities Fund

### Institutional Shares \| BGSIX

#### Annual Shareholder Report — May 31, 2025

------

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

#### What were the Fund costs for the last 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 | $99 | 0.92% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Institutional Shares returned 16.22%. 

* For the same period, the Fund's benchmark, the MSCI All Country World Index, returned 13.65% and the MSCI All-Country World Information Technology 10/40 Index returned 15.75%. 

What contributed to performance?

Broadcom, Inc., which benefited from significant growth in its artificial intelligence ("AI") chip business as well as the successful integration of an acquisition, was the largest contributor to the Fund's absolute performance. The semiconductor giant NVIDIA, Inc., which experienced rising demand for its AI-optimized graphics processing units in data centers, was also a top contributor. Spotify SA was an additional contributor of note. Shares of the music streaming application company rose on the strength of its first full year of profitability in 2024, a growing user base, and its efforts to augment monetization through price hikes and new subscription tiers.

What detracted from performance?

Micron Technology, Inc. was the largest detractor from returns. The stock declined as an oversupply of memory chips and slower demand in consumer electronics pressured prices and revenue growth. MongoDB, Inc. also detracted from performance, reflecting slower-than-expected revenue growth and disappointing financial guidance. The semiconductor company ASML NV, which reduced its revenue forecast due to excess semiconductor industry capacity, delayed orders from major clients, and weaker-than-expected demand outside the AI chip segment, was another detractor of note.

*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: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g73997chartimages_10120316.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Institutional Shares | 16.22% | 14.38% | 18.83% |
| MSCI All Country World Index | 13.65 | 13.37 | 9.25 |
| MSCI All-Country World Information Technology 10/40 Index | 15.75 | 18.64 | 18.14 |
| MSCI All-Country World Information Technology Index | 14.50 | 19.37 | 18.38 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$6056850565 |
| Number of Portfolio Holdings | &nbsp;&nbsp;74 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$44166278 |
| Portfolio Turnover Rate | &nbsp;&nbsp;52% |

---

The Fund has added the MSCI All Country World Index in response to new regulatory requirements.

The Fund's returns shown prior to December 30, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock Science & Technology Opportunities Portfolio.

**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 May 31, 2025)

**Industry allocation**

---

| | |
|:---|:---|
| *Industry<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Software | 31.1% |
| Semiconductors & Semiconductor Equipment | 26.9% |
| Technology Hardware, Storage & Peripherals | 6.8% |
| Broadline Retail | 6.2% |
| Interactive Media & Services | 6.0% |
| Entertainment | 4.9% |
| IT Services | 4.6% |
| Financial Services | 3.3% |
| Professional Services | 2.7% |
| Capital Markets | 1.4% |
| Other<sup>#</sup> | 3.7% |
| Short-Term Securities | 2.7% |
| Liabilities in Excess of Other Assets | (0.3)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| NVIDIA Corp. | 13.0% |
| Microsoft Corp. | 8.5% |
| Broadcom, Inc. | 6.7% |
| Apple Inc. | 5.9% |
| Meta Platforms, Inc., Class A | 4.6% |
| Amazon.com, Inc. | 3.2% |
| Oracle Corp. | 2.9% |
| Snowflake, Inc., Class A | 2.6% |
| Cadence Design Systems, Inc. | 2.4% |
| Mastercard, Inc., Class A | 2.1% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>For purposes of this report, industry sub-classifications may differ from those utilized by the Fund for compliance purposes.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes short-term securities.</sup> |
| <sup><sup>#</sup></sup><sup>Ten largest industries are presented. Additional industries are found in Other.</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 MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g73997images_27939.jpg)

BlackRock Technology Opportunities Fund

Institutional Shares \| BGSIX

Annual Shareholder Report — May 31, 2025

BGSIX-05/25-AR

![TSR - Blackrock Fund Logo](g73997images_27941.jpg)

### BlackRock Technology Opportunities Fund

### Service Shares \| BSTSX

#### Annual Shareholder Report — May 31, 2025

------

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

#### What were the Fund costs for the last 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** |
| Service Shares | $126 | 1.17% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Service Shares returned 15.96%. 

* For the same period, the Fund's benchmark, the MSCI All Country World Index, returned 13.65% and the MSCI All-Country World Information Technology 10/40 Index returned 15.75%. 

What contributed to performance?

Broadcom, Inc., which benefited from significant growth in its artificial intelligence ("AI") chip business as well as the successful integration of an acquisition, was the largest contributor to the Fund's absolute performance. The semiconductor giant NVIDIA, Inc., which experienced rising demand for its AI-optimized graphics processing units in data centers, was also a top contributor. Spotify SA was an additional contributor of note. Shares of the music streaming application company rose on the strength of its first full year of profitability in 2024, a growing user base, and its efforts to augment monetization through price hikes and new subscription tiers.

What detracted from performance?

Micron Technology, Inc. was the largest detractor from returns. The stock declined as an oversupply of memory chips and slower demand in consumer electronics pressured prices and revenue growth. MongoDB, Inc. also detracted from performance, reflecting slower-than-expected revenue growth and disappointing financial guidance. The semiconductor company ASML NV, which reduced its revenue forecast due to excess semiconductor industry capacity, delayed orders from major clients, and weaker-than-expected demand outside the AI chip segment, was another detractor of note.

*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: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g73997chartimages_10120448.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Service Shares | 15.96% | 14.10% | 18.54% |
| MSCI All Country World Index | 13.65 | 13.37 | 9.25 |
| MSCI All-Country World Information Technology 10/40 Index | 15.75 | 18.64 | 18.14 |
| MSCI All-Country World Information Technology Index | 14.50 | 19.37 | 18.38 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$6056850565 |
| Number of Portfolio Holdings | &nbsp;&nbsp;74 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$44166278 |
| Portfolio Turnover Rate | &nbsp;&nbsp;52% |

---

Average annual total returns reflect reductions for service fees.

The Fund has added the MSCI All Country World Index in response to new regulatory requirements.

The Fund's returns shown prior to December 30, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock Science & Technology Opportunities Portfolio.

**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 May 31, 2025)

**Industry allocation**

---

| | |
|:---|:---|
| *Industry<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Software | 31.1% |
| Semiconductors & Semiconductor Equipment | 26.9% |
| Technology Hardware, Storage & Peripherals | 6.8% |
| Broadline Retail | 6.2% |
| Interactive Media & Services | 6.0% |
| Entertainment | 4.9% |
| IT Services | 4.6% |
| Financial Services | 3.3% |
| Professional Services | 2.7% |
| Capital Markets | 1.4% |
| Other<sup>#</sup> | 3.7% |
| Short-Term Securities | 2.7% |
| Liabilities in Excess of Other Assets | (0.3)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| NVIDIA Corp. | 13.0% |
| Microsoft Corp. | 8.5% |
| Broadcom, Inc. | 6.7% |
| Apple Inc. | 5.9% |
| Meta Platforms, Inc., Class A | 4.6% |
| Amazon.com, Inc. | 3.2% |
| Oracle Corp. | 2.9% |
| Snowflake, Inc., Class A | 2.6% |
| Cadence Design Systems, Inc. | 2.4% |
| Mastercard, Inc., Class A | 2.1% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>For purposes of this report, industry sub-classifications may differ from those utilized by the Fund for compliance purposes.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes short-term securities.</sup> |
| <sup><sup>#</sup></sup><sup>Ten largest industries are presented. Additional industries are found in Other.</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 MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g73997images_27939.jpg)

BlackRock Technology Opportunities Fund

Service Shares \| BSTSX

Annual Shareholder Report — May 31, 2025

BSTSX-05/25-AR

![TSR - Blackrock Fund Logo](g73997images_27941.jpg)

### BlackRock Technology Opportunities Fund

### Investor A Shares \| BGSAX

#### Annual Shareholder Report — May 31, 2025

------

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

#### What were the Fund costs for the last 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 | $126 | 1.17% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Investor A Shares returned 15.96%. 

* For the same period, the Fund's benchmark, the MSCI All Country World Index, returned 13.65% and the MSCI All-Country World Information Technology 10/40 Index returned 15.75%. 

What contributed to performance?

Broadcom, Inc., which benefited from significant growth in its artificial intelligence ("AI") chip business as well as the successful integration of an acquisition, was the largest contributor to the Fund's absolute performance. The semiconductor giant NVIDIA, Inc., which experienced rising demand for its AI-optimized graphics processing units in data centers, was also a top contributor. Spotify SA was an additional contributor of note. Shares of the music streaming application company rose on the strength of its first full year of profitability in 2024, a growing user base, and its efforts to augment monetization through price hikes and new subscription tiers.

What detracted from performance?

Micron Technology, Inc. was the largest detractor from returns. The stock declined as an oversupply of memory chips and slower demand in consumer electronics pressured prices and revenue growth. MongoDB, Inc. also detracted from performance, reflecting slower-than-expected revenue growth and disappointing financial guidance. The semiconductor company ASML NV, which reduced its revenue forecast due to excess semiconductor industry capacity, delayed orders from major clients, and weaker-than-expected demand outside the AI chip segment, was another detractor of note.

*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: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g73997chartimages_10120360.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 | 15.96% | 14.10% | 18.52% |
| Investor A Shares (with sales charge) | 9.88 | 12.87 | 17.88 |
| MSCI All Country World Index | 13.65 | 13.37 | 9.25 |
| MSCI All-Country World Information Technology 10/40 Index | 15.75 | 18.64 | 18.14 |
| MSCI All-Country World Information Technology Index | 14.50 | 19.37 | 18.38 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$6056850565 |
| Number of Portfolio Holdings | &nbsp;&nbsp;74 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$44166278 |
| Portfolio Turnover Rate | &nbsp;&nbsp;52% |

---

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

The Fund has added the MSCI All Country World Index in response to new regulatory requirements.

The Fund's returns shown prior to December 30, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock Science & Technology Opportunities Portfolio.

**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 May 31, 2025)

**Industry allocation**

---

| | |
|:---|:---|
| *Industry<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Software | 31.1% |
| Semiconductors & Semiconductor Equipment | 26.9% |
| Technology Hardware, Storage & Peripherals | 6.8% |
| Broadline Retail | 6.2% |
| Interactive Media & Services | 6.0% |
| Entertainment | 4.9% |
| IT Services | 4.6% |
| Financial Services | 3.3% |
| Professional Services | 2.7% |
| Capital Markets | 1.4% |
| Other<sup>#</sup> | 3.7% |
| Short-Term Securities | 2.7% |
| Liabilities in Excess of Other Assets | (0.3)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| NVIDIA Corp. | 13.0% |
| Microsoft Corp. | 8.5% |
| Broadcom, Inc. | 6.7% |
| Apple Inc. | 5.9% |
| Meta Platforms, Inc., Class A | 4.6% |
| Amazon.com, Inc. | 3.2% |
| Oracle Corp. | 2.9% |
| Snowflake, Inc., Class A | 2.6% |
| Cadence Design Systems, Inc. | 2.4% |
| Mastercard, Inc., Class A | 2.1% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>For purposes of this report, industry sub-classifications may differ from those utilized by the Fund for compliance purposes.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes short-term securities.</sup> |
| <sup><sup>#</sup></sup><sup>Ten largest industries are presented. Additional industries are found in Other.</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 MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g73997images_27939.jpg)

BlackRock Technology Opportunities Fund

Investor A Shares \| BGSAX

Annual Shareholder Report — May 31, 2025

BGSAX-05/25-AR

![TSR - Blackrock Fund Logo](g73997images_27941.jpg)

### BlackRock Technology Opportunities Fund

### Investor C Shares \| BGSCX

#### Annual Shareholder Report — May 31, 2025

------

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

#### What were the Fund costs for the last 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 | $205 | 1.91% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Investor C Shares returned 15.15%. 

* For the same period, the Fund's benchmark, the MSCI All Country World Index, returned 13.65% and the MSCI All-Country World Information Technology 10/40 Index returned 15.75%. 

What contributed to performance?

Broadcom, Inc., which benefited from significant growth in its artificial intelligence ("AI") chip business as well as the successful integration of an acquisition, was the largest contributor to the Fund's absolute performance. The semiconductor giant NVIDIA, Inc., which experienced rising demand for its AI-optimized graphics processing units in data centers, was also a top contributor. Spotify SA was an additional contributor of note. Shares of the music streaming application company rose on the strength of its first full year of profitability in 2024, a growing user base, and its efforts to augment monetization through price hikes and new subscription tiers.

What detracted from performance?

Micron Technology, Inc. was the largest detractor from returns. The stock declined as an oversupply of memory chips and slower demand in consumer electronics pressured prices and revenue growth. MongoDB, Inc. also detracted from performance, reflecting slower-than-expected revenue growth and disappointing financial guidance. The semiconductor company ASML NV, which reduced its revenue forecast due to excess semiconductor industry capacity, delayed orders from major clients, and weaker-than-expected demand outside the AI chip segment, was another detractor of note.

*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: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g73997chartimages_10120404.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 | 15.15% | 13.26% | 17.81% |
| Investor C Shares (with sales charge) | 14.15 | 13.26 | 17.81 |
| MSCI All Country World Index | 13.65 | 13.37 | 9.25 |
| MSCI All-Country World Information Technology 10/40 Index | 15.75 | 18.64 | 18.14 |
| MSCI All-Country World Information Technology Index | 14.50 | 19.37 | 18.38 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$6056850565 |
| Number of Portfolio Holdings | &nbsp;&nbsp;74 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$44166278 |
| Portfolio Turnover Rate | &nbsp;&nbsp;52% |

---

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

The Fund has added the MSCI All Country World Index in response to new regulatory requirements.

The Fund's returns shown prior to December 30, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock Science & Technology Opportunities Portfolio.

**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 May 31, 2025)

**Industry allocation**

---

| | |
|:---|:---|
| *Industry<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Software | 31.1% |
| Semiconductors & Semiconductor Equipment | 26.9% |
| Technology Hardware, Storage & Peripherals | 6.8% |
| Broadline Retail | 6.2% |
| Interactive Media & Services | 6.0% |
| Entertainment | 4.9% |
| IT Services | 4.6% |
| Financial Services | 3.3% |
| Professional Services | 2.7% |
| Capital Markets | 1.4% |
| Other<sup>#</sup> | 3.7% |
| Short-Term Securities | 2.7% |
| Liabilities in Excess of Other Assets | (0.3)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| NVIDIA Corp. | 13.0% |
| Microsoft Corp. | 8.5% |
| Broadcom, Inc. | 6.7% |
| Apple Inc. | 5.9% |
| Meta Platforms, Inc., Class A | 4.6% |
| Amazon.com, Inc. | 3.2% |
| Oracle Corp. | 2.9% |
| Snowflake, Inc., Class A | 2.6% |
| Cadence Design Systems, Inc. | 2.4% |
| Mastercard, Inc., Class A | 2.1% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>For purposes of this report, industry sub-classifications may differ from those utilized by the Fund for compliance purposes.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes short-term securities.</sup> |
| <sup><sup>#</sup></sup><sup>Ten largest industries are presented. Additional industries are found in Other.</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 MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g73997images_27939.jpg)

BlackRock Technology Opportunities Fund

Investor C Shares \| BGSCX

Annual Shareholder Report — May 31, 2025

BGSCX-05/25-AR

![TSR - Blackrock Fund Logo](g73997images_27941.jpg)

### BlackRock Technology Opportunities Fund

### Class K Shares \| BTEKX

#### Annual Shareholder Report — May 31, 2025

------

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

#### What were the Fund costs for the last 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 | $90 | 0.83% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Class K Shares returned 16.33%. 

* For the same period, the Fund's benchmark, the MSCI All Country World Index, returned 13.65% and the MSCI All-Country World Information Technology 10/40 Index returned 15.75%. 

What contributed to performance?

Broadcom, Inc., which benefited from significant growth in its artificial intelligence ("AI") chip business as well as the successful integration of an acquisition, was the largest contributor to the Fund's absolute performance. The semiconductor giant NVIDIA, Inc., which experienced rising demand for its AI-optimized graphics processing units in data centers, was also a top contributor. Spotify SA was an additional contributor of note. Shares of the music streaming application company rose on the strength of its first full year of profitability in 2024, a growing user base, and its efforts to augment monetization through price hikes and new subscription tiers.

What detracted from performance?

Micron Technology, Inc. was the largest detractor from returns. The stock declined as an oversupply of memory chips and slower demand in consumer electronics pressured prices and revenue growth. MongoDB, Inc. also detracted from performance, reflecting slower-than-expected revenue growth and disappointing financial guidance. The semiconductor company ASML NV, which reduced its revenue forecast due to excess semiconductor industry capacity, delayed orders from major clients, and weaker-than-expected demand outside the AI chip segment, was another detractor of note.

*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: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g73997chartimages_10120492.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 | 16.33% | 14.47% | 18.88% |
| MSCI All Country World Index | 13.65 | 13.37 | 9.25 |
| MSCI All-Country World Information Technology 10/40 Index | 15.75 | 18.64 | 18.14 |
| MSCI All-Country World Information Technology Index | 14.50 | 19.37 | 18.38 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$6056850565 |
| Number of Portfolio Holdings | &nbsp;&nbsp;74 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$44166278 |
| Portfolio Turnover Rate | &nbsp;&nbsp;52% |

---

The Fund has added the MSCI All Country World Index in response to new regulatory requirements.

The Fund's returns shown prior to December 30, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock Science & Technology Opportunities Portfolio.

Performance shown prior to the Class K Shares inception date of December 10, 2019 is that of Institutional Shares. The performance of the Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares.

**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 May 31, 2025)

**Industry allocation**

---

| | |
|:---|:---|
| *Industry<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Software | 31.1% |
| Semiconductors & Semiconductor Equipment | 26.9% |
| Technology Hardware, Storage & Peripherals | 6.8% |
| Broadline Retail | 6.2% |
| Interactive Media & Services | 6.0% |
| Entertainment | 4.9% |
| IT Services | 4.6% |
| Financial Services | 3.3% |
| Professional Services | 2.7% |
| Capital Markets | 1.4% |
| Other<sup>#</sup> | 3.7% |
| Short-Term Securities | 2.7% |
| Liabilities in Excess of Other Assets | (0.3)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| NVIDIA Corp. | 13.0% |
| Microsoft Corp. | 8.5% |
| Broadcom, Inc. | 6.7% |
| Apple Inc. | 5.9% |
| Meta Platforms, Inc., Class A | 4.6% |
| Amazon.com, Inc. | 3.2% |
| Oracle Corp. | 2.9% |
| Snowflake, Inc., Class A | 2.6% |
| Cadence Design Systems, Inc. | 2.4% |
| Mastercard, Inc., Class A | 2.1% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>For purposes of this report, industry sub-classifications may differ from those utilized by the Fund for compliance purposes.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes short-term securities.</sup> |
| <sup><sup>#</sup></sup><sup>Ten largest industries are presented. Additional industries are found in Other.</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 MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g73997images_27939.jpg)

BlackRock Technology Opportunities Fund

Class K Shares \| BTEKX

Annual Shareholder Report — May 31, 2025

BTEKX-05/25-AR

![TSR - Blackrock Fund Logo](g73997images_27941.jpg)

### BlackRock Technology Opportunities Fund

### Class R Shares \| BGSRX

#### Annual Shareholder Report — May 31, 2025

------

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

#### What were the Fund costs for the last 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 | $153 | 1.42% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Class R Shares returned 15.68%. 

* For the same period, the Fund's benchmark, the MSCI All Country World Index, returned 13.65% and the MSCI All-Country World Information Technology 10/40 Index returned 15.75%. 

What contributed to performance?

Broadcom, Inc., which benefited from significant growth in its artificial intelligence ("AI") chip business as well as the successful integration of an acquisition, was the largest contributor to the Fund's absolute performance. The semiconductor giant NVIDIA, Inc., which experienced rising demand for its AI-optimized graphics processing units in data centers, was also a top contributor. Spotify SA was an additional contributor of note. Shares of the music streaming application company rose on the strength of its first full year of profitability in 2024, a growing user base, and its efforts to augment monetization through price hikes and new subscription tiers.

What detracted from performance?

Micron Technology, Inc. was the largest detractor from returns. The stock declined as an oversupply of memory chips and slower demand in consumer electronics pressured prices and revenue growth. MongoDB, Inc. also detracted from performance, reflecting slower-than-expected revenue growth and disappointing financial guidance. The semiconductor company ASML NV, which reduced its revenue forecast due to excess semiconductor industry capacity, delayed orders from major clients, and weaker-than-expected demand outside the AI chip segment, was another detractor of note.

*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: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g73997chartimages_10120272.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 | 15.68% | 13.81% | 18.22% |
| MSCI All Country World Index | 13.65 | 13.37 | 9.25 |
| MSCI All-Country World Information Technology 10/40 Index | 15.75 | 18.64 | 18.14 |
| MSCI All-Country World Information Technology Index | 14.50 | 19.37 | 18.38 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$6056850565 |
| Number of Portfolio Holdings | &nbsp;&nbsp;74 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$44166278 |
| Portfolio Turnover Rate | &nbsp;&nbsp;52% |

---

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

The Fund has added the MSCI All Country World Index in response to new regulatory requirements.

The Fund's returns shown prior to December 30, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock Science & Technology Opportunities Portfolio.

**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 May 31, 2025)

**Industry allocation**

---

| | |
|:---|:---|
| *Industry<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Software | 31.1% |
| Semiconductors & Semiconductor Equipment | 26.9% |
| Technology Hardware, Storage & Peripherals | 6.8% |
| Broadline Retail | 6.2% |
| Interactive Media & Services | 6.0% |
| Entertainment | 4.9% |
| IT Services | 4.6% |
| Financial Services | 3.3% |
| Professional Services | 2.7% |
| Capital Markets | 1.4% |
| Other<sup>#</sup> | 3.7% |
| Short-Term Securities | 2.7% |
| Liabilities in Excess of Other Assets | (0.3)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| NVIDIA Corp. | 13.0% |
| Microsoft Corp. | 8.5% |
| Broadcom, Inc. | 6.7% |
| Apple Inc. | 5.9% |
| Meta Platforms, Inc., Class A | 4.6% |
| Amazon.com, Inc. | 3.2% |
| Oracle Corp. | 2.9% |
| Snowflake, Inc., Class A | 2.6% |
| Cadence Design Systems, Inc. | 2.4% |
| Mastercard, Inc., Class A | 2.1% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>For purposes of this report, industry sub-classifications may differ from those utilized by the Fund for compliance purposes.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes short-term securities.</sup> |
| <sup><sup>#</sup></sup><sup>Ten largest industries are presented. Additional industries are found in Other.</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 MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g73997images_27939.jpg)

BlackRock Technology Opportunities Fund

Class R Shares \| BGSRX

Annual Shareholder Report — May 31, 2025

BGSRX-05/25-AR

![TSR - Blackrock Fund Logo](g73997images_27941.jpg)

### BlackRock U.S. Insights Long/Short Equity Fund

### Institutional Shares \| BILSX

#### Annual Shareholder Report — May 31, 2025

------

This annual shareholder report contains important information about BlackRock U.S. Insights Long/Short Equity Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last 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 | $158 | 1.61% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Institutional Shares returned (4.16)%. 

* For the same period, the Fund's benchmark, the S&P 500<sup>®</sup> Index, returned 13.52%, and the Fund's customized benchmark, comprised of 50% S&P 500 Index and 50% ICE BofA 3 Month Treasury Bill Index returned 9.24%. 

What contributed to performance?

Stock selection in financials, which was driven by fundamental quality measures and insights that evaluate sentiment among analysts and informed investors, contributed to absolute performance. The Fund used derivatives to implement its stock selection strategy. This aspect of the Fund's positioning marginally contributed to results. The Fund's cash position had no material impact on performance.

What detracted from performance?

The Fund's holdings in consumer-related stocks posted negative absolute returns, due primarily to a tilt toward companies that focus on less affluent customers. Positioning in the healthcare sector also detracted, as certain holdings were adversely affected by headline events such as the presidential election result and the death of United Health Care's chief executive officer. Stock selection in the artificial intelligence ("AI") theme also detracted as the Fund's positioning in this area, which was driven by company fundamentals, was out of step with the speculative environment. Specifically, the Fund was hurt by a short position in International Business Machines Corp.

*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: June 13, 2023 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g73997chartimages_10120976.jpg)

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

Average annual total returns

---

| | | |
|:---|:---|:---|
|  | *1 Year* | *Since Fund<br>Inception* |
| Institutional Shares | (4.16)% | 8.14% |
| S&P 500<sup>®</sup> Index | 13.52 | 18.32 |
| 50% S&P 500 Index/50% ICE BofA 3-Month U.S. Treasury Bill Index | 9.24 | 11.75 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$11827528 |
| Number of Portfolio Holdings | &nbsp;&nbsp;636 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$0 |
| Portfolio Turnover Rate | &nbsp;&nbsp;313% |

---

The Fund commenced operations on June 13, 2023.

On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE BofA 3-Month U.S. Treasury Bill Index.

**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 May 31, 2025)

**Sector allocation**

---

| | | | |
|:---|:---|:---|:---|
|  | *Percent of Total Investments<sup>(a)</sup>* | *Percent of Total Investments<sup>(a)</sup>* | *Percent of Total Investments<sup>(a)</sup>* |
| *Sector<sup>(b)</sup>* | *Long* | *Short* | *Total* |
| Information Technology | 12.7% | 6.0% | 18.7% |
| Financials | 9.5% | 7.6% | 17.1% |
| Health Care | 9.2% | 6.6% | 15.8% |
| Industrials | 7.7% | 6.2% | 13.9% |
| Energy | 5.0% | 4.0% | 9.0% |
| Consumer Discretionary | 4.8% | 1.8% | 6.6% |
| Utilities | 3.0% | 2.6% | 5.6% |
| Communication Services | 3.8% | 0.9% | 4.7% |
| Real Estate | 1.8% | 1.9% | 3.7% |
| Consumer Staples | 1.6% | 1.8% | 3.4% |
| Materials | 0.8% | 0.7% | 1.5% |
|  | 59.9 | 40.1 | 100.0 |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Includes the gross market value of long and short securities of the underlying derivative contracts and excludes short-term securities and options, if any.</sup> |
| <sup><sup>(b)</sup></sup><sup>For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.</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 ICE Data Indices, LLC, S&P Dow Jones Indices, and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g73997images_27939.jpg)

BlackRock U.S. Insights Long/Short Equity Fund

Institutional Shares \| BILSX

Annual Shareholder Report — May 31, 2025

BILSX-05/25-AR

![TSR - Blackrock Fund Logo](g73997images_27941.jpg)

### BlackRock U.S. Insights Long/Short Equity Fund

### Investor A Shares \| BALSX

#### Annual Shareholder Report — May 31, 2025

------

This annual shareholder report contains important information about BlackRock U.S. Insights Long/Short Equity Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last 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 | $182 | 1.86% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Investor A Shares returned (4.27)%. 

* For the same period, the Fund's benchmark, the S&P 500<sup>®</sup> Index, returned 13.52%, and the Fund's customized benchmark, comprised of 50% S&P 500 Index and 50% ICE BofA 3 Month Treasury Bill Index returned 9.24%. 

What contributed to performance?

Stock selection in financials, which was driven by fundamental quality measures and insights that evaluate sentiment among analysts and informed investors, contributed to absolute performance. The Fund used derivatives to implement its stock selection strategy. This aspect of the Fund's positioning marginally contributed to results. The Fund's cash position had no material impact on performance.

What detracted from performance?

The Fund's holdings in consumer-related stocks posted negative absolute returns, due primarily to a tilt toward companies that focus on less affluent customers. Positioning in the healthcare sector also detracted, as certain holdings were adversely affected by headline events such as the presidential election result and the death of United Health Care's chief executive officer. Stock selection in the artificial intelligence ("AI") theme also detracted as the Fund's positioning in this area, which was driven by company fundamentals, was out of step with the speculative environment. Specifically, the Fund was hurt by a short position in International Business Machines Corp.

*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: June 13, 2023 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g73997chartimages_10121020.jpg)

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

Average annual total returns

---

| | | |
|:---|:---|:---|
|  | *1 Year* | *Since Fund<br>Inception* |
| Investor A Shares | (4.27)% | 7.92% |
| Investor A Shares (with sales charge) | (9.30) | 5.00 |
| S&P 500<sup>®</sup> Index | 13.52 | 18.32 |
| 50% S&P 500 Index/50% ICE BofA 3-Month U.S. Treasury Bill Index | 9.24 | 11.75 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$11827528 |
| Number of Portfolio Holdings | &nbsp;&nbsp;636 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$0 |
| Portfolio Turnover Rate | &nbsp;&nbsp;313% |

---

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

The Fund commenced operations on June 13, 2023.

On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE BofA 3-Month U.S. Treasury Bill Index.

**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 May 31, 2025)

**Sector allocation**

---

| | | | |
|:---|:---|:---|:---|
|  | *Percent of Total Investments<sup>(a)</sup>* | *Percent of Total Investments<sup>(a)</sup>* | *Percent of Total Investments<sup>(a)</sup>* |
| *Sector<sup>(b)</sup>* | *Long* | *Short* | *Total* |
| Information Technology | 12.7% | 6.0% | 18.7% |
| Financials | 9.5% | 7.6% | 17.1% |
| Health Care | 9.2% | 6.6% | 15.8% |
| Industrials | 7.7% | 6.2% | 13.9% |
| Energy | 5.0% | 4.0% | 9.0% |
| Consumer Discretionary | 4.8% | 1.8% | 6.6% |
| Utilities | 3.0% | 2.6% | 5.6% |
| Communication Services | 3.8% | 0.9% | 4.7% |
| Real Estate | 1.8% | 1.9% | 3.7% |
| Consumer Staples | 1.6% | 1.8% | 3.4% |
| Materials | 0.8% | 0.7% | 1.5% |
|  | 59.9 | 40.1 | 100.0 |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Includes the gross market value of long and short securities of the underlying derivative contracts and excludes short-term securities and options, if any.</sup> |
| <sup><sup>(b)</sup></sup><sup>For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.</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 ICE Data Indices, LLC, S&P Dow Jones Indices, and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g73997images_27939.jpg)

BlackRock U.S. Insights Long/Short Equity Fund

Investor A Shares \| BALSX

Annual Shareholder Report — May 31, 2025

BALSX-05/25-AR

![TSR - Blackrock Fund Logo](g73997images_27941.jpg)

### BlackRock U.S. Insights Long/Short Equity Fund

### Class K Shares \| BKLSX

#### Annual Shareholder Report — May 31, 2025

------

This annual shareholder report contains important information about BlackRock U.S. Insights Long/Short Equity Fund (the "Fund") for the period of June 1, 2024 to May 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last 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 | $153 | 1.56% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Class K Shares returned (4.06)%. 

* For the same period, the Fund's benchmark, the S&P 500<sup>®</sup> Index, returned 13.52%, and the Fund's customized benchmark, comprised of 50% S&P 500 Index and 50% ICE BofA 3 Month Treasury Bill Index returned 9.24%. 

What contributed to performance?

Stock selection in financials, which was driven by fundamental quality measures and insights that evaluate sentiment among analysts and informed investors, contributed to absolute performance. The Fund used derivatives to implement its stock selection strategy. This aspect of the Fund's positioning marginally contributed to results. The Fund's cash position had no material impact on performance.

What detracted from performance?

The Fund's holdings in consumer-related stocks posted negative absolute returns, due primarily to a tilt toward companies that focus on less affluent customers. Positioning in the healthcare sector also detracted, as certain holdings were adversely affected by headline events such as the presidential election result and the death of United Health Care's chief executive officer. Stock selection in the artificial intelligence ("AI") theme also detracted as the Fund's positioning in this area, which was driven by company fundamentals, was out of step with the speculative environment. Specifically, the Fund was hurt by a short position in International Business Machines Corp.

*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: June 13, 2023 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g73997chartimages_10121064.jpg)

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

Average annual total returns

---

| | | |
|:---|:---|:---|
|  | *1 Year* | *Since Fund<br>Inception* |
| Class K Shares | (4.06)% | 8.21% |
| S&P 500<sup>®</sup> Index | 13.52 | 18.32 |
| 50% S&P 500 Index/50% ICE BofA 3-Month U.S. Treasury Bill Index | 9.24 | 11.75 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$11827528 |
| Number of Portfolio Holdings | &nbsp;&nbsp;636 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$0 |
| Portfolio Turnover Rate | &nbsp;&nbsp;313% |

---

The Fund commenced operations on June 13, 2023.

On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE BofA 3-Month U.S. Treasury Bill Index.

**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 May 31, 2025)

**Sector allocation**

---

| | | | |
|:---|:---|:---|:---|
|  | *Percent of Total Investments<sup>(a)</sup>* | *Percent of Total Investments<sup>(a)</sup>* | *Percent of Total Investments<sup>(a)</sup>* |
| *Sector<sup>(b)</sup>* | *Long* | *Short* | *Total* |
| Information Technology | 12.7% | 6.0% | 18.7% |
| Financials | 9.5% | 7.6% | 17.1% |
| Health Care | 9.2% | 6.6% | 15.8% |
| Industrials | 7.7% | 6.2% | 13.9% |
| Energy | 5.0% | 4.0% | 9.0% |
| Consumer Discretionary | 4.8% | 1.8% | 6.6% |
| Utilities | 3.0% | 2.6% | 5.6% |
| Communication Services | 3.8% | 0.9% | 4.7% |
| Real Estate | 1.8% | 1.9% | 3.7% |
| Consumer Staples | 1.6% | 1.8% | 3.4% |
| Materials | 0.8% | 0.7% | 1.5% |
|  | 59.9 | 40.1 | 100.0 |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Includes the gross market value of long and short securities of the underlying derivative contracts and excludes short-term securities and options, if any.</sup> |
| <sup><sup>(b)</sup></sup><sup>For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.</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 ICE Data Indices, LLC, S&P Dow Jones Indices, and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g73997images_27939.jpg)

BlackRock U.S. Insights Long/Short Equity Fund

Class K Shares \| BKLSX

Annual Shareholder Report — May 31, 2025

BKLSX-05/25-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 trustees (the "board of trustees"), 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

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 trustees 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 trustees.

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 <br>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous <br>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Current <br>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous <br>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Current <br>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous <br>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Current <br>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous <br>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** |
| &nbsp;&nbsp;&nbsp;BlackRock Advantage International Fund | $33928 | $32356 | $0 | $0 | $16300 | $16328 | $388 | $407 |
| &nbsp;&nbsp;&nbsp;BlackRock Advantage Large Cap Growth Fund | $19373 | $18476 | $0 | $0 | $15300 | $15288 | $388 | $407 |
| &nbsp;&nbsp;&nbsp;BlackRock Advantage Small Cap Core Fund | $31365 | $29913 | $0 | $0 | $15300 | $15288 | $388 | $407 |
| &nbsp;&nbsp;&nbsp;BlackRock Commodity Strategies Fund | $48073 | $45847 | $0 | $0 | $22900 | $22880 | $388 | $407 |
| &nbsp;&nbsp;&nbsp;BlackRock Energy Opportunities Fund | $18860 | $17987 | $0 | $0 | $15300 | $15288 | $388 | $407 |
| &nbsp;&nbsp;&nbsp;BlackRock Health Sciences Opportunities Portfolio | $31365 | $29913 | $0 | $0 | $15300 | $15288 | $388 | $407 |
| &nbsp;&nbsp;&nbsp;BlackRock High Equity Income Fund | $22755 | $21701 | $0 | $0 | $15300 | $15288 | $388 | $407 |
| &nbsp;&nbsp;&nbsp;BlackRock Mid-Cap Growth Equity Portfolio | $19168 | $18280 | $0 | $0 | $15300 | $15288 | $388 | $407 |
| &nbsp;&nbsp;&nbsp;BlackRock SMID-Cap Growth Equity Fund | $19168 | $18280 | $0 | $0 | $15300 | $15300 | $388 | $0 |
| &nbsp;&nbsp;&nbsp;BlackRock Technology Opportunities Fund | $37618 | $35876 | $0 | $0 | $15300 | $15288 | $388 | $407 |
| &nbsp;&nbsp;&nbsp;BlackRock U.S. Insights Long/Short Equity Fund | $41815 | $39884 | $0 | $0 | $16300 | $16328 | $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

#### 2

------

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> | $2149000 | $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 $2,149,000 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.

(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.

#### 3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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** | **Current Fiscal Year <br>End** | **Previous Fiscal Year <br>End** |
| &nbsp;&nbsp;&nbsp;BlackRock Advantage International Fund | $16688 | $16735 |
| &nbsp;&nbsp;&nbsp;BlackRock Advantage Large Cap Growth Fund | $15688 | $15695 |
| &nbsp;&nbsp;&nbsp;BlackRock Advantage Small Cap Core Fund | $15688 | $15695 |
| &nbsp;&nbsp;&nbsp;BlackRock Commodity Strategies Fund | $23288 | $23287 |
| &nbsp;&nbsp;&nbsp;BlackRock Energy Opportunities Fund | $15688 | $15695 |
| &nbsp;&nbsp;&nbsp;BlackRock Health Sciences Opportunities Portfolio | $15688 | $15695 |
| &nbsp;&nbsp;&nbsp;BlackRock High Equity Income Fund | $15688 | $15695 |
| &nbsp;&nbsp;&nbsp;BlackRock Mid-Cap Growth Equity Portfolio | $15688 | $15695 |
| &nbsp;&nbsp;&nbsp;BlackRock SMID-Cap Growth Equity Fund | $15688 | $15300 |
| &nbsp;&nbsp;&nbsp;BlackRock Technology Opportunities Fund | $15688 | $15695 |
| &nbsp;&nbsp;&nbsp;BlackRock U.S. Insights Long/Short Equity Fund | $16688 | $16328 |

---

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>** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Previous Fiscal Year</u>** <br> **<u>End</u>** |
| &nbsp;&nbsp;&nbsp; $2149000 | $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 Statement 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.

#### 4

------

---

| | |
|:---|:---|
| ![LOGO](g34788g42l24.jpg)  | **MAY 31, 2025** |

---

**2025 Annual Financial Statements**<br> **and Additional Information**<br>

#### BlackRock Funds<sup>SM</sup>
· BlackRock Commodity Strategies Fund

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

------

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
|  [Derivative Financial Instruments](#fin234788_1) | 3 |
|  [Consolidated Schedule of Investments](#fin234788_2) | 4 |
|  [Consolidated Statement of Assets and Liabilities](#fin234788_3) | 12 |
|  [Consolidated Statement of Operations](#fin234788_4) | 14 |
|  [Consolidated Statements of Changes in Net Assets](#fin234788_5) | 15 |
|  [Consolidated Financial Highlights](#fin234788_6) | 16 |
|  [Notes to Consolidated Financial Statements](#fin234788_7) | 20 |
|  [Report of Independent Registered Public Accounting Firm](#fin234788_8) | 31 |
|  [Important Tax Information](#fin234788_9) | 32 |
|  [Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement](#fin234788_10) | 33 |
|  [Additional Information](#fin234788_11) | 36 |
|  [Glossary of Terms Used in these Financial Statements](#fin234788_12) | 38 |

---

------

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 Consolidated Financial Statements.

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments<br> May 31, 2025 | **BlackRock Commodity Strategies Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Chemicals — 9.9%** | **Chemicals — 9.9%** | **Chemicals — 9.9%** |
|  CF Industries Holdings, Inc. | 51756 | $4694787 |
|  Corteva, Inc. | 305833 | 21652976 |
|  Mosaic Co. (The) | 218144 | 7883724 |
|  Nutrien Ltd. | 466826 | 27556739 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61788226 |
| **Containers & Packaging — 5.9%** |  |  |
|  Graphic Packaging Holding Co. | 367689 | 8170050 |
|  International Paper Co. | 113908 | 5445941 |
|  Packaging Corp. of America | 51485 | 9945357 |
|  Smurfit WestRock PLC | 302038 | 13087307 |
|  |  | 36648655 |
| **Energy Equipment & Services — 0.4%** |  |  |
|  TechnipFMC PLC | 52266 | 1628086 |
|  Tenaris SA | 34188 | 572563 |
|  |  | 2200649 |
| **Metals & Mining — 19.1%** |  |  |
|  Agnico Eagle Mines Ltd. | 83440 | 9835748 |
|  Alamos Gold, Inc., Class A | 97641 | 2528627 |
|  Alcoa Corp. | 7995 | 214026 |
|  Allied Gold Corp.<sup>(a)(b)</sup> | 60407 | 865378 |
|  Anglo American PLC | 74864 | 2220417 |
|  Anglogold Ashanti PLC | 77625 | 3400751 |
|  ArcelorMittal SA | 38859 | 1178119 |
|  Artemis Gold, Inc.<sup>(a)</sup> | 54008 | 860681 |
|  Aya Gold & Silver, Inc.<sup>(a)</sup> | 37123 | 319198 |
|  B2Gold Corp. | 86853 | 291757 |
|  Barrick Mining Corp. | 208899 | 4002505 |
|  Bellevue Gold Ltd.<sup>(a)</sup> | 1241388 | 798241 |
|  BHP Group Ltd. | 157675 | 3873288 |
|  Blackstone Minerals Ltd.<sup>(a)(b)</sup> | 849513 | 41070 |
|  Capricorn Metals Ltd.<sup>(a)</sup> | 70516 | 445958 |
|  Capstone Copper Corp.<sup>(a)</sup> | 62371 | 338136 |
|  Centerra Gold, Inc. | 78308 | 558630 |
|  Chalice Mining Ltd.<sup>(a)(b)</sup> | 86228 | 64337 |
|  Challenger Gold Ltd.<sup>(a)(b)</sup> | 1264054 | 78465 |
|  Champion Iron Ltd. | 79887 | 223163 |
|  Develop Global Ltd.<sup>(a)</sup> | 508671 | 1314168 |
|  Discovery Silver Corp.<sup>(a)(b)</sup> | 403781 | 959177 |
|  Dundee Precious Metals, Inc. | 105861 | 1631479 |
|  Eldorado Gold Corp.<sup>(a)(b)</sup> | 122987 | 2470809 |
|  Emerald Resources NL<sup>(a)</sup> | 188015 | 578577 |
|  Endeavour Mining PLC | 158500 | 4858888 |
|  ERO Copper Corp.<sup>(a)(b)</sup> | 9170 | 129497 |
|  FireFly Metals Ltd.<sup>(a)</sup> | 421590 | 296688 |
|  First Quantum Minerals Ltd.<sup>(a)</sup> | 37332 | 553036 |
|  Foran Mining Corp.<sup>(a)(b)</sup> | 379975 | 827868 |
|  Founders Metals, Inc.<sup>(a)</sup> | 230890 | 736910 |
|  Founders Metals, Inc.<sup>(a)(b)</sup> | 17684 | 56440 |
|  Franco-Nevada Corp. | 11898 | 2004198 |
|  Freeport-McMoRan, Inc. | 69822 | 2686751 |
|  G Mining Ventures Corp.<sup>(a)(b)</sup> | 107483 | 1592254 |
|  Glencore PLC | 694519 | 2642606 |
|  Gold Fields Ltd., ADR | 49001 | 1127023 |
|  Grupo Mexico SAB de CV, Series B | 136329 | 753338 |
|  IAMGOLD Corp.<sup>(a)(b)</sup> | 165429 | 1134843 |
|  Iluka Resources Ltd. | 34750 | 82237 |
|  Ivanhoe Electric, Inc.<sup>(a)(b)</sup> | 18947 | 139260 |
|  Ivanhoe Mines Ltd., Class A<sup>(a)</sup> | 173254 | 1341997 |
|  Kinross Gold Corp. | 527063 | 7781030 |
|  Lithium Royalty Corp.<sup>(a)(b)</sup> | 52658 | 197609 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Metals & Mining (continued)** |  |  |
|  Lundin Gold, Inc. | 76790 | $3710384 |
|  Lundin Mining Corp. | 33590 | 317947 |
|  Lynas Rare Earths Ltd.<sup>(a)</sup> | 132458 | 681095 |
|  MAG Silver Corp. | 46249 | 868127 |
|  Metals Acquisition Ltd. (Acquired 04/17/23, cost $615,000)<sup>(a)(c)</sup> | 70500 | 857280 |
|  Newmont Corp. | 141152 | 7441533 |
|  NGEx Minerals Ltd.<sup>(a)</sup> | 35836 | 411017 |
|  Nickel Industries Ltd. | 1120175 | 494500 |
|  Norsk Hydro ASA | 168064 | 921335 |
|  Northern Star Resources Ltd. | 417132 | 5672461 |
|  Nucor Corp. | 14763 | 1614482 |
|  OR Royalties, Inc. | 71702 | 1832324 |
|  Pan American Silver Corp. | 60837 | 1483814 |
|  Polyus PJSC<sup>(a)(d)</sup> | 462520 | 6 |
|  Predictive Discovery Ltd.<sup>(a)</sup> | 2536639 | 631507 |
|  Reliance, Inc. | 552 | 161637 |
|  Rio Tinto PLC | 73321 | 4339286 |
|  Robex Resources, Inc.<sup>(a)(b)</sup> | 126471 | 308724 |
|  Rupert Resources Ltd.<sup>(a)(b)</sup> | 62411 | 231935 |
|  Rupert Resources Ltd. (Acquired 02/24/23, cost $315,608)<sup>(a)(c)</sup> | 91372 | 339561 |
|  Sigma Lithium Corp.<sup>(a)(b)</sup> | 64383 | 300721 |
|  Skeena Resources Ltd.<sup>(a)(b)</sup> | 36579 | 468582 |
|  Sociedad Minera Cerro Verde SAA | 18601 | 744040 |
|  Solaris Resources, Inc.<sup>(a)</sup> | 63953 | 284267 |
|  Solaris Resources, Inc.<sup>(a)</sup> | 39000 | 173352 |
|  Southern Copper Corp. | 9076 | 825099 |
|  Steel Dynamics, Inc. | 13368 | 1645200 |
|  Teck Resources Ltd., Class B | 8553 | 316979 |
|  Titan Mining Corp.<sup>(a)</sup> | 70186 | 29663 |
|  Titan Mining Corp.<sup>(a)</sup> | 20773 | 8779 |
|  Torex Gold Resources, Inc.<sup>(a)</sup> | 47436 | 1522957 |
|  United States Steel Corp. | 8943 | 481312 |
|  Vale SA, ADR | 353711 | 3229381 |
|  Valterra Platinum Ltd. | 14337 | 563092 |
|  Wheaton Precious Metals Corp. | 91128 | 7895967 |
|  |  | 118843524 |
| **Oil, Gas & Consumable Fuels — 12.1%** |  |  |
|  Cameco Corp. | 20650 | 1208644 |
|  Cameco Corp. (CAD) | 23615 | 1382467 |
|  Canadian Natural Resources Ltd. | 106522 | 3234431 |
|  Cheniere Energy, Inc. | 13522 | 3204579 |
|  Chevron Corp. | 55283 | 7557186 |
|  ConocoPhillips | 22909 | 1955283 |
|  EOG Resources, Inc. | 26153 | 2839431 |
|  EQT Corp. | 33185 | 1829489 |
|  Exxon Mobil Corp. | 148900 | 15232470 |
|  Gazprom PJSC<sup>(a)(d)</sup> | 712200 | 92 |
|  Gaztransport Et Technigaz SA | 3799 | 705962 |
|  Hess Corp. | 14529 | 1920589 |
|  Kinder Morgan, Inc. | 105328 | 2953397 |
|  Kosmos Energy Ltd.<sup>(a)</sup> | 198012 | 328700 |
|  Pembina Pipeline Corp. | 39927 | 1496299 |
|  Permian Resources Corp., Class A | 137526 | 1734203 |
|  Shell PLC | 245843 | 8111572 |
|  Suncor Energy, Inc. | 60428 | 2148346 |
|  Targa Resources Corp. | 14506 | 2290933 |
|  TC Energy Corp. | 62596 | 3171877 |
|  TotalEnergies SE | 93979 | 5532371 |
|  Tourmaline Oil Corp. | 24110 | 1087133 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Commodity Strategies Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> *Shares* | *Value* |
| **Oil, Gas & Consumable Fuels (continued)** |  |  |
|  Valero Energy Corp. | 17365 | $2239564 |
|  Williams Cos., Inc. (The) | 52094 | 3152208 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75317226 |
| **Paper & Forest Products — 2.1%** |  |  |
|  Mondi PLC | 337667 | 5492483 |
|  UPM-Kymmene Oyj | 268327 | 7426552 |
|  |  | 12919035 |
|  **Total Common Stocks — 49.5%<br>(Cost: $239,951,757)** |  | 307717315 |
|  **Rights** |  |  |
| **Metals & Mining — 0.0%** |  |  |
|  Kincross Gold Corp., CVR<sup>(a)</sup> | 11812 | 8387 |
|  **Total Rights — 0.0%<br>(Cost: $—)** |  | 8387 |
|  **Warrants<sup>(a)</sup>** |  |  |
| **Metals & Mining — 0.0%** |  |  |
|  Robex Resources, Inc.,<br>(Issued 07/10/24/Exercisable 07/10/25, 1 Share for 1 Warrant, Expires 06/27/26, Strike Price CAD 2.55) | 124394 | 67982 |
|  **Total Warrants — 0.0%<br>(Cost: $2)** |  | 67982 |
|  **Total Long-Term Investments — 49.5%<br>(Cost: $239,951,759)** |  | 307793684 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 2.3%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.46%<sup>(e)(f)(g)</sup> | 6933021 | 6935794 |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.20%<sup>(e)(f)</sup> | 7285557 | 7285557 |
|  |  | 14221351 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **U.S. Treasury Obligations<sup>(h)</sup> — 48.5%** | **U.S. Treasury Obligations<sup>(h)</sup> — 48.5%** |  |  |
|  U.S. Treasury Bills, 4.27%, 08/28/25 | USD | 305000 | $301874619 |
|  **Total Short-Term Securities — 50.8%<br>(Cost: $316,071,028)** | **Total Short-Term Securities — 50.8%<br>(Cost: $316,071,028)** |  | 316095970 |
|  **Total Investments — 100.3%<br>(Cost: $556,022,787)** |  |  | 623889654 |
| **Liabilities in Excess of Other Assets — (0.3)%** | **Liabilities in Excess of Other Assets — (0.3)%** | **Liabilities in Excess of Other Assets — (0.3)%** | (1984396) |
|  **Net Assets — 100.0%** |  |  | $621905258 |

---

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

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

<sup>(c)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $1,196,841, representing 0.2% of its net assets as of period end, and an original cost of $930,608. 

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

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

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

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

<sup>(h)</sup> Rates are discount rates or a range of discount rates as of period end.

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended May 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>05/31/24* | *Purchases<br>at Cost* | *Proceeds*<br> *from Sales* | *Net*<br> *Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>05/31/25* | *Shares<br>Held at<br>05/31/25* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $6348465 | $586708 <sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $161 | $460 | $6935794 | 6933021 | $196540 <sup>(b)</sup> | $— |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares | 3589797 | 3695760 <sup>(a)</sup> |  |  |  | 7285557 | 7285557 | 363044 |  |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | $14221351 |  | $559584 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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

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

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Commodity Strategies Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |

---

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

#### OTC Total Return Swaps

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  | *Termination* |  | *Notional*<br>*Amount* |  | <br> *Upfront*<br>*Premium*<br>*Paid* | *Unrealized*<br>*Appreciation* |
| <br> *Rate* | <br> *Frequency* | <br> *Reference* | <br> *Frequency* | *Counterparty* | *Date* |  | *(000)* | *Value* | *(Received)* | *(Depreciation)* |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRINT | Quarterly | Goldman Sachs International | 07/01/25 | USD | 5095 | $(316982) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(316982) |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Societe Generale SA | 07/01/25 | USD | 14386 | (577192) |  | (577192) |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRENT | Quarterly | JPMorgan Chase Bank N.A. | 07/21/25 | USD | 49195 | (1214314) |  | (1214314) |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRLIT | Quarterly | Societe Generale SA | 07/21/25 | USD | 10382 | 542249 |  | 542249 |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRPRT | Quarterly | Societe Generale SA | 07/21/25 | USD | 65639 | (2077525) |  | (2077525) |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRINT | Quarterly | Goldman Sachs International | 07/31/25 | USD | 2015 | 17985 |  | 17985 |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRENT | Quarterly | Goldman Sachs International | 07/31/25 | USD | 658 | (965) |  | (965) |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Merrill Lynch International | 07/31/25 | USD | 3421 | (71864) |  | (71864) |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRENT | Quarterly | JPMorgan Chase Bank N.A. | 09/02/25 | USD | 2045 | (288239) |  | (288239) |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRLIT | Quarterly | Merrill Lynch International | 09/03/25 | USD | 2254 | 268497 |  | 268497 |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Merrill Lynch International | 09/30/25 | USD | 168 | (3406) |  | (3406) |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRPRT | Quarterly | Goldman Sachs International | 10/14/25 | USD | 4668 | 89202 |  | 89202 |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRENT | Quarterly | JPMorgan Chase Bank N.A. | 10/14/25 | USD | 14704 | (365206) |  | (365206) |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRINT | Quarterly | Goldman Sachs International | 10/29/25 | USD | 425 | (10106) |  | (10106) |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRENT | Quarterly | Goldman Sachs International | 10/29/25 | USD | 712 | (16951) |  | (16951) |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Merrill Lynch International | 10/29/25 | USD | 612 | (11966) |  | (11966) |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRPRT | Quarterly | Societe Generale SA | 10/29/25 | USD | 434 | (6246) |  | (6246) |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRLIT | Quarterly | Societe Generale SA | 10/29/25 | USD | 135 | 4868 |  | 4868 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Commodity Strategies Fund** |

---

#### OTC Total Return Swaps (continued)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  | *Termination* |  | *Notional*<br>*Amount* |  | <br> *Upfront*<br>*Premium*<br>*Paid* | *Unrealized*<br>*Appreciation* |
| <br> *Rate* | <br> *Frequency* | <br> *Reference* | <br> *Frequency* | *Counterparty* | *Date* |  | *(000)* | *Value* | *(Received)* | *(Depreciation)* |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRENT | Quarterly | JPMorgan Chase Bank N.A. | 10/31/25 | USD | 3492 | $(4911) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(4911) |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Merrill Lynch International | 10/31/25 | USD | 10099 | (211072) |  | (211072) |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRLIT | Quarterly | Societe Generale SA | 10/31/25 | USD | 2208 | 99574 |  | 99574 |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Macquarie Bank Ltd. | 12/02/25 | USD | 3097 | (61603) |  | (61603) |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRPRT | Quarterly | Goldman Sachs International | 12/22/25 | USD | 1012 | 58276 |  | 58276 |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRINT | Quarterly | Goldman Sachs International | 12/22/25 | USD | 612 | (50819) |  | (50819) |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRENT | Quarterly | Goldman Sachs International | 12/22/25 | USD | 1156 | (167005) |  | (167005) |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Merrill Lynch International | 12/22/25 | USD | 960 | (24788) |  | (24788) |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRLIT | Quarterly | Societe Generale SA | 12/22/25 | USD | 203 | 13493 |  | 13493 |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRINT | Quarterly | Goldman Sachs International | 01/05/26 | USD | 261 | 14597 |  | 14597 |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Merrill Lynch International | 01/05/26 | USD | 431 | (1129) |  | (1129) |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Merrill Lynch International | 01/20/26 | USD | 6232 | (181769) |  | (181769) |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRINT | Quarterly | Goldman Sachs International | 01/21/26 | USD | 249 | (835) |  | (835) |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRENT | Quarterly | Goldman Sachs International | 01/21/26 | USD | 426 | (6810) |  | (6810) |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRPRT | Quarterly | Goldman Sachs International | 01/21/26 | USD | 487 | (14806) |  | (14806) |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Merrill Lynch International | 01/21/26 | USD | 427 | (12412) |  | (12412) |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRLIT | Quarterly | Merrill Lynch International | 01/21/26 | USD | 89 | 5589 |  | 5589 |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Merrill Lynch International | 01/26/26 | USD | 1354 | (49389) |  | (49389) |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRENT | Quarterly | Goldman Sachs International | 01/28/26 | USD | 2508 | (74757) |  | (74757) |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Merrill Lynch International | 01/28/26 | USD | 10363 | (375661) |  | (375661) |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Commodity Strategies Fund** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  | *Termination* |  | *Notional*<br>*Amount* |  | <br> *Upfront*<br>*Premium*<br>*Paid* | *Unrealized*<br>*Appreciation* |
| <br> *Rate* | <br> *Frequency* | <br> *Reference* | <br> *Frequency* | *Counterparty* | *Date* |  | *(000)* | *Value* | *(Received)* | *(Depreciation)* |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRINT | Quarterly | Macquarie Bank Ltd. | 02/02/26 | USD | 2261 | $(1381) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(1381) |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Macquarie Bank Ltd. | 02/26/26 | USD | 11502 | (244077) |  | (244077) |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRINT | Quarterly | Goldman Sachs International | 03/02/26 | USD | 18591 | (554113) |  | (554113) |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Macquarie Bank Ltd. | 03/16/26 | USD | 7614 | (205162) |  | (205162) |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Macquarie Bank Ltd. | 03/23/26 | USD | 141 | (4246) |  | (4246) |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRPRT | Quarterly | Goldman Sachs International | 03/31/26 | USD | 6657 | 146477 |  | 146477 |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Macquarie Bank Ltd. | 03/31/26 | USD | 4851 | (98639) |  | (98639) |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRLIT | Quarterly | Societe Generale SA | 03/31/26 | USD | 1559 | 102381 |  | 102381 |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Merrill Lynch International | 04/01/26 | USD | 15467 | (620396) |  | (620396) |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRINT | Quarterly | Goldman Sachs International | 04/07/26 | USD | 9788 | (297913) |  | (297913) |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRINT | Quarterly | Goldman Sachs International | 04/30/26 | USD | 435 | 3933 |  | 3933 |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRENT | Quarterly | Goldman Sachs International | 04/30/26 | USD | 1151 | (1610) |  | (1610) |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Macquarie Bank Ltd. | 04/30/26 | USD | 2436 | (50901) |  | (50901) |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRLIT | Quarterly | Merrill Lynch International | 04/30/26 | USD | 248 | 11183 |  | 11183 |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRPRT | Quarterly | Goldman Sachs International | 05/12/26 | USD | 391 | 6353 |  | 6353 |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRENT | Quarterly | Goldman Sachs International | 05/12/26 | USD | 406 | (25382) |  | (25382) |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRINT | Quarterly | Macquarie Bank Ltd. | 05/12/26 | USD | 201 | (1546) |  | (1546) |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Macquarie Bank Ltd. | 05/12/26 | USD | 479 | (11224) |  | (11224) |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRLIT | Quarterly | Macquarie Bank Ltd. | 05/12/26 | USD | 93 | 527 |  | 527 |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRPRT | Quarterly | Goldman Sachs International | 06/01/26 | USD | 2787 | (659) |  | (659) |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Commodity Strategies Fund** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  | *Termination* |  | *Notional*<br>*Amount* |  | <br> *Upfront*<br>*Premium*<br>*Paid* | *Unrealized*<br>*Appreciation* |
| <br> *Rate* | <br> *Frequency* | <br> *Reference* | <br> *Frequency* | *Counterparty* | *Date* |  | *(000)* | *Value* | *(Received)* | *(Depreciation)* |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRENT | Quarterly | Goldman Sachs International | 06/01/26 | USD | 2180 | $(515) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(515) |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Macquarie Bank Ltd. | 06/01/26 | USD | 1476 | (349) |  | (349) |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRINT | Quarterly | Macquarie Bank Ltd. | 06/01/26 | USD | 1130 | (267) |  | (267) |
|  3-month U.S. Treasury Bill, 4.35%<sup>(a)</sup> | Quarterly | BCOMRLIT | Quarterly | Macquarie Bank Ltd. | 06/01/26 | USD | 177 | (42) |  | (42) |
|  |  |  |  |  |  |  |  | $(6931966) | $— | $(6931966) |

---

<sup>(a)</sup> All or a portion of the security is held by a wholly-owned subsidiary. See Note 1 of the Notes to Consolidated Financial Statements for details on the wholly-owned subsidiary.

#### Balances Reported in the Consolidated Statement of Assets and Liabilities for OTC Swaps

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Swap<br>Premiums<br>Paid* | *Swap<br>Premiums<br>Received* | *Unrealized<br>Appreciation* | *Unrealized<br>Depreciation* |
|  OTC Swaps | $&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;— | $1385184 | $(8317150) |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** | **Assets — Derivative Financial Instruments** | **Assets — Derivative Financial Instruments** |  |  |  |  |  |
|  Swaps — OTC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC swaps; Swap premiums paid | $1385184 | $— | $— | $— | $— | $— | $1385184 |
|  **Liabilities — Derivative Financial Instruments** | **Liabilities — Derivative Financial Instruments** | **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |
|  Swaps — OTC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC swaps; Swap premiums received | $8317150 | $— | $— | $— | $— | $— | $8317150 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Swaps | $9424444 | $— | $— | $— | $— | $— | $9424444 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Swaps | $(9887146) | $— | $— | $— | $— | $— | $(9887146) |

---

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

---

| | |
|:---|:---|
|  Total return swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value | $316460705 |

---

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

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Commodity Strategies Fund** |

---

#### Derivative Financial Instruments – Offsetting as of Period End
The Fund's derivative assets and liabilities (by type) were as follows:

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
|  Derivative Financial Instruments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps — OTC<sup>(a)</sup> | $1385184 | $8317150 |
|  Total derivative assets and liabilities in the Consolidated Statement of Assets and Liabilities | $1385184 | $8317150 |
|  Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") |  |  |
|  Total derivative assets and liabilities subject to an MNA | $1385184 | $8317150 |

---

<sup>(a)</sup> Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/(received) in the Consolidated Statement of Assets and Liabilities.

The following tables present the Fund's derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative<br>Assets<br>Subject to<br>an MNA by<br>Counterparty* | *Derivatives*<br> *Available*<br> *for Offset<sup>(a)</sup>* | *Non-*<br> *Cash*<br> *Collateral*<br> *Received<sup>(b)</sup>* | *Net*<br> *Amount of*<br> *Derivative*<br> *Assets<sup>(c)</sup>* |
|  Goldman Sachs International<sup>(d)</sup> | $336823 | $(336823) | $– $| $— |
|  Macquarie Bank Ltd.<sup>(d)</sup> | 527 | (527) | – |  |
|  Merrill Lynch International<sup>(d)</sup> | 285269 | (285269) | – |  |
|  Societe Generale SA<sup>(d)</sup> | 762565 | (762565) | – |  |
|  | $1385184 | $(1385184) | $– $| $— |

---

---

| | | | |
|:---|:---|:---|:---|
|  | $*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* | $*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* | $*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* |
| Counterparty | Derivative<br>Liabilities<br>Subject to<br>an MNA by<br>Counterparty | Non-Cash<br>Collateral<br>Pledged<sup>(b)</sup> | Net Amount<br>of Derivative<br>Liabilities<sup>(e)</sup> |
|  Goldman Sachs International<sup>(d)</sup> | $1540228) | $—) | $393405 |
|  JPMorgan Chase Bank N.A.<sup>(d)</sup> | 1872670 | —) | 1129670 |
|  Macquarie Bank Ltd.<sup>(d)</sup> | 679437) | —) | 238910 |
|  Merrill Lynch International<sup>(d)</sup> | 1563852) | —) | 468583 |
|  Societe Generale SA<sup>(d)</sup> | 2660963) | —) | 398398 |
|  | $8317150) | $—) | $2628966 |

---

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA. 

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount represents the net amount receivable from the counterparty in the event of default. 

<sup>(d)</sup> Represents derivatives owned by the BlackRock Cayman Commodity Strategies Fund, Ltd., a wholly-owed subsidiary of the Fund. See Note 1 of the Notes to Consolidated Financial Statements. 

<sup>(e)</sup> Net amount represents the net amount payable due to the counterparty in the event of default. 

#### 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 Consolidated 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 Consolidated Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals | $61788226 | $— | $— | $61788226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | 36648655 |  |  | 36648655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | 1628086 | 572563 |  | 2200649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 89217079 | 29626439 | 6 | 118843524 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Commodity Strategies Fund** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | $60967229 | $14349905 | $92 | $75317226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paper & Forest Products |  | 12919035 |  | 12919035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights |  | 8387 |  | 8387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants | 67982 |  |  | 67982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 14221351 |  |  | 14221351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 301874619 |  | 301874619 |
|  | $264538608 | $359350948 | $98 | $623889654 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity Contracts | $— | $1385184 | $— | $1385184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity Contracts |  | (8317150) |  | (8317150) |
|  | $— | $(6931966) | $— | $(6931966) |

---

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

*See notes to consolidated financial statements.* 

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

------

Consolidated Statement of Assets and Liabilities

May 31, 2025

---

| | |
|:---|:---|
|  | BlackRock<br>Commodity<br>Strategies<br> Fund |
|  **ASSETS** |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup> | $609668303 |
|  Investments, at value — affiliated<sup>(c)</sup> | 14221351 |
|  Cash | 4407556 |
|  Cash pledged: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral — OTC derivatives | 4303000 |
|  Foreign currency, at value<sup>(d)</sup> | 6574 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 4232598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 14801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 582455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 876038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 38004 |
| &nbsp;&nbsp;&nbsp;&nbsp; From the Manager | 34069 |
|  Unrealized appreciation on OTC swaps | 1385184 |
|  Prepaid expenses | 24481 |
|  Total assets | 639794414 |
|  **LIABILITIES** |  |
|  Collateral on securities loaned | 6937078 |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 1465675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 21961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 503645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred foreign capital gain tax | 18150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 268647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and Officer's fees | 767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 294849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other affiliate fees | 2419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 30172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution fees | 28643 |
|  Unrealized depreciation on OTC swaps | 8317150 |
|  Total liabilities | 17889156 |
|  **Commitments and contingent liabilities** |  |
|  NET ASSETS | $621905258 |
|  **NET ASSETS CONSIST OF:** |  |
|  Paid-in capital | $745847556 |
|  Accumulated loss | (123942298) |
|  NET ASSETS | $621905258 |
|  <sup>(a) </sup>Investments, at cost — unaffiliated | $541801787 |
|  <sup>(b) </sup>Securities loaned, at value | $6107405 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $14221000 |
|  <sup>(d) </sup>Foreign currency, at cost | $7321 |

---

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

------

Consolidated Statement of Assets and Liabilities (continued)

May 31, 2025

---

| | |
|:---|:---|
|  | BlackRock<br>Commodity<br>Strategies<br> Fund |
| **NET ASSET VALUE** |  |
| **Institutional** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $415455313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 46065899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $9.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 |
| **Investor A** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $80092403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 8976430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $8.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 |
| **Investor C** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $13517768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 1595161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $8.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 |
| **Class K** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $112839774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 12502697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $9.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 |

---

*See notes to consolidated financial statements.* 

C O N S O L I D A T E D S T A T E M E N T O F A S S E T S A N D L I A B I L I T I E S 13

------

Consolidated Statement of Operations

Year Ended May 31, 2025

---

| | |
|:---|:---|
|  | BlackRock<br>Commodity<br>Strategies<br>Fund |
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $7042912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 363044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 14122031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 196540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | (365318) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax claims | 239348 |
|  Total investment income | 21598557 |
|  EXPENSES |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 3925160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent — class specific | 582862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution — class specific | 357919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration | 265736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 173172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration — class specific | 126676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration | 82949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services | 71146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | 61457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and postage | 59221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees and Officer | 10212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 27502 |
|  Total expenses excluding interest expense | 5744012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 2741 |
|  Total expenses | 5746753 |
|  Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees waived by the Manager — class specific | (126676) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fees waived and/or reimbursed by the Manager | (410919) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees waived and/or reimbursed by the Manager — class specific | (319138) |
|  Total expenses after fees waived and/or reimbursed | 4890020 |
|  Net investment income | 16708537 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated<sup>(a)</sup> | 40391359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (151357) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 9424444 |
|  | 49664607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated<sup>(b)</sup> | (25471820) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 9996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | (9887146) |
|  | (35348510) |
|  Net realized and unrealized gain | 14316097 |
|  NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $31024634 |
|  <sup>(a) </sup>Net of foreign capital gain tax of | $(2180) |
|  <sup>(b) </sup>Net of decrease in deferred foreign capital gain tax of | 4038 |

---

*See notes to consolidated financial statements.* 

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

------

Consolidated Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | BlackRock Commodity Strategies<br>Fund | BlackRock Commodity Strategies<br>Fund |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 |
|  *INCREASE (DECREASE) IN NET ASSETS* | *INCREASE (DECREASE) IN NET ASSETS* |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $16708537 | $28148890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 49664607 | (42586702) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (35348510) | 112403648 |
|  Net increase in net assets resulting from operations | 31024634 | 97965836 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | (14805329) | (63779042) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A | (2746975) | (9950222) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C | (394674) | (2042128) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | (3688020) | (11873753) |
|  Decrease in net assets resulting from distributions to shareholders | (21634998) | (87645145) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |
|  Net decrease in net assets derived from capital share transactions | (67563123) | (456087656) |
|  *NET ASSETS* |  |  |
|  Total decrease in net assets | (58173487) | (445766965) |
|  Beginning of year | 680078745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125845710 |
|  End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621905258 | $680078745 |

---

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

*See notes to consolidated financial statements.* 

C O N S O L I D A T E D S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S 15

------

Consolidated Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Commodity Strategies Fund | BlackRock Commodity Strategies Fund | BlackRock Commodity Strategies Fund | BlackRock Commodity Strategies Fund | BlackRock Commodity Strategies Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Year Ended<br> 05/31/25 | Year Ended<br> 05/31/24 | Year Ended<br> 05/31/23 | Year Ended<br> 05/31/22 | Year Ended<br> 05/31/21 |
|  **Net asset value, beginning of year** | $8.86 | $8.62 | $11.33 | $9.22 | $6.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.23 | 0.28 | 0.22 | 0.09 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.23 | 0.73 | (2.08) | 2.27 | 2.88 |
|  Net increase (decrease) from investment operations | 0.46 | 1.01 | (1.86) | 2.36 | 2.95 |
|  Distributions from net investment income<sup>(b)</sup> | (0.30) | (0.77) | (0.85) | (0.25) | (0.06) |
|  **Net asset value, end of year** | $9.02 | $8.86 | $8.62 | $11.33 | $9.22 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |
|  Based on net asset value | 5.40% | 12.30% | (16.46)% | 26.31% | 46.93% |
|  **Ratios to Average Net Assets<sup>(d)</sup>** |  |  |  |  |  |
|  Total expenses | 0.87% | 0.87% | 0.83% | 0.82% | 0.90% |
|  Total expenses after fees waived and/or reimbursed | 0.72% | 0.72% | 0.72% | 0.72% | 0.72% |
|  Net investment income | 2.69% | 3.35% | 2.37% | 0.95% | 0.90% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $415455 | $463551 | $837334 | $2061348 | $862528 |
|  Portfolio turnover rate | 106% | 53% | 78% | 91 %<sup>(e)</sup> | 58% |

---

<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.

<sup>(e)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to consolidated financial statements.* 

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

------

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Commodity Strategies Fund (continued) | BlackRock Commodity Strategies Fund (continued) | BlackRock Commodity Strategies Fund (continued) | BlackRock Commodity Strategies Fund (continued) | BlackRock Commodity Strategies Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $8.77 | $8.53 | $11.23 | $9.14 | $6.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.21 | 0.26 | 0.20 | 0.07 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.22 | 0.73 | (2.07) | 2.25 | 2.86 |
|  Net increase (decrease) from investment operations | 0.43 | 0.99 | (1.87) | 2.32 | 2.91 |
|  Distributions from net investment income<sup>(b)</sup> | (0.28) | (0.75) | (0.83) | (0.23) | (0.05) |
|  **Net asset value, end of year** | $8.92 | $8.77 | $8.53 | $11.23 | $9.14 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |
|  Based on net asset value | 5.06% | 12.12% | (16.76)% | 26.06% | 46.53% |
|  **Ratios to Average Net Assets<sup>(d)</sup>** |  |  |  |  |  |
|  Total expenses | 1.14% | 1.12% | 1.07% | 1.13% | 1.18% |
|  Total expenses after fees waived and/or reimbursed | 0.97% | 0.97% | 0.97% | 0.97% | 0.97% |
|  Net investment income | 2.44% | 3.10% | 2.15% | 0.68% | 0.62% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $80092 | $92118 | $120674 | $236887 | $127923 |
|  Portfolio turnover rate | 106% | 53% | 78% | 91 %<sup>(e)</sup> | 58% |

---

<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.

<sup>(e)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to consolidated financial statements.* 

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

------

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Commodity Strategies Fund (continued) | BlackRock Commodity Strategies Fund (continued) | BlackRock Commodity Strategies Fund (continued) | BlackRock Commodity Strategies Fund (continued) | BlackRock Commodity Strategies Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $8.34 | $8.13 | $10.75 | $8.78 | $6.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup> | 0.14 | 0.19 | 0.13 | (0.00)<sup>(b)</sup> | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.20 | 0.69 | (1.98) | 2.15 | 2.75 |
|  Net increase (decrease) from investment operations | 0.34 | 0.88 | (1.85) | 2.15 | 2.74 |
|  Distributions from net investment income<sup>(c)</sup> | (0.21) | (0.67) | (0.77) | (0.18) | (0.00)<sup>(b)</sup> |
|  **Net asset value, end of year** | $8.47 | $8.34 | $8.13 | $10.75 | $8.78 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |
|  Based on net asset value | 4.25% | 11.29% | (17.34)% | 25.06% | 45.48% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |
|  Total expenses | 1.88% | 1.86% | 1.80% | 1.81% | 1.96% |
|  Total expenses after fees waived and/or reimbursed | 1.72% | 1.72% | 1.72% | 1.72% | 1.72% |
|  Net investment income (loss) | 1.69% | 2.34% | 1.49% | (0.04)% | (0.15)% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $13518 | $16586 | $29758 | $42138 | $16246 |
|  Portfolio turnover rate | 106% | 53% | 78% | 91 %<sup>(f)</sup> | 58% |

---

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

<sup>(b)</sup> Amount is greater 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.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to consolidated financial statements.* 

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

------

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Commodity Strategies Fund (continued) | BlackRock Commodity Strategies Fund (continued) | BlackRock Commodity Strategies Fund (continued) | BlackRock Commodity Strategies Fund (continued) | BlackRock Commodity Strategies Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $8.87 | $8.62 | $11.34 | $9.22 | $6.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.24 | 0.29 | 0.23 | 0.10 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.22 | 0.74 | (2.09) | 2.27 | 2.89 |
|  Net increase (decrease) from investment operations | 0.46 | 1.03 | (1.86) | 2.37 | 2.95 |
|  Distributions from net investment income<sup>(b)</sup> | (0.30) | (0.78) | (0.86) | (0.25) | (0.07) |
|  **Net asset value, end of year** | $9.03 | $8.87 | $8.62 | $11.34 | $9.22 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |
|  Based on net asset value | 5.45% | 12.49% | (16.48)% | 26.47% | 46.76% |
|  **Ratios to Average Net Assets<sup>(d)</sup>** |  |  |  |  |  |
|  Total expenses | 0.76% | 0.77% | 0.72% | 0.72% | 0.80% |
|  Total expenses after fees waived and/or reimbursed | 0.67% | 0.67% | 0.67% | 0.67% | 0.67% |
|  Net investment income | 2.73% | 3.40% | 2.42% | 1.02% | 0.76% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $112840 | $107825 | $138079 | $312639 | $197360 |
|  Portfolio turnover rate | 106% | 53% | 78% | 91 %<sup>(e)</sup> | 58% |

---

<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.

<sup>(e)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to consolidated financial statements.* 

C O N S O L I D A T E D F I N A N C I A L H I G H L I G H T S 19

------

Notes to Consolidated Financial Statements

*1. ORGANIZATION* 

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

The Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional and Class K Shares are sold only to certain eligible investors. Investor A and Investor C Shares bear certain expenses related to shareholder servicing of such shares, and Investor C Shares also bear certain expenses related to the distribution of such shares. Investor A and Investor C Shares are generally available through financial intermediaries. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures (except that Investor C shareholders may vote on material changes to the Investor A Shares distribution and service plan).

---

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

**Basis of Consolidation:** The accompanying consolidated financial statements of the Fund include the accounts of BlackRock Cayman Commodity Strategies Fund, Ltd. (the "Cayman Subsidiary"), which is a wholly-owned subsidiary of the Fund and primarily invests in commodity-related instruments and other derivatives. The Cayman Subsidiary enables the Fund to hold these commodity-related instruments and satisfy regulated investment company tax requirements. The Fund may invest up to 25% of its total assets in the Cayman Subsidiary. The net liabilities of the Cayman Subsidiary as of period end were $(2,629,009), which is (0.42)% of the Fund's consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The Cayman Subsidiary is subject to the same investment policies and restrictions that apply to the Fund, except that the Cayman Subsidiary may invest without limitation in commodity-related instruments.

*2. SIGNIFICANT ACCOUNTING POLICIES* 

The consolidated 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 consolidated financial statements, disclosure of contingent assets and liabilities at the date of the consolidated 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. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

**Foreign Currency Translation:** 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 Consolidated 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 Consolidated 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 May 31, 2025, if any, are disclosed in the Consolidated Statement of Assets and Liabilities.

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Notes to Consolidated Financial Statements (continued)

Consistent with U.S. GAAP accrual requirements for uncertain tax positions, the Fund recognizes tax reclaims when the Fund determines that it is more likely than not that the Fund will sustain its position that it is due the reclaim.

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 Consolidated 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 Consolidated Statement of Operations.

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

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

Net income and realized gains from investments held by the Cayman Subsidiary are treated as ordinary income for tax purposes. If a net loss is realized by the Cayman Subsidiary in any taxable year, the loss will generally not be available to offset the Fund's ordinary income and/or capital gains for that year.

**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 Consolidated Statement of Operations.

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

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

*3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS* 

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

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

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

· Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price provided by independent dealers or third-party pricing services. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

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

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

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Notes to Consolidated Financial Statements (continued)

• Interest rate, credit default, inflation and currency swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate market data and discounted cash flows. Total return and equity swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using models that incorporate market trades and fair value of the underlying reference instruments.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the 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.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Notes to Consolidated Financial Statements (continued)

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* 

**Warrants:** Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

**Securities Lending:** The Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities, but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

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 Consolidated 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 Consolidated Schedule of Investments. The market value of any securities on loan and the value of related collateral, if any, are shown separately in the Consolidated Statement of Assets and Liabilities as a component of investments at value – unaffiliated and collateral on securities loaned, respectively.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Counterparty* | *Securities<br>Loaned at Value* | *Cash<br>Collateral Received<sup>(a)</sup>* | *Non-Cash<br>Collateral Received,<br>at Fair Value<sup>(a)</sup>* | *Net<br>Amount* |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | $80679 | $(80679) | $– $|  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 14573 | (14573) | – |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 2301 | (2301) | – |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 2014085 | (2014085) | – |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 1712823 | (1712823) | – |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SG Americas Securities LLC | 2282944 | (2282944) | – |  |
|  | $6107405 | $(6107405) | $– $|  |

---

<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 Consolidated Statement of Assets and Liabilities. 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by BIM. BIM's indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. The Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Fund.

*5. DERIVATIVE FINANCIAL INSTRUMENTS* 

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

N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S 23

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Notes to Consolidated Financial Statements (continued)

**Swaps:** Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Fund and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract ("OTC swaps") or centrally cleared ("centrally cleared swaps").

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Consolidated Statement of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC swaps in the Consolidated Statement of Assets and Liabilities. Payments received or paid are recorded in the Consolidated Statement of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Consolidated Statement of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund's basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the "CCP") and the CCP becomes the Fund's counterparty on the swap. The Fund is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, 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 the size and risk profile of the particular swap. Securities deposited as initial margin are designated in the Consolidated Schedule of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Consolidated Statement of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Consolidated 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 shown as variation margin receivable (or payable) on centrally cleared swaps in the Consolidated Statement of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Consolidated Statement of Operations, including those at termination.

• Total return swaps — Total return swaps are entered into to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instrument(s) or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

**Master Netting Arrangements:** In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

**Collateral Requirements:** For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, is reported separately in the Consolidated Statement of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Consolidated Schedule of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Fund. Any additional required collateral is delivered to/pledged by the Fund on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Fund from the counterparties are not fully collateralized, the Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Fund has delivered collateral to a counterparty and stands ready to perform under the terms of its agreement with such counterparty, the Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Consolidated Statement of Assets and Liabilities.

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

**Investment Advisory:** The Trust, on behalf of the Fund, entered into an Investment Advisory Agreement with the Manager, the Fund's investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. ("BlackRock"), to provide investment advisory services. The Manager is responsible for the management of the Fund's portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of the Fund.

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Notes to Consolidated Financial Statements (continued)

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 | 0.62% |
|  $1 billion - $3 billion | 0.58 |
|  $3 billion - $5 billion | 0.56 |
|  $5 billion - $10 billion | 0.54 |
|  Greater than $10 billion | 0.53 |

---

The Manager provides investment management and other services to the Cayman Subsidiary. The Manager does not receive separate compensation from the Cayman Subsidiary for providing investment management or administrative services. However, the Fund pays the Manager based on the Fund's net assets, which includes the assets of the Cayman Subsidiary.

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

**Service and Distribution Fees:** The Trust, on behalf of the Fund, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC ("BRIL"), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, the Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of the Fund as follows:

---

| | | |
|:---|:---|:---|
| *Share Class* | *Service Fees* | *Distribution Fees* |
|  Investor A | 0.25% | N/A |
|  Investor C | 0.25 | 0.75% |

---

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 May 31, 2025, the following table shows the class specific service and distribution fees borne directly by each share class of the Fund:

---

| | | | |
|:---|:---|:---|:---|
|  | *Investor A* | *Investor C* | *Total* |
|  Service and distribution – class specific | $210324 | $147595 | $357919 |

---

**Administration:** The Trust, on behalf of the Fund, entered into an Administration Agreement with the Manager, an indirect, wholly-owned subsidiary of BlackRock, to provide administrative services. For these services, the Manager receives an administration fee computed daily and payable monthly, based on a percentage of the average daily net assets of the Fund. The administration fee, which is shown as administration in the Consolidated Statement of Operations, is paid at the annual rates below.

---

| | |
|:---|:---|
| *Average Daily Net Assets* | *Administration Fees* |
|  <br> First $500 million | 0.0425% |
|  $500 million - $1 billion | 0.0400 |
|  $1 billion - $2 billion | 0.0375 |
|  $2 billion - $4 billion | 0.0350 |
|  $4 billion - $13 billion | 0.0325 |
|  Greater than $13 billion | 0.0300 |

---

In addition, the Manager charges each of the share classes an administration fee, which is shown as administration – class specific in the Consolidated Statement of Operations, at an annual rate of 0.02% of the average daily net assets of each respective class.

For the year ended May 31, 2025, the Fund paid the following to the Manager in return for these services, which are included in administration – class specific in the Consolidated Statement of Operations:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Total* |
|  Administration – class specific | $85470 | $16867 | $2959 | $21380 | $126676 |

---

**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 May 31, 2025, 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 May 31, 2025, the Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent – class specific in the Consolidated Statement of Operations:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Total* |
|  Reimbursed amounts | $4 | $3742 | $720 | $239 | $4705 |

---

N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S 25

------

Notes to Consolidated Financial Statements (continued)

For the year ended May 31, 2025, 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* | *Total* |
|  Transfer agent — class specific | $452943 | $108955 | $18252 | $2712 | $582862 |

---

**Other Fees:** For the year ended May 31, 2025, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of the Fund's Investor A Shares for a total of $3,400.

For the year ended May 31, 2025, affiliates received CDSCs as follows:

---

| | |
|:---|:---|
| *Share Class* | *Amounts* |
|  Investor A | $577 |
|  Investor C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1695 |

---

**Expense Limitations, Waivers and Reimbursements:** The Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Fund pays to the Manager indirectly through its investment in affiliated money market funds (the "affiliated money market fund waiver") through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the trustees who are not "interested persons" of the Trust, as defined in the 1940 Act ("Independent Trustees"), or by a vote of a majority of the outstanding voting securities of the Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. This amount is included in fees waived and/or reimbursed by the Manager in the Consolidated Statement of Operations. For the year ended May 31, 2025, the amount waived was $5,895.

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the Fund's assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Fund. For the year ended May 31, 2025, there were no fees waived by the Manager pursuant to this arrangement.

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

---

| | | | |
|:---|:---|:---|:---|
| *Institutional* | *Investor A* | *Investor C* | *Class K* |
|  0.72% | 0.97% | 1.72% | 0.67% |

---

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2026, unless approved by the Board, including a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Fund. For the year ended May 31, 2025, the Manager waived and/or reimbursed investment advisory fees of $405,024, which is included in fees waived and/or reimbursed by the Manager in the Consolidated 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 Consolidated Statement of Operations. For the year ended May 31, 2025, class specific expense waivers and/or reimbursements were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Total* |
|  Administration fees waived by the Manager — class specific | $85470 | $16867 | $2959 | $21380 | $126676 |
|  Transfer agent fees waived and/or reimbursed by the Manager — class specific | 239363 | 66450 | 10613 | 2712 | 319138 |

---

**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.

26 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Consolidated Financial Statements (continued)

Pursuant to the current securities lending agreement, the Fund retains 82% 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 specified thresholds, the Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 85% 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.

The share of securities lending income earned by the Fund is shown as securities lending income — affiliated — net in the Consolidated Statement of Operations. For the year ended May 31, 2025, the Fund paid BIM $42,355 for securities lending agent services.

**Interfund Lending:** Prior to March 3, 2025, in accordance with an exemptive order (the "Order") from the SEC, the Fund could participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the Fund's investment policies and restrictions. Effective March 3, 2025, the Interfund Lending Program was not renewed but remains available for renewal in the future.

During the period ended March 3, 2025, the Fund did not participate in the Interfund Lending Program.

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

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

---

| | | |
|:---|:---|:---|
| *Purchases* | *Sales* | *Net Realized* <br> *Gain (Loss)*  |
| $129597 | $— | $— |

---

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

For the year ended May 31, 2025, purchases and sales of investments, excluding short-term securities, were $329,420,643 and $373,434,807, 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 May 31, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund's consolidated financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Fund's NAV.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | *Year Ended*<br> *05/31/25* | *Year Ended*<br> *05/31/24* |
|  Ordinary income | $21634998  | $87645145  |

---

As of May 31, 2025, the tax components of accumulated earnings (loss) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Undistributed*<br> *Ordinary Income* | *Non-expiring*<br> *Capital Loss*<br> *Carryforwards<sup>(a)</sup>* | *Net Unrealized<br>Gains (Losses)<sup>(b)</sup>* | *Total* |
|  BlackRock Commodity Strategies Fund | $10655218 | $(189409453) | $54811937 | $(123942298) |

---

<sup>(a)</sup> Amounts available to offset future realized capital gains. 

<sup>(b)</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 accounting for swap agreements, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies and the characterization of corporate actions. 

N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S 27

------

Notes to Consolidated Financial Statements (continued)

During the year ended May 31, 2025, the Fund utilized the following amount of its capital loss carryforward:

---

| | |
|:---|:---|
| *Fund Name* | *Utilized* |
|  BlackRock Commodity Strategies Fund | $31158849 |

---

As of May 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Tax Cost* | *Gross Unrealized*<br> *Appreciation* | *Gross Unrealized*<br> *Depreciation* | *Net Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  BlackRock Commodity Strategies Fund | $562136982 | $84838576 | $(23085904) | $61752672 |

---

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

The Trust, on behalf of the Fund, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Fund may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Fund, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate ("SOFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 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 May 31, 2025, the Fund did not borrow under the credit agreement.

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

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

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

**Market Risk:** The Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force the Fund to reinvest in lower yielding securities. The Fund may also be exposed to reinvestment risk, which is the risk that income from the Fund's portfolio will decline if the Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below the Fund portfolio's current earnings rate.

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

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

**Counterparty Credit Risk:** The Fund may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Fund manages counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and

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

------

Notes to Consolidated Financial Statements (continued)

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 Consolidated 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.

**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 Consolidated Schedule of Investments.

The Fund invests a significant portion of its assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the income from, or the value or liquidity of, the Fund's portfolio. Investment percentages in specific sectors are presented in the Consolidated Schedule of Investments.

The Fund invests a significant portion of its assets in fixed-income securities and/or uses derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Fund may be subject to a greater risk of rising interest rates during a period of historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Fund's performance.

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 05/31/25 | Year Ended 05/31/25 | Year Ended 05/31/24 | Year Ended 05/31/24 |
| *Share Class* | *Shares* | *Amount* | *Shares* | *Amount* |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 13046937 | $113453641 | 16238591 | $137317730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 1695838 | 14501014 | 7095202 | 60484375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (20988453) | (182164245) | (68198567) | (578220648) |
|  | (6245678) | $(54209590) | (44864774) | $(380418543) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 1234555 | $10669009 | 1577748 | $13256153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 319621 | 2707750 | 1156635 | 9757319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (3082856) | (26596176) | (6373307) | (53134580) |
|  | (1528680) | $(13219417) | (3638924) | $(30121108) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 128087 | $1055437 | 162325 | $1312561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 48741 | 393494 | 252922 | 2040080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (570677) | (4633882) | (2085435) | (16739947) |
|  | (393849) | $(3184951) | (1670188) | $(13387306) |

---

N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S 29

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Notes to Consolidated Financial Statements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended 05/31/25 | Year Ended 05/31/25 | Year Ended 05/31/24 | Year Ended 05/31/24 |
| *Share Class* | *Shares* | *Amount* | *Shares* | *Amount* |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 3597413 | $31456261 | 4418921 | $37807441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 430520 | 3684290 | 1393260 | 11870505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (3684835) | (32089716) | (9665648) | (81838645) |
|  | 343098 | $3050835 | (3853467) | $(32160699) |
|  | (7825109) | $(67563123) | (54027353) | $(456087656) |

---

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

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

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

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Report of Independent Registered Public Accounting Firm

To the Shareholders of BlackRock Commodity Strategies Fund and the Board of Trustees of BlackRock Funds<sup>SM</sup>:

#### Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying consolidated statement of assets and liabilities of BlackRock Commodity Strategies Fund of BlackRock Funds<sup>SM</sup> (the "Fund"), including the consolidated schedule of investments, as of May 31, 2025, the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the five years in the period then, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of May 31, 2025, 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 May 31, 2025, 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

July 22, 2025

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

R E P O R T O F I N D E P E N D E N T R E G I S T E R E D P U B L I C A C C O U N T I N G F I R M 31

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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 May 31, 2025:

---

| | |
|:---|:---|
|  *Fund Name* | *Qualified Dividend*<br> *Income* |
|  BlackRock Commodity Strategies Fund | $6935857 |

---

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 May 31, 2025:

---

| | |
|:---|:---|
|  *Fund Name* | *Federal Obligation*<br> *Interest* |
|  BlackRock Commodity Strategies Fund | $11927134 |

---

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 May 31, 2025 qualified for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
|  *Fund Name* | *Dividends-Received*<br> *Deduction* |
|  BlackRock Commodity Strategies Fund | 10.24% |

---

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 May 31, 2025:

---

| | |
|:---|:---|
|  *Fund Name* | *Interest Dividends* |
|  BlackRock Commodity Strategies Fund | $12078301 |

---

The Fund hereby designates the following amount, or maximum amount allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended May 31, 2025:

---

| | |
|:---|:---|
|  *Fund Name* | *Interest-Related*<br> *Dividends* |
|  BlackRock Commodity Strategies Fund | $12079694 |

---

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

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Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement

The Board of Trustees (the "Board," the members of which are referred to as "Board Members") of BlackRock Funds (the "Trust") met on April 22, 2025 (the "April Meeting") and May 20-21, 2025 (the "May Meeting") to consider the approval to continue the investment advisory agreement (the "Advisory Agreement") between the Trust, on behalf of BlackRock Commodity Strategies Fund (the "Fund"), and BlackRock Advisors, LLC (the "Manager"), the Fund's investment advisor. The Board also considered the approval to continue the sub-advisory agreement (the "Sub-Advisory Agreement") between the Manager and BlackRock International Limited (the "Sub-Advisor") with respect to the Fund. The Manager and the Sub-Advisor are referred to herein as "BlackRock." The Advisory Agreement and the Sub-Advisory Agreement are referred to herein as the "Agreements."

#### The Approval Process
Consistent with the requirements of the Investment Company Act of 1940 (the "1940 Act"), the Board considers the approval of the continuation of the Agreements for the Fund on an annual basis. The Board Members who are not "interested persons" of the Trust, as defined in the 1940 Act, are considered independent Board Members (the "Independent Board Members"). The Board's consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock's various services to the Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, as well as numerous ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also held the April Meeting to consider specific information regarding the renewal of the Agreements. In considering the renewal of the Agreements, the Board assessed, among other things, the nature, extent and quality of the services provided to the Fund by BlackRock, BlackRock's personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock's management.

During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to the Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management's and portfolio managers' investment performance analyses, and the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by the Fund for services; (c) Fund operating expenses and how BlackRock allocates expenses to the Fund; (d) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of the Fund's investment objective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock's and the Fund's adherence to applicable compliance policies and procedures; (f) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as applicable; (g) BlackRock's and other service providers' internal controls and risk and compliance oversight mechanisms; (h) BlackRock's implementation of the proxy voting policies approved by the Board; (i) the use of brokerage commissions and execution quality of portfolio transactions; (j) BlackRock's implementation of the Fund's valuation and liquidity procedures; (k) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, exchange-traded fund ("ETF"), closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to the Fund; (l) BlackRock's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage; and (m) periodic updates on BlackRock's business.

Prior to and in preparation for the April Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreements. The Independent Board Members continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the April Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), based on either a Lipper classification or Morningstar category, regarding the Fund's fees and expenses as compared with a peer group of funds as determined by Broadridge ("Expense Peers") and the investment performance of the Fund as compared with a peer group of funds ("Performance Peers"); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge's methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, ETFs, closed-end funds, open-end funds, and separately managed accounts, under similar investment mandates, as well as the performance of such other products, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with the Fund; (g) a summary of aggregate amounts paid by the Fund to BlackRock; (h) sales and redemption data regarding the Fund's shares; and (i) various additional information requested by the Board as appropriate regarding BlackRock's and the Fund's operations.

At the April Meeting, the Board reviewed materials relating to its consideration of the Agreements and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the May Meeting, and such responses were reviewed by the Board Members.

At the May Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of the Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with the Fund; (d) the Fund's fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock's relationship with the Fund; and (g) other factors deemed relevant by the Board Members.

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock's services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock's personnel to engage in open, candid discussions with the Board. The Board evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide more

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

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Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

information about some of the primary factors that were relevant to the Board's decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

*A. Nature, Extent and Quality of the Services Provided by BlackRock* 

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of the Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of mutual funds, relevant benchmarks, and performance metrics, as applicable. The Board met with BlackRock's senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by the Fund's portfolio management team discussing the Fund's performance, investment strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the experience of the Fund's portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of certain trading, portfolio management, operations and/or information systems owned by BlackRock; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock's overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock's Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock's compensation structure with respect to the Fund's portfolio management team and BlackRock's ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to the Fund. BlackRock and its affiliates provide the Fund with certain administrative, shareholder and other services (in addition to any such services provided to the Fund by third parties) and officers and other personnel as are necessary for the operations of the Fund. In particular, BlackRock and its affiliates provide the Fund with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of third-party service providers including, among others, the Fund's custodian, fund accountant, transfer agent, and auditor; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of the Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing the Fund's distribution partners, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock's fund administration, shareholder services, and legal and compliance departments and considered BlackRock's policies and procedures for assuring compliance with applicable laws and regulations. The Board also considered the operation of BlackRock's business continuity plans.

The Board noted that the engagement of the Sub-Advisor with respect to the Fund facilitates the provision of investment advice and trading by investment personnel out of non-U.S. jurisdictions. The Board considered that this arrangement provides additional flexibility to the portfolio management team, which may benefit the Fund and its shareholders.

*B. The Investment Performance of the Fund* 

The Board, including the Independent Board Members, reviewed and considered the performance history of the Fund throughout the year and at the April Meeting. The Board was provided with Fund performance reporting and analysis, relative to applicable performance metrics, by BlackRock throughout the year and at the April meeting. In preparation for the April Meeting, the Board was also provided with reports independently prepared by Broadridge, which included an analysis of the Fund's performance as of December 31, 2024, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of the Fund as compared to its Performance Peers. The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of the Fund throughout the year.

In evaluating performance, the Board focused particular attention on funds with less favorable performance records. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.

The Board noted that for the one-, three- and five-year periods reported, the Fund ranked in the fourth, second and second quartiles, respectively, against its Performance Peers. The Board and BlackRock reviewed the Fund's underperformance relative to its Performance Peers during the applicable period.

*C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with the Fund* 

The Board, including the Independent Board Members, reviewed the Fund's contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared the Fund's total expense ratio, as well as its actual management fee rate, to those of its Expense Peers. The total expense ratio represents a fund's total net operating expenses, including any 12b-1 or non-12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered that the fee and expense information in the Broadridge report for the Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Board also noted that while it found the expense comparison provided by Broadridge generally useful, it recognized that the comparison is subject to Broadridge's defined

34 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

peer selection criteria and methodology. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board reviewed BlackRock's profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to the Fund. The Board reviewed BlackRock's estimated profitability with respect to the Fund and other funds the Board currently oversees for the year ended December 31, 2024 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock's estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock's assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized the limitations of calculating and comparing profitability at the individual fund level.

The Board received and reviewed statements relating to BlackRock's financial condition. The Board reviewed BlackRock's overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of BlackRock's technology business, BlackRock's expense management, and the relative product mix. The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available.

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock's commitment of time and resources, assumption of risk, and liability profile in servicing the Fund, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, ETF, closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable.

The Board noted that the Fund's contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio ranked in the second and first quartiles, respectively, relative to the Fund's Expense Peers. The Board further noted that the Fund has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the size of the Fund increases above certain contractually specified levels. The Board additionally noted that the breakpoints can, conversely, adjust the advisory fee rate upward as the size of the Fund decreases below certain contractually specified levels. The Board also noted that BlackRock and the Board have contractually agreed to a cap on the Fund's total expenses as a percentage of the Fund's average daily net assets on a class-by-class basis.

*D. Economies of Scale* 

The Board, including the Independent Board Members, considered the extent to which any economies of scale might benefit the Fund in a variety of ways as the assets of the Fund increase. The Board considered multiple factors, including the advisory fee rate and breakpoints, unitary fee structure, fee waivers, and/or expense caps, as applicable. The Board considered the Fund's asset levels and whether the current fee schedule was appropriate.

*E. Other Factors Deemed Relevant by the Board Members* 

The Board, including the Independent Board Members, also took into account other ancillary or "fall-out" benefits that BlackRock or its affiliates may derive from BlackRock's respective relationships with the Fund, both tangible and intangible, such as BlackRock's ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock's profile in the investment advisory community, and the engagement of BlackRock's affiliates as service providers to the Fund, including for administrative, distribution, securities lending and cash management services. With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The Board also considered BlackRock's overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreements, the Board also received information regarding BlackRock's brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board noted the competitive nature of the mutual fund marketplace, and that shareholders are able to redeem their Fund shares if they believe that the Fund's fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

#### Conclusion
At the May Meeting, in a continuation of the discussions that occurred during the April Meeting, and as a culmination of the Board's year-long deliberative process, the Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreement between the Manager and the Trust, on behalf of the Fund, for a one-year term ending June 30, 2026, and the Sub-Advisory Agreement between the Manager and the Sub-Advisor, with respect to the Fund, for a one-year term ending June 30, 2026. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.

D I S C L O S U R E O F I N V E S T M E N T A D V I S O R Y A G R E E M E N T A N D S U B -A D V I S O R Y A G R E E M E N T 35

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Additional Information

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

#### Proxy Results
Not applicable.

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

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

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

To enroll in electronic delivery:

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

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

2. Select "Access Your Account"

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

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

#### Shareholder Privileges

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

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

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

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

36 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Additional Information (continued)

#### Fund and Service Providers

---

| | |
|:---|:---|
| **Investment Adviser and Administrator**<br> BlackRock Advisors, LLC<br> Wilmington, DE 19809 | **Distributor**<br> BlackRock Investments, LLC<br> New York, NY 10001 |
| **Sub-Adviser**<br> BlackRock International Limited<br> Edinburgh, EH3 8BL<br> United Kingdom | **Independent Registered Public Accounting Firm**<br> Deloitte & Touche LLP<br> Boston, MA 02110 |
| **Accounting Agent and Transfer Agent**<br> BNY Mellon Investment Servicing (US) Inc.<br> Wilmington, DE 19809 | **Legal Counsel**<br> Sidley Austin LLP<br> New York, NY 10019 |
| **Custodian**<br> The Bank of New York Mellon<br> New York, NY 10286 | **Address of the Trust**<br> 100 Bellevue Parkway<br> Wilmington, DE 19809 |

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A D D I T I O N A L I N F O R M A T I O N 37

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Glossary of Terms Used in these Financial Statements

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| | |
|:---|:---|
|  **Currency Abbreviation** | **Currency Abbreviation** |
|  CAD | Canadian Dollar |
|  USD | United States Dollar |
|  **Portfolio Abbreviation** | **Portfolio Abbreviation** |
|  ADR | American Depositary Receipt |
|  BCOMRAGT | Bloomberg Roll Select Agriculture Subindex Total Return<sup>SM</sup> |
|  BCOMRENT | Bloomberg Roll Select Energy Subindex Total Return<sup>SM</sup> |
|  BCOMRINT | Bloomberg Roll Select Industrial Metals Subindex Total Return<sup>SM</sup> |
|  BCOMRLIT | Bloomberg Roll Select Livestock Subindex Total Return<sup>SM</sup> |
|  BCOMRPRT | Bloomberg Roll Select Precious Metals Subindex Total Return<sup>SM</sup> |
|  CVR | Contingent Value Rights |
|  OTC | Over-the-Counter |

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38 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T IO N

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### Want to know more?
blackrock.com \| 800-441-7762

This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless preceded or accompanied by the Fund's current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.

---

| | |
|:---|:---|
| ![LOGO](g34788g42l24.jpg)  | ![LOGO](g34788bclogo.jpg) |

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| | |
|:---|:---|
| ![LOGO](g34788g42l24.jpg)  | **MAY 31, 2025** |

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**2025 Annual Financial Statements and Additional Information**<br>

#### BlackRock Funds<sup>SM</sup>
· BlackRock Energy Opportunities Fund

· BlackRock High Equity Income Fund

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

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**Table of Contents**

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| | |
|:---|:---|
|  | **Page** |
|  [Schedules of Investments](#fin334788_1) | 3 |
|  [Statements of Assets and Liabilities](#fin334788_2) | 11 |
|  [Statements of Operations](#fin334788_3) | 13 |
|  [Statements of Changes in Net Assets](#fin334788_4) | 14 |
|  [Financial Highlights](#fin334788_5) | 16 |
|  [Notes to Financial Statements](#fin334788_6) | 23 |
|  [Report of Independent Registered Public Accounting Firm](#fin334788_7) | 34 |
|  [Important Tax Information](#fin334788_8) | 35 |
|  [Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements](#fin334788_9) | 36 |
|  [Additional Information](#fin334788_10) | 40 |
|  [Glossary of Terms Used in these Financial Statements](#fin334788_11) | 42 |

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| | |
|:---|:---|
| Schedule of Investments<br> May 31, 2025 | **BlackRock Energy Opportunities Fund**<br> **(Percentages shown are based on Net Assets)** |

---

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

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
| **Energy Equipment & Services — 2.8%** |  |  |
|  Poseidon Concepts Corp.<sup>(a)(b)</sup>  | 35081 | $— |
|  TechnipFMC PLC | 171350 | 5337552 |
|  Tenaris SA | 121659 | &nbsp;&nbsp;&nbsp;&nbsp;2037483 |
|  |  | 7375035 |
| **Oil, Gas & Consumable Fuels — 95.8%** |  |  |
|  Cameco Corp. (CAD) | 84022 | 4918809 |
|  Canadian Natural Resources Ltd. | 363732 | 11044349 |
|  Cheniere Energy, Inc. | 46170 | 10941828 |
|  Chevron Corp. | 188715 | 25797340 |
|  ConocoPhillips | 78155 | 6670529 |
|  EOG Resources, Inc. | 89143 | 9678256 |
|  EQT Corp. | 113584 | 6261886 |
|  Exxon Mobil Corp. | 507982 | 51966559 |
|  Gazprom PJSC<sup>(a)(b)</sup>  | 639500 | 83 |
|  Gaztransport Et Technigaz SA | 13564 | 2520576 |
|  Hess Corp. | 49955 | 6603551 |
|  Kinder Morgan, Inc. | 359361 | 10076482 |
|  Kosmos Energy Ltd.<sup>(b)</sup>  | 724742 | 1203072 |
|  Pembina Pipeline Corp. | 136462 | 5114031 |
|  Permian Resources Corp., Class A | 454651 | 5733149 |
|  Shell PLC | 838922 | 27680172 |
|  Suncor Energy, Inc. | 208430 | 7410136 |
|  Targa Resources Corp. | 50433 | 7964884 |
|  TC Energy Corp. | 213597 | 10823431 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Oil, Gas & Consumable Fuels (continued)** |  |  |
|  TotalEnergies SE | 320634 | $18875134 |
|  Tourmaline Oil Corp. | 82530 | 3721322 |
|  Valero Energy Corp. | 59689 | 7698090 |
|  Williams Cos., Inc. (The) | 177674 | 10751054 |
|  |  | 253454723 |
|  **Total Long-Term Investments — 98.6%<br>(Cost: $195,423,054)** | **Total Long-Term Investments — 98.6%<br>(Cost: $195,423,054)** | 260829758 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 0.7%** |  |  |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.20%<sup>(c)(d)</sup>  | 1948783 | 1948783 |
|  **Total Short-Term Securities — 0.7%<br>(Cost: $1,948,783)** |  | 1948783 |
|  **Total Investments — 99.3%<br>(Cost: $197,371,837)** |  | 262778541 |
|  **Other Assets Less Liabilities — 0.7%** |  | 1899799 |
|  **Net Assets — 100.0%** |  | $264678340 |

---

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

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

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

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

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended May 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *05/31/24* | *Purchases*<br> *at Cost* | *Proceeds*<br> *from Sales* | *Net*<br> *Realized*<br> *Gain (Loss)* | *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* | *Value at*<br> *05/31/25* | *Shares*<br> *Held at*<br> *05/31/25* | *Income* | *Capital*<br> *Gain*<br> *Distributions*<br> *from Underlying*<br> *Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares<sup>(a)</sup>  | $— | $120 <sup>(b</sup><sup>)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(120) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— |  | $47 <sup>(c)</sup> | $— |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares | 2548266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (599483)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | 1948783 | 1948783 | 229204 |  |
|  |  |  |  | $(120) | $— | $1948783 |  | $229251 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

<sup>(a)</sup> As of period end, the entity is no longer held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup> Represents net amount purchased (sold). 

<sup>(c)</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.

S C H E D U L E S O F I N V E S T M E N T S 3

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Energy Opportunities Fund** |

---

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | $5337552 | $2037483 | $— | $7375035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 204378758 | 49075882 | 83 | 253454723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 1948783 |  |  | 1948783 |
|  | $211665093 | $51113365 | $83 | $262778541 |

---

*See notes to financial statements.* 

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

------

---

| | |
|:---|:---|
| Schedule of Investments<br> May 31, 2025 | **BlackRock High Equity Income Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> *Shares* | *Value* |
|  **Common Stocks** |  |  |
| **Aerospace & Defense — 3.3%** |  |  |
|  Airbus SE | 28555 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5251966 |
|  Boeing Co. (The)<sup>(a)</sup>  | 69118 | 14329544 |
|  L3Harris Technologies, Inc. | 86757 | 21198205 |
|  RTX Corp. | 129887 | 17726978 |
|  |  | 58506693 |
| **Automobile Components — 0.8%** |  |  |
|  Aptiv PLC<sup>(a)</sup>  | 162606 | 10863707 |
|  Lear Corp. | 49637 | 4488177 |
|  |  | 15351884 |
| **Automobiles — 0.3%** |  |  |
|  General Motors Co. | 99243 | 4923445 |
| **Banks — 6.0%** |  |  |
|  Bank of America Corp. | 137294 | 6058784 |
|  Citigroup, Inc. | 483550 | 36420986 |
|  First Citizens BancShares, Inc., Class A | 16957 | 31351458 |
|  Flagstar Financial, Inc. | 609635 | 7022995 |
|  Wells Fargo & Co. | 357512 | 26734748 |
|  |  | 107588971 |
| **Beverages — 0.8%** |  |  |
|  Keurig Dr. Pepper, Inc. | 313830 | 10566656 |
|  Pernod Ricard SA | 35735 | 3695087 |
|  |  | 14261743 |
| **Broadline Retail — 1.1%** |  |  |
|  Amazon.com, Inc.<sup>(a)</sup>  | 44516 | 9126225 |
|  PDD Holdings, Inc., ADR<sup>(a)</sup>  | 104775 | 10111835 |
|  |  | 19238060 |
| **Building Products — 0.4%** |  |  |
|  Johnson Controls International PLC | 65114 | 6600606 |
| **Capital Markets — 1.9%** |  |  |
|  Carlyle Group, Inc. (The) | 173468 | 7840754 |
|  Charles Schwab Corp. (The) | 145750 | 12875555 |
|  Intercontinental Exchange, Inc. | 73024 | 13129715 |
|  |  | 33846024 |
| **Chemicals — 2.2%** |  |  |
|  Air Products & Chemicals, Inc. | 54672 | 15248568 |
|  Albemarle Corp. | 46916 | 2616036 |
|  International Flavors & Fragrances, Inc. | 141596 | 10840590 |
|  PPG Industries, Inc. | 104374 | 11564639 |
|  |  | 40269833 |
| **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** |  |
|  Rentokil Initial PLC | 2411701 | 11448617 |
| **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** |  |
|  Cisco Systems, Inc. | 247097 | 15576995 |
| **Consumer Staples Distribution & Retail — 1.4%** | **Consumer Staples Distribution & Retail — 1.4%** |  |
|  Dollar General Corp. | 129571 | 12600780 |
|  Dollar Tree, Inc.<sup>(a)</sup>  | 136543 | 12324371 |
|  |  | 24925151 |
| **Containers & Packaging — 0.7%** |  |  |
|  Sealed Air Corp. | 392576 | 12640947 |
| **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** |  |
|  Verizon Communications, Inc. | 281323 | 12366959 |
| **Electric Utilities — 1.8%** |  |  |
|  American Electric Power Co., Inc. | 57078 | 5907003 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> *Shares* | *Value* | *Value* |
| **Electric Utilities (continued)** |  |  |  |
|  Exelon Corp. | 343199 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15038980 |
|  PG&E Corp. | 678765 |  | 11457553 |
|  |  |  | 32403536 |
| **Electrical Equipment — 0.1%** |  |  |  |
|  Sensata Technologies Holding PLC | 58973 |  | 1536836 |
| **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** |
|  Keysight Technologies, Inc.<sup>(a)</sup>  | 28581 |  | 4488360 |
| **Entertainment — 1.1%** |  |  |  |
|  Electronic Arts, Inc. | 100326 |  | 14424872 |
|  Walt Disney Co. (The) | 44896 |  | 5075044 |
|  |  |  | 19499916 |
| **Financial Services — 2.4%** |  |  |  |
|  Fidelity National Information Services, Inc. | 265304 |  | 21120851 |
|  Global Payments, Inc. | 92745 |  | 7012450 |
|  Visa, Inc., Class A | 11324 |  | 4135412 |
|  Voya Financial, Inc. | 156947 |  | 10440114 |
|  |  |  | 42708827 |
| **Food Products — 1.6%** |  |  |  |
|  Kraft Heinz Co. (The) | 685391 |  | 18320501 |
|  Lamb Weston Holdings, Inc. | 187266 |  | 10445698 |
|  |  |  | 28766199 |
| **Ground Transportation — 0.5%** |  |  |  |
|  CSX Corp. | 306310 |  | 9676333 |
| **Health Care Equipment & Supplies — 4.8%** | **Health Care Equipment & Supplies — 4.8%** |  |  |
|  Baxter International, Inc. | 1217718 |  | 37140399 |
|  Becton Dickinson & Co. | 136267 |  | 23518322 |
|  Koninklijke Philips NV | 326408 |  | 7526822 |
|  Medtronic PLC | 221590 |  | 18387538 |
|  |  |  | 86573081 |
| **Health Care Providers & Services — 5.1%** | **Health Care Providers & Services — 5.1%** |  |  |
|  Cardinal Health, Inc. | 217448 |  | 33582669 |
|  Centene Corp.<sup>(a)</sup>  | 93367 |  | 5269634 |
|  Cigna Group (The) | 19161 |  | 6067139 |
|  CVS Health Corp. | 349628 |  | 22390177 |
|  Elevance Health, Inc. | 22467 |  | 8623733 |
|  Labcorp Holdings, Inc. | 64623 |  | 16089188 |
|  |  |  | 92022540 |
| **Health Care REITs — 0.5%** |  |  |  |
|  Healthcare Realty Trust, Inc. | 564800 |  | 8189600 |
| **Household Durables — 0.4%** |  |  |  |
|  Sony Group Corp., ADR<sup>(b)</sup>  | 284745 |  | 7511573 |
| **Household Products — 0.8%** |  |  |  |
|  Henkel AG & Co. KGaA, Preference Shares, NVS | 180373 |  | 14452397 |
| **Industrial REITs — 0.8%** |  |  |  |
|  Rexford Industrial Realty, Inc. | 259455 |  | 9143194 |
|  STAG Industrial, Inc. | 139059 |  | 4947719 |
|  |  |  | 14090913 |
| **Insurance — 2.4%** |  |  |  |
|  American International Group, Inc. | 171971 |  | 14555626 |
|  Fidelity National Financial, Inc., Class A | 275677 |  | 15098829 |
|  Willis Towers Watson PLC | 42489 |  | 13449893 |
|  |  |  | 43104348 |
| **IT Services — 0.5%** |  |  |  |
|  Cognizant Technology Solutions Corp., Class A | 102806 |  | 8326258 |
| **Leisure Products — 0.3%** |  |  |  |
|  Hasbro, Inc. | 90798 |  | 6057135 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock High Equity Income Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> *Shares* | *Value* | *Value* |
| **Machinery — 0.7%** |  |  |  |
|  CNH Industrial NV | 395556 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4948406 |
|  Fortive Corp. | 97090 |  | 6814747 |
|  |  |  | 11763153 |
| **Media — 4.3%** |  |  |  |
|  Comcast Corp., Class A | 1036396 |  | 35828210 |
|  Paramount Global, Class B, NVS | 822781 |  | 9955650 |
|  WPP PLC | 3850653 |  | 31098049 |
|  |  |  | 76881909 |
| **Metals & Mining — 0.3%** |  |  |  |
|  Teck Resources Ltd., Class B | 162732 |  | 6029221 |
| **Multi-Utilities — 0.4%** |  |  |  |
|  Sempra | 94125 |  | 7397284 |
| **Oil, Gas & Consumable Fuels — 3.7%** | **Oil, Gas & Consumable Fuels — 3.7%** |  |  |
|  BP PLC | 3779521 |  | 18376408 |
|  Hess Corp. | 135967 |  | 17973478 |
|  Kosmos Energy Ltd.<sup>(a)</sup>  | 7054416 |  | 11710331 |
|  Shell PLC | 550011 |  | 18147574 |
|  |  |  | 66207791 |
| **Pharmaceuticals — 1.5%** |  |  |  |
|  Bayer AG, Registered Shares | 325567 |  | 9165859 |
|  Sanofi SA | 179813 |  | 17808851 |
|  |  |  | 26974710 |
| **Professional Services — 2.2%** |  |  |  |
|  Leidos Holdings, Inc. | 86149 |  | 12794849 |
|  SS&C Technologies Holdings, Inc. | 337428 |  | 27267557 |
|  |  |  | 40062406 |
| **Semiconductors & Semiconductor Equipment — 1.1%** | **Semiconductors & Semiconductor Equipment — 1.1%** | **Semiconductors & Semiconductor Equipment — 1.1%** | **Semiconductors & Semiconductor Equipment — 1.1%** |
|  Intel Corp. | 79611 |  | 1556395 |
|  NVIDIA Corp. | 44223 |  | 5975854 |
|  STMicroelectronics NV, NY Shares, ADR | 465819 |  | 11650133 |
|  |  |  | 19182382 |
| **Software — 1.1%** |  |  |  |
|  Microsoft Corp. | 42675 |  | 19645863 |
| **Specialized REITs — 0.8%** |  |  |  |
|  Crown Castle, Inc. | 137253 |  | 13773338 |
| **Technology Hardware, Storage & Peripherals — 2.9%** | **Technology Hardware, Storage & Peripherals — 2.9%** | **Technology Hardware, Storage & Peripherals — 2.9%** | **Technology Hardware, Storage & Peripherals — 2.9%** |
|  HP, Inc. | 550499 |  | 13707425 |
|  Samsung Electronics Co. Ltd., Registered Shares, GDR<sup>(c)</sup>  | 28336 |  | 28537013 |
|  Western Digital Corp.<sup>(a)</sup>  | 196901 |  | 10150247 |
|  |  |  | 52394685 |
| **Textiles, Apparel & Luxury Goods — 1.4%** | **Textiles, Apparel & Luxury Goods — 1.4%** |  |  |
|  Burberry Group PLC | 436184 |  | 6101972 |
|  Capri Holdings Ltd.<sup>(a)</sup>  | 316943 |  | 5743007 |
|  NIKE, Inc., Class B | 95471 |  | 5784588 |
|  Swatch Group AG (The) | 47213 |  | 7965129 |
|  |  |  | 25594696 |
| **Tobacco — 0.9%** |  |  |  |
|  British American Tobacco PLC | 355396 |  | 15999363 |
| **Trading Companies & Distributors — 0.5%** | **Trading Companies & Distributors — 0.5%** |  |  |
|  WESCO International, Inc. | 54940 |  | 9223877 |
|  **Total Common Stocks — 66.2%<br>(Cost: $1,033,072,200)** | **Total Common Stocks — 66.2%<br>(Cost: $1,033,072,200)** |  | 1188084458 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
|  **Equity-Linked Notes** |  |  |  |
| **Aerospace & Defense — 1.6%** |  |  |  |
|  Barclays Capital, Inc. (Airbus SE) 26.96% 06/30/25 | EUR | 39300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7070529 |
|  Morgan Stanley & Co. LLC (Boeing Co. (The)) Series DMTH 20.32% 06/12/25 | USD | 29900 | 5659108 |
|  Toronto-Dominion Bank (L3Harris Technologies, Inc.) 21.78% 07/21/25 |  | 64000 | 15678080 |
|  |  |  | 28407717 |
| **Air Freight & Logistics — 0.3%** |  |  |  |
|  Nomura Securities International, Inc. (FedEx Corp.) 25.13% 07/14/25 |  | 22700 | 4928821 |
| **Automobile Components — 0.5%** |  |  |  |
|  BNP Paribas Securities Corporation (Aptiv PLC) 29.81% 06/12/25 |  | 103100 | 6067817 |
|  JP Morgan Securities LLC (Lear Corp.) Series MU0V 28.92% 06/12/25 |  | 31100 | 2782018 |
|  |  |  | 8849835 |
| **Automobiles — 0.2%** |  |  |  |
|  Mizuho Securities USA LLC (General Motors Co.) 19.82% 07/14/25 |  | 73300 | 3620619 |
| **Banks — 3.8%** |  |  |  |
|  Barclays Capital, Inc. (First Citizens BancShares, Inc.) 20.43% 07/24/25 |  | 12400 | 22711455 |
|  Citigroup Global Markets, Inc. (First Citizens BancShares, Inc.) 12.89% 06/02/25 |  | 11600 | 21399213 |
|  JP Morgan Securities LLC (Wells Fargo & Co.) Series N0Q2 18.63% 07/03/25 |  | 318300 | 23893708 |
|  |  |  | 68004376 |
| **Beverages — 0.4%** |  |  |  |
|  Mizuho Securities USA LLC (Keurig Dr. Pepper, Inc.) 17.00% 07/10/25 |  | 123600 | 4133405 |
|  RBC Capital Markets LLC (Pernod Ricard SA) 27.47% 06/30/25 | EUR | 26300 | 2766854 |
|  |  |  | 6900259 |
| **Broadline Retail — 0.7%** |  |  |  |
|  BNP Paribas Securities Corporation (PDD Holdings, Inc.) 31.04% 06/12/25 | USD | 67000 | 6479140 |
|  SG Americas Securities LLC (Amazon.com, Inc.) 21.36% 06/09/25 |  | 28900 | 5801199 |
|  |  |  | 12280339 |
| **Building Products — 0.2%** |  |  |  |
|  Morgan Stanley & Co. LLC (Johnson Controls International PLC) Series MU19 25.52% 06/26/25 |  | 42400 | 4019613 |
| **Capital Markets — 0.7%** |  |  |  |
|  JP Morgan Securities LLC (Intercontinental Exchange, Inc.) Series MTOD 17.65% 06/26/25 |  | 31000 | 5509451 |
|  SG Americas Securities LLC (Carlyle Group, Inc. (The)) 19.65% 07/10/25 |  | 156500 | 7155950 |
|  |  |  | 12665401 |
| **Chemicals — 1.6%** |  |  |  |
|  Barclays Capital, Inc. (PPG Industries, Inc.) 17.55% 07/24/25 |  | 77100 | 8478687 |
|  BMO Capital Markets Corp. (PPG Industries, Inc.) 27.20% 06/02/25 |  | 51100 | 5392976 |
|  Nomura Securities International, Inc. (International Flavors & Fragrances, Inc.) 24.67% 06/26/25 |  | 89900 | 6911210 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock High Equity Income Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* | *Value* |
| **Chemicals (continued)** |  |  |  |  |
|  RBC Capital Markets LLC (Air Products & Chemicals, Inc.) 20.83% 06/20/25 | USD | 21700 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6006864 |
|  Toronto-Dominion Bank (Albemarle Corp.) 25.80% 07/10/25 |  | 34600 |  | 1952142 |
|  |  |  |  | 28741879 |
| **Commercial Services & Supplies — 0.4%** | **Commercial Services & Supplies — 0.4%** | **Commercial Services & Supplies — 0.4%** |  |  |
|  Barclays Capital, Inc. (Rentokil Initial PLC) 29.03% 07/17/25 | GBP | 1498100 |  | 7000037 |
| **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** |  |  |
|  SG Americas Securities LLC (Cisco Systems, Inc.) 17.45% 06/09/25 | USD | 161100 |  | 9548438 |
| **Consumer Staples Distribution & Retail — 1.0%** | **Consumer Staples Distribution & Retail — 1.0%** | **Consumer Staples Distribution & Retail — 1.0%** |  |  |
|  Morgan Stanley & Co. LLC (Dollar General Corp.) Series 0004 20.82% 06/16/25 |  | 92600 |  | 8852174 |
|  SG Americas Securities LLC (Dollar Tree, Inc.) 32.59% 06/09/25 |  | 100600 |  | 8614571 |
|  |  |  |  | 17466745 |
| **Containers & Packaging — 0.7%** |  |  |  |  |
|  Mizuho Securities USA LLC (Sealed Air Corp.) 20.92% 07/03/25 |  | 147238 |  | 4641564 |
|  Morgan Stanley & Co. LLC (Sealed Air Corp.) Series MU18 22.27% 06/26/25 |  | 117700 |  | 3603373 |
|  RBC Capital Markets LLC (Sealed Air Corp.) 23.57% 06/26/25 |  | 169050 |  | 5230603 |
|  |  |  |  | 13475540 |
| **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** |  |  |
|  Mizuho Securities USA LLC (Verizon Communications, Inc.) 16.32% 07/03/25 |  | 207800 |  | 8923594 |
| **Electric Utilities — 1.3%** |  |  |  |  |
|  JP Morgan Securities LLC (American Electric Power Co., Inc.) Series MU0W 17.57% 06/12/25 |  | 36100 |  | 3757351 |
|  Mizuho Securities USA LLC (PG&E Corp.) 21.22% 07/21/25 |  | 501600 |  | 8406315 |
|  SG Americas Securities LLC (Exelon Corp.) 14.96% 07/10/25 |  | 253600 |  | 11050612 |
|  |  |  |  | 23214278 |
| **Electrical Equipment — 0.2%** |  |  |  |  |
|  Morgan Stanley & Co. LLC (Sensata Technologies Holding PLC) Series DMTG 29.47% 06/12/25 |  | 167100 |  | 3986918 |
| **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** |
|  SG Americas Securities LLC (Keysight Technologies, Inc.) 22.72% 07/10/25 |  | 21000 |  | 3363997 |
| **Entertainment — 0.7%** |  |  |  |  |
|  Mizuho Securities USA LLC (Walt Disney Co. (The)) 19.32% 07/10/25 |  | 33100 |  | 3722983 |
|  Nomura Securities International, Inc. (Electronic Arts, Inc.) 20.40% 06/20/25 |  | 56500 |  | 8180395 |
|  |  |  |  | 11903378 |
| **Financial Services — 1.6%** |  |  |  |  |
|  Mizuho Securities USA LLC (Visa, Inc.) 19.32% 07/21/25 |  | 12500 |  | 4470475 |
|  Nomura Securities International, Inc. (Voya Financial, Inc.) 29.11% 06/20/25 |  | 101100 |  | 6282307 |
|  SG Americas Securities LLC (Global Payments, Inc.) 27.08% 06/09/25 |  | 60600 |  | 4580342 |
|  Toronto-Dominion Bank (Fidelity National Information Services, Inc.) 19.22% 06/16/25 |  | 169700 |  | 13513024 |
|  |  |  |  | 28846148 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* | *Value* |
| **Food Products — 0.9%** |  |  |  |  |
|  BNP Paribas Securities Corporation (Kraft Heinz Co. (The)) 21.09% 07/21/25 | USD | 411200 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11065392 |
|  BNP Paribas Securities Corporation (Lamb Weston Holdings, Inc.) 21.61% 07/14/25 |  | 112300 |  | 6087005 |
|  |  |  |  | 17152397 |
| **Health Care Equipment & Supplies — 1.0%** | **Health Care Equipment & Supplies — 1.0%** | **Health Care Equipment & Supplies — 1.0%** | **Health Care Equipment & Supplies — 1.0%** | **Health Care Equipment & Supplies — 1.0%** |
|  JP Morgan Securities LLC (Koninklijke Philips NV) Series MTOP 58.21% 06/05/25 | EUR | 212200 |  | 4920678 |
|  Mizuho Securities USA LLC (Medtronic PLC) 20.02% 07/14/25 | USD | 163700 |  | 13646418 |
|  |  |  |  | 18567096 |
| **Health Care Providers & Services — 2.6%** | **Health Care Providers & Services — 2.6%** | **Health Care Providers & Services — 2.6%** |  |  |
|  BMO Capital Markets Corp. (Cigna Group (The)) 20.84% 06/09/25 |  | 11300 |  | 3565320 |
|  BNP Paribas Securities Corporation (Elevance Health, Inc.) 30.79% 07/21/25 |  | 18300 |  | 6949425 |
|  Mizuho Securities USA LLC (Centene Corp.) 24.27% 06/26/25 |  | 68900 |  | 3916573 |
|  Morgan Stanley & Co. LLC (CVS Health Corp.) Series MU17 24.17% 06/26/25 |  | 258300 |  | 16686329 |
|  RBC Capital Markets LLC (CVS Health Corp.) 17.48% 06/26/25 |  | 52510 |  | 3390136 |
|  UBS Securities LLC (Labcorp Holdings, Inc.) 17.30% 07/03/25 |  | 47600 |  | 11848980 |
|  |  |  |  | 46356763 |
| **Household Products — 0.3%** |  |  |  |  |
|  RBC Capital Markets LLC (Henkel AG & Co. KGaA) 34.71% 06/05/25 | EUR | 64100 |  | 5079796 |
| **Industrial REITs — 0.2%** |  |  |  |  |
|  BNP Paribas Securities Corporation (STAG Industrial, Inc.) 16.50% 07/14/25 | USD | 102700 |  | 3631478 |
| **Insurance — 1.9%** |  |  |  |  |
|  Nomura Securities International, Inc. (Fidelity National Financial, Inc.) 17.30% 06/20/25 |  | 54940 |  | 3009904 |
|  Nomura Securities International, Inc. (Fidelity National Financial, Inc.) 22.84% 06/20/25 |  | 203600 |  | 11184070 |
|  Nomura Securities International, Inc. (Willis Towers Watson PLC) 14.78% 07/21/25 |  | 6220 |  | 1931990 |
|  Toronto-Dominion Bank (American International Group, Inc.) 19.41% 06/16/25 |  | 111900 |  | 9417530 |
|  Toronto-Dominion Bank (Willis Towers Watson PLC) 23.01% 07/21/25 |  | 25100 |  | 7852033 |
|  |  |  |  | 33395527 |
| **IT Services — 0.5%** |  |  |  |  |
|  Morgan Stanley & Co. LLC (Cognizant Technology Solutions Corp.) Series DMTI 23.07% 06/12/25 |  | 125200 |  | 9521091 |
| **Leisure Products — 0.4%** |  |  |  |  |
|  RBC Capital Markets LLC (Hasbro, Inc.) 22.15% 06/16/25 |  | 103500 |  | 6728375 |
| **Machinery — 0.2%** |  |  |  |  |
|  JP Morgan Securities LLC (CNH Industrial NV) Series EMUb 22.95% 07/10/25 |  | 292300 |  | 3731914 |
| **Metals & Mining — 0.2%** |  |  |  |  |
|  RBC Capital Markets LLC (Teck Resources Ltd.) 21.17% 07/14/25 |  | 120200 |  | 4410663 |
| **Multi-Utilities — 0.3%** |  |  |  |  |
|  RBC Capital Markets LLC (Sempra) 23.38% 06/16/25 |  | 64400 |  | 4989988 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock High Equity Income Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* | *Value* |
| **Oil, Gas & Consumable Fuels — 1.3%** | **Oil, Gas & Consumable Fuels — 1.3%** | **Oil, Gas & Consumable Fuels — 1.3%** |  |  |
|  Barclays Capital, Inc. (BP PLC) 24.28% 07/17/25 | GBP | 2286600 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11056735 |
|  Barclays Capital, Inc. (Shell PLC) 30.84% 06/30/25 |  | 406500 |  | 13292624 |
|  |  |  |  | 24349359 |
| **Pharmaceuticals — 1.0%** |  |  |  |  |
|  JP Morgan Securities LLC (Bayer AG) Series MTOQ 40.77% 06/05/25 | EUR | 208000 |  | 5352518 |
|  RBC Capital Markets LLC (Sanofi SA) 20.17% 07/17/25 |  | 132900 |  | 13460549 |
|  |  |  |  | 18813067 |
| **Professional Services — 1.4%** |  |  |  |  |
|  Morgan Stanley & Co. LLC (SS&C Technologies Holdings, Inc.) Series 0003 23.13% 06/16/25 | USD | 77900 |  | 5993644 |
|  Nomura Securities International, Inc. (Leidos Holdings, Inc.) 22.94% 06/20/25 |  | 47700 |  | 7090410 |
|  Nomura Securities International, Inc. (SS&C Technologies Holdings, Inc.) 22.12% 06/26/25 |  | 118200 |  | 9343934 |
|  SG Americas Securities LLC (Robert Half, Inc.) 23.55% 06/26/25 |  | 62000 |  | 2874906 |
|  |  |  |  | 25302894 |
| **Semiconductors & Semiconductor Equipment — 1.1%** | **Semiconductors & Semiconductor Equipment — 1.1%** | **Semiconductors & Semiconductor Equipment — 1.1%** | **Semiconductors & Semiconductor Equipment — 1.1%** | **Semiconductors & Semiconductor Equipment — 1.1%** |
|  BNP Paribas Securities Corporation (STMicroelectronics NV) 24.12% 07/24/25 |  | 279400 |  | 7082790 |
|  Citigroup Global Markets, Inc. (STMicroelectronics NV) 29.01% 06/02/25 |  | 317700 |  | 6923360 |
|  Mizuho Securities USA LLC (NVIDIA Corp.) 25.72% 07/14/25 |  | 26500 |  | 3588134 |
|  SG Americas Securities LLC (Intel Corp.) 36.63% 06/09/25 |  | 134900 |  | 2663918 |
|  |  |  |  | 20258202 |
| **Software — 1.5%** |  |  |  |  |
|  BNP Paribas Securities Corporation (Microsoft Corp.) 12.72% 07/24/25 |  | 31400 |  | 14382456 |
|  HSBC Bank PLC (Microsoft Corp.) Series 0057 10.30% 06/02/25 |  | 30800 |  | 12922201 |
|  |  |  |  | 27304657 |
| **Specialized REITs — 0.6%** |  |  |  |  |
|  Nomura Securities International, Inc. (Crown Castle, Inc.) 23.16% 07/14/25 |  | 101400 |  | 10173373 |
| **Technology Hardware, Storage & Peripherals — 1.4%** | **Technology Hardware, Storage & Peripherals — 1.4%** | **Technology Hardware, Storage & Peripherals — 1.4%** |  |  |
|  BNP Paribas Securities Corporation (Western Digital Corp.) 22.13% 07/24/25 |  | 145500 |  | 7621290 |
|  Citigroup Global Markets, Inc. (Western Digital Corp.) 29.51% 06/02/25 |  | 161400 |  | 6479105 |
|  SG Americas Securities LLC (HP, Inc.) 22.01% 07/10/25 |  | 406800 |  | 10290565 |
|  |  |  |  | 24390960 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **Textiles, Apparel & Luxury Goods — 0.8%** | **Textiles, Apparel & Luxury Goods — 0.8%** | **Textiles, Apparel & Luxury Goods — 0.8%** |  |
|  Barclays Capital, Inc. (Burberry Group PLC) 45.60% 06/30/25 | GBP | 322300 | $3491400 |
|  Barclays Capital, Inc. (Swatch Group AG (The)) 34.56% 06/30/25 | CHF | 41900 | 7023360 |
|  SG Americas Securities LLC (NIKE, Inc.) 27.51% 06/09/25 | USD | 61500 | 3714155 |
|  |  |  | 14228915 |
| **Tobacco — 0.7%** |  |  |  |
|  RBC Capital Markets LLC (British American Tobacco PLC) 14.07% 06/05/25 | GBP | 269800 | 11911421 |
|  **Total Equity-Linked Notes — 35.4%<br>(Cost: $631,958,449)** |  |  | 636445868 |
|  **Total Long-Term Investments — 101.6%<br>(Cost: $1,665,030,649)** | **Total Long-Term Investments — 101.6%<br>(Cost: $1,665,030,649)** |  | 1824530326 |
|  |  | *Shares* |  |
|  **Short-Term Securities** |  |  |  |
| **Money Market Funds — 5.0%** |  |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.46%<sup>(d)(e)(f)</sup>  |  | 6294282 | 6296800 |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.20%<sup>(d)(e)</sup>  |  | 83051080 | 83051080 |
|  **Total Short-Term Securities — 5.0%<br>(Cost: $89,347,880)** |  |  | 89347880 |
|  **Total Investments — 106.6%<br>(Cost: $1,754,378,529)** |  |  | 1913878206 |
|  **Liabilities in Excess of Other Assets — (6.6)%** | **Liabilities in Excess of Other Assets — (6.6)%** | **Liabilities in Excess of Other Assets — (6.6)%** | (118707526) |
|  **Net Assets — 100.0%** |  |  | $1795170680 |

---

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

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

<sup>(c)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

<sup>(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.

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock High Equity Income Fund** |

---

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended May 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>05/31/24* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>05/31/25* | *Shares<br>Held at<br>05/31/25* | *Income* | *Capital*<br> *Gain*<br> *Distributions<br>from Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $1740145 | $4560347 <sup>(a)</sup> | $— | $(3692) | $– $| 6296800 | 6294282 | $9845 <sup>(b)</sup> | $— |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares | 19702202 | 63348878 <sup>(a)</sup> |  |  | – | 83051080 | 83051080 | 2609586 |  |
|  |  |  |  | $(3692) | $– $| 89347880 |  | $2619431 | $— |

---

<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.

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53254727 | $&nbsp;&nbsp;&nbsp;&nbsp;5251966 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58506693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobile Components | 15351884 |  |  | 15351884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 4923445 |  |  | 4923445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks | 107588971 |  |  | 107588971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beverages | 10566656 | 3695087 |  | 14261743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 19238060 |  |  | 19238060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Building Products | 6600606 |  |  | 6600606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 33846024 |  |  | 33846024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 40269833 |  |  | 40269833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies |  | 11448617 |  | 11448617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 15576995 |  |  | 15576995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 24925151 |  |  | 24925151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | 12640947 |  |  | 12640947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | 12366959 |  |  | 12366959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 32403536 |  |  | 32403536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 1536836 |  |  | 1536836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 4488360 |  |  | 4488360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 19499916 |  |  | 19499916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 42708827 |  |  | 42708827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food Products | 28766199 |  |  | 28766199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | 9676333 |  |  | 9676333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 79046259 | 7526822 |  | 86573081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 92022540 |  |  | 92022540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care REITs | 8189600 |  |  | 8189600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Durables | 7511573 |  |  | 7511573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Products |  | 14452397 |  | 14452397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial REITs | 14090913 |  |  | 14090913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance | 43104348 |  |  | 43104348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services | 8326258 |  |  | 8326258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leisure Products | 6057135 |  |  | 6057135 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock High Equity Income Fund** |

---

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

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

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery | $11763153 | $— | $— | $11763153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Media | 45783860 | 31098049 |  | 76881909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 6029221 |  |  | 6029221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | 7397284 |  |  | 7397284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 29683809 | 36523982 |  | 66207791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals |  | 26974710 |  | 26974710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 40062406 |  |  | 40062406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 19182382 |  |  | 19182382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | 19645863 |  |  | 19645863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialized REITs | 13773338 |  |  | 13773338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 23857672 | 28537013 |  | 52394685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 11527595 | 14067101 |  | 25594696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco |  | 15999363 |  | 15999363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | 9223877 |  |  | 9223877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity-Linked Notes |  | 636445868 |  | 636445868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 89347880 |  |  | 89347880 |
|  | $1081857231 | $832020975 | $— | $1913878206 |

---

A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the year in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

---

| | |
|:---|:---|
|  | *Equity-Linked<br>Notes* |
|  **Assets** |  |
|  Opening Balance, as of May 31, 2024 | $20384632 |
|  Transfers into Level 3 |  |
|  Transfers out of Level 3 |  |
|  Accrued discounts/premiums |  |
|  Net realized gain (loss) | (249328) |
|  Net change in unrealized appreciation (depreciation)<sup>(a)(b)</sup>  | (101215) |
|  Purchases |  |
|  Sales | (20034089) |
|  Closing Balance, as of May 31, 2025 | $— |
|  Net change in unrealized appreciation (depreciation) on investments still held at May 31, 2025<sup>(b)</sup>  | $— |

---

<sup>(a)</sup> Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.

<sup>(b)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at May 31, 2025, is generally due to investments no longer held or categorized as Level 3 at period end.

*See notes to financial statements.* 

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

------

Statements of Assets and Liabilities

May 31, 2025

---

| | | |
|:---|:---|:---|
|  | BlackRock<br> Energy<br>Opportunities<br> Fund | BlackRock<br> High Equity Income<br> Fund |
|  **ASSETS** |  |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup>  | $260829758 | $1824530326 |
|  Investments, at value — affiliated<sup>(c)</sup>  | 1948783 | 89347880 |
|  Cash | 38950 | 196417 |
|  Foreign currency, at value<sup>(d)</sup>  | 23070 | 1964453 |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 1295211 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | —537 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 107643 | 2804771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 1313823 | 2520778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 14955 | 221990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated |  | 4270152 |
| &nbsp;&nbsp;&nbsp;&nbsp; From the Manager | 15155 | 74355 |
|  Prepaid expenses | 32274 | 50142 |
|  Total assets | 265619622 | 1925981801 |
|  **LIABILITIES** |  |  |
|  Collateral on securities loaned |  | 6296800 |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased |  | 115232012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 9720 | 59527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 481761 | 6659446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income dividend distributions |  | 829613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 4648 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 165309 | 1090450 |
| &nbsp;&nbsp;&nbsp;&nbsp; IRS compliance fee for foreign withholding tax claims | 24335 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and Officer's fees | 339 | 2422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 41208 | 157501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other affiliate fees | 15411 | 4847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 33893 | 33181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution fees | 48341 | 111480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 116317 | 333842 |
|  Total liabilities | 941282 | 130811121 |
|  **Commitments and contingent liabilities** |  |  |
|  NET ASSETS | $264678340 | $1795170680 |
|  **NET ASSETS CONSIST OF:** |  |  |
|  Paid-in capital | $474843831 | $1827538607 |
|  Accumulated loss | (210165491) | (32367927) |
|  NET ASSETS | $264678340 | $1795170680 |
|  <sup>(a) </sup>Investments, at cost — unaffiliated | $195423054 | $1665030649 |
|  <sup>(b) </sup>Securities loaned, at value | $— | $6106970 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $1948783 | $89347880 |
|  <sup>(d) </sup>Foreign currency, at cost | $23129 | $1965823 |

---

S T A T E M E N T S O F A S S E T S A N D L I A B I L I T I E S 11

------

Statements of Assets and Liabilities (continued)

May 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | BlackRock<br> Energy<br>Opportunities<br> Fund | BlackRock<br> High Equity Income<br> Fund |
|  **NET ASSET VALUE** |  |  |
| **Institutional** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $89899245 | $1294019575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 6833675 | 46449660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $13.16 | $27.86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 | $0.001 |
| **Investor A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $159042235 | $286434531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 12483162 | 12290370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $12.74 | $23.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 | $0.001 |
| **Investor C** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $15736860 | $60229325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 1286832 | 4163892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $12.23 | $14.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 | $0.001 |
| **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | N/A | $154487249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | N/A | 5548645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | N/A | $27.84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | N/A | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | N/A | $0.001 |

---

*See notes to financial statements.* 

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

------

Statements of Operations

Year Ended May 31, 2025

---

| | | |
|:---|:---|:---|
|  | BlackRock<br> Energy<br> Opportunities<br> Fund | BlackRock<br> High Equity Income<br> Fund |
|  **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $10363590 | $31558189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 229204 | 2609586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated |  | 138199235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 47 | 9845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | (342632) | (695564) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax claims | 403981 | 166393 |
| &nbsp;&nbsp;&nbsp;&nbsp; IRS compliance fee for foreign withholding tax claims | (2763) |  |
|  Total investment income | 10651427 | 171847684 |
|  EXPENSES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 2304832 | 15131086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution — class specific | 633402 | 1356720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent — class specific | 456151 | 1694562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration | 130607 | 759286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 85207 | 75358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration — class specific | 61476 | 385143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration | 60698 | 122744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services | 53318 | 141829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and postage | 29340 | 47472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | 19226 | 142722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees and Officer | 8229 | 20399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 14819 | 46382 |
|  Total expenses excluding interest expense | 3857305 | 19923703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 109 | 67283 |
|  Total expenses | 3857414 | 19990986 |
|  Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees waived — class specific | (25186) | (383628) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fees waived and/or reimbursed by the Manager | (9967) | (1081482) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees waived and/or reimbursed — class specific | (106396) | (834101) |
|  Total expenses after fees waived and/or reimbursed | 3715865 | 17691775 |
|  Net investment income | 6935562 | 154155909 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | 25329082 | (49937804) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (120) | (3692) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (49166) | 497229 |
|  | 25279796 | (49444267) |
|  Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (58219363) | (42891514) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 4046 | 127614 |
|  | (58215317) | (42763900) |
|  Net realized and unrealized loss | (32935521) | (92208167) |
|  NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $(25999959) | $61947742 |

---

*See notes to financial statements.* 

S T A T E M E N T S O F O P E R A T I O N S 13

------

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | BlackRock Energy Opportunities Fund | BlackRock Energy Opportunities Fund |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 |
|  *INCREASE (DECREASE) IN NET ASSETS* | *INCREASE (DECREASE) IN NET ASSETS* |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $6935562 | $7995879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 25279796 | 20452624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (58215317) | 54592066 |
|  Net increase (decrease) in net assets resulting from operations | (25999959) | 83040569 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | (2737473) | (4041903) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A | (4137028) | (6302765) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C | (292886) | (458800) |
|  Decrease in net assets resulting from distributions to shareholders | (7167387) | (10803468) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |
|  Net decrease in net assets derived from capital share transactions | (45440730) | (105569884) |
|  *NET ASSETS* |  |  |
|  Total decrease in net assets | (78608076) | (33332783) |
|  Beginning of year | 343286416 | 376619199 |
|  End of year | $264678340 | $343286416 |
|  <br> <sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.<br>*See notes to financial statements.* | <br> <sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.<br>*See notes to financial statements.* | <br> <sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.<br>*See notes to financial statements.* |

---

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

------

Statements of Changes in Net Assets (continued)

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

---

| | | |
|:---|:---|:---|
|  | BlackRock High Equity Income Fund | BlackRock High Equity Income Fund |
|  | Year Ended<br> 05/31/25 | Year Ended<br> 05/31/24 |
|  *INCREASE (DECREASE) IN NET ASSETS* | *INCREASE (DECREASE) IN NET ASSETS* |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $&nbsp;&nbsp;&nbsp;&nbsp;154155909 | $&nbsp;&nbsp;&nbsp;&nbsp;138011642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized loss | (49444267) | (14910913) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (42763900) | 218437823 |
|  Net increase in net assets resulting from operations | 61947742 | 341538552 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | (109099595) | (101737937) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A | (23182826) | (19982439) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C | (4360427) | (3614308) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | (17164484) | (13231823) |
|  Decrease in net assets resulting from distributions to shareholders | (153807332) | (138566507) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |
|  Net decrease in net assets derived from capital share transactions | (145700990) | (139152881) |
|  *NET ASSETS* |  |  |
|  Total increase (decrease) in net assets | (237560580) | 63819164 |
|  Beginning of year | 2032731260 | 1968912096 |
|  End of year | $1795170680 | $2032731260 |

---

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

*See notes to financial statements.* 

S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S 15

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Energy Opportunities Fund | BlackRock Energy Opportunities Fund | BlackRock Energy Opportunities Fund | BlackRock Energy Opportunities Fund | BlackRock Energy Opportunities Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $14.60 | $11.94 | $13.73 | $8.55 | $6.64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.35 | 0.35 | 0.42 | 0.32 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.44) | 2.75 | (1.88) | 5.11 | 1.90 |
|  Net increase (decrease) from investment operations | (1.09) | 3.10 | (1.46) | 5.43 | 2.16 |
|  Distributions from net investment income<sup>(b)</sup>  | (0.35) | (0.44) | (0.33) | (0.25) | (0.25) |
|  **Net asset value, end of year** | $13.16 | $14.60 | $11.94 | $13.73 | $8.55 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |
|  Based on net asset value | (7.60)% | 26.56% | (10.59)% | 65.17% | 33.50% |
|  **Ratios to Average Net Assets<sup>(d)</sup>**  |  |  |  |  |  |
|  Total expenses | 1.04% | 1.07% | 1.03% | 1.11% | 1.33% |
|  Total expenses after fees waived and/or reimbursed | 0.92% | 0.91% | 0.91% | 0.91% | 0.91% |
|  Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding tax claims | 0.91% | 0.91% | 0.91% | 0.91% | 0.91% |
|  Net investment income | 2.54% | 2.59% | 3.28% | 3.05% | 3.75% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $89899 | $116190 | $153530 | $128580 | $52377 |
|  Portfolio turnover rate | 66% | 35% | 77% | 75% | 79% |

---

<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.* 

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

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Energy Opportunities Fund (continued) | BlackRock Energy Opportunities Fund (continued) | BlackRock Energy Opportunities Fund (continued) | BlackRock Energy Opportunities Fund (continued) | BlackRock Energy Opportunities Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $14.15 | $11.58 | $13.33 | $8.31 | $6.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.29 | 0.29 | 0.37 | 0.27 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.40) | 2.67 | (1.84) | 4.97 | 1.84 |
|  Net increase (decrease) from investment operations | (1.11) | 2.96 | (1.47) | 5.24 | 2.07 |
|  Distributions from net investment income<sup>(b)</sup>  | (0.30) | (0.39) | (0.28) | (0.22) | (0.22) |
|  **Net asset value, end of year** | $12.74 | $14.15 | $11.58 | $13.33 | $8.31 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |
|  Based on net asset value | (8.00)% | 26.06% | (10.97)% | 64.51% | 33.00% |
|  **Ratios to Average Net Assets<sup>(d)</sup>**  |  |  |  |  |  |
|  Total expenses | 1.31% | 1.36% | 1.33% | 1.43% | 1.73% |
|  Total expenses after fees waived and/or reimbursed | 1.30% | 1.32% | 1.32% | 1.32% | 1.32% |
|  Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding tax claims | 1.29% | 1.32% | 1.32% | 1.32% | 1.32% |
|  Net investment income | 2.17% | 2.22% | 2.94% | 2.66% | 3.30% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $159042 | $209291 | $204035 | $232979 | $103858 |
|  Portfolio turnover rate | 66% | 35% | 77% | 75% | 79% |

---

<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.* 

F I N A N C I A L H I G H L I G H T S 17

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Energy Opportunities Fund (continued) | BlackRock Energy Opportunities Fund (continued) | BlackRock Energy Opportunities Fund (continued) | BlackRock Energy Opportunities Fund (continued) | BlackRock Energy Opportunities Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $13.61 | $11.14 | $12.83 | $8.01 | $6.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.19 | 0.19 | 0.27 | 0.19 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.36) | 2.57 | (1.76) | 4.79 | 1.77 |
|  Net increase (decrease) from investment operations | (1.17) | 2.76 | (1.49) | 4.98 | 1.94 |
|  Distributions from net investment income<sup>(b)</sup>  | (0.21) | (0.29) | (0.20) | (0.16) | (0.17) |
|  **Net asset value, end of year** | $12.23 | $13.61 | $11.14 | $12.83 | $8.01 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |
|  Based on net asset value | (8.68)% | 25.20% | (11.57)% | 63.37% | 31.89% |
|  **Ratios to Average Net Assets<sup>(d)</sup>**  |  |  |  |  |  |
|  Total expenses | 2.01% | 2.10% | 2.05% | 2.16% | 2.53% |
|  Total expenses after fees waived and/or reimbursed | 2.00% | 2.04% | 2.03% | 2.04% | 2.04% |
|  Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding tax claims | 1.99% | 2.04% | 2.03% | 2.04% | 2.04% |
|  Net investment income | 1.51% | 1.49% | 2.22% | 1.92% | 2.60% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $15737 | $17804 | $19054 | $26559 | $10699 |
|  Portfolio turnover rate | 66% | 35% | 77% | 75% | 79% |

---

<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.* 

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

------

Financial Highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock High Equity Income Fund | BlackRock High Equity Income Fund | BlackRock High Equity Income Fund | BlackRock High Equity Income Fund | BlackRock High Equity Income Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $29.01 | $26.23 | $29.54 | $29.99 | $22.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 2.31 | 1.89 | 1.86 | 1.99 | 1.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.15) | 2.78 | (3.25) | (0.20) | 7.13 |
|  Net increase (decrease) from investment operations | 1.16 | 4.67 | (1.39) | 1.79 | 8.94 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (2.31) | (1.89) | (1.86) | (1.95) | (1.76) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  | (0.06) | (0.29) |  |
|  Total distributions | (2.31) | (1.89) | (1.92) | (2.24) | (1.76) |
|  **Net asset value, end of year** | $27.86 | $29.01 | $26.23 | $29.54 | $29.99 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |
|  Based on net asset value | 4.06% | 18.41% | (4.70)% | 6.28 %<sup>(d)</sup> | 40.81% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |
|  Total expenses | 0.98% | 0.99% | 1.00% | 1.02% | 1.12% |
|  Total expenses after fees waived and/or reimbursed | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
|  Net investment income | 8.07% | 6.89% | 6.81% | 6.76% | 6.93% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $1294020 | $1446440 | $1475683 | $953582 | $277653 |
|  Portfolio turnover rate | 130% | 85% | 126% | 140% | 146% |

---

<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> Includes a capital contribution from affiliate, which had no impact on the Fund's total return. 

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

*See notes to financial statements.* 

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

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock High Equity Income Fund (continued) | BlackRock High Equity Income Fund (continued) | BlackRock High Equity Income Fund (continued) | BlackRock High Equity Income Fund (continued) | BlackRock High Equity Income Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $24.27 | $21.94 | $24.73 | $25.16 | $19.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 1.87 | 1.53 | 1.49 | 1.58 | 1.42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.96) | 2.32 | (2.72) | (0.14) | 6.03 |
|  Net increase (decrease) from investment operations | 0.91 | 3.85 | (1.23) | 1.44 | 7.45 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (1.87) | (1.52) | (1.50) | (1.58) | (1.43) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  | (0.06) | (0.29) |  |
|  Total distributions | (1.87) | (1.52) | (1.56) | (1.87) | (1.43) |
|  **Net asset value, end of year** | $23.31 | $24.27 | $21.94 | $24.73 | $25.16 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |
|  Based on net asset value | 3.81% | 18.14% | (4.96)% | 5.99 %<sup>(d)</sup> | 40.44% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |
|  Total expenses | 1.22% | 1.23% | 1.24% | 1.31% | 1.40% |
|  Total expenses after fees waived and/or reimbursed | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% |
|  Net investment income | 7.83% | 6.65% | 6.54% | 6.41% | 6.64% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $286435 | $303692 | $296254 | $293050 | $208207 |
|  Portfolio turnover rate | 130% | 85% | 126% | 140% | 146% |

---

<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> Includes a capital contribution from affiliate, which had no impact on the Fund's total return. 

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

*See notes to financial statements.* 

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

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock High Equity Income Fund (continued) | BlackRock High Equity Income Fund (continued) | BlackRock High Equity Income Fund (continued) | BlackRock High Equity Income Fund (continued) | BlackRock High Equity Income Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $15.06 | $13.62 | $15.37 | $15.75 | $11.98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 1.05 | 0.84 | 0.82 | 0.87 | 0.78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.60) | 1.44 | (1.68) | (0.09) | 3.78 |
|  Net increase (decrease) from investment operations | 0.45 | 2.28 | (0.86) | 0.78 | 4.56 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (1.05) | (0.84) | (0.83) | (0.87) | (0.79) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  | (0.06) | (0.29) |  |
|  Total distributions | (1.05) | (0.84) | (0.89) | (1.16) | (0.79) |
|  **Net asset value, end of year** | $14.46 | $15.06 | $13.62 | $15.37 | $15.75 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |
|  Based on net asset value | 3.01% | 17.22% | (5.63)% | 5.17 %<sup>(d)</sup> | 39.41% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |
|  Total expenses | 1.97% | 1.98% | 1.98% | 2.04% | 2.18% |
|  Total expenses after fees waived and/or reimbursed | 1.85% | 1.85% | 1.85% | 1.85% | 1.85% |
|  Net investment income | 7.08% | 5.90% | 5.80% | 5.67% | 5.85% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $60229 | $62685 | $59276 | $42543 | $22379 |
|  Portfolio turnover rate | 130% | 85% | 126% | 140% | 146% |

---

<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> Includes a capital contribution from affiliate, which had no impact on the Fund's total return. 

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 21

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock High Equity Income Fund (continued) | BlackRock High Equity Income Fund (continued) | BlackRock High Equity Income Fund (continued) | BlackRock High Equity Income Fund (continued) | BlackRock High Equity Income Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $28.99 | $26.21 | $29.53 | $30.00 | $22.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 2.32 | 1.91 | 1.87 | 2.00 | 1.78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.15) | 2.77 | (3.25) | (0.21) | 7.19 |
|  Net increase (decrease) from investment operations | 1.17 | 4.68 | (1.38) | 1.79 | 8.97 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (2.32) | (1.90) | (1.88) | (1.97) | (1.78) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  | (0.06) | (0.29) |  |
|  Total distributions | (2.32) | (1.90) | (1.94) | (2.26) | (1.78) |
|  **Net asset value, end of year** | $27.84 | $28.99 | $26.21 | $29.53 | $30.00 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |
|  Based on net asset value | 4.11% | 18.48% | (4.68)% | 6.27 %<sup>(d)</sup> | 40.93% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |
|  Total expenses | 0.89% | 0.88% | 0.89% | 0.98% | 1.01% |
|  Total expenses after fees waived and/or reimbursed | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% |
|  Net investment income | 8.10% | 6.94% | 6.88% | 6.76% | 6.94% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $154487 | $219915 | $137700 | $535 | $359 |
|  Portfolio turnover rate | 130% | 85% | 126% | 140% | 146% |

---

<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> Includes a capital contribution from affiliate, which had no impact on the Fund's total return. 

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

*See notes to financial statements.* 

22 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements

*1. ORGANIZATION* 

BlackRock Funds<sup>SM</sup> (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized as a Massachusetts business trust. The following, each of which is a series of the Trust, are referred to herein collectively as the "Funds" or individually as a "Fund":

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Herein Referred To As* | *Diversification Classification* |
|  BlackRock Energy Opportunities Fund | Energy Opportunities | Non-Diversified |
|  BlackRock High Equity Income Fund | High Equity Income | Diversified |

---

Each Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional and Class K Shares are sold only to certain eligible investors. Investor A and Investor C Shares bear certain expenses related to shareholder servicing of such shares, and Investor C Shares also bear certain expenses related to the distribution of such shares. Investor A and Investor C Shares are generally available through financial intermediaries. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures (except that Investor C shareholders may vote on material changes to the Investor A Shares distribution and service plan).

---

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

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

*2. SIGNIFICANT ACCOUNTING POLICIES* 

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

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Funds are informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

**Foreign Currency Translation:** Each Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

**Foreign Taxes:** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends 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 May 31, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

Consistent with U.S. GAAP accrual requirements for uncertain tax positions, each Fund recognizes tax reclaims when the Fund determines that it is more likely than not that each Fund will sustain its position that it is due the reclaim.

N O T E S T O F I N A N C I A L S T A T E M E N T S 23

------

Notes to Financial Statements (continued)

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

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

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

**Distributions:** Distributions paid by Energy Opportunities are recorded on the ex-dividend dates. For High Equity Income, distributions from net investment income are declared daily and paid monthly. For High Equity Income, distributions of capital gains are recorded on the ex dividend dates and made at least annually. 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, a Fund enters into contracts that contain a variety of representations that provide general indemnification. A Fund's maximum exposure under these arrangements is unknown because it involves future potential claims against a Fund, which cannot be predicted with any certainty.

**Other:** Expenses directly related to a Fund or its classes are charged to that Fund or the applicable class. Expenses directly related to the Funds and other shared expenses prorated to the Funds are allocated daily to each class based on their relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

The Funds have an arrangement with their custodian whereby credits are earned on uninvested cash balances. For financial reporting purposes, custodian credits, if any, are included in interest income in the Statements of Operations.

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

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

*3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS* 

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

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

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

· Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price provided by independent dealers or third-party pricing services. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

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

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

24 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Notes to Financial Statements (continued)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

*4. SECURITIES AND OTHER INVESTMENTS* 

**Equity-Linked Notes:** Equity-linked notes seek to generate income and provide exposure to the performance of an underlying security, group of securities or exchange-traded funds (the "underlying reference instrument"). In an equity-linked note, a fund purchases a note from a bank or broker-dealer and in return, the issuer provides for interest payments during the term of the note. At maturity or when the security is sold, a fund will either settle by taking physical delivery of the underlying reference instrument or by receipt of a cash settlement amount equal to the value of the note at termination or maturity. The use of equity-linked notes involves the risk that the value of the note changes

N O T E S T O F I N A N C I A L S T A T E M E N T S 25

------

Notes to Financial Statements (continued)

unfavorably due to movements in the value of the underlying reference instrument. Equity-linked notes are considered general unsecured contractual obligations of the bank or broker-dealer. A fund must rely on the creditworthiness of the issuer for its investment returns.

**Securities Lending:** Certain Funds may lend their securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Funds collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. During the term of the loan, the Funds are entitled to all distributions made on or in respect of the loaned securities, but do not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC ("BIM"), if any, is disclosed in the Schedules of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are disclosed in the Funds' Schedules of Investments. The market value of any securities on loan and the value of related collateral, if any, are shown separately in the Statements of Assets and Liabilities as a component of investments at value – unaffiliated and collateral on securities loaned, respectively.

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

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name/Counterparty* | *Securities<br>Loaned at Value* | *Cash<br>Collateral Received<sup>(a)</sup>* | *Non-Cash<br>Collateral Received,<br>at Fair Value<sup>(a)</sup>* | *Net*<br> *Amount* |
|  High Equity Income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | $1092132 | $(1092132) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 5014838 | (5014838) |  |  |
|  | $6106970 | $(6106970) | $— | $— |

---

<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 Statements of Assets and Liabilities. 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by BIM. BIM's indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. Each 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. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES* 

**Investment Advisory:** The Trust, on behalf of each Fund, entered into an Investment Advisory Agreement with the Manager, the Funds' investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. ("BlackRock"), to provide investment advisory services. The Manager is responsible for the management of each Fund's portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.

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

---

| | |
|:---|:---|
|  | Investment Advisory Fees |
| *Average Daily Net Assets* | *Energy*<br> *Opportunities* |
|  First $1 billion | 0.750% |
|  $1 billion - $2 billion  | 0.700 |
|  $2 billion - $3 billion  | 0.675 |
|  Greater than $3 billion | 0.650 |

---

26 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements (continued)

---

| | |
|:---|:---|
|  | Investment Advisory Fees |
| *Average Daily Net Assets* | *High Equity*<br> *Income* |
|  First $1 billion | 0.810% |
|  $1 billion - $3 billion  | 0.760 |
|  $3 billion - $5 billion  | 0.730 |
|  $5 billion - $10 billion  | 0.700 |
|  Greater than $10 billion | 0.680 |

---

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

**Service and Distribution Fees:** The Trust, on behalf of each Fund, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC ("BRIL"), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, each Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of each Fund as follows:

---

| | | |
|:---|:---|:---|
| *Share Class* | *Service Fees* | *Distribution Fees* |
|  Investor A | 0.25% | N/A |
|  Investor C | 0.25 | 0.75% |

---

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

For the year ended May 31, 2025, the following table shows the class specific service and distribution fees borne directly by each share class of each Fund:

---

| | | | |
|:---|:---|:---|:---|
| *Fund Name* | *Investor A* | *Investor C* | *Total* |
|  BlackRock Energy Opportunities Fund | $459316 | $174086 | $633402 |
|  BlackRock High Equity Income Fund | 740582 | 616138 | 1356720 |

---

**Administration:** The Trust, on behalf of each Fund, entered into an Administration Agreement with the Manager, an indirect, wholly-owned subsidiary of BlackRock, to provide administrative services. For these services, the Manager receives an administration fee computed daily and payable monthly, based on a percentage of the average daily net assets of each Fund. The administration fee, which is shown as administration in the Statements of Operations, is paid at the annual rates below.

---

| | |
|:---|:---|
| *Average Daily Net Assets* | *Administration Fees* |
|  First $500 million | 0.0425% |
|  $500 million - $1 billion | 0.0400 |
|  $1 billion - $2 billion | 0.0375 |
|  $2 billion - $4 billion | 0.0350 |
|  $4 billion - $13 billion | 0.0325 |
|  Greater than $13 billion | 0.0300 |

---

In addition, the Manager charges each of the share classes an administration fee, which is shown as administration — class specific in the Statements of Operations, at an annual rate of 0.02% of the average daily net assets of each respective class.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Total* |
|  Energy Opportunities | $21179 | $36809 | $3488 | $— | $61476 |
|  High Equity Income | 270940 | 59329 | 12341 | 42533 | 385143 |

---

**Transfer Agent:** Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the year ended May 31, 2025, the Funds 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 Funds. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the year ended May 31, 2025, each Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statements of Operations:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Total* |
|  Energy Opportunities | $2303 | $29354 | $2944 | $— | $34601 |
|  High Equity Income | 3900 | 22782 | 3580 | 659 | 30921 |

---

N O T E S T O F I N A N C I A L S T A T E M E N T S 27

------

Notes to Financial Statements (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Total* |
|  Energy Opportunities | $149062 | $287689 | $19400 | $— | $456151 |
|  High Equity Income | 1346018 | 278288 | 55133 | 15123 | 1694562 |

---

**Other Fees:** For the year ended May 31, 2025, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of each Fund's Investor A Shares as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Amounts* |
|  Energy Opportunities | $10803 |
|  High Equity Income | 29263 |

---

For the year ended May 31, 2025, affiliates received CDSCs as follows:

---

| | | |
|:---|:---|:---|
| *Share Class* | *Energy<br>Opportunities* | *High<br>Equity<br>Income* |
|  Investor A | $1410 | $309 |
|  Investor C | 29060 | 3058 |

---

**Expense Limitations, Waivers and Reimbursements:** With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the "affiliated money market fund waiver") through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the trustees who are not "interested persons" of the Trust, as defined in the 1940 Act ("Independent Trustees"), or by a vote of a majority of the outstanding voting securities of a Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. This amount is included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the year ended May 31, 2025, the amounts waived were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Amounts Waived* |
|  Energy Opportunities | $3723 |
|  High Equity Income | 39425 |

---

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of each Fund's assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of a Fund. For the year ended May 31, 2025, there were no fees waived by the Manager pursuant to this arrangement.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Institutional* | *Investor A* | *Investor C* | *Class K* |
|  Energy Opportunities | 0.91% | 1.32% | 2.04% | 0.91 %<sup>(a)</sup> |
|  High Equity Income | 0.85 | 1.10 | 1.85 | 0.80% |

---

<sup>(a)</sup> There were no shares outstanding as of May 31, 2025.

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2026, unless approved by the Board, including a majority of the Independent Trustees or by a vote of a majority of the outstanding voting securities of a Fund. For the year ended May 31, 2025, the amounts included in the Statements of Operations were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Amounts Waived* |
|  Energy Opportunities | $6244 |
|  High Equity Income | 1042057 |

---

In addition, these amounts waived and/or reimbursed by the Manager are included in administration fees waived by the Manager — class specific and transfer agent fees waived and/or reimbursed by the Manager — class specific, respectively, in the Statements of Operations. For the year ended May 31, 2025, class specific expense waivers and/or reimbursements were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Administration Fees Waived by the Manager - Class Specific | Administration Fees Waived by the Manager - Class Specific | Administration Fees Waived by the Manager - Class Specific | Administration Fees Waived by the Manager - Class Specific | Administration Fees Waived by the Manager - Class Specific |
| *Fund Name* | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Total* |
|  Energy Opportunities | $21179 | $3646 | $361 | $— | $25186 |
|  High Equity Income | 269658 | &nbsp;&nbsp;&nbsp;&nbsp;59185 | &nbsp;&nbsp;&nbsp;&nbsp;12310 | 42475 | 383628 |

---

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

------

Notes to Financial Statements (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Transfer Agent Fees Waived and/or Reimbursed by the Manager - | Transfer Agent Fees Waived and/or Reimbursed by the Manager - | Transfer Agent Fees Waived and/or Reimbursed by the Manager - | Transfer Agent Fees Waived and/or Reimbursed by the Manager - | Transfer Agent Fees Waived and/or Reimbursed by the Manager - |
|  | Class Specific | Class Specific | Class Specific | Class Specific | Class Specific |
| *Fund Name* | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Total* |
|  Energy Opportunities | $101715 | $4452 | $229 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106396 |
|  High Equity Income | 667506 | 128269 | 23249 | 15077 | 834101 |

---

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Funds are responsible for 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 Funds bear 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. Each Fund retains a portion of the securities lending income and remits the remaining portion to BIM as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, Energy Opportunities retains 82% 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 current securities lending agreement, High Equity Income 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 specified thresholds, Energy Opportunities, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 85% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. High Equity Income, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 84% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2025, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeded a specified threshold, High Equity Income would retain for the remainder of that calendar year securities lending income in an amount equal to 81% of securities lending income (which excluded collateral investment fees), and this amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in the Statements of Operations. For the year ended May 31, 2025, each Fund paid BIM the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *Fund Name* | *Amounts* |
|  Energy Opportunities | $10 |
|  High Equity Income | 2160 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| *Fund Name* | *Purchases* | *Sales* | *Net Realized<br>Gain (Loss)* |
|  Energy Opportunities | $651957 | $– $|  |

---

N O T E S T O F I N A N C I A L S T A T E M E N T S 29

------

Notes to Financial Statements (continued)

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

For the year ended May 31, 2025, purchases and sales of investments, excluding short-term securities and equity-linked notes, were as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Purchases* | *Sales* |
|  Energy Opportunities | $200034195 | $245030266 |
|  High Equity Income | 1582418589 | 1733966123 |

---

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

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

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

Management has analyzed tax laws and regulations and their application to the Funds as of May 31, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Funds' NAV.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Year Ended*<br> *05/31/25* | *Year Ended*<br> *05/31/24* |
|  Energy Opportunities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $7167387 | $10803469 |
|  High Equity Income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $153807332 | $138566507 |

---

As of May 31, 2025, the tax components of accumulated earnings (loss) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Undistributed<br>Ordinary Income* | *Non-expiring<br>Capital Loss<br>Carryforwards<sup>(a)</sup>* | *Net Unrealized<br>Gains (Losses)<sup>(b)</sup>* | *Total* |
|  Energy Opportunities | $2925587 | $(270412603) | $57321525 | $(210165491) |
|  High Equity Income | 159624 | (94298012) | 61770461 | (32367927) |

---

<sup>(a)</sup> Amounts available to offset future realized capital gains. 

<sup>(b)</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 and the characterization of corporate actions.

During the year ended May 31, 2025, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

---

| | |
|:---|:---|
| *Fund Name* | *Utilized* |
|  Energy Opportunities | $22053859 |

---

As of May 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Tax Cost* | *Gross Unrealized<br>Appreciation* | *Gross Unrealized<br>Depreciation* | *Net Unrealized<br>Appreciation<br>(Depreciation)* |
|  Energy Opportunities | $205460862 | $63798358 | $(6480679) | $57317679 |
|  High Equity Income | 1852126630 | 98528185 | (36776609) | 61751576 |

---

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

The Trust, on behalf of each 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 Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds

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

------

Notes to Financial Statements (continued)

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 May 31, 2025, the Funds did not borrow under the credit agreement.

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

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

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to 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. A Fund may invest in illiquid investments. An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Fund may lose value, regardless of the individual results of the securities and other instruments in which a Fund invests. A Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

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

**Counterparty Credit Risk:** The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds' exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

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

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the income from, or the value or liquidity of, the Fund's portfolio. Investment percentages in specific sectors are presented in the Schedules of Investments.

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

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

N O T E S T O F I N A N C I A L S T A T E M E N T S 31

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Notes to Financial Statements (continued)

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

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended 05/31/25 | Year Ended 05/31/25 | Year Ended 05/31/24 | Year Ended 05/31/24 |
| *Fund Name/Share Class* | *Shares* | *Amount* | *Shares* | *Amount* |
|  Energy Opportunities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 2415823 | $33321224 | 7173629 | $97116078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 194227 | 2730593 | 314646 | 4030855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (3732110) | (50997270) | (12393223) | (165638410) |
|  | (1122060) | $(14945453) | (4904948) | $(64491477) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 3044257 | $40806852 | 3464629 | $45743773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 292834 | 3996854 | 500381 | 6209339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (5642592) | (75268033) | (6800384) | (88026155) |
|  | (2305501) | $(30464327) | (2835374) | $(36073043) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 542016 | $7024241 | 176928 | $2249456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 22181 | 290421 | 38007 | 455047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (585964) | (7345612) | (617417) | (7709867) |
|  | (21767) | $(30950) | (402482) | $(5005364) |
|  | (3449328) | $(45440730) | (8142804) | $(105569884) |
| &nbsp;&nbsp;&nbsp;&nbsp; High Equity Income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 18635786 | $524021705 | 21509286 | $588083365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 3663485 | 105083107 | 3537819 | 97630330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (25716293) | (718766553) | (31448082) | (861048299) |
|  | (3417022) | $(89661741) | (6400977) | $(175334604) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 1530371 | $36595669 | 1989055 | $45453814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 948580 | 22749050 | 840974 | 19429061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2703518) | (64288164) | (3817910) | (87203434) |
|  | (224567) | $(4943445) | (987881) | $(22320559) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 526434 | $7784988 | 608558 | $8640528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 293234 | 4364283 | 250046 | 3586042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversions of shares | (817683) | (12073385) | (1050128) | (14933876) |
|  | 1985 | $75886 | (191524) | $(2707306) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1473885 | $41664605 | 3626200 | $96784712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 597649 | 17164290 | 473682 | 13113564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (4109180) | (110000585) | (1767169) | (48688688) |
|  | (2037646) | $(51171690) | 2332713 | $61209588 |
|  | (5677250) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(145700990) | (5247669) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139152881) |

---

As of May 31, 2025, BlackRock Financial Management, Inc., an affiliate of the Fund, owned 11,882 Class K Shares of High Equity Income.

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Notes to Financial Statements (continued)

*11. FOREIGN WITHHOLDINGS TAX CLAIMS* 

The Internal Revenue Service ("IRS") has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which each of the Funds is able to pass through to shareholders as a foreign tax credit in the current year, the Funds will be able to offset the prior years' withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Funds.

Certain of the outstanding foreign tax reclaims are not deemed by the Funds to meet the recognition criteria under U.S. GAAP as of May 31, 2025 and have not been recorded in the applicable Fund's net asset value. The recognition by the Funds of these amounts would have a positive impact on the applicable Fund's performance. If a Fund receives a tax refund that has not been previously recorded, investors in the Fund at the time the claim is successful will benefit from any resulting increase in the Fund's NAV. Investors who sold their shares prior to such time will not benefit from such NAV increase.

The Energy Opportunities is seeking a closing agreement with the IRS to address any prior years' U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Fund has accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the Statements of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.

*12. SUBSEQUENT EVENTS* 

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

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

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Report of Independent Registered Public Accounting Firm

To the Shareholders of BlackRock Energy Opportunities Fund and BlackRock High Equity Income Fund and the Board of Trustees of BlackRock Funds<sup>SM</sup>:

#### Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of BlackRock Energy Opportunities Fund and BlackRock High Equity Income Fund of BlackRock Funds<sup>SM</sup> (the "Funds"), including the schedules of investments, as of May 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of May 31, 2025, and the results of their operations for the year then ended, the changes in their 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 Funds' management. Our responsibility is to express an opinion on the Funds' 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 Funds 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 Funds are not required to have, nor were we engaged to perform, an audit of their 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 Funds' 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 May 31, 2025, 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

July 22, 2025

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

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Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended May 31, 2025:

---

| | |
|:---|:---|
| *Fund Name* | *Qualified Dividend<br>Income* |
|  Energy Opportunities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10243017 |
|  High Equity Income | 28540781 |

---

The following amount, or maximum amount allowable by law, is hereby designated as qualified business income for individuals for the fiscal year ended May 31, 2025:

---

| | |
|:---|:---|
| *Fund Name* | *Qualified Business<br>Income* |
|  High Equity Income | $568317 |

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended May 31, 2025:

---

| | |
|:---|:---|
| *Fund Name* | *Federal Obligation<br>Interest* |
|  Energy Opportunities | $73860 |
|  High Equity Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1161485 |

---

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 percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended May 31, 2025 qualified for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| *Fund Name* | *Dividends-Received<br>Deduction* |
|  Energy Opportunities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76.66% |
|  High Equity Income | 11.96 |

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended May 31, 2025:

---

| | |
|:---|:---|
| *Fund Name* | *Interest Dividends* |
|  Energy Opportunities | $148775 |
|  High Equity Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2275439 |

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended May 31, 2025:

---

| | |
|:---|:---|
| *Fund Name* | *Interest-Related<br>Dividends* |
|  Energy Opportunities | $148881 |
|  High Equity Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2341703 |

---

I M P O R T A N T T A X I N F O R M A T I O N 35

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Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements

The Board of Trustees (the "Board", the members of which are referred to as "Board Members") of BlackRock Funds (the "Trust") met on April 22, 2025 (the "April Meeting") and May 20-21, 2025 (the "May Meeting") to consider the approval to continue the investment advisory agreement (the "Advisory Agreement") between the Trust, on behalf of BlackRock Energy Opportunities Fund ("Energy Opportunities Fund") and BlackRock High Equity Income Fund ("High Equity Income Fund" and, together with Energy Opportunities Fund, the "Funds" and each, a "Fund"), and BlackRock Advisors, LLC (the "Manager"), each Fund's investment advisor. The Board also considered the approval to continue the sub-advisory agreement (the "Sub-Advisory Agreement") between the Manager and BlackRock International Limited with respect to Energy Opportunities Fund. The Manager and the Sub-Advisor are referred to herein as "BlackRock". The Advisory Agreement and the Sub-Advisory Agreement are referred to herein as the "Agreements".

#### The Approval Process
Consistent with the requirements of the Investment Company Act of 1940 (the "1940 Act"), the Board considers the approval of the continuation of the Agreements for each Fund on an annual basis. The Board Members who are not "interested persons" of the Trust, as defined in the 1940 Act, are considered independent Board Members (the "Independent Board Members"). The Board's consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock's various services to each Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, as well as numerous ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also held the April Meeting to consider specific information regarding the renewal of the Agreements. In considering the renewal of the Agreements, the Board assessed, among other things, the nature, extent and quality of the services provided to each Fund by BlackRock, BlackRock's personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of each Fund's service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock's management.

During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to each Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management's and portfolio managers' investment performance analyses, and the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by the Funds for services; (c) Fund operating expenses and how BlackRock allocates expenses to the Funds; (d) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of each Fund's investment objective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock's and each Fund's adherence to applicable compliance policies and procedures; (f) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as applicable; (g) BlackRock's and other service providers' internal controls and risk and compliance oversight mechanisms; (h) BlackRock's implementation of the proxy voting policies approved by the Board; (i) the use of brokerage commissions and execution quality of portfolio transactions; (j) BlackRock's implementation of each Fund's valuation and liquidity procedures; (k) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, exchange-traded fund ("ETF"), closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to the Funds; (l) BlackRock's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage; and (m) periodic updates on BlackRock's business.

Prior to and in preparation for the April Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreements. The Independent Board Members continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the April Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), based on either a Lipper classification or Morningstar category, regarding each Fund's fees and expenses as compared with a peer group of funds as determined by Broadridge ("Expense Peers") and the investment performance of each Fund as compared with a peer group of funds ("Performance Peers"); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge's methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, ETFs, closed-end funds, open-end funds, and separately managed accounts, under similar investment mandates, as well as the performance of such other products, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with the Funds; (g) a summary of aggregate amounts paid by each Fund to BlackRock; (h) sales and redemption data regarding each Fund's shares; and (i) various additional information requested by the Board as appropriate regarding BlackRock's and the Funds' operations.

At the April Meeting, the Board reviewed materials relating to its consideration of the Agreements and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the May Meeting, and such responses were reviewed by the Board Members.

At the May Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with the Funds; (d) each Fund's fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock's relationship with the Funds; and (g) other factors deemed relevant by the Board Members.

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock's services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock's personnel to

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Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements (continued)

engage in open, candid discussions with the Board. The Board evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

*A. Nature, Extent and Quality of the Services Provided by BlackRock* 

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of each Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of mutual funds, relevant benchmarks, and performance metrics, as applicable. The Board met with BlackRock's senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by each Fund's portfolio management team discussing each Fund's performance, investment strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the experience of each Fund's portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of certain trading, portfolio management, operations and/or information systems owned by BlackRock; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock's overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock's Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock's compensation structure with respect to each Fund's portfolio management team and BlackRock's ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to each Fund. BlackRock and its affiliates provide the Funds with certain administrative, shareholder and other services (in addition to any such services provided to the Funds by third-parties) and officers and other personnel as are necessary for the operations of the Funds. In particular, BlackRock and its affiliates provide the Funds with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of third-party service providers including, among others, each Fund's custodian, fund accountant, transfer agent, and auditor; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of the Funds, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing each Fund's distribution partners, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock's fund administration, shareholder services, and legal and compliance departments and considered BlackRock's policies and procedures for assuring compliance with applicable laws and regulations. The Board also considered the operation of BlackRock's business continuity plans.

The Board noted that the engagement of the Sub-Advisor with respect to Energy Opportunities Fund facilitates the provision of investment advice and trading by investment personnel out of non-U.S. jurisdictions. The Board considered that this arrangement provides additional flexibility to the portfolio management team, which may benefit Energy Opportunities Fund and its shareholders.

*B. The Investment Performance of the Funds* 

The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund throughout the year and at the April Meeting. The Board was provided with Fund performance reporting and analysis, relative to applicable performance metrics, by BlackRock throughout the year and at the April meeting. In preparation for the April Meeting, the Board was also provided with reports independently prepared by Broadridge, which included an analysis of each Fund's performance as of December 31, 2024, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of each Fund as compared to its Performance Peers. The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of each Fund throughout the year.

In evaluating performance, the Board focused particular attention on funds with less favorable performance records. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.

The Board noted that for the one-, three- and five-year periods reported, Energy Opportunities Fund ranked in the second, third and third quartiles, respectively, against its Performance Peers. The Board and BlackRock reviewed the Fund's underperformance relative to its Performance Peers during the applicable periods.

The Board noted that for the one-, three- and five-year periods reported, High Equity Income Fund ranked in the fourth, third and second quartiles, respectively, against its Performance Peers. The Board and BlackRock reviewed the Fund's underperformance relative to its Performance Peers during the applicable periods.

*C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with the Funds* 

The Board, including the Independent Board Members, reviewed each Fund's contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared each Fund's total expense ratio, as well as its actual management fee rate, to those of its Expense Peers. The total expense ratio represents a fund's total net operating expenses, including any 12b-1 or non-12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual

D I S C L O S U R E O F I N V E S T M E N T A D V I S O R Y A G R E E M E N T A N D S U B - A D V I S O R Y A G R E E M E N T S 37

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Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements (continued)

management fee rate gives effect to any management fee reimbursements or waivers. The Board considered that the fee and expense information in the Broadridge report for each Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Board also noted that while it found the expense comparison provided by Broadridge generally useful, it recognized that the comparison is subject to Broadridge's defined peer selection criteria and methodology. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board reviewed BlackRock's profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Board reviewed BlackRock's estimated profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2024 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock's estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock's assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized the limitations of calculating and comparing profitability at the individual fund level.

The Board received and reviewed statements relating to BlackRock's financial condition. The Board reviewed BlackRock's overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of BlackRock's technology business, BlackRock's expense management, and the relative product mix. The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available.

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock's commitment of time and resources, assumption of risk, and liability profile in servicing the Funds, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, ETF, closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable.

The Board noted that High Equity Income Fund's contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio ranked in the third and second quartiles, respectively, relative to the Fund's Expense Peers. The Board further noted that BlackRock and the Board have contractually agreed to a cap on the Fund's total expenses as a percentage of the Fund's average daily net assets on a class-by-class basis.

The Board noted that Energy Opportunities Fund's contractual management fee rate ranked in the third quartile, and that the actual management fee rate and total expense ratio ranked in the fourth and first quartiles, respectively, relative to the Fund's Expense Peers. The Board further noted that BlackRock and the Board have contractually agreed to a cap on the Fund's total expenses as a percentage of the Fund's average daily net assets on a class-by-class basis.

The Board also noted that each Fund has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the size of the Fund increases above certain contractually specified levels. The Board additionally noted that the breakpoints can, conversely, adjust the advisory fee rate upward as the size of a Fund decreases below certain contractually specified levels.

*D. Economies of Scale* 

The Board, including the Independent Board Members, considered the extent to which any economies of scale might benefit the Funds in a variety of ways as the assets of the Funds increase. The Board considered multiple factors, including the advisory fee rate and breakpoints, unitary fee structure, fee waivers, and/or expense caps, as applicable. The Board considered each Fund's asset levels and whether the current fee schedule was appropriate.

*E. Other Factors Deemed Relevant by the Board Members* 

The Board, including the Independent Board Members, also took into account other ancillary or "fall-out" benefits that BlackRock or its affiliates may derive from BlackRock's respective relationships with the Funds, both tangible and intangible, such as BlackRock's ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock's profile in the investment advisory community, and the engagement of BlackRock's affiliates as service providers to the Funds, including for administrative, distribution, securities lending and cash management services. With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The Board also considered BlackRock's overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreements, the Board also received information regarding BlackRock's brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board noted the competitive nature of the mutual fund marketplace, and that shareholders are able to redeem their Fund shares if they believe that the pertinent Fund's fees and expenses are too high or if they are dissatisfied with the performance of the Funds.

#### Conclusion
At the May Meeting, in a continuation of the discussions that occurred during the April Meeting, and as a culmination of the Board's year-long deliberative process, the Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreement between the Manager and the Trust, on behalf of each Fund for a one-year term ending June 30, 2026, and the Sub-Advisory Agreement between the Manager and the Sub-Advisor, with respect to Energy Opportunities Fund, for a one-year

38 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements (continued)

term ending June 30, 2026. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.

D I S C L O S U R E O F I N V E S T M E N T A D V I S O R Y A G R E E M E N T A N D S U B - A D V I S O R Y A G R E E M E N T S 39

------

Additional Information

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

#### Proxy Results
Not applicable.

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

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

#### 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.

40 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Additional Information (continued)

#### Fund and Service Providers

---

| | |
|:---|:---|
| **Investment Adviser and Administrator** | **Independent Registered Public Accounting Firm** |
| BlackRock Advisors, LLC | Deloitte & Touche LLP |
| Wilmington, DE 19809 | Boston, MA 02110 |
| **Sub-Adviser<sup>(a)</sup>**  | **Distributor** |
| BlackRock International Limited | BlackRock Investments, LLC |
| Edinburgh, EH3 8BL | New York, NY 10022 |
| United Kingdom |  |
| **Accounting Agent and Transfer Agent** | **Legal Counsel** |
| BNY Mellon Investment Servicing (US) Inc. | Sidley Austin LLP |
| Wilmington, DE 19809 | New York, NY 10019 |
| **Custodian** | **Address of the Trust** |
| The Bank of New York Mellon | 100 Bellevue Parkway |
| New York, NY 10286 | Wilmington, DE 19809 |
| <sup>(a)</sup> BlackRock Energy Opportunities Fund. |  |

---

A D D I T I O N A L I N F O R M A T I O N 41

------

Glossary of Terms Used in these Financial Statements

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

---

| | |
|:---|:---|
| Currency Abbreviation | Currency Abbreviation |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| EUR | Euro |
| GBP | British Pound |
| USD | United States Dollar |
| Portfolio Abbreviation | Portfolio Abbreviation |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| NVS | Non-Voting Shares |
| REIT | Real Estate Investment Trust |

---

42 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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### Want to know more?
blackrock.com \| 800-441-7762

This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless preceded or accompanied by the Funds' current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.

---

| | |
|:---|:---|
| ![LOGO](g34788g42l24.jpg)  | ![LOGO](g34788bclogo.jpg) |

---

------

---

| | |
|:---|:---|
| ![LOGO](g34788g42l24.jpg)  | **MAY 31, 2025** |

---

**2025 Annual Financial Statements**<br> **and Additional Information**<br>

#### BlackRock Capital Appreciation Fund, Inc.

#### BlackRock Funds<sup>SM</sup>
· BlackRock Health Sciences Opportunities Portfolio

· BlackRock Mid-Cap Growth Equity Portfolio

· BlackRock Technology Opportunities Fund

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

------

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
|  [Schedules of Investments](#fin434788_1) | 3 |
|  [Statements of Assets and Liabilities](#fin434788_2) | 16 |
|  [Statements of Operations](#fin434788_3) | 18 |
|  [Statements of Changes in Net Assets](#fin434788_4) | 19 |
|  [Financial Highlights](#fin434788_5) | 21 |
|  [Notes to Financial Statements](#fin434788_6) | 44 |
|  [Report of Independent Registered Public Accounting Firm](#fin434788_7) | 58 |
|  [Important Tax Information](#fin434788_8) | 59 |
|  [Disclosure of Investment Advisory Agreements](#fin434788_9) | 60 |
|  [Additional Information](#fin434788_10) | 64 |
|  [Glossary of Terms Used in these Financial Statements](#fin434788_11) | 66 |

---

2.0 ------

---

| | |
|:---|:---|
| Schedule of Investments<br> May 31, 2025 | **BlackRock Capital Appreciation Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Common Stocks** |  |  |  |
| **Aerospace & Defense — 2.0%** |  |  |  |
|  TransDigm Group, Inc. | 48422 | $| 71104317 |
| **Automobiles — 4.0%** |  |  |  |
|  Ferrari NV | 120689 |  | 57781066 |
|  Tesla, Inc.<sup>(a)</sup> | 251704 |  | 87205368 |
|  |  |  | 144986434 |
| **Broadline Retail — 9.8%** |  |  |  |
|  Amazon.com, Inc.<sup>(a)</sup> | 1715880 |  | 351772559 |
| **Building Products — 1.6%** |  |  |  |
|  Trane Technologies PLC | 136298 |  | 58644940 |
| **Capital Markets — 2.9%** |  |  |  |
|  KKR & Co., Inc., Class A | 517749 |  | 62885793 |
|  S&P Global, Inc. | 82903 |  | 42517633 |
|  |  |  | 105403426 |
| **Chemicals — 0.8%** |  |  |  |
|  Sherwin-Williams Co. (The) | 77114 |  | 27669274 |
| **Commercial Services & Supplies — 1.2%** |  |  |  |
|  Copart, Inc.<sup>(a)</sup> | 857694 |  | 44154087 |
| **Entertainment — 5.9%** |  |  |  |
|  Netflix, Inc.<sup>(a)</sup> | 115571 |  | 139520778 |
|  Spotify Technology SA<sup>(a)</sup> | 107863 |  | 71743996 |
|  |  |  | 211264774 |
| **Financial Services — 4.4%** |  |  |  |
|  Visa, Inc., Class A | 435135 |  | 158906951 |
| **Ground Transportation — 0.0%** |  |  |  |
|  Old Dominion Freight Line, Inc. | 10662 |  | 1707733 |
| **Health Care Equipment & Supplies — 3.4%** |  |  |  |
|  Boston Scientific Corp.<sup>(a)</sup> | 450820 |  | 47453313 |
|  Intuitive Surgical, Inc.<sup>(a)</sup> | 132421 |  | 73141415 |
|  |  |  | 120594728 |
| **Hotels, Restaurants & Leisure — 0.9%** |  |  |  |
|  Hilton Worldwide Holdings, Inc. | 125692 |  | 31226921 |
| **Interactive Media & Services — 9.8%** |  |  |  |
|  Alphabet, Inc., Class A | 619247 |  | 106349480 |
|  Meta Platforms, Inc., Class A | 381716 |  | 247157293 |
|  |  |  | 353506773 |
| **IT Services — 0.4%** |  |  |  |
|  Shopify, Inc., Class A<sup>(a)</sup> | 120442 |  | 12913791 |
| **Life Sciences Tools & Services — 1.2%** |  |  |  |
|  Danaher Corp. | 233104 |  | 44266450 |
| **Media — 1.2%** |  |  |  |
|  Charter Communications, Inc., Class A<sup>(a)</sup> | 104807 |  | 41531870 |
| **Pharmaceuticals — 3.0%** |  |  |  |
|  Eli Lilly & Co. | 144840 |  | 106844123 |
| **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** |
|  CoStar Group, Inc.<sup>(a)</sup> | 101324 |  | 7453393 |
| **Semiconductors & Semiconductor Equipment — 19.9%** | **Semiconductors & Semiconductor Equipment — 19.9%** | **Semiconductors & Semiconductor Equipment — 19.9%** | **Semiconductors & Semiconductor Equipment — 19.9%** |
|  ASML Holding NV, Registered Shares<sup>(b)</sup> | 38780 |  | 28571941 |
|  Broadcom, Inc. | 895763 |  | 216837349 |
|  NVIDIA Corp. | 3147841 |  | 425367754 |
|  Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 228042 |  | 44085080 |
|  |  |  | 714862124 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Software — 18.9%** |  |  |  |
|  AppLovin Corp., Class A<sup>(a)</sup> | 198528 | $| 78021504 |
|  Cadence Design Systems, Inc.<sup>(a)</sup> | 333405 |  | 95710573 |
|  Fair Isaac Corp.<sup>(a)</sup> | 20885 |  | 36053358 |
|  Intuit, Inc. | 129095 |  | 97269210 |
|  Microsoft Corp. | 810854 |  | 373284747 |
|  |  |  | 680339392 |
| **Technology Hardware, Storage & Peripherals — 5.9%** | **Technology Hardware, Storage & Peripherals — 5.9%** | **Technology Hardware, Storage & Peripherals — 5.9%** | **Technology Hardware, Storage & Peripherals — 5.9%** |
|  Apple Inc. | 1055881 |  | 212073699 |
| **Total Common Stocks — 97.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost: $1,394,744,586)** |  |  | 3501227759 |
|  **Preferred Securities** |  |  |  |
| **Preferred Stocks — 2.5%** |  |  |  |
| **Interactive Media & Services — 1.1%** |  |  |  |
|  Bytedance Ltd., Series E-1, (Acquired 11/11/20, cost $19,426,516)<sup>(a)(c)(d)</sup> | 177291 |  | 41138604 |
| **Software — 1.4%** |  |  |  |
|  Databricks, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, (Acquired 03/27/25, cost $34,703,225)<sup>(a)(c)(d)</sup> | 375170 |  | 37573275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, (Acquired 01/21/25, cost $10,208,948)<sup>(a)(c)(d)</sup> | 110367 |  | 11053255 |
|  |  |  | 48626530 |
| **Total Preferred Securities — 2.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost: $64,338,688)** |  |  | 89765134 |
| **Total Long-Term Investments — 99.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost: $1,459,083,274)** |  |  | 3590992893 |
|  **Short-Term Securities** |  |  |  |
| **Money Market Funds — 0.7%** |  |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.46%<sup>(e)(f)(g)</sup> | 19424505 |  | 19432275 |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.20%<sup>(e)(f)</sup> | 5447738 |  | 5447738 |
| **Total Short-Term Securities — 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost: $24,880,013)** |  |  | 24880013 |
| **Total Investments — 100.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost: $1,483,963,287)** |  |  | 3615872906 |
| **Liabilities in Excess of Other Assets — (0.6)%** | **Liabilities in Excess of Other Assets — (0.6)%** | (23194198) | (23194198) |
| **Net Assets — 100.0%** |  | $3592678708 | $3592678708 |

---

<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> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $89,765,134, representing 2.5% of its net assets as of period end, and an original cost of $64,338,689. 

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

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

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

S C H E D U L E S O F I N V E S T M E N T S 3

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Capital Appreciation Fund, Inc.** |

---

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended May 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>05/31/24* | *Purchases*<br> *at Cost* | *Proceeds*<br> *from Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>05/31/25* | *Shares<br>Held at<br>05/31/25* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $— | $19429607 <sup>(a)</sup> | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2668 | $– $| 19432275 | 19424505 | $3462 <sup>(b)</sup> | $— |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares | 4697315 | 750423 <sup>(a)</sup> |  |  | – | 5447738 | 5447738 | 189717 |  |
|  |  |  |  | $2668 | $– $| 24880013 |  | $193179 | $— |

---

<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.

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $3501227759 | $— | $— | $3501227759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities |  |  | 89765134 | 89765134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 24880013 |  |  | 24880013 |
|  | $3526107772 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $89765134 | $3615872906 |

---

A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the year in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

---

| | |
|:---|:---|
|  | *Preferred<br>Securities* |
|  **Assets** |  |
|  Opening Balance, as of May 31, 2024 | $30813176 |
|  Transfers into Level 3 |  |
|  Transfers out of Level 3 |  |
|  Accrued discounts/premiums |  |
|  Net realized gain (loss) |  |
|  Net change in unrealized appreciation (depreciation)<sup>(a)(b)</sup> | 14039785 |
|  Purchases | 44912173 |
|  Sales |  |
|  Closing Balance, as of May 31, 2025 | $89765134 |
|  Net change in unrealized appreciation (depreciation) on investments still held at May 31, 2025<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14039785 |

---

<sup>(a)</sup> Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.

<sup>(b)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at May 31, 2025, is generally due to investments no longer held or categorized as Level 3 at period end.

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Capital Appreciation Fund, Inc.** |

---

The following table summarizes the valuation approaches used and unobservable inputs utilized by the Valuation Committee to determine the value of certain of the Fund's Level 3 financial instruments as of period end.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Value* | *Valuation Approach* | *Unobservable*<br> *Inputs* | *Range of<br>Unobservable Inputs<br>Utilized<sup>(a)</sup>* | *Weighted Average of<br>Unobservable Inputs<br>Based on Fair Value* |
|  **Assets** |  |  |  |  |  |
|  Preferred Securities | $89765134 | Market | Revenue Multiple | 1.50x - 17.00x | 9.90x |

---

<sup>(a)</sup> A significant change in unobservable input could result in a correlated or inverse change in value.

*See notes to financial statements.* 

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

------

---

| | |
|:---|:---|
| Schedule of Investments<br> May 31, 2025 | **BlackRock Health Sciences Opportunities Portfolio**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
| **Biotechnology — 24.3%** |  |  |
|  4D Molecular Therapeutics, Inc.<sup>(a)</sup> | 154258 | $558414 |
|  AbbVie, Inc. | 2072351 | 385685245 |
|  Alkermes PLC<sup>(a)</sup> | 169810 | 5197884 |
|  Allogene Therapeutics, Inc.<sup>(a)(b)</sup> | 1413527 | 1653827 |
|  Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 502787 | 153128809 |
|  Amgen, Inc. | 748486 | 215698696 |
|  Arcellx, Inc.<sup>(a)</sup> | 207201 | 12858894 |
|  Argenx SE, ADR<sup>(a)</sup> | 117950 | 67616017 |
|  Ascendis Pharma A/S, ADR<sup>(a)</sup> | 124134 | 20213981 |
|  Autolus Therapeutics PLC, ADR<sup>(a)(b)</sup> | 850117 | 1487705 |
|  Beam Therapeutics, Inc.<sup>(a)(b)</sup> | 187715 | 2971528 |
|  Biohaven Ltd.<sup>(a)</sup> | 230982 | 3420843 |
|  BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 281157 | 16326787 |
|  BioNTech SE, ADR<sup>(a)</sup> | 47467 | 4547813 |
|  Blueprint Medicines Corp.<sup>(a)</sup> | 204909 | 20767527 |
|  Bridgebio Pharma, Inc.<sup>(a)</sup> | 231965 | 7944801 |
|  CG oncology, Inc.<sup>(a)</sup> | 68649 | 1758787 |
|  Denali Therapeutics, Inc.<sup>(a)</sup> | 269381 | 3566604 |
|  Disc Medicine, Inc.<sup>(a)(b)</sup> | 96722 | 4514983 |
|  Dyne Therapeutics, Inc.<sup>(a)</sup> | 322438 | 3856358 |
|  Exact Sciences Corp.<sup>(a)</sup> | 620545 | 34924273 |
|  Exelixis, Inc.<sup>(a)(b)</sup> | 342550 | 14743352 |
|  Gilead Sciences, Inc. | 1125322 | 123875446 |
|  Incyte Corp.<sup>(a)(b)</sup> | 160906 | 10468544 |
|  Insmed, Inc.<sup>(a)</sup> | 658178 | 45894752 |
|  Ionis Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 155518 | 5211408 |
|  Kymera Therapeutics, Inc.<sup>(a)(b)</sup> | 60530 | 1794109 |
|  Legend Biotech Corp., ADR<sup>(a)</sup> | 140057 | 4054650 |
|  Merus NV<sup>(a)</sup> | 230676 | 12934003 |
|  Metsera, Inc.<sup>(a)(b)</sup> | 152727 | 4080865 |
|  Moderna, Inc.<sup>(a)</sup> | 407880 | 10833293 |
|  MoonLake Immunotherapeutics<sup>(a)(b)</sup> | 77153 | 3009739 |
|  Natera, Inc.<sup>(a)</sup> | 151876 | 23955401 |
|  Neurocrine Biosciences, Inc.<sup>(a)</sup> | 144705 | 17801609 |
|  Nuvalent, Inc., Class A<sup>(a)</sup> | 367660 | 27431113 |
|  Protagonist Therapeutics, Inc.<sup>(a)</sup> | 262826 | 12476350 |
|  Prothena Corp. PLC<sup>(a)</sup> | 436720 | 2004545 |
|  PTC Therapeutics, Inc.<sup>(a)</sup> | 274700 | 13328444 |
|  Regeneron Pharmaceuticals, Inc. | 144734 | 70960186 |
|  REGENXBIO, Inc.<sup>(a)</sup> | 247495 | 2190331 |
|  Rhythm Pharmaceuticals, Inc.<sup>(a)</sup> | 690347 | 42338982 |
|  Roivant Sciences Ltd.<sup>(a)(b)</sup> | 757759 | 8327771 |
|  Scholar Rock Holding Corp.<sup>(a)</sup> | 103615 | 3005871 |
|  Stoke Therapeutics, Inc.<sup>(a)(b)</sup> | 925936 | 8833429 |
|  Summit Therapeutics, Inc.<sup>(a)(b)</sup> | 227720 | 4147920 |
|  TScan Therapeutics, Inc.<sup>(a)</sup> | 650525 | 930251 |
|  Vaxcyte, Inc.<sup>(a)</sup> | 102708 | 3336983 |
|  Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 225865 | 99843623 |
|  Viking Therapeutics, Inc.<sup>(a)(b)</sup> | 118964 | 3188235 |
|  Vir Biotechnology, Inc.<sup>(a)</sup> | 272240 | 1344866 |
|  Voyager Therapeutics, Inc.<sup>(a)</sup> | 425922 | 1167026 |
|  Xenon Pharmaceuticals, Inc.<sup>(a)</sup> | 330873 | 9545686 |
|  Zealand Pharma A/S<sup>(a)(b)</sup> | 92335 | 6418318 |
|  |  | 1568176877 |
| **Financial Services — 0.2%** |  |  |
|  Helix Acquisition Corp. II, Class A<sup>(a)</sup> | 850715 | 9204736 |
| **Health Care Equipment & Supplies — 29.1%** | **Health Care Equipment & Supplies — 29.1%** |  |
|  Abbott Laboratories | 2604639 | 347927678 |
|  Alcon AG<sup>(b)</sup> | 443060 | 38076576 |
|  Boston Scientific Corp.<sup>(a)</sup> | 4073041 | 428728296 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** |
|  Cooper Cos., Inc. (The)<sup>(a)</sup> | 343632 | $23463193 |
|  Dexcom, Inc.<sup>(a)</sup> | 351585 | 30165993 |
|  Edwards Lifesciences Corp.<sup>(a)</sup> | 2418472 | 189172880 |
|  GE HealthCare Technologies, Inc. | 268721 | 18955579 |
|  Glaukos Corp.<sup>(a)</sup> | 101118 | 9534416 |
|  Hologic, Inc.<sup>(a)</sup> | 156655 | 9739241 |
|  IDEXX Laboratories, Inc.<sup>(a)(b)</sup> | 86759 | 44538600 |
|  Inspire Medical Systems, Inc.<sup>(a)(b)</sup> | 58973 | 8150069 |
|  Insulet Corp.<sup>(a)</sup> | 66855 | 21729881 |
|  Intuitive Surgical, Inc.<sup>(a)</sup> | 381710 | 210833702 |
|  Medtronic PLC | 1992642 | 165349433 |
|  Novocure Ltd.<sup>(a)</sup> | 641675 | 12262409 |
|  Nyxoah SA<sup>(a)(b)</sup> | 392838 | 3005211 |
|  Orchestra BioMed Holdings, Inc.<sup>(a)(b)</sup> | 250564 | 714107 |
|  Penumbra, Inc.<sup>(a)</sup> | 149102 | 39805761 |
|  STERIS PLC | 75548 | 18525125 |
|  Stryker Corp. | 672262 | 257234332 |
|  |  | 1877912482 |
| **Health Care Providers & Services — 15.1%** | **Health Care Providers & Services — 15.1%** |  |
|  Cencora, Inc. | 333871 | 97236590 |
|  Centene Corp.<sup>(a)</sup> | 260875 | 14723785 |
|  Cigna Group (The) | 222702 | 70516361 |
|  CVS Health Corp. | 815115 | 52199965 |
|  Elevance Health, Inc. | 279607 | 107324351 |
|  Exo Imaging, Inc. (Acquired 06/24/21, cost $11,178,821)<sup>(a)(c)(d)</sup> | 19083 | 6967 |
|  Guardant Health, Inc.<sup>(a)</sup> | 129627 | 5265449 |
|  HCA Healthcare, Inc. | 255378 | 97398615 |
|  Humana, Inc. | 146579 | 34171962 |
|  Labcorp Holdings, Inc. | 197993 | 49294317 |
|  McKesson Corp. | 147956 | 106455822 |
|  Quest Diagnostics, Inc. | 303566 | 52620130 |
|  UnitedHealth Group, Inc. | 934338 | 282085986 |
|  |  | 969300300 |
| **Health Care Technology — 0.0%** |  |  |
|  Carbon Health Technologies, Inc. (Acquired 07/09/21, cost $18,064,000)<sup>(a)(c)(d)</sup> | 2720277 | 27203 |
| **Life Sciences Tools & Services — 6.2%** |  |  |
|  Agilent Technologies, Inc. | 261530 | 29270438 |
|  Bio-Techne Corp. | 219569 | 10627140 |
|  Danaher Corp. | 554987 | 105392031 |
|  IQVIA Holdings, Inc.<sup>(a)</sup> | 88638 | 12438570 |
|  Mettler-Toledo International, Inc.<sup>(a)</sup> | 15479 | 17886294 |
|  Repligen Corp.<sup>(a)</sup> | 167659 | 19795498 |
|  Thermo Fisher Scientific, Inc. | 267577 | 107785367 |
|  Waters Corp.<sup>(a)</sup> | 197840 | 69093642 |
|  West Pharmaceutical Services, Inc. | 134864 | 28436074 |
|  |  | 400725054 |
| **Pharmaceuticals — 20.4%** |  |  |
|  AstraZeneca PLC | 324659 | 47557370 |
|  Bristol-Myers Squibb Co. | 2279200 | 110039776 |
|  Daiichi Sankyo Co. Ltd. | 781700 | 20804088 |
|  Edgewise Therapeutics, Inc.<sup>(a)</sup> | 286215 | 4087150 |
|  Eli Lilly & Co. | 778943 | 574602883 |
|  Galderma Group AG | 116108 | 15254664 |
|  Johnson & Johnson | 1717195 | 266525836 |
|  Merck & Co., Inc. | 616926 | 47404594 |
|  Pfizer, Inc. | 3436345 | 80719744 |
|  Structure Therapeutics, Inc., ADR<sup>(a)</sup> | 103023 | 2241781 |
|  Teva Pharmaceutical Industries Ltd., ADR<sup>(a)</sup> | 3047795 | 51142000 |
|  UCB SA | 111585 | 20299496 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Health Sciences Opportunities Portfolio**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Shares* | *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |  |  |
|  WaVe Life Sciences Ltd.<sup>(a)</sup> |  | 309930 | $1862679 |
|  Zoetis, Inc., Class A |  | 422297 | 71211943 |
|  |  |  | 1313754004 |
|  **Total Common Stocks — 95.3%<br>(Cost: $3,805,476,058)** |  |  | 6139100656 |
|  |  | *Par*<br> *(000)* |  |
|  **Other Interests<sup>(a)(c)(d)(e)</sup>** |  |  |  |
|  Afferent Pharmaceuticals, Inc., Series C (Acquired 06/30/15, cost $0) | USD | 3421 | 34 |
|  Affinivax Inc. (Acquired 08/19/22, cost $0) |  | 123 | 1186480 |
|  **Total Other Interests — 0.0%<br>(Cost: $0)** |  |  | 1186514 |
|  |  | *Shares* |  |
|  **Preferred Securities** |  |  |  |
| **Preferred Stocks — 0.7%** |  |  |  |
| **Biotechnology — 0.5%** |  |  |  |
|  Adarx Pharmaceuticals, Inc.,<br>Series C, (Acquired 08/02/23, cost $6,399,994)<sup>(a)(c)(d)</sup> |  | 769230 | 8738453 |
|  Cellarity, Inc.,<br>Series B, (Acquired 01/15/21, cost $5,149,998)<sup>(a)(c)(d)</sup> |  | 858333 | 1828249 |
|  Genesis Therapeutics, Inc.,<br>Series B, (Acquired 08/10/23, cost $4,207,998)<sup>(a)(c)(d)</sup> |  | 823870 | 4803162 |
|  Goldfinch Bio, Inc., Series B, (Acquired 06/26/20,cost $4,152,184)<sup>(a)(c)(d)</sup> |  | 3518800 | 985264 |
|  Kartos Therapeutics, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, (Acquired 08/22/23, cost $6,974,988)<sup>(a)(c)(d)</sup> |  | 1233856 | 6995964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, (Acquired 02/19/25, cost $1,919,018)<sup>(a)(c)(d)</sup> |  | 339469 | 1924789 |
|  Laronde, Inc., Series B, (Acquired 07/28/21, cost $10,822,560)<sup>(a)(c)(d)</sup> |  | 386520 | 8835847 |
|  |  |  | 34111728 |
| **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** |  |
|  Swift Health Systems, Inc.,<br>Series D, (Acquired 08/27/21, cost $5,270,016)<sup>(a)(c)(d)</sup> |  | 1700 | 3791 |
| **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** |  |
|  Exo Imaging, Inc., (Acquired 07/24/24, cost $577,098)<sup>(a)(c)(d)</sup> |  | 890877 | 659784 |
|  Quanta Dialysis Technologies Ltd., Series D, (Acquired 06/18/21, cost $9,727,321)<sup>(a)(c)(d)</sup> |  | 80024425 | 6684896 |
|  |  |  | 7344680 |
| **Pharmaceuticals — 0.1%** |  |  |  |
|  Insitro, Series C, (Acquired 03/10/21, cost $10,839,964)<sup>(a)(c)(d)</sup> |  | 592636 | 4995921 |
|  **Total Preferred Securities — 0.7%<br>(Cost: $66,041,139)** |  |  | 46456120 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Rights** |  |  |
| **Biotechnology — 0.0%** |  |  |
|  Korro Bio, Inc., CVR<sup>(a)(c)</sup> | 428010 | $4 |
|  Mirati Therapeutics, Inc., CVR<sup>(a)(b)(c)</sup> | 228510 | 169098 |
|  |  | 169102 |
| **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** |  |
|  ABIOMED INC, CVR<sup>(a)(c)</sup> | 243643 | 538451 |
|  **Total Rights — 0.0%<br>(Cost: $—)** |  | 707553 |
|  **Warrants<sup>(a)</sup>** |  |  |
| **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** |  |
|  CareMax, Inc., (Issued 09/15/20/Exercisable 07/21/21, 1 Share for 1 Warrant, Expires 08/06/26, Strike Price USD 11.50)<sup>(c)</sup> | 88432 | 186 |
| **Pharmaceuticals — 0.0%** |  |  |
|  Nuvation Bio, Inc., (Issued/Exercisable 08/17/20, 1 Share for 1 Warrant, Expires 07/07/27, Strike Price USD 11.50) | 77354 | 20112 |
|  **Total Warrants — 0.0%<br>(Cost: $306,235)** |  | 20298 |
|  **Total Long-Term Investments — 96.0%<br>(Cost: $3,871,823,432)** | **Total Long-Term Investments — 96.0%<br>(Cost: $3,871,823,432)** | 6187471141 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 6.0%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.46%<sup>(f)(g)(h)</sup> | 52980376 | 53001569 |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.20%<sup>(f)(g)</sup> | 332559809 | 332559809 |
|  **Total Short-Term Securities — 6.0%<br>(Cost: $385,558,827)** |  | 385561378 |
|  **Total Investments — 102.0%<br>(Cost: $4,257,382,259)** |  | 6573032519 |
|  **Liabilities in Excess of Other Assets — (2.0)%** | **Liabilities in Excess of Other Assets — (2.0)%** | (126606806) |
|  **Net Assets — 100.0%** |  | $6446425713 |

---

<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> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $47,676,804, representing 0.7% of its net assets as of period end, and an original cost of $95,283,960. 

<sup>(e)</sup> Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.

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

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

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Health Sciences Opportunities Portfolio** |

---

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended May 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>05/31/24* | *Purchases*<br> *at Cost* | *Proceeds from<br>Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>05/31/25* | *Shares*<br> *Held at<br>05/31/25* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77919089 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24941131)<sup>(a)</sup> | $21060 | $2551 | $53001569 | 52980376 | $357474 <sup>(b)</sup> | $— |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares | 90612409 | 241947400 <sup>(a)</sup> |  |  |  | 332559809 | 332559809 | 7841598 |  |
|  |  |  |  | $21060 | $2551 | $385561378 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8199072 | $— |

---

<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.

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | $1561758559 | $6418318 | $— | $1568176877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 9204736 |  |  | 9204736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 1877912482 |  |  | 1877912482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 969293333 |  | 6967 | 969300300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Technology |  |  | 27203 | 27203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 400725054 |  |  | 400725054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 1209838386 | 103915618 |  | 1313754004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Interests |  |  | 1186514 | 1186514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities |  |  | 46456120 | 46456120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights |  |  | 707553 | 707553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants | 20112 |  | 186 | 20298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 385561378 |  |  | 385561378 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6414314040 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110333936 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48384543 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6573032519 |

---

*See notes to financial statements.*

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

------

---

| | |
|:---|:---|
| Schedule of Investments<br> May 31, 2025 | **BlackRock Mid-Cap Growth Equity Portfolio**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Common Stocks** |  |  |  |
| **Aerospace & Defense — 11.3%** |  |  |  |
|  Axon Enterprise, Inc.<sup>(a)</sup> | 516464 | $| &nbsp;&nbsp;&nbsp;&nbsp;387533927 |
|  HEICO Corp. | 954229 |  | 285925177 |
|  Howmet Aerospace, Inc. | 1445338 |  | 245548473 |
|  Loar Holdings, Inc.<sup>(a)(b)</sup> | 689182 |  | 59993293 |
|  |  |  | 979000870 |
| **Automobiles — 2.0%** |  |  |  |
|  Ferrari NV<sup>(b)</sup> | 368901 |  | 176615043 |
| **Biotechnology — 1.4%** |  |  |  |
|  Natera, Inc.<sup>(a)</sup> | 770327 |  | 121503678 |
| **Capital Markets — 10.4%** |  |  |  |
|  Ares Management Corp., Class A | 1605582 |  | 265723821 |
|  Blue Owl Capital, Inc., Class A | 8891460 |  | 166092473 |
|  Robinhood Markets, Inc., Class A<sup>(a)(b)</sup> | 1443965 |  | 95518284 |
|  TPG, Inc., Class A | 3372922 |  | 162338736 |
|  Tradeweb Markets, Inc., Class A | 1445953 |  | 208867911 |
|  |  |  | 898541225 |
| **Commercial Services & Supplies — 3.2%** |  |  |  |
|  Copart, Inc.<sup>(a)</sup> | 2914889 |  | 150058486 |
|  Rollins, Inc. | 2277329 |  | 130377085 |
|  |  |  | 280435571 |
| **Construction & Engineering — 2.2%** |  |  |  |
|  Quanta Services, Inc. | 553203 |  | 189505220 |
| **Construction Materials — 0.5%** |  |  |  |
|  Vulcan Materials Co. | 176230 |  | 46713286 |
| **Diversified Consumer Services — 2.3%** |  |  |  |
|  Duolingo, Inc., Class A<sup>(a)</sup> | 377185 |  | 195989098 |
| **Electrical Equipment — 3.4%** |  |  |  |
|  Vertiv Holdings Co., Class A | 2764560 |  | 298378961 |
| **Electronic Equipment, Instruments & Components — 1.6%** | **Electronic Equipment, Instruments & Components — 1.6%** | **Electronic Equipment, Instruments & Components — 1.6%** | **Electronic Equipment, Instruments & Components — 1.6%** |
|  Coherent Corp.<sup>(a)</sup> | 1102401 |  | 83374587 |
|  Teledyne Technologies, Inc.<sup>(a)</sup> | 115188 |  | 57462686 |
|  |  |  | 140837273 |
| **Entertainment — 5.0%** |  |  |  |
|  Liberty Media Corp. - Liberty Formula One, Class C, NVS<sup>(a)</sup> | 1971146 |  | 190274723 |
|  Live Nation Entertainment, Inc.<sup>(a)</sup> | 1735768 |  | 238130012 |
|  |  |  | 428404735 |
| **Financial Services — 3.6%** |  |  |  |
|  Adyen NV<sup>(a)(c)</sup> | 91065 |  | 174524192 |
|  Affirm Holdings, Inc., Class A<sup>(a)</sup> | 2631710 |  | 136585749 |
|  |  |  | 311109941 |
| **Ground Transportation — 0.1%** |  |  |  |
|  Saia, Inc.<sup>(a)(b)</sup> | 35493 |  | 9384704 |
| **Health Care Equipment & Supplies — 7.7%** | **Health Care Equipment & Supplies — 7.7%** |  |  |
|  Alcon AG | 722024 |  | 62050743 |
|  Align Technology, Inc.<sup>(a)</sup> | 49795 |  | 9009907 |
|  Dexcom, Inc.<sup>(a)</sup> | 3300915 |  | 283218507 |
|  IDEXX Laboratories, Inc.<sup>(a)</sup> | 229609 |  | 117872076 |
|  Masimo Corp.<sup>(a)(b)</sup> | 1171467 |  | 190363388 |
|  |  |  | 662514621 |
| **Health Care Providers & Services — 1.6%** | **Health Care Providers & Services — 1.6%** |  |  |
|  Cencora, Inc. | 476579 |  | 138798868 |
| **Health Care Technology — 0.7%** |  |  |  |
|  Doximity, Inc., Class A<sup>(a)</sup> | 1092564 |  | 56911659 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Hotels, Restaurants & Leisure — 2.5%** |  |  |
|  DraftKings, Inc., Class A<sup>(a)(b)</sup> | 890308 | $&nbsp;&nbsp;&nbsp;&nbsp;31944251 |
|  Flutter Entertainment PLC<sup>(a)</sup> | 202121 | 51075977 |
|  Planet Fitness, Inc., Class A<sup>(a)</sup> | 1236069 | 127104975 |
|  Wingstop, Inc.<sup>(b)</sup> | 11733 | 4009166 |
|  |  | 214134369 |
| **Interactive Media & Services — 0.2%** |  |  |
|  Reddit, Inc., Class A<sup>(a)(b)</sup> | 120137 | 13497392 |
| **IT Services — 3.0%** |  |  |
|  Cloudflare, Inc., Class A<sup>(a)(b)</sup> | 1549068 | 256974890 |
| **Life Sciences Tools & Services — 1.3%** |  |  |
|  Repligen Corp.<sup>(a)(b)</sup> | 134749 | 15909815 |
|  Waters Corp.<sup>(a)(b)</sup> | 267614 | 93461513 |
|  West Pharmaceutical Services, Inc. | 14905 | 3142719 |
|  |  | 112514047 |
| **Media — 1.7%** |  |  |
|  Charter Communications, Inc., Class A<sup>(a)(b)</sup> | 382565 | 151599033 |
| **Oil, Gas & Consumable Fuels — 1.5%** |  |  |
|  Antero Resources Corp.<sup>(a)</sup> | 1575610 | 59006595 |
|  Expand Energy Corp. | 580234 | 67382574 |
|  |  | 126389169 |
| **Real Estate Management & Development — 1.5%** | **Real Estate Management & Development — 1.5%** |  |
|  CoStar Group, Inc.<sup>(a)(b)</sup> | 1026192 | 75486684 |
|  Landbridge Co. LLC, Class A<sup>(b)</sup> | 809712 | 57853922 |
|  |  | 133340606 |
| **Semiconductors & Semiconductor Equipment — 3.3%** | **Semiconductors & Semiconductor Equipment — 3.3%** |  |
|  ASM International NV | 298795 | 162618025 |
|  Astera Labs, Inc.<sup>(a)</sup> | 1005599 | 91227941 |
|  BE Semiconductor Industries NV | 24419 | 2950918 |
|  Entegris, Inc. | 333884 | 22951186 |
|  Lattice Semiconductor Corp.<sup>(a)</sup> | 96667 | 4344215 |
|  Onto Innovation, Inc.<sup>(a)</sup> | 12518 | 1150905 |
|  |  | 285243190 |
| **Software — 25.4%** |  |  |
|  AppLovin Corp., Class A<sup>(a)</sup> | 1366294 | 536953542 |
|  Bentley Systems, Inc., Class B | 2377683 | 113486810 |
|  Cadence Design Systems, Inc.<sup>(a)</sup> | 700019 | 200954454 |
|  Confluent, Inc., Class A<sup>(a)</sup> | 1733082 | 39912879 |
|  CyberArk Software Ltd.<sup>(a)</sup> | 243100 | 93053818 |
|  Fair Isaac Corp.<sup>(a)</sup> | 121896 | 210426627 |
|  Gitlab, Inc., Class A<sup>(a)(b)</sup> | 434142 | 19757802 |
|  Guidewire Software, Inc.<sup>(a)</sup> | 644197 | 138515239 |
|  Nutanix, Inc., Class A<sup>(a)</sup> | 1647216 | 126324995 |
|  Palantir Technologies, Inc., Class A<sup>(a)</sup> | 3837456 | 505699952 |
|  Roper Technologies, Inc. | 114131 | 65085485 |
|  Tyler Technologies, Inc.<sup>(a)(b)</sup> | 249862 | 144167875 |
|  Vertex, Inc., Class A<sup>(a)(b)</sup> | 62009 | 2453696 |
|  |  | 2196793174 |
| **Specialty Retail — 2.5%** |  |  |
|  Carvana Co., Class A<sup>(a)</sup> | 630652 | 206324108 |
|  Floor & Decor Holdings, Inc., Class A<sup>(a)</sup> | 103077 | 7389590 |
|  |  | 213713698 |
| **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** |  |
|  Brunello Cucinelli SpA | 417794 | 51489446 |
|  **Total Common Stocks — 100.5%<br>(Cost: $5,827,806,135)** |  | 8690333767 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Mid-Cap Growth Equity Portfolio**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
|  **Other Interests<sup>(a)(d)(e)</sup>** |  |  |  |
|  GCI Liberty, Inc., Class A | USD | 1529 | $15 |
|  **Total Other Interests — 0.0%<br>(Cost: $0)** | **Total Other Interests — 0.0%<br>(Cost: $0)** | **Total Other Interests — 0.0%<br>(Cost: $0)** | 15 |
|  **Total Long-Term Investments — 100.5%<br>(Cost: $5,827,806,135)** | **Total Long-Term Investments — 100.5%<br>(Cost: $5,827,806,135)** | **Total Long-Term Investments — 100.5%<br>(Cost: $5,827,806,135)** | 8690333782 |
|  |  | *Shares* |  |
|  **Short-Term Securities** |  |  |  |
| **Money Market Funds — 4.0%** |  |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.46%<sup>(f)(g)(h)</sup> |  | 351203978 | 351344459 |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.20%<sup>(f)(g)</sup> |  | 186976 | 186976 |
|  **Total Short-Term Securities — 4.0%<br>(Cost: $351,503,136)** | **Total Short-Term Securities — 4.0%<br>(Cost: $351,503,136)** | **Total Short-Term Securities — 4.0%<br>(Cost: $351,503,136)** | 351531435 |
|  **Total Investments — 104.5%<br>(Cost: $6,179,309,271)** | **Total Investments — 104.5%<br>(Cost: $6,179,309,271)** | **Total Investments — 104.5%<br>(Cost: $6,179,309,271)** | 9041865217 |
|  **Liabilities in Excess of Other Assets — (4.5)%** | **Liabilities in Excess of Other Assets — (4.5)%** | **Liabilities in Excess of Other Assets — (4.5)%** | (392061081) |
|  **Net Assets — 100.0%** |  |  | $8649804136 |

---

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

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

<sup>(c)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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

<sup>(e)</sup> Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.

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

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

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

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended May 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>05/31/24* | *Purchases<br>at Cost* | *Proceeds from<br>Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>05/31/25* | *Shares*<br> *Held at*<br> *05/31/25* | *Income* | *Capital*<br> *Gain*<br> *Distributions*<br> *from Underlying*<br> *Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462938124 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111815351)<sup>(a)</sup> | $191634 | $30052 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351344459 | 351203978 | $971263 <sup>(b)</sup> | $— |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares | 750097 |  | (563121)<sup>(a)</sup> |  |  | 186976 | 186976 | 1049993 |  |
|  |  |  |  | $191634 | $30052 | $351531435 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021256 | $— |

---

<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.

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Mid-Cap Growth Equity Portfolio** |

---

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $979000870 | $— | $— | $979000870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 176615043 |  |  | 176615043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 121503678 |  |  | 121503678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 898541225 |  |  | 898541225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 280435571 |  |  | 280435571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | 189505220 |  |  | 189505220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | 46713286 |  |  | 46713286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Consumer Services | 195989098 |  |  | 195989098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 298378961 |  |  | 298378961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 140837273 |  |  | 140837273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 428404735 |  |  | 428404735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 136585749 | 174524192 |  | 311109941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | 9384704 |  |  | 9384704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 662514621 |  |  | 662514621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 138798868 |  |  | 138798868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Technology | 56911659 |  |  | 56911659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 214134369 |  |  | 214134369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 13497392 |  |  | 13497392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services | 256974890 |  |  | 256974890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 112514047 |  |  | 112514047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Media | 151599033 |  |  | 151599033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 126389169 |  |  | 126389169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | 133340606 |  |  | 133340606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 119674247 | 165568943 |  | 285243190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | 2196793174 |  |  | 2196793174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 213713698 |  |  | 213713698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods |  | 51489446 |  | 51489446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Interests |  |  | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 351531435 |  |  | 351531435 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8650282621 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391582581 | $15 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9041865217 |

---

*See notes to financial statements.*

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

------

---

| | |
|:---|:---|
| Schedule of Investments<br> May 31, 2025 | **BlackRock Technology Opportunities Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Common Stocks** |  |  |  |
| **Automobiles — 0.6%** |  |  |  |
|  Tesla, Inc.<sup>(a)</sup> | 98818 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34236484 |
| **Broadline Retail — 6.2%** |  |  |  |
|  Alibaba Group Holding Ltd. | 4306852 |  | 61320151 |
|  Amazon.com, Inc.<sup>(a)</sup> | 956017 |  | 195993045 |
|  MercadoLibre, Inc.<sup>(a)</sup> | 46415 |  | 118975105 |
|  |  |  | 376288301 |
| **Capital Markets — 1.4%** |  |  |  |
|  CME Group, Inc., Class A | 149578 |  | 43228042 |
|  Deutsche Boerse AG, Registered Shares | 130565 |  | 42061367 |
|  |  |  | 85289409 |
| **Communications Equipment — 1.0%** |  |  |  |
|  Arista Networks, Inc.<sup>(a)</sup> | 715397 |  | 61981996 |
| **Consumer Finance — 0.2%** |  |  |  |
|  Klarna Group PLC (Acquired 09/15/20, cost $11,017,172)<sup>(a)(b)(c)</sup> | 307200 |  | 11498496 |
| **Diversified Consumer Services — 0.0%** |  |  |  |
|  Think & Learn Private Ltd. (Acquired 09/30/20, cost $3,427,642)<sup>(a)(b)(c)</sup> | 2241 |  |  |
| **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** |
|  Coherent Corp.<sup>(a)</sup> | 452378 |  | 34213348 |
| **Entertainment — 4.9%** |  |  |  |
|  Netflix, Inc.<sup>(a)</sup> | 49709 |  | 60010196 |
|  Nintendo Co. Ltd. | 559700 |  | 45663936 |
|  Spotify Technology SA<sup>(a)(d)</sup> | 185589 |  | 123442667 |
|  Take-Two Interactive Software, Inc.<sup>(a)</sup> | 291696 |  | 66004971 |
|  |  |  | 295121770 |
| **Financial Services — 3.3%** |  |  |  |
|  Adyen NV<sup>(a)(e)</sup> | 37641 |  | 72138199 |
|  Mastercard, Inc., Class A | 220549 |  | 129153495 |
|  |  |  | 201291694 |
| **Industrial Conglomerates — 1.3%** |  |  |  |
|  Hitachi Ltd. | 2828900 |  | 78814086 |
| **Interactive Media & Services — 5.6%** |  |  |  |
|  Alphabet, Inc., Class A | 355297 |  | 61018707 |
|  Meta Platforms, Inc., Class A | 431285 |  | 279252725 |
|  |  |  | 340271432 |
| **IT Services — 4.6%** |  |  |  |
|  Farmer's Business Network, Inc.<sup>(a)(b)</sup> | 194200 |  | 240808 |
|  International Business Machines Corp. | 173639 |  | 44982920 |
|  Shopify, Inc., Class A<sup>(a)</sup> | 460460 |  | 49370521 |
|  Snowflake, Inc., Class A<sup>(a)</sup> | 768918 |  | 158143365 |
|  Twilio, Inc., Class A<sup>(a)</sup> | 245120 |  | 28850624 |
|  |  |  | 281588238 |
| **Professional Services — 2.7%** |  |  |  |
|  RELX PLC | 1467427 |  | 78968383 |
|  Thomson Reuters Corp. | 436666 |  | 86757279 |
|  |  |  | 165725662 |
| **Semiconductors & Semiconductor Equipment — 26.4%** | **Semiconductors & Semiconductor Equipment — 26.4%** | **Semiconductors & Semiconductor Equipment — 26.4%** | **Semiconductors & Semiconductor Equipment — 26.4%** |
|  ASM International NV | 88936 |  | 48403075 |
|  ASML Holding NV | 73956 |  | 54486359 |
|  Broadcom, Inc. | 1680805 |  | 406872466 |
|  Disco Corp. | 134200 |  | 30062287 |
|  Intel Corp. | 1484640 |  | 29024712 |
|  Lam Research Corp. | 850173 |  | 68685477 |
|  Microchip Technology, Inc. | 386568 |  | 22436407 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
|  Monolithic Power Systems, Inc. | 52667 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34860287 |
|  NVIDIA Corp. | 5845944 |  | 789962413 |
|  Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 592428 |  | 114528181 |
|  |  |  | 1599321664 |
| **Software — 30.3%** |  |  |  |
|  AppLovin Corp., Class A<sup>(a)</sup> | 223496 |  | 87833928 |
|  Atlassian Corp., Class A<sup>(a)</sup> | 208912 |  | 43376399 |
|  Autodesk, Inc.<sup>(a)</sup> | 160675 |  | 47579081 |
|  Cadence Design Systems, Inc.<sup>(a)</sup> | 504700 |  | 144884229 |
|  Constellation Software, Inc. | 22901 |  | 83032666 |
|  Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 190532 |  | 89811069 |
|  CyberArk Software Ltd.<sup>(a)</sup> | 167884 |  | 64262638 |
|  Databricks, Inc. (Acquired 07/24/20, cost $5,122,891)<sup>(a)(b)(c)</sup> | 319983 |  | 32046297 |
|  Elastic NV<sup>(a)</sup> | 255981 |  | 20701183 |
|  Guidewire Software, Inc.<sup>(a)</sup> | 272068 |  | 58500061 |
|  Microsoft Corp. | 1119667 |  | 515449900 |
|  Oracle Corp. | 1061226 |  | 175664740 |
|  Palo Alto Networks, Inc.<sup>(a)</sup> | 212465 |  | 40882515 |
|  Rubrik, Inc., Class A<sup>(a)</sup> | 494544 |  | 47154770 |
|  Salesforce, Inc. | 185835 |  | 49315034 |
|  Samsara, Inc., Class A<sup>(a)</sup> | 941327 |  | 43809359 |
|  SAP SE | 392732 |  | 118809351 |
|  ServiceNow, Inc.<sup>(a)</sup> | 117507 |  | 118810153 |
|  Unqork, Inc. (Acquired 03/05/21, cost<br>$4,093,769)<sup>(a)(b)(c)</sup> | 149520 |  | 771523 |
|  Xero Ltd.<sup>(a)</sup> | 436358 |  | 51834312 |
|  |  |  | 1834529208 |
| **Specialty Retail — 0.0%** |  |  |  |
|  AceVector Ltd. (Acquired 05/07/14, cost |  |  |  |
| $1414399)<sup>(a)(b)(c)</sup> | 304000 |  | 105685 |
| **Technology Hardware, Storage & Peripherals — 6.8%** | **Technology Hardware, Storage & Peripherals — 6.8%** | **Technology Hardware, Storage & Peripherals — 6.8%** | **Technology Hardware, Storage & Peripherals — 6.8%** |
|  Apple Inc. | 1774046 |  | 356317139 |
|  Samsung Electronics Co. Ltd. | 670369 |  | 27202032 |
|  Xiaomi Corp., Class B<sup>(a)(e)</sup> | 4102400 |  | 26407196 |
|  |  |  | 409926367 |
| **Total Common Stocks — 95.9%** | **Total Common Stocks — 95.9%** | **Total Common Stocks — 95.9%** | **Total Common Stocks — 95.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost: $3,043,625,816)** |  |  | 5810203840 |
|  **Preferred Securities** |  |  |  |
| **Preferred Stocks — 1.7%** | **Preferred Stocks — 1.7%** | **Preferred Stocks — 1.7%** | **Preferred Stocks — 1.7%** |
| **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** |
|  Think & Learn Private Ltd., Series F, (Acquired 09/30/20, cost $6,867,746)<sup>(a)(b)(c)</sup> | 2371 |  |  |
| **Interactive Media & Services — 0.4%** | **Interactive Media & Services — 0.4%** | **Interactive Media & Services — 0.4%** | **Interactive Media & Services — 0.4%** |
|  Bytedance Ltd., Series E-1, (Acquired 11/11/20,cost $10,748,384)<sup>(a)(b)(c)</sup> | 94889 |  | 22018043 |
| **Semiconductors & Semiconductor Equipment — 0.5%** | **Semiconductors & Semiconductor Equipment — 0.5%** | **Semiconductors & Semiconductor Equipment — 0.5%** | **Semiconductors & Semiconductor Equipment — 0.5%** |
|  PsiQuantum Corp., Series C, (Acquired 09/09/19,cost $2,698,454)<sup>(a)(b)(c)</sup> | 581814 |  | 19624586 |
|  SambaNova Systems, Inc., Series C, (Acquired 02/20/20, cost $9,804,574)<sup>(a)(b)(c)</sup> | 184153 |  | 8695705 |
|  |  |  | 28320291 |
| **Software — 0.8%** |  |  |  |
|  Databricks, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, (Acquired 10/22/19, cost<br>$3,700,005)<sup>(a)(b)(c)</sup> | 258450 |  | 25883767 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Technology Opportunities Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Software (continued)** |  |  |
|  Databricks, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, (Acquired 02/01/21, cost<br>$12,500,003)<sup>(a)(b)(c)</sup> | 211425 | $21174214 |
|  Unqork, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, (Acquired 03/05/21, cost<br>$194,941)<sup>(a)(b)(c)</sup> | 7120 | 39018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, (Acquired 03/05/21, cost<br>$314,315)<sup>(a)(b)(c)</sup> | 11480 | 70487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, (Acquired 09/18/20, cost<br>$8,323,340)<sup>(a)(b)(c)</sup> | 304000 | 2441120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Seed, (Acquired 03/05/21, cost<br>$489,544)<sup>(a)(b)(c)</sup> | 17880 | 93512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Seed A, (Acquired 03/05/21, cost<br>$180,704)<sup>(a)(b)(c)</sup> | 6600 | 34386 |
|  |  | 49736504 |
|  **Total Preferred Securities — 1.7%<br>(Cost: $55,822,010)** |  | 100074838 |
|  **Warrants<sup>(a)(b)</sup>** |  |  |
| **Software — 0.0%** |  |  |
|  Constellation Software, Inc., (Issued/Exercisable 08/22/23, 1 Share for 1 Warrant, Expires 03/31/40, Strike Price CAD 0.00) | 22107 |  |
|  **Total Warrants — 0.0%<br>(Cost: $0)** |  |  |
|  **Total Long-Term Investments — 97.6%<br>(Cost: $3,099,447,826)** |  | 5910278678 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 2.7%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.46%<sup>(f)(g)(h)</sup> | 8829668 | $8833200 |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.20%<sup>(f)(g)</sup> | 153923002 | 153923002 |
|  **Total Short-Term Securities — 2.7%<br>(Cost: $162,756,202)** |  | 162756202 |
|  **Total Investments — 100.3%<br>(Cost: $3,262,204,028)** |  | 6073034880 |
| **Liabilities in Excess of Other Assets — (0.3)%** | **Liabilities in Excess of Other Assets — (0.3)%** | (16184315) |
|  **Net Assets — 100.0%** |  | $6056850565 |

---

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

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

<sup>(c)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $144,496,839, representing 2.4% of its net assets as of period end, and an original cost of $80,897,883. 

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

<sup>(e)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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

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

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

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended May 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>05/31/24* | *Purchases*<br> *at Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>05/31/25* | *Shares*<br> *Held at<br>05/31/25* | *Income* | *Capital*<br> *Gain*<br> *Distributions*<br> *from Underlying*<br> *Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42718478 | $— | $(33873582)<sup>(a)</sup> | $(11696) | $– $| 8833200 | 8829668 | $137669<sup>(b)</sup> | $— |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares | 25083311 | 128839691<sup>(a)</sup> |  |  | – | 153923002 | 153923002 | 2284411 |  |
|  |  |  |  | $(11696) | $– $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162756202 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2422080 | $— |

---

<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.

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Technology Opportunities Fund** |

---

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles | $34236484 | $— | $— | $34236484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 314968150 | 61320151 |  | 376288301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 43228042 | 42061367 |  | 85289409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 61981996 |  |  | 61981996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance |  |  | 11498496 | 11498496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Consumer Services |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 34213348 |  |  | 34213348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 249457834 | 45663936 |  | 295121770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 129153495 | 72138199 |  | 201291694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial Conglomerates |  | 78814086 |  | 78814086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 340271432 |  |  | 340271432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services | 281347430 |  | 240808 | 281588238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 86757279 | 78968383 |  | 165725662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 1466369943 | 132951721 |  | 1599321664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | 1631067725 | 170643663 | 32817820 | 1834529208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail |  |  | 105685 | 105685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 356317139 | 53609228 |  | 409926367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities |  |  | 100074838 | 100074838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 162756202 |  |  | 162756202 |
|  | $5192126499 | $736170734 | $144737647 | $6073034880 |

---

A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the year in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Common*<br> *Stocks* | *Preferred*<br> *Stocks* | *Warrants* | *Total* |
|  **Assets** |  |  |  |  |
|  Opening Balance, as of May 31, 2024 | $35470366 | $83769762 | $— <sup>(c)</sup> | $119240128 |
|  Transfers into Level 3 |  |  |  |  |
|  Transfers out of Level 3 |  |  |  |  |
|  Accrued discounts/premiums |  |  |  |  |
|  Net realized gain (loss) |  | (144905) |  | (144905) |
|  Net change in unrealized appreciation (depreciation)<sup>(a)(b)</sup> | 9192443 | 18797336 |  | 27989779 |
|  Purchases | 11017172 |  |  | 11017172 |
|  Sales | (11017172) | (2347355) |  | (13364527) |
|  Closing Balance, as of May 31, 2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44662809 | $100074838 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;144737647 |
|  Net change in unrealized appreciation (depreciation) on investments still held at May 31, 2025<sup>(b)</sup> | $8752495 | $20188304 | $— | $28940799 |

---

<sup>(a)</sup> Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.

<sup>(b)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at May 31, 2025, is generally due to investments no longer held or categorized as Level 3 at period end.

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Technology Opportunities Fund** |

---

The following table summarizes the valuation approaches used and unobservable inputs utilized by the Valuation Committee to determine the value of certain of the Fund's Level 3 financial instruments as of period end.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *Value* | *Valuation Approach* | *Unobservable*<br> *Inputs* | *Range of<br>Unobservable Inputs<br>Utilized* | *<br><sup>(a)</sup>* | *Weighted Average of<br>Unobservable Inputs<br>Based on Fair Value* |
| **Assets** |  |  |  |  |  |  |
| Common Stocks | $44662809 | Market | Revenue Multiple | 1.35x - 17.00x |  | 13.47x |
|  |  |  | Volatility | 70% |  |  |
|  |  |  | Time to Exit | 3.0 years |  |  |
| Preferred Stocks | 100074838 | Market | Revenue Multiple | 1.50x - 17.00x |  | 12.32x |
|  |  |  | Volatility | 70%-90% |  | 76% |
|  |  |  | Time to Exit | 3.0 - 4.0 years |  | 3.6 years |
|  |  |  | Market Adjustment Multiple | 1.10x |  |  |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144737647 |  |  |  |  |  |

---

<sup>(a)</sup> A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value.

*See notes to financial statements.*

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

------

Statements of Assets and Liabilities

May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock | BlackRock | BlackRock |  |
|  | Capital | Health | Mid-Cap | BlackRock |
|  | Appreciation | Sciences | Growth | Technology |
|  | Fund, | Opportunities | Equity | Opportunities |
|  | Inc. | Portfolio | Portfolio | Fund |
|  **ASSETS** |  |  |  |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup> | $3590992893 | $6187471141 | $8690333782 | $5910278678 |
|  Investments, at value — affiliated<sup>(c)</sup> | 24880013 | 385561378 | 351531435 | 162756202 |
|  Cash | 2667 |  | 6665 |  |
|  Foreign currency, at value<sup>(d)</sup> |  |  | 276120 | 6963 |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 1267571 | 32653621 | 8954188 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 1683 | 47284 | 73993 | 5364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 776135 | 4239469 | 4328615 | 4669572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 1341569 | 7996151 | 2795275 | 2981928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 21818 | 1194252 | 50846 | 344891 |
| &nbsp;&nbsp;&nbsp;&nbsp; From the Manager | 82134 |  | 144013 | 27680 |
|  Prepaid expenses | 41889 | 62907 | 86692 | 78833 |
|  Total assets | 3619408372 | 6619226203 | 9058581624 | 6081150111 |
|  **LIABILITIES** |  |  |  |  |
|  Collateral on securities loaned | 19432275 | 52987574 | 351138880 | 8833200 |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 1325639 | 103953635 | 8500354 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees |  | 307711 | 307221 | 189760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 3118591 | 9374548 | 41365226 | 9268730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1757232 | 3739049 | 4627848 | 3720363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' and Officer's fees | 4892 | 10477 | 18280 | 7117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 546893 | 1570805 | 2290884 | 1536834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other affiliate fees | 2532 | 55242 | 18968 | 16168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 58175 | 44938 | 34318 | 22575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution fees | 483435 | 756511 | 475509 | 704799 |
|  Total liabilities | 26729664 | 172800490 | 408777488 | 24299546 |
|  **Commitments and contingent liabilities** |  |  |  |  |
|  NET ASSETS | $3592678708 | $6446425713 | $8649804136 | $6056850565 |
|  **NET ASSETS CONSIST OF:** |  |  |  |  |
|  Paid-in capital | $1197031840 | $3811576031 | $5649167424 | $2899674187 |
|  Accumulated earnings | 2395646868 | 2634849682 | 3000636712 | 3157176378 |
|  NET ASSETS | $3592678708 | $6446425713 | $8649804136 | $6056850565 |
|  <sup>(a)</sup> Investments, at cost — unaffiliated | $1459083274 | $3871823432 | $5827806135 | $3099447826 |
|  <sup>(b)</sup> Securities loaned, at value | $18787635 | $49693858 | $343170845 | $9045904 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $24880013 | $385558827 | $351503136 | $162756202 |
|  <sup>(d)</sup> Foreign currency, at cost | $— | $— | $274345 | $7683 |

---

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

------

Statements of Assets and Liabilities (continued)

May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock<br>Capital<br>Appreciation<br>Fund,<br> Inc. | BlackRock<br>Health<br>Sciences<br>Opportunities<br>Portfolio | BlackRock<br>Mid-Cap<br>Growth<br> Equity<br> Portfolio | BlackRock<br>Technology<br>Opportunities<br>Fund |
|  **NET ASSET VALUE** |  |  |  |  |
| **Institutional** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $838015098 | $3295417816 | $3641576653 | $3071364508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 19374781 | 50624607 | 84578909 | 41944904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $43.25 | $65.10 | $43.06 | $73.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 300 million | Unlimited | Unlimited | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 | $0.001 | $0.001 | $0.001 |
| **Service** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | N/A | $24526114 | $46070883 | $50592374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | N/A | 403930 | 1206261 | 747868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | N/A | $60.72 | $38.19 | $67.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | N/A | Unlimited | Unlimited | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | N/A | $0.001 | $0.001 | $0.001 |
| **Investor A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $2132548852 | $2287337727 | $1492673050 | $2116249578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 57636225 | 37885661 | 41017815 | 32100048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $37.00 | $60.37 | $36.39 | $65.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 300 million | Unlimited | Unlimited | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 | $0.001 | $0.001 | $0.001 |
| **Investor C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $38409746 | $192391253 | $149020436 | $288544550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 2178164 | 3993443 | 5594717 | 5634147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $17.63 | $48.18 | $26.64 | $51.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 300 million | Unlimited | Unlimited | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 | $0.001 | $0.001 | $0.001 |
| **Class K** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $560119107 | $439081500 | $3245829986 | $479903611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 12767340 | 6731138 | 74873518 | 6530061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $43.87 | $65.23 | $43.35 | $73.49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 300 million | Unlimited | Unlimited | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 | $0.001 | $0.001 | $0.001 |
| **Class R** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $23585905 | $207671303 | $74633128 | $50195944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 961720 | 3572532 | 2117890 | 763948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $24.52 | $58.13 | $35.24 | $65.71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 500 million | Unlimited | Unlimited | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 | $0.001 | $0.001 | $0.001 |

---

*See notes to financial statements.* 

S T A T E M E N T S O F A S S E T S A N D L I A B I L I T I E S 17

------

Statements of Operations

Year Ended May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock<br>Capital<br>Appreciation<br>Fund,<br> Inc. | BlackRock<br>Health<br> Sciences<br> Opportunities<br>Portfolio | BlackRock<br>Mid-Cap<br>Growth<br> Equity<br> Portfolio | BlackRock<br>Technology<br>Opportunities<br>Fund |
|  **INVESTMENT INCOME** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $15008618 <sup>(a)</sup> | $88924112 | $28340806 | $25274394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 189717 | 7841598 | 1049993 | 2284411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 3462 | 357474 | 971263 | 137669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income | 10484 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | (249894) | (403121) | (468798) | (984867) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax claims | 416745 |  |  |  |
|  Total investment income | 15379132 | 96720063 | 29893264 | 26711607 |
|  EXPENSES |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 22112522 | 52334214 | 65001888 | 44202451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution — class specific | 5916405 | 10699175 | 6087902 | 8542204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent — class specific | 2520574 | 7248982 | 8888028 | 5668171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services | 232499 | 462347 | 599412 | 354887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 218959 | 129426 | 118328 | 129599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reorganization | 98677 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration | 95982 | 143703 | 197194 | 177974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and postage | 53782 | 63495 | 87756 | 57431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | 39538 | 174738 | 114465 | 63856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors and Officer | 31709 | 63692 | 85849 | 49702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration |  | 2716710 | 3532013 | 2078207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration — class specific |  | 1557340 | 2059549 | 1163733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 68509 | 248302 | 153747 | 103032 |
|  Total expenses excluding interest expense | 31389156 | 75842124 | 86926131 | 62591247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 14219 | 697 | 278898 | 21175 |
|  Total expenses | 31403375 | 75842821 | 87205029 | 62612422 |
|  Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees waived by the Manager — class specific |  |  | (1228923) | (646033) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fees waived and/or reimbursed by the Manager | (426549) | (126907) | (18061) | (36173) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees waived and/or reimbursed by the Manager — class specific | (392753) |  | (1158865) | (148292) |
|  Total expenses after fees waived and/or reimbursed | 30584073 | 75715914 | 84799180 | 61781924 |
|  Net investment income (loss) | (15204941) | 21004149 | (54905916) | (35070317) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | 443895649 | 746901300 | 1463754146 | 1049647702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 2668 | 21060 | 191634 | (11696) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (7953) | 29792 | 97168 | 352983 |
|  | 443890364 | 746952152 | 1464042948 | 1049988989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | 69781274 | (1159042508) | (444317716) | (174319940) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated |  | 2551 | 30052 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (1594) | 103867 | 88081 | 39973 |
|  | 69779680 | (1158936090) | (444199583) | (174279967) |
|  Net realized and unrealized gain (loss) | 513670044 | (411983938) | 1019843365 | 875709022 |
|  NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498465103 | $(390979789) | $964937449 | $840638705 |

---

<sup>(a)</sup> Includes $3,851,625 related to a special distribution from TransDigm Group, Inc. 

*See notes to financial statements.* 

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

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock Capital Appreciation Fund, Inc. | BlackRock Capital Appreciation Fund, Inc. | BlackRock Health Sciences Opportunities<br>Portfolio | BlackRock Health Sciences Opportunities<br>Portfolio |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(15204941) | $(10611713) | $21004149 | $25316530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 443890364 | 341112234 | 746952152 | 395305992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 69779680 | 713790114 | (1158936090) | 615065988 |
|  Net increase (decrease) in net assets resulting from operations | 498465103 | 1044290635 | (390979789) | 1035688510 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | (88121130) | (24574161) | (326473190) | (165666116) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service |  |  | (2429838) | (1218171) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A | (271930786) | (69431098) | (229221310) | (108961191) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C | (9645989) | (2509299) | (27918920) | (16034475) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | (57998828) | (22193494) | (39451171) | (17980192) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (4429049) | (1215316) | (20274657) | (8884277) |
|  Decrease in net assets resulting from distributions to shareholders | (432125782) | (119923368) | (645769086) | (318744422) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | 41389125 | (551525947) | (830958717) | (872061789) |
|  *NET ASSETS* |  |  |  |  |
|  Total increase (decrease) in net assets | 107728446 | 372841320 | (1867707592) | (155117701) |
|  Beginning of year | 3484950262 | 3112108942 | 8314133305 | 8469251006 |
|  End of year | $3592678708 | $3484950262 | $6446425713 | $8314133305 |

---

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

*See notes to financial statements.* 

S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S 19

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock Mid-Cap Growth Equity<br>Portfolio | BlackRock Mid-Cap Growth Equity<br>Portfolio | BlackRock Technology Opportunities Fund | BlackRock Technology Opportunities Fund |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss | $(54905916) | $(47778831) | $(35070317) | $(27099028) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 1464042948 | 1006857842 | 1049988989 | 280429599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (444199583) | 1133709179 | (174279967) | 1259756995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 964937449 | 2092788190 | 840638705 | 1513087566 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  | (119062757) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Service |  |  | (2282496) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  | (91250925) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  | (16449865) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  | (13171916) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  | (2124025) |  |
|  Decrease in net assets resulting from distributions to shareholders |  |  | (244341984) |  |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | (3982272835) | (1914227253) | 124995870 | (566590067) |
|  *NET ASSETS* |  |  |  |  |
|  Total increase (decrease) in net assets | (3017335386) | 178560937 | 721292591 | 946497499 |
|  Beginning of year | 11667139522 | 11488578585 | 5335557974 | 4389060475 |
|  End of year | $8649804136 | $11667139522 | $6056850565 | $5335557974 |

---

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

*See notes to financial statements.* 

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

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Capital Appreciation Fund, Inc. | BlackRock Capital Appreciation Fund, Inc. | BlackRock Capital Appreciation Fund, Inc. | BlackRock Capital Appreciation Fund, Inc. | BlackRock Capital Appreciation Fund, Inc. | BlackRock Capital Appreciation Fund, Inc. |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20 to<br>05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $41.93 | $31.69 | $31.98 | $43.32 | $38.32 | $30.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup> | (0.11)<sup>(b)</sup> | (0.06) | 0.00 <sup>(c)</sup> | (0.09) | (0.06) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 6.18 | 11.51 | 1.82 | (6.14) | 7.06 | 10.81 |
|  Net increase (decrease) from investment operations | 6.07 | 11.45 | 1.82 | (6.23) | 7.00 | 10.74 |
|  Distributions from net realized gain<sup>(d)</sup> | (4.75) | (1.21) | (2.11) | (5.11) | (2.00) | (2.94) |
|  **Net asset value, end of period** | $43.25 | $41.93 | $31.69 | $31.98 | $43.32 | $38.32 |
|  **Total Return<sup>(e)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 15.03% | 37.03% | 6.81% | (17.30)% | 18.72 %<sup>(f)</sup> | 38.17% |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.73% | 0.75% | 0.73% | 0.70% | 0.72 %<sup>(h)</sup> | 0.75% |
|  Total expenses after fees waived and/or reimbursed | 0.70% | 0.74% | 0.73% | 0.70% | 0.72 %<sup>(h)</sup> | 0.75% |
|  Net investment income (loss) | (0.27)% | (0.17)% | 0.01% | (0.21)% | (0.21)%<sup>(h)</sup> | (0.22)% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $838015 | $784361 | $678965 | $943275 | $1072833 | $911484 |
|  Portfolio turnover rate | 29% | 21% | 43% | 55% | 25% | 42% |

---

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

<sup>(b)</sup> Includes a one-time special distribution from TransDigm Group, Inc. Excluding such special distribution, the net investment income would have been $(0.16) per share and (0.38)% of average net assets. 

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

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

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

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

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 21

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Capital Appreciation Fund, Inc. (continued) | BlackRock Capital Appreciation Fund, Inc. (continued) | BlackRock Capital Appreciation Fund, Inc. (continued) | BlackRock Capital Appreciation Fund, Inc. (continued) | BlackRock Capital Appreciation Fund, Inc. (continued) | BlackRock Capital Appreciation Fund, Inc. (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $36.54 | $27.77 | $28.38 | $39.00 | $34.74 | $27.99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.19)<sup>(b)</sup> | (0.13) | (0.07) | (0.18) | (0.11) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 5.36 | 10.04 | 1.57 | (5.39) | 6.37 | 9.83 |
|  Net increase (decrease) from investment operations | 5.17 | 9.91 | 1.50 | (5.57) | 6.26 | 9.69 |
|  Distributions from net realized gain<sup>(c)</sup> | (4.71) | (1.14) | (2.11) | (5.05) | (2.00) | (2.94) |
|  **Net asset value, end of period** | $37.00 | $36.54 | $27.77 | $28.38 | $39.00 | $34.74 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 14.76% | 36.66% | 6.53% | (17.51)% | 18.51 %<sup>(e)</sup> | 37.84% |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.97% | 1.00% | 1.00% | 0.97% | 0.97 %<sup>(g)</sup> | 1.01% |
|  Total expenses after fees waived and/or reimbursed | 0.95% | 0.99% | 1.00% | 0.97% | 0.97 %<sup>(g)</sup> | 1.01% |
|  Net investment loss | (0.52)% | (0.42)% | (0.27)% | (0.48)% | (0.46)%<sup>(g)</sup> | (0.48)% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $2132549 | $2117888 | $1723973 | $1871340 | $2551211 | $2195906 |
|  Portfolio turnover rate | 29% | 21% | 43% | 55% | 25% | 42% |

---

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

<sup>(b)</sup> Includes a one-time special distribution from TransDigm Group, Inc. Excluding such special distribution, the net investment income would have been $(0.23) per share and (0.62)% of average net assets. 

<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> Not annualized.

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

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

*See notes to financial statements.* 

22 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Capital Appreciation Fund, Inc. (continued) | BlackRock Capital Appreciation Fund, Inc. (continued) | BlackRock Capital Appreciation Fund, Inc. (continued) | BlackRock Capital Appreciation Fund, Inc. (continued) | BlackRock Capital Appreciation Fund, Inc. (continued) | BlackRock Capital Appreciation Fund, Inc. (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $19.74 | $15.52 | $17.01 | $25.27 | $23.27 | $19.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.24)<sup>(b)</sup> | (0.22) | (0.16) | (0.29) | (0.20) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.80 | 5.50 | 0.78 | (3.05) | 4.20 | 6.65 |
|  Net increase (decrease) from investment operations | 2.56 | 5.28 | 0.62 | (3.34) | 4.00 | 6.40 |
|  Distributions from net realized gain<sup>(c)</sup> | (4.67) | (1.06) | (2.11) | (4.92) | (2.00) | (2.94) |
|  **Net asset value, end of period** | $17.63 | $19.74 | $15.52 | $17.01 | $25.27 | $23.27 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 13.94% | 35.61% | 5.62% | (18.18)% | 17.89 %<sup>(e)</sup> | 36.73% |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |  |
|  Total expenses | 1.80% | 1.84% | 1.84% | 1.76% | 1.77 %<sup>(g)</sup> | 1.79% |
|  Total expenses after fees waived and/or reimbursed | 1.74% | 1.83% | 1.84% | 1.76% | 1.77 %<sup>(g)</sup> | 1.79% |
|  Net investment loss | (1.31)% | (1.26)% | (1.11)% | (1.28)% | (1.27)%<sup>(g)</sup> | (1.26)% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $38410 | $40228 | $39581 | $48332 | $72075 | $89336 |
|  Portfolio turnover rate | 29% | 21% | 43% | 55% | 25% | 42% |

---

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

<sup>(b)</sup> Includes a one-time special distribution from TransDigm Group, Inc. Excluding such special distribution, the net investment income would have been $(0.25) per share and (1.41)% of average net assets. 

<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> Not annualized.

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

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

*See notes to financial statements.* 

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

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Capital Appreciation Fund, Inc. (continued) | BlackRock Capital Appreciation Fund, Inc. (continued) | BlackRock Capital Appreciation Fund, Inc. (continued) | BlackRock Capital Appreciation Fund, Inc. (continued) | BlackRock Capital Appreciation Fund, Inc. (continued) | BlackRock Capital Appreciation Fund, Inc. (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $42.46 | $32.08 | $32.32 | $43.71 | $38.63 | $30.71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup> | (0.09)<sup>(b)</sup> | (0.03) | 0.02 | (0.06) | (0.03) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 6.26 | 11.65 | 1.85 | (6.20) | 7.11 | 10.90 |
|  Net increase (decrease) from investment operations | 6.17 | 11.62 | 1.87 | (6.26) | 7.08 | 10.86 |
|  Distributions from net realized gain<sup>(c)</sup> | (4.76) | (1.24) | (2.11) | (5.13) | (2.00) | (2.94) |
|  **Net asset value, end of period** | $43.87 | $42.46 | $32.08 | $32.32 | $43.71 | $38.63 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 15.10% | 37.14% | 6.90% | (17.22)% | 18.78 %<sup>(e)</sup> | 38.33% |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.65% | 0.65% | 0.65% | 0.64% | 0.63 %<sup>(g)</sup> | 0.64% |
|  Total expenses after fees waived and/or reimbursed | 0.63% | 0.65% | 0.65% | 0.63% | 0.63 %<sup>(g)</sup> | 0.64% |
|  Net investment income (loss) | (0.21)% | (0.08)% | 0.08% | (0.15)% | (0.13)%<sup>(g)</sup> | (0.11)% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $560119 | $517123 | $645860 | $646115 | $845106 | $682107 |
|  Portfolio turnover rate | 29% | 21% | 43% | 55% | 25% | 42% |

---

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

<sup>(b)</sup> Includes a one-time special distribution from TransDigm Group, Inc. Excluding such special distribution, the net investment income would have been $(0.13) per share and (0.31)% of average net assets. 

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

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

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

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

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

*See notes to financial statements.* 

24 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Capital Appreciation Fund, Inc. (continued) | BlackRock Capital Appreciation Fund, Inc. (continued) | BlackRock Capital Appreciation Fund, Inc. (continued) | BlackRock Capital Appreciation Fund, Inc. (continued) | BlackRock Capital Appreciation Fund, Inc. (continued) | BlackRock Capital Appreciation Fund, Inc. (continued) |
|  | Class R | Class R | Class R | Class R | Class R | Class R |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $25.70 | $19.86 | $21.02 | $30.12 | $27.30 | $22.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.21)<sup>(b)</sup> | (0.17) | (0.11) | (0.23) | (0.15) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.71 | 7.10 | 1.06 | (3.88) | 4.97 | 7.76 |
|  Net increase (decrease) from investment operations | 3.50 | 6.93 | 0.95 | (4.11) | 4.82 | 7.59 |
|  Distributions from net realized gain<sup>(c)</sup> | (4.68) | (1.09) | (2.11) | (4.99) | (2.00) | (2.94) |
|  **Net asset value, end of period** | $24.52 | $25.70 | $19.86 | $21.02 | $30.12 | $27.30 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 14.46% | 36.14% | 6.17% | (17.82)% | 18.26 %<sup>(e)</sup> | 37.45% |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |  |
|  Total expenses | 1.33% | 1.36% | 1.37% | 1.33% | 1.30 %<sup>(g)</sup> | 1.28% |
|  Total expenses after fees waived and/or reimbursed | 1.26% | 1.35% | 1.36% | 1.33% | 1.30 %<sup>(g)</sup> | 1.28% |
|  Net investment loss | (0.84)% | (0.78)% | (0.63)% | (0.85)% | (0.80)%<sup>(g)</sup> | (0.75)% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $23586 | $25350 | $23731 | $24371 | $36933 | $37741 |
|  Portfolio turnover rate | 29% | 21% | 43% | 55% | 25% | 42% |

---

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

<sup>(b)</sup> Includes a one-time special distribution from TransDigm Group, Inc. Excluding such special distribution, the net investment income would have been $(0.23) per share and (0.95)% of average net assets. 

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

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

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

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

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

*See notes to financial statements.* 

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

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Health Sciences Opportunities Portfolio | BlackRock Health Sciences Opportunities Portfolio | BlackRock Health Sciences Opportunities Portfolio | BlackRock Health Sciences Opportunities Portfolio | BlackRock Health Sciences Opportunities Portfolio | BlackRock Health Sciences Opportunities Portfolio |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $74.83 | $68.47 | $72.10 | $81.77 | $75.37 | $61.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.29 | 0.32 | 0.34 | 0.24 | 0.13 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (4.19) | 8.71 | 1.07 | (2.75) | 9.66 | 16.26 |
|  Net increase (decrease) from investment operations | (3.90) | 9.03 | 1.41 | (2.51) | 9.79 | 16.45 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.25) | (0.33) | (0.38) | (0.16) | (0.13) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (5.58) | (2.34) | (4.66) | (7.00) | (3.26) | (2.31) |
|  Total distributions | (5.83) | (2.67) | (5.04) | (7.16) | (3.39) | (2.63) |
|  **Net asset value, end of period** | $65.10 | $74.83 | $68.47 | $72.10 | $81.77 | $75.37 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | (5.77)% | 13.57% | 2.25% | (3.55)%<sup>(d)</sup> | 13.37 %<sup>(e)</sup> | 27.34 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.84% | 0.84% | 0.84% | 0.85% | 0.84 %<sup>(h)</sup> | 0.85% |
|  Total expenses after fees waived and/or reimbursed | 0.84% | 0.84% | 0.84% | 0.85% | 0.84 %<sup>(h)</sup> | 0.85% |
|  Net investment income | 0.40% | 0.45% | 0.49% | 0.31% | 0.24 %<sup>(h)</sup> | 0.28% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3295418 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4374721 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4436816 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5062514 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5990131 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5133191 |
|  Portfolio turnover rate | 43% | 27% | 29% | 51% | 19% | 28% |

---

<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> Includes a capital contribution from affiliate, which had no impact on the Fund's total return. 

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

<sup>(f)</sup> Includes a payment received from an affiliate, which had no impact on the Fund's total return. 

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

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

*See notes to financial statements.* 

26 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) |
|  | Service | Service | Service | Service | Service | Service |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $70.27 | $64.44 | $68.16 | $77.63 | $71.63 | $58.66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup> | 0.06 | 0.10 | 0.13 | 0.01 | (0.03) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.91) | 8.20 | 1.00 | (2.61) | 9.18 | 15.48 |
|  Net increase (decrease) from investment operations | (3.85) | 8.30 | 1.13 | (2.60) | 9.15 | 15.47 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.12) | (0.13) | (0.19) |  |  | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (5.58) | (2.34) | (4.66) | (6.87) | (3.15) | (2.31) |
|  Total distributions | (5.70) | (2.47) | (4.85) | (6.87) | (3.15) | (2.50) |
|  **Net asset value, end of period** | $60.72 | $70.27 | $64.44 | $68.16 | $77.63 | $71.63 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | (6.08)% | 13.24% | 1.94% | (3.83)%<sup>(d)</sup> | 13.15 %<sup>(e)</sup> | 26.96 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |  |  |  |  |  |
|  Total expenses | 1.15% | 1.14% | 1.14% | 1.14% | 1.14 %<sup>(h)</sup> | 1.15% |
|  Total expenses after fees waived and/or reimbursed | 1.15% | 1.14% | 1.14% | 1.14% | 1.14 %<sup>(h)</sup> | 1.15% |
|  Net investment income (loss) | 0.09% | 0.15% | 0.19% | 0.02% | (0.07)%<sup>(h)</sup> | (0.02)% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $24526 | $31141 | $33055 | $36625 | $43825 | $40252 |
|  Portfolio turnover rate | 43% | 27% | 29% | 51% | 19% | 28% |

---

<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> Includes a capital contribution from affiliate, which had no impact on the Fund's total return. 

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

<sup>(f)</sup> Includes a payment received from an affiliate, which had no impact on the Fund's total return. 

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

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

*See notes to financial statements.* 

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

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $69.88 | $64.11 | $67.84 | $77.31 | $71.37 | $58.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup> | 0.11 | 0.13 | 0.16 | 0.05 | (0.01) | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.89) | 8.15 | 0.99 | (2.59) | 9.15 | 15.42 |
|  Net increase (decrease) from investment operations | (3.78) | 8.28 | 1.15 | (2.54) | 9.14 | 15.43 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.15) | (0.17) | (0.22) |  |  | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (5.58) | (2.34) | (4.66) | (6.93) | (3.20) | (2.31) |
|  Total distributions | (5.73) | (2.51) | (4.88) | (6.93) | (3.20) | (2.51) |
|  **Net asset value, end of period** | $60.37 | $69.88 | $64.11 | $67.84 | $77.31 | $71.37 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | (6.03)% | 13.28% | 1.99% | (3.78)%<sup>(d)</sup> | 13.18 %<sup>(e)</sup> | 26.99 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |  |  |  |  |  |
|  Total expenses | 1.09% | 1.09% | 1.09% | 1.09% | 1.10 %<sup>(h)</sup> | 1.11% |
|  Total expenses after fees waived and/or reimbursed | 1.09% | 1.09% | 1.09% | 1.09% | 1.10 %<sup>(h)</sup> | 1.11% |
|  Net investment income (loss) | 0.16% | 0.20% | 0.24% | 0.07% | (0.02)%<sup>(h)</sup> | 0.01% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $2287338 | $2851925 | $2865706 | $3151912 | $3496818 | $3135882 |
|  Portfolio turnover rate | 43% | 27% | 29% | 51% | 19% | 28% |

---

<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> Includes a capital contribution from affiliate, which had no impact on the Fund's total return. 

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

<sup>(f)</sup> Includes a payment received from an affiliate, which had no impact on the Fund's total return. 

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

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

*See notes to financial statements.* 

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

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $57.16 | $53.11 | $57.24 | $66.15 | $61.38 | $50.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.34) | (0.31) | (0.27) | (0.43) | (0.33) | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.06) | 6.70 | 0.80 | (2.17) | 7.85 | 13.34 |
|  Net increase (decrease) from investment operations | (3.40) | 6.39 | 0.53 | (2.60) | 7.52 | 12.94 |
|  Distributions from net realized gain<sup>(b)</sup> | (5.58) | (2.34) | (4.66) | (6.31) | (2.75) | (2.30) |
|  **Net asset value, end of period** | $48.18 | $57.16 | $53.11 | $57.24 | $66.15 | $61.38 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | (6.73)% | 12.42% | 1.22% | (4.50)%<sup>(d)</sup> | 12.61 %<sup>(e)</sup> | 26.09 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |  |  |  |  |  |
|  Total expenses | 1.85% | 1.86% | 1.85% | 1.84% | 1.84 %<sup>(h)</sup> | 1.85% |
|  Total expenses after fees waived and/or reimbursed | 1.85% | 1.86% | 1.85% | 1.84% | 1.84 %<sup>(h)</sup> | 1.85% |
|  Net investment loss | (0.61)% | (0.57)% | (0.51)% | (0.68)% | (0.77)%<sup>(h)</sup> | (0.72)% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $192391 | $311994 | $404306 | $542880 | $719525 | $773522 |
|  Portfolio turnover rate | 43% | 27% | 29% | 51% | 19% | 28% |

---

<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> Includes a capital contribution from affiliate, which had no impact on the Fund's total return. 

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

<sup>(f)</sup> Includes a payment received from an affiliate, which had no impact on the Fund's total return. 

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

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

*See notes to financial statements.* 

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

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $74.95 | $68.58 | $72.21 | $81.91 | $75.50 | $61.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.36 | 0.39 | 0.40 | 0.33 | 0.18 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (4.21) | 8.72 | 1.08 | (2.77) | 9.68 | 16.28 |
|  Net increase (decrease) from investment operations | (3.85) | 9.11 | 1.48 | (2.44) | 9.86 | 16.55 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.29) | (0.40) | (0.45) | (0.26) | (0.19) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (5.58) | (2.34) | (4.66) | (7.00) | (3.26) | (2.31) |
|  Total distributions | (5.87) | (2.74) | (5.11) | (7.26) | (3.45) | (2.68) |
|  **Net asset value, end of period** | $65.23 | $74.95 | $68.58 | $72.21 | $81.91 | $75.50 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | (5.71)% | 13.68% | 2.34% | (3.44)%<sup>(d)</sup> | 13.45 %<sup>(e)</sup> | 27.47 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.75% | 0.75% | 0.75% | 0.74% | 0.74 %<sup>(h)</sup> | 0.75% |
|  Total expenses after fees waived and/or reimbursed | 0.75% | 0.75% | 0.75% | 0.74% | 0.74 %<sup>(h)</sup> | 0.75% |
|  Net investment income | 0.50% | 0.54% | 0.59% | 0.42% | 0.34 %<sup>(h)</sup> | 0.39% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $439082 | $496504 | $487287 | $436984 | $464179 | $344822 |
|  Portfolio turnover rate | 43% | 27% | 29% | 51% | 19% | 28% |

---

<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> Includes a capital contribution from affiliate, which had no impact on the Fund's total return. 

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

<sup>(f)</sup> Includes a payment received from an affiliate, which had no impact on the Fund's total return. 

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

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

*See notes to financial statements.* 

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

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) |
|  | Class R | Class R | Class R | Class R | Class R | Class R |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $67.59 | $62.14 | $65.94 | $75.28 | $69.54 | $57.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.13) | (0.11) | (0.08) | (0.21) | (0.18) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.74) | 7.90 | 0.96 | (2.52) | 8.91 | 15.05 |
|  Net increase (decrease) from investment operations | (3.87) | 7.79 | 0.88 | (2.73) | 8.73 | 14.85 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.01) |  | (0.02) |  |  | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (5.58) | (2.34) | (4.66) | (6.61) | (2.99) | (2.31) |
|  Total distributions | (5.59) | (2.34) | (4.68) | (6.61) | (2.99) | (2.36) |
|  **Net asset value, end of period** | $58.13 | $67.59 | $62.14 | $65.94 | $75.28 | $69.54 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | (6.36)% | 12.88% | 1.62% | (4.12)%<sup>(d)</sup> | 12.91 %<sup>(e)</sup> | 26.60 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |  |  |  |  |  |
|  Total expenses | 1.45% | 1.46% | 1.46% | 1.45% | 1.44 %<sup>(h)</sup> | 1.45% |
|  Total expenses after fees waived and/or reimbursed | 1.44% | 1.46% | 1.46% | 1.45% | 1.44 %<sup>(h)</sup> | 1.45% |
|  Net investment loss | (0.20)% | (0.17)% | (0.13)% | (0.29)% | (0.37)%<sup>(h)</sup> | (0.32)% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $207671 | $247848 | $242080 | $263195 | $289676 | $260488 |
|  Portfolio turnover rate | 43% | 27% | 29% | 51% | 19% | 28% |

---

<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> Includes a capital contribution from affiliate, which had no impact on the Fund's total return. 

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

<sup>(f)</sup> Includes a payment received from an affiliate, which had no impact on the Fund's total return. 

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

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

*See notes to financial statements.* 

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

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Mid-Cap Growth Equity Portfolio | BlackRock Mid-Cap Growth Equity Portfolio | BlackRock Mid-Cap Growth Equity Portfolio | BlackRock Mid-Cap Growth Equity Portfolio | BlackRock Mid-Cap Growth Equity Portfolio | BlackRock Mid-Cap Growth Equity Portfolio |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $39.18 | $32.79 | $32.83 | $45.95 | $36.56 | $28.68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.21) | (0.14) | (0.08) | (0.23) | (0.15) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 4.09 | 6.53 | 0.04 | (10.52) | 9.54 | 8.14 |
|  Net increase (decrease) from investment operations | 3.88 | 6.39 | (0.04) | (10.75) | 9.39 | 8.00 |
|  Distributions from net realized gain<sup>(b)</sup> |  |  |  | (2.37) |  | (0.12) |
|  **Net asset value, end of period** | $43.06 | $39.18 | $32.79 | $32.83 | $45.95 | $36.56 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 9.90% | 19.49% | (0.12)% | (24.87)% | 25.68 %<sup>(d)</sup> | 27.98% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.83% | 0.85% | 0.84% | 0.81% | 0.80 %<sup>(f)</sup> | 0.85% |
|  Total expenses after fees waived and/or reimbursed | 0.80% | 0.80% | 0.80% | 0.80% | 0.80 %<sup>(f)</sup> | 0.80% |
|  Net investment loss | (0.51)% | (0.38)% | (0.25)% | (0.52)% | (0.52)%<sup>(f)</sup> | (0.43)% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $3641577 | $5194320 | $5266832 | $7095644 | $9260191 | $6003280 |
|  Portfolio turnover rate | 87% | 48% | 46% | 28% | 22% | 35% |

---

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

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

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

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

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

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

*See notes to financial statements.* 

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

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) |
|  | Service | Service | Service | Service | Service | Service |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $34.85 | $29.23 | $29.34 | $41.34 | $32.95 | $25.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.28) | (0.21) | (0.14) | (0.31) | (0.20) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.62 | 5.83 | 0.03 | (9.39) | 8.59 | 7.34 |
|  Net increase (decrease) from investment operations | 3.34 | 5.62 | (0.11) | (9.70) | 8.39 | 7.15 |
|  Distributions from net realized gain<sup>(b)</sup> |  |  |  | (2.30) |  | (0.12) |
|  **Net asset value, end of period** | $38.19 | $34.85 | $29.23 | $29.34 | $41.34 | $32.95 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 9.58% | 19.23% | (0.38)% | (25.06)% | 25.46 %<sup>(d)</sup> | 27.68% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 1.14% | 1.12% | 1.10% | 1.09% | 1.10 %<sup>(f)</sup> | 1.11% |
|  Total expenses after fees waived and/or reimbursed | 1.05% | 1.05% | 1.05% | 1.05% | 1.05 %<sup>(f)</sup> | 1.05% |
|  Net investment loss | (0.76)% | (0.63)% | (0.50)% | (0.77)% | (0.78)%<sup>(f)</sup> | (0.67)% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $46071 | $59731 | $62693 | $81276 | $104997 | $83680 |
|  Portfolio turnover rate | 87% | 48% | 46% | 28% | 22% | 35% |

---

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

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

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

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

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 33

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $33.20 | $27.85 | $27.96 | $39.50 | $31.48 | $24.78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.27) | (0.20) | (0.14) | (0.29) | (0.19) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.46 | 5.55 | 0.03 | (8.94) | 8.21 | 7.00 |
|  Net increase (decrease) from investment operations | 3.19 | 5.35 | (0.11) | (9.23) | 8.02 | 6.82 |
|  Distributions from net realized gain<sup>(b)</sup> |  |  |  | (2.31) |  | (0.12) |
|  **Net asset value, end of period** | $36.39 | $33.20 | $27.85 | $27.96 | $39.50 | $31.48 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 9.61% | 19.21% | (0.39)% | (25.05)% | 25.48 %<sup>(d)</sup> | 27.61% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 1.11% | 1.13% | 1.13% | 1.09% | 1.09 %<sup>(f)</sup> | 1.14% |
|  Total expenses after fees waived and/or reimbursed | 1.05% | 1.05% | 1.05% | 1.05% | 1.05 %<sup>(f)</sup> | 1.05% |
|  Net investment loss | (0.76)% | (0.63)% | (0.50)% | (0.78)% | (0.78)%<sup>(f)</sup> | (0.67)% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $1492673 | $1622438 | $1637289 | $1913190 | $2577151 | $1917773 |
|  Portfolio turnover rate | 87% | 48% | 46% | 28% | 22% | 35% |

---

<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> Not annualized.

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

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

*See notes to financial statements.* 

34 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $24.48 | $20.69 | $20.93 | $30.22 | $24.20 | $19.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.39) | (0.32) | (0.25) | (0.43) | (0.29) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.55 | 4.11 | 0.01 | (6.67) | 6.31 | 5.41 |
|  Net increase (decrease) from investment operations | 2.16 | 3.79 | (0.24) | (7.10) | 6.02 | 5.11 |
|  Distributions from net realized gain<sup>(b)</sup> |  |  |  | (2.19) |  | (0.12) |
|  **Net asset value, end of period** | $26.64 | $24.48 | $20.69 | $20.93 | $30.22 | $24.20 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 8.82% | 18.32% | (1.15)% | (25.61)% | 24.88 %<sup>(d)</sup> | 26.72% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 1.81% | 1.84% | 1.83% | 1.78% | 1.80 %<sup>(f)</sup> | 1.84% |
|  Total expenses after fees waived and/or reimbursed | 1.80% | 1.80% | 1.80% | 1.78% | 1.79 %<sup>(f)</sup> | 1.80% |
|  Net investment loss | (1.51)% | (1.38)% | (1.25)% | (1.51)% | (1.52)%<sup>(f)</sup> | (1.42)% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $149020 | $184966 | $194849 | $243284 | $357360 | $280143 |
|  Portfolio turnover rate | 87% | 48% | 46% | 28% | 22% | 35% |

---

<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> Not annualized.

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 35

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $39.42 | $32.95 | $32.96 | $46.10 | $36.66 | $28.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.17) | (0.11) | (0.05) | (0.17) | (0.12) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 4.10 | 6.58 | 0.04 | (10.58) | 9.56 | 8.16 |
|  Net increase (decrease) from investment operations | 3.93 | 6.47 | (0.01) | (10.75) | 9.44 | 8.04 |
|  Distributions from net realized gain<sup>(b)</sup> |  |  |  | (2.39) |  | (0.12) |
|  **Net asset value, end of period** | $43.35 | $39.42 | $32.95 | $32.96 | $46.10 | $36.66 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 9.97% | 19.64% | (0.03)% | (24.79)% | 25.75 %<sup>(d)</sup> | 28.06% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.71% | 0.71% | 0.71% | 0.70% | 0.70 %<sup>(f)</sup> | 0.73 %<sup>(g)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.71% | 0.71% | 0.71% | 0.70% | 0.70 %<sup>(f)</sup> | 0.73% |
|  Net investment loss | (0.42)% | (0.29)% | (0.15)% | (0.40)% | (0.42)%<sup>(f)</sup> | (0.36)% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $3245830 | $4520357 | $4233488 | $4376642 | $3674402 | $2011727 |
|  Portfolio turnover rate | 87% | 48% | 46% | 28% | 22% | 35% |

---

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

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

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

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

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

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

<sup>(g)</sup> Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratios.

*See notes to financial statements.* 

36 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) |
|  | Class R | Class R | Class R | Class R | Class R | Class R |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $32.23 | $27.11 | $27.28 | $38.65 | $30.85 | $24.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.34) | (0.26) | (0.20) | (0.37) | (0.25) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.35 | 5.38 | 0.03 | (8.73) | 8.05 | 6.87 |
|  Net increase (decrease) from investment operations | 3.01 | 5.12 | (0.17) | (9.10) | 7.80 | 6.63 |
|  Distributions from net realized gain<sup>(b)</sup> |  |  |  | (2.27) |  | (0.12) |
|  **Net asset value, end of period** | $35.24 | $32.23 | $27.11 | $27.28 | $38.65 | $30.85 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 9.34% | 18.89% | (0.62)% | (25.24)% | 25.28 %<sup>(d)</sup> | 27.33% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 1.42% | 1.41% | 1.42% | 1.40% | 1.39 %<sup>(f)</sup> | 1.45% |
|  Total expenses after fees waived and/or reimbursed | 1.30% | 1.30% | 1.30% | 1.30% | 1.30 %<sup>(f)</sup> | 1.30% |
|  Net investment loss | (1.01)% | (0.88)% | (0.75)% | (1.02)% | (1.03)%<sup>(f)</sup> | (0.92)% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $74633 | $85328 | $93427 | $93527 | $98300 | $59411 |
|  Portfolio turnover rate | 87% | 48% | 46% | 28% | 22% | 35% |

---

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

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

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

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

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 37

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Technology Opportunities Fund | BlackRock Technology Opportunities Fund | BlackRock Technology Opportunities Fund | BlackRock Technology Opportunities Fund | BlackRock Technology Opportunities Fund | BlackRock Technology Opportunities Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $65.44 | $47.74 | $45.31 | $64.81 | $55.33 | $32.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.33) | (0.23) | (0.13) | (0.30) | (0.28) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 10.97 | 17.93 | 2.56 | (14.51) | 12.67 | 23.43 |
|  Net increase (decrease) from investment operations | 10.64 | 17.70 | 2.43 | (14.81) | 12.39 | 23.21 |
|  Distributions from net realized gain<sup>(b)</sup> | (2.86) |  |  | (4.69) | (2.91) | (0.51) |
|  **Net asset value, end of period** | $73.22 | $65.44 | $47.74 | $45.31 | $64.81 | $55.33 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 16.22% | 37.08% | 5.36% | (25.09)% | 22.68 %<sup>(d)</sup> | 72.07% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.93% | 0.97% | 0.98% | 0.94% | 0.92 %<sup>(f)</sup> | 0.98% |
|  Total expenses after fees waived and/or reimbursed | 0.92% | 0.92% | 0.92% | 0.92% | 0.92 %<sup>(f)</sup> | 0.92% |
|  Net investment loss | (0.46)% | (0.41)% | (0.30)% | (0.48)% | (0.66)%<sup>(f)</sup> | (0.50)% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $3071365 | $2751350 | $2316550 | $2943616 | $4958187 | $3641519 |
|  Portfolio turnover rate | 52% | 21% | 39% | 29% | 25% | 27% |

---

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

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

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

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

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

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

*See notes to financial statements.* 

38 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) |
|  | Service | Service | Service | Service | Service | Service |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $60.78 | $44.45 | $42.30 | $60.86 | $52.20 | $30.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.47) | (0.34) | (0.21) | (0.42) | (0.37) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 10.20 | 16.67 | 2.36 | (13.52) | 11.94 | 22.13 |
|  Net increase (decrease) from investment operations | 9.73 | 16.33 | 2.15 | (13.94) | 11.57 | 21.83 |
|  Distributions from net realized gain<sup>(b)</sup> | (2.86) |  |  | (4.62) | (2.91) | (0.51) |
|  **Net asset value, end of period** | $67.65 | $60.78 | $44.45 | $42.30 | $60.86 | $52.20 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 15.96% | 36.74% | 5.08% | (25.28)% | 22.46 %<sup>(d)</sup> | 71.68% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 1.21% | 1.21% | 1.20% | 1.19% | 1.17 %<sup>(f)</sup> | 1.19% |
|  Total expenses after fees waived and/or reimbursed | 1.17% | 1.17% | 1.17% | 1.17% | 1.16 %<sup>(f)</sup> | 1.17% |
|  Net investment loss | (0.71)% | (0.67)% | (0.55)% | (0.73)% | (0.90)%<sup>(f)</sup> | (0.74)% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $50592 | $46993 | $47332 | $55439 | $83886 | $50710 |
|  Portfolio turnover rate | 52% | 21% | 39% | 29% | 25% | 27% |

---

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

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

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

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

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 39

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $59.29 | $43.37 | $41.27 | $59.47 | $51.06 | $30.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.46) | (0.33) | (0.21) | (0.41) | (0.36) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 9.96 | 16.25 | 2.31 | (13.19) | 11.68 | 21.64 |
|  Net increase (decrease) from investment operations | 9.50 | 15.92 | 2.10 | (13.60) | 11.32 | 21.35 |
|  Distributions from net realized gain<sup>(b)</sup> | (2.86) |  |  | (4.60) | (2.91) | (0.51) |
|  **Net asset value, end of period** | $65.93 | $59.29 | $43.37 | $41.27 | $59.47 | $51.06 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 15.96% | 36.71% | 5.09% | (25.28)% | 22.48 %<sup>(d)</sup> | 71.65% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 1.19% | 1.21% | 1.23% | 1.21% | 1.19 %<sup>(f)</sup> | 1.25% |
|  Total expenses after fees waived and/or reimbursed | 1.17% | 1.17% | 1.17% | 1.17% | 1.17 %<sup>(f)</sup> | 1.17% |
|  Net investment loss | (0.71)% | (0.66)% | (0.54)% | (0.73)% | (0.91)%<sup>(f)</sup> | (0.74)% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2116250 | $1959752 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1572976 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1695648 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2524052 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1773399 |
|  Portfolio turnover rate | 52% | 21% | 39% | 29% | 25% | 27% |

---

<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> Not annualized.

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

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

*See notes to financial statements.* 

40 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $46.92 | $34.58 | $33.17 | $48.77 | $42.52 | $25.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.73) | (0.56) | (0.40) | (0.68) | (0.54) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 7.88 | 12.90 | 1.81 | (10.52) | 9.70 | 18.08 |
|  Net increase (decrease) from investment operations | 7.15 | 12.34 | 1.41 | (11.20) | 9.16 | 17.60 |
|  Distributions from net realized gain<sup>(b)</sup> | (2.86) |  |  | (4.40) | (2.91) | (0.51) |
|  **Net asset value, end of period** | $51.21 | $46.92 | $34.58 | $33.17 | $48.77 | $42.52 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 15.15% | 35.68% | 4.25% | (25.81)% | 21.89 %<sup>(d)</sup> | 70.39% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 1.92% | 1.97% | 1.98% | 1.92% | 1.91 %<sup>(f)</sup> | 1.98% |
|  Total expenses after fees waived and/or reimbursed | 1.91% | 1.92% | 1.92% | 1.91% | 1.90 %<sup>(f)</sup> | 1.92% |
|  Net investment loss | (1.46)% | (1.42)% | (1.30)% | (1.47)% | (1.65)%<sup>(f)</sup> | (1.49)% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $288545 | $292034 | $259247 | $291802 | $427435 | $317792 |
|  Portfolio turnover rate | 52% | 21% | 39% | 29% | 25% | 27% |

---

<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> Not annualized.

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 41

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Period from<br>12/10/19<sup>(a)</sup><br>to 09/30/20 |
|  **Net asset value, beginning of period** | $65.61 | $47.83 | $45.37 | $64.89 | $55.36 | $34.59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(b)</sup> | (0.27) | (0.19) | (0.10) | (0.24) | (0.24) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 11.01 | 17.97 | 2.56 | (14.55) | 12.68 | 20.93 |
|  Net increase (decrease) from investment operations | 10.74 | 17.78 | 2.46 | (14.79) | 12.44 | 20.77 |
|  Distributions from net realized gain<sup>(c)</sup> | (2.86) |  |  | (4.73) | (2.91) |  |
|  **Net asset value, end of period** | $73.49 | $65.61 | $47.83 | $45.37 | $64.89 | $55.36 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 16.33% | 37.17% | 5.42% | (25.05)% | 22.77 %<sup>(e)</sup> | 60.05 %<sup>(e)</sup> |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.84% | 0.85% | 0.87% | 0.84% | 0.83 %<sup>(g)</sup> | 0.87 %<sup>(g)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.83% | 0.85% | 0.87% | 0.83% | 0.82 %<sup>(g)</sup> | 0.86 %<sup>(g)</sup> |
|  Net investment loss | (0.38)% | (0.34)% | (0.24)% | (0.38)% | (0.56)%<sup>(g)</sup> | (0.46)%<sup>(g)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $479904 | $241109 | $157185 | $135879 | $122568 | $75426 |
|  Portfolio turnover rate | 52% | 21% | 39% | 29% | 25% | 27 %<sup>(h)</sup> |

---

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

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

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

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

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

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

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

<sup>(h)</sup> Portfolio turnover is representative of the Fund for the entire year.

*See notes to financial statements.* 

42 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) |
|  | Class R | Class R | Class R | Class R | Class R | Class R |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $59.25 | $43.44 | $41.44 | $59.75 | $51.37 | $30.48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.61) | (0.46) | (0.30) | (0.56) | (0.46) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 9.93 | 16.27 | 2.30 | (13.25) | 11.75 | 21.78 |
|  Net increase (decrease) from investment operations | 9.32 | 15.81 | 2.00 | (13.81) | 11.29 | 21.40 |
|  Distributions from net realized gain<sup>(b)</sup> | (2.86) |  |  | (4.50) | (2.91) | (0.51) |
|  **Net asset value, end of period** | $65.71 | $59.25 | $43.44 | $41.44 | $59.75 | $51.37 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 15.68% | 36.39% | 4.83% | (25.47)% | 22.28 %<sup>(d)</sup> | 71.20% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 1.53% | 1.55% | 1.58% | 1.54% | 1.50 %<sup>(f)</sup> | 1.57% |
|  Total expenses after fees waived and/or reimbursed | 1.42% | 1.42% | 1.42% | 1.42% | 1.42 %<sup>(f)</sup> | 1.42% |
|  Net investment loss | (0.96)% | (0.91)% | (0.79)% | (0.98)% | (1.17)%<sup>(f)</sup> | (0.99)% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $50196 | $44320 | $35771 | $35001 | $50186 | $38907 |
|  Portfolio turnover rate | 52% | 21% | 39% | 29% | 25% | 27% |

---

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

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

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

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

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 43

------

Notes to Financial Statements

*1. ORGANIZATION* 

BlackRock Capital Appreciation Fund, Inc. (the "Corporation") and BlackRock FundsSM (the "Trust") are each registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as open-end management investment companies. The Corporation is organized as a Maryland corporation. The Trust is organized as a Massachusetts business trust. BlackRock Capital Appreciation Fund, Inc. is the only series of the Corporation. BlackRock Health Sciences Opportunities Portfolio, BlackRock Mid-Cap Growth Equity Portfolio and BlackRock Technology Opportunities Fund are series of the Trust. The following are referred to herein collectively as the "Funds" or individually as a "Fund":

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Herein Referred To As* | *Diversification Classification* |
|  BlackRock Capital Appreciation Fund, Inc. | Capital Appreciation | Diversified |
|  BlackRock Health Sciences Opportunities Portfolio | Health Sciences Opportunities | Diversified |
|  BlackRock Mid-Cap Growth Equity Portfolio | Mid-Cap Growth Equity | Diversified |
|  BlackRock Technology Opportunities Fund | Technology Opportunities | Diversified |

---

Each Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional, Service and Class K Shares are sold only to certain eligible investors. Service, 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, Service, Class K and Class R Shares | No | No |  |
|  Investor A Shares | Yes | No <sup>(a)</sup> |  |
|  Investor C Shares | No | Yes <sup>(b)</sup> | 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>(b)</sup> A CDSC of 1.00% is assessed on certain redemptions of Investor C Shares made within one year after purchase. 

The Board of Directors of the Corporation and the Board of Trustees of the Trust are collectively referred to throughout this report as the "Board", and the directors/trustees thereof are collectively referred to throughout this report as "Directors".

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

*2. SIGNIFICANT ACCOUNTING POLICIES* 

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

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Funds are informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

**Foreign Currency Translation:** Each Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

**Foreign Taxes:** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a

44 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements (continued)

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

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 May 31, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

Consistent with U.S. GAAP accrual requirements for uncertain tax positions, each Fund recognizes tax reclaims when the Fund determines that it is more likely than not that each Fund will sustain its position that it is due the reclaim.

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

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

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

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

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

**Other:** Expenses directly related to a Fund or its classes are charged to that Fund or the applicable class. Expenses directly related to the Funds and other shared expenses prorated to the Funds are allocated daily to each class based on their relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

The Funds have an arrangement with their custodian whereby credits are earned on uninvested cash balances. For financial reporting purposes, custodian credits, if any, are included in interest income in the Statements of Operations.

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

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

*3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS* 

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

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

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

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

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

N O T E S T O F I N A N C I A L S T A T E M E N T S 45

------

Notes to Financial Statements (continued)

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

techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

*4. SECURITIES AND OTHER INVESTMENTS* 

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

**Warrants:** Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the

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Notes to Financial Statements (continued)

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

warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

**Commitments:** Commitments are agreements to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Such agreements may obligate a fund to make future cash payments. As of May 31, 2025, Health Sciences Opportunities had an outstanding commitment of $2,243,000. This commitment is not included in the net assets of Health Sciences Opportunities as of May 31, 2025.

**Securities Lending:** The Funds may lend their securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Funds collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. During the term of the loan, the Funds are entitled to all distributions made on or in respect of the loaned securities, but 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 Schedules of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are disclosed in the Funds' Schedules of Investments. The market value of any securities on loan and the value of related collateral, if any, are shown separately in the Statements of Assets and Liabilities as a component of investments at value – unaffiliated and collateral on securities loaned, respectively.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA"), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the 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 Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name/Counterparty* | *Securities*<br> *Loaned at Value* | *Cash*<br> *Collateral Received<sup>(a)</sup>* | *Non-Cash*<br> *Collateral Received,*<br> *at Fair Value<sup>(a)</sup>* | *Net<br>Amount* |
|  Capital Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | $18787635 | $(18787635) | $— | $— |
|  Health Sciences Opportunities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | $198900 | $(198900) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 603585 | (603585) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 10987240 | (10987240) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 3631943 | (3631943) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 9663232 | (9663232) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies LLC | 4568881 | (4568881) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 19443086 | (19443086) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | 596991 | (596991) |  |  |
|  | $49693858 | $(49693858) | $— | $— |
|  Mid-Cap Growth Equity |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | $1981860 | $(1981860) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 45882215 | (45882215) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 9169854 | (9169854) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 145117800 | (145117800) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 109392650 | (109392650) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Financial Services LLC | 3125098 | (3125098) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | 28501368 | (28501368) |  |  |
|  | $343170845 | $(343170845) | $— | $— |

---

N O T E S T O F I N A N C I A L S T A T E M E N T S 47

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Notes to Financial Statements (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name/Counterparty* | *Securities<br>Loaned at Value* | *Cash<br>Collateral Received<sup>(a)</sup>* | *Non-Cash<br>Collateral Received,<br>at Fair Value<sup>(a)</sup>* | *Net Amount* |
|  Technology Opportunities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | $9045904 | $(8833200) | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212704 |

---

<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 each Fund is disclosed in the Funds' Statements of Assets and Liabilities. 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each 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. Each 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 each Fund.

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

**Investment Advisory:** The Corporation, on behalf of Capital Appreciation, and the Trust, on behalf of Health Sciences Opportunities, Mid-Cap Growth Equity and Technology Opportunities, entered into an Investment Advisory Agreement with the Manager, the Funds' investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. ("BlackRock"), to provide investment advisory services and with respect to Capital Appreciation, administrative services. The Manager is responsible for the management of each Fund's portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.

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

---

| | |
|:---|:---|
|  | Investment Advisory Fees |
| *Average Daily Net Assets* | *Capital Appreciation* |
|  First $1 billion | 0.650% |
|  $1 billion - $1.5 billion | 0.625 |
|  $1.5 billion - $5 billion | 0.600 |
|  $5 billion - $7.5 billion | 0.575 |
|  Greater than $7.5 billion | 0.550 |

---

---

| | |
|:---|:---|
|  | Investment AdvisoryFees |
| *Average Daily Net Assets* | *Health Sciences Opportunities* |
|  First $1 billion | 0.750% |
|  $1 billion - $2 billion | 0.700 |
|  $2 billion - $3 billion | 0.675 |
|  $3 billion - $10 billion | 0.650 |
|  Greater than $10 billion | 0.640 |

---

---

| | |
|:---|:---|
|  | Investment Advisory Fees |
| *Average Daily Net Assets* | *Technology Opportunities* |
|  First $1 billion | 0.820% |
|  $1 billion - $3 billion | 0.770 |
|  $3 billion - $5 billion | 0.740 |
|  $5 billion - $10 billion | 0.710 |
|  Greater than $10 billion | 0.700 |
|  | Investment Advisory Fees |
| *Average Daily Net Assets* | *Mid-Cap Growth Equity* |
|  First $1 billion | 0.700% |
|  $1 billion - $3 billion | 0.660 |
|  $3 billion - $5 billion | 0.630 |
|  $5 billion - $10 billion | 0.610 |
|  $10 billion - $18 billion | 0.600 |
|  Greater than $18 billion | 0.590 |

---

**Service and Distribution Fees:** The Corporation, on behalf of Capital Appreciation, and the Trust, on behalf of Health Sciences Opportunities, Mid-Cap Growth Equity and Technology Opportunities, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC ("BRIL"), an affiliate of the Manager.

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Notes to Financial Statements (continued)

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

Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, each Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of each Fund as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Capital Appreciation | Capital Appreciation | Health Sciences Opportunities | Health Sciences Opportunities |
| *Share Class* | *Service Fees* | *Distribution Fees* | *Service Fees* | *Distribution Fees* |
|  Service | N/A | N/A | 0.25% | N/A |
|  Investor A | 0.25% | N/A | 0.25 | N/A |
|  Investor C | 0.25 | 0.75% | 0.25 | 0.75% |
|  Class R | 0.25 | 0.25 | 0.25 | 0.25 |
|  | Mid-Cap Growth Equity | Mid-Cap Growth Equity | Technology Opportunities | Technology Opportunities |
| *Share Class* | *Service Fees* | *Distribution Fees* | *Service Fees* | *Distribution Fees* |
|  Service | 0.25% | N/A | 0.25% | N/A |
|  Investor A | 0.25 | N/A | 0.25 | N/A |
|  Investor C | 0.25 | 0.75% | 0.25 | 0.75% |
|  Class R | 0.25 | 0.25 | 0.25 | 0.25 |

---

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

For the year ended May 31, 2025, the following table shows the class specific service and distribution fees borne directly by each share class of each Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Service* | *Investor A* | *Investor C* | *Class R* | *Total* |
|  Capital Appreciation | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5396670 | $397242 | $122493 | $5916405 |
|  Health Sciences Opportunities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72062 | 6780276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2649465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1197372 | 10699175 |
|  Mid-Cap Growth Equity | 134128 | 3882100 | 1669052 | 402622 | 6087902 |
|  Technology Opportunities | 127813 | 5202710 | 2975871 | 235810 | 8542204 |

---

**Administration:** The Trust, on behalf of Health Sciences Opportunities, Mid-Cap Growth Equity and Technology Opportunities, entered into an Administration Agreement with the Manager, an indirect, wholly-owned subsidiary of BlackRock, to provide administrative services. For these services, the Manager receives an administration fee computed daily and payable monthly, based on a percentage of the average daily net assets of each Fund. The administration fee, which is shown as administration in the Statements of Operations, is paid at the annual rates below.

---

| | |
|:---|:---|
| *Average Daily Net Assets* | *Administration Fees* |
|  First $500 million | 0.0425% |
|  $500 million - $1 billion | 0.0400 |
|  $1 billion - $2 billion | 0.0375 |
|  $2 billion - $4 billion | 0.0350 |
|  $4 billion - $13 billion | 0.0325 |
|  Greater than $13 billion | 0.0300 |

---

In addition, the Manager charges each of the share classes an administration fee, which is shown as administration — class specific in the Statements of Operations, at an annual rate of 0.02% of the average daily net assets of each respective class.

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Institutional* | *Service* | *Investor A* | *Investor C* | *Class K* | *Class R* | *Total* |
|  Health Sciences Opportunities | $807567 | $5777 | $543521 | $53119 | $99370 | $47986 | $1557340 |
|  Mid-Cap Growth Equity | 885773 | 10755 | 311209 | 33460 | 802213 | 16139 | 2059549 |
|  Technology Opportunities | 599812 | 10239 | 416830 | 59619 | 67789 | 9444 | 1163733 |

---

**Transfer Agent:** Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the year ended May 31, 2025, the Funds paid the following amounts to affiliates of BlackRock in return for these services, which are included in transfer agent — class specific in the Statements of Operations:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Institutional* | *Total* |
|  Capital Appreciation | $168684 | $168684 |

---

N O T E S T O F I N A N C I A L S T A T E M E N T S 49

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Notes to Financial Statements (continued)

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Institutional* | *Service* | *Investor A* | *Investor C* | *Class K* | *Class R* | *Total* |
|  Capital Appreciation | $3178 | $— | $102553 | $8115 | $3551 | $254 | $117651 |
|  Health Sciences Opportunities | 17312 | 482 | 92594 | 12883 | 2512 | 1154 | 126937 |
|  Mid-Cap Growth Equity | 64 | 331 | 163547 | 3955 | 10199 | 1222 | 179318 |
|  Technology Opportunities | 7571 | 154 | 49529 | 8597 | 1546 | 784 | 68181 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Institutional* | *Service* | *Investor A* | *Investor C* | *Class K* | *Class R* | *Total* |
|  Capital Appreciation | $684825 | $— | $1698737 | $62440 | $28728 | $45844 | $2520574 |
|  Health Sciences Opportunities | 3820135 | 46582 | 2580991 | 287262 | 28466 | 485546 | 7248982 |
|  Mid-Cap Growth Equity | 5808195 | 102986 | 2467463 | 184463 | 147631 | 177290 | 8888028 |
|  Technology Opportunities | 2982868 | 67324 | 2249588 | 265586 | 10463 | 92342 | 5668171 |

---

**Other Fees:** For the year ended May 31, 2025, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of each Fund's Investor A Shares as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Amounts* |
|  Capital Appreciation | $48349 |
|  Health Sciences Opportunities | 45924 |
|  Mid-Cap Growth Equity | 39427 |
|  Technology Opportunities | 122168 |

---

For the year ended May 31, 2025, affiliates received CDSCs as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Share Class* | *Capital*<br> *Appreciation* | *Health*<br> *Sciences*<br> *Opportunities* | *Mid-Cap*<br> *Growth*<br> *Equity* | *Technology*<br> *Opportunities* |
|  Investor A | $4662 | $10753 | $17674 | $2618 |
|  Investor C | 2337 | 9550 | 5190 | 17787 |

---

**Expense Limitations, Waivers, Reimbursements, and Recoupments:** With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the "affiliated money market fund waiver") through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the directors who are not "interested persons" of the Corporation or the Trust, as defined in the 1940 Act ("Independent Directors"), or by a vote of a majority of the outstanding voting securities of a Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the year ended May 31, 2025, the amounts waived were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Amounts Waived* |
|  Capital Appreciation | $3139 |
|  Health Sciences Opportunities | 126907 |
|  Mid-Cap Growth Equity | 18061 |
|  Technology Opportunities | 36173 |

---

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of each Fund's assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of a Fund. For the year ended May 31, 2025, there were no fees waived and/or reimbursed by the Manager pursuant to this arrangement.

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

---

| | | | |
|:---|:---|:---|:---|
| *Share Class* | *Capital Appreciation* | *Mid-Cap Growth Equity* | *Technology Opportunities* |
|  Institutional | 0.67% | 0.80% | 0.92% |
|  Service | N/A | 1.05 | 1.17 |
|  Investor A | 0.92 | 1.05 | 1.17 |
|  Investor C  | 1.67 | 1.80 | 1.92 |
|  Class K | 0.62 | 0.75 | 0.87 |
|  Class R | 1.17 | 1.30 | 1.42 |

---

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Notes to Financial Statements (continued)

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

Prior to December 12, 2024, the expense limitations as a percentage of average daily net assets for Capital Appreciation were 1.94% for Investor C and 0.72% for Class K.

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2026 (or June 30, 2035 with respect to Capital Appreciation), unless approved by the Board, including a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of a Fund.

For the year ended May 31, 2025, Capital Appreciation waived and/or reimbursed the Manager investment advisory fees and other expenses of $423,410, which is included in fees waived and/or reimbursed by the Manager in the Statements 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 Statements of Operations. For the year ended May 31, 2025, class specific expense waivers and/or reimbursements were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Administration Fees Waived by the Manager - Class Specific | Administration Fees Waived by the Manager - Class Specific | Administration Fees Waived by the Manager - Class Specific | Administration Fees Waived by the Manager - Class Specific | Administration Fees Waived by the Manager - Class Specific | Administration Fees Waived by the Manager - Class Specific |
| *Fund Name* | *Institutional* | *Service* | *Investor A* | *Investor C* | *Class R* | *Total* |
|  Mid-Cap Growth Equity | $877672 | $10755 | $310756 | $13600 | $16140 | $1228923 |
|  Technology Opportunities | 298081 | 10239 | 314369 | 13900 | 9444 | 646033 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Transfer Agent Fees Waived and/or Reimbursed by the Manager - Class Specific | Transfer Agent Fees Waived and/or Reimbursed by the Manager - Class Specific | Transfer Agent Fees Waived and/or Reimbursed by the Manager - Class Specific | Transfer Agent Fees Waived and/or Reimbursed by the Manager - Class Specific | Transfer Agent Fees Waived and/or Reimbursed by the Manager - Class Specific | Transfer Agent Fees Waived and/or Reimbursed by the Manager - Class Specific | Transfer Agent Fees Waived and/or Reimbursed by the Manager - Class Specific |
| *Fund Name* | *Institutional* | *Service* | *Investor A* | *Investor C* | *Class K* | *Class R* | *Total* |
|  Capital Appreciation | $122721 | $— | $235968 | $18930 | $2674 | $12460 | $392753 |
|  Mid-Cap Growth Equity | 457058 | 37770 | 582290 | 2898 |  | 78849 | 1158865 |
|  Technology Opportunities | 21652 | 11430 | 74514 | 146 |  | 40550 | 148292 |

---

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Funds are responsible for 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 Funds bear 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. Each Fund retains a portion of the securities lending income and remits the remaining portion to BIM as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, Capital Appreciation, Health Sciences Opportunities, Mid-Cap Growth Equity and Technology Opportunities 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 specified thresholds, Capital Appreciation, Health Sciences Opportunities, Mid-Cap Growth Equity and Technology Opportunities, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 84% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2025, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeded a specified threshold, each Fund would retain for the remainder of that calendar year securities lending income in an amount equal to 81% of securities lending income (which excluded collateral investment fees), and this amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in the Statements of Operations. For the year ended May 31, 2025, each Fund paid BIM the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *Fund Name* | *Amounts* |
|  Capital Appreciation | $752 |
|  Health Sciences Opportunities | 83299 |
|  Mid-Cap Growth Equity | 213547 |
|  Technology Opportunities | 32141 |

---

N O T E S T O F I N A N C I A L S T A T E M E N T S 51

------

Notes to Financial Statements (continued)

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

**Interfund Lending:** Prior to March 3, 2025, in accordance with an exemptive order (the "Order") from the SEC, Capital Appreciation could participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by Capital Appreciation's investment policies and restrictions. Effective March 3, 2025, the Interfund Lending Program was not renewed but remains available for renewal in the future.

During the period ended, March 3, 2025, Capital Appreciation did not participate in the Interfund Lending Program.

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

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

---

| | | | |
|:---|:---|:---|:---|
| *Fund Name* | *Purchases* | *Sales* | *Net Realized<br>Gain (Loss)* |
|  Mid-Cap Growth Equity | $27786897 | $– $|  |

---

*6. PURCHASES AND SALES* 

For the year ended May 31, 2025, purchases and sales of investments, excluding short-term securities, were as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Purchases* | *Sales* |
|  Capital Appreciation | $1047834214 | $1447746235 |
|  Health Sciences Opportunities | 3331926581 | 4958564997 |
|  Mid-Cap Growth Equity | 8986136351 | 12986438391 |
|  Technology Opportunities | 2966738905 | 3245981178 |

---

*7. INCOME TAX INFORMATION* 

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

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

Management has analyzed tax laws and regulations and their application to the Funds as of May 31, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Funds' NAV.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAVs per share. As of period end, the following permanent differences attributable to nondeductible expenses, distributions in connection with fund share redemptions and net operating losses were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Paid-in capital* | *Accumulated earnings (loss)* |
|  Capital Appreciation | $(12779076) | $12779076 |
|  Health Sciences Opportunities | 53762197 | (53762197) |
|  Mid-Cap Growth Equity | (56322591) | 56322591 |
|  Technology Opportunities | (30839086) | 30839086 |

---

52 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements (continued)

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

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Year Ended<br>05/31/25* | *Year Ended<br>05/31/24* |
|  Capital Appreciation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $27766660 | $10641994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long term capital gains | 404359122 | 109281374 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432125782 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119923368 |
|  Health Sciences Opportunities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $21909727 | $29900676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long term capital gains | 623859359 | 288843746 |
|  | $645769086 | $318744422 |
|  Technology Opportunities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Long term capital gains | $244341984 | $— |

---

As of May 31, 2025, the tax components of accumulated net earnings were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Undistributed Long-Term<br>Capital Gains* | *Net Unrealized<br>Gains (Losses)<sup>(a)</sup>* | *Qualified Late-Year<br>Ordinary Losses<sup>(b)</sup>* | *Total* |
|  Capital Appreciation | $277622485 | $2126763169 | $(8738786) | $2395646868 |
|  Health Sciences Opportunities | 380460566 | 2256446625 | (2057509) | 2634849682 |
|  Mid-Cap Growth Equity | 336521683 | 2686207974 | (22092945) | 3000636712 |
|  Technology Opportunities | 384090449 | 2786994956 | (13909027) | 3157176378 |

---

<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 and straddles, the realization for tax purposes of unrealized gains (losses) on certain foreign currency contracts, characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies. 

<sup>(b)</sup> The Funds have elected to defer these qualified late-year losses and recognize such losses in the next taxable year.

During the year ended May 31, 2025, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

---

| | |
|:---|:---|
| *Fund Name* | *Utilized* |
|  Mid-Cap Growth Equity | $1282051982 |
|  Technology Opportunities | 441794511 |

---

As of May 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Tax Cost* | *Gross Unrealized<br>Appreciation* | *Gross Unrealized<br>Depreciation* | *Net Unrealized<br>Appreciation<br>(Depreciation)* |
|  Capital Appreciation | $1489111526 | $2149678453 | $(22917073) | $2126761380 |
|  Health Sciences Opportunities | 4316629022 | 2488494823 | (232091326) | 2256403497 |
|  Mid-Cap Growth Equity | 6355681979 | 2746607670 | (60424432) | 2686183238 |
|  Technology Opportunities | 3285908831 | 2854468732 | (67342683) | 2787126049 |

---

*8. BANK BORROWINGS* 

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

$2.40 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate ("SOFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 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 May 31, 2025, the Funds did not borrow under the credit agreement.

*9. PRINCIPAL RISKS* 

In the normal course of business, the Funds invest in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability;

N O T E S T O F I N A N C I A L S T A T E M E N T S 53

------

Notes to Financial Statements (continued)

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

(iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund's prospectus provides details of the risks to which each Fund is subject.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to 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. A Fund may invest in illiquid investments. An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Fund may lose value, regardless of the individual results of the securities and other instruments in which a Fund invests. A Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

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

**Counterparty Credit Risk:** The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds' exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

**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.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the income from, or the value or liquidity of, the Fund's portfolio. Investment percentages in specific sectors are presented in the Schedules of Investments.

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

**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.

54 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements (continued)

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

*10. CAPITAL SHARE TRANSACTIONS* 

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended 05/31/25 | Year Ended 05/31/25 | Year Ended 05/31/24 | Year Ended 05/31/24 |
| &nbsp;&nbsp; *Fund Name/Share Class* | *Shares* | *Amount* | *Shares* | *Amount* |
|  Capital Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 2710540 | $112834100 | 2375172 | $85564796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 1780020 | 75331070 | 607843 | 20849409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (3821884) | (162356316) | (5700478) | (206766629) |
|  | 668676 | $25808854 | (2717463) | $(100352424) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 2783717 | $100946288 | 3059279 | $95896183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 6895509 | 250959260 | 2141572 | 64101470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (10004202) | (362895783) | (9329188) | (296845503) |
|  | (324976) | $(10990235) | (4128337) | $(136847850) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 321989 | $5772361 | 259279 | $4516743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 528664 | 9494605 | 150664 | 2462125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (710891) | (12777860) | (921149) | (15736877) |
|  | 139762 | $2489106 | (511206) | $(8758009) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1314311 | $55940126 | 1392489 | $50192656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 1319751 | 56569322 | 625650 | 21705654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2046318) | (87771711) | (9972800) | (372605778) |
|  | 587744 | $24737737 | (7954661) | $(300707468) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 192144 | $4633334 | 149207 | $3233921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 180101 | 4414337 | 57317 | 1211907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (396828) | (9704008) | (415361) | (9306024) |
|  | (24583) | $(656337) | (208837) | $(4860196) |
|  | 1046623 | $41389125 | (15520504) | $(551525947) |
|  &nbsp;&nbsp;&nbsp;&nbsp;Health Sciences Opportunities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 7335504 | $526145787 | 8193691 | $583683482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 4346692 | 311816395 | 2283482 | 157422926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (19519518) | (1397601173) | (16815339) | (1183104439) |
|  | (7837322) | $(559638991) | (6338166) | $(441998031) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 30670 | $2072463 | 41297 | $2740817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 35938 | 2410205 | 18476 | 1199629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (105871) | (7186693) | (129496) | (8549804) |
|  | (39263) | $(2704025) | (69723) | $(4609358) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 2404374 | $162210046 | 3148635 | $208743219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 3310459 | 220806364 | 1628677 | 105093179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (8638584) | (575328436) | (8665399) | (573000127) |
|  | (2923751) | $(192312026) | (3888087) | $(259163729) |

---

N O T E S T O F I N A N C I A L S T A T E M E N T S 55

------

Notes to Financial Statements (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended 05/31/25 | Year Ended 05/31/25 | Year Ended 05/31/24 | Year Ended 05/31/24 |
| &nbsp;&nbsp; *Fund Name/Share Class* | *Shares* | *Amount* | *Shares* | *Amount* |
|  Health Sciences Opportunities (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 230855 | $12791845 | 340682 | $18635857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 514028 | 27658619 | 298034 | 15871867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (2209489) | (119236399) | (2792967) | (151349046) |
|  | (1464606) | $(78785935) | (2154251) | $(116841322) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1593956 | $115627270 | 1849326 | $131524955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 547643 | 39303488 | 255328 | 17603287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2034841) | (146170723) | (2585491) | (183510131) |
|  | 106758 | $8760035 | (480837) | $(34381889) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 247765 | $15757043 | 293019 | $18639450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 314853 | 20274657 | 141806 | 8875180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (657216) | (42309475) | (663365) | (42582090) |
|  | (94598) | $(6277775) | (228540) | $(15067460) |
|  | (12252782) | $(830958717) | (13159604) | $(872061789) |
|  Mid-Cap Growth Equity |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 15032152 | $611861106 | 25774794 | $943438772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (63014035) | (2576136207) | (53836267) | (1966094068) |
|  | (47981883) | $(1964275101) | (28061473) | $(1022655296) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 127661 | $4685835 | 218068 | $7181094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (635513) | (23434344) | (648553) | (21108643) |
|  | (507852) | $(18748509) | (430485) | $(13927549) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 3606779 | $126439042 | 5192371 | $162981384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (11454473) | (398340114) | (15109163) | (469268479) |
|  | (7847694) | $(271901072) | (9916792) | $(306287095) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 242076 | $6183661 | 459280 | $10686451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (2201784) | (56464433) | (2320240) | (53855034) |
|  | (1959708) | $(50280772) | (1860960) | $(43168583) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 14816872 | $610234528 | 23280033 | $866092270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (54628834) | (2269019642) | (37065253) | (1369957463) |
|  | (39811962) | $(1658785114) | (13785220) | $(503865193) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 368272 | $12381997 | 550929 | $16719131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (897697) | (30664264) | (1350214) | (41042668) |
|  | (529425) | $(18282267) | (799285) | $(24323537) |
|  | (98638524) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3982272835) | (54854215) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1914227253) |

---

56 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended 05/31/25 | Year Ended 05/31/25 | Year Ended 05/31/24 | Year Ended 05/31/24 |
| &nbsp;&nbsp; *Fund Name/Share Class* | *Shares* | *Amount* | *Shares* | *Amount* |
|  Technology Opportunities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 10676855 | $750964446 | 9723910 | $537366881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 1523620 | 112641239 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (12300761) | (862120690) | (16207338) | (891747608) |
|  | (100286) | $1484995 | (6483428) | $(354380727) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 257946 | $17247737 | 206830 | $10760963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 33359 | 2280726 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (316600) | (20353931) | (498430) | (25937289) |
|  | (25295) | $(825468) | (291600) | $(15176326) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 5044809 | $324334699 | 5008601 | $252087332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 1325531 | 88320110 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (7322687) | (466015973) | (8228564) | (416589841) |
|  | (952347) | $(53361164) | (3219963) | $(164502509) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 676637 | $33933803 | 731500 | $29296687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 312597 | 16233137 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (1579819) | (79231894) | (2003356) | (79620760) |
|  | (590585) | $(29064954) | (1271856) | $(50324073) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 4192619 | $299508059 | 1737800 | $95856044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 177138 | 13138324 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1514409) | (107269314) | (1349293) | (74821457) |
|  | 2855348 | $205377069 | 388507 | $21034587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 266788 | $17130381 | 281736 | $14160044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 31897 | 2120805 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (282790) | (17865794) | (357121) | (17401063) |
|  | 15895 | $1385392 | (75385) | $(3241019) |
|  | 1202730 | $124995870 | (10953725) | $(566590067) |

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As of May 31, 2025, shares owned by BlackRock Financial Management, Inc., an affiliate of the Fund, were as follows:

---

| | |
|:---|:---|
| *Share Class* | *Technology<br>Opportunities* |
|  Class K | 8673 |

---

*11. SUBSEQUENT EVENTS* 

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

N O T E S T O F I N A N C I A L S T A T E M E N T S 57

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Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of BlackRock Capital Appreciation Fund, Inc., and the Shareholders of BlackRock Health Sciences Opportunities Portfolio, BlackRock Mid-Cap Growth Equity Portfolio, and BlackRock Technology Opportunities Fund, and the Board of Trustees of BlackRock Funds<sup>SM</sup>:

#### Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of BlackRock Capital Appreciation Fund, Inc., and BlackRock Health Sciences Opportunities Portfolio, BlackRock Mid-Cap Growth Equity Portfolio, and BlackRock Technology Opportunities Fund of BlackRock Funds<sup>SM</sup> (the "Funds"), including the schedules of investments, as of May 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended, for the period from October 1, 2020 through May 31, 2021, and for the year ended September 30, 2020, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of May 31, 2025, and the results of their operations for the year then ended, the statements of changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended, for the period from October 1, 2020 through May 31, 2021, and for the year ended September 30, 2020, 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 Funds' management. Our responsibility is to express an opinion on the Funds' 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 Funds 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 Funds are not required to have, nor were we engaged to perform, an audit of their 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 Funds' 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 May 31, 2025, 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

July 22, 2025

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

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Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended May 31, 2025:

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| | |
|:---|:---|
| *Fund Name* | *Qualified Dividend<br>Income* |
|  Capital Appreciation | $14751632 |
|  Health Sciences Opportunities | 87796333 |

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended May 31, 2025:

---

| | |
|:---|:---|
| *Fund Name* | *20% Rate*<br> *Long-Term<br>Capital Gain<br>Dividends* |
|  Capital Appreciation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404359122 |
|  Health Sciences Opportunities | 677621556 |
|  Technology Opportunities | 244341984 |

---

The Funds hereby designate the following amount, or maximum amount allowable by law, of distributions from direct federal obligation interest for the fiscal year ended May 31, 2025:

---

| | |
|:---|:---|
| *Fund Name* | *Federal Obligation<br>Interest* |
|  Health Sciences Opportunities | $873066 |

---

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 percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended May 31, 2025 qualified for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| *Fund Name* | *Dividends-Received<br>Deduction* |
|  Capital Appreciation | 25.86% |
|  Health Sciences Opportunities | 100.00 |

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended May 31, 2025:

---

| | |
|:---|:---|
| *Fund Name* | *Interest Dividends* |
|  Health Sciences Opportunities | $1759217 |

---

The Funds hereby designate the following amounts, or maximum amounts 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 May 31, 2025:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Interest-Related<br>Dividends* | *Qualified<br>Short-Term<br>Capital Gains* |
|  Capital Appreciation | $— | $27766660 |
|  Health Sciences Opportunities | 1759858 |  |

---

I M P O R T A N T T A X I N F O R M A T I O N 59

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Disclosure of Investment Advisory Agreements

The Board of Trustees of BlackRock Funds (the "Trust") met on April 22, 2025 and May 20-21, 2025 to consider the approval to continue the investment advisory agreement (the "Trust Advisory Agreement") between the Trust, on behalf of BlackRock Mid-Cap Growth Equity Portfolio ("Mid-Cap Growth Equity Portfolio"), BlackRock Health Sciences Opportunities Portfolio ("Health Sciences Opportunities Portfolio") and BlackRock Technology Opportunities Fund ("Technology Opportunities Fund"), and BlackRock Advisors, LLC (the "Manager" or "BlackRock"), each Fund's investment advisor.

The Board of Directors of BlackRock Capital Appreciation Fund, Inc. (the "Corporation" or "Capital Appreciation Fund") met on April 22, 2025 and May 20-21, 2025 to consider the approval to continue the investment advisory agreement (the "Corporation Advisory Agreement") between the Corporation and the Manager, its investment advisor.

Mid-Cap Growth Equity Portfolio, Health Sciences Opportunities Portfolio, Technology Opportunities Fund and Capital Appreciation Fund are referred to herein individually as a "Fund" or collectively as the "Funds." The Trust Advisory Agreement and the Corporation Advisory Agreement are referred to herein individually as an "Agreement" or collectively as the "Agreements." For simplicity: (a) the Board of Trustees of the Trust and the Board of Directors of the Corporation are referred to herein individually as the "Board" and collectively as the "Boards" and the members are referred to as "Board Members"; and (b) the meetings held on April 22, 2025 are referred to as the "April Meeting" and the meetings held on May 20-21, 2025 are referred to as the "May Meeting."

#### The Approval Process
Consistent with the requirements of the Investment Company Act of 1940 (the "1940 Act"), the Boards consider the approval of the continuation of the pertinent Agreements for each Fund on an annual basis. The Board Members who are not "interested persons" of the Trust or the Corporation, as defined in the 1940 Act, are considered independent Board Members (the "Independent Board Members"). Each Board's consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock's various services to the pertinent Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Boards had four quarterly meetings per year, as well as numerous ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Boards similarly met throughout the year. The Boards also held the April Meeting to consider specific information regarding the renewal of the Agreements. In considering the renewal of the Agreements, the Boards assessed, among other things, the nature, extent and quality of the services provided to the pertinent Fund by BlackRock, BlackRock's personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of the pertinent Fund's service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock's management.

During the year, the Boards, acting directly and through their committees, considered information that was relevant to their annual consideration of the renewal of the pertinent Agreement(s), including the services and support provided by BlackRock to the Funds and their shareholders. BlackRock also furnished additional information to the Boards in response to specific questions from the Boards. Among the matters the Boards considered, with respect to each Fund, as pertinent, were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, an applicable benchmark, and other performance metrics, as applicable, as well as BlackRock senior management's and portfolio managers' investment performance analyses, and the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by the Fund for services; (c) Fund operating expenses and how BlackRock allocates expenses to the Fund; (d) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of the Fund's investment objective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock's and each Fund's adherence to applicable compliance policies and procedures, as applicable; (f) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as applicable; (g) BlackRock's and other service providers' internal controls and risk and compliance oversight mechanisms; (h) BlackRock's implementation of the proxy voting policies approved by the Board; (i) the use of brokerage commissions and execution quality of portfolio transactions; (j) BlackRock's implementation of each Fund's valuation and liquidity procedures; (k) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, exchange-traded fund ("ETF"), closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to the Fund; (l) BlackRock's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage; and (m) periodic updates on BlackRock's business.

Prior to and in preparation for the April Meeting, the Boards received and reviewed materials specifically relating to the renewal of the pertinent Agreements. The Independent Board Members continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist their deliberations. The materials provided in connection with the April Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), based on either a Lipper classification or Morningstar category, regarding the fees and expenses of each Fund as compared with a peer group of funds as determined by Broadridge ("Expense Peers") and the investment performance of each Fund as compared with a peer group of funds ("Performance Peers"); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge's methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the pertinent Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, ETFs, closed-end funds, open-end funds, and separately managed accounts, under similar investment mandates, as well as the performance of such other products, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with the Funds; (g) a summary of aggregate amounts paid by each Fund to BlackRock; (h) sales and redemption data regarding each Fund's shares; and (i) various additional information requested by the Boards as appropriate regarding BlackRock's and the Funds' operations.

At the April Meeting, each Board reviewed materials relating to its consideration of the pertinent Agreements and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the May Meeting, and such responses were reviewed by the Board Members.

At the May Meeting, each Board concluded, with respect to the pertinent Fund, its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of the Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with the Fund; (d) the Fund's fees and expenses compared to its

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Disclosure of Investment Advisory Agreements (continued)

Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock's relationship with the Fund; and (g) other factors deemed relevant by the Board Members.

Each Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock's services related to the valuation and pricing of the portfolio holdings of the pertinent Fund. Each Board noted the willingness of BlackRock's personnel to engage in open, candid discussions with the Board. The Board evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide more information about some of the primary factors that were relevant to each Board's decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

*A. Nature, Extent and Quality of the Services Provided by BlackRock* 

Each Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of the applicable Fund. Throughout the year, each Board compared Fund performance to the performance of a comparable group of mutual funds, relevant benchmarks, and performance metrics, as applicable. The Boards met with BlackRock's senior management personnel responsible for investment activities, including the senior investment officers. Each Board also reviewed the materials provided by the applicable Fund's portfolio management team discussing the Fund's performance, investment strategies and outlook.

Each Board considered, among other factors, with respect to BlackRock: the experience of the applicable Fund's portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of certain trading, portfolio management, operations and/or information systems owned by BlackRock; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Boards also considered BlackRock's overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock's Risk & Quantitative Analysis Group. Each Board engaged in a review of BlackRock's compensation structure with respect to the applicable Fund's portfolio management team and BlackRock's ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Boards considered the nature and quality of the administrative and other non-investment advisory services provided to the Funds. BlackRock and its affiliates provide the Funds with certain administrative, shareholder and other services (in addition to any such services provided to the Funds by third-parties) and officers and other personnel as are necessary for the operations of the Funds. In particular, BlackRock and its affiliates provide each Fund with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of third-party service providers, including, among others, the Fund's custodian, fund accountant, transfer agent, and auditor; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of the Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing the Fund's distribution partners, and shareholder call center and other services. The Boards reviewed the structure and duties of BlackRock's fund administration, shareholder services, and legal and compliance departments and considered BlackRock's policies and procedures for assuring compliance with applicable laws and regulations. Each Board also considered the operation of BlackRock's business continuity plans.

*B. The Investment Performance of the Funds* 

Each Board, including the Independent Board Members, reviewed and considered the performance history of the applicable Fund throughout the year and at the April Meeting. The Boards were provided with Fund performance reporting and analysis, relative to applicable performance metrics, by BlackRock throughout the year and at the April meeting. In preparation for the April Meeting, the Boards were also provided with reports independently prepared by Broadridge, which included an analysis of each Fund's performance as of December 31, 2024, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, with respect to each Fund, the applicable Board received and reviewed information regarding the investment performance of the Fund as compared to its Performance Peers. Each Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of each Fund throughout the year.

In evaluating performance, the Boards focused particular attention on funds with less favorable performance records. The Boards also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Boards recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Boards also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.

The Board of the Trust noted that for the one-, three- and five-year periods reported, Technology Opportunities Fund ranked in the first, second and second quartiles, respectively, against its Performance Peers.

The Board of the Trust noted that for the one-, three- and five-year periods reported, Health Sciences Opportunities Portfolio ranked in the second, first and first quartiles, respectively, against its Performance Peers.

The Board of the Corporation noted that for the one-, three- and five-year periods reported, Capital Appreciation Fund ranked in the second, third and second quartiles, respectively, against its Performance Peers. The Board and BlackRock reviewed the Fund's underperformance relative to its Performance Peers during the applicable period.

The Board of the Trust noted that for the one-, three- and five-year periods reported, Mid-Cap Growth Equity Portfolio ranked in the third, fourth and third quartiles, respectively, against its Performance Peers. The Board and BlackRock reviewed the Fund's underperformance relative to its Performance Peers during the applicable periods.

D I S C L O S U R E O F I N V E S T M E N T A D V I S O R Y A G R E E M E N T S 61

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Disclosure of Investment Advisory Agreements (continued)

*C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with the Funds* 

Each Board, including the Independent Board Members, reviewed the applicable Fund's contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. Each Board also compared the applicable Fund's total expense ratio, as well as its actual management fee rate, to those of its Expense Peers. The total expense ratio represents a fund's total net operating expenses, including any 12b-1 or non-12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Boards considered that the fee and expense information in the Broadridge report for the Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Boards also noted that while it found the expense comparison provided by Broadridge generally useful, it recognized that the comparison is subject to Broadridge's defined peer selection criteria and methodology. The Boards considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board reviewed BlackRock's profitability methodology and were also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to the Funds. The Boards reviewed BlackRock's estimated profitability with respect to the Funds and other funds the Boards currently oversee for the year ended December 31, 2024 compared to available aggregate estimated profitability data provided for the prior two years. The Boards reviewed BlackRock's estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Boards reviewed BlackRock's assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Boards recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Boards thus recognized the limitations of calculating and comparing profitability at the individual fund level.

The Boards received and reviewed statements relating to BlackRock's financial condition. The Boards reviewed BlackRock's overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Boards considered the differences between BlackRock and these other firms, including the contribution of BlackRock's technology business, BlackRock's expense management, and the relative product mix. The Boards noted that, in general, individual fund or product line profitability of other advisors is not publicly available.

Each Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the pertinent Agreement(s) and to continue to provide the high quality of services that is expected by the Board. The Boards further considered factors including but not limited to BlackRock's commitment of time and resources, assumption of risk, and liability profile in servicing the Funds, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, ETF, closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable.

The Board of the Corporation noted that Capital Appreciation Fund's contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio each ranked in the second quartile relative to the Fund's Expense Peers. The Board further noted that BlackRock and the Board have contractually agreed to a cap on the Fund's total expenses as a percentage of the Fund's average daily net assets on a class-by-class basis.

The Board of the Trust noted that Mid-Cap Growth Equity Portfolio's contractual management fee rate ranked in the third quartile, and that the actual management fee rate and total expense ratio ranked in the fourth and third quartiles, respectively, relative to the Fund's Expense Peers. The Board considered information provided by BlackRock in response to follow-up questions from the Board regarding the Fund's total expense ratio relative to its Expense Peers. The Board further noted that BlackRock and the Board have contractually agreed to a cap on the Fund's total expenses as a percentage of the Fund's average daily net assets on a class-by-class basis.

The Board of the Trust noted that Health Sciences Opportunities Portfolio's contractual management fee rate ranked in the fourth quartile, and that the actual management fee rate and total expense ratio each ranked in the third quartile relative to the Fund's Expense Peers. The Board considered information provided by Blackrock in response to follow-up questions from the Board regarding the Fund's total expense ratio relative to its Expense Peers.

The Board of the Trust noted that Technology Opportunities Fund's contractual management fee rate ranked in the fourth quartile, and that the actual management fee rate and total expense ratio each ranked in the fourth quartile relative to the Fund's Expense Peers. The Board further noted that BlackRock and the Board have contractually agreed to a cap on the Fund's total expenses as a percentage of the Fund's average daily net assets on a class-by-class basis.

The Boards also noted that each Fund has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the size of the Fund increases above certain contractually specified levels. The Boards additionally noted that the breakpoints can, conversely, adjust the advisory fee rate upward as the size of the pertinent Fund decreases below certain contractually specified levels.

*D. Economies of Scale* 

Each Board, including the Independent Board Members, considered the extent to which any economies of scale might benefit the Funds in a variety of ways as the assets of the pertinent Fund increase. Each Board considered multiple factors, including the advisory fee rate and breakpoints, unitary fee structure, fee waivers, and/or expense caps, as applicable. Each Board considered the applicable Fund's asset levels and whether the current fee schedule was appropriate.

*E. Other Factors Deemed Relevant by the Board Members* 

Each Board, including the Independent Board Members, also took into account other ancillary or "fall-out" benefits that BlackRock or its affiliates may derive from BlackRock's respective relationships with the applicable Fund, both tangible and intangible, such as BlackRock's ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock's profile in the investment advisory community, and the engagement of BlackRock's affiliates as

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Disclosure of Investment Advisory Agreements (continued)

service providers to the Fund, including for administrative, distribution, securities lending and cash management services. With respect to securities lending, during the year the Boards also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The Boards also considered BlackRock's overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Boards also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with their consideration of the pertinent Agreements, the Boards also received information regarding BlackRock's brokerage and soft dollar practices. The Boards received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Boards noted the competitive nature of the mutual fund marketplace, and that shareholders are able to redeem their Fund shares if they believe that the pertinent Fund's fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

#### Conclusion
At the May Meeting, in a continuation of the discussions that occurred during the April Meeting, and as a culmination of the Board of the Trust's year-long deliberative process, the Board of the Trust, including the Independent Board Members, unanimously approved the continuation of the Trust Advisory Agreement between the Manager and the Trust, on behalf of Mid-Cap Growth Equity Portfolio, Health Sciences Opportunities Portfolio and Technology Opportunities Fund for a one-year term ending June 30, 2026.

At the May Meeting, in a continuation of the discussions that occurred during the April Meeting, and as a culmination of the Board of the Corporation's year-long deliberative process, the Board of the Corporation, including the Independent Board Members, unanimously approved the continuation of the Corporation Advisory Agreement between the Manager and the Corporation, on behalf of Capital Appreciation Fund, for a one-year term ending June 30, 2026.

Based upon their evaluation of all of the aforementioned factors in their totality, as well as other information, the Boards, including the Independent Board Members, were satisfied that the terms of the Agreements were fair and reasonable and in the best interest of each Fund, as pertinent, and its shareholders. In arriving at its decision to approve the Agreements, the Boards did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.

D I S C L O S U R E O F I N V E S T M E N T A D V I S O R Y A G R E E M E N T S 63

------

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/trustees of the Corporation/Trust is paid by the Corporation/Trust, on behalf of the Funds.

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

#### 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.

64 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Additional Information (continued)

#### Fund and Service Providers

#### Investment Adviser and Administrator
BlackRock Advisors, LLC

Wilmington, DE 19809

#### Accounting Agent and Transfer Agent
BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

#### Custodian
The Bank of New York Mellon

New York, NY 10286

#### Independent Registered Public Accounting Firm
Deloitte & Touche LLP

Boston, MA 02110

#### Distributor
BlackRock Investments, LLC

New York, NY 10001

#### Legal Counsel
Sidley Austin LLP

New York, NY 10019

#### Address of the Corporation/Trust
100 Bellevue Parkway

Wilmington, DE 19809

A D D I T I O N A L I N F O R M A T I O N 65

------

Glossary of Terms Used in these Financial Statements

---

| | |
|:---|:---|
| Currency Abbreviation | Currency Abbreviation |
| CAD | Canadian Dollar |
| USD | United States Dollar |
| <br> **Portfolio Abbreviation** | <br> **Portfolio Abbreviation** |
| ADR | American Depositary Receipt |
| CVR | Contingent Value Rights |
| NVS | Non-Voting Shares |

---

66 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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THIS PAGE INTENTIONALLY LEFT BLANK.

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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 Funds unless preceded or accompanied by the Funds' current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.

---

| | |
|:---|:---|
| ![LOGO](g34788g42l24.jpg)  | ![LOGO](g34788bclogo.jpg) |

---

------

---

| | |
|:---|:---|
| ![LOGO](g34788g42l24.jpg)  | **MAY 31, 2025** |

---

**2025 Annual Financial Statements**<br> **and Additional Information**<br>

#### BlackRock Funds<sup>SM</sup>
· BlackRock SMID-Cap Growth Equity Fund

#### Not FDIC Insured • May Lose Value • No Bank Guarantee

------

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
|  [Schedule of Investments](#fin834788_1) | 3 |
|  [Statement of Assets and Liabilities](#fin834788_2) | 6 |
|  [Statement of Operations](#fin834788_3) | 7 |
|  [Statements of Changes in Net Assets](#fin834788_4) | 8 |
|  [Financial Highlights](#fin834788_5) | 9 |
|  [Notes to Financial Statements](#fin834788_6) | 12 |
|  [Report of Independent Registered Public Accounting Firm](#fin834788_7) | 19 |
|  [Disclosure of Investment Advisory Agreement](#fin834788_8) | 20 |
|  [Additional Information](#fin834788_9) | 23 |
|  [Glossary of Terms Used in these Financial Statements](#fin834788_10) | 25 |

---

2.0 ------

---

| | |
|:---|:---|
| Schedule of Investments<br> May 31, 2025 | **BlackRock SMID-Cap Growth Equity Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> *Shares* | *Value* | *Value* |
|  **Common Stocks** |  |  |  |
| **Aerospace & Defense — 8.2%** |  |  |  |
|  Axon Enterprise, Inc.<sup>(a)</sup>  | 541 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405945 |
|  HEICO Corp. | 739 |  | 221434 |
|  Loar Holdings, Inc.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2570 |  | 223718 |
|  |  |  | 851097 |
| **Air Freight & Logistics — 0.4%** |  |  |  |
|  GXO Logistics, Inc.<sup>(a)</sup>  | 948 |  | 39001 |
| **Automobile Components — 0.5%** |  |  |  |
|  Fox Factory Holding Corp.<sup>(a)</sup>  | 1920 |  | 49248 |
| **Biotechnology — 1.7%** |  |  |  |
|  Halozyme Therapeutics, Inc.<sup>(a)</sup>  | 1261 |  | 70704 |
|  Natera, Inc.<sup>(a)</sup>  | 679 |  | 107099 |
|  |  |  | 177803 |
| **Broadline Retail — 0.1%** |  |  |  |
|  Etsy, Inc.<sup>(a)</sup>  | 141 |  | 7804 |
| **Building Products — 1.8%** |  |  |  |
|  AZEK Co., Inc. (The), Class A<sup>(a)</sup>  | 3704 |  | 183385 |
| **Capital Markets — 7.0%** |  |  |  |
|  Carlyle Group, Inc. (The) | 681 |  | 30781 |
|  MarketAxess Holdings, Inc. | 71 |  | 15365 |
|  Morningstar, Inc. | 629 |  | 193996 |
|  TPG, Inc., Class A | 4198 |  | 202050 |
|  Tradeweb Markets, Inc., Class A | 1911 |  | 276044 |
|  |  |  | 718236 |
| **Commercial Services & Supplies — 2.4%** |  |  |  |
|  Casella Waste Systems, Inc., Class A<sup>(a)</sup>  | 1564 |  | 183316 |
|  GFL Environmental, Inc. | 1181 |  | 59558 |
|  |  |  | 242874 |
| **Construction & Engineering — 3.9%** |  |  |  |
|  Comfort Systems U.S.A., Inc. | 741 |  | 354368 |
|  WillScot Holdings Corp., Class A | 1624 |  | 43767 |
|  |  |  | 398135 |
| **Distributors — 0.3%** |  |  |  |
|  Pool Corp. | 94 |  | 28256 |
| **Diversified Consumer Services — 5.2%** |  |  |  |
|  Bright Horizons Family Solutions, Inc.<sup>(a)</sup>  | 1272 |  | 164342 |
|  Duolingo, Inc., Class A<sup>(a)</sup>  | 613 |  | 318521 |
|  European Wax Center, Inc., Class A<sup>(a)</sup>  | 1795 |  | 9137 |
|  Mister Car Wash, Inc.<sup>(a)</sup>  | 6710 |  | 47507 |
|  |  |  | 539507 |
| **Electrical Equipment — 2.5%** |  |  |  |
|  Vertiv Holdings Co., Class A | 2359 |  | 254607 |
| **Electronic Equipment, Instruments & Components —1.0%** | **Electronic Equipment, Instruments & Components —1.0%** | **Electronic Equipment, Instruments & Components —1.0%** | **Electronic Equipment, Instruments & Components —1.0%** |
|  Coherent Corp.<sup>(a)</sup>  | 1318 |  | 99680 |
| **Entertainment — 4.7%** |  |  |  |
|  Liberty Media Corp.—Liberty Formula One, Class C, NVS<sup>(a)</sup>  | 2480 |  | 239394 |
|  Live Nation Entertainment, Inc.<sup>(a)</sup>  | 1784 |  | 244747 |
|  |  |  | 484141 |
| **Financial Services — 1.2%** |  |  |  |
|  Affirm Holdings, Inc., Class A<sup>(a)</sup>  | 2144 |  | 111274 |
|  Jack Henry & Associates, Inc. | 95 |  | 17211 |
|  |  |  | 128485 |
| **Food Products — 0.7%** |  |  |  |
|  Freshpet, Inc.<sup>(a)</sup>  | 943 |  | 75591 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> *Shares* | *Value* |
| **Ground Transportation — 1.4%** |  |  |
|  Saia, Inc.<sup>(a)</sup>  | 541 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143046 |
| **Health Care Equipment & Supplies — 3.4%** |  |  |
|  Align Technology, Inc.<sup>(a)</sup>  | 663 | 119963 |
|  Inmode Ltd.<sup>(a)</sup>  | 232 | 3401 |
|  Inspire Medical Systems, Inc.<sup>(a)</sup>  | 124 | 17137 |
|  Masimo Corp.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278 | 207675 |
|  Teleflex, Inc. | 29 | 3546 |
|  |  | 351722 |
| **Health Care Providers & Services — 0.7%** |  |  |
|  Surgery Partners, Inc.<sup>(a)</sup>  | 2934 | 69272 |
| **Health Care Technology — 0.2%** |  |  |
|  Phreesia, Inc.<sup>(a)</sup>  | 879 | 21527 |
| **Hotels, Restaurants & Leisure — 5.6%** |  |  |
|  Churchill Downs, Inc. | 1322 | 126212 |
|  DraftKings, Inc., Class A<sup>(a)</sup>  | 5131 | 184100 |
|  Planet Fitness, Inc., Class A<sup>(a)</sup>  | 2241 | 230442 |
|  Vail Resorts, Inc. | 231 | 36999 |
|  |  | 577753 |
| **Industrial REITs — 0.2%** |  |  |
|  Rexford Industrial Realty, Inc. | 558 | 19664 |
| **Interactive Media & Services — 1.6%** |  |  |
|  Match Group, Inc. | 430 | 12874 |
|  Pinterest, Inc., Class A<sup>(a)</sup>  | 847 | 26350 |
|  Reddit, Inc., Class A<sup>(a)</sup>  | 1088 | 122237 |
|  |  | 161461 |
| **IT Services — 1.3%** |  |  |
|  Globant SA<sup>(a)</sup>  | 589 | 57775 |
|  MongoDB, Inc., Class A<sup>(a)</sup>  | 416 | 78553 |
|  |  | 136328 |
| **Life Sciences Tools & Services — 2.7%** |  |  |
|  Bio-Techne Corp. | 737 | 35671 |
|  Medpace Holdings, Inc.<sup>(a)</sup>  | 191 | 56326 |
|  Repligen Corp.<sup>(a)</sup>  | 945 | 111576 |
|  West Pharmaceutical Services, Inc. | 377 | 79490 |
|  |  | 283063 |
| **Machinery — 2.9%** |  |  |
|  AutoStore Holdings Ltd.<sup>(a)(b)</sup>  | 58481 | 30685 |
|  Energy Recovery, Inc.<sup>(a)</sup>  | 4082 | 51474 |
|  Graco, Inc. | 1670 | 141382 |
|  IDEX Corp. | 449 | 81229 |
|  |  | 304770 |
| **Oil, Gas & Consumable Fuels — 2.8%** |  |  |
|  Northern Oil & Gas, Inc. | 1323 | 35165 |
|  Permian Resources Corp., Class A | 5449 | 68712 |
|  Texas Pacific Land Corp. | 165 | 183815 |
|  |  | 287692 |
| **Pharmaceuticals — 2.4%** |  |  |
|  Galderma Group AG | 1871 | 245818 |
| **Professional Services — 1.4%** |  |  |
|  Booz Allen Hamilton Holding Corp., Class A | 1130 | 120063 |
|  Paylocity Holding Corp.<sup>(a)</sup>  | 148 | 28253 |
|  |  | 148316 |
| **Real Estate Management & Development — 0.6%** | **Real Estate Management & Development — 0.6%** |  |
|  Landbridge Co. LLC, Class A | 928 | 66306 |
| **Semiconductors & Semiconductor Equipment — 8.8%** | **Semiconductors & Semiconductor Equipment — 8.8%** |  |
|  ASM International NV | 329 | 179057 |

---

S C H E D U L E O F I N V E S T M E N T S 3

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock SMID-Cap Growth Equity Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> *Shares* | *Value* | *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |  |  |
|  Astera Labs, Inc.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115487 |
|  BE Semiconductor Industries NV | 1229 |  | 148519 |
|  Credo Technology Group Holding Ltd.<sup>(a)</sup>  | 2927 |  | 178430 |
|  Entegris, Inc. | 1946 |  | 133768 |
|  Lattice Semiconductor Corp.<sup>(a)</sup>  | 1060 |  | 47636 |
|  Monolithic Power Systems, Inc. | 30 |  | 19857 |
|  Onto Innovation, Inc.<sup>(a)</sup>  | 970 |  | 89182 |
|  |  |  | 911936 |
| **Software — 10.6%** |  |  |  |
|  ANSYS, Inc.<sup>(a)</sup>  | 229 |  | 75758 |
|  Bentley Systems, Inc., Class B | 4139 |  | 197554 |
|  Confluent, Inc., Class A<sup>(a)</sup>  | 6317 |  | 145480 |
|  CyberArk Software Ltd.<sup>(a)</sup>  | 332 |  | 127083 |
|  Gitlab, Inc., Class A<sup>(a)</sup>  | 2467 |  | 112273 |
|  Guidewire Software, Inc.<sup>(a)</sup>  | 732 |  | 157395 |
|  JFrog Ltd.<sup>(a)</sup>  | 1776 |  | 76261 |
|  Manhattan Associates, Inc.<sup>(a)</sup>  | 392 |  | 74002 |
|  Monday.com Ltd.<sup>(a)</sup>  | 242 |  | 71993 |
|  PTC, Inc.<sup>(a)</sup>  | 130 |  | 21882 |
|  Zscaler, Inc.<sup>(a)</sup>  | 123 |  | 33911 |
|  |  |  | 1093592 |
| **Specialty Retail — 3.3%** |  |  |  |
|  Carvana Co., Class A<sup>(a)</sup>  | 772 |  | 252567 |
|  Floor & Decor Holdings, Inc., Class A<sup>(a)</sup>  | 1211 |  | 86817 |
|  |  |  | 339384 |
| **Technology Hardware, Storage & Peripherals — 1.6%** | **Technology Hardware, Storage & Peripherals — 1.6%** | **Technology Hardware, Storage & Peripherals — 1.6%** | **Technology Hardware, Storage & Peripherals — 1.6%** |
|  Pure Storage, Inc., Class A<sup>(a)</sup>  | 3082 |  | 165164 |
| **Textiles, Apparel & Luxury Goods — 3.5%** |  |  |  |
|  Brunello Cucinelli SpA | 1522 |  | 187573 |
|  On Holding AG, Class A<sup>(a)</sup>  | 2855 |  | 169559 |
|  |  |  | 357132 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> *Shares* | *Value* |
| **Trading Companies & Distributors — 2.7%** |  |  |
|  Core & Main, Inc., Class A<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1887 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103427 |
|  QXO, Inc. | 6828 | 116076 |
|  SiteOne Landscape Supply, Inc.<sup>(a)</sup>  | 540 | 63077 |
|  |  | 282580 |
|  **Total Long-Term Investments — 99.3%<br>(Cost: $9,019,954)** |  | 10244376 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 0.9%** |  |  |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.20%<sup>(c)(d)</sup>  | 97761 | 97761 |
|  **Total Short-Term Securities — 0.9%<br>(Cost: $97,761)** |  | 97761 |
|  **Total Investments — 100.2%<br>(Cost: $9,117,715)** |  | 10342137 |
|  **Liabilities in Excess of Other Assets — (0.2)%** |  | (21276) |
|  **Net Assets — 100.0%** |  | $10320861 |

---

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

<sup>(b)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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

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

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended May 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>05/31/24* | *Purchases*<br> *at Cost* | *Proceeds<br>from Sales* | *Net*<br> *Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>05/31/25* | *Shares<br>Held at<br>05/31/25* | *Income* | *Capital*<br> *Gain*<br> *Distributions<br>from Underlying*<br> *Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares<sup>(a)</sup>  | $451119 | $— | $(451069)<sup>(b)</sup> | $(60) | $10 | $— |  | $1006 <sup>(c)</sup> | $— |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares | 111395 |  | (13634)<sup>(b)</sup> |  |  | 97761 | 97761 | 1963 |  |
|  |  |  |  | $(60) | $10 | $97761 |  | $2969 | $— |

---

<sup>(a)</sup> As of period end, the entity is no longer held.

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

<sup>(c)</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.

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock SMID-Cap Growth Equity Fund** |

---

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $851097 | $— | $— | $851097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Freight & Logistics | 39001 |  |  | 39001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobile Components | 49248 |  |  | 49248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 177803 |  |  | 177803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 7804 |  |  | 7804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Building Products | 183385 |  |  | 183385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 718236 |  |  | 718236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 242874 |  |  | 242874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | 398135 |  |  | 398135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributors | 28256 |  |  | 28256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Consumer Services | 539507 |  |  | 539507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 254607 |  |  | 254607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 99680 |  |  | 99680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 484141 |  |  | 484141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 128485 |  |  | 128485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food Products | 75591 |  |  | 75591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | 143046 |  |  | 143046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 351722 |  |  | 351722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 69272 |  |  | 69272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Technology | 21527 |  |  | 21527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 577753 |  |  | 577753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial REITs | 19664 |  |  | 19664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 161461 |  |  | 161461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services | 136328 |  |  | 136328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 283063 |  |  | 283063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery | 274085 | 30685 |  | 304770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 287692 |  |  | 287692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals |  | 245818 |  | 245818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 148316 |  |  | 148316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | 66306 |  |  | 66306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 584360 | 327576 |  | 911936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | 1093592 |  |  | 1093592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 339384 |  |  | 339384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 165164 |  |  | 165164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 169559 | 187573 |  | 357132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | 282580 |  |  | 282580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 97761 |  |  | 97761 |
|  | $9550485 | $791652 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $10342137 |

---

*See notes to financial statements.* 

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

------

Statement of Assets and Liabilities May 31, 2025

---

| | |
|:---|:---|
|  | BlackRock<br> SMID-Cap<br> Growth<br> Equity<br> Fund |
|  **ASSETS** |  |
|  Investments, at value — unaffiliated<sup>(a)</sup>  | $10244376 |
|  Investments, at value — affiliated<sup>(b)</sup>  | 97761 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 2221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp; From the Manager | 1419 |
|  Total assets | 10346379 |
|  **LIABILITIES** |  |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 6071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 18812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service fees | 139 |
|  Total liabilities | 25518 |
|  **Commitments and contingent liabilities** |  |
|  NET ASSETS | $10320861 |
|  **NET ASSETS CONSIST OF:** |  |
|  Paid-in capital | $15415207 |
|  Accumulated loss | (5094346) |
|  NET ASSETS | $10320861 |
|  <sup>(a)</sup> Investments, at cost — unaffiliated | $9019954 |
|  <sup>(b)</sup> Investments, at cost — affiliated | $97761 |
|  **NET ASSET VALUE** |  |
|  **Institutional** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $67777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 5229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $12.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 |
| **Investor A** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $621673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 48434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $12.84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 |
| **Class K** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $9631411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 740159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $13.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 |

---

*See notes to financial statements.* 

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

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Statement of Operations

Year Ended May 31, 2025

---

| | |
|:---|:---|
|  | BlackRock<br> SMID-Cap<br> Growth<br> Equity<br> Fund |
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $40490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 1963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | (895) |
|  Total investment income | 42564 |
|  EXPENSES |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 71900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 17993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees and Officer | 6175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration — class specific | 5717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service — class specific | 1286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 58 |
|  Total expenses excluding interest expense | 103129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 38 |
|  Total expenses | 103167 |
|  Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fees waived and/or reimbursed by the Manager | (24201) |
|  Total expenses after fees waived and/or reimbursed | 78966 |
|  Net investment loss | (36402) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (190450) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 32 |
|  | (190478) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | 540213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 10 |
|  | 540223 |
|  Net realized and unrealized gain | 349745 |
|  NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $313343 |

---

*See notes to financial statements.* 

S T A T E M E N T O F O P E R A T I O N S 7

------

---

| | |
|:---|:---|
| Statements of Changes in Net Assets | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |

---

---

| | | |
|:---|:---|:---|
|  | BlackRock SMID-Cap Growth Equity Fund | BlackRock SMID-Cap Growth Equity Fund |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 |
|  *INCREASE (DECREASE) IN NET ASSETS* | *INCREASE (DECREASE) IN NET ASSETS* |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss | $(36402) | $(27880) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized loss | (190478) | (581925) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 540223 | 1596390 |
|  Net increase in net assets resulting from operations | 313343 | 986585 |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |
|  Net increase in net assets derived from capital share transactions | 355431 | 132415 |
|  *NET ASSETS* |  |  |
|  Total increase in net assets | 668774 | 1119000 |
|  Beginning of year | 9652087 | 8533087 |
|  End of year | $10320861 | $9652087 |

---

*See notes to financial statements.*

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---

| | |
|:---|:---|
| Financial Highlights<br> (For a share outstanding throughout each period) | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock SMID-Cap Growth Equity Fund | BlackRock SMID-Cap Growth Equity Fund | BlackRock SMID-Cap Growth Equity Fund | BlackRock SMID-Cap Growth Equity Fund |
|  | Institutional | Institutional | Institutional | Institutional |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Period from<br> 06/29/21to 05/31/22<br><sup>(a)</sup>  |
|  **Net asset value, beginning of period** | $12.62 | $11.32 | $11.45 | $20.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(b)</sup>  | (0.06) | (0.05) | (0.04) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.40 | 1.35 | (0.09) | (8.46) |
|  Net increase (decrease) from investment operations | 0.34 | 1.30 | (0.13) | (8.55) |
|  **Net asset value, end of period** | $12.96 | $12.62 | $11.32 | $11.45 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |
|  Based on net asset value | 2.69% | 11.48% | (1.14)% | (42.75)%<sup>(d)</sup> |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |
|  Total expenses | 1.09% | 1.12% | 1.23% | 1.06 %<sup>(f)(g)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.85% | 0.85% | 0.85% | 0.85 %<sup>(f)</sup> |
|  Net investment loss | (0.44)% | (0.40)% | (0.36)% | (0.56)%<sup>(f)</sup> |
|  **Supplemental Data** |  |  |  |  |
|  Net assets, end of period (000) | $68 | $66 | $59 | $59 |
|  Portfolio turnover rate | 36% | 36% | 53% | 54% |

---

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

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

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

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

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

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

<sup>(g)</sup> Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 1.07%. 

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 9

------

---

| | |
|:---|:---|
| Financial Highlights (continued)<br> (For a share outstanding throughout each period) | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock SMID-Cap Growth Equity Fund (continued) | BlackRock SMID-Cap Growth Equity Fund (continued) | BlackRock SMID-Cap Growth Equity Fund (continued) | BlackRock SMID-Cap Growth Equity Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Period from<br> 06/29/21<br> to 05/31/22<br><sup>(a)</sup> <br>|
|  **Net asset value, beginning of period** | $12.53 | $11.26 | $11.43 | $20.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(b)</sup>  | (0.09) | (0.08) | (0.07) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.40 | 1.35 | (0.10) | (8.44) |
|  Net increase (decrease) from investment operations | 0.31 | 1.27 | (0.17) | (8.57) |
|  **Net asset value, end of period** | $12.84 | $12.53 | $11.26 | $11.43 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |
|  Based on net asset value | 2.47% | 11.28% | (1.49)% | (42.85)%<sup>(d)</sup> |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |
|  Total expenses | 1.33% | 1.37% | 1.48% | 1.31 %<sup>(f)(g)</sup> |
|  Total expenses after fees waived and/or reimbursed | 1.10% | 1.10% | 1.10% | 1.10 %<sup>(f)</sup> |
|  Net investment loss | (0.67)% | (0.64)% | (0.61)% | (0.80)%<sup>(f)</sup> |
|  **Supplemental Data** |  |  |  |  |
|  Net assets, end of period (000) | $622 | $220 | $82 | $66 |
|  Portfolio turnover rate | 36% | 36% | 53% | 54% |

---

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

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

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

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

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

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

<sup>(g)</sup> Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 1.32%. 

*See notes to financial statements.* 

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

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---

| | |
|:---|:---|
| Financial Highlights (continued)<br> (For a share outstanding throughout each period) | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock SMID-Cap Growth Equity Fund (continued) | BlackRock SMID-Cap Growth Equity Fund (continued) | BlackRock SMID-Cap Growth Equity Fund (continued) | BlackRock SMID-Cap Growth Equity Fund (continued) |
|  | Class K | Class K | Class K | Class K |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Period from<br> 06/29/21to 05/31/22<br><sup>(a)</sup>  |
|  **Net asset value, beginning of period** | $12.66 | $11.34 | $11.46 | $20.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(b)</sup>  | (0.04) | (0.04) | (0.03) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.39 | 1.36 | (0.09) | (8.47) |
|  Net increase (decrease) from investment operations | 0.35 | 1.32 | (0.12) | (8.54) |
|  **Net asset value, end of period** | $13.01 | $12.66 | $11.34 | $11.46 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |
|  Based on net asset value | 2.77% | 11.64% | (1.05)% | (42.70)%<sup>(d)</sup> |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |
|  Total expenses | 0.99% | 1.02% | 1.13% | 0.96 %<sup>(f)(g)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.75% | 0.75% | 0.75% | 0.75 %<sup>(f)</sup> |
|  Net investment loss | (0.34)% | (0.30)% | (0.26)% | (0.46)%<sup>(f)</sup> |
|  **Supplemental Data** |  |  |  |  |
|  Net assets, end of period (000) | $9631 | $9366 | $8392 | $8528 |
|  Portfolio turnover rate | 36% | 36% | 53% | 54% |

---

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

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

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

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

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

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

<sup>(g)</sup> Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 0.97%. 

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 11

------

Notes to Financial Statements

*1. ORGANIZATION* 

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

The Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional and Class K Shares are sold only to certain eligible investors. Investor A Shares bear certain expenses related to shareholder servicing of such shares. Investor A Shares are generally available through financial intermediaries. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures.

---

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

---

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

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

On February 20, 2025, the Board of Trustees of the Trust (the "Board") approved the closure of the Fund to new and subsequent investments and thereafter to liquidate the Fund. Accordingly, effective 4:00 p.m. (Eastern time) on June 6, 2025, the Fund will no longer accept orders to purchase Fund shares. On June 13, 2025, (the "Liquidation Date"), all of the assets of the Fund will be liquidated completely, the shares of any shareholders on the Liquidation Date will be redeemed at the net asset value ("NAV") per share and the Fund will then be terminated as a series of the Trust.

*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 May 31, 2025, if any, are disclosed in the Statement of Assets and Liabilities.

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

**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.

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

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

*3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS* 

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

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

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

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

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:

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The

N O T E S T O F I N A N C I A L S T A T E M E N T S 13

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Notes to Financial Statements (continued)

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 a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities, but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

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.

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. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES* 

**Investment Advisory:** The Trust, on behalf of the Fund, entered into an Investment Advisory Agreement with the Manager, the Fund's investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. ("BlackRock"), to provide investment advisory services. The Manager is responsible for the management of the Fund's portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of the Fund.

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

---

| | |
|:---|:---|
| *Average Daily Net Assets* | *Investment Advisory Fees* |
|  First $1 billion | 0.70% |
|  $1 billion - $3 billion | 0.66 |
|  $3 billion - $5 billion | 0.63 |
|  $5 billion - $10 billion | 0.61 |
|  Greater than $10 billion | 0.60 |

---

**Service and Distribution Fees:** The Trust, on behalf of the Fund, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC ("BRIL"), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, the Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of the Fund as follows:

---

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

---

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.

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

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Notes to Financial Statements (continued)

For the year ended May 31, 2025, the following table shows the class specific service and distribution fees borne directly by each share class of the Fund:

---

| | |
|:---|:---|
|  | *Investor A* |
|  Service — class specific | $1286 |

---

**Administration:** The Trust, on behalf of the Fund, entered into an Administration Agreement with BAL, to provide general administrative services (other than investment advice and related portfolio activities). BAL has agreed to bear all of the Fund's ordinary operating expenses, excluding, generally, investment advisory fees, distribution fees, brokerage and other expenses related to the execution of portfolio transactions, extraordinary expenses and certain other expenses which are borne by the Fund. BAL may delegate certain of its administration duties to sub-administrators. BAL is entitled to receive for these administrative services an annual fee based on the average daily net assets of the Fund as follows:

---

| | |
|:---|:---|
|  Institutional | 0.15 |
|  Investor A | 0.15 |
|  Class K | 0.05 |

---

From time to time, BAL may waive such fees in whole or in part. Any such waiver will reduce the expenses of the Fund and, accordingly, have a favorable impact on its performance. For the year ended May 31, 2025, there were no fees waived/reimbursed by BAL pursuant to this arrangement.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Institutional* | *Investor A* | *Class K* | *Total* |
|  Administration — class specific | $102 | $771 | $4844 | $5717 |

---

**Other Fees:** For the year ended May 31, 2025, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of the Fund's Investor A Shares for a total of $706.

**Expense Limitations, Waivers and Reimbursements:** The Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Fund pays to the Manager indirectly through its investment in affiliated money market funds (the "affiliated money market fund waiver") through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the trustees who are not "interested persons" of the Trust, as defined in the 1940 Act ("Independent Trustees"), or by a vote of a majority of the outstanding voting securities of the Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the year ended May 31, 2025, the amount waived was $33.

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the Fund's assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Fund. For the year ended May 31, 2025, there were no fees waived by the Manager pursuant to this arrangement.

The fees and expenses of the Fund's Independent Trustees, counsel to the Independent Trustees and the Fund's independent registered public accounting firm (together, the "independent expenses") are paid directly by the Fund. BAL has contractually agreed to reimburse the Fund or provide an offsetting credit for such independent expenses through June 30, 2026. The amount waived is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the year ended May 31, 2025, the amount waived was $24,168.

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

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

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

N O T E S T O F I N A N C I A L S T A T E M E N T S 15

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Notes to Financial Statements (continued)

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds specified thresholds, the Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 84% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2025, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeded a specified threshold, the Fund would retain for the remainder of that calendar year securities lending income in an amount equal to 81% of securities lending income (which excluded collateral investment fees), and this amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by the Fund is shown as securities lending income — affiliated — net in the Statement of Operations. For the year ended May 31, 2025, the Fund paid BIM $227 for securities lending agent services.

**Interfund Lending:** Prior to March 3, 2025, in accordance with an exemptive order (the "Order") from the SEC, the Fund could participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the Fund's investment policies and restrictions. Effective March 3, 2025, the Interfund Lending Program was not renewed but remains available for renewal in the future.

During the period ended March 3, 2025, the Fund did not participate in the Interfund Lending Program.

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

*6. PURCHASES AND SALES* 

For the year ended May 31, 2025, purchases and sales of investments, excluding short-term securities, were $3,916,863 and $3,659,178, respectively.

*7. 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 May 31, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund's financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Fund's NAV.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAVs per share. As of period end, permanent differences attributable to net operating loss were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Paid-in capital* | *Accumulated earnings (loss)* |
|  BlackRock SMID-Cap Growth Equity Fund | $(32358) | $32358 |

---

As of May 31, 2025, the tax components of accumulated earnings (loss) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Non-expiring<br>Capital Loss<br>Carryforwards<sup>(a)</sup>* | *Net Unrealized<br>Gains (Losses)<sup>(b)</sup>* | *Qualified Late-Year<br>Ordinary Losses<sup>(c)</sup>* | *Total* |
|  BlackRock SMID-Cap Growth Equity Fund | $(6278378) | $1197337 | $(13305) | $(5094346) |

---

---

| | |
|:---|:---|
| <sup>(a</sup><sup>)</sup> | Amounts available to offset future realized capital gains.  |

---

<sup>(b)</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.

<sup>(c</sup><sup>)</sup> The Fund has elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

As of May 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Tax Cost* | *Gross Unrealized<br>Appreciation* | *Gross Unrealized<br>Depreciation* | *Net Unrealized<br>Appreciation<br>(Depreciation)* |
|  BlackRock SMID-Cap Growth Equity Fund | $9144800 | $2488255 | $(1290918) | $1197337 |

---

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

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Notes to Financial Statements (continued)

*8. BANK BORROWINGS* 

The Trust, on behalf of the Fund, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Fund may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Fund, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate ("SOFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 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 May 31, 2025, the Fund did not borrow under the credit agreement.

*9. PRINCIPAL RISKS* 

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

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

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

**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.

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

The Fund invests a significant portion of its assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the income from, or the value or liquidity of, the Fund's portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

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.

N O T E S T O F I N A N C I A L S T A T E M E N T S 17

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Notes to Financial Statements (continued)

*10. CAPITAL SHARE TRANSACTIONS* 

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended 05/31/25 | Year Ended 05/31/25 | Year Ended 05/31/24 | Year Ended 05/31/24 |
| *Share Class* | *Shares* | *Amount* | *Shares* | *Amount* |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 22 | $317 |  | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 38184 | $452334 | 17493 | $221015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (7317) | (98410) | (7238) | (89255) |
|  | 30867 | $353924 | 10255 | $131760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 93 | $1200 | 87 | $1055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1) | (10) | (31) | (400) |
|  | 92 | $1190 | 56 | $655 |
|  | 30981 | $355431 | 10311 | $132415 |

---

As of May 31, 2025, shares owned by BlackRock Financial Management, Inc., an affiliate of the Fund, were as follows:

---

| | |
|:---|:---|
| *Share Class* | |
|  Institutional | 5000 |
|  Investor A | 5000 |
|  Class K | 740000 |

---

*11. 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 items were noted:

On June 13, 2025, all of the assets of the Fund were liquidated completely, the shares of any shareholders were redeemed at the NAV per share and the Fund was terminated as a series of the Trust.

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Report of Independent Registered Public Accounting Firm

To the Shareholders of BlackRock SMID-Cap Growth Equity Fund and the Board of Trustees of BlackRock Funds<sup>SM</sup>:

#### Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of BlackRock SMID-Cap Growth Equity Fund of BlackRock FundsSM (the "Fund"), including the schedule of investments, as of May 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended and for the period from June 29, 2021 (commencement of operations) through May 31, 2022, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of May 31, 2025, 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 three years in the period then ended and for the period from June 29, 2021 (commencement of operations) through May 31, 2022, 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 May 31, 2025, 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

July 22, 2025

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

R E P O R T O F I N D E P E N D E N T R E G I S T E R E D P U B L I C A C C O U N T I N G F I R M 19

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Disclosure of Investment Advisory Agreement

The Board of Trustees (the "Board", the members of which are referred to as "Board Members") of BlackRock Funds (the "Trust") met on April 22, 2025 (the "April Meeting") and May 20-21, 2025 (the "May Meeting") to consider the approval to continue the investment advisory agreement (the "Agreement") between the Trust, on behalf of BlackRock SMID-Cap Growth Equity Fund (the "Fund"), and BlackRock Advisors, LLC (the "Manager" or "BlackRock"), the Fund's investment advisor.

#### The Approval Process
Consistent with the requirements of the Investment Company Act of 1940 (the "1940 Act"), the Board considers the approval of the continuation of the Agreement for the Fund on an annual basis. The Board Members who are not "interested persons" of the Trust, as defined in the 1940 Act, are considered independent Board Members (the "Independent Board Members"). The Board's consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock's various services to the Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, as well as numerous ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also held the April Meeting to consider specific information regarding the renewal of the Agreement. In considering the renewal of the Agreement, the Board assessed, among other things, the nature, extent and quality of the services provided to the Fund by BlackRock, BlackRock's personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock's management.

During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreement, including the services and support provided by BlackRock to the Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management's and portfolio managers' investment performance analyses, and the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by the Fund for services; (c) Fund operating expenses and how BlackRock allocates expenses to the Fund; (d) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of the Fund's investment objective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock's and the Fund's adherence to applicable compliance policies and procedures; (f) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as applicable; (g) BlackRock's and other service providers' internal controls and risk and compliance oversight mechanisms; (h) BlackRock's implementation of the proxy voting policies approved by the Board; (i) the use of brokerage commissions and execution quality of portfolio transactions; (j) BlackRock's implementation of the Fund's valuation and liquidity procedures; (k) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, exchange-traded fund ("ETF"), closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to the Fund; (l) BlackRock's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage; and (m) periodic updates on BlackRock's business.

Prior to and in preparation for the April Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreement. The Independent Board Members continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the April Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), based on either a Lipper classification or Morningstar category, regarding the Fund's fees and expenses as compared with a peer group of funds as determined by Broadridge ("Expense Peers") and the investment performance of the Fund as compared with a peer group of funds ("Performance Peers"); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge's methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreement and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, ETFs, closed-end funds, open-end funds, and separately managed accounts, under similar investment mandates, as well as the performance of such other products, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with the Fund; (g) a summary of aggregate amounts paid by the Fund to BlackRock; (h) sales and redemption data regarding the Fund's shares; and (i) various additional information requested by the Board as appropriate regarding BlackRock's and the Fund's operations.

At the April Meeting, the Board reviewed materials relating to its consideration of the Agreement and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the May Meeting, and such responses were reviewed by the Board Members.

At the May Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of the Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with the Fund; (d) the Fund's fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock's relationship with the Fund; and (g) other factors deemed relevant by the Board Members.

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock's services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock's personnel to engage in open, candid discussions with the Board. The Board evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

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Disclosure of Investment Advisory Agreement (continued)

*A. Nature, Extent and Quality of the Services Provided by BlackRock* 

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of the Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of mutual funds, relevant benchmarks, and performance metrics, as applicable. The Board met with BlackRock's senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by the Fund's portfolio management team discussing the Fund's performance, investment strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the experience of the Fund's portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of certain trading, portfolio management, operations and/or information systems owned by BlackRock; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock's overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock's Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock's compensation structure with respect to the Fund's portfolio management team and BlackRock's ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to the Fund. BlackRock and its affiliates provide the Fund with certain administrative, shareholder and other services (in addition to any such services provided to the Fund by third parties) and officers and other personnel as are necessary for the operations of the Fund. In particular, BlackRock and its affiliates provide the Fund with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of third-party service providers including, among others, the Fund's custodian, fund accountant, transfer agent, and auditor; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of the Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing the Fund's distribution partners, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock's fund administration, shareholder services, and legal and compliance departments and considered BlackRock's policies and procedures for assuring compliance with applicable laws and regulations. The Board also considered the operation of BlackRock's business continuity plans.

*B. The Investment Performance of the Fund* 

The Board, including the Independent Board Members, reviewed and considered the performance history of the Fund throughout the year and at the April Meeting. The Board was provided with Fund performance reporting and analysis, relative to applicable performance metrics, by BlackRock throughout the year and at the April meeting. In preparation for the April Meeting, the Board was also provided with reports independently prepared by Broadridge, which included an analysis of the Fund's performance as of December 31, 2024, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of the Fund as compared to its Performance Peers. The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of the Fund throughout the year.

In evaluating performance, the Board focused particular attention on funds with less favorable performance records. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.

The Board noted that for each of the one-year, three-year and since-inception periods reported, the Fund ranked in the fourth quartile against its Performance Peers. The Board and BlackRock reviewed the Fund's underperformance relative to its Performance Peers during the applicable periods. The Board was informed that, among other things, underperformance was driven by stock specific issues as well as an unfavorable macroeconomic backdrop that impacted SMID-cap growth to a higher degree than the overall market. The Board and BlackRock discussed BlackRock's strategy for improving the Fund's investment performance. Discussions covered topics such as performance attribution, the Fund's investment personnel, and the resources appropriate to support the Fund's investment processes.

*C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with the Fund* 

The Board, including the Independent Board Members, reviewed the Fund's contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared the Fund's total expense ratio, as well as its actual management fee rate, to those of its Expense Peers. The total expense ratio represents a fund's total net operating expenses, including any 12b-1 or non-12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered that the fee and expense information in the Broadridge report for the Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Board also noted that while it found the expense comparison provided by Broadridge generally useful, it recognized that the comparison is subject to Broadridge's defined peer selection criteria and methodology. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

D I S C L O S U R E O F I N V E S T M E N T A D V I S O R Y A G R E E M E N T 21

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Disclosure of Investment Advisory Agreement (continued)

The Board reviewed BlackRock's profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to the Fund. The Board reviewed BlackRock's estimated profitability with respect to the Fund and other funds the Board currently oversees for the year ended December 31, 2024 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock's estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock's assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized the limitations of calculating and comparing profitability at the individual fund level.

The Board received and reviewed statements relating to BlackRock's financial condition. The Board reviewed BlackRock's overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of BlackRock's technology business, BlackRock's expense management, and the relative product mix. The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available.

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreement and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock's commitment of time and resources, assumption of risk, and liability profile in servicing the Fund, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, ETF, closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable.

The Board noted that the Fund's contractual management fee rate ranked in the third quartile, and that the actual management fee rate and total expense ratio ranked in the third and first quartiles, respectively, relative to the Fund's Expense Peers. The Board also noted that the Fund has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the size of the Fund increases above certain contractually specified levels. The Board additionally noted that the breakpoints can, conversely, adjust the advisory fee rate upward as the size of the Fund decreases below certain contractually specified levels. The Board further noted that BlackRock and its affiliates have contractually agreed to reimburse or otherwise compensate the Fund for certain other fees and expenses.

*D. Economies of Scale* 

The Board, including the Independent Board Members, considered the extent to which any economies of scale might benefit the Fund in a variety of ways as the assets of the Fund increase. The Board considered multiple factors, including the advisory fee rate and breakpoints, unitary fee structure, fee waivers, and/or expense caps, as applicable. The Board considered the Fund's asset levels and whether the current fee schedule was appropriate.

*E. Other Factors Deemed Relevant by the Board Members* 

The Board, including the Independent Board Members, also took into account other ancillary or "fall-out" benefits that BlackRock or its affiliates may derive from BlackRock's respective relationships with the Fund, both tangible and intangible, such as BlackRock's ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock's profile in the investment advisory community, and the engagement of BlackRock's affiliates as service providers to the Fund, including for administrative, distribution, securities lending and cash management services. With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The Board also considered BlackRock's overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreement, the Board also received information regarding BlackRock's brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board noted the competitive nature of the mutual fund marketplace, and that shareholders are able to redeem their Fund shares if they believe that the Fund's fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

#### Conclusion
At the May Meeting, in a continuation of the discussions that occurred during the April Meeting, and as a culmination of the Board's year-long deliberative process, the Board, including the Independent Board Members, unanimously approved the continuation of the Agreement between the Manager and the Trust, on behalf of the Fund, for a one-year term ending June 30, 2026. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreement were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at its decision to approve the Agreement, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.

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Additional Information

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

#### Proxy Results
Not applicable.

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

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

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

To enroll in electronic delivery:

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

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

2. Select "Access Your Account"

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

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

#### Shareholder Privileges

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

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

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

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

A D D I T I O N A L I N F O R M A T I O N 23

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Additional Information (continued)

#### Fund and Service Providers

#### Investment Adviser and Administrator
BlackRock Advisors, LLC

Wilmington, DE 19809

#### Sub-Adviser
BlackRock International Limited

Edinburgh, EH3 8BL

United Kingdom

#### Accounting Agent and Transfer Agent
BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

#### Custodian
The Bank of New York Mellon

New York, NY 10286

#### Distributor
BlackRock Investments, LLC

New York, NY 10001

#### Independent Registered Public Accounting Firm
Deloitte & Touche LLP

Boston, MA 02110.

#### Legal Counsel
Sidley Austin LLP

New York, NY 10019

#### Address of the Trust
100 Bellevue Parkway

Wilmington, DE 19809

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Glossary of Terms Used in these Financial Statements

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| | |
|:---|:---|
| Portfolio Abbreviation | Portfolio Abbreviation |
| NVS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Voting Shares |
| REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trust |

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G L O S S A R Y O F T E R M S U S E D I N T H E S E FI N A N C I A L S T A T E M E N T S 25

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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.

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| | |
|:---|:---|
| ![LOGO](g34788g42l24.jpg)  | ![LOGO](g34788bclogo.jpg) |

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| | |
|:---|:---|
| ![LOGO](g34788g42l24.jpg)  | **MAY 31, 2025** |

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**2025 Annual Financial Statements and Additional Information**

#### BlackRock Funds<sup>SM</sup>
· BlackRock U.S. Insights Long/Short Equity Fund

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

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**Table of Contents**

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| | |
|:---|:---|
|  | **Page** |
|  [Derivative Financial Instruments](#fin934788_1) | 3 |
|  [Schedule of Investments](#fin934788_2) | 4 |
|  [Statement of Assets and Liabilities](#fin934788_3) | 18 |
|  [Statement of Operations](#fin934788_4) | 19 |
|  [Statements of Changes in Net Assets](#fin934788_5) | 20 |
|  [Financial Highlights](#fin934788_6) | 21 |
|  [Notes to Financial Statements](#fin934788_7) | 24 |
|  [Report of Independent Registered Public Accounting Firm](#fin934788_8) | 34 |
|  [Important Tax Information](#fin934788_9) | 35 |
|  [Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement](#fin934788_10) | 36 |
|  [Additional Information](#fin934788_11) | 39 |
|  [Glossary of Terms Used in these Financial Statements](#fin934788_12) | 41 |

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2.0 ------

Derivative Financial Instruments

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

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

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| | |
|:---|:---|
| Schedule of Investments<br> May 31, 2025 | **BlackRock U.S. Insights Long/Short Equity Fund**<br> **(Percentages shown are based on Net Assets)** |

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| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> *Shares* | *Value* |
|  **Common Stocks** |  |  |
| **Capital Markets — 0.3%** |  |  |
|  Etoro Group Ltd., Class A<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;580 | $&nbsp;&nbsp;&nbsp;&nbsp;34336 |
| **Health Care Providers & Services — 0.2%** |  |  |
|  Hinge Health, Inc., Class A<sup>(a)</sup>  | 696 | 27033 |
| **Media — 0.2%** |  |  |
|  MNTN, Inc., Class A<sup>(a)</sup>  | 758 | 19124 |
|  **Software — 0.1%** |  |  |
|  SailPoint, Inc.<sup>(a)</sup>  | 463 | 8158 |
|  **Total Long-Term Investments — 0.8%<br>(Cost: $75,209)** |  | 88651 |

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| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
|  **Short-Term Securities** |  |  |  |
| **U.S. Treasury Obligations<sup>(b)</sup> — 88.9%** |  |  |  |
|  U.S. Treasury Bills, 4.17%, 11/06/25 | USD | 10710 | $10514977 |
|  **Total Short-Term Securities — 88.9%<br>(Cost: $10,517,709)** |  |  | 10514977 |
|  **Total Investments — 89.7%<br>(Cost: $10,592,918)** |  |  | 10603628 |
|  **Other Assets Less Liabilities — 10.3%** | **Other Assets Less Liabilities — 10.3%** |  | 1223900 |
|  **Net Assets — 100.0%** |  |  | $11827528 |

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

<sup>(b)</sup> Rates are discount rates or a range of discount rates as of period end.

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended May 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>05/31/24* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>05/31/25* | *Shares<br>Held at<br>05/31/25* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares<sup>(a)</sup>  | $3806 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(3804)<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 <sup>(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

<sup>(a)</sup> As of period end, the entity is no longer held.

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

<sup>(c)</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

#### Equity Swap Contracts

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* |  | *Notional*<br> *Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment<br>Frequency* | *Value/Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts<sup>(a)</sup>  |  |  |  |  |  |  |  |  |
|  AbbVie, Inc. | HSBC Bank PLC | USD | 62540 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | $179 |
|  Accenture PLC, Class A | Goldman Sachs Bank USA |  | 9373 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (185) |
|  Accenture PLC, Class A | Merrill Lynch International |  | 53006 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (1048) |
|  Alcon AG | HSBC Bank PLC |  | 96455 | 02/09/28 |  | 1D OBFR01 | Monthly | (10000) |
|  Allegion PLC | Barclays Bank PLC |  | 17845 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 135 |
|  Allegion PLC | Goldman Sachs Bank USA |  | 92463 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (136) |
|  Allegion PLC | HSBC Bank PLC |  | 146546 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 1862 |
|  Allegion PLC | Merrill Lynch International |  | 79601 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (117) |
|  Allstate Corp. (The) | Barclays Bank PLC |  | 5873 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 213 |
|  Allstate Corp. (The) | Merrill Lynch International |  | 112899 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 2530 |
|  Alphabet, Inc., Class A | HSBC Bank PLC |  | 23759 | 02/09/28 |  | 1D OBFR01 | Monthly | 2689 |
|  Alphabet, Inc., Class A | Merrill Lynch International |  | 319066 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 15140 |
|  Amazon.com, Inc. | Barclays Bank PLC |  | 29450 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 277 |
|  Amazon.com, Inc. | Goldman Sachs Bank USA |  | 243332 | 08/19/26 | 0.20% | 1D FEDL01 | Monthly | (190) |
|  Amazon.com, Inc. | HSBC Bank PLC |  | 154132 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | (1604) |
|  Amazon.com, Inc. | Merrill Lynch International |  | 96430 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (75) |
|  Ameren Corp. | Goldman Sachs Bank USA |  | 60706 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 38 |
|  Ameren Corp. | Merrill Lynch International |  | 2324 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 1 |

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

------

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock U.S. Insights Long/Short Equity Fund** |

---

#### Equity Swap Contracts (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* |  | *Notional<br>Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment<br>Frequency* | *Value/Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts<sup>(a)</sup> (continued) |  |  |  |  |  |  |  |  |
|  Apple Inc. | Goldman Sachs Bank USA | USD | 11207 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | $(562) |
|  Apple Inc. | HSBC Bank PLC |  | 315984 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 5376 |
|  Aptiv PLC | Goldman Sachs Bank USA |  | 54412 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (1031) |
|  Aptiv PLC | Merrill Lynch International |  | 33369 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (632) |
|  ASML Holding NV, Registered Shares | Barclays Bank PLC |  | 25184 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | (134) |
|  ASML Holding NV, Registered Shares | Goldman Sachs Bank USA |  | 3792 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (108) |
|  ASML Holding NV, Registered Shares | HSBC Bank PLC |  | 56642 | 02/09/28 |  | 1D OBFR01 | Monthly | 2299 |
|  Assurant, Inc. | Merrill Lynch International |  | 59445 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 1043 |
|  Avantor, Inc. | Barclays Bank PLC |  | 28163 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 109 |
|  Avantor, Inc. | Goldman Sachs Bank USA |  | 33898 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 185 |
|  Avantor, Inc. | HSBC Bank PLC |  | 20102 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 1031 |
|  Avantor, Inc. | Merrill Lynch International |  | 1400 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 8 |
|  Bank of America Corp. | Barclays Bank PLC |  | 2815 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 53 |
|  Bank of America Corp. | Goldman Sachs Bank USA |  | 67324 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (379) |
|  Bank of America Corp. | HSBC Bank PLC |  | 29162 | 02/09/28 |  | 1D OBFR01 | Monthly | 1774 |
|  Baxter International, Inc. | Barclays Bank PLC |  | 35325 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 268 |
|  Baxter International, Inc. | Goldman Sachs Bank USA |  | 77259 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (1344) |
|  Baxter International, Inc. | Merrill Lynch International |  | 22194 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (386) |
|  Biogen, Inc. | HSBC Bank PLC |  | 6985 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 673 |
|  Biogen, Inc. | Merrill Lynch International |  | 69272 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 3410 |
|  Blue Owl Capital, Inc., Class A | Goldman Sachs Bank USA |  | 151623 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (5023) |
|  Blue Owl Capital, Inc., Class A | HSBC Bank PLC |  | 62943 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 475 |
|  Boston Scientific Corp. | Barclays Bank PLC |  | 38874 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 283 |
|  Boston Scientific Corp. | Merrill Lynch International |  | 138310 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 528 |
|  BP PLC, ADR | Barclays Bank PLC |  | 221536 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 1225 |
|  BP PLC, ADR | Goldman Sachs Bank USA |  | 3433 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (115) |
|  BP PLC, ADR | HSBC Bank PLC |  | 18412 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 328 |
|  BP PLC, ADR | Merrill Lynch International |  | 28243 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (947) |
|  Broadcom, Inc. | Goldman Sachs Bank USA |  | 251716 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 10203 |
|  Broadcom, Inc. | HSBC Bank PLC |  | 211094 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 34849 |
|  Broadcom, Inc. | Merrill Lynch International |  | 9306 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 377 |
|  Cadence Design Systems, Inc. | HSBC Bank PLC |  | 170918 | 02/09/28 |  | 1D OBFR01 | Monthly | (11594) |
|  Cadence Design Systems, Inc. | Merrill Lynch International |  | 133246 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (13251) |
|  Camden Property Trust | Barclays Bank PLC |  | 61547 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 1662 |
|  Capital One Financial Corp. | Barclays Bank PLC |  | 104352 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 327 |
|  Capital One Financial Corp. | HSBC Bank PLC |  | 36294 | 02/09/28 |  | 1D OBFR01 | Monthly | 142 |
|  Cardinal Health, Inc. | Barclays Bank PLC |  | 54591 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 698 |
|  Cardinal Health, Inc. | Goldman Sachs Bank USA |  | 27322 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 323 |
|  Cardinal Health, Inc. | HSBC Bank PLC |  | 97787 | 02/09/28 |  | 1D OBFR01 | Monthly | 4761 |
|  Carlyle Group, Inc. (The) | Barclays Bank PLC |  | 72910 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 1264 |
|  Carvana Co., Class A | Barclays Bank PLC |  | 17833 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 1470 |
|  Carvana Co., Class A | HSBC Bank PLC |  | 77093 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 11240 |
|  Carvana Co., Class A | Merrill Lynch International |  | 10706 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 1071 |
|  Cencora, Inc. | Barclays Bank PLC |  | 190192 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 279 |
|  Cencora, Inc. | Goldman Sachs Bank USA |  | 36318 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 669 |
|  Charles Schwab Corp. (The) | Barclays Bank PLC |  | 61030 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 720 |
|  Charles Schwab Corp. (The) | HSBC Bank PLC |  | 24130 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 1135 |
|  Charles Schwab Corp. (The) | Merrill Lynch International |  | 70840 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 185 |
|  Chevron Corp. | Goldman Sachs Bank USA |  | 11950 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (467) |
|  Chevron Corp. | HSBC Bank PLC |  | 94695 | 02/09/28 |  | 1D OBFR01 | Monthly | (235) |
|  Chevron Corp. | Merrill Lynch International |  | 159616 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (6238) |
|  Cintas Corp. | Barclays Bank PLC |  | 77138 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 1684 |
|  Cisco Systems, Inc. | Barclays Bank PLC |  | 91492 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | (462) |
|  Cisco Systems, Inc. | Goldman Sachs Bank USA |  | 6940 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (132) |
|  Cisco Systems, Inc. | Merrill Lynch International |  | 22877 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (434) |
|  Citigroup, Inc. | HSBC Bank PLC |  | 81741 | 02/09/28 |  | 1D OBFR01 | Monthly | 4199 |
|  Citigroup, Inc. | Merrill Lynch International |  | 139387 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (1174) |
|  Citizens Financial Group, Inc. | Goldman Sachs Bank USA |  | 20651 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (678) |
|  Citizens Financial Group, Inc. | HSBC Bank PLC |  | 30264 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 1048 |
|  Citizens Financial Group, Inc. | Merrill Lynch International |  | 182400 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (5990) |

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

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock U.S. Insights Long/Short Equity Fund** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* |  | *Notional<br>Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment<br>Frequency* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts<sup>(a)</sup> (continued) |  |  |  |  |  |  |  |  |
|  Coca-Cola Co. (The) | Barclays Bank PLC | USD | 16718 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | $226 |
|  Coca-Cola Co. (The) | HSBC Bank PLC |  | 68821 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 899 |
|  Cognizant Technology Solutions Corp., Class A | HSBC Bank PLC |  | 61229 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 1376 |
|  Coherent Corp. | Goldman Sachs Bank USA |  | 51233 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (2074) |
|  Coherent Corp. | HSBC Bank PLC |  | 4730 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 338 |
|  Coherent Corp. | Merrill Lynch International |  | 5281 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (214) |
|  Colgate-Palmolive Co. | Barclays Bank PLC |  | 17635 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 396 |
|  Colgate-Palmolive Co. | HSBC Bank PLC |  | 107724 | 02/09/28 |  | 1D OBFR01 | Monthly | 2502 |
|  Comcast Corp., Class A | Barclays Bank PLC |  | 2940 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | (2) |
|  Comcast Corp., Class A | Goldman Sachs Bank USA |  | 194315 | 08/19/26 | 0.20% | 1D FEDL01 | Monthly | (4180) |
|  Confluent, Inc., Class A | HSBC Bank PLC |  | 21903 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 2140 |
|  Confluent, Inc., Class A | Merrill Lynch International |  | 70889 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 942 |
|  Crown Castle, Inc. | HSBC Bank PLC |  | 140151 | 02/09/28 |  | 1D OBFR01 | Monthly | (3976) |
|  CVS Health Corp. | Goldman Sachs Bank USA |  | 123056 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 7265 |
|  CVS Health Corp. | HSBC Bank PLC |  | 2375 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | (133) |
|  CVS Health Corp. | Merrill Lynch International |  | 4959 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 293 |
|  Danaher Corp. | Barclays Bank PLC |  | 69180 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 893 |
|  Danaher Corp. | Goldman Sachs Bank USA |  | 95666 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (526) |
|  Danaher Corp. | HSBC Bank PLC |  | 13637 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | (344) |
|  Danaher Corp. | Merrill Lynch International |  | 12412 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (68) |
|  Devon Energy Corp. | Barclays Bank PLC |  | 37804 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | (1068) |
|  Devon Energy Corp. | Goldman Sachs Bank USA |  | 45992 | 08/19/26 | 0.20% | 1D FEDL01 | Monthly | (4324) |
|  Devon Energy Corp. | HSBC Bank PLC |  | 34484 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | (1804) |
|  Devon Energy Corp. | Merrill Lynch International |  | 54041 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (5081) |
|  Dexcom, Inc. | Merrill Lynch International |  | 60654 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 92 |
|  Dollar General Corp. | Goldman Sachs Bank USA |  | 54957 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 2518 |
|  Dominion Energy, Inc. | Barclays Bank PLC |  | 25270 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 459 |
|  Dominion Energy, Inc. | Goldman Sachs Bank USA |  | 173596 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 5141 |
|  DTE Energy Co. | Barclays Bank PLC |  | 62464 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 942 |
|  Dun & Bradstreet Holdings, Inc. | Barclays Bank PLC |  | 1600 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 4 |
|  Dun & Bradstreet Holdings, Inc. | Goldman Sachs Bank USA |  | 25584 | 08/19/26 | 0.20% | 1D FEDL01 | Monthly | 85 |
|  Dun & Bradstreet Holdings, Inc. | HSBC Bank PLC |  | 51578 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 230 |
|  Dun & Bradstreet Holdings, Inc. | Merrill Lynch International |  | 33424 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 112 |
|  Ecolab, Inc. | Barclays Bank PLC |  | 10646 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 244 |
|  Ecolab, Inc. | Goldman Sachs Bank USA |  | 79332 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 3010 |
|  Edwards Lifesciences Corp. | Barclays Bank PLC |  | 217340 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 9968 |
|  Elevance Health, Inc. | Barclays Bank PLC |  | 3845 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | (7) |
|  Elevance Health, Inc. | HSBC Bank PLC |  | 2474 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | (171) |
|  Elevance Health, Inc. | Merrill Lynch International |  | 54990 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (869) |
|  Entegris, Inc. | Barclays Bank PLC |  | 32707 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | (1980) |
|  Entegris, Inc. | Goldman Sachs Bank USA |  | 12722 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (1586) |
|  Entegris, Inc. | HSBC Bank PLC |  | 12410 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | (1343) |
|  Entegris, Inc. | Merrill Lynch International |  | 4496 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (372) |
|  Entergy Corp. | Barclays Bank PLC |  | 180604 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 4444 |
|  Entergy Corp. | Merrill Lynch International |  | 5809 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 104 |
|  EOG Resources, Inc. | Barclays Bank PLC |  | 19942 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | (400) |
|  EOG Resources, Inc. | HSBC Bank PLC |  | 13933 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | (145) |
|  EOG Resources, Inc. | Merrill Lynch International |  | 51210 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (3222) |
|  EQT Corp. | Merrill Lynch International |  | 61088 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (1547) |
|  Equinix, Inc. | Barclays Bank PLC |  | 3466 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 89 |
|  Equinix, Inc. | Goldman Sachs Bank USA |  | 57238 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 1424 |
|  Equinix, Inc. | Merrill Lynch International |  | 36424 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 906 |
|  Evergy, Inc. | Barclays Bank PLC |  | 22916 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 61 |
|  Evergy, Inc. | Merrill Lynch International |  | 60142 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (638) |
|  Exelon Corp. | Merrill Lynch International |  | 58891 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 529 |
|  Fidelity National Financial, Inc., Class A | Barclays Bank PLC |  | 103379 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 2217 |
|  Fidelity National Financial, Inc., Class A | Goldman Sachs Bank USA |  | 29596 | 08/19/26 | 0.20% | 1D FEDL01 | Monthly | (1444) |
|  Fidelity National Financial, Inc., Class A | HSBC Bank PLC |  | 129636 | 02/09/28 |  | 1D OBFR01 | Monthly | (10785) |
|  Flutter Entertainment PLC | Barclays Bank PLC |  | 17148 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 1046 |
|  Flutter Entertainment PLC | Goldman Sachs Bank USA |  | 31733 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 1118 |

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

------

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock U.S. Insights Long/Short Equity Fund** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional<br>Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment<br>Frequency* | *Value/Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts<sup>(a)</sup> (continued) |  |  |  |  |  |  |  |
|  Flutter Entertainment PLC | HSBC Bank PLC | USD 36,839 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | $1572 |
|  Flutter Entertainment PLC | Merrill Lynch International | 77380 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 2726 |
|  Fortrea Holdings, Inc. | Barclays Bank PLC | 28086 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 397 |
|  Fortrea Holdings, Inc. | Goldman Sachs Bank USA | 11310 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (1071) |
|  Fortrea Holdings, Inc. | HSBC Bank PLC | 18624 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | (5165) |
|  Fortrea Holdings, Inc. | Merrill Lynch International | 12168 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (798) |
|  Fox Corp., Class A, NVS | Barclays Bank PLC | 60038 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | (44) |
|  Fox Corp., Class A, NVS | HSBC Bank PLC | 2723 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 244 |
|  Fox Corp., Class A, NVS | Merrill Lynch International | 2884 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (27) |
|  Franklin Resources, Inc. | Merrill Lynch International | 60951 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (1484) |
|  General Motors Co. | Barclays Bank PLC | 49724 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 333 |
|  General Motors Co. | HSBC Bank PLC | 43562 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 2079 |
|  General Motors Co. | Merrill Lynch International | 2105 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (21) |
|  Gitlab, Inc., Class A | Barclays Bank PLC | 6210 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | (294) |
|  Gitlab, Inc., Class A | Goldman Sachs Bank USA | 6891 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (838) |
|  Gitlab, Inc., Class A | HSBC Bank PLC | 44428 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | (3606) |
|  Gitlab, Inc., Class A | Merrill Lynch International | 13108 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (1594) |
|  Hasbro, Inc. | Merrill Lynch International | 96116 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 347 |
|  Hess Corp. | Barclays Bank PLC | 286434 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 4780 |
|  Hess Corp. | Goldman Sachs Bank USA | 18370 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (392) |
|  Hilton Worldwide Holdings, Inc. | Barclays Bank PLC | 60744 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 372 |
|  Home Depot, Inc. (The) | Barclays Bank PLC | 11350 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 67 |
|  Home Depot, Inc. (The) | Goldman Sachs Bank USA | 22718 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (620) |
|  Home Depot, Inc. (The) | HSBC Bank PLC | 11311 | 02/09/28 |  | 1D OBFR01 | Monthly | 106 |
|  Home Depot, Inc. (The) | Merrill Lynch International | 89735 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (2451) |
|  Hubbell, Inc. | Barclays Bank PLC | 1947 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 1 |
|  Hubbell, Inc. | Goldman Sachs Bank USA | 3480 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 26 |
|  Hubbell, Inc. | HSBC Bank PLC | 53895 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 5321 |
|  Hubbell, Inc. | Merrill Lynch International | 68435 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 520 |
|  Huntington Bancshares, Inc. | Barclays Bank PLC | 62476 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 810 |
|  Huntington Bancshares, Inc. | Merrill Lynch International | 3784 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (110) |
|  ICON PLC | Barclays Bank PLC | 48764 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 1263 |
|  ICON PLC | Goldman Sachs Bank USA | 7713 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (26) |
|  ICON PLC | HSBC Bank PLC | 2107 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | (153) |
|  ICON PLC | Merrill Lynch International | 1568 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (5) |
|  Intercontinental Exchange, Inc. | Goldman Sachs Bank USA | 71514 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 2025 |
|  Intercontinental Exchange, Inc. | Merrill Lynch International | 4721 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 134 |
|  International Flavors & Fragrances, Inc. | Goldman Sachs Bank USA | 64558 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 365 |
|  Intuit, Inc. | Barclays Bank PLC | 57282 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 7516 |
|  Intuit, Inc. | HSBC Bank PLC | 5905 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 876 |
|  Intuitive Surgical, Inc. | Barclays Bank PLC | 4884 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 87 |
|  Intuitive Surgical, Inc. | Merrill Lynch International | 64992 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (921) |
|  Invesco Ltd. | Merrill Lynch International | 70457 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (3955) |
|  Johnson Controls International PLC | Barclays Bank PLC | 69960 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 2317 |
|  Johnson Controls International PLC | HSBC Bank PLC | 5292 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 588 |
|  Johnson Controls International PLC | Merrill Lynch International | 21681 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 1026 |
|  Jones Lang LaSalle, Inc. | Goldman Sachs Bank USA | 4004 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (218) |
|  Jones Lang LaSalle, Inc. | Merrill Lynch International | 59827 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (3261) |
|  Keurig Dr Pepper, Inc. | Barclays Bank PLC | 49713 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 994 |
|  Keurig Dr Pepper, Inc. | Merrill Lynch International | 66275 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 257 |
|  Keysight Technologies, Inc. | Barclays Bank PLC | 65828 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | (1913) |
|  Keysight Technologies, Inc. | Goldman Sachs Bank USA | 32132 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (1509) |
|  Keysight Technologies, Inc. | HSBC Bank PLC | 79469 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 2506 |
|  L3Harris Technologies, Inc. | Merrill Lynch International | 61706 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 4755 |
|  M&T Bank Corp. | Barclays Bank PLC | 16074 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 181 |
|  M&T Bank Corp. | HSBC Bank PLC | 43759 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 1171 |
|  Marvell Technology, Inc. | Goldman Sachs Bank USA | 95062 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (7305) |
|  Marvell Technology, Inc. | HSBC Bank PLC | 35154 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 1562 |
|  Marvell Technology, Inc. | Merrill Lynch International | 49943 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (3838) |
|  Mastercard, Inc., Class A | Barclays Bank PLC | 59865 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 1623 |

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

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock U.S. Insights Long/Short Equity Fund** |

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* |  | *Notional<br>Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment<br>Frequency* | *Value/Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts<sup>(a)</sup> (continued) |  |  |  |  |  |  |  |  |
|  Mastercard, Inc., Class A | Goldman Sachs Bank USA | USD | 5822 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | $34 |
|  McKesson Corp. | Barclays Bank PLC |  | 8528 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 106 |
|  McKesson Corp. | Goldman Sachs Bank USA |  | 67142 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 1211 |
|  McKesson Corp. | HSBC Bank PLC |  | 11044 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 468 |
|  McKesson Corp. | Merrill Lynch International |  | 21203 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 382 |
|  Medtronic PLC | Barclays Bank PLC |  | 57689 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 1476 |
|  Medtronic PLC | Merrill Lynch International |  | 11969 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (435) |
|  Meta Platforms, Inc., Class A | Barclays Bank PLC |  | 19734 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 339 |
|  Meta Platforms, Inc., Class A | Goldman Sachs Bank USA |  | 95938 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 538 |
|  Meta Platforms, Inc., Class A | HSBC Bank PLC |  | 87510 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 5082 |
|  Microsoft Corp. | Barclays Bank PLC |  | 115080 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 1391 |
|  Microsoft Corp. | Goldman Sachs Bank USA |  | 498443 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 7953 |
|  Microsoft Corp. | Merrill Lynch International |  | 151799 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 2422 |
|  MongoDB, Inc., Class A | Barclays Bank PLC |  | 41676 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 55 |
|  MongoDB, Inc., Class A | Goldman Sachs Bank USA |  | 46101 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (404) |
|  MongoDB, Inc., Class A | HSBC Bank PLC |  | 35673 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 1904 |
|  MongoDB, Inc., Class A | Merrill Lynch International |  | 30480 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (267) |
|  Morgan Stanley | Barclays Bank PLC |  | 60100 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 842 |
|  Motorola Solutions, Inc. | Goldman Sachs Bank USA |  | 47665 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (1142) |
|  Motorola Solutions, Inc. | Merrill Lynch International |  | 11916 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (286) |
|  Nasdaq, Inc. | Goldman Sachs Bank USA |  | 21864 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 608 |
|  Nasdaq, Inc. | Merrill Lynch International |  | 42428 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 1180 |
|  Natera, Inc. | Barclays Bank PLC |  | 8844 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 304 |
|  Natera, Inc. | HSBC Bank PLC |  | 7641 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | (227) |
|  Natera, Inc. | Merrill Lynch International |  | 62150 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 3465 |
|  Netflix, Inc. | Barclays Bank PLC |  | 104541 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 1695 |
|  Netflix, Inc. | Goldman Sachs Bank USA |  | 35136 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (126) |
|  NextEra Energy, Inc. | Barclays Bank PLC |  | 55828 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 3086 |
|  NextEra Energy, Inc. | HSBC Bank PLC |  | 2323 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 79 |
|  NextEra Energy, Inc. | Merrill Lynch International |  | 3728 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (196) |
|  Nice Ltd., ADR | HSBC Bank PLC |  | 64198 | 02/09/28 |  | 1D OBFR01 | Monthly | 847 |
|  Nice Ltd., ADR | Merrill Lynch International |  | 18528 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 554 |
|  NVIDIA Corp. | Barclays Bank PLC |  | 387465 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 6709 |
|  NVIDIA Corp. | Goldman Sachs Bank USA |  | 29797 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 66 |
|  Old Dominion Freight Line, Inc. | Barclays Bank PLC |  | 100146 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | (2122) |
|  Old Dominion Freight Line, Inc. | HSBC Bank PLC |  | 11208 | 02/09/28 |  | 1D OBFR01 | Monthly | 3 |
|  Parker-Hannifin Corp. | HSBC Bank PLC |  | 132791 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 4802 |
|  PG&E Corp. | Barclays Bank PLC |  | 10212 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | (84) |
|  PG&E Corp. | HSBC Bank PLC |  | 52279 | 02/09/28 |  | 1D OBFR01 | Monthly | (913) |
|  Planet Fitness, Inc., Class A | Goldman Sachs Bank USA |  | 55751 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 2760 |
|  PNC Financial Services Group, Inc. (The) | Goldman Sachs Bank USA |  | 60478 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (1904) |
|  PNC Financial Services Group, Inc. (The) | Merrill Lynch International |  | 718 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (23) |
|  PPG Industries, Inc. | Barclays Bank PLC |  | 103203 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | (380) |
|  Prologis, Inc. | Barclays Bank PLC |  | 56328 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 1881 |
|  Prologis, Inc. | Merrill Lynch International |  | 2622 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (15) |
|  Public Service Enterprise Group, Inc. | Merrill Lynch International |  | 59693 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 1971 |
|  Ralph Lauren Corp., Class A | Barclays Bank PLC |  | 85168 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | (187) |
|  Reinsurance Group of America, Inc. | Goldman Sachs Bank USA |  | 2657 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (14) |
|  Reinsurance Group of America, Inc. | HSBC Bank PLC |  | 44049 | 02/09/28 |  | 1D OBFR01 | Monthly | 268 |
|  Reinsurance Group of America, Inc. | Merrill Lynch International |  | 14551 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (117) |
|  Robert Half, Inc. | Barclays Bank PLC |  | 2047 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | (32) |
|  Robert Half, Inc. | Goldman Sachs Bank USA |  | 34732 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (1030) |
|  Robert Half, Inc. | HSBC Bank PLC |  | 6029 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 61 |
|  Robert Half, Inc. | Merrill Lynch International |  | 19442 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (577) |
|  Rollins, Inc. | Goldman Sachs Bank USA |  | 7046 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 110 |
|  Rollins, Inc. | Merrill Lynch International |  | 74014 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 1155 |
|  RTX Corp. | Barclays Bank PLC |  | 28691 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 516 |
|  RTX Corp. | Goldman Sachs Bank USA |  | 14907 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 106 |
|  RTX Corp. | HSBC Bank PLC |  | 75401 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 4577 |
|  S&P Global, Inc. | HSBC Bank PLC |  | 15736 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 163 |

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

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock U.S. Insights Long/Short Equity Fund** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* |  | *Notional<br>Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment<br>Frequency* | *Value/Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts<sup>(a)</sup> (continued) |  |  |  |  |  |  |  |  |
|  S&P Global, Inc. | Merrill Lynch International | USD | 126704 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | $(1567) |
|  Saia, Inc. | Goldman Sachs Bank USA |  | 5225 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (201) |
|  Saia, Inc. | HSBC Bank PLC |  | 59576 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | (4314) |
|  Salesforce, Inc. | Goldman Sachs Bank USA |  | 11340 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (990) |
|  Salesforce, Inc. | Merrill Lynch International |  | 86646 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (7566) |
|  Sanofi SA, ADR | Barclays Bank PLC |  | 101344 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | (6060) |
|  Sanofi SA, ADR | Goldman Sachs Bank USA |  | 16580 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (486) |
|  Sanofi SA, ADR | Merrill Lynch International |  | 50402 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (1477) |
|  Sempra | Barclays Bank PLC |  | 43134 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 1034 |
|  Sempra | Goldman Sachs Bank USA |  | 4206 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 117 |
|  Sempra | HSBC Bank PLC |  | 11214 | 02/09/28 |  | 1D OBFR01 | Monthly | 417 |
|  Sempra | Merrill Lynch International |  | 34259 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 950 |
|  Shell PLC, ADR | Barclays Bank PLC |  | 50320 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 206 |
|  Shell PLC, ADR | Goldman Sachs Bank USA |  | 152032 | 08/19/26 | 0.20% | 1D FEDL01 | Monthly | (2640) |
|  Shell PLC, ADR | Merrill Lynch International |  | 21902 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (380) |
|  Snowflake, Inc., Class A | Goldman Sachs Bank USA |  | 141770 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 7546 |
|  Spotify Technology SA | Barclays Bank PLC |  | 60766 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 1092 |
|  SS&C Technologies Holdings, Inc. | HSBC Bank PLC |  | 76777 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 3063 |
|  SS&C Technologies Holdings, Inc. | Merrill Lynch International |  | 5327 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 87 |
|  STAG Industrial, Inc. | Barclays Bank PLC |  | 13605 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 520 |
|  STAG Industrial, Inc. | Goldman Sachs Bank USA |  | 99344 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 280 |
|  STAG Industrial, Inc. | HSBC Bank PLC |  | 27765 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 1410 |
|  Stanley Black & Decker, Inc. | Barclays Bank PLC |  | 54200 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | (743) |
|  Stanley Black & Decker, Inc. | Goldman Sachs Bank USA |  | 3461 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (254) |
|  Stanley Black & Decker, Inc. | HSBC Bank PLC |  | 3429 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | (92) |
|  STERIS PLC | Goldman Sachs Bank USA |  | 67151 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (454) |
|  Taiwan Semiconductor Manufacturing Co. Ltd., ADR | Barclays Bank PLC |  | 2943 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | (43) |
|  Taiwan Semiconductor Manufacturing Co. Ltd., ADR | Merrill Lynch International |  | 83709 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (388) |
|  Targa Resources Corp. | Barclays Bank PLC |  | 2705 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | (20) |
|  Targa Resources Corp. | Goldman Sachs Bank USA |  | 55095 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (2820) |
|  Targa Resources Corp. | HSBC Bank PLC |  | 2561 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | (34) |
|  TechnipFMC PLC | HSBC Bank PLC |  | 65251 | 02/09/28 |  | 1D OBFR01 | Monthly | 3186 |
|  Thermo Fisher Scientific, Inc. | Barclays Bank PLC |  | 69283 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 405 |
|  Thermo Fisher Scientific, Inc. | HSBC Bank PLC |  | 163901 | 02/09/28 |  | 1D OBFR01 | Monthly | (3176) |
|  Thermo Fisher Scientific, Inc. | Merrill Lynch International |  | 3239 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (17) |
|  TotalEnergies SE, ADR | HSBC Bank PLC |  | 61289 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | (1259) |
|  TPG, Inc., Class A | Goldman Sachs Bank USA |  | 2513 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (155) |
|  TPG, Inc., Class A | HSBC Bank PLC |  | 9167 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | (118) |
|  TPG, Inc., Class A | Merrill Lynch International |  | 52956 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (2853) |
|  Tradeweb Markets, Inc., Class A | Goldman Sachs Bank USA |  | 137330 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 909 |
|  Tradeweb Markets, Inc., Class A | HSBC Bank PLC |  | 19609 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | (108) |
|  Tradeweb Markets, Inc., Class A | Merrill Lynch International |  | 75051 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 497 |
|  TransDigm Group, Inc. | Goldman Sachs Bank USA |  | 59036 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 2638 |
|  TransDigm Group, Inc. | HSBC Bank PLC |  | 12465 | 02/09/28 |  | 1D OBFR01 | Monthly | 751 |
|  United Rentals, Inc. | Barclays Bank PLC |  | 14073 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 94 |
|  United Rentals, Inc. | HSBC Bank PLC |  | 62310 | 02/09/28 |  | 1D OBFR01 | Monthly | 3569 |
|  United Rentals, Inc. | Merrill Lynch International |  | 18546 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (128) |
|  UWM Holdings Corp., Class A | Merrill Lynch International |  | 74350 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 2873 |
|  Veeva Systems, Inc., Class A | Goldman Sachs Bank USA |  | 21744 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 3429 |
|  Veeva Systems, Inc., Class A | Merrill Lynch International |  | 40347 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 6363 |
|  Verisk Analytics, Inc. | Barclays Bank PLC |  | 66326 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | (42) |
|  Verizon Communications, Inc. | Barclays Bank PLC |  | 90400 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 1740 |
|  Verizon Communications, Inc. | Goldman Sachs Bank USA |  | 31219 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 345 |
|  Vertiv Holdings Co., Class A | Barclays Bank PLC |  | 21361 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 765 |
|  Vertiv Holdings Co., Class A | HSBC Bank PLC |  | 4117 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 524 |
|  Vertiv Holdings Co., Class A | Merrill Lynch International |  | 117709 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 2848 |
|  Visa, Inc., Class A | Barclays Bank PLC |  | 105243 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 2123 |
|  Voya Financial, Inc. | Barclays Bank PLC |  | 85298 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | (352) |

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

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock U.S. Insights Long/Short Equity Fund** |

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional<br>Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment<br>Frequency* | *Value/Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts<sup>(a)</sup> (continued) |  |  |  |  |  |  |  |
|  Voya Financial, Inc. | Goldman Sachs Bank USA | USD 14,011 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | $(508) |
|  Walmart, Inc. | HSBC Bank PLC | 28547 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 378 |
|  Walmart, Inc. | Merrill Lynch International | 81705 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 2010 |
|  Waste Connections, Inc. | Barclays Bank PLC | 20271 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 227 |
|  Waste Connections, Inc. | Merrill Lynch International | 125276 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 4015 |
|  Waters Corp. | Barclays Bank PLC | 7318 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 16 |
|  Waters Corp. | Goldman Sachs Bank USA | 5274 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (35) |
|  Waters Corp. | Merrill Lynch International | 52037 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (349) |
|  WESCO International, Inc. | Barclays Bank PLC | 69819 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 863 |
|  WESCO International, Inc. | HSBC Bank PLC | 126147 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 3968 |
|  WillScot Holdings Corp., Class A | Barclays Bank PLC | 51082 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | (821) |
|  WillScot Holdings Corp., Class A | Goldman Sachs Bank USA | 4996 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (441) |
|  WillScot Holdings Corp., Class A | Merrill Lynch International | 71269 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (6293) |
|  Wingstop, Inc. | HSBC Bank PLC | 62730 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 1509 |
|  Zoetis, Inc., Class A | Barclays Bank PLC | 42760 | 07/14/25 | 0.20% | 1D OBFR01 | Monthly | 1758 |
|  Zoetis, Inc., Class A | HSBC Bank PLC | 17301 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 743 |
|  Total long positions of equity swaps |  |  |  |  |  |  | 135577 |
|  Short Contracts<sup>(b)</sup>  |  |  |  |  |  |  |  |
|  AAON, Inc. | Barclays Bank PLC | (67460) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | 2464 |
|  AAON, Inc. | Goldman Sachs Bank USA | (3852) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 289 |
|  AES Corp. (The) | Barclays Bank PLC | (83319) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (3980) |
|  AES Corp. (The) | Goldman Sachs Bank USA | (620) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 116 |
|  Airbnb, Inc., Class A | Goldman Sachs Bank USA | (20245) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 1153 |
|  Airbnb, Inc., Class A | HSBC Bank PLC | (42593) | 02/09/28 |  | 1D OBFR01 | Monthly | (880) |
|  Airbnb, Inc., Class A | Merrill Lynch International | (5608) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 319 |
|  Akamai Technologies, Inc. | Barclays Bank PLC | (2103) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | 53 |
|  Akamai Technologies, Inc. | HSBC Bank PLC | (62200) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 6923 |
|  Akamai Technologies, Inc. | Merrill Lynch International | (2831) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 21 |
|  Allegro MicroSystems, Inc. | HSBC Bank PLC | (61639) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 1788 |
|  Ally Financial, Inc. | Barclays Bank PLC | (2036) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (64) |
|  Ally Financial, Inc. | HSBC Bank PLC | (6265) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (281) |
|  Ally Financial, Inc. | Merrill Lynch International | (55019) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 1154 |
|  Altria Group, Inc. | Barclays Bank PLC | (51295) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (1133) |
|  Altria Group, Inc. | HSBC Bank PLC | (44616) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (2539) |
|  American Express Co. | Barclays Bank PLC | (18954) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (453) |
|  American Express Co. | HSBC Bank PLC | (43967) | 02/09/28 |  | 1D OBFR01 | Monthly | (1610) |
|  Amgen, Inc. | Goldman Sachs Bank USA | (80547) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (3601) |
|  Amphenol Corp., Class A | Goldman Sachs Bank USA | (2650) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (48) |
|  Amphenol Corp., Class A | HSBC Bank PLC | (60140) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (2452) |
|  Antero Resources Corp. | Goldman Sachs Bank USA | (65454) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 4523 |
|  Antero Resources Corp. | Merrill Lynch International | (2575) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 178 |
|  Ares Management Corp., Class A | Barclays Bank PLC | (41249) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (1450) |
|  Ares Management Corp., Class A | Merrill Lynch International | (72541) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 1376 |
|  Arthur J Gallagher & Co. | Goldman Sachs Bank USA | (60552) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (1640) |
|  Asana, Inc., Class A | Goldman Sachs Bank USA | (18468) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 164 |
|  Asana, Inc., Class A | Merrill Lynch International | (43982) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 389 |
|  Astera Labs, Inc. | Barclays Bank PLC | (50828) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | 1930 |
|  Astera Labs, Inc. | Merrill Lynch International | (17977) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 287 |
|  AT&T Inc. | Barclays Bank PLC | (23881) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (500) |
|  AT&T Inc. | HSBC Bank PLC | (1209) | 02/09/28 |  | 1D OBFR01 | Monthly | (15) |
|  AT&T Inc. | Merrill Lynch International | (58158) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (1000) |
|  Becton Dickinson & Co. | Barclays Bank PLC | (3963) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (6) |
|  Becton Dickinson & Co. | HSBC Bank PLC | (11421) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (316) |
|  Becton Dickinson & Co. | Merrill Lynch International | (45652) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (85) |
|  Berkshire Hathaway, Inc., Class B | Barclays Bank PLC | (9568) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (7) |
|  Berkshire Hathaway, Inc., Class B | HSBC Bank PLC | (79041) | 02/09/28 | (0.10)% | 1D OBFR01 | Monthly | 1431 |
|  Berkshire Hathaway, Inc., Class B | Merrill Lynch International | (8117) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 54 |
|  Bio-Rad Laboratories, Inc., Class A | Barclays Bank PLC | (47245) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | 44 |
|  Bio-Rad Laboratories, Inc., Class A | Goldman Sachs Bank USA | (3405) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 228 |

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

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock U.S. Insights Long/Short Equity Fund** |

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#### Equity Swap Contracts (continued)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional<br>Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment<br>Frequency* | *Value/Unrealized<br>Appreciation<br>(Depreciation)* |
|  Short Contracts<sup>(b)</sup> (continued) |  |  |  |  |  |  |  |
|  Bio-Rad Laboratories, Inc., Class A | HSBC Bank PLC | USD (4338) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | $254 |
|  Bio-Rad Laboratories, Inc., Class A | Merrill Lynch International | (5350) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 358 |
|  Bio-Techne Corp. | Barclays Bank PLC | (46137) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (1053) |
|  Bio-Techne Corp. | Goldman Sachs Bank USA | (5113) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (17) |
|  Bio-Techne Corp. | HSBC Bank PLC | (10006) | 02/09/28 |  | 1D OBFR01 | Monthly | 277 |
|  Blackstone, Inc., Class A | Barclays Bank PLC | (70930) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (948) |
|  Blackstone, Inc., Class A | Goldman Sachs Bank USA | (19224) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 1047 |
|  Blackstone, Inc., Class A | HSBC Bank PLC | (126388) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 949 |
|  Blackstone, Inc., Class A | Merrill Lynch International | (5870) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 320 |
|  Booking Holdings, Inc. | Barclays Bank PLC | (80129) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (2655) |
|  Brighthouse Financial, Inc. | Merrill Lynch International | (139161) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (256) |
|  Brown & Brown, Inc. | Barclays Bank PLC | (52344) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (1171) |
|  Brown & Brown, Inc. | Merrill Lynch International | (61582) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (1303) |
|  BXP, Inc. | Barclays Bank PLC | (113813) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (4755) |
|  Canadian National Railway Co. | Merrill Lynch International | (61850) | 06/15/28 | (0.05)% | 1D OBFR01 | Monthly | 1825 |
|  Cava Group, Inc. | Goldman Sachs Bank USA | (6340) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 82 |
|  Cava Group, Inc. | Merrill Lynch International | (57906) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 5649 |
|  Cboe Global Markets, Inc. | Merrill Lynch International | (62674) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (2854) |
|  CBRE Group, Inc., Class A | Barclays Bank PLC | (9755) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (372) |
|  CBRE Group, Inc., Class A | HSBC Bank PLC | (24729) | 02/09/28 |  | 1D OBFR01 | Monthly | 100 |
|  CBRE Group, Inc., Class A | Merrill Lynch International | (38039) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 1533 |
|  CenterPoint Energy, Inc. | Barclays Bank PLC | (55673) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (150) |
|  CenterPoint Energy, Inc. | HSBC Bank PLC | (6603) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 124 |
|  Charles River Laboratories International, Inc. | Goldman Sachs Bank USA | (42500) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 998 |
|  Charles River Laboratories International, Inc. | Merrill Lynch International | (75278) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 1767 |
|  Clorox Co. (The) | Barclays Bank PLC | (12514) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (146) |
|  Clorox Co. (The) | Goldman Sachs Bank USA | (71680) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 1651 |
|  Clorox Co. (The) | HSBC Bank PLC | (41035) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 1339 |
|  CME Group, Inc., Class A | Merrill Lynch International | (72336) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (3960) |
|  Comerica, Inc. | Barclays Bank PLC | (37198) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (482) |
|  Comerica, Inc. | Merrill Lynch International | (28982) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 494 |
|  Conagra Brands, Inc. | Barclays Bank PLC | (2900) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (75) |
|  Conagra Brands, Inc. | HSBC Bank PLC | (57818) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 822 |
|  Constellation Energy Corp. | Barclays Bank PLC | (5246) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (264) |
|  Constellation Energy Corp. | Goldman Sachs Bank USA | (67687) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (5177) |
|  Constellation Energy Corp. | HSBC Bank PLC | (4600) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (605) |
|  Constellation Energy Corp. | Merrill Lynch International | (3413) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (261) |
|  Copart, Inc. | Barclays Bank PLC | (59507) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | 9006 |
|  Copart, Inc. | Goldman Sachs Bank USA | (3589) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 655 |
|  Copart, Inc. | HSBC Bank PLC | (2533) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 422 |
|  Copart, Inc. | Merrill Lynch International | (2393) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 437 |
|  Core & Main, Inc., Class A | Goldman Sachs Bank USA | (101330) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (4398) |
|  Core & Main, Inc., Class A | Merrill Lynch International | (12922) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (561) |
|  Coterra Energy, Inc. | Goldman Sachs Bank USA | (117796) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 1813 |
|  Coterra Energy, Inc. | HSBC Bank PLC | (42911) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (2209) |
|  Coterra Energy, Inc. | Merrill Lynch International | (58580) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 1087 |
|  Credo Technology Group Holding Ltd. | Barclays Bank PLC | (10393) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (31) |
|  Credo Technology Group Holding Ltd. | Goldman Sachs Bank USA | (47604) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (1103) |
|  Crowdstrike Holdings, Inc., Class A | Goldman Sachs Bank USA | (103888) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 186 |
|  CSX Corp. | Barclays Bank PLC | (60974) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (1891) |
|  CSX Corp. | Goldman Sachs Bank USA | (30486) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (282) |
|  CSX Corp. | HSBC Bank PLC | (6226) | 02/09/28 | (0.10)% | 1D OBFR01 | Monthly | (565) |
|  CSX Corp. | Merrill Lynch International | (5415) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (50) |
|  DaVita, Inc. | Barclays Bank PLC | (3740) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | 61 |
|  DaVita, Inc. | Goldman Sachs Bank USA | (139436) | 08/19/26 | (0.15)% | 1D FEDL01 | Monthly | 7127 |
|  DaVita, Inc. | HSBC Bank PLC | (74688) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 3832 |
|  DENTSPLY SIRONA, Inc. | Barclays Bank PLC | (126435) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (1037) |
|  DENTSPLY SIRONA, Inc. | Goldman Sachs Bank USA | (6732) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 212 |
|  DENTSPLY SIRONA, Inc. | Merrill Lynch International | (14504) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 457 |
|  Duke Energy Corp. | Goldman Sachs Bank USA | (52753) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (810) |

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

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock U.S. Insights Long/Short Equity Fund** |

---

#### Equity Swap Contracts (continued)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional<br>Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment<br>Frequency* | *Value/Unrealized<br>Appreciation<br>(Depreciation)* |
|  Short Contracts<sup>(b)</sup> (continued) |  |  |  |  |  |  |  |
|  Duke Energy Corp. | HSBC Bank PLC | USD (8178) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | $(62) |
|  Eaton Corp. PLC | Barclays Bank PLC | (10274) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | 28 |
|  Eaton Corp. PLC | HSBC Bank PLC | (131720) | 02/09/28 | (0.10)% | 1D OBFR01 | Monthly | (5646) |
|  Emerson Electric Co. | Barclays Bank PLC | (25113) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (434) |
|  Emerson Electric Co. | Merrill Lynch International | (76239) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 552 |
|  Enbridge, Inc. | Merrill Lynch International | (100127) | 06/15/28 |  | 1D OBFR01 | Monthly | (3477) |
|  EPAM Systems, Inc. | Barclays Bank PLC | (59608) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | 2026 |
|  EPAM Systems, Inc. | Merrill Lynch International | (6713) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 82 |
|  Exact Sciences Corp. | Barclays Bank PLC | (46370) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | 164 |
|  Exact Sciences Corp. | Goldman Sachs Bank USA | (3202) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (6) |
|  Exact Sciences Corp. | Merrill Lynch International | (9830) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (19) |
|  Expedia Group, Inc. | Goldman Sachs Bank USA | (2813) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (21) |
|  Expedia Group, Inc. | HSBC Bank PLC | (25738) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (275) |
|  Expedia Group, Inc. | Merrill Lynch International | (68479) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (222) |
|  Exxon Mobil Corp. | Goldman Sachs Bank USA | (29642) | 08/19/26 | (0.15)% | 1D FEDL01 | Monthly | 1714 |
|  Exxon Mobil Corp. | HSBC Bank PLC | (108934) | 02/09/28 |  | 1D OBFR01 | Monthly | 3872 |
|  Exxon Mobil Corp. | Merrill Lynch International | (82738) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 4785 |
|  Ferguson Enterprises, Inc. | Goldman Sachs Bank USA | (66142) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (229) |
|  Fifth Third Bancorp | Goldman Sachs Bank USA | (41938) | 08/19/26 | (0.15)% | 1D FEDL01 | Monthly | 1381 |
|  Fifth Third Bancorp | HSBC Bank PLC | (4546) | 02/09/28 |  | 1D OBFR01 | Monthly | (113) |
|  Fifth Third Bancorp | Merrill Lynch International | (28077) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 924 |
|  FirstEnergy Corp. | Barclays Bank PLC | (219650) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | 262 |
|  Five9, Inc. | Barclays Bank PLC | (3127) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | 52 |
|  Five9, Inc. | Goldman Sachs Bank USA | (43553) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 1826 |
|  Five9, Inc. | HSBC Bank PLC | (7907) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (47) |
|  Five9, Inc. | Merrill Lynch International | (15883) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 666 |
|  Fortinet, Inc. | Barclays Bank PLC | (21138) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | 375 |
|  Fortinet, Inc. | HSBC Bank PLC | (107416) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (4440) |
|  Fortinet, Inc. | Merrill Lynch International | (1641) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 12 |
|  Fortive Corp. | Barclays Bank PLC | (2736) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (2) |
|  Fortive Corp. | Merrill Lynch International | (143003) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 4518 |
|  GFL Environmental, Inc. | Goldman Sachs Bank USA | (118849) | 08/19/26 | (0.15)% | 1D FEDL01 | Monthly | (3394) |
|  GFL Environmental, Inc. | Merrill Lynch International | (41136) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (1175) |
|  Gilead Sciences, Inc. | Barclays Bank PLC | (42483) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (1329) |
|  Gilead Sciences, Inc. | HSBC Bank PLC | (17080) | 02/09/28 |  | 1D OBFR01 | Monthly | (2074) |
|  Gilead Sciences, Inc. | Merrill Lynch International | (2107) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (205) |
|  Globe Life, Inc. | Barclays Bank PLC | (1913) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (37) |
|  Globe Life, Inc. | Goldman Sachs Bank USA | (55583) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (599) |
|  Globe Life, Inc. | HSBC Bank PLC | (2425) | 02/09/28 |  | 1D OBFR01 | Monthly | (13) |
|  HCA Healthcare, Inc. | Barclays Bank PLC | (58756) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (741) |
|  Hexcel Corp. | Barclays Bank PLC | (8227) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (130) |
|  Hexcel Corp. | Goldman Sachs Bank USA | (1892) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 41 |
|  Hexcel Corp. | HSBC Bank PLC | (53561) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (1022) |
|  HF Sinclair Corp. | Barclays Bank PLC | (50942) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (977) |
|  HF Sinclair Corp. | HSBC Bank PLC | (24498) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (1443) |
|  HubSpot, Inc. | Barclays Bank PLC | (86636) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | 5230 |
|  HubSpot, Inc. | Merrill Lynch International | (41920) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 1807 |
|  Inspire Medical Systems, Inc. | Barclays Bank PLC | (54877) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | 2914 |
|  Inspire Medical Systems, Inc. | HSBC Bank PLC | (3445) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 266 |
|  Inspire Medical Systems, Inc. | Merrill Lynch International | (3006) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 104 |
|  International Business Machines Corp. | Barclays Bank PLC | (8268) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (22) |
|  International Business Machines Corp. | Merrill Lynch International | (211211) | 06/15/28 |  | 1D OBFR01 | Monthly | 6035 |
|  IQVIA Holdings, Inc. | Barclays Bank PLC | (2485) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (41) |
|  IQVIA Holdings, Inc. | Goldman Sachs Bank USA | (5885) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 132 |
|  IQVIA Holdings, Inc. | Merrill Lynch International | (52240) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 37 |
|  J M Smucker Co. (The) | Barclays Bank PLC | (28557) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (158) |
|  J M Smucker Co. (The) | Merrill Lynch International | (58803) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 21 |
|  Jackson Financial, Inc., Class A | Barclays Bank PLC | (29091) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (233) |
|  Jackson Financial, Inc., Class A | Goldman Sachs Bank USA | (37488) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 1448 |
|  Johnson & Johnson | Barclays Bank PLC | (36932) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (629) |

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

------

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock U.S. Insights Long/Short Equity Fund** |

---

#### Equity Swap Contracts (continued)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional<br>Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment<br>Frequency* | *Value/Unrealized<br>Appreciation<br>(Depreciation)* |
|  Short Contracts<sup>(b)</sup> (continued) |  |  |  |  |  |  |  |
|  Johnson & Johnson | Goldman Sachs Bank USA | USD (40993) | 08/19/26 | (0.15)% | 1D FEDL01 | Monthly | $(1534) |
|  Kenvue, Inc. | Barclays Bank PLC | (64766) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (1020) |
|  KeyCorp | Barclays Bank PLC | (55339) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (600) |
|  KeyCorp | HSBC Bank PLC | (4484) | 02/09/28 | (0.10)% | 1D OBFR01 | Monthly | (84) |
|  KeyCorp | Merrill Lynch International | (1137) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 43 |
|  Labcorp Holdings, Inc. | Barclays Bank PLC | (55151) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (1614) |
|  Labcorp Holdings, Inc. | HSBC Bank PLC | (9204) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (8) |
|  Lam Research Corp. | Barclays Bank PLC | (5862) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | 126 |
|  Lam Research Corp. | HSBC Bank PLC | (66886) | 02/09/28 |  | 1D OBFR01 | Monthly | (5260) |
|  Lattice Semiconductor Corp. | Goldman Sachs Bank USA | (5957) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 833 |
|  Lattice Semiconductor Corp. | HSBC Bank PLC | (57510) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 4795 |
|  Linde PLC | Barclays Bank PLC | (57834) | 07/14/25 | 0.10% | 1D OBFR01 | Monthly | (1081) |
|  Linde PLC | HSBC Bank PLC | (3173) | 02/09/28 |  | 1D OBFR01 | Monthly | (100) |
|  Lowe's Cos., Inc. | Barclays Bank PLC | (59070) | 07/14/25 | 0.10% | 1D OBFR01 | Monthly | (523) |
|  Lowe's Cos., Inc. | HSBC Bank PLC | (2245) | 02/09/28 | (0.10)% | 1D OBFR01 | Monthly | (13) |
|  LPL Financial Holdings, Inc. | Barclays Bank PLC | (129826) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (3357) |
|  LPL Financial Holdings, Inc. | HSBC Bank PLC | (7458) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (1060) |
|  Markel Group, Inc. | Goldman Sachs Bank USA | (61378) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (756) |
|  Medpace Holdings, Inc. | Barclays Bank PLC | (121021) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (772) |
|  Medpace Holdings, Inc. | Merrill Lynch International | (26380) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 134 |
|  MSCI, Inc., Class A | Barclays Bank PLC | (54696) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (14) |
|  MSCI, Inc., Class A | Goldman Sachs Bank USA | (101848) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 2016 |
|  MSCI, Inc., Class A | Merrill Lynch International | (63295) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 1253 |
|  Murphy Oil Corp. | Goldman Sachs Bank USA | (129427) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 9351 |
|  Murphy Oil Corp. | HSBC Bank PLC | (90673) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 1908 |
|  Murphy Oil Corp. | Merrill Lynch International | (5256) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 380 |
|  Norfolk Southern Corp. | Barclays Bank PLC | (22526) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (703) |
|  Norfolk Southern Corp. | Goldman Sachs Bank USA | (39026) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (514) |
|  Norfolk Southern Corp. | Merrill Lynch International | (84149) | 06/15/28 | 0.30% | 1D OBFR01 | Monthly | (1107) |
|  Northern Trust Corp. | Barclays Bank PLC | (42028) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (134) |
|  Northern Trust Corp. | Goldman Sachs Bank USA | (54272) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 369 |
|  Northern Trust Corp. | HSBC Bank PLC | (60654) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (3817) |
|  NRG Energy, Inc. | Goldman Sachs Bank USA | (3876) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (22) |
|  NRG Energy, Inc. | HSBC Bank PLC | (114684) | 02/09/28 |  | 1D OBFR01 | Monthly | (33889) |
|  NRG Energy, Inc. | Merrill Lynch International | (4961) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (28) |
|  NXP Semiconductors NV | Barclays Bank PLC | (3537) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | 97 |
|  NXP Semiconductors NV | Goldman Sachs Bank USA | (54158) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 5037 |
|  NXP Semiconductors NV | HSBC Bank PLC | (16406) | 02/09/28 | (0.10)% | 1D OBFR01 | Monthly | (223) |
|  Occidental Petroleum Corp. | Barclays Bank PLC | (27277) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | 199 |
|  Occidental Petroleum Corp. | HSBC Bank PLC | (25900) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 413 |
|  Occidental Petroleum Corp. | Merrill Lynch International | (109206) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 6522 |
|  Okta, Inc., Class A | Barclays Bank PLC | (25727) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | 4577 |
|  Okta, Inc., Class A | HSBC Bank PLC | (60184) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 11075 |
|  Omega Healthcare Investors, Inc. | Merrill Lynch International | (123517) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (2209) |
|  Otis Worldwide Corp. | Barclays Bank PLC | (3693) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | 70 |
|  Otis Worldwide Corp. | Goldman Sachs Bank USA | (56563) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 1451 |
|  Paychex, Inc. | Barclays Bank PLC | (62472) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (692) |
|  Paycom Software, Inc. | HSBC Bank PLC | (38649) | 02/09/28 |  | 1D OBFR01 | Monthly | (1510) |
|  Paycom Software, Inc. | Merrill Lynch International | (20004) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (205) |
|  Penske Automotive Group, Inc. | Goldman Sachs Bank USA | (63505) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 624 |
|  Pfizer, Inc. | Goldman Sachs Bank USA | (4091) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (161) |
|  Pfizer, Inc. | HSBC Bank PLC | (50608) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (1164) |
|  Pfizer, Inc. | Merrill Lynch International | (5966) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (235) |
|  Pool Corp. | Barclays Bank PLC | (5462) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | 52 |
|  Pool Corp. | Goldman Sachs Bank USA | (1881) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 78 |
|  Pool Corp. | HSBC Bank PLC | (44944) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 156 |
|  Pool Corp. | Merrill Lynch International | (9406) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 388 |
|  Procore Technologies, Inc. | Barclays Bank PLC | (4737) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | 35 |
|  Procore Technologies, Inc. | Goldman Sachs Bank USA | (6429) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 383 |
|  Procore Technologies, Inc. | HSBC Bank PLC | (17729) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (206) |

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

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock U.S. Insights Long/Short Equity Fund** |

---

#### Equity Swap Contracts (continued)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional<br>Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment<br>Frequency* | *Value/Unrealized<br>Appreciation<br>(Depreciation)* |
|  Short Contracts<sup>(b)</sup> (continued) |  |  |  |  |  |  |  |
|  Procore Technologies, Inc. | Merrill Lynch International | USD (97145) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | $5794 |
|  PTC, Inc. | Goldman Sachs Bank USA | (55835) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 1131 |
|  PTC, Inc. | HSBC Bank PLC | (49587) | 02/09/28 | (0.10)% | 1D OBFR01 | Monthly | (1078) |
|  PTC, Inc. | Merrill Lynch International | (46214) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 936 |
|  Pure Storage, Inc., Class A | Barclays Bank PLC | (80992) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | 3555 |
|  Pure Storage, Inc., Class A | Goldman Sachs Bank USA | (27352) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 932 |
|  Pure Storage, Inc., Class A | HSBC Bank PLC | (1910) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (180) |
|  QXO, Inc. | Goldman Sachs Bank USA | (96514) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (4330) |
|  Range Resources Corp. | Barclays Bank PLC | (21833) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | 759 |
|  Range Resources Corp. | Merrill Lynch International | (38769) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 2174 |
|  Raymond James Financial, Inc. | HSBC Bank PLC | (74516) | 02/09/28 |  | 1D OBFR01 | Monthly | (737) |
|  Regency Centers Corp. | Barclays Bank PLC | (54234) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (816) |
|  Regency Centers Corp. | Merrill Lynch International | (5662) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 34 |
|  Republic Services, Inc. | HSBC Bank PLC | (2380) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (193) |
|  Republic Services, Inc. | Merrill Lynch International | (59525) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (2996) |
|  SBA Communications Corp. | Goldman Sachs Bank USA | (63000) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (770) |
|  SBA Communications Corp. | HSBC Bank PLC | (20823) | 02/09/28 |  | 1D OBFR01 | Monthly | 416 |
|  Schlumberger NV | Barclays Bank PLC | (21763) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | 512 |
|  Schlumberger NV | HSBC Bank PLC | (3947) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 146 |
|  Schlumberger NV | Merrill Lynch International | (57581) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 4304 |
|  Sherwin-Williams Co. (The) | Goldman Sachs Bank USA | (70121) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 512 |
|  Sherwin-Williams Co. (The) | HSBC Bank PLC | (68239) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (1011) |
|  Sherwin-Williams Co. (The) | Merrill Lynch International | (19880) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 145 |
|  Simon Property Group, Inc. | Goldman Sachs Bank USA | (64397) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (16) |
|  Skyworks Solutions, Inc. | Goldman Sachs Bank USA | (40766) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 1833 |
|  Skyworks Solutions, Inc. | HSBC Bank PLC | (11372) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (294) |
|  Skyworks Solutions, Inc. | Merrill Lynch International | (61583) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 2769 |
|  Solventum Corp. | Barclays Bank PLC | (137182) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (812) |
|  Solventum Corp. | Goldman Sachs Bank USA | (40409) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (83) |
|  Solventum Corp. | Merrill Lynch International | (29541) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (61) |
|  Stryker Corp. | HSBC Bank PLC | (65783) | 02/09/28 | (0.10)% | 1D OBFR01 | Monthly | (31) |
|  T Rowe Price Group, Inc. | Barclays Bank PLC | (96066) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | 885 |
|  T Rowe Price Group, Inc. | HSBC Bank PLC | (6672) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (67) |
|  TC Energy Corp. | Merrill Lynch International | (62263) | 06/15/28 |  | 1D OBFR01 | Monthly | (936) |
|  Teleflex, Inc. | Barclays Bank PLC | (2705) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | 15 |
|  Teleflex, Inc. | Goldman Sachs Bank USA | (3921) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 131 |
|  Teleflex, Inc. | HSBC Bank PLC | (53248) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 1650 |
|  Teleflex, Inc. | Merrill Lynch International | (2909) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 97 |
|  The Campbell's Co. | Barclays Bank PLC | (6310) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | 13 |
|  The Campbell's Co. | Goldman Sachs Bank USA | (3076) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 81 |
|  The Campbell's Co. | HSBC Bank PLC | (45258) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 1959 |
|  The Campbell's Co. | Merrill Lynch International | (71738) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 1888 |
|  Thomson Reuters Corp. | Barclays Bank PLC | (162714) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (3750) |
|  TKO Group Holdings, Inc., Class A | Barclays Bank PLC | (19373) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (196) |
|  TKO Group Holdings, Inc., Class A | Goldman Sachs Bank USA | (15823) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 358 |
|  TKO Group Holdings, Inc., Class A | HSBC Bank PLC | (89718) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 5921 |
|  Trade Desk, Inc. (The), Class A | Goldman Sachs Bank USA | (60596) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 871 |
|  Trade Desk, Inc. (The), Class A | Merrill Lynch International | (18938) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 209 |
|  TransMedics Group, Inc. | Barclays Bank PLC | (12581) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (386) |
|  TransMedics Group, Inc. | Goldman Sachs Bank USA | (47384) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (2066) |
|  TransMedics Group, Inc. | HSBC Bank PLC | (7829) | 02/09/28 |  | 1D OBFR01 | Monthly | (2849) |
|  Trex Co., Inc. | Merrill Lynch International | (61531) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 4264 |
|  Truist Financial Corp. | Barclays Bank PLC | (4423) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (1) |
|  Truist Financial Corp. | Goldman Sachs Bank USA | (11036) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 450 |
|  Truist Financial Corp. | Merrill Lynch International | (47192) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 1925 |
|  U.S. Bancorp | Goldman Sachs Bank USA | (15380) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 342 |
|  U.S. Bancorp | Merrill Lynch International | (58355) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 1296 |
|  UL Solutions, Inc., Class A | Goldman Sachs Bank USA | (3908) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (25) |
|  UL Solutions, Inc., Class A | HSBC Bank PLC | (55899) | 02/09/28 |  | 1D OBFR01 | Monthly | (801) |
|  Universal Health Services, Inc., Class B | Barclays Bank PLC | (27624) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (548) |

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

------

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock U.S. Insights Long/Short Equity Fund** |

---

#### Equity Swap Contracts (continued)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional<br>Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment<br>Frequency* | *Value/Unrealized<br>Appreciation<br>(Depreciation)* |
|  Short Contracts<sup>(b)</sup> (continued) |  |  |  |  |  |  |  |
|  Universal Health Services, Inc., Class B | Goldman Sachs Bank USA | USD (40743) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | $1150 |
|  Universal Health Services, Inc., Class B | HSBC Bank PLC | (32160) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (1152) |
|  Universal Health Services, Inc., Class B | Merrill Lynch International | (25073) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 708 |
|  Vail Resorts, Inc. | Barclays Bank PLC | (11130) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (883) |
|  Vail Resorts, Inc. | HSBC Bank PLC | (48756) | 02/09/28 |  | 1D OBFR01 | Monthly | (5702) |
|  VeriSign, Inc. | Barclays Bank PLC | (57955) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (626) |
|  Viatris, Inc. | Goldman Sachs Bank USA | (33921) | 08/19/26 | (0.15)% | 1D FEDL01 | Monthly |  |
|  Viatris, Inc. | Merrill Lynch International | (34747) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly |  |
|  Vistra Corp. | Barclays Bank PLC | (4796) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (181) |
|  Vistra Corp. | Goldman Sachs Bank USA | (87587) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (4902) |
|  Vistra Corp. | HSBC Bank PLC | (31000) | 02/09/28 |  | 1D OBFR01 | Monthly | (4325) |
|  Western Alliance Bancorp | Barclays Bank PLC | (3900) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (10) |
|  Western Alliance Bancorp | HSBC Bank PLC | (124942) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 4234 |
|  Weyerhaeuser Co. | Barclays Bank PLC | (8307) | 07/14/25 | (0.15)% | 1D OBFR01 | Monthly | (217) |
|  Weyerhaeuser Co. | Goldman Sachs Bank USA | (2118) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 45 |
|  Weyerhaeuser Co. | Merrill Lynch International | (51855) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 1097 |
|  WW Grainger, Inc. | HSBC Bank PLC | (59616) | 02/09/28 |  | 1D OBFR01 | Monthly | (2375) |
|  Zimmer Biomet Holdings, Inc. | Goldman Sachs Bank USA | (61387) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 2859 |
|  Total short positions of equity swaps |  |  |  |  |  |  | 21070 |
|  Total long and short positions of equity swaps | Total long and short positions of equity swaps |  |  |  |  |  | 156647 |
|  Net dividends and financing fees |  |  |  |  |  |  | (1819) |
|  Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees |  |  |  |  | $154828 |

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<sup>(a)</sup> The Fund receives the total return on a reference entity and pays a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying position. 

<sup>(b)</sup> The Fund pays the total return on a reference entity and receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying position. 

#### Balances Reported in the Statement of Assets and Liabilities for OTC Swaps

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| | | | |
|:---|:---|:---|:---|
|  | *Swap*<br> *Premiums*<br> *Paid* | *Unrealized*<br> *Appreciation* | *Unrealized*<br> *Depreciation* |
|  OTC Swaps | $– $– $| 569641 | $(414813) |

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#### 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:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts* | *Credit*<br> *Contracts* | *Equity*<br> *Contracts* | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Other*<br> *Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Swaps — OTC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC swaps; |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap premiums paid | $— | $— | $569641 | $— | $— | $— | $569641 |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Swaps — OTC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC swaps; |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap premiums received | $— | $— | $414813 | $— | $— | $— | $414813 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock U.S. Insights Long/Short Equity Fund** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts* | *Credit*<br> *Contracts* | *Equity*<br> *Contracts* | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Other*<br> *Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $59353 | $— | $— | $— | $59353 |
|  Swaps |  |  | (1154147) |  |  |  | (1154147) |
|  | $— | $— | $(1094794) | $— | $— | $— | $(1094794) |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(31424) | $— | $— | $— | $(31424) |
|  Swaps |  |  | 257396 |  |  |  | 257396 |
|  | $— | $— | $225972 | $— | $— | $— | $225972 |

---

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $939956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 20693 |
|  Equity swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — long | 18831263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — short | 13703540 |

---

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

#### Derivative Financial Instruments – Offsetting as of Period End
The Fund's derivative assets and liabilities (by type) were as follows:

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
|  Derivative Financial Instruments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps — OTC<sup>(a)</sup>  | $569641 | $414813 |
|  Total derivative assets and liabilities in the Statement of Assets and Liabilities | $569641 | $414813 |
|  Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") |  | (1819) |
|  Total derivative assets and liabilities subject to an MNA | $569641 | $412994 |

---

<sup>(a)</sup> Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/(received) in the Statement of Assets and Liabilities.

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock U.S. Insights Long/Short Equity Fund** |

---

The following tables present the Fund's derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative*<br> *Assets*<br> *Subject to*<br> *an MNA by*<br> *Counterparty* | *Derivatives*<br> *Available*<br> *for Offset<sup>(a)</sup>* | *Non-*<br> *Cash*<br> *Collateral*<br> *Received<sup>(b)</sup>* | *Net*<br> *Amount of*<br> *Derivative*<br> *Assets<sup>(c)</sup>* |
|  Barclays Bank PLC | $117144 | $(63482) | $– $| $53662 |
|  Goldman Sachs Bank USA | 120667 | (86571) | – | 34096 |
|  HSBC Bank PLC | 190414 | (156035) | – | 34379 |
|  Merrill Lynch International | 141416 | (106906) | – | 34510 |
|  | $569641 | $(412994) | $– $| $156647 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative*<br> *Liabilities*<br> *Subject to*<br> *an MNA by*<br> *Counterparty* | *Derivatives*<br> *Available*<br> *for Offset<sup>(a)</sup>* | *Non-*<br> *Cash*<br> *Collateral*<br> *Pledged<sup>(b)</sup>* | *Net*<br> *Amount of*<br> *Derivative*<br> *Liabilities<sup>(d)</sup>* |
|  Barclays Bank PLC | $63482 | $(63482) | $– $| $— |
|  Goldman Sachs Bank USA | 86571 | (86571) | – |  |
|  HSBC Bank PLC | 156035 | (156035) | – |  |
|  Merrill Lynch International | 106906 | (106906) | – |  |
|  | $412994 | $(412994) | $– $| $— |

---

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA. 

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount represents the net amount receivable from the counterparty in the event of default. 

<sup>(d)</sup> Net amount represents the net amount payable due to the counterparty in the event of default. 

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $88651 | $— | $— | $88651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 10514977 |  | 10514977 |
|  | $88651 | $10514977 | $— | $10603628 |
|  Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $— | $569641 | $— | $569641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts |  | (414813) |  | (414813) |
|  | $— | $154828 | $— | $154828 |

---

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

*See notes to financial statements.* 

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

------

Statement of Assets and Liabilities

May 31, 2025

---

| | |
|:---|:---|
|  | BlackRock U.S. Insights<br>Long/Short Equity<br> Fund |
|  **ASSETS** |  |
|  Investments, at value — unaffiliated<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10603628 |
|  Cash | 635404 |
|  Cash pledged: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral — OTC derivatives | 445707 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 639927 |
| &nbsp;&nbsp;&nbsp;&nbsp; From the Administrator | 27544 |
|  Unrealized appreciation on OTC swaps | 569641 |
|  Prepaid expenses | 32350 |
|  Total assets | 12954214 |
|  **LIABILITIES** |  |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 656575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' and Officer's fees | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 43507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 11610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution fees | 63 |
|  Unrealized depreciation on OTC swaps | 414813 |
|  Total liabilities | 1126686 |
|  **Commitments and contingent liabilities** |  |
|  NET ASSETS | $11827528 |
|  **NET ASSETS CONSIST OF:** |  |
|  Paid-in capital | $12017534 |
|  Accumulated loss | (190006) |
|  NET ASSETS | $11827528 |
|  <sup>(a)</sup> Investments, at cost — unaffiliated | $10592918 |
|  **NET ASSET VALUE** |  |
|  **Institutional** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $116362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 12206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $9.53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 |
|  **Investor A** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $299061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 31459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $9.51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 |
|  **Class K** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $11412105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 1196339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $9.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 |

---

*See notes to financial statements.* 

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

------

Statement of Operations

Year Ended May 31, 2025

---

| | |
|:---|:---|
|  | BlackRock U.S. Insights<br>Long/Short Equity<br> Fund |
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | $&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;548275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 22 |
|  Total investment income | 548297 |
|  EXPENSES |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 163105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 159753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration | 50849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services | 37157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and postage | 30123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees and Officer | 6281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration | 5097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | 3323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration — class specific | 2398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution — class specific | 865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent — class specific | 801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 11755 |
|  Total expenses excluding interest expense | 471507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 53 |
|  Total expenses | 471560 |
|  Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees waived | (3663) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees waived by the Manager — class specific | (2376) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fees waived and/or reimbursed by the Manager | (276520) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees waived and/or reimbursed by the Manager — class specific | (604) |
|  Total expenses after fees waived and/or reimbursed | 188397 |
|  Net investment income | 359900 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | 6175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 59353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | (1154147) |
|  | (1088621) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (1060) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (31424) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 257396 |
|  | 224934 |
|  Net realized and unrealized loss | (863687) |
|  NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $(503787) |

---

*See notes to financial statements.* 

S T A T E M E N T O F O P E R A T I O N S 19

------

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | BlackRock U.S. Insights Long/Short Equity<br>Fund | BlackRock U.S. Insights Long/Short Equity<br>Fund |
|  | Year Ended<br> 05/31/25 | Period from<br> 06/13/23<sup>(a)</sup><br> to 05/31/24 |
|  *INCREASE (DECREASE) IN NET ASSETS* | *INCREASE (DECREASE) IN NET ASSETS* |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $&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;359900 | $&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;382301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (1088621) | 1864418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 224934 | (59417) |
|  Net increase (decrease) in net assets resulting from operations | (503787) | 2187302 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(b)</sup>**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | (13319) | (9320) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A | (45448) | (13901) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | (1306472) | (915213) |
|  Decrease in net assets resulting from distributions to shareholders | (1365239) | (938434) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |
|  Net increase in net assets derived from capital share transactions | 1253252 | 11194434 |
|  *NET ASSETS* |  |  |
|  Total increase (decrease) in net assets | (615774) | 12443302 |
|  Beginning of period | 12443302 |  |
|  End of period | $11827528 | $12443302 |

---

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

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

*See notes to financial statements.* 

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

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | |
|:---|:---|:---|
|  | BlackRock U.S. Insights Long/Short Equity<br>Fund | BlackRock U.S. Insights Long/Short Equity<br>Fund |
|  | Institutional | Institutional |
|  | Year Ended<br>05/31/25 | Period from<br> 06/13/23<br> to 05/31/24<br><sup>(a)</sup> <br>|
|  **Net asset value, beginning of period** | $&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;11.15 | $&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;10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.29 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.69) | 1.72 |
|  Net increase (decrease) from investment operations | (0.40) | 2.08 |
|  **Distributions<sup>(c)</sup>**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.94) | (0.93) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.28) |  |
|  Total distributions | (1.22) | (0.93) |
|  **Net asset value, end of period** | $9.53 | $11.15 |
|  **Total Return<sup>(d)</sup>**  |  |  |
|  Based on net asset value | (4.16)% | 21.71 %<sup>(e)</sup> |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |
|  Total expenses | 4.06% | 4.85 %<sup>(g)(h)(i)</sup> |
|  Total expenses after fees waived and/or reimbursed | 1.61% | 1.55 %<sup>(g)(h)(i)</sup> |
|  Net investment income | 2.96% | 3.47 %<sup>(g)</sup> |
|  **Supplemental Data** |  |  |
|  Net assets, end of period (000) | $116 | $122 |
|  Portfolio turnover rate<sup>(j)</sup>  | 313% | — % |

---

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

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

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

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

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

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

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

<sup>(h)</sup> Includes non-recurring expenses of offering and organization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 2.93% and 1.14%, respectively. 

<sup>(i)</sup> Audit, printing, offering, and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 4.94% and 1.59%, respectively. 

<sup>(j)</sup> Excludes underlying investments in equity swaps.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 21

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | |
|:---|:---|:---|
|  | BlackRock U.S. Insights Long/Short Equity Fund (continued) | BlackRock U.S. Insights Long/Short Equity Fund (continued) |
|  | Investor A | Investor A |
|  | Year Ended<br> 05/31/25 | Period from<br> 06/13/23<br> to 05/31/24<br><sup>(a)</sup> <br>|
|  **Net asset value, beginning of period** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.13 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.27 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.68) | 1.71 |
|  Net increase (decrease) from investment operations | (0.41) | 2.05 |
|  **Distributions<sup>(c)</sup>**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.93) | (0.92) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.28) |  |
|  Total distributions | (1.21) | (0.92) |
|  **Net asset value, end of period** | $9.51 | $11.13 |
|  **Total Return<sup>(d)</sup>**  |  |  |
|  Based on net asset value | (4.27)% | 21.37 %<sup>(e)</sup> |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |
|  Total expenses | 4.20% | 4.90 %<sup>(g)(h)(i)</sup> |
|  Total expenses after fees waived and/or reimbursed | 1.86% | 1.80 %<sup>(g)(h)(i)</sup> |
|  Net investment income | 2.77% | 3.24 %<sup>(g)</sup> |
|  **Supplemental Data** |  |  |
|  Net assets, end of period (000) | $299 | $396 |
|  Portfolio turnover rate<sup>(j)</sup>  | 313% | — % |

---

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

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

<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> Not annualized.

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

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

<sup>(h)</sup> Includes non-recurring expenses of offering and organization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 3.14% and 1.54%, respectively. 

<sup>(i)</sup> Audit, printing, offering, and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 4.99% and 1.83%, respectively. 

<sup>(j)</sup> Excludes underlying investments in equity swaps.

*See notes to financial statements.* 

22 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | |
|:---|:---|:---|
|  | BlackRock U.S. Insights Long/Short Equity Fund (continued) | BlackRock U.S. Insights Long/Short Equity Fund (continued) |
|  | Class K | Class K |
|  | Year Ended<br> 05/31/25 | Period from<br> 06/13/23<br> to 05/31/24<br><sup>(a)</sup> <br>|
|  **Net asset value, beginning of period** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.15 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.29 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.68) | 1.72 |
|  Net increase (decrease) from investment operations | (0.39) | 2.08 |
|  **Distributions<sup>(c)</sup>**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.94) | (0.93) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.28) |  |
|  Total distributions | (1.22) | (0.93) |
|  **Net asset value, end of period** | $9.54 | $11.15 |
|  **Total Return<sup>(d)</sup>**  |  |  |
|  Based on net asset value | (4.06)% | 21.73 %<sup>(e)</sup> |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |
|  Total expenses | 3.92% | 4.75 %<sup>(g)(h)(i)</sup> |
|  Total expenses after fees waived and/or reimbursed | 1.56% | 1.52 %<sup>(g)(h)(i)</sup> |
|  Net investment income | 3.01% | 3.50 %<sup>(g)</sup> |
|  **Supplemental Data** |  |  |
|  Net assets, end of period (000) | $11412 | $11925 |
|  Portfolio turnover rate<sup>(j)</sup>  | 313% | — % |

---

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

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

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

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

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

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

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

<sup>(h)</sup> Includes non-recurring expenses of offering and organization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 2.84% and 1.12%, respectively. 

<sup>(i)</sup> Audit, printing, offering, and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 4.84% and 1.56%, respectively. 

<sup>(j)</sup> Excludes underlying investments in equity swaps.

*See notes to financial statements.* 

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

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Notes to Financial Statements

*1. ORGANIZATION* 

BlackRock Funds<sup>SM</sup> (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized as a Massachusetts business trust. BlackRock U.S. Insights Long/Short Equity Fund (the "Fund") is a series of the Trust. The Fund is classified as non-diversified.

The Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional and Class K Shares are sold only to certain eligible investors. Investor A Shares bear certain expenses related to shareholder servicing of such shares. Investor A Shares are generally available through financial intermediaries. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures.

---

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

---

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

The 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. Interest income, including amortization and accretion of premiums and discounts on debt securities is recognized daily on an accrual basis. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

**Foreign Currency Translation:** 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.

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

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

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

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

**Other:** Expenses directly related to the Fund or its classes are charged to the Fund or the applicable class. Expenses directly related to the Fund and other shared expenses prorated to the Fund are allocated daily to each class based on its relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

The Fund has an arrangement with its custodian whereby credits are earned on uninvested cash balances. For financial reporting purposes, custodian credits, if any, are included in interest income in the Statement of Operations.

24 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements (continued)

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

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

*3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS* 

**Investment Valuation Policies:** The Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees 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:

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

• Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price provided by independent dealers or third-party pricing services. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

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

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

• Interest rate, credit default, inflation and currency swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate market data and discounted cash flows. Total return and equity swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using models that incorporate market trades and fair value of the underlying reference instruments.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the 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:

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The

N O T E S T O F I N A N C I A L S T A T E M E N T S 25

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Notes to Financial Statements (continued)

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 a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities, but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

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.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by BIM. BIM's indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. The Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Fund.

*5. DERIVATIVE FINANCIAL INSTRUMENTS* 

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

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

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

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

26 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Notes to Financial Statements (continued)

**Swaps:** Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Fund and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract ("OTC swaps") or centrally cleared ("centrally cleared swaps").

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statement of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC swaps in the Statement of Assets and Liabilities. Payments received or paid are recorded in the Statement of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund's basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the "CCP") and the CCP becomes the Fund's counterparty on the swap. The Fund is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, 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 the size and risk profile of the particular swap. Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Statement of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker variation margin. Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statement of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statement of Operations, including those at termination.

· Equity swaps — Equity swaps are entered into to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Equity swaps are designed to function as direct economic investments in long or short equity positions. This means that the Fund will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid. Equity swaps incur interest charges and credits ("financing fees") related to the notional value of the position. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

**Master Netting Arrangements:** In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

**Collateral Requirements:** For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Fund. Any additional required collateral is delivered to/pledged by the Fund on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Fund from the counterparties are not fully collateralized, the Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Fund has delivered collateral to a counterparty and stands ready to perform under the terms of its agreement with such counterparty, the Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statement of Assets and Liabilities.

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

**Investment Advisory:** The Trust, on behalf of the Fund, entered into an Investment Advisory Agreement with the Manager, the Fund's investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. ("BlackRock"), to provide investment advisory 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.

N O T E S T O F I N A N C I A L S T A T E M E N T S 27

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Notes to Financial Statements (continued)

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 | 1.36% |
|  $1 billion - $3 billion | 1.28 |
|  $3 billion - $5 billion | 1.22 |
|  $5 billion - $10 billion | 1.18 |
|  Greater than $10 billion | 1.15 |

---

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

**Service and Distribution Fees:** The Trust, on behalf of the Fund, entered into a Distribution Agreement and Distribution and Service Plan with BlackRock Investments, LLC ("BRIL"), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, the Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of the Fund as follows:

---

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

---

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 May 31, 2025, the following table shows the class specific service and distribution fees borne directly by each share class of the Fund:

---

| | |
|:---|:---|
|  | *Investor A* |
|  Service and distribution — class specific | $865 |

---

**Administration:** The Trust, on behalf of the Fund, entered into an Administration Agreement with the Manager, an indirect, wholly-owned subsidiary of BlackRock, to provide administrative services. For these services, the Manager receives an administration fee computed daily and payable monthly, based on a percentage of the average daily net assets of the Fund. The administration fee, which is shown as administration in the Statement of Operations, is paid at the annual rates below:

---

| | |
|:---|:---|
| *Average Daily Net Assets* | *Administration Fees* |
|  First $500 million | 0.0425% |
|  $500 million - $1 billion | 0.0400 |
|  $1 billion - $2 billion | 0.0375 |
|  $2 billion - $4 billion | 0.0350 |
|  $4 billion - $13 billion | 0.0325 |
|  Greater than $13 billion | 0.0300 |

---

In addition, the Manager charges each of the share classes an administration fee, which is shown as administration — class specific in the Statement of Operations, at an annual rate of 0.02% of the average daily net assets of each respective class.

For the year ended May 31, 2025, the Fund paid the following to the Manager in return for these services, which are included in administration — class specific in the Statement of Operations:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Institutional* | *Investor A* | *Class K* | *Total* |
|  Administration — class specific | $23 | $69 | $2306 | $2398 |

---

**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 May 31, 2025, the Fund did not pay any amounts to affiliates in return for these services.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Institutional* | *Investor A* | *Class K* | *Total* |
|  Transfer agent — class specific | $161 | $547 | $93 | $801 |

---

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

**Expense Limitations, Waivers, Reimbursements, and Recoupments:** The Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Fund pays to the Manager indirectly through its investment in affiliated money market funds (the "affiliated money market fund waiver") through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the trustees who are not "interested persons" of the Trust, as defined in the 1940 Act ("Independent Trustees"), or by a vote of a majority of the outstanding voting securities of the Fund. The amount of waivers and/or reimbursements of fees and expenses made

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

------

Notes to Financial Statements (continued)

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 May 31, 2025, there were no fees waived by the Manager pursuant to this arrangement.

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the Fund's assets invested in affiliated equity and fixed-income mutual funds, and affiliated exchange-traded funds that have a contractual management fee through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Fund. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the year ended May 31, 2025, there were no fees waived by the Manager pursuant to this arrangement.

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

---

| | | |
|:---|:---|:---|
| *Institutional* | *Investor A* | *Class K* |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.61% | 1.86% | 1.56% |

---

The Manager has agreed not to reduce or discontinue these contractual expense limitations through June 30, 2026, unless approved by the Board, including a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Fund.

For the year ended May 31, 2025, the Fund waived and/or reimbursed the Manager investment advisory fees and other expenses of $276,520, which is included in fees waived and/or reimbursed by the Manager in the Statement of Operations.

The Fund also had a waiver of administration fees, which are included in Administration fees waived in the Statement of Operations. For the year ended May 31, 2025, the amount was $3,663.

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 May 31, 2025, class specific expense waivers and/or reimbursements were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Institutional* | *Investor A* | *Class K* | *Total* |
|  Administration fees waived by the Manager — class specific | $23 | $48 | $2305 | $2376 |
|  Transfer agent fees waived and/or reimbursed by the Manager — class specific | 103 | 408 | 93 | 604 |

---

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

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

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

This repayment applies only to the contractual expense limitation on net expenses and does not apply to the contractual investment advisory fee waiver described above or any voluntary waivers that may be in effect from time to time. Effective June 14, 2030, the repayment arrangement between the Fund and the Manager pursuant to which the Fund may be required to repay amounts waived and/or reimbursed under the Fund's contractual caps on net expenses will be terminated.

As of May 31, 2025, the fund level and class specific waivers and/or reimbursements subject to possible future recoupment under the expense limitation agreement were as follows:

---

| | | |
|:---|:---|:---|
|  | *Expiring May 31,* | *Expiring May 31,* |
| *Fund Level/Share Class* | *2026* | *2027* |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund Level | $207693 | $280183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | 95 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A | 96 | 456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | 2223 | 2399 |

---

**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

N O T E S T O F I N A N C I A L S T A T E M E N T S 29

------

Notes to Financial Statements (continued)

fee is less than 0.01% of the value of the shares redeemed. The money market fund will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If the money market fund cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

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

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

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds specified thresholds, the Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 84% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2025, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeded a specified threshold, the Fund would retain for the remainder of that calendar year securities lending income in an amount equal to 81% of securities lending income (which excluded collateral investment fees), and this amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by the Fund is shown as securities lending income — affiliated — net in the Statement of Operations. For the year ended May 31, 2025, the Fund paid BIM $5 for securities lending agent services.

**Interfund Lending:** Prior to March 3, 2025, in accordance with an exemptive order (the "Order") from the SEC, the Fund could participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the Fund's investment policies and restrictions. Effective March 3, 2025, the Interfund Lending Program was not renewed but remains available for renewal in the future.

During the period ended March 3, 2025, the Fund did not participate in the Interfund Lending Program.

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

*7. PURCHASES AND SALES* 

For the year ended May 31, 2025, purchases and sales of investments, excluding short-term securities, were $254,140 and $217,336, 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 May 31, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund's financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Fund's NAV.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAVs per share. As of period end, permanent differences attributable to net operating losses were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Paid-in capital* | *Accumulated earnings (loss)* |
|  U.S. Insights Long/Short Equity | $(335242) | $335242 |

---

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Notes to Financial Statements (continued)

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | *Year Ended<br>05/31/25* | *Year Ended<br>05/31/24* |
|  Ordinary income | $1162992 | $938434 |
|  Long-term capital gains | 202247 |  |
|  | $1365239 | $938434 |

---

As of May 31, 2025, the tax components of accumulated earnings (loss) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Net Unrealized<br>Gains (Losses)<sup>(a)</sup>* | *Qualified Late-Year<br>Capital Losses<sup>(b)</sup>* | *Qualified Late-Year<br>Ordinary Losses<sup>(b)</sup>* | *Total* |
|  U.S. Insights Long/Short Equity | $10688 | $(31531) | $(169163) | $(190006) |

---

<sup>(a)</sup> The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the accounting for swap agreements.

<sup>(b)</sup> The Fund has elected to defer these qualified late-year losses and recognize such losses in the next taxable year.

As of May 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Tax Cost* | *Gross Unrealized<br>Appreciation* | *Gross Unrealized<br>Depreciation* | *Net Unrealized<br>Appreciation<br>(Depreciation)* |
|  U.S. Insights Long/Short Equity | $10592918 | $585574 | $(574864) | $10710 |

---

*9. BANK BORROWINGS* 

The Trust, on behalf of the Fund, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Fund may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Fund, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate ("SOFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 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 May 31, 2025, the Fund did not borrow under the credit agreement.

*10. PRINCIPAL RISKS* 

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

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

**Market Risk:** The Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force the Fund to reinvest in lower yielding securities. The Fund may also be exposed to reinvestment risk, which is the risk that income from the Fund's portfolio will decline if the Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below the Fund portfolio's current earnings rate.

**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.

N O T E S T O F I N A N C I A L S T A T E M E N T S 31

------

Notes to Financial Statements (continued)

**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 the 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 fixed-income securities and/or uses derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Fund may be subject to a greater risk of rising interest rates during a period of historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Fund's performance.

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 05/31/25 | Year Ended 05/31/25 | Period from 06/13/23<sup>(a)</sup><br>to 05/31/24 | Period from 06/13/23<sup>(a)</sup><br>to 05/31/24 |
| *Share Class* | *Shares* | *Amount* | *Shares* | *Amount* |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  | $— | 10000 | $100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 1291 | 12993 | 915 | 9320 |
|  | 1291 | $12993 | 10915 | $109320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 3843 | $40718 | 34230 | $356000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 4483 | 45122 | 1366 | 13901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (12463) | (120059) |  |  |
|  | (4137) | $(34219) | 35596 | $369901 |

---

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------

Notes to Financial Statements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended 05/31/25 | Year Ended 05/31/25 | Period from 06/13/23<sup>(a)</sup> <br>to 05/31/24 | Period from 06/13/23<sup>(a)</sup> <br>to 05/31/24 |
| *Share Class* | *Shares* | *Amount* | *Shares* | *Amount* |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  | $— | 980000 | $9800000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 126436 | 1274478 | 89903 | 915213 |
|  | 126436 | $1274478 | 1069903 | $10715213 |
|  | 123590 | $1253252 | 1116414 | $11194434 |

---

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

As of May 31, 2025, shares owned by BlackRock Financial Management, Inc., an affiliate of the Fund, were as follows:

---

| | |
|:---|:---|
| *Share Class* | |
|  Institutional | 12206 |
|  Investor A | 12183 |
|  Class K | 1196339 |

---

*12. SUBSEQUENT EVENTS* 

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

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

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Report of Independent Registered Public Accounting Firm

To the Shareholders of BlackRock U.S. Insights Long/Short Equity Fund and the Board of Trustees of BlackRock Funds<sup>SM</sup>:

#### Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of BlackRock U.S. Insights Long/Short Equity Fund of BlackRock FundsSM (the "Fund"), including the schedule of investments, as of May 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets and the financial highlights for the year then ended and for the period from June 13, 2023 (commencement of operations) through May 31, 2024, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of May 31, 2025, and the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for the year then ended and for the period from June 13, 2023 (commencement of operations) through May 31, 2024, 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 May 31, 2025, 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

July 22, 2025

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

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Important Tax Information (unaudited)

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 May 31, 2025:

---

| | |
|:---|:---|
| *Fund Name* | *20% Rate<br>Long-Term<br>Capital Gain<br>Dividends* |
|  BlackRock U.S. Insights Long/Short Equity Fund | $202247 |

---

The Fund hereby designates the following amount, or maximum amount allowable by law, as qualified short-term capital gains eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended May 31, 2025:

---

| | |
|:---|:---|
| *Fund Name* | *Qualified<br>Short-Term<br>Capital Gains* |
|  BlackRock U.S. Insights Long/Short Equity Fund | $112717 |

---

I M P O R T A N T T A X I N F O R M A T I O N 35

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Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement

The Board of Trustees (the "Board", the members of which are referred to as "Board Members") of BlackRock Funds (the "Trust") met on April 22, 2025 (the "April Meeting") and May 20-21, 2025 (the "May Meeting") to consider the approval to continue the investment advisory agreement (the "Advisory Agreement") between the Trust, on behalf of BlackRock U.S. Insights Long/Short Equity Fund (the "Fund"), and BlackRock Advisors, LLC (the "Manager"), the Fund's investment advisor. The Board also considered the approval to continue the sub-advisory agreement (the "Sub-Advisory Agreement") between the Manager and BlackRock International Limited (the "Sub-Advisor") with respect to the Fund. The Manager and the Sub-Advisor are referred to herein as "BlackRock." The Advisory Agreement and the Sub-Advisory Agreement are referred to herein as the "Agreements."

#### The Approval Process
Consistent with the requirements of the Investment Company Act of 1940 (the "1940 Act"), the Board considers the approval of the continuation of the Agreements for the Fund on an annual basis. The Board Members who are not "interested persons" of the Trust, as defined in the 1940 Act, are considered independent Board Members (the "Independent Board Members"). The Board's consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock's various services to the Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, as well as numerous ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also held the April Meeting to consider specific information regarding the renewal of the Agreements. In considering the renewal of the Agreements, the Board assessed, among other things, the nature, extent and quality of the services provided to the Fund by BlackRock, BlackRock's personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock's management.

During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to the Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management's and portfolio managers' investment performance analyses, and the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by the Fund for services; (c) Fund operating expenses and how BlackRock allocates expenses to the Fund; (d) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of the Fund's investment objective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock's and the Fund's adherence to applicable compliance policies and procedures; (f) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as applicable; (g) BlackRock's and other service providers' internal controls and risk and compliance oversight mechanisms; (h) BlackRock's implementation of the proxy voting policies approved by the Board; (i) the use of brokerage commissions and execution quality of portfolio transactions; (j) BlackRock's implementation of the Fund's valuation and liquidity procedures; (k) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, exchange-traded fund ("ETF"), closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to the Fund; (l) BlackRock's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage; and (m) periodic updates on BlackRock's business.

Prior to and in preparation for the April Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreements. The Independent Board Members continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the April Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), based on either a Lipper classification or Morningstar category, regarding the Fund's fees and expenses as compared with a peer group of funds as determined by Broadridge ("Expense Peers") and the investment performance of the Fund as compared with a peer group of funds ("Performance Peers"); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge's methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, ETFs, closed-end funds, open-end funds, and separately managed accounts, under similar investment mandates, as well as the performance of such other products, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with the Fund; (g) a summary of aggregate amounts paid by the Fund to BlackRock; (h) sales and redemption data regarding the Fund's shares; and (i) various additional information requested by the Board as appropriate regarding BlackRock's and the Fund's operations.

At the April Meeting, the Board reviewed materials relating to its consideration of the Agreements and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the May Meeting, and such responses were reviewed by the Board Members.

At the May Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of the Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with the Fund; (d) the Fund's fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock's relationship with the Fund; and (g) other factors deemed relevant by the Board Members.

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock's services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock's personnel to engage in open, candid discussions with the Board. The Board evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

36 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

*A. Nature, Extent and Quality of the Services Provided by BlackRock* 

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of the Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of mutual funds, relevant benchmarks, and performance metrics, as applicable. The Board met with BlackRock's senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by the Fund's portfolio management team discussing the Fund's performance, investment strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the experience of the Fund's portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of certain trading portfolio management, operations and/or information systems owned by BlackRock commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock's overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock's Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock's compensation structure with respect to the Fund's portfolio management team and BlackRock's ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to the Fund. BlackRock and its affiliates provide the Fund with certain administrative, shareholder and other services (in addition to any such services provided to the Fund by third parties) and officers and other personnel as are necessary for the operations of the Fund. In particular, BlackRock and its affiliates provide the Fund with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of third-party service providers including, among others, the Fund's custodian, fund accountant, transfer agent, and auditor; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of the Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing the Fund's distribution partners, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock's fund administration, shareholder services, and legal and compliance departments and considered BlackRock's policies and procedures for assuring compliance with applicable laws and regulations. The Board also considered the operation of BlackRock's business continuity plans.

The Board noted that the engagement of the Sub-Advisor with respect to the Fund facilitates the provision of investment advice and trading by investment personnel out of non-U.S. jurisdictions. The Board considered that this arrangement provides additional flexibility to the portfolio management team, which may benefit the Fund and its shareholders.

*B. The Investment Performance of the Fund* 

The Board, including the Independent Board Members, reviewed and considered the performance history of the Fund throughout the year and at the April Meeting. The Board was provided with Fund performance reporting and analysis, relative to applicable performance metrics, by BlackRock throughout the year and at the April meeting. In preparation for the April Meeting, the Board was also provided with reports independently prepared by Broadridge, which included an analysis of the Fund's performance as of December 31, 2024, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of the Fund as compared to its Performance Peers. The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of the Fund throughout the year.

In evaluating performance, the Board focused particular attention on funds with less favorable performance records. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.

The Board noted that for each of the one-year and since-inception periods reported, the Fund ranked in the fourth quartile against its Performance Peers. The Board and BlackRock reviewed the Fund's underperformance relative to its Performance Peers during the applicable periods. The Board was informed that, among other things, underperformance was driven by a combination of a below target beta for the first half of 2024 followed by weakness across security selection the second half of 2024. The Board and BlackRock discussed BlackRock's strategy for improving the Fund's investment performance. Discussions covered topics such as performance attribution, the Fund's investment personnel, and the resources appropriate to support the Fund's investment processes.

*C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with the Fund* 

The Board, including the Independent Board Members, reviewed the Fund's contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared the Fund's total expense ratio, as well as its actual management fee rate, to those of its Expense Peers. The total expense ratio represents a fund's total net operating expenses, including any 12b-1 or non-12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual

D I S C L O S U R E O F I N V E S T M E N T A D V I S O R Y A G R E E M E N T A N D S U B - A D V I S O R Y A G R E E M E N T 37

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Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

management fee rate gives effect to any management fee reimbursements or waivers. The Board considered that the fee and expense information in the Broadridge report for the Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Board also noted that while it found the expense comparison provided by Broadridge generally useful, it recognized that the comparison is subject to Broadridge's defined peer selection criteria and methodology. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board reviewed BlackRock's profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to the Fund. The Board reviewed BlackRock's estimated profitability with respect to the Fund and other funds the Board currently oversees for the year ended December 31, 2024 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock's estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock's assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized the limitations of calculating and comparing profitability at the individual fund level.

The Board received and reviewed statements relating to BlackRock's financial condition. The Board reviewed BlackRock's overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of BlackRock's technology business, BlackRock's expense management, and the relative product mix. The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available.

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock's commitment of time and resources, assumption of risk, and liability profile in servicing the Fund, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, ETF, closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable.

The Board noted that the Fund's contractual management fee rate ranked in the fourth quartile, and that the actual management fee rate and total expense ratio ranked in the first and third quartiles, respectively, relative to the Fund's Expense Peers. The Board also noted that the Fund has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the size of the Fund increases above certain contractually specified levels. The Board additionally noted that the breakpoints can, conversely, adjust the advisory fee rate upward as the size of the Fund decreases below certain contractually specified levels. The Board further noted that BlackRock and the Board have contractually agreed to a cap on the Fund's total expenses as a percentage of the Fund's average daily net assets on a class-by-class basis.

*D. Economies of Scale* 

The Board, including the Independent Board Members, considered the extent to which any economies of scale might benefit the Fund in a variety of ways as the assets of the Fund increase. The Board considered multiple factors, including the advisory fee rate and breakpoints, unitary fee structure, fee waivers, and/or expense caps, as applicable. The Board considered the Fund's asset levels and whether the current fee schedule was appropriate.

*E. Other Factors Deemed Relevant by the Board Members* 

The Board, including the Independent Board Members, also took into account other ancillary or "fall-out" benefits that BlackRock or its affiliates may derive from BlackRock's respective relationships with the Fund, both tangible and intangible, such as BlackRock's ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock's profile in the investment advisory community, and the engagement of BlackRock's affiliates as service providers to the Fund, including for administrative, distribution, securities lending and cash management services. With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The Board also considered BlackRock's overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreements, the Board also received information regarding BlackRock's brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board noted the competitive nature of the mutual fund marketplace, and that shareholders are able to redeem their Fund shares if they believe that the Fund's fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

#### Conclusion
At the May Meeting, in a continuation of the discussions that occurred during the April Meeting, and as a culmination of the Board's year-long deliberative process, the Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreement between the Manager and the Trust, on behalf of the Fund, for a one-year term ending June 30, 2026, and the Sub-Advisory Agreement between the Manager and the Sub-Advisor, with respect to the Fund, for a one-year term ending June 30, 2026. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.

38 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Additional Information

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

#### Proxy Results
Not applicable.

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

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

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

To enroll in electronic delivery:

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

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

2. Select "Access Your Account"

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

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

#### Shareholder Privileges

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

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

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

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

A D D I T I O N A L I N F O R M A T I O N 39

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Additional Information (continued)

#### Fund and Service Providers

#### Investment Adviser and Administrator
BlackRock Advisors, LLC

Wilmington, DE 19809

#### Sub-Adviser
BlackRock International Limited

Edinburgh, EH3 8BL

United Kingdom

#### Accounting Agent and Transfer Agent
BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

#### Custodian
The Bank of New York Mellon

New York, NY 10286

#### Distributor
BlackRock Investments, LLC

New York, NY 10001

#### Independent Registered Public Accounting Firm
Deloitte & Touche LLP

Boston, MA 02110

#### Legal Counsel
Sidley Austin LLP

New York, NY 10019

#### Address of the Trust
100 Bellevue Parkway

Wilmington, DE 19809

40 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Glossary of Terms Used in these Financial Statements

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

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| | |
|:---|:---|
| Currency Abbreviation | Currency Abbreviation |
| USD | United States Dollar |
|  <br> **Portfolio Abbreviation** | <br> **Portfolio Abbreviation** |
| 1D FEDL01 | USD - 1D Overnight Fed Funds Effective Rate |
| 1D OBFR01 | USD - 1D Overnight Bank Funding Rate |
| ADR | American Depositary Receipt |
| NVS | Non-Voting Shares |
| OTC | Over-the-Counter |

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G L O S S A R Y O F T E R M S U S E D I N T H E S E F I N A N C I A L S T A T E M E N T S 41

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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.

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| | |
|:---|:---|
| ![LOGO](g34788g42l24.jpg)  | ![LOGO](g34788bclogo.jpg) |

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| | |
|:---|:---|
| ![LOGO](g34788g42l24.jpg)  | **MAY 31, 2025** |

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**2025 Annual Financial Statements**<br> **and Additional Information**<br>

#### BlackRock Funds<sup>SM</sup>
· BlackRock Advantage International Fund

· BlackRock Advantage Large Cap Growth Fund

· BlackRock Advantage Small Cap Core Fund

#### BlackRock Large Cap Series Funds, Inc.
· BlackRock Advantage Large Cap Core Fund

· BlackRock Advantage Large Cap Value Fund

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

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

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**Table of Contents**

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| | |
|:---|:---|
|  | **Page** |
|  [Derivative Financial Instruments](#fin1034788_1) | 3 |
|  [Schedules of Investments](#fin1034788_2) | 4 |
|  [Statements of Assets and Liabilities](#fin1034788_3) | 36 |
|  [Statements of Operations](#fin1034788_4) | 38 |
|  [Statements of Changes in Net Assets](#fin1034788_5) | 40 |
|  [Financial Highlights](#fin1034788_6) | 43 |
|  [Notes to Financial Statements](#fin1034788_7) | 67 |
|  [Report of Independent Registered Public Accounting Firm](#fin1034788_8) | 82 |
|  [Important Tax Information](#fin1034788_9) | 83 |
|  [Disclosure of Investment Advisory Agreements](#fin1034788_10) | 85 |
|  [Additional Information](#fin1034788_11) | 89 |
|  [Glossary of Terms Used in these Financial Statements](#fin1034788_12) | 91 |

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2.0 ------

Derivative Financial Instruments

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

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

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| | |
|:---|:---|
| Schedule of Investments<br> May 31, 2025 | **BlackRock Advantage International Fund**<br> **(Percentages shown are based on Net Assets)** |

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| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 6.0%** | **Australia — 6.0%** | **Australia — 6.0%** |
|  AGL Energy Ltd. | 441915 | $2892890 |
|  ANZ Group Holdings Ltd. | 773667 | 14477811 |
|  Aristocrat Leisure Ltd. | 541252 | 21748871 |
|  ASX Ltd. | 565 | 25960 |
|  Aurizon Holdings Ltd. | 971668 | 1847792 |
|  BHP Group Ltd. | 1148996 | 28225100 |
|  Commonwealth Bank of Australia | 554747 | 62946523 |
|  Computershare Ltd. | 195095 | 5051166 |
|  Evolution Mining Ltd. | 1379070 | 7918115 |
|  Glencore PLC | 7714532 | 29353368 |
|  Insurance Australia Group Ltd. | 507953 | 2829160 |
|  JB Hi-Fi Ltd. | 51744 | 3594741 |
|  Macquarie Group Ltd. | 135750 | 18726782 |
|  National Australia Bank Ltd. | 6370 | 155887 |
|  Northern Star Resources Ltd. | 1431815 | 19470851 |
|  Pro Medicus Ltd. | 19775 | 3585170 |
|  Qantas Airways Ltd. | 922783 | 6306434 |
|  QBE Insurance Group Ltd. | 163104 | 2436475 |
|  REA Group Ltd. | 43104 | 6658078 |
|  Rio Tinto PLC | 77160 | 4566486 |
|  Rocketboots Ltd.<sup>(a)(b)</sup> | 1389 | 79 |
|  Santos Ltd. | 2432096 | 10330043 |
|  SEEK Ltd. | 185772 | 2909420 |
|  Sonic Healthcare Ltd. | 542798 | 9336260 |
|  South32 Ltd. | 2624789 | 5175117 |
|  Technology One Ltd. | 106147 | 2810335 |
|  Transurban Group | 1154853 | 10554297 |
|  Wesfarmers Ltd. | 192034 | 10275056 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294208267 |
| **Austria — 0.1%** |  |  |
|  BAWAG Group AG<sup>(c)</sup> | 49147 | 6123238 |
| **Belgium — 0.4%** |  |  |
|  Ageas SA/NV | 132604 | 8658873 |
|  Anheuser-Busch InBev SA/NV | 169731 | 11985225 |
|  |  | 20644098 |
| **Brazil — 0.1%** |  |  |
|  Yara International ASA | 74745 | 2681572 |
| **China — 0.6%** |  |  |
|  BOC Hong Kong Holdings Ltd. | 643500 | 2706248 |
|  Prosus NV, Class N | 453852 | 23313561 |
|  Yangzijiang Shipbuilding Holdings Ltd. | 1043900 | 1710235 |
|  |  | 27730044 |
| **Denmark — 1.7%** |  |  |
|  AP Moller - Maersk A/S, Class A | 364 | 650138 |
|  Danske Bank A/S | 89506 | 3429844 |
|  Demant A/S<sup>(a)</sup> | 49093 | 1928067 |
|  Genmab A/S<sup>(a)</sup> | 27418 | 5784092 |
|  GN Store Nord AS<sup>(a)</sup> | 223800 | 3286881 |
|  Novo Nordisk A/S, Class B | 778941 | 55342075 |
|  Pandora A/S | 18303 | 3345668 |
|  Tryg A/S | 75296 | 1934546 |
|  Vestas Wind Systems A/S | 440734 | 6970324 |
|  |  | 82671635 |
| **Finland — 0.3%** |  |  |
|  Nokia Oyj | 178431 | 928608 |
|  Nordea Bank Abp | 614850 | 8914155 |

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---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Finland (continued)** |  |  |
|  Sampo Oyj, A Shares | 134154 | $1431715 |
|  Wartsila Oyj Abp | 248856 | 4989546 |
|  |  | 16264024 |
| **France — 10.5%** |  |  |
|  Air Liquide SA | 104038 | 21557602 |
|  Amundi SA<sup>(c)</sup> | 22961 | 1874606 |
|  AXA SA | 843845 | 39775119 |
|  BioMerieux | 715 | 95878 |
|  BNP Paribas SA | 343157 | 30051804 |
|  Bouygues SA | 22447 | 978771 |
|  Bureau Veritas SA | 663050 | 22657946 |
|  Capgemini SE | 66824 | 11097003 |
|  Carrefour SA | 442515 | 6617530 |
|  Credit Agricole SA | 933698 | 17095245 |
|  Danone SA | 309696 | 26478176 |
|  Dassault Systemes SE | 401606 | 15059600 |
|  Eiffage SA | 39689 | 5459055 |
|  Engie SA | 1365050 | 29461892 |
|  FDJ UNITED, Class A<sup>(c)</sup> | 36768 | 1349351 |
|  Gaztransport Et Technigaz SA | 15714 | 2920107 |
|  Hermes International SCA | 10580 | 29174499 |
|  Ipsen SA | 37816 | 4452455 |
|  L'Oreal SA | 15741 | 6662623 |
|  LVMH Moet Hennessy Louis Vuitton SE | 100600 | 54566120 |
|  Orange SA | 2127684 | 31756570 |
|  Safran SA | 201801 | 59684077 |
|  Sanofi SA | 359965 | 35651277 |
|  SPIE SA | 10943 | 556264 |
|  Thales SA | 11430 | 3500683 |
|  TotalEnergies SE | 540432 | 31814238 |
|  Valeo SE | 395844 | 4169084 |
|  Vallourec SACA | 5667 | 95942 |
|  Veolia Environnement SA | 333803 | 11488371 |
|  Vinci SA | 24937 | 3563140 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509665028 |
| **Germany — 10.9%** |  |  |
|  adidas AG, Class N | 164795 | 41102063 |
|  Allianz SE, Registered Shares | 124082 | 49212594 |
|  CTS Eventim AG & Co. KGaA | 5230 | 634381 |
|  Deutsche Bank AG, Registered Shares | 1056021 | 29246639 |
|  Deutsche Telekom AG, Registered Shares | 1523016 | 57674236 |
|  E.ON SE, Class N | 1883381 | 33008332 |
|  Fresenius Medical Care AG | 70726 | 4017563 |
|  GEA Group AG | 49142 | 3291365 |
|  Henkel AG & Co. KGaA | 18917 | 1388982 |
|  Henkel AG & Co. KGaA, Preference Shares, NVS | 134686 | 10791724 |
|  Hugo Boss AG | 82407 | 3818419 |
|  Infineon Technologies AG, Class N | 25806 | 1003330 |
|  Mercedes-Benz Group AG, Class N | 339872 | 20323575 |
|  Merck KGaA | 48109 | 6304149 |
|  Nemetschek SE | 31534 | 4383889 |
|  Porsche Automobil Holding SE, Preference Shares, NVS | 13259 | 530092 |
|  Rational AG | 3377 | 2776677 |
|  Rheinmetall AG | 14951 | 32043992 |
|  SAP SE | 442543 | 133878183 |
|  Scout24 SE<sup>(c)</sup> | 41427 | 5644611 |
|  Siemens AG, Registered Shares | 213549 | 51363510 |
|  Siemens Energy AG<sup>(a)</sup> | 262764 | 25678755 |
|  Siemens Healthineers AG<sup>(c)</sup> | 227010 | 12015053 |
|  |  | 530132114 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Advantage International Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Hong Kong — 1.7%** |  |  |
|  AIA Group Ltd. | 4516200 | $37593427 |
|  CK Infrastructure Holdings Ltd. | 74000 | 478189 |
|  CLP Holdings Ltd. | 562500 | 4763478 |
|  Henderson Land Development Co. Ltd. | 4000 | 12483 |
|  Jardine Matheson Holdings Ltd. | 36800 | 1641518 |
|  Link REIT | 1512600 | 8005040 |
|  Sun Hung Kai Properties Ltd. | 561500 | 6031449 |
|  Swire Pacific Ltd., Class A | 210000 | 1788875 |
|  Techtronic Industries Co. Ltd. | 1224500 | 13638880 |
|  WH Group Ltd.<sup>(c)</sup> | 10605000 | 9754029 |
|  Wharf Real Estate Investment Co. Ltd. | 102000 | 254344 |
|  |  | 83961712 |
| **India — 0.0%** |  |  |
|  AceVector Ltd. (Acquired 05/07/14, cost $804,375)<sup>(a)(d)(e)</sup> | 172800 | 60074 |
| **Ireland — 0.1%** |  |  |
|  Kerry Group PLC, Class A | 61674 | 6741869 |
| **Israel — 0.7%** |  |  |
|  Bank Hapoalim BM | 322925 | 5417512 |
|  Bank Leumi Le-Israel BM | 385454 | 6220574 |
|  Elbit Systems Ltd. | 1097 | 440806 |
|  Israel Discount Bank Ltd., Class A | 316253 | 2693331 |
|  Mizrahi Tefahot Bank Ltd. | 107511 | 6161782 |
|  Nice Ltd.<sup>(a)</sup> | 87713 | 14855746 |
|  Nova Ltd.<sup>(a)(b)</sup> | 1177 | 247576 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36037327 |
| **Italy — 2.7%** |  |  |
|  A2A SpA | 2541610 | 6599248 |
|  Amplifon SpA | 360919 | 8296353 |
|  Banca Monte dei Paschi di Siena SpA | 1155080 | 9546489 |
|  BPER Banca SPA | 258670 | 2297682 |
|  Buzzi SpA | 27639 | 1421952 |
|  Coca-Cola HBC AG | 95392 | 4971124 |
|  Enel SpA | 4061234 | 37330901 |
|  Eni SpA | 141056 | 2080160 |
|  Ferrari NV | 1278 | 611696 |
|  FinecoBank Banca Fineco SpA | 83189 | 1799042 |
|  Generali | 252853 | 9203918 |
|  Infrastrutture Wireless Italiane SpA<sup>(c)</sup> | 131976 | 1549398 |
|  Intesa Sanpaolo SpA | 3933615 | 21960313 |
|  Italgas SpA | 408040 | 3356961 |
|  Leonardo SpA | 78116 | 4832235 |
|  MFE-MediaForEurope NV, Class A | 23 | 85 |
|  MFE-MediaForEurope NV, Class B | 2 | 10 |
|  Moncler SpA | 27326 | 1710639 |
|  Nexi SpA<sup>(c)</sup> | 685811 | 4126550 |
|  Recordati Industria Chimica e Farmaceutica SpA | 80493 | 4830463 |
|  Saipem SpA | 864217 | 2143234 |
|  Snam SpA | 163314 | 977107 |
|  Unipol Assicurazioni SpA | 93248 | 1825025 |
|  |  | 131470585 |
| **Japan — 23.0%** |  |  |
|  Aeon Co. Ltd. | 271400 | 8343695 |
|  AGC, Inc. | 74100 | 2197990 |
|  Ajinomoto Co., Inc. | 72600 | 1814991 |
|  Amada Co. Ltd. | 622700 | 6362813 |
|  Asahi Group Holdings Ltd. | 334200 | 4404764 |
|  Asahi Intecc Co. Ltd. | 190600 | 2955601 |
|  Asahi Kasei Corp. | 620400 | 4359501 |
|  Astellas Pharma, Inc. | 1502800 | 14844105 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Japan (continued)** |  |  |
|  Brother Industries Ltd. | 127500 | $2175949 |
|  Canon, Inc. | 851800 | 26021645 |
|  Capcom Co. Ltd. | 4300 | 127566 |
|  Central Japan Railway Co. | 265500 | 5800037 |
|  Chubu Electric Power Co., Inc. | 404700 | 4957230 |
|  Chugai Pharmaceutical Co. Ltd. | 235400 | 12307070 |
|  Concordia Financial Group Ltd. | 41000 | 262836 |
|  Cosmo Energy Holdings Co. Ltd. | 2900 | 122320 |
|  Dai Nippon Printing Co. Ltd. | 81200 | 1197436 |
|  Dai-ichi Life Holdings, Inc. | 896800 | 6999968 |
|  Daikin Industries Ltd. | 136500 | 15531057 |
|  Daito Trust Construction Co. Ltd. | 79900 | 9000242 |
|  Daiwa House Industry Co. Ltd. | 243400 | 8206459 |
|  Daiwa Securities Group, Inc. | 333200 | 2253887 |
|  Denso Corp. | 794400 | 10725074 |
|  Dentsu Group, Inc. | 13300 | 287271 |
|  DMG Mori Co. Ltd. | 63200 | 1350429 |
|  East Japan Railway Co. | 50900 | 1066752 |
|  ENEOS Holdings, Inc. | 1918500 | 9090044 |
|  FANUC Corp. | 529600 | 14134634 |
|  Fast Retailing Co. Ltd. | 43400 | 14456082 |
|  Fuji Electric Co. Ltd. | 19300 | 852517 |
|  Fujitsu Ltd. | 429100 | 9827415 |
|  Fukuoka Financial Group, Inc. | 8500 | 233059 |
|  Hamamatsu Photonics KK | 35900 | 385190 |
|  Hitachi Ltd. | 1411200 | 39316497 |
|  Horiba Ltd. | 9300 | 661720 |
|  Hoya Corp. | 30900 | 3648301 |
|  Hulic Co. Ltd. | 383300 | 3880974 |
|  Inpex Corp. | 612500 | 8190207 |
|  J Front Retailing Co. Ltd. | 224100 | 3138545 |
|  Japan Exchange Group, Inc. | 217400 | 2381274 |
|  Japan Post Bank Co. Ltd. | 399500 | 4308451 |
|  Japan Post Holdings Co. Ltd. | 483300 | 4735599 |
|  Japan Post Insurance Co. Ltd. | 44000 | 967834 |
|  Kakaku.com, Inc. | 242200 | 4130771 |
|  Kansai Electric Power Co., Inc. (The) | 955000 | 10835563 |
|  Kao Corp. | 10200 | 465644 |
|  KDDI Corp. | 64600 | 1118259 |
|  Keyence Corp. | 46200 | 19337950 |
|  Kirin Holdings Co. Ltd. | 152200 | 2183503 |
|  Komatsu Ltd. | 43700 | 1328095 |
|  Kuraray Co. Ltd. | 12600 | 159534 |
|  Kyocera Corp. | 503500 | 6121860 |
|  Kyushu Electric Power Co., Inc. | 419900 | 3606265 |
|  Kyushu Railway Co. | 5000 | 134237 |
|  LY Corp. | 2211700 | 7975132 |
|  Marubeni Corp. | 98900 | 2004633 |
|  Mazda Motor Corp. | 962000 | 6034375 |
|  McDonald's Holdings Co. Japan Ltd. | 128300 | 5440719 |
|  MISUMI Group, Inc. | 30400 | 400974 |
|  Mitsubishi Chemical Group Corp. | 1376800 | 7328749 |
|  Mitsubishi Electric Corp. | 286500 | 5717680 |
|  Mitsubishi Estate Co. Ltd. | 63900 | 1161318 |
|  Mitsubishi HC Capital, Inc. | 437500 | 3212520 |
|  Mitsubishi UFJ Financial Group, Inc. | 4048400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56630287 |
|  Mitsui & Co. Ltd. | 932200 | 19465417 |
|  Mitsui Fudosan Co. Ltd. | 1225900 | 11741042 |
|  Mizuho Financial Group, Inc. | 676500 | 18812292 |
|  MS&AD Insurance Group Holdings, Inc. | 391300 | 9320170 |
|  Murata Manufacturing Co. Ltd. | 1709300 | 24799960 |
|  NEC Corp. | 673000 | 17567544 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Advantage International Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Japan (continued)** |  |  |
|  NH Foods Ltd. | 400 | $14064 |
|  Nippon Express Holdings, Inc. | 115200 | 2137324 |
|  Nippon Telegraph & Telephone Corp. | 27467600 | 30582237 |
|  Nissan Chemical Corp. | 123700 | 3718740 |
|  Nomura Holdings, Inc. | 3516300 | 21487659 |
|  Nomura Real Estate Holdings, Inc. | 1051100 | 6154851 |
|  Nomura Research Institute Ltd. | 205200 | 7910048 |
|  Obayashi Corp. | 368400 | 5558570 |
|  Obic Co. Ltd. | 130200 | 4751721 |
|  Olympus Corp. | 655300 | 8396355 |
|  Ono Pharmaceutical Co. Ltd. | 269600 | 2935480 |
|  ORIX Corp. | 756000 | 16021040 |
|  Osaka Gas Co. Ltd. | 15200 | 386998 |
|  Otsuka Corp. | 168500 | 3463534 |
|  Otsuka Holdings Co. Ltd. | 150800 | 7666669 |
|  Pan Pacific International Holdings Corp. | 115400 | 3779072 |
|  Panasonic Holdings Corp. | 1717800 | 19688511 |
|  Rakuten Group, Inc.<sup>(a)</sup> | 468100 | 2576374 |
|  Recruit Holdings Co. Ltd. | 682400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40643906 |
|  Resona Holdings, Inc. | 474800 | 4208198 |
|  Rohto Pharmaceutical Co. Ltd. | 18600 | 262112 |
|  Sanwa Holdings Corp. | 24200 | 833140 |
|  SBI Holdings, Inc. | 2600 | 78743 |
|  Secom Co. Ltd. | 184700 | 6725694 |
|  Sega Sammy Holdings, Inc. | 35700 | 673368 |
|  Sekisui House Ltd. | 224000 | 5079677 |
|  Shimadzu Corp. | 28600 | 690553 |
|  Shimizu Corp. | 501300 | 5511470 |
|  Shin-Etsu Chemical Co. Ltd. | 1212600 | 38718525 |
|  Shionogi & Co. Ltd. | 495400 | 8271959 |
|  Skylark Holdings Co. Ltd. | 182300 | 4025478 |
|  SMC Corp. | 32500 | 12186263 |
|  SoftBank Corp. | 10529600 | 16179344 |
|  SoftBank Group Corp. | 155300 | 8112618 |
|  Sojitz Corp. | 200300 | 4940193 |
|  Sompo Holdings, Inc. | 228100 | 6902615 |
|  Sony Group Corp. | 1949500 | 52180183 |
|  Sumitomo Chemical Co. Ltd. | 1684300 | 4038866 |
|  Sumitomo Corp. | 503300 | 12817326 |
|  Sumitomo Mitsui Financial Group, Inc. | 2161700 | 55536103 |
|  Sumitomo Mitsui Trust Group, Inc. | 300800 | 8139560 |
|  Sysmex Corp. | 43600 | 731617 |
|  T&D Holdings, Inc. | 112100 | 2564583 |
|  Takashimaya Co. Ltd. | 190900 | 1521585 |
|  Takeda Pharmaceutical Co. Ltd. | 1019500 | 30610591 |
|  TDK Corp. | 814600 | 8920050 |
|  Terumo Corp. | 453600 | 8326653 |
|  Tohoku Electric Power Co., Inc. | 528000 | 3668978 |
|  Tokio Marine Holdings, Inc. | 458300 | 19382575 |
|  Tokyo Electron Ltd. | 190700 | 30009511 |
|  Tokyo Gas Co. Ltd. | 233900 | 7843280 |
|  Tokyo Tatemono Co. Ltd. | 178600 | 3163307 |
|  Tokyu Fudosan Holdings Corp. | 609900 | 4443733 |
|  Tosoh Corp. | 42300 | 626020 |
|  TOTO Ltd. | 4900 | 125327 |
|  Toyota Motor Corp. | 1273200 | 24239447 |
|  Toyota Tsusho Corp. | 522100 | 11033736 |
|  Unicharm Corp. | 64800 | 515453 |
|  West Japan Railway Co. | 6500 | 140077 |
|  ZOZO, Inc. | 600 | 6501 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122777689 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Luxembourg — 0.0%** |  |  |
|  SES SA | 9 | $51 |
| **Mexico — 0.1%** |  |  |
|  Fresnillo PLC | 276151 | 4342248 |
| **Netherlands — 4.4%** |  |  |
|  Adyen NV<sup>(a)(c)</sup> | 4477 | 8580078 |
|  Aegon Ltd. | 279513 | 2001238 |
|  Argenx SE<sup>(a)</sup> | 11593 | 6651745 |
|  ASM International NV | 9426 | 5130064 |
|  ASML Holding NV | 143446 | 105682437 |
|  ASR Nederland NV | 71481 | 4583595 |
|  Euronext NV<sup>(c)</sup> | 29595 | 4823369 |
|  Heineken NV | 39580 | 3531032 |
|  ING Groep NV | 1416055 | 30080060 |
|  Koninklijke Ahold Delhaize NV | 330006 | 13927580 |
|  NN Group NV | 140383 | 8833124 |
|  Wolters Kluwer NV, Class C | 103797 | 18406292 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212230614 |
| **New Zealand — 1.0%** |  |  |
|  Xero Ltd.<sup>(a)</sup> | 425351 | 50526807 |
| **Norway — 0.6%** |  |  |
|  Aker BP ASA | 239716 | 5515966 |
|  DNB Bank ASA | 71491 | 1912084 |
|  Gjensidige Forsikring ASA | 199 | 5038 |
|  Kongsberg Gruppen ASA | 89576 | 15776145 |
|  Mowi ASA | 93554 | 1746892 |
|  Salmar ASA | 20184 | 899712 |
|  Telenor ASA | 174787 | 2683687 |
|  Var Energi ASA | 866539 | 2514314 |
|  |  | 31053838 |
| **Portugal — 0.0%** |  |  |
|  EDP SA | 61680 | 246187 |
|  Jeronimo Martins SGPS SA | 1674 | 42195 |
|  |  | 288382 |
| **Singapore — 1.7%** |  |  |
|  DBS Group Holdings Ltd. | 840560 | 29001409 |
|  Singapore Technologies Engineering Ltd. | 699800 | 4230811 |
|  Singapore Telecommunications Ltd. | 13453700 | 39720006 |
|  STMicroelectronics NV | 277571 | 6968330 |
|  United Overseas Bank Ltd. | 171900 | 4722051 |
|  |  | 84642607 |
| **Spain — 1.9%** |  |  |
|  ACS Actividades de Construccion y Servicios SA | 85762 | 5633381 |
|  Banco Bilbao Vizcaya Argentaria SA | 106335 | 1596296 |
|  Banco Santander SA | 3497514 | 27901959 |
|  Bankinter SA | 799189 | 10282105 |
|  Endesa SA | 178578 | 5457151 |
|  Industria de Diseno Textil SA | 409235 | 22170421 |
|  Telefonica SA | 3193032 | 17102436 |
|  |  | 90143749 |
| **Sweden — 2.6%** |  |  |
|  AddTech AB, B Shares | 62743 | 2156275 |
|  Alfa Laval AB | 166309 | 7075524 |
|  Assa Abloy AB, Class B | 504218 | 16004176 |
|  Atlas Copco AB, B Shares | 536733 | 7640811 |
|  Atlas Copco AB, Class A | 1351912 | 21715545 |
|  Evolution AB<sup>(c)</sup> | 106222 | 7286025 |
|  Getinge AB, B Shares | 81927 | 1581396 |
|  Hexagon AB, B Shares | 588172 | 5929642 |
|  Industrivarden AB, A Shares | 20151 | 730538 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Advantage International Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Sweden (continued)** |  |  |
|  Investment AB Latour, B Shares | 10819 | $285324 |
|  Lifco AB, B Shares | 71 | 2891 |
|  Sandvik AB | 411775 | 8988084 |
|  Securitas AB, B Shares | 65164 | 963684 |
|  Skanska AB, B Shares | 71387 | 1698320 |
|  Swedbank AB, A Shares | 388978 | 10532496 |
|  Swedish Orphan Biovitrum AB<sup>(a)</sup> | 111218 | 3399678 |
|  Tele2 AB, B Shares | 140923 | 2108517 |
|  Telefonaktiebolaget LM Ericsson, B Shares | 2381227 | 20270356 |
|  Trelleborg AB, B Shares | 9445 | 345645 |
|  Volvo AB, B Shares | 223371 | 6189308 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124904235 |
| **Switzerland — 5.6%** |  |  |
|  ABB Ltd., Registered Shares | 1156503 | 65513231 |
|  Accelleron Industries AG | 76961 | 4444332 |
|  Belimo Holding AG, Registered Shares | 6504 | 6293303 |
|  Chocoladefabriken Lindt & Spruengli AG, NVS | 475 | 7648267 |
|  Chocoladefabriken Lindt & Spruengli AG, Registered Shares | 16 | 2513761 |
|  Cie Financiere Richemont SA, Registered Shares | 1163 | 219466 |
|  Clariant AG, Registered Shares | 129832 | 1464224 |
|  DSM-Firmenich AG | 13389 | 1490450 |
|  Flughafen Zurich AG, Registered Shares | 17220 | 4778142 |
|  Givaudan SA, Registered Shares | 6908 | 34740966 |
|  Helvetia Holding AG, Registered Shares | 19571 | 4639097 |
|  Kuehne + Nagel International AG, Registered Shares | 4557 | 1025401 |
|  Logitech International SA, Registered Shares | 163159 | 13595343 |
|  Medmix AG<sup>(c)</sup> | 2 | 26 |
|  Nestlé SA, Registered Shares | 303344 | 32317402 |
|  Schindler Holding AG, NVS | 5747 | 2047901 |
|  Schindler Holding AG, Registered Shares | 5502 | 1892139 |
|  SGS SA, Registered Shares | 167304 | 17473789 |
|  Sonova Holding AG, Registered Shares | 6102 | 1916655 |
|  UBS Group AG, Registered Shares | 1024214 | 32672980 |
|  Zurich Insurance Group AG, Class N | 49799 | 34930900 |
|  |  | 271617775 |
| **United Kingdom — 14.0%** |  |  |
|  3i Group PLC | 1138 | 62505 |
|  Admiral Group PLC | 17999 | 813034 |
|  Ashtead Group PLC | 13477 | 789153 |
|  AstraZeneca PLC | 505339 | 74024111 |
|  BAE Systems PLC | 1515458 | 38856156 |
|  Barclays PLC | 8904488 | 39433150 |
|  Barratt Redrow PLC | 358314 | 2227102 |
|  Beazley PLC | 31514 | 401587 |
|  Berkeley Group Holdings PLC | 57306 | 3250424 |
|  British American Tobacco PLC | 144707 | 6514479 |
|  Burberry Group PLC | 12499 | 174854 |
|  Centrica PLC | 1358611 | 2905130 |
|  CK Hutchison Holdings Ltd. | 3970500 | 22201907 |
|  Close Brothers Group PLC<sup>(a)</sup> | 15 | 67 |
|  Compass Group PLC | 296525 | 10426669 |
|  ConvaTec Group PLC<sup>(c)</sup> | 440162 | 1721446 |
|  Direct Line Insurance Group PLC | 257173 | 1034271 |
|  Drax Group PLC | 25801 | 230572 |
|  Experian PLC | 718678 | 35793976 |
|  Halma PLC | 37078 | 1453609 |
|  HSBC Holdings PLC | 4861955 | 57278833 |
|  IG Group Holdings PLC | 351196 | 5312468 |
|  IMI PLC | 69544 | 1865626 |
|  Imperial Brands PLC | 725850 | 27527641 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **United Kingdom (continued)** |  |  |
|  Informa PLC | 712619 | $7555979 |
|  InterContinental Hotels Group PLC | 21428 | 2455394 |
|  International Consolidated Airlines Group SA | 2959786 | 13023686 |
|  Intertek Group PLC | 244011 | 15755446 |
|  J Sainsbury PLC | 1728579 | 6648131 |
|  Lloyds Banking Group PLC | 39904 | 41564 |
|  London Stock Exchange Group PLC | 300095 | 45661524 |
|  NatWest Group PLC | 4492705 | 31902041 |
|  Next PLC | 10714 | 1859383 |
|  RELX PLC | 398631 | 21452001 |
|  Rightmove PLC | 164652 | 1659094 |
|  Rolls-Royce Holdings PLC | 4127061 | 48026536 |
|  Sage Group PLC (The) | 1179599 | 19399999 |
|  Shell PLC | 1984553 | 65480186 |
|  Smith & Nephew PLC | 262802 | 3813570 |
|  Smiths Group PLC | 435576 | 12661173 |
|  Standard Chartered PLC | 306745 | 4785610 |
|  Taylor Wimpey PLC | 74879 | 120712 |
|  Tesco PLC | 1444078 | 7556326 |
|  Unilever PLC | 383002 | 24374766 |
|  Vodafone Group PLC | 14595705 | 15136691 |
|  Weir Group PLC (The) | 1459 | 47759 |
|  |  | 683716341 |
| **United States — 7.2%** |  |  |
|  BP PLC | 4174414 | 20296417 |
|  Carnival PLC<sup>(a)</sup> | 75846 | 1578971 |
|  CSL Ltd. | 110926 | 17700481 |
|  GSK PLC | 1960509 | 39825677 |
|  Holcim AG | 270126 | 29932714 |
|  James Hardie Industries PLC<sup>(a)</sup> | 35473 | 816126 |
|  Novartis AG, Registered Shares | 933817 | 107789679 |
|  QIAGEN NV | 31514 | 1422514 |
|  Roche Holding AG, NVS | 281762 | 91276037 |
|  Roche Holding AG | 9008 | 3077983 |
|  Schneider Electric SE | 116601 | 29419806 |
|  Stellantis NV | 526952 | 5371473 |
|  Tenaris SA | 242309 | 4058067 |
|  |  | 352565945 |
|  **Total Long-Term Investments — 97.9%<br>(Cost: $4,092,285,006)** | **Total Long-Term Investments — 97.9%<br>(Cost: $4,092,285,006)** | 4777201868 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 2.9%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.46%<sup>(f)(g)(h)</sup> | 25902614 | 25912976 |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.20%<sup>(f)(g)</sup> | 115902006 | 115902006 |
|  **Total Short-Term Securities — 2.9%<br>(Cost: $141,814,982)** | **Total Short-Term Securities — 2.9%<br>(Cost: $141,814,982)** | 141814982 |
|  **Total Investments — 100.8%<br>(Cost: $4,234,099,988)** | **Total Investments — 100.8%<br>(Cost: $4,234,099,988)** | 4919016850 |
|  **Liabilities in Excess of Other Assets — (0.8)%** | **Liabilities in Excess of Other Assets — (0.8)%** | (38387790) |
|  **Net Assets — 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4880629060 |

---

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

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

<sup>(c)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Advantage International Fund** |

---

<sup>(e)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $60,074, representing less than 0.05% of its net assets as of period end, and an original cost of $804,375. 

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

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

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

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended May 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>05/31/24* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>05/31/25* | *Shares*<br> *Held at<br>05/31/25* | *Income* | *Capital Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $760404 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25152140 <sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– $| 25912976 | 25902614 | $2129 <sup>(b)</sup> | $— |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares | 60864854 | 55037152 <sup>(a)</sup> |  |  | – | 115902006 | 115902006 | 3205953 |  |
|  |  |  |  | $432 | $– $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141814982 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3208082 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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

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

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

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount (000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI EAFE Index | 540 | 06/20/25 | $70322 | $151235 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $151235 | $— | $— | $— | $151235 |

---

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Advantage International Fund** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $4218085 | $— | $— | $— | $4218085 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(51293) | $— | $— | $— | $(51293) |

---

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $76771305 |

---

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

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | $26039 | $294182228 | $— | $294208267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austria |  | 6123238 |  | 6123238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium |  | 20644098 |  | 20644098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil |  | 2681572 |  | 2681572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China |  | 27730044 |  | 27730044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark | 1934546 | 80737089 |  | 82671635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland |  | 16264024 |  | 16264024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 509665028 |  | 509665028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 530132114 |  | 530132114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 83961712 |  | 83961712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India |  |  | 60074 | 60074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland |  | 6741869 |  | 6741869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel |  | 36037327 |  | 36037327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 131470585 |  | 131470585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 1412031 | 1121365658 |  | 1122777689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luxembourg |  | 51 |  | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico |  | 4342248 |  | 4342248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 212230614 |  | 212230614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Zealand |  | 50526807 |  | 50526807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norway | 904750 | 30149088 |  | 31053838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portugal |  | 288382 |  | 288382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore |  | 84642607 |  | 84642607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 90143749 |  | 90143749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden | 2891 | 124901344 |  | 124904235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 271617775 |  | 271617775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 683716341 |  | 683716341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States |  | 352565945 |  | 352565945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 141814982 |  |  | 141814982 |
|  | $146095239 | $4772861537 | $60074 | $4919016850 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Advantage International Fund** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $151235 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $151235 |

---

<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.* 

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

------

---

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** |
|  HEICO Corp., Class A | 673 | $158720 |
|  Lockheed Martin Corp. | 4145 | 1999465 |
|  |  | 2158185 |
| **Air Freight & Logistics — 0.2%** |  |  |
|  FedEx Corp. | 14917 | 3253398 |
| **Automobile Components — 0.0%** |  |  |
|  BorgWarner, Inc. | 18677 | 618022 |
| **Automobiles — 3.2%** |  |  |
|  Tesla, Inc.<sup>(a)</sup> | 128759 | 44609843 |
| **Banks — 0.1%** |  |  |
|  Bank of America Corp. | 26415 | 1165694 |
| **Beverages — 0.1%** |  |  |
|  Monster Beverage Corp.<sup>(a)</sup> | 5260 | 336377 |
|  PepsiCo, Inc. | 4148 | 545255 |
|  |  | 881632 |
| **Biotechnology — 1.7%** |  |  |
|  AbbVie, Inc. | 50421 | 9383852 |
|  Amgen, Inc. | 3344 | 963674 |
|  BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 6504 | 377687 |
|  Gilead Sciences, Inc. | 31142 | 3428111 |
|  Incyte Corp.<sup>(a)</sup> | 3123 | 203183 |
|  Natera, Inc.<sup>(a)</sup> | 28757 | 4535842 |
|  Regeneron Pharmaceuticals, Inc. | 5212 | 2555339 |
|  Sarepta Therapeutics, Inc.<sup>(a)</sup> | 28869 | 1085475 |
|  United Therapeutics Corp.<sup>(a)</sup> | 3318 | 1057944 |
|  |  | 23591107 |
| **Broadline Retail — 5.4%** |  |  |
|  Amazon.com, Inc.<sup>(a)</sup> | 338901 | 69478094 |
|  Coupang, Inc., Class A<sup>(a)</sup> | 75800 | 2126190 |
|  MercadoLibre, Inc.<sup>(a)</sup> | 1905 | 4883067 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76487351 |
| **Capital Markets — 3.7%** |  |  |
|  Blackstone, Inc., Class A | 46509 | 6453589 |
|  Charles Schwab Corp. (The) | 135938 | 12008763 |
|  Intercontinental Exchange, Inc. | 22398 | 4027160 |
|  Moody's Corp. | 20818 | 9978484 |
|  Morgan Stanley | 85921 | 11000466 |
|  S&P Global, Inc. | 17385 | 8916071 |
|  |  | 52384533 |
| **Chemicals — 0.0%** |  |  |
|  Cabot Corp. | 1 | 75 |
| **Commercial Services & Supplies — 0.9%** |  |  |
|  Cintas Corp. | 52089 | 11798159 |
|  Waste Connections, Inc. | 4292 | 845910 |
|  |  | 12644069 |
| **Communications Equipment — 0.9%** |  |  |
|  Arista Networks, Inc.<sup>(a)</sup> | 55409 | 4800636 |
|  Ciena Corp.<sup>(a)</sup> | 5036 | 403182 |
|  Cisco Systems, Inc. | 20040 | 1263321 |
|  Motorola Solutions, Inc. | 13544 | 5625907 |
|  |  | 12093046 |
| **Construction & Engineering — 0.6%** |  |  |
|  Comfort Systems U.S.A., Inc. | 12894 | 6166298 |
|  MasTec, Inc.<sup>(a)</sup> | 12250 | 1910142 |
|  |  | 8076440 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Consumer Finance — 0.2%** |  |  |
|  American Express Co. | 11674 | $3432740 |
| **Consumer Staples Distribution & Retail — 3.1%** |  |  |
|  Costco Wholesale Corp. | 30938 | 32181089 |
|  Sprouts Farmers Market, Inc.<sup>(a)</sup> | 3874 | 669660 |
|  Walmart, Inc. | 115212 | 11373728 |
|  |  | 44224477 |
| **Containers & Packaging — 0.1%** |  |  |
|  Packaging Corp. of America | 4410 | 851880 |
| **Electric Utilities — 0.1%** |  |  |
|  Entergy Corp. | 9073 | 755599 |
| **Electrical Equipment — 0.1%** |  |  |
|  Eaton Corp. PLC | 4786 | 1532477 |
| **Electronic Equipment, Instruments & Components — 2.1%** |  |  |
|  Amphenol Corp., Class A | 89416 | 8041181 |
|  Badger Meter, Inc. | 3154 | 782886 |
|  Corning, Inc. | 160049 | 7936830 |
|  Flex Ltd.<sup>(a)</sup> | 207070 | 8759061 |
|  Keysight Technologies, Inc.<sup>(a)</sup> | 15097 | 2370833 |
|  Trimble, Inc.<sup>(a)</sup> | 8440 | 601518 |
|  Zebra Technologies Corp., Class A<sup>(a)</sup> | 2802 | 811935 |
|  |  | 29304244 |
| **Entertainment — 2.2%** |  |  |
|  Netflix, Inc.<sup>(a)</sup> | 22462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27116800 |
|  ROBLOX Corp., Class A<sup>(a)</sup> | 26830 | 2333673 |
|  Spotify Technology SA<sup>(a)</sup> | 426 | 283350 |
|  Walt Disney Co. (The) | 15174 | 1715269 |
|  |  | 31449092 |
| **Financial Services — 3.1%** |  |  |
|  Mastercard, Inc., Class A | 29766 | 17430969 |
|  Remitly Global, Inc.<sup>(a)</sup> | 15341 | 327684 |
|  Toast, Inc., Class A<sup>(a)</sup> | 7017 | 295977 |
|  Visa, Inc., Class A | 69868 | 25515095 |
|  |  | 43569725 |
| **Ground Transportation — 0.8%** |  |  |
|  Uber Technologies, Inc.<sup>(a)</sup> | 131854 | 11096833 |
| **Health Care Equipment & Supplies — 1.4%** |  |  |
|  Boston Scientific Corp.<sup>(a)</sup> | 93517 | 9843599 |
|  Edwards Lifesciences Corp.<sup>(a)</sup> | 4477 | 350191 |
|  Intuitive Surgical, Inc.<sup>(a)</sup> | 5308 | 2931821 |
|  Medtronic PLC | 75661 | 6278350 |
|  |  | 19403961 |
| **Health Care Providers & Services — 1.1%** |  |  |
|  Cardinal Health, Inc. | 72395 | 11180684 |
|  Cencora, Inc. | 4889 | 1423872 |
|  UnitedHealth Group, Inc. | 9068 | 2737720 |
|  |  | 15342276 |
| **Health Care Technology — 0.1%** |  |  |
|  Veeva Systems, Inc., Class A<sup>(a)</sup> | 6662 | 1863361 |
| **Hotels, Restaurants & Leisure — 1.9%** |  |  |
|  Airbnb, Inc., Class A<sup>(a)</sup> | 8304 | 1071216 |
|  Booking Holdings, Inc. | 3126 | 17252175 |
|  Brinker International, Inc.<sup>(a)</sup> | 2837 | 489751 |
|  Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 6885 | 344801 |
|  DoorDash, Inc., Class A<sup>(a)</sup> | 26419 | 5512325 |
|  Dutch Bros, Inc., Class A<sup>(a)</sup> | 7721 | 557456 |

---

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

------

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Hotels, Restaurants & Leisure (continued)** |  |  |  |
|  Flutter Entertainment PLC<sup>(a)</sup> | 5363 | $| 1355230 |
|  Yum! Brands, Inc. | 6366 |  | 916322 |
|  |  |  | 27499276 |
| **Household Durables — 0.4%** |  |  |  |
|  Garmin Ltd. | 21132 |  | 4289162 |
|  Taylor Morrison Home Corp., Class A<sup>(a)</sup> | 7861 |  | 442417 |
|  Toll Brothers, Inc. | 8685 |  | 905411 |
|  |  |  | 5636990 |
| **Industrial Conglomerates — 0.0%** |  |  |  |
|  Honeywell International, Inc. | 19 |  | 4307 |
| **Insurance — 0.7%** |  |  |  |
|  Aon PLC, Class A | 625 |  | 232550 |
|  Progressive Corp. (The) | 24354 |  | 6939185 |
|  Travelers Cos., Inc. (The) | 12336 |  | 3401035 |
|  |  |  | 10572770 |
| **Interactive Media & Services — 10.0%** |  |  |  |
|  Alphabet, Inc., Class A | 175791 |  | 30190346 |
|  Alphabet, Inc., Class C, NVS | 227676 |  | 39353797 |
|  Meta Platforms, Inc., Class A | 105399 |  | 68244798 |
|  Pinterest, Inc., Class A<sup>(a)</sup> | 87497 |  | 2722032 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140510973 |
| **IT Services — 0.7%** |  |  |  |
|  Accenture PLC, Class A | 2478 |  | 785080 |
|  GoDaddy, Inc., Class A<sup>(a)</sup> | 18941 |  | 3450103 |
|  MongoDB, Inc., Class A<sup>(a)</sup> | 3887 |  | 733982 |
|  Snowflake, Inc., Class A<sup>(a)</sup> | 17751 |  | 3650848 |
|  VeriSign, Inc. | 5859 |  | 1596402 |
|  |  |  | 10216415 |
| **Machinery — 0.8%** |  |  |  |
|  Flowserve Corp. | 6117 |  | 305300 |
|  Parker-Hannifin Corp. | 16302 |  | 10835939 |
|  |  |  | 11141239 |
| **Media — 0.1%** |  |  |  |
|  Fox Corp., Class A, NVS | 14231 |  | 781851 |
|  Trade Desk, Inc. (The), Class A<sup>(a)</sup> | 4652 |  | 349924 |
|  |  |  | 1131775 |
| **Oil, Gas & Consumable Fuels — 0.4%** |  |  |  |
|  Targa Resources Corp. | 33567 |  | 5301236 |
| **Passenger Airlines — 0.0%** |  |  |  |
|  Alaska Air Group, Inc.<sup>(a)</sup> | 6905 |  | 351672 |
| **Pharmaceuticals — 3.7%** |  |  |  |
|  Bristol-Myers Squibb Co. | 93507 |  | 4514518 |
|  Eli Lilly & Co. | 44147 |  | 32565917 |
|  Merck & Co., Inc. | 170350 |  | 13089694 |
|  Pfizer, Inc. | 64743 |  | 1520813 |
|  |  |  | 51690942 |
| **Retail REITs — 0.0%** |  |  |  |
|  Simon Property Group, Inc. | 3153 |  | 514160 |
| **Semiconductors & Semiconductor Equipment — 18.0%** | **Semiconductors & Semiconductor Equipment — 18.0%** | **Semiconductors & Semiconductor Equipment — 18.0%** | **Semiconductors & Semiconductor Equipment — 18.0%** |
|  Advanced Micro Devices, Inc.<sup>(a)</sup> | 230305 |  | 25501673 |
|  Analog Devices, Inc. | 4498 |  | 962482 |
|  Applied Materials, Inc. | 35187 |  | 5515562 |
|  Broadcom, Inc. | 294303 |  | 71241927 |
|  Credo Technology Group Holding Ltd.<sup>(a)</sup> | 11909 |  | 725973 |
|  KLA Corp. | 6081 |  | 4602587 |
|  Lam Research Corp. | 156274 |  | 12625377 |
|  Marvell Technology, Inc. | 99063 |  | 5962602 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
|  NVIDIA Corp. | 787659 | $106436361 |
|  Onto Innovation, Inc.<sup>(a)</sup> | 4160 | 382470 |
|  QUALCOMM, Inc. | 87622 | 12722714 |
|  Rambus, Inc.<sup>(a)</sup> | 35996 | 1924706 |
|  Texas Instruments, Inc. | 25205 | 4608734 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253213168 |
| **Software — 19.3%** |  |  |
|  Adobe, Inc.<sup>(a)</sup> | 36880 | 15308519 |
|  AppLovin Corp., Class A<sup>(a)</sup> | 4312 | 1694616 |
|  Atlassian Corp., Class A<sup>(a)</sup> | 21687 | 4502872 |
|  Autodesk, Inc.<sup>(a)</sup> | 30964 | 9169060 |
|  Cadence Design Systems, Inc.<sup>(a)</sup> | 8194 | 2352252 |
|  Datadog, Inc., Class A<sup>(a)</sup> | 15137 | 1784350 |
|  Dynatrace, Inc.<sup>(a)</sup> | 28023 | 1513522 |
|  Elastic NV<sup>(a)</sup> | 70520 | 5702952 |
|  Fair Isaac Corp.<sup>(a)</sup> | 2514 | 4339868 |
|  Fortinet, Inc.<sup>(a)</sup> | 55908 | 5690316 |
|  FreedomPay, Inc.<sup>(a)(b)</sup> | 43051 | 762864 |
|  Intuit, Inc. | 16697 | 12580689 |
|  Microsoft Corp. | 284678 | 131054364 |
|  Nutanix, Inc., Class A<sup>(a)</sup> | 1883 | 144407 |
|  Oracle Corp. | 86482 | 14315365 |
|  Palantir Technologies, Inc., Class A<sup>(a)</sup> | 107477 | 14163319 |
|  Palo Alto Networks, Inc.<sup>(a)</sup> | 22926 | 4411421 |
|  Rubrik, Inc., Class A<sup>(a)</sup> | 6475 | 617391 |
|  SailPoint, Inc.<sup>(a)</sup> | 15903 | 280211 |
|  Salesforce, Inc. | 85542 | 22700281 |
|  ServiceNow, Inc.<sup>(a)</sup> | 13612 | 13762957 |
|  Workday, Inc., Class A<sup>(a)</sup> | 19916 | 4933392 |
|  |  | 271784988 |
| **Specialized REITs — 0.4%** |  |  |
|  Equinix, Inc. | 6608 | 5873323 |
| **Specialty Retail — 2.6%** |  |  |
|  AutoNation, Inc.<sup>(a)</sup> | 2601 | 478194 |
|  Bath & Body Works, Inc. | 34626 | 973683 |
|  Home Depot, Inc. (The) | 60997 | 22464585 |
|  Lithia Motors, Inc., Class A | 2593 | 821748 |
|  O'Reilly Automotive, Inc.<sup>(a)</sup> | 2660 | 3637550 |
|  TJX Cos., Inc. (The) | 64010 | 8122869 |
|  |  | 36498629 |
| **Technology Hardware, Storage & Peripherals — 7.9%** |  |  |
|  Apple Inc. | 543111 | 109083845 |
|  Dell Technologies, Inc., Class C | 4401 | 489699 |
|  NetApp, Inc. | 25044 | 2483363 |
|  |  | 112056907 |
| **Textiles, Apparel & Luxury Goods — 0.4%** |  |  |
|  Ralph Lauren Corp., Class A | 21953 | 6076810 |
| **Tobacco — 0.3%** |  |  |
|  Philip Morris International, Inc. | 24122 | 4356192 |
| **Total Long-Term Investments — 99.0%** |  |  |
|  (Cost: $880,481,157) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1395221832 |

---

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

------

---

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 0.9%** |  |  |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.20%<sup>(c)(d)</sup> | 13188787 | $13188787 |
|  **Total Short-Term Securities — 0.9%<br>(Cost: $13,188,787)** | **Total Short-Term Securities — 0.9%<br>(Cost: $13,188,787)** | 13188787 |
|  **Total Investments — 99.9%<br>(Cost: $893,669,944)** | **Total Investments — 99.9%<br>(Cost: $893,669,944)** | 1408410619 |
|  **Other Assets Less Liabilities — 0.1%** | **Other Assets Less Liabilities — 0.1%** | 918045 |
|  **Net Assets — 100.0%** |  | $1409328664 |

---

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

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

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

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

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended May 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>05/31/24* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>05/31/25* | *Shares<br>Held at<br>05/31/25* | *Income* | *Capital Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares<sup>(a)</sup> | $— | $— | $(558)<sup>(b)</sup> | $558 | $— | $— |  | $4414 <sup>(c)</sup> | $— |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares | 11949669 | 1239118 <sup>(b)</sup> |  |  |  | 13188787 | 13188787 | 599711 |  |
|  |  |  |  | $558 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $13188787 |  | $604125 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

<sup>(a)</sup> As of period end, the entity is no longer held.

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

<sup>(c)</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* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount (000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NASDAQ 100 E-Mini Index | 30 | 06/20/25 | $12826 | $337761 |

---

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

------

---

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

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $337761 | $— | $— | $— | $337761 |

---

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $1885971 | $— | $— | $— | $1885971 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $49016 | $— | $— | $— | $49016 |

---

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $14066205 |

---

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

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $1394458968 | $— | $762864 | $1395221832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 13188787 |  |  | 13188787 |
|  | $1407647755 | $— | $762864 | $1408410619 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $337761 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $337761 |

---

<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.* 

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

------

---

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 2.0%** | **Aerospace & Defense — 2.0%** | **Aerospace & Defense — 2.0%** |
|  AAR Corp.<sup>(a)(b)</sup> | 31916 | $1959962 |
|  AeroVironment, Inc.<sup>(a)</sup> | 8628 | 1536043 |
|  AerSale Corp.<sup>(a)</sup> | 89207 | 525429 |
|  Archer Aviation, Inc., Class A<sup>(a)(b)</sup> | 381646 | 3850808 |
|  Astronics Corp.<sup>(a)(b)</sup> | 52245 | 1631089 |
|  ATI, Inc.<sup>(a)</sup> | 70896 | 5646157 |
|  BWX Technologies, Inc. | 19621 | 2464398 |
|  Ducommun, Inc.<sup>(a)</sup> | 154435 | 10869135 |
|  Huntington Ingalls Industries, Inc. | 4164 | 928822 |
|  Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 96570 | 3562467 |
|  Leonardo DRS, Inc. | 154150 | 6520545 |
|  Loar Holdings, Inc.<sup>(a)</sup> | 3295 | 286830 |
|  Mercury Systems, Inc.<sup>(a)(b)</sup> | 72723 | 3581608 |
|  Moog, Inc., Class A | 108472 | 20100946 |
|  Rocket Lab Corp.<sup>(a)(b)</sup> | 280682 | 7519471 |
|  Triumph Group, Inc.<sup>(a)</sup> | 30470 | 785821 |
|  V2X, Inc.<sup>(a)</sup> | 132179 | 5985065 |
|  |  | 77754596 |
| **Air Freight & Logistics — 0.0%** |  |  |
|  Hub Group, Inc., Class A | 17210 | 580149 |
| **Automobile Components — 1.3%** |  |  |
|  Adient PLC<sup>(a)</sup> | 607236 | 9466809 |
|  BorgWarner, Inc. | 148744 | 4921939 |
|  Cooper-Standard Holdings, Inc.<sup>(a)(b)</sup> | 84671 | 1950820 |
|  Dana, Inc. | 256976 | 4273511 |
|  Dorman Products, Inc.<sup>(a)</sup> | 56176 | 7264119 |
|  Gentex Corp. | 61536 | 1327331 |
|  Goodyear Tire & Rubber Co. (The)<sup>(a)</sup> | 280488 | 3200368 |
|  Modine Manufacturing Co.<sup>(a)(b)</sup> | 87520 | 7946816 |
|  Patrick Industries, Inc. | 32780 | 2814491 |
|  Standard Motor Products, Inc. | 242966 | 7361870 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50528074 |
| **Automobiles — 0.1%** |  |  |
|  Winnebago Industries, Inc. | 94977 | 3222570 |
| **Banks — 9.3%** |  |  |
|  1st Source Corp. | 136372 | 8258688 |
|  Amalgamated Financial Corp. | 413540 | 12497179 |
|  Ameris Bancorp | 104060 | 6396568 |
|  Atlantic Union Bankshares Corp. | 30440 | 913809 |
|  Axos Financial, Inc.<sup>(a)(b)</sup> | 86245 | 5997477 |
|  Bank of Marin Bancorp | 78657 | 1676181 |
|  Bank7 Corp. | 25017 | 966157 |
|  BankUnited, Inc. | 7346 | 249617 |
|  Business First Bancshares, Inc. | 44303 | 1053968 |
|  Byline Bancorp, Inc. | 80008 | 2069807 |
|  Capital City Bank Group, Inc. | 189096 | 7136483 |
|  Capitol Federal Financial, Inc. | 177089 | 1011178 |
|  Chemung Financial Corp. | 64486 | 3022459 |
|  Coastal Financial Corp.<sup>(a)(b)</sup> | 27974 | 2458635 |
|  Colony Bankcorp, Inc. | 231482 | 3539360 |
|  Commerce Bancshares, Inc. | 23170 | 1459942 |
|  Community Trust Bancorp, Inc. | 74263 | 3791126 |
|  Community West Bancshares | 13381 | 238182 |
|  ConnectOne Bancorp, Inc. | 365401 | 8393261 |
|  Customers Bancorp, Inc.<sup>(a)(b)</sup> | 12336 | 628643 |
|  Dime Community Bancshares, Inc. | 54468 | 1397649 |
|  Eagle Bancorp, Inc. | 39561 | 696274 |
|  Enterprise Bancorp, Inc. | 20550 | 792202 |
|  Enterprise Financial Services Corp. | 269264 | 14254836 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Banks (continued)** |  |  |
|  FB Financial Corp. | 276073 | $12050586 |
|  Financial Institutions, Inc. | 65265 | 1685142 |
|  First Bank | 46314 | 672942 |
|  First Busey Corp. | 121790 | 2693995 |
|  First Business Financial Services, Inc. | 132135 | 6444224 |
|  First Community Bankshares, Inc. | 66415 | 2497204 |
|  First Financial Bankshares, Inc. | 363744 | 12825613 |
|  First Financial Corp. | 122131 | 6331271 |
|  First Financial Northwest, Inc.<sup>(a)</sup> | 10701 | 5993 |
|  First Hawaiian, Inc. | 611846 | 14610882 |
|  First Horizon Corp. | 340664 | 6772400 |
|  First Internet Bancorp | 65815 | 1596014 |
|  First Interstate BancSystem, Inc., Class A | 290405 | 7884496 |
|  First of Long Island Corp. (The) | 76556 | 908720 |
|  First United Corp. | 26985 | 810899 |
|  Flushing Financial Corp. | 117281 | 1410890 |
|  FNB Corp. | 232320 | 3222278 |
|  Hancock Whitney Corp. | 284613 | 15559793 |
|  HarborOne Bancorp, Inc. | 59920 | 681890 |
|  HBT Financial, Inc. | 166191 | 3888869 |
|  Heritage Commerce Corp. | 699732 | 6479518 |
|  Heritage Financial Corp. | 34073 | 796627 |
|  HomeTrust Bancshares, Inc. | 127297 | 4594149 |
|  Horizon Bancorp, Inc. | 573666 | 8513203 |
|  Independent Bank Corp. | 193705 | 6107519 |
|  Kearny Financial Corp. | 854925 | 5155198 |
|  Live Oak Bancshares, Inc. | 19295 | 529648 |
|  Mercantile Bank Corp. | 60420 | 2668147 |
|  Metropolitan Bank Holding Corp.<sup>(a)</sup> | 25640 | 1658139 |
|  Mid Penn Bancorp, Inc. | 67240 | 1791946 |
|  Midland States Bancorp, Inc. | 328994 | 5553419 |
|  MidWestOne Financial Group, Inc. | 16809 | 483259 |
|  National Bank Holdings Corp., Class A | 55340 | 2000541 |
|  Nicolet Bankshares, Inc. | 30970 | 3798161 |
|  Northeast Bank | 7045 | 590582 |
|  Northfield Bancorp, Inc. | 402954 | 4706503 |
|  Northrim BanCorp, Inc. | 110281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10101740 |
|  OceanFirst Financial Corp. | 964066 | 16205949 |
|  Origin Bancorp, Inc. | 86711 | 2955978 |
|  Park National Corp. | 15134 | 2460183 |
|  Peapack-Gladstone Financial Corp. | 111946 | 3069559 |
|  Peoples Bancorp, Inc. | 68957 | 2021819 |
|  Primis Financial Corp. | 48162 | 456094 |
|  Prosperity Bancshares, Inc. | 107549 | 7490788 |
|  Provident Financial Services, Inc. | 481474 | 8040616 |
|  Republic Bancorp, Inc., Class A | 32707 | 2241738 |
|  Riverview Bancorp, Inc. | 201450 | 1120062 |
|  ServisFirst Bancshares, Inc. | 80202 | 5969435 |
|  Shore Bancshares, Inc. | 227981 | 3303445 |
|  Sierra Bancorp | 84265 | 2306333 |
|  SmartFinancial, Inc. | 42735 | 1358118 |
|  South Plains Financial, Inc. | 83040 | 2986949 |
|  Southern First Bancshares, Inc.<sup>(a)</sup> | 51115 | 1843718 |
|  Southside Bancshares, Inc. | 28544 | 804655 |
|  SouthState Corp. | 18446 | 1619559 |
|  Stellar Bancorp, Inc. | 23175 | 623871 |
|  Tompkins Financial Corp. | 9058 | 556161 |
|  United Bankshares, Inc. | 93880 | 3392823 |
|  United Community Banks, Inc. | 60563 | 1740581 |
|  Unity Bancorp, Inc. | 5184 | 229159 |
|  Univest Financial Corp. | 185388 | 5472654 |
|  Valley National Bancorp | 787143 | 6911116 |

---

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

------

---

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Banks (continued)** |  |  |
|  Veritex Holdings, Inc. | 61981 | $1499940 |
|  Washington Trust Bancorp, Inc. | 270137 | 7471989 |
|  WesBanco, Inc. | 603348 | 18571051 |
|  |  | 369706424 |
| **Beverages — 0.2%** |  |  |
|  Boston Beer Co., Inc. (The), Class A<sup>(a)</sup> | 35909 | 8253684 |
|  Vita Coco Co., Inc. (The)<sup>(a)</sup> | 15472 | 550648 |
|  |  | 8804332 |
| **Biotechnology — 8.2%** |  |  |
|  4D Molecular Therapeutics, Inc.<sup>(a)</sup> | 152112 | 550645 |
|  ACADIA Pharmaceuticals, Inc.<sup>(a)</sup> | 364442 | 7861014 |
|  ADMA Biologics, Inc.<sup>(a)</sup> | 318088 | 6310866 |
|  Agios Pharmaceuticals, Inc.<sup>(a)</sup> | 106644 | 3422206 |
|  Akero Therapeutics, Inc.<sup>(a)</sup> | 50773 | 2520879 |
|  Alector, Inc.<sup>(a)</sup> | 675745 | 898741 |
|  Alkermes PLC<sup>(a)</sup> | 147564 | 4516934 |
|  Allogene Therapeutics, Inc.<sup>(a)(b)</sup> | 328343 | 384161 |
|  Amicus Therapeutics, Inc.<sup>(a)</sup> | 1329994 | 8073064 |
|  AnaptysBio, Inc.<sup>(a)(b)</sup> | 35268 | 784008 |
|  Apellis Pharmaceuticals, Inc.<sup>(a)</sup> | 55114 | 933080 |
|  Arcellx, Inc.<sup>(a)</sup> | 5843 | 362617 |
|  Arcturus Therapeutics Holdings, Inc.<sup>(a)</sup> | 145301 | 1820621 |
|  Arcus Biosciences, Inc.<sup>(a)</sup> | 194127 | 1733554 |
|  Ardelyx, Inc.<sup>(a)</sup> | 891265 | 3270943 |
|  Arrowhead Pharmaceuticals, Inc.<sup>(a)</sup> | 182405 | 2931248 |
|  ARS Pharmaceuticals, Inc.<sup>(a)</sup> | 65 | 938 |
|  Atossa Therapeutics, Inc.<sup>(a)(b)</sup> | 246842 | 191821 |
|  Avidity Biosciences, Inc.<sup>(a)(b)</sup> | 53432 | 1655323 |
|  Beam Therapeutics, Inc.<sup>(a)(b)</sup> | 48372 | 765729 |
|  BioCryst Pharmaceuticals, Inc.<sup>(a)</sup> | 945485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10163964 |
|  BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 49379 | 2867438 |
|  Blueprint Medicines Corp.<sup>(a)</sup> | 87253 | 8843092 |
|  Bridgebio Pharma, Inc.<sup>(a)</sup> | 193003 | 6610353 |
|  CareDx, Inc.<sup>(a)(b)</sup> | 172643 | 2933205 |
|  Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | 445060 | 11108698 |
|  Celldex Therapeutics, Inc.<sup>(a)</sup> | 147560 | 2918737 |
|  Coherus Biosciences, Inc.<sup>(a)(b)</sup> | 1000977 | 779761 |
|  Crinetics Pharmaceuticals, Inc.<sup>(a)</sup> | 55309 | 1687478 |
|  Cytokinetics, Inc.<sup>(a)</sup> | 182759 | 5669184 |
|  Day One Biopharmaceuticals, Inc.<sup>(a)</sup> | 454562 | 2900106 |
|  Denali Therapeutics, Inc.<sup>(a)</sup> | 303411 | 4017162 |
|  Dyne Therapeutics, Inc.<sup>(a)</sup> | 137334 | 1642515 |
|  Emergent BioSolutions, Inc.<sup>(a)</sup> | 155130 | 980422 |
|  Enanta Pharmaceuticals, Inc.<sup>(a)</sup> | 109547 | 649614 |
|  Exact Sciences Corp.<sup>(a)</sup> | 13664 | 769010 |
|  Exelixis, Inc.<sup>(a)</sup> | 50414 | 2169819 |
|  Fate Therapeutics, Inc.<sup>(a)</sup> | 955562 | 1156230 |
|  Halozyme Therapeutics, Inc.<sup>(a)</sup> | 136222 | 7637968 |
|  Ideaya Biosciences, Inc.<sup>(a)</sup> | 476569 | 9478957 |
|  Incyte Corp.<sup>(a)</sup> | 45614 | 2967647 |
|  Insmed, Inc.<sup>(a)</sup> | 216381 | 15088247 |
|  Intellia Therapeutics, Inc.<sup>(a)(b)</sup> | 555833 | 3818573 |
|  Ionis Pharmaceuticals, Inc.<sup>(a)</sup> | 212444 | 7118998 |
|  Iovance Biotherapeutics, Inc.<sup>(a)(b)</sup> | 566319 | 991058 |
|  iTeos Therapeutics, Inc.<sup>(a)</sup> | 599276 | 6004745 |
|  Karyopharm Therapeutics, Inc.<sup>(a)(b)</sup> | 46617 | 195791 |
|  Kiniksa Pharmaceuticals International PLC<sup>(a)</sup> | 181843 | 4975224 |
|  Kodiak Sciences, Inc.<sup>(a)</sup> | 529224 | 1799362 |
|  Krystal Biotech, Inc.<sup>(a)</sup> | 18777 | 2365151 |
|  Kura Oncology, Inc.<sup>(a)</sup> | 445472 | 2534736 |
|  Kymera Therapeutics, Inc.<sup>(a)(b)</sup> | 74783 | 2216568 |
|  Madrigal Pharmaceuticals, Inc.<sup>(a)</sup> | 19809 | 5452625 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Biotechnology (continued)** |  |  |
|  MannKind Corp.<sup>(a)</sup> | 347972 | $1444084 |
|  MiMedx Group, Inc.<sup>(a)</sup> | 518363 | 3333074 |
|  Mirum Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 34867 | 1550187 |
|  Moderna, Inc.<sup>(a)(b)</sup> | 264569 | 7026953 |
|  Myriad Genetics, Inc.<sup>(a)</sup> | 213608 | 895017 |
|  Natera, Inc.<sup>(a)</sup> | 40682 | 6416772 |
|  Nurix Therapeutics, Inc.<sup>(a)</sup> | 143350 | 1523810 |
|  Olema Pharmaceuticals, Inc.<sup>(a)</sup> | 151119 | 797908 |
|  ORIC Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 67007 | 547447 |
|  PMV Pharmaceuticals, Inc.<sup>(a)</sup> | 280445 | 246287 |
|  Protagonist Therapeutics, Inc.<sup>(a)</sup> | 12819 | 608518 |
|  Prothena Corp. PLC<sup>(a)</sup> | 68410 | 314002 |
|  PTC Therapeutics, Inc.<sup>(a)</sup> | 184370 | 8945632 |
|  Puma Biotechnology, Inc.<sup>(a)</sup> | 222482 | 729741 |
|  Recursion Pharmaceuticals, Inc., Class A<sup>(a)(b)</sup> | 316374 | 1322443 |
|  REGENXBIO, Inc.<sup>(a)</sup> | 580895 | 5140921 |
|  Relay Therapeutics, Inc.<sup>(a)</sup> | 1078888 | 3236664 |
|  Replimune Group, Inc.<sup>(a)</sup> | 132862 | 1193101 |
|  Revolution Medicines, Inc.<sup>(a)(b)</sup> | 180855 | 7125687 |
|  Rhythm Pharmaceuticals, Inc.<sup>(a)</sup> | 21905 | 1343434 |
|  Rigel Pharmaceuticals, Inc.<sup>(a)</sup> | 72295 | 1388064 |
|  Sangamo Therapeutics, Inc.<sup>(a)(b)</sup> | 627426 | 291753 |
|  Sarepta Therapeutics, Inc.<sup>(a)</sup> | 166655 | 6266228 |
|  Scholar Rock Holding Corp.<sup>(a)(b)</sup> | 115743 | 3357704 |
|  SpringWorks Therapeutics, Inc.<sup>(a)</sup> | 53265 | 2488008 |
|  Summit Therapeutics, Inc.<sup>(a)(b)</sup> | 38623 | 703518 |
|  Syndax Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 579260 | 6105400 |
|  TG Therapeutics, Inc.<sup>(a)</sup> | 417412 | 14655335 |
|  Tourmaline Bio, Inc.<sup>(a)</sup> | 19876 | 331532 |
|  Travere Therapeutics, Inc.<sup>(a)</sup> | 308317 | 4630921 |
|  Twist Bioscience Corp.<sup>(a)</sup> | 303708 | 8898644 |
|  Ultragenyx Pharmaceutical, Inc.<sup>(a)</sup> | 175692 | 5978799 |
|  Vanda Pharmaceuticals, Inc.<sup>(a)</sup> | 1051878 | 4565150 |
|  Vaxcyte, Inc.<sup>(a)</sup> | 133328 | 4331827 |
|  Vera Therapeutics, Inc., Class A<sup>(a)</sup> | 16009 | 303371 |
|  Veracyte, Inc.<sup>(a)</sup> | 312827 | 8324326 |
|  Verve Therapeutics, Inc.<sup>(a)</sup> | 407716 | 1814336 |
|  Viking Therapeutics, Inc.<sup>(a)(b)</sup> | 141061 | 3780435 |
|  Vir Biotechnology, Inc.<sup>(a)</sup> | 400463 | 1978287 |
|  Voyager Therapeutics, Inc.<sup>(a)</sup> | 114859 | 314714 |
|  Xencor, Inc.<sup>(a)</sup> | 285341 | 2282728 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326033592 |
| **Broadline Retail — 0.0%** |  |  |
|  Kohl's Corp. | 62199 | 505678 |
|  Macy's, Inc. | 27650 | 328758 |
|  |  | 834436 |
| **Building Products — 1.2%** |  |  |
|  American Woodmark Corp.<sup>(a)</sup> | 48085 | 2710551 |
|  Apogee Enterprises, Inc. | 30085 | 1162785 |
|  Armstrong World Industries, Inc. | 2140 | 333048 |
|  Gibraltar Industries, Inc.<sup>(a)</sup> | 166884 | 9776065 |
|  Griffon Corp. | 163046 | 11209413 |
|  JELD-WEN Holding, Inc.<sup>(a)</sup> | 218094 | 796043 |
|  Resideo Technologies, Inc.<sup>(a)</sup> | 707968 | 14654938 |
|  Zurn Elkay Water Solutions Corp. | 194757 | 7048256 |
|  |  | 47691099 |
| **Capital Markets — 3.0%** |  |  |
|  Acadian Asset Management, Inc. | 207584 | 6250354 |
|  Etoro Group Ltd., Class A<sup>(a)(b)</sup> | 82952 | 4910758 |
|  Evercore, Inc., Class A | 76923 | 17806905 |
|  Federated Hermes, Inc., Class B | 161694 | 6823487 |

---

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

------

---

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Capital Markets (continued)** |  |  |
|  Houlihan Lokey, Inc., Class A | 151721 | $26502624 |
|  Invesco Ltd. | 609675 | 8815901 |
|  Piper Sandler Cos | 41404 | 10411036 |
|  PJT Partners, Inc., Class A | 132053 | 19895105 |
|  SEI Investments Co. | 32411 | 2763362 |
|  Victory Capital Holdings, Inc., Class A | 79165 | 4909022 |
|  Virtu Financial, Inc., Class A | 165518 | 6652168 |
|  Virtus Investment Partners, Inc. | 8601 | 1468191 |
|  |  | 117208913 |
| **Chemicals — 0.5%** |  |  |
|  Balchem Corp. | 21331 | 3555878 |
|  Huntsman Corp. | 157807 | 1757970 |
|  Minerals Technologies, Inc. | 58460 | 3319359 |
|  Mosaic Co. (The) | 80304 | 2902186 |
|  Rayonier Advanced Materials, Inc.<sup>(a)</sup> | 228018 | 877869 |
|  Tronox Holdings PLC | 1404753 | 7978997 |
|  |  | 20392259 |
| **Commercial Services & Supplies — 0.9%** |  |  |
|  ABM Industries, Inc. | 37566 | 1977850 |
|  ACV Auctions, Inc., Class A<sup>(a)</sup> | 116108 | 1901849 |
|  BrightView Holdings, Inc.<sup>(a)</sup> | 59079 | 920451 |
|  CoreCivic, Inc.<sup>(a)</sup> | 437208 | 9601088 |
|  GEO Group, Inc. (The)<sup>(a)</sup> | 305150 | 8281771 |
|  Healthcare Services Group, Inc.<sup>(a)</sup> | 381881 | 5384522 |
|  Steelcase, Inc., Class A | 372736 | 3842908 |
|  Tetra Tech, Inc. | 104082 | 3636625 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35547064 |
| **Communications Equipment — 1.1%** |  |  |
|  ADTRAN Holdings, Inc.<sup>(a)</sup> | 301908 | 2424321 |
|  Calix, Inc.<sup>(a)</sup> | 350303 | 16198011 |
|  Ciena Corp.<sup>(a)</sup> | 169534 | 13572892 |
|  CommScope Holding Co., Inc.<sup>(a)</sup> | 546094 | 3298408 |
|  NETGEAR, Inc.<sup>(a)</sup> | 227819 | 6681931 |
|  |  | 42175563 |
| **Construction & Engineering — 2.8%** |  |  |
|  Argan, Inc. | 11327 | 2382068 |
|  Comfort Systems U.S.A., Inc. | 48589 | 23236718 |
|  Dycom Industries, Inc.<sup>(a)</sup> | 48149 | 11070418 |
|  Fluor Corp.<sup>(a)</sup> | 244265 | 10156539 |
|  MasTec, Inc.<sup>(a)</sup> | 165769 | 25848360 |
|  Matrix Service Co.<sup>(a)</sup> | 67511 | 824984 |
|  Primoris Services Corp. | 365289 | 26340990 |
|  Sterling Infrastructure, Inc.<sup>(a)</sup> | 18408 | 3460888 |
|  Tutor Perini Corp.<sup>(a)</sup> | 237875 | 8772830 |
|  |  | 112093795 |
| **Construction Materials — 0.0%** |  |  |
|  United States Lime & Minerals, Inc. | 6416 | 659436 |
| **Consumer Finance — 2.0%** |  |  |
|  Encore Capital Group, Inc.<sup>(a)</sup> | 89188 | 3380225 |
|  Enova International, Inc.<sup>(a)</sup> | 269085 | 24936107 |
|  EZCORP, Inc., Class A, NVS<sup>(a)</sup> | 835862 | 11242344 |
|  FirstCash Holdings, Inc. | 90545 | 11581611 |
|  LendingClub Corp.<sup>(a)</sup> | 43213 | 433427 |
|  LendingTree, Inc.<sup>(a)</sup> | 53719 | 1881239 |
|  OneMain Holdings, Inc. | 213782 | 11082459 |
|  PRA Group, Inc.<sup>(a)</sup> | 322453 | 4575608 |
|  Regional Management Corp. | 120656 | 3191351 |
|  Upstart Holdings, Inc.<sup>(a)</sup> | 122336 | 5770589 |
|  |  | 78074960 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Consumer Staples Distribution & Retail — 1.9%** | **Consumer Staples Distribution & Retail — 1.9%** | **Consumer Staples Distribution & Retail — 1.9%** |
|  Andersons, Inc. (The) | 20976 | $744858 |
|  SpartanNash Co. | 67087 | 1305513 |
|  Sprouts Farmers Market, Inc.<sup>(a)</sup> | 366710 | 63389490 |
|  United Natural Foods, Inc.<sup>(a)</sup> | 323444 | 9887683 |
|  |  | 75327544 |
| **Containers & Packaging — 0.3%** |  |  |
|  Crown Holdings, Inc. | 107140 | 10553290 |
| **Distributors — 0.0%** |  |  |
|  GigaCloud Technology, Inc., Class A<sup>(a)</sup> | 30033 | 527379 |
| **Diversified Consumer Services — 1.4%** |  |  |
|  American Public Education, Inc.<sup>(a)</sup> | 76163 | 2243000 |
|  Bright Horizons Family Solutions, Inc.<sup>(a)</sup> | 134967 | 17437736 |
|  Coursera, Inc.<sup>(a)</sup> | 468065 | 4142375 |
|  Frontdoor, Inc.<sup>(a)</sup> | 33934 | 1866709 |
|  Laureate Education, Inc., Class A<sup>(a)</sup> | 781118 | 17575155 |
|  OneSpaWorld Holdings Ltd. | 56889 | 1072927 |
|  Strategic Education, Inc. | 20691 | 1887640 |
|  Stride, Inc.<sup>(a)</sup> | 61753 | 9348787 |
|  |  | 55574329 |
| **Diversified REITs — 0.2%** |  |  |
|  Alexander & Baldwin, Inc. | 227796 | 4079826 |
|  American Assets Trust, Inc. | 177486 | 3539071 |
|  Armada Hoffler Properties, Inc. | 157179 | 1093966 |
|  Essential Properties Realty Trust, Inc. | 34219 | 1112118 |
|  |  | 9824981 |
| **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** |  |
|  ATN International, Inc. | 17082 | 242735 |
|  Bandwidth, Inc., Class A<sup>(a)</sup> | 244526 | 3428255 |
|  Frontier Communications Parent, Inc.<sup>(a)</sup> | 18594 | 673661 |
|  IDT Corp., Class B | 100493 | 6189364 |
|  Iridium Communications, Inc. | 135361 | 3438169 |
|  Lumen Technologies, Inc.<sup>(a)</sup> | 1023014 | 4010215 |
|  |  | 17982399 |
| **Electric Utilities — 0.3%** |  |  |
|  Genie Energy Ltd., Class B | 46164 | 975907 |
|  TXNM Energy, Inc. | 199145 | 11289530 |
|  |  | 12265437 |
| **Electrical Equipment — 1.1%** |  |  |
|  Allient, Inc. | 36219 | 1101058 |
|  American Superconductor Corp.<sup>(a)(b)</sup> | 147398 | 4165467 |
|  Bloom Energy Corp., Class A<sup>(a)(b)</sup> | 441106 | 8147228 |
|  EnerSys | 6249 | 522604 |
|  Generac Holdings, Inc.<sup>(a)</sup> | 9935 | 1213362 |
|  NEXTracker, Inc., Class A<sup>(a)</sup> | 390773 | 22152921 |
|  NuScale Power Corp., Class A<sup>(a)</sup> | 64954 | 2077878 |
|  Sensata Technologies Holding PLC | 48335 | 1259610 |
|  Sunrun, Inc.<sup>(a)</sup> | 285531 | 2138627 |
|  Vicor Corp.<sup>(a)</sup> | 23078 | 1007124 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43785879 |
| **Electronic Equipment, Instruments & Components — 2.9%** | **Electronic Equipment, Instruments & Components — 2.9%** | **Electronic Equipment, Instruments & Components — 2.9%** |
|  Badger Meter, Inc. | 56228 | 13956914 |
|  Benchmark Electronics, Inc. | 210011 | 7669602 |
|  Cognex Corp. | 16503 | 494595 |
|  Fabrinet<sup>(a)(b)</sup> | 70181 | 16343050 |
|  FARO Technologies, Inc.<sup>(a)</sup> | 21592 | 914853 |
|  Flex Ltd.<sup>(a)</sup> | 190451 | 8056077 |
|  Insight Enterprises, Inc.<sup>(a)</sup> | 93060 | 12134094 |
|  Itron, Inc.<sup>(a)</sup> | 9089 | 1050688 |
|  Kimball Electronics, Inc.<sup>(a)</sup> | 57220 | 1035682 |

---

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

------

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
|  Methode Electronics, Inc. | 222217 | $1766625 |
|  OSI Systems, Inc.<sup>(a)</sup> | 17909 | 3924041 |
|  PC Connection, Inc. | 179903 | 11765656 |
|  Plexus Corp.<sup>(a)</sup> | 63605 | 8348792 |
|  Rogers Corp.<sup>(a)</sup> | 29889 | 1989711 |
|  Sanmina Corp.<sup>(a)</sup> | 111616 | 9452759 |
|  ScanSource, Inc.<sup>(a)</sup> | 76134 | 3074291 |
|  TTM Technologies, Inc.<sup>(a)</sup> | 502030 | 14990616 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116968046 |
| **Energy Equipment & Services — 1.8%** |  |  |
|  Archrock, Inc. | 401216 | 9990278 |
|  Borr Drilling Ltd.<sup>(b)</sup> | 259795 | 454641 |
|  ChampionX Corp. | 158778 | 3821787 |
|  Expro Group Holdings NV<sup>(a)</sup> | 100792 | 838589 |
|  Helix Energy Solutions Group, Inc.<sup>(a)</sup> | 259034 | 1603421 |
|  Liberty Energy, Inc., Class A | 386548 | 4480091 |
|  Noble Corp. PLC | 325663 | 8066673 |
|  NOV, Inc. | 391942 | 4703304 |
|  Oceaneering International, Inc.<sup>(a)</sup> | 337904 | 6443829 |
|  Oil States International, Inc.<sup>(a)</sup> | 519767 | 2260987 |
|  Patterson-UTI Energy, Inc. | 627722 | 3465025 |
|  ProPetro Holding Corp.<sup>(a)</sup> | 807404 | 4359982 |
|  RPC, Inc. | 119973 | 532680 |
|  Seadrill Ltd.<sup>(a)</sup> | 43839 | 1017065 |
|  Tidewater, Inc.<sup>(a)(b)</sup> | 162051 | 6435045 |
|  Transocean Ltd.<sup>(a)(b)</sup> | 5154160 | 12833858 |
|  |  | 71307255 |
| **Entertainment — 0.3%** |  |  |
|  Eros Media World PLC, Class A<sup>(a)</sup> | 23977 |  |
|  Eventbrite, Inc., Class A<sup>(a)</sup> | 325945 | 769230 |
|  Marcus Corp. (The) | 132950 | 2456916 |
|  Roku, Inc., Class A<sup>(a)(b)</sup> | 143632 | 10407575 |
|  |  | 13633721 |
| **Financial Services — 2.2%** |  |  |
|  Affirm Holdings, Inc., Class A<sup>(a)</sup> | 28842 | 1496900 |
|  Alerus Financial Corp. | 26018 | 546638 |
|  Banco Latinoamericano de Comercio Exterior SA, Class E | 152262 | 6245787 |
|  Essent Group Ltd. | 259755 | 15065790 |
|  EVERTEC, Inc. | 20714 | 750468 |
|  Mr. Cooper Group, Inc.<sup>(a)</sup> | 17323 | 2243848 |
|  NMI Holdings, Inc., Class A<sup>(a)</sup> | 480877 | 19100434 |
|  Pagseguro Digital Ltd., Class A | 514711 | 4586075 |
|  Remitly Global, Inc.<sup>(a)(b)</sup> | 1073838 | 22937180 |
|  Repay Holdings Corp., Class A<sup>(a)</sup> | 298309 | 1434866 |
|  StoneCo Ltd., Class A<sup>(a)(b)</sup> | 844029 | 11520996 |
|  Velocity Financial, Inc.<sup>(a)</sup> | 168858 | 2828372 |
|  |  | 88757354 |
| **Food Products — 0.7%** |  |  |
|  Cal-Maine Foods, Inc. | 113501 | 10888151 |
|  Fresh Del Monte Produce, Inc. | 45773 | 1616702 |
|  John B. Sanfilippo & Son, Inc. | 30037 | 1866499 |
|  Lancaster Colony Corp. | 53652 | 8981345 |
|  SunOpta, Inc.<sup>(a)</sup> | 497139 | 3102147 |
|  Vital Farms, Inc.<sup>(a)</sup> | 87852 | 2797208 |
|  |  | 29252052 |
| **Gas Utilities — 0.9%** |  |  |
|  Brookfield Infrastructure Corp., Class A | 139111 | 5504622 |
|  New Jersey Resources Corp. | 549356 | 25209947 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Gas Utilities (continued)** |  |  |
|  ONE Gas, Inc. | 19020 | $1421935 |
|  Southwest Gas Holdings, Inc. | 51120 | 3671950 |
|  |  | 35808454 |
| **Ground Transportation — 0.5%** |  |  |
|  ArcBest Corp. | 35305 | 2213270 |
|  Covenant Logistics Group, Inc., Class A | 271794 | 6169724 |
|  Lyft, Inc., Class A<sup>(a)</sup> | 594498 | 9060149 |
|  Saia, Inc.<sup>(a)</sup> | 4565 | 1207032 |
|  |  | 18650175 |
| **Health Care Equipment & Supplies — 1.6%** |  |  |
|  Accuray, Inc.<sup>(a)</sup> | 337460 | 516314 |
|  AngioDynamics, Inc.<sup>(a)</sup> | 247368 | 2523154 |
|  Cerus Corp.<sup>(a)</sup> | 413481 | 525121 |
|  DENTSPLY SIRONA, Inc. | 105313 | 1682902 |
|  Envista Holdings Corp.<sup>(a)</sup> | 135252 | 2471054 |
|  Haemonetics Corp.<sup>(a)</sup> | 65190 | 4414015 |
|  iRadimed Corp. | 61356 | 3551285 |
|  iRhythm Technologies, Inc.<sup>(a)</sup> | 45249 | 6357484 |
|  Lantheus Holdings, Inc.<sup>(a)</sup> | 62476 | 4720687 |
|  LeMaitre Vascular, Inc. | 80172 | 6590138 |
|  LivaNova PLC<sup>(a)</sup> | 39349 | 1701844 |
|  NeuroPace, Inc.<sup>(a)</sup> | 156537 | 2069419 |
|  Novocure Ltd.<sup>(a)</sup> | 390489 | 7462245 |
|  Omnicell, Inc.<sup>(a)</sup> | 164738 | 5003093 |
|  OraSure Technologies, Inc.<sup>(a)</sup> | 489954 | 1411067 |
|  RxSight, Inc.<sup>(a)</sup> | 55131 | 842953 |
|  SI-BONE, Inc.<sup>(a)</sup> | 88798 | 1678282 |
|  Surmodics, Inc.<sup>(a)</sup> | 21487 | 623553 |
|  Tactile Systems Technology, Inc.<sup>(a)</sup> | 107268 | 1059808 |
|  Tandem Diabetes Care, Inc.<sup>(a)</sup> | 47901 | 949398 |
|  TransMedics Group, Inc.<sup>(a)</sup> | 51538 | 6551511 |
|  Varex Imaging Corp.<sup>(a)</sup> | 203096 | 1557746 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64263073 |
| **Health Care Providers & Services — 4.0%** |  |  |
|  Acadia Healthcare Co., Inc.<sup>(a)</sup> | 99312 | 2248424 |
|  AdaptHealth Corp.<sup>(a)</sup> | 61795 | 554919 |
|  Addus HomeCare Corp.<sup>(a)</sup> | 37160 | 4121416 |
|  agilon health, Inc.<sup>(a)</sup> | 464987 | 1032271 |
|  Alignment Healthcare, Inc.<sup>(a)</sup> | 564197 | 8671708 |
|  Aveanna Healthcare Holdings, Inc.<sup>(a)</sup> | 139722 | 744718 |
|  BrightSpring Health Services, Inc.<sup>(a)(b)</sup> | 178789 | 4256966 |
|  Brookdale Senior Living, Inc.<sup>(a)</sup> | 316264 | 2058879 |
|  Castle Biosciences, Inc.<sup>(a)</sup> | 218932 | 3496344 |
|  Concentra Group Holdings Parent, Inc. | 129429 | 2799549 |
|  CorVel Corp.<sup>(a)</sup> | 92221 | 10261431 |
|  Cross Country Healthcare, Inc.<sup>(a)</sup> | 50417 | 664496 |
|  Encompass Health Corp. | 25443 | 3076059 |
|  Enhabit, Inc.<sup>(a)</sup> | 63325 | 664912 |
|  Ensign Group, Inc. (The) | 82447 | 12141145 |
|  Fulgent Genetics, Inc.<sup>(a)</sup> | 21751 | 450681 |
|  Guardant Health, Inc.<sup>(a)</sup> | 217303 | 8826848 |
|  HealthEquity, Inc.<sup>(a)</sup> | 37453 | 3768146 |
|  Hims & Hers Health, Inc., Class A<sup>(a)</sup> | 335621 | 18982724 |
|  LifeStance Health Group, Inc.<sup>(a)</sup> | 442774 | 2630077 |
|  NeoGenomics, Inc.<sup>(a)</sup> | 98578 | 717648 |
|  Option Care Health, Inc.<sup>(a)</sup> | 47101 | 1539261 |
|  Pediatrix Medical Group, Inc.<sup>(a)</sup> | 106195 | 1502659 |
|  Pennant Group, Inc. (The)<sup>(a)</sup> | 21445 | 615686 |
|  Privia Health Group, Inc.<sup>(a)</sup> | 807946 | 18388851 |
|  Progyny, Inc.<sup>(a)</sup> | 726881 | 15627941 |
|  RadNet, Inc.<sup>(a)(b)</sup> | 56407 | 3242838 |

---

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

------

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
|  Select Medical Holdings Corp. | 923444 | $| 14119459 |
|  Universal Health Services, Inc., Class B | 39625 |  | 7542619 |
|  Viemed Healthcare, Inc.<sup>(a)</sup> | 356962 |  | 2373797 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157122472 |
| **Health Care REITs — 0.2%** |  |  |  |
|  Alexandria Real Estate Equities, Inc. | 24062 |  | 1688912 |
|  CareTrust REIT, Inc. | 253094 |  | 7278983 |
|  PACS Group, Inc.<sup>(a)</sup> | 44767 |  | 444089 |
|  |  |  | 9411984 |
| **Health Care Technology — 0.4%** |  |  |  |
|  Doximity, Inc., Class A<sup>(a)</sup> | 91985 |  | 4791499 |
|  Evolent Health, Inc., Class A<sup>(a)</sup> | 91039 |  | 678240 |
|  Health Catalyst, Inc.<sup>(a)</sup> | 263871 |  | 1002710 |
|  Phreesia, Inc.<sup>(a)</sup> | 345003 |  | 8449123 |
|  Teladoc Health, Inc.<sup>(a)</sup> | 244916 |  | 1694819 |
|  |  |  | 16616391 |
| **Hotel & Resort REITs — 0.7%** |  |  |  |
|  Apple Hospitality REIT, Inc. | 71357 |  | 827028 |
|  Braemar Hotels & Resorts, Inc. | 1940560 |  | 4424477 |
|  Chatham Lodging Trust | 942339 |  | 6718877 |
|  DiamondRock Hospitality Co. | 316980 |  | 2421727 |
|  RLJ Lodging Trust | 1475788 |  | 10773252 |
|  Summit Hotel Properties, Inc. | 267357 |  | 1171024 |
|  |  |  | 26336385 |
| **Hotels, Restaurants & Leisure — 1.6%** |  |  |  |
|  Accel Entertainment, Inc., Class A<sup>(a)</sup> | 214105 |  | 2402258 |
|  Brinker International, Inc.<sup>(a)</sup> | 112206 |  | 19370122 |
|  Dutch Bros, Inc., Class A<sup>(a)</sup> | 52979 |  | 3825084 |
|  El Pollo Loco Holdings, Inc.<sup>(a)</sup> | 169143 |  | 1776002 |
|  Everi Holdings, Inc.<sup>(a)</sup> | 126747 |  | 1788400 |
|  Life Time Group Holdings, Inc.<sup>(a)(b)</sup> | 400192 |  | 11445491 |
|  Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 104952 |  | 1852403 |
|  Rush Street Interactive, Inc., Class A<sup>(a)(b)</sup> | 266106 |  | 3376885 |
|  Shake Shack, Inc., Class A<sup>(a)</sup> | 81527 |  | 10581389 |
|  Super Group SGHC Ltd. | 137722 |  | 1203690 |
|  Texas Roadhouse, Inc. | 24419 |  | 4766833 |
|  |  |  | 62388557 |
| **Household Durables — 1.7%** |  |  |  |
|  Beazer Homes U.S.A., Inc.<sup>(a)</sup> | 25107 |  | 515196 |
|  Century Communities, Inc. | 191198 |  | 9917440 |
|  Champion Homes, Inc.<sup>(a)</sup> | 33185 |  | 2170299 |
|  Ethan Allen Interiors, Inc. | 41074 |  | 1073263 |
|  LGI Homes, Inc.<sup>(a)</sup> | 20351 |  | 1019585 |
|  M/I Homes, Inc.<sup>(a)</sup> | 206979 |  | 22066031 |
|  Newell Brands, Inc. | 498399 |  | 2641515 |
|  Taylor Morrison Home Corp., Class A<sup>(a)</sup> | 240813 |  | 13552956 |
|  Tri Pointe Homes, Inc.<sup>(a)</sup> | 449254 |  | 13244008 |
|  |  |  | 66200293 |
| **Household Products — 0.4%** |  |  |  |
|  Central Garden & Pet Co.<sup>(a)</sup> | 18562 |  | 669346 |
|  Central Garden & Pet Co., Class A, NVS<sup>(a)</sup> | 238368 |  | 7620625 |
|  WD-40 Co. | 26968 |  | 6570214 |
|  |  |  | 14860185 |
| **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** |
|  Spruce Power Holding Corp.<sup>(a)</sup> | 110 |  | 218 |
| **Industrial REITs — 0.5%** |  |  |  |
|  Americold Realty Trust, Inc. | 269571 |  | 4466792 |
|  First Industrial Realty Trust, Inc. | 326966 |  | 16161929 |
|  |  |  | 20628721 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Insurance — 1.7%** |  |  |
|  Ambac Financial Group, Inc.<sup>(a)</sup> | 234025 | $1832416 |
|  AMERISAFE, Inc. | 148336 | 7041510 |
|  Crawford & Co., Class A, NVS | 53932 | 560354 |
|  Donegal Group, Inc., Class A | 109797 | 2217899 |
|  eHealth, Inc.<sup>(a)</sup> | 184051 | 754609 |
|  Globe Life, Inc. | 56940 | 6939278 |
|  Goosehead Insurance, Inc., Class A | 6149 | 665691 |
|  Hanover Insurance Group, Inc. (The) | 35778 | 6296213 |
|  Heritage Insurance Holdings, Inc.<sup>(a)</sup> | 28973 | 708969 |
|  Mercury General Corp. | 53734 | 3464768 |
|  Oscar Health, Inc., Class A<sup>(a)(b)</sup> | 470039 | 6486538 |
|  Palomar Holdings, Inc.<sup>(a)</sup> | 51029 | 8749943 |
|  Reinsurance Group of America, Inc. | 15985 | 3249591 |
|  Root, Inc., Class A<sup>(a)</sup> | 2062 | 270101 |
|  Selectquote, Inc.<sup>(a)</sup> | 291706 | 633002 |
|  Stewart Information Services Corp. | 145727 | 8793167 |
|  Tiptree, Inc. | 34434 | 763746 |
|  United Fire Group, Inc. | 72134 | 2052212 |
|  Universal Insurance Holdings, Inc. | 174437 | 4734220 |
|  |  | 66214227 |
| **Interactive Media & Services — 1.3%** |  |  |
|  EverQuote, Inc., Class A<sup>(a)</sup> | 310473 | 7156403 |
|  Grindr, Inc.<sup>(a)(b)</sup> | 435171 | 10626876 |
|  MediaAlpha, Inc., Class A<sup>(a)</sup> | 424843 | 4333399 |
|  Nextdoor Holdings, Inc., Class A<sup>(a)</sup> | 548142 | 838657 |
|  QuinStreet, Inc.<sup>(a)</sup> | 476018 | 7268795 |
|  Shutterstock, Inc. | 118416 | 2184775 |
|  TrueCar, Inc.<sup>(a)</sup> | 272299 | 394833 |
|  Yelp, Inc.<sup>(a)</sup> | 343505 | 13111586 |
|  ZipRecruiter, Inc., Class A<sup>(a)(b)</sup> | 921834 | 5503349 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51418673 |
| **IT Services — 0.3%** |  |  |
|  ASGN, Inc.<sup>(a)</sup> | 38426 | 2029277 |
|  Backblaze, Inc., Class A<sup>(a)</sup> | 55947 | 318898 |
|  Fastly, Inc., Class A<sup>(a)</sup> | 174446 | 1269967 |
|  Grid Dynamics Holdings, Inc., Class A<sup>(a)</sup> | 55305 | 692972 |
|  Hackett Group, Inc. (The) | 177075 | 4341879 |
|  Kyndryl Holdings, Inc.<sup>(a)</sup> | 8267 | 322744 |
|  Unisys Corp.<sup>(a)</sup> | 188302 | 898200 |
|  |  | 9873937 |
| **Leisure Products — 0.1%** |  |  |
|  Mattel, Inc.<sup>(a)</sup> | 68058 | 1289018 |
|  Peloton Interactive, Inc., Class A<sup>(a)(b)</sup> | 519116 | 3685724 |
|  |  | 4974742 |
| **Life Sciences Tools & Services — 0.4%** |  |  |
|  10X Genomics, Inc., Class A<sup>(a)</sup> | 154448 | 1471889 |
|  AbCellera Biologics, Inc.<sup>(a)(b)</sup> | 349412 | 705812 |
|  Adaptive Biotechnologies Corp.<sup>(a)</sup> | 780484 | 7430208 |
|  Codexis, Inc.<sup>(a)</sup> | 532849 | 1225553 |
|  CryoPort, Inc.<sup>(a)</sup> | 110838 | 666136 |
|  Harvard Bioscience, Inc.<sup>(a)</sup> | 307 | 143 |
|  MaxCyte, Inc.<sup>(a)</sup> | 402595 | 958176 |
|  Personalis, Inc.<sup>(a)</sup> | 614931 | 2847131 |
|  Seer, Inc., Class A<sup>(a)(b)</sup> | 314668 | 604163 |
|  |  | 15909211 |
| **Machinery — 2.7%** |  |  |
|  Alamo Group, Inc. | 8612 | 1705521 |
|  Atmus Filtration Technologies, Inc. | 294570 | 10610411 |
|  Chart Industries, Inc.<sup>(a)</sup> | 21779 | 3416254 |
|  Energy Recovery, Inc.<sup>(a)</sup> | 268442 | 3385054 |

---

S C H E D U L E S O F I N V E S T M E N T S 19

------

---

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Machinery (continued)** |  |  |
|  Enpro, Inc. | 6928 | $1282650 |
|  Federal Signal Corp. | 20628 | 1940476 |
|  Flowserve Corp. | 345520 | 17244903 |
|  Greenbrier Cos., Inc. (The) | 81449 | 3670906 |
|  ITT, Inc. | 55984 | 8427831 |
|  Manitowoc Co., Inc. (The)<sup>(a)</sup> | 451065 | 4740693 |
|  Miller Industries, Inc. | 11905 | 539654 |
|  Mueller Industries, Inc. | 154602 | 12038858 |
|  Shyft Group, Inc. (The) | 191324 | 2006989 |
|  SPX Technologies, Inc.<sup>(a)</sup> | 85392 | 12987269 |
|  Watts Water Technologies, Inc., Class A | 45554 | 11029535 |
|  Worthington Enterprises, Inc. | 188307 | 11093165 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106120169 |
| **Marine Transportation — 0.3%** |  |  |
|  Genco Shipping & Trading Ltd. | 288280 | 3816827 |
|  Matson, Inc. | 78998 | 8914924 |
|  |  | 12731751 |
| **Media — 0.7%** |  |  |
|  Entravision Communications Corp., Class A | 307587 | 636705 |
|  EW Scripps Co. (The), Class A<sup>(a)</sup> | 185240 | 411233 |
|  Gambling.com Group Ltd.<sup>(a)(b)</sup> | 72573 | 855636 |
|  Gray Media, Inc. | 196087 | 778465 |
|  Integral Ad Science Holding Corp.<sup>(a)</sup> | 293680 | 2390555 |
|  Magnite, Inc.<sup>(a)</sup> | 128036 | 2094669 |
|  New York Times Co. (The), Class A | 193754 | 11067229 |
|  Paramount Global, Class B, NVS | 74259 | 898534 |
|  PubMatic, Inc., Class A<sup>(a)(b)</sup> | 83552 | 977558 |
|  TEGNA, Inc. | 115061 | 1923820 |
|  Thryv Holdings, Inc.<sup>(a)(b)</sup> | 289149 | 3845682 |
|  Townsquare Media, Inc., Class A | 77 | 531 |
|  |  | 25880617 |
| **Metals & Mining — 2.8%** |  |  |
|  Alcoa Corp. | 193450 | 5178656 |
|  Alpha Metallurgical Resources, Inc.<sup>(a)</sup> | 102077 | 11436707 |
|  Carpenter Technology Corp. | 70515 | 16571025 |
|  Century Aluminum Co.<sup>(a)</sup> | 444078 | 6878768 |
|  Cleveland-Cliffs, Inc.<sup>(a)(b)</sup> | 1425968 | 8313393 |
|  Coeur Mining, Inc.<sup>(a)</sup> | 1026698 | 8295720 |
|  Compass Minerals International, Inc.<sup>(a)</sup> | 196914 | 3782718 |
|  Constellium SE, Class A<sup>(a)</sup> | 305718 | 3711416 |
|  Hecla Mining Co. | 426612 | 2192786 |
|  i-80 Gold Corp.<sup>(a)</sup> | 531838 | 267568 |
|  Kaiser Aluminum Corp. | 136850 | 9933941 |
|  Materion Corp. | 59849 | 4634108 |
|  Novagold Resources, Inc.<sup>(a)</sup> | 669832 | 2397998 |
|  Olympic Steel, Inc. | 248329 | 7362955 |
|  Piedmont Lithium, Inc.<sup>(a)(b)</sup> | 100433 | 620676 |
|  Radius Recycling, Inc., Class A | 112398 | 3328105 |
|  Ramaco Resources, Inc., Class A | 359819 | 3252764 |
|  Ramaco Resources, Inc., Class B | 3320 | 24738 |
|  Ryerson Holding Corp. | 136607 | 2835961 |
|  SSR Mining, Inc.<sup>(a)</sup> | 39390 | 465984 |
|  SunCoke Energy, Inc. | 889097 | 7237250 |
|  Tredegar Corp.<sup>(a)</sup> | 72228 | 605271 |
|  |  | 109328508 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** |  |  |
|  TPG RE Finance Trust, Inc. | 185925 | 1427904 |
| **Multi-Utilities — 1.1%** |  |  |
|  Avista Corp. | 332586 | 12807887 |
|  Black Hills Corp. | 163286 | 9547332 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Multi-Utilities (continued)** |  |  |
|  Northwestern Energy Group, Inc. | 332618 | $18403754 |
|  Unitil Corp. | 19169 | 1051036 |
|  |  | 41810009 |
| **Office REITs — 0.3%** |  |  |
|  Brandywine Realty Trust | 134887 | 570572 |
|  COPT Defense Properties | 335676 | 9214306 |
|  Piedmont Office Realty Trust, Inc., Class A | 260872 | 1857409 |
|  |  | 11642287 |
| **Oil, Gas & Consumable Fuels — 2.3%** |  |  |
|  Antero Resources Corp.<sup>(a)</sup> | 28830 | 1079683 |
|  California Resources Corp. | 132627 | 5858135 |
|  Chord Energy Corp. | 123159 | 11084310 |
|  Civitas Resources, Inc. | 112232 | 3071790 |
|  Delek U.S. Holdings, Inc. | 39615 | 762589 |
|  Dorian LPG Ltd. | 44632 | 955571 |
|  Encore Energy Corp.<sup>(a)(b)</sup> | 198939 | 399867 |
|  Energy Fuels, Inc.<sup>(a)(b)</sup> | 150462 | 735759 |
|  Evolution Petroleum Corp. | 217373 | 976005 |
|  HF Sinclair Corp. | 10715 | 387133 |
|  International Seaways, Inc. | 47341 | 1753984 |
|  Matador Resources Co. | 221331 | 9519446 |
|  Murphy Oil Corp. | 342375 | 7165909 |
|  Par Pacific Holdings, Inc.<sup>(a)</sup> | 534679 | 11543720 |
|  PBF Energy, Inc., Class A | 408286 | 7777848 |
|  Plains GP Holdings LP, Class A | 457206 | 8046826 |
|  REX American Resources Corp.<sup>(a)</sup> | 66805 | 2815163 |
|  Scorpio Tankers, Inc. | 93225 | 3704761 |
|  SM Energy Co. | 582009 | 13630651 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91269150 |
| **Passenger Airlines — 0.9%** |  |  |
|  Alaska Air Group, Inc.<sup>(a)</sup> | 238153 | 12129132 |
|  SkyWest, Inc.<sup>(a)</sup> | 208854 | 21188238 |
|  Sun Country Airlines Holdings, Inc.<sup>(a)</sup> | 216387 | 2505762 |
|  |  | 35823132 |
| **Personal Care Products — 0.3%** |  |  |
|  BellRing Brands, Inc.<sup>(a)</sup> | 199055 | 12530512 |
| **Pharmaceuticals — 2.2%** |  |  |
|  Arvinas, Inc.<sup>(a)</sup> | 236760 | 1704672 |
|  Atea Pharmaceuticals, Inc.<sup>(a)</sup> | 672825 | 1998290 |
|  Axsome Therapeutics, Inc.<sup>(a)</sup> | 81973 | 8620281 |
|  Collegium Pharmaceutical, Inc.<sup>(a)(b)</sup> | 154253 | 4494932 |
|  Corcept Therapeutics, Inc.<sup>(a)</sup> | 198814 | 15420014 |
|  Edgewise Therapeutics, Inc.<sup>(a)(b)</sup> | 136794 | 1953418 |
|  Evolus, Inc.<sup>(a)</sup> | 64865 | 596109 |
|  Fulcrum Therapeutics, Inc.<sup>(a)</sup> | 129124 | 887728 |
|  Harmony Biosciences Holdings, Inc.<sup>(a)</sup> | 180598 | 6230631 |
|  Nektar Therapeutics<sup>(a)</sup> | 1008152 | 730406 |
|  Nuvation Bio, Inc., Class A<sup>(a)(b)</sup> | 605107 | 1282827 |
|  Pacira BioSciences, Inc.<sup>(a)</sup> | 271207 | 7007989 |
|  Phibro Animal Health Corp., Class A | 56214 | 1372746 |
|  Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | 110413 | 9459082 |
|  Rafael Holdings, Inc., Class B<sup>(a)</sup> | 220 | 315 |
|  Scilex Holding Co.<sup>(a)(b)</sup> | 12289 | 62920 |
|  Supernus Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 382726 | 12132414 |
|  Tarsus Pharmaceuticals, Inc.<sup>(a)</sup> | 155744 | 6689205 |
|  Theravance Biopharma, Inc.<sup>(a)</sup> | 158859 | 1455148 |
|  Trevi Therapeutics, Inc.<sup>(a)</sup> | 793269 | 5164181 |
|  Xeris Biopharma Holdings, Inc.<sup>(a)</sup> | 191086 | 943965 |
|  |  | 88207273 |

---

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

------

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Professional Services — 2.7%** |  |  |  |
|  CACI International, Inc., Class A<sup>(a)(b)</sup> | 21524 | $| 9212272 |
|  Conduent, Inc.<sup>(a)</sup> | 338144 |  | 757443 |
|  CRA International, Inc. | 11595 |  | 2203630 |
|  CSG Systems International, Inc. | 12139 |  | 801902 |
|  ExlService Holdings, Inc.<sup>(a)</sup> | 648434 |  | 29821480 |
|  Franklin Covey Co.<sup>(a)</sup> | 81480 |  | 1905002 |
|  Heidrick & Struggles International, Inc. | 17174 |  | 749817 |
|  Huron Consulting Group, Inc.<sup>(a)</sup> | 2432 |  | 347363 |
|  IBEX Holdings Ltd.<sup>(a)</sup> | 65456 |  | 1884478 |
|  ICF International, Inc. | 84050 |  | 7221576 |
|  KBR, Inc. | 51470 |  | 2686219 |
|  Kelly Services, Inc., Class A, NVS | 122273 |  | 1433040 |
|  Kforce, Inc. | 32807 |  | 1338526 |
|  Legalzoom.com, Inc.<sup>(a)</sup> | 630164 |  | 5753397 |
|  ManpowerGroup, Inc. | 476036 |  | 19969710 |
|  Maximus, Inc. | 60429 |  | 4381707 |
|  NV5 Global, Inc.<sup>(a)</sup> | 269234 |  | 5950071 |
|  Parsons Corp.<sup>(a)</sup> | 24490 |  | 1587932 |
|  Resources Connection, Inc. | 152234 |  | 793900 |
|  ShiftPixy, Inc.<sup>(a)(c)</sup> | 1 |  |  |
|  TriNet Group, Inc. | 66976 |  | 5573073 |
|  Willdan Group, Inc.<sup>(a)</sup> | 25965 |  | 1403408 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105775946 |
| **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** |
|  Anywhere Real Estate, Inc.<sup>(a)</sup> | 400144 |  | 1396503 |
|  Compass, Inc., Class A<sup>(a)</sup> | 367601 |  | 2172522 |
|  Forestar Group, Inc.<sup>(a)</sup> | 39635 |  | 759010 |
|  FRP Holdings, Inc.<sup>(a)</sup> | 58636 |  | 1590208 |
|  RMR Group, Inc. (The), Class A | 184320 |  | 2783232 |
|  St. Joe Co. (The) | 206970 |  | 9253629 |
|  |  |  | 17955104 |
| **Residential REITs — 0.2%** |  |  |  |
|  Bluerock Homes Trust, Inc., Class A | 77 |  | 795 |
|  Elme Communities | 96372 |  | 1547734 |
|  NexPoint Residential Trust, Inc. | 131189 |  | 4460426 |
|  Veris Residential, Inc. | 228450 |  | 3472440 |
|  |  |  | 9481395 |
| **Retail REITs — 1.8%** |  |  |  |
|  Agree Realty Corp. | 165715 |  | 12478339 |
|  Brixmor Property Group, Inc. | 731266 |  | 18581469 |
|  NETSTREIT Corp. | 294598 |  | 4743028 |
|  NNN REIT, Inc. | 479068 |  | 20005880 |
|  Saul Centers, Inc. | 10171 |  | 342559 |
|  Tanger, Inc. | 334921 |  | 9980646 |
|  Urban Edge Properties | 380042 |  | 6901563 |
|  |  |  | 73033484 |
| **Semiconductors & Semiconductor Equipment — 2.5%** | **Semiconductors & Semiconductor Equipment — 2.5%** | **Semiconductors & Semiconductor Equipment — 2.5%** | **Semiconductors & Semiconductor Equipment — 2.5%** |
|  ACM Research, Inc., Class A<sup>(a)</sup> | 99537 |  | 2244559 |
|  Ambarella, Inc.<sup>(a)</sup> | 167584 |  | 8821622 |
|  Axcelis Technologies, Inc.<sup>(a)(b)</sup> | 63314 |  | 3567111 |
|  Credo Technology Group Holding Ltd.<sup>(a)</sup> | 345664 |  | 21071677 |
|  Diodes, Inc.<sup>(a)</sup> | 108094 |  | 4799374 |
|  Ichor Holdings Ltd.<sup>(a)</sup> | 62663 |  | 988822 |
|  Impinj, Inc.<sup>(a)</sup> | 33660 |  | 3840269 |
|  inTEST Corp.<sup>(a)</sup> | 35226 |  | 213117 |
|  Lattice Semiconductor Corp.<sup>(a)(b)</sup> | 40368 |  | 1814138 |
|  MaxLinear, Inc.<sup>(a)</sup> | 248564 |  | 2831144 |
|  Onto Innovation, Inc.<sup>(a)</sup> | 63492 |  | 5837455 |
|  Power Integrations, Inc. | 70741 |  | 3517950 |
|  Rambus, Inc.<sup>(a)</sup> | 228506 |  | 12218216 |
|  Semtech Corp.<sup>(a)</sup> | 117384 |  | 4381945 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
|  Silicon Laboratories, Inc.<sup>(a)</sup> | 15791 | $1903289 |
|  SiTime Corp.<sup>(a)</sup> | 57102 | 11195989 |
|  Synaptics, Inc.<sup>(a)</sup> | 173746 | 10209315 |
|  |  | 99455992 |
| **Software — 6.7%** |  |  |
|  8x8, Inc.<sup>(a)</sup> | 662356 | 1086264 |
|  ACI Worldwide, Inc.<sup>(a)</sup> | 318282 | 14723725 |
|  Alarm.com Holdings, Inc.<sup>(a)</sup> | 266771 | 15312655 |
|  Amplitude, Inc., Class A<sup>(a)</sup> | 370075 | 4585229 |
|  Asana, Inc., Class A<sup>(a)</sup> | 241448 | 4324334 |
|  Aurora Innovation, Inc., Class A<sup>(a)</sup> | 925002 | 5605512 |
|  Bit Digital, Inc.<sup>(a)(b)</sup> | 830901 | 1960926 |
|  Box, Inc., Class A<sup>(a)(b)</sup> | 302760 | 11450383 |
|  Braze, Inc., Class A<sup>(a)</sup> | 154016 | 5667789 |
|  C3.ai, Inc., Class A<sup>(a)(b)</sup> | 157645 | 4191781 |
|  Cleanspark, Inc.<sup>(a)(b)</sup> | 116248 | 1003220 |
|  Clear Secure, Inc., Class A | 70773 | 1751632 |
|  Clearwater Analytics Holdings, Inc., Class A<sup>(a)</sup> | 539126 | 12453811 |
|  Commvault Systems, Inc.<sup>(a)</sup> | 30451 | 5577101 |
|  Confluent, Inc., Class A<sup>(a)</sup> | 166784 | 3841036 |
|  Domo, Inc., Class B<sup>(a)</sup> | 258816 | 3286963 |
|  D-Wave Quantum, Inc.<sup>(a)(b)</sup> | 146463 | 2391741 |
|  Elastic NV<sup>(a)</sup> | 293160 | 23707849 |
|  Five9, Inc.<sup>(a)</sup> | 133027 | 3526546 |
|  Freshworks, Inc., Class A<sup>(a)</sup> | 418817 | 6395336 |
|  Gitlab, Inc., Class A<sup>(a)(b)</sup> | 89352 | 4066409 |
|  Intapp, Inc.<sup>(a)</sup> | 25046 | 1380536 |
|  InterDigital, Inc. | 36927 | 8022760 |
|  JFrog Ltd.<sup>(a)</sup> | 66547 | 2857528 |
|  LiveRamp Holdings, Inc.<sup>(a)</sup> | 299203 | 9748034 |
|  MARA Holdings, Inc.<sup>(a)</sup> | 97682 | 1379270 |
|  Olo, Inc., Class A<sup>(a)</sup> | 322297 | 2807207 |
|  Ooma, Inc.<sup>(a)</sup> | 442886 | 6045394 |
|  Pagaya Technologies Ltd., Class A<sup>(a)(b)</sup> | 130978 | 2153278 |
|  PROS Holdings, Inc.<sup>(a)</sup> | 276052 | 4855755 |
|  Q2 Holdings, Inc.<sup>(a)</sup> | 110250 | 9649080 |
|  Qualys, Inc.<sup>(a)</sup> | 111533 | 15452897 |
|  Rapid7, Inc.<sup>(a)</sup> | 46394 | 1064742 |
|  RingCentral, Inc., Class A<sup>(a)(b)</sup> | 296580 | 7690319 |
|  Riot Platforms, Inc.<sup>(a)(b)</sup> | 143455 | 1157682 |
|  Rubrik, Inc., Class A<sup>(a)</sup> | 12837 | 1224008 |
|  SEMrush Holdings, Inc., Class A<sup>(a)</sup> | 210729 | 2073573 |
|  Tenable Holdings, Inc.<sup>(a)</sup> | 239614 | 7720363 |
|  Upland Software, Inc.<sup>(a)</sup> | 146742 | 316963 |
|  Varonis Systems, Inc.<sup>(a)</sup> | 223950 | 10677936 |
|  Verint Systems, Inc.<sup>(a)</sup> | 247205 | 4335976 |
|  Workiva, Inc., Class A<sup>(a)</sup> | 243108 | 16358737 |
|  Zeta Global Holdings Corp., Class A<sup>(a)</sup> | 813568 | 10690283 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264572563 |
| **Specialized REITs — 1.5%** |  |  |
|  CubeSmart | 1180106 | 50461332 |
|  Four Corners Property Trust, Inc. | 287172 | 7928819 |
|  |  | 58390151 |
| **Specialty Retail — 3.7%** |  |  |
|  1-800-Flowers.com, Inc., Class A<sup>(a)(b)</sup> | 207688 | 1021825 |
|  Abercrombie & Fitch Co., Class A<sup>(a)</sup> | 94198 | 7393601 |
|  America's Car-Mart, Inc.<sup>(a)</sup> | 20752 | 1032619 |
|  Asbury Automotive Group, Inc.<sup>(a)(b)</sup> | 13505 | 3077925 |
|  AutoNation, Inc.<sup>(a)</sup> | 4693 | 862808 |
|  Bath & Body Works, Inc. | 190502 | 5356916 |
|  Boot Barn Holdings, Inc.<sup>(a)</sup> | 61641 | 9881669 |

---

S C H E D U L E S O F I N V E S T M E N T S 21

------

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Specialty Retail (continued)** |  |  |  |
|  Camping World Holdings, Inc., Class A | 17754 | $| 288680 |
|  CarParts.com, Inc.<sup>(a)</sup> | 170354 |  | 149554 |
|  Carvana Co., Class A<sup>(a)</sup> | 11323 |  | 3704433 |
|  Chewy, Inc., Class A<sup>(a)</sup> | 79162 |  | 3582080 |
|  Conn's, Inc.<sup>(a)(b)</sup> | 224237 |  |  |
|  Five Below, Inc.<sup>(a)</sup> | 93483 |  | 10897313 |
|  Floor & Decor Holdings, Inc., Class A<sup>(a)</sup> | 11768 |  | 843648 |
|  Foot Locker, Inc.<sup>(a)</sup> | 130258 |  | 3094930 |
|  Gap, Inc. (The) | 67625 |  | 1508714 |
|  Genesco, Inc.<sup>(a)</sup> | 31923 |  | 693687 |
|  Group 1 Automotive, Inc. | 35262 |  | 14948267 |
|  Haverty Furniture Cos., Inc. | 116853 |  | 2449239 |
|  Lands' End, Inc.<sup>(a)</sup> | 77609 |  | 653468 |
|  Lithia Motors, Inc., Class A | 12960 |  | 4107154 |
|  Lulu's Fashion Lounge Holdings, Inc.<sup>(a)</sup> | 163 |  | 67 |
|  National Vision Holdings, Inc.<sup>(a)</sup> | 300608 |  | 5955044 |
|  Penske Automotive Group, Inc. | 32187 |  | 5284462 |
|  Petco Health & Wellness Co., Inc.<sup>(a)</sup> | 317613 |  | 1165640 |
|  RealReal, Inc. (The)<sup>(a)(b)</sup> | 201719 |  | 1139712 |
|  Revolve Group, Inc., Class A<sup>(a)</sup> | 433306 |  | 8926104 |
|  RH<sup>(a)</sup> | 28064 |  | 5082671 |
|  Sonic Automotive, Inc., Class A | 61615 |  | 4308737 |
|  Stitch Fix, Inc., Class A<sup>(a)</sup> | 969841 |  | 4286697 |
|  Upbound Group, Inc. | 246505 |  | 5654825 |
|  Urban Outfitters, Inc.<sup>(a)</sup> | 94469 |  | 6603383 |
|  Victoria's Secret & Co.<sup>(a)</sup> | 144050 |  | 3055300 |
|  Warby Parker, Inc., Class A<sup>(a)</sup> | 329599 |  | 6977611 |
|  Wayfair, Inc., Class A<sup>(a)</sup> | 151744 |  | 6257923 |
|  Winmark Corp. | 9709 |  | 4124577 |
|  Zumiez, Inc.<sup>(a)</sup> | 262529 |  | 3278987 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147650270 |
| **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** |
|  IonQ, Inc.<sup>(a)(b)</sup> | 208342 |  | 8404516 |
| **Textiles, Apparel & Luxury Goods — 0.6%** |  |  |  |
|  G-III Apparel Group Ltd.<sup>(a)</sup> | 351465 |  | 10210058 |
|  Ralph Lauren Corp., Class A | 33926 |  | 9391056 |
|  Unifi, Inc.<sup>(a)</sup> | 38167 |  | 191598 |
|  VF Corp. | 333140 |  | 4150925 |
|  |  |  | 23943637 |
| **Tobacco — 0.1%** |  |  |  |
|  Turning Point Brands, Inc. | 74735 |  | 5554305 |
| **Trading Companies & Distributors — 2.0%** |  |  |  |
|  BlueLinx Holdings, Inc.<sup>(a)</sup> | 62208 |  | 4162959 |
|  Boise Cascade Co. | 222862 |  | 19362251 |
|  DNOW, Inc.<sup>(a)</sup> | 853808 |  | 12311911 |
|  FTAI Aviation Ltd. | 157071 |  | 18400868 |
|  GATX Corp. | 17540 |  | 2793070 |
|  Global Industrial Co. | 15408 |  | 401378 |
|  H&E Equipment Services, Inc. | 33707 |  | 3190031 |
|  Herc Holdings, Inc. | 37306 |  | 4625944 |
|  McGrath RentCorp | 39022 |  | 4385292 |
|  MRC Global, Inc.<sup>(a)</sup> | 78017 |  | 968191 |
|  Rush Enterprises, Inc., Class A | 152554 |  | 7574306 |
|  Xometry, Inc., Class A<sup>(a)(b)</sup> | 52356 |  | 1735601 |
|  |  |  | 79911802 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Water Utilities — 0.1%** |  |  |
|  California Water Service Group | 49237 | $2326448 |
|  H2O America | 61042 | 3203484 |
|  |  | 5529932 |
| **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
|  Spok Holdings, Inc. | 25508 | 413230 |
|  Telephone & Data Systems, Inc. | 97056 | 3334844 |
|  |  | 3748074 |
|  **Total Common Stocks — 98.8%<br>(Cost: $3,792,858,361)** | **Total Common Stocks — 98.8%<br>(Cost: $3,792,858,361)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3917923109 |
| **Rights** |  |  |
| **Biotechnology — 0.0%** |  |  |
|  Albireo Pharma Inc., CVR<sup>(a)(b)(c)</sup> | 28456 | 99596 |
|  Chinook Therapeutics, Inc., CVR<sup>(a)(c)</sup> | 35990 | 5758 |
|  Flexion Therapeutics, Inc., CVR<sup>(a)(c)</sup> | 73745 | 20649 |
|  Jounce Therapeutics, Inc., CVR<sup>(a)</sup> | 10334 | 90 |
|  Poseida Therapeutics, Inc., CVR<sup>(a)(c)</sup> | 104999 | 145949 |
|  |  | 272042 |
| **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** |
|  Surface Oncology, Inc., CVR<sup>(a)</sup> | 58721 | 5515 |
| **Paper & Forest Products — 0.0%** |  |  |
|  Resolute Forest Products, Inc., CVR<sup>(a)(c)</sup> | 72036 | 77079 |
|  **Total Rights — 0.0%<br>(Cost: $—)** | **Total Rights — 0.0%<br>(Cost: $—)** | 354636 |
|  **Total Long-Term Investments — 98.8%<br>(Cost: $3,792,858,361)** | **Total Long-Term Investments — 98.8%<br>(Cost: $3,792,858,361)** | 3918277745 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 4.2%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.46%<sup>(d)(e)(f)</sup> | 126783679 | 126834392 |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.20%<sup>(d)(e)</sup> | 41068103 | 41068103 |
|  **Total Short-Term Securities — 4.2%<br>(Cost: $167,892,974)** | **Total Short-Term Securities — 4.2%<br>(Cost: $167,892,974)** | 167902495 |
|  **Total Investments — 103.0%<br>(Cost: $3,960,751,335)** | **Total Investments — 103.0%<br>(Cost: $3,960,751,335)** | 4086180240 |
|  **Liabilities in Excess of Other Assets — (3.0)%** | **Liabilities in Excess of Other Assets — (3.0)%** | (119023340) |
|  **Net Assets — 100.0%** |  | $3967156900 |

---

<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.

22 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

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

---

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended May 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>05/31/24* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>05/31/25* | *Shares<br>Held at<br>05/31/25* | *Income* | *Capital Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $153856296 | $— | $(27035366)<sup>(a)</sup> | $3941 | $9521 | $126834392 | 126783679 | $432236 <sup>(b)</sup> | $— |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares | 34625874 | 6442229 <sup>(a)</sup> |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 41068103 | 41068103 | 1916253 |  |
|  |  |  |  | $3941 | $9521 | $167902495 |  | $2348489 | $— |

---

<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* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount (000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Russell 2000 E-Mini Index | 447 | 06/20/25 | $46227 | $262930 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $262930 | $— | $— | $— | $262930 |

---

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(3406621) | $— | $— | $— | $(3406621) |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $291006 | $— | $— | $— | $291006 |

---

S C H E D U L E S O F I N V E S T M E N T S 23

------

---

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

---

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $45380018 |

---

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

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $77754596 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $77754596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Freight & Logistics | 580149 |  |  | 580149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobile Components | 50528074 |  |  | 50528074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 3222570 |  |  | 3222570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks | 369700431 | 5993 |  | 369706424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beverages | 8804332 |  |  | 8804332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 326033592 |  |  | 326033592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 834436 |  |  | 834436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Building Products | 47691099 |  |  | 47691099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 117208913 |  |  | 117208913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 20392259 |  |  | 20392259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 35547064 |  |  | 35547064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 42175563 |  |  | 42175563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | 112093795 |  |  | 112093795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | 659436 |  |  | 659436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | 78074960 |  |  | 78074960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 75327544 |  |  | 75327544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | 10553290 |  |  | 10553290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributors | 527379 |  |  | 527379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Consumer Services | 55574329 |  |  | 55574329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified REITs | 9824981 |  |  | 9824981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | 17982399 |  |  | 17982399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 12265437 |  |  | 12265437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 43785879 |  |  | 43785879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 116968046 |  |  | 116968046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | 71307255 |  |  | 71307255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 13633721 |  |  | 13633721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 88757354 |  |  | 88757354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food Products | 29252052 |  |  | 29252052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas Utilities | 35808454 |  |  | 35808454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | 18650175 |  |  | 18650175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 64263073 |  |  | 64263073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 157122472 |  |  | 157122472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care REITs | 9411984 |  |  | 9411984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Technology | 16616391 |  |  | 16616391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotel & Resort REITs | 26336385 |  |  | 26336385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 62388557 |  |  | 62388557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Durables | 66200293 |  |  | 66200293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Products | 14860185 |  |  | 14860185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independent Power and Renewable Electricity Producers | 218 |  |  | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial REITs | 20628721 |  |  | 20628721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance | 66214227 |  |  | 66214227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 51418673 |  |  | 51418673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services | 9873937 |  |  | 9873937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leisure Products | 4974742 |  |  | 4974742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 15909211 |  |  | 15909211 |

---

24 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

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

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery | $106120169 | $— | $— | $106120169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marine Transportation | 12731751 |  |  | 12731751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Media | 25880617 |  |  | 25880617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 109328508 |  |  | 109328508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage Real Estate Investment Trusts (REITs) | 1427904 |  |  | 1427904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | 41810009 |  |  | 41810009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Office REITs | 11642287 |  |  | 11642287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 91269150 |  |  | 91269150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Passenger Airlines | 35823132 |  |  | 35823132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personal Care Products | 12530512 |  |  | 12530512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 88207273 |  |  | 88207273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 105775946 |  |  | 105775946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | 17955104 |  |  | 17955104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential REITs | 9481395 |  |  | 9481395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retail REITs | 73033484 |  |  | 73033484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 99455992 |  |  | 99455992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | 264572563 |  |  | 264572563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialized REITs | 58390151 |  |  | 58390151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 147650270 |  |  | 147650270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 8404516 |  |  | 8404516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 23943637 |  |  | 23943637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco | 5554305 |  |  | 5554305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | 79911802 |  |  | 79911802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Water Utilities | 5529932 |  |  | 5529932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | 3748074 |  |  | 3748074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights |  | 5605 | 349031 | 354636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 167902495 |  |  | 167902495 |
|  | $4085819611 | $11598 | $349031 | $4086180240 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $262930 | $— | $— | $262930 |

---

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

*See notes to financial statements.* 

S C H E D U L E S O F I N V E S T M E N T S 25

------

---

| | |
|:---|:---|
| Schedule of Investments<br> May 31, 2025 | **BlackRock Advantage Large Cap Core Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 1.3%** | **Aerospace & Defense — 1.3%** | **Aerospace & Defense — 1.3%** |
|  Lockheed Martin Corp. | 79093 | $38152881 |
| **Air Freight & Logistics — 1.1%** |  |  |
|  Expeditors International of Washington, Inc. | 140820 | 15874639 |
|  FedEx Corp. | 78452 | 17110381 |
|  |  | 32985020 |
| **Automobile Components — 0.7%** |  |  |
|  BorgWarner, Inc. | 682630 | 22588227 |
| **Automobiles — 1.4%** |  |  |
|  Tesla, Inc.<sup>(a)</sup> | 125189 | 43372981 |
| **Banks — 4.0%** |  |  |
|  Bank of America Corp. | 1177229 | 51951116 |
|  JPMorgan Chase & Co. | 139667 | 36872088 |
|  PNC Financial Services Group, Inc. (The) | 177544 | 30858922 |
|  |  | 119682126 |
| **Beverages — 0.3%** |  |  |
|  Coca-Cola Co. (The) | 136751 | 9859747 |
| **Biotechnology — 3.1%** |  |  |
|  AbbVie, Inc. | 157245 | 29264867 |
|  Biogen, Inc.<sup>(a)</sup> | 116447 | 15113656 |
|  BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 224253 | 13022372 |
|  Natera, Inc.<sup>(a)</sup> | 65187 | 10281946 |
|  Regeneron Pharmaceuticals, Inc. | 31539 | 15462941 |
|  United Therapeutics Corp.<sup>(a)</sup> | 28410 | 9058528 |
|  |  | 92204310 |
| **Broadline Retail — 4.1%** |  |  |
|  Amazon.com, Inc.<sup>(a)</sup> | 611201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125302317 |
| **Capital Markets — 5.9%** |  |  |
|  Charles Schwab Corp. (The) | 494968 | 43725473 |
|  CME Group, Inc., Class A | 54344 | 15705416 |
|  Intercontinental Exchange, Inc. | 138489 | 24900322 |
|  Invesco Ltd. | 637615 | 9219913 |
|  Moody's Corp. | 82202 | 39401063 |
|  Morgan Stanley | 346441 | 44354841 |
|  |  | 177307028 |
| **Commercial Services & Supplies — 1.1%** |  |  |
|  Cintas Corp. | 149560 | 33875340 |
| **Communications Equipment — 0.6%** |  |  |
|  Motorola Solutions, Inc. | 46704 | 19399908 |
| **Construction & Engineering — 1.1%** |  |  |
|  Comfort Systems U.S.A., Inc. | 29219 | 13973403 |
|  MasTec, Inc.<sup>(a)</sup> | 126485 | 19722806 |
|  |  | 33696209 |
| **Consumer Staples Distribution & Retail — 3.4%** | **Consumer Staples Distribution & Retail — 3.4%** | **Consumer Staples Distribution & Retail — 3.4%** |
|  Costco Wholesale Corp. | 45709 | 47545588 |
|  Walmart, Inc. | 555398 | 54828890 |
|  |  | 102374478 |
| **Containers & Packaging — 0.7%** |  |  |
|  Packaging Corp. of America | 106569 | 20585934 |
| **Electric Utilities — 1.2%** |  |  |
|  Entergy Corp. | 435074 | 36232963 |
| **Electrical Equipment — 0.8%** |  |  |
|  Eaton Corp. PLC | 70804 | 22671441 |
| **Electronic Equipment, Instruments & Components — 1.5%** | **Electronic Equipment, Instruments & Components — 1.5%** | **Electronic Equipment, Instruments & Components — 1.5%** |
|  Amphenol Corp., Class A | 222426 | 20002770 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
|  Corning, Inc. | 429565 | $21302128 |
|  Flex Ltd.<sup>(a)</sup> | 118582 | 5016019 |
|  |  | 46320917 |
| **Energy Equipment & Services — 0.4%** |  |  |
|  Halliburton Co. | 605675 | 11865173 |
| **Entertainment — 1.5%** |  |  |
|  Netflix, Inc.<sup>(a)</sup> | 24164 | 29171506 |
|  Walt Disney Co. (The) | 153750 | 17379900 |
|  |  | 46551406 |
| **Financial Services — 2.0%** |  |  |
|  Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 39217 | 19763799 |
|  Mastercard, Inc., Class A | 25406 | 14877754 |
|  Visa, Inc., Class A | 69395 | 25342360 |
|  |  | 59983913 |
| **Ground Transportation — 0.7%** |  |  |
|  Uber Technologies, Inc.<sup>(a)</sup> | 243720 | 20511475 |
| **Health Care Equipment & Supplies — 2.6%** |  |  |
|  Boston Scientific Corp.<sup>(a)</sup> | 342133 | 36012920 |
|  Medtronic PLC | 513571 | 42616121 |
|  |  | 78629041 |
| **Health Care Providers & Services — 2.3%** |  |  |
|  Cardinal Health, Inc. | 249074 | 38466988 |
|  Centene Corp.<sup>(a)</sup> | 175665 | 9914533 |
|  UnitedHealth Group, Inc. | 70309 | 21226990 |
|  |  | 69608511 |
| **Health Care REITs — 0.9%** |  |  |
|  Ventas, Inc. | 433410 | 27859595 |
| **Hotel & Resort REITs — 0.0%** |  |  |
|  RLJ Lodging Trust | 51 | 372 |
| **Hotels, Restaurants & Leisure — 1.6%** |  |  |
|  Booking Holdings, Inc. | 5149 | 28416971 |
|  DoorDash, Inc., Class A<sup>(a)</sup> | 27960 | 5833854 |
|  Yum! Brands, Inc. | 99965 | 14388962 |
|  |  | 48639787 |
| **Household Durables — 0.6%** |  |  |
|  DR Horton, Inc. | 67715 | 7994433 |
|  Toll Brothers, Inc. | 110265 | 11495126 |
|  |  | 19489559 |
| **Household Products — 0.9%** |  |  |
|  Colgate-Palmolive Co. | 296578 | 27563959 |
| **Insurance — 1.8%** |  |  |
|  Progressive Corp. (The) | 49375 | 14068419 |
|  Travelers Cos., Inc. (The) | 142155 | 39192133 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53260552 |
| **Interactive Media & Services — 7.0%** |  |  |
|  Alphabet, Inc., Class A | 452007 | 77627682 |
|  Alphabet, Inc., Class C, NVS | 267858 | 46299255 |
|  Meta Platforms, Inc., Class A | 136799 | 88575985 |
|  |  | 212502922 |
| **Machinery — 1.7%** |  |  |
|  Flowserve Corp. | 455469 | 22732458 |
|  Parker-Hannifin Corp. | 44459 | 29551897 |
|  |  | 52284355 |

---

26 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Advantage Large Cap Core Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Media — 0.8%** |  |  |  |
|  Comcast Corp., Class A | 644038 | $| 22264394 |
|  Fox Corp., Class B | 7459 |  | 375038 |
|  |  |  | 22639432 |
| **Metals & Mining — 0.4%** |  |  |  |
|  Nucor Corp. | 98373 |  | 10758071 |
| **Oil, Gas & Consumable Fuels — 3.0%** |  |  |  |
|  Cheniere Energy, Inc. | 105730 |  | 25056953 |
|  Devon Energy Corp. | 849337 |  | 25700938 |
|  Targa Resources Corp. | 95324 |  | 15054519 |
|  Williams Cos., Inc. (The) | 395242 |  | 23916093 |
|  |  |  | 89728503 |
| **Passenger Airlines — 0.4%** |  |  |  |
|  Delta Air Lines, Inc. | 225874 |  | 10930043 |
| **Pharmaceuticals — 3.9%** |  |  |  |
|  Bristol-Myers Squibb Co. | 448848 |  | 21670381 |
|  Eli Lilly & Co. | 45893 |  | 33853889 |
|  Merck & Co., Inc. | 359658 |  | 27636121 |
|  Pfizer, Inc. | 1520287 |  | 35711542 |
|  |  |  | 118871933 |
| **Retail REITs — 0.8%** |  |  |  |
|  Simon Property Group, Inc. | 140481 |  | 22908237 |
| **Semiconductors & Semiconductor Equipment — 10.9%** | **Semiconductors & Semiconductor Equipment — 10.9%** | **Semiconductors & Semiconductor Equipment — 10.9%** | **Semiconductors & Semiconductor Equipment — 10.9%** |
|  Advanced Micro Devices, Inc.<sup>(a)</sup> | 155532 |  | 17222058 |
|  Broadcom, Inc. | 258416 |  | 62554761 |
|  Lam Research Corp. | 343050 |  | 27715010 |
|  Marvell Technology, Inc. | 264220 |  | 15903402 |
|  NVIDIA Corp. | 1314340 |  | 177606764 |
|  QUALCOMM, Inc. | 126182 |  | 18321626 |
|  Texas Instruments, Inc. | 57183 |  | 10455912 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329779533 |
| **Software — 11.8%** |  |  |  |
|  Adobe, Inc.<sup>(a)</sup> | 58598 |  | 24323444 |
|  Autodesk, Inc.<sup>(a)</sup> | 110061 |  | 32591263 |
|  Elastic NV<sup>(a)</sup> | 162441 |  | 13136604 |
|  Fair Isaac Corp.<sup>(a)</sup> | 5276 |  | 9107853 |
|  InterDigital, Inc. | 6 |  | 1304 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Software (continued)** |  |  |
|  Intuit, Inc. | 16370 | $12334304 |
|  Microsoft Corp. | 455217 | 209563698 |
|  Palantir Technologies, Inc., Class A<sup>(a)</sup> | 120612 | 15894249 |
|  SailPoint, Inc.<sup>(a)</sup> | 35225 | 620665 |
|  Salesforce, Inc. | 114255 | 30319849 |
|  ServiceNow, Inc.<sup>(a)</sup> | 8202 | 8292960 |
|  |  | 356186193 |
| **Specialized REITs — 1.1%** |  |  |
|  Equinix, Inc. | 38542 | 34256901 |
| **Specialty Retail — 1.8%** |  |  |
|  Home Depot, Inc. (The) | 151366 | 55746584 |
| **Technology Hardware, Storage & Peripherals — 5.7%** | **Technology Hardware, Storage & Peripherals — 5.7%** | **Technology Hardware, Storage & Peripherals — 5.7%** |
|  Apple Inc. | 864300 | 173594655 |
| **Textiles, Apparel & Luxury Goods — 0.7%** |  |  |
|  Ralph Lauren Corp., Class A | 76378 | 21142194 |
| **Tobacco — 1.3%** |  |  |
|  Philip Morris International, Inc. | 213753 | 38601654 |
|  **Total Long-Term Investments — 98.9%<br>(Cost: $2,059,256,417)** | **Total Long-Term Investments — 98.9%<br>(Cost: $2,059,256,417)** | 2990506380 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 1.0%** |  |  |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.20%<sup>(b)(c)</sup> | 29457388 | 29457388 |
|  **Total Short-Term Securities — 1.0%<br>(Cost: $29,457,388)** | **Total Short-Term Securities — 1.0%<br>(Cost: $29,457,388)** | 29457388 |
|  **Total Investments — 99.9%<br>(Cost: $2,088,713,805)** | **Total Investments — 99.9%<br>(Cost: $2,088,713,805)** | 3019963768 |
|  **Other Assets Less Liabilities — 0.1%** | **Other Assets Less Liabilities — 0.1%** | 2036280 |
|  **Net Assets — 100.0%** |  | $3022000048 |

---

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

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

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

S C H E D U L E S O F I N V E S T M E N T S 27

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Advantage Large Cap Core Fund** |

---

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended May 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>05/31/24* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>05/31/25* | *Shares<br>Held at<br>05/31/25* | *Income* | *Capital Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares<sup>(a)</sup> | $7654832 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(7649662)<sup>(b)</sup> | $(5350) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | $13820 <sup>(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares | 25852986 | 3604402 <sup>(b)</sup> |  |  |  | 29457388 | 29457388 | 1296740 |  |
|  |  |  |  | $(5350) | $180 | $29457388 |  | $1310560 | $— |

---

<sup>(a)</sup> As of period end, the entity is no longer held.

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

<sup>(c)</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* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount (000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 E-Mini Index | 103 | 06/20/25 | $30467 | $2224979 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $2224979 | $— | $— | $— | $2224979 |

---

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $214457 | $— | $— | $— | $214457 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $1423821 | $— | $— | $— | $1423821 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Advantage Large Cap Core Fund** |

---

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $31917228 |

---

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

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $2990506380 | $&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;— | $2990506380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 29457388 |  |  | 29457388 |
|  | $3019963768 | $— | $— | $3019963768 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $2224979 | $— | $— | $2224979 |

---

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

*See notes to financial statements.* 

S C H E D U L E S O F I N V E S T M E N T S 29

------

---

| | |
|:---|:---|
| Schedule of Investments <br> May 31, 2025 | **BlackRock Advantage Large Cap Value Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 3.1%** | **Aerospace & Defense — 3.1%** | **Aerospace & Defense — 3.1%** |
|  Curtiss-Wright Corp. | 744 | $327442 |
|  General Dynamics Corp. | 7978 | 2221793 |
|  General Electric Co. | 7238 | 1779896 |
|  HEICO Corp., Class A | 11415 | 2692114 |
|  Lockheed Martin Corp. | 12626 | 6090530 |
|  Northrop Grumman Corp. | 2256 | 1093641 |
|  RTX Corp. | 38989 | 5321219 |
|  |  | 19526635 |
| **Air Freight & Logistics — 1.5%** |  |  |
|  Expeditors International of Washington, Inc. | 15819 | 1783276 |
|  FedEx Corp. | 18503 | 4035504 |
|  United Parcel Service, Inc., Class B | 38613 | 3766312 |
|  |  | 9585092 |
| **Automobile Components — 0.5%** |  |  |
|  BorgWarner, Inc. | 101684 | 3364724 |
| **Automobiles — 0.3%** |  |  |
|  General Motors Co. | 43319 | 2149056 |
| **Banks — 8.2%** |  |  |
|  Bank of America Corp. | 326388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14403503 |
|  Citigroup, Inc. | 108579 | 8178170 |
|  Citizens Financial Group, Inc. | 36060 | 1455021 |
|  FNB Corp. | 21898 | 303725 |
|  Huntington Bancshares, Inc. | 26192 | 409381 |
|  JPMorgan Chase & Co. | 67756 | 17887584 |
|  PNC Financial Services Group, Inc. (The) | 49147 | 8542240 |
|  |  | 51179624 |
| **Beverages — 0.8%** |  |  |
|  Coca-Cola Co. (The) | 51524 | 3714880 |
|  Keurig Dr. Pepper, Inc. | 41494 | 1397103 |
|  |  | 5111983 |
| **Biotechnology — 3.7%** |  |  |
|  AbbVie, Inc. | 26684 | 4966159 |
|  Amgen, Inc. | 1148 | 330831 |
|  Biogen, Inc.<sup>(a)</sup> | 28671 | 3721209 |
|  BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 43333 | 2516347 |
|  Gilead Sciences, Inc. | 42217 | 4647247 |
|  Incyte Corp.<sup>(a)</sup> | 11777 | 766212 |
|  Ionis Pharmaceuticals, Inc.<sup>(a)</sup> | 6426 | 215335 |
|  Moderna, Inc.<sup>(a)</sup> | 3602 | 95669 |
|  Natera, Inc.<sup>(a)</sup> | 6886 | 1086129 |
|  Regeneron Pharmaceuticals, Inc. | 5623 | 2756845 |
|  Sarepta Therapeutics, Inc.<sup>(a)</sup> | 10939 | 411306 |
|  Ultragenyx Pharmaceutical, Inc.<sup>(a)</sup> | 9552 | 325055 |
|  United Therapeutics Corp.<sup>(a)</sup> | 3880 | 1237138 |
|  |  | 23075482 |
| **Broadline Retail — 0.2%** |  |  |
|  Amazon.com, Inc.<sup>(a)</sup> | 5498 | 1127145 |
| **Building Products — 0.5%** |  |  |
|  Allegion PLC | 603 | 86048 |
|  Armstrong World Industries, Inc. | 3069 | 477629 |
|  Johnson Controls International PLC | 11216 | 1136966 |
|  Owens Corning | 2371 | 317595 |
|  Trane Technologies PLC | 3141 | 1351478 |
|  |  | 3369716 |
| **Capital Markets — 7.5%** |  |  |
|  Blackstone, Inc., Class A | 478 | 66327 |
|  Cboe Global Markets, Inc. | 2450 | 561344 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Capital Markets (continued)** |  |  |
|  Charles Schwab Corp. (The) | 98536 | $8704670 |
|  CME Group, Inc., Class A | 16087 | 4649143 |
|  Etoro Group Ltd., Class A<sup>(a)(b)</sup> | 10210 | 604432 |
|  Evercore, Inc., Class A | 737 | 170608 |
|  Interactive Brokers Group, Inc., Class A | 2619 | 549152 |
|  Intercontinental Exchange, Inc. | 38804 | 6976959 |
|  Invesco Ltd. | 171774 | 2483852 |
|  Janus Henderson Group PLC | 3361 | 122105 |
|  Moody's Corp. | 5395 | 2585932 |
|  Morgan Stanley | 79046 | 10120260 |
|  Nasdaq, Inc. | 27868 | 2328093 |
|  S&P Global, Inc. | 11526 | 5911224 |
|  XP, Inc., Class A | 37180 | 719805 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46553906 |
| **Chemicals — 1.3%** |  |  |
|  DuPont de Nemours, Inc. | 42122 | 2813750 |
|  Ecolab, Inc. | 3177 | 843875 |
|  Huntsman Corp. | 93393 | 1040398 |
|  LyondellBasell Industries NV, Class A | 28673 | 1619738 |
|  Mosaic Co. (The) | 32858 | 1187488 |
|  Scotts Miracle-Gro Co. (The) | 9074 | 540447 |
|  |  | 8045696 |
| **Commercial Services & Supplies — 1.4%** |  |  |
|  Cintas Corp. | 27422 | 6211083 |
|  Waste Connections, Inc. | 12818 | 2526300 |
|  Waste Management, Inc. | 1161 | 279766 |
|  |  | 9017149 |
| **Communications Equipment — 1.3%** |  |  |
|  Cisco Systems, Inc. | 61843 | 3898583 |
|  Juniper Networks, Inc. | 8123 | 291859 |
|  Motorola Solutions, Inc. | 9678 | 4020048 |
|  |  | 8210490 |
| **Construction & Engineering — 1.0%** |  |  |
|  AECOM | 6107 | 670854 |
|  Comfort Systems U.S.A., Inc. | 3726 | 1781885 |
|  EMCOR Group, Inc. | 747 | 352479 |
|  MasTec, Inc.<sup>(a)</sup> | 20359 | 3174579 |
|  |  | 5979797 |
| **Construction Materials — 0.0%** |  |  |
|  CRH PLC | 974 | 88790 |
| **Consumer Finance — 0.8%** |  |  |
|  American Express Co. | 13498 | 3969087 |
|  OneMain Holdings, Inc. | 13846 | 717777 |
|  |  | 4686864 |
| **Consumer Staples Distribution & Retail — 3.6%** |  |  |
|  Costco Wholesale Corp. | 4508 | 4689131 |
|  Sprouts Farmers Market, Inc.<sup>(a)</sup> | 2486 | 429730 |
|  Target Corp. | 12788 | 1202200 |
|  Walmart, Inc. | 163917 | 16181886 |
|  |  | 22502947 |
| **Containers & Packaging — 1.0%** |  |  |
|  Crown Holdings, Inc. | 21834 | 2150649 |
|  Packaging Corp. of America | 22140 | 4276784 |
|  |  | 6427433 |
| **Diversified Consumer Services — 0.1%** |  |  |
|  Bright Horizons Family Solutions, Inc.<sup>(a)</sup> | 4767 | 615896 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Advantage Large Cap Value Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Diversified Telecommunication Services — 1.4%** | **Diversified Telecommunication Services — 1.4%** | **Diversified Telecommunication Services — 1.4%** |
|  AT&T Inc. | 106472 | $2959921 |
|  Verizon Communications, Inc. | 130181 | 5722757 |
|  |  | 8682678 |
| **Electric Utilities — 2.3%** |  |  |
|  Duke Energy Corp. | 2731 | 321493 |
|  Edison International | 9992 | 556055 |
|  Entergy Corp. | 86681 | 7218794 |
|  Exelon Corp. | 43696 | 1914759 |
|  IDACORP, Inc. | 8747 | 1040456 |
|  NextEra Energy, Inc. | 11563 | 816810 |
|  OGE Energy Corp. | 45170 | 2008710 |
|  PG&E Corp. | 33653 | 568062 |
|  |  | 14445139 |
| **Electrical Equipment — 1.7%** |  |  |
|  AMETEK, Inc. | 13432 | 2400836 |
|  Eaton Corp. PLC | 20559 | 6582992 |
|  GE Vernova, Inc. | 3818 | 1805837 |
|  |  | 10789665 |
| **Electronic Equipment, Instruments & Components — 1.9%** | **Electronic Equipment, Instruments & Components — 1.9%** | **Electronic Equipment, Instruments & Components — 1.9%** |
|  Amphenol Corp., Class A | 31941 | 2872454 |
|  Badger Meter, Inc. | 635 | 157620 |
|  Corning, Inc. | 84579 | 4194273 |
|  Flex Ltd.<sup>(a)</sup> | 62080 | 2625984 |
|  Insight Enterprises, Inc.<sup>(a)</sup> | 1427 | 186067 |
|  Keysight Technologies, Inc.<sup>(a)</sup> | 2784 | 437199 |
|  TE Connectivity PLC | 2407 | 385288 |
|  Trimble, Inc.<sup>(a)</sup> | 6313 | 449927 |
|  Zebra Technologies Corp., Class A<sup>(a)</sup> | 1409 | 408286 |
|  |  | 11717098 |
| **Energy Equipment & Services — 0.5%** |  |  |
|  Halliburton Co. | 149025 | 2919400 |
|  TechnipFMC PLC | 14155 | 440928 |
|  |  | 3360328 |
| **Entertainment — 0.9%** |  |  |
|  Take-Two Interactive Software, Inc.<sup>(a)</sup> | 786 | 177856 |
|  Walt Disney Co. (The) | 46123 | 5213744 |
|  |  | 5391600 |
| **Financial Services — 2.8%** |  |  |
|  Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 33218 | 16740543 |
|  Remitly Global, Inc.<sup>(a)(b)</sup> | 48934 | 1045230 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17785773 |
| **Food Products — 0.2%** |  |  |
|  Ingredion, Inc. | 9827 | 1367132 |
|  Kellanova | 1612 | 133200 |
|  |  | 1500332 |
| **Ground Transportation — 0.6%** |  |  |
|  Knight-Swift Transportation Holdings, Inc. | 53470 | 2369791 |
|  Uber Technologies, Inc.<sup>(a)</sup> | 9237 | 777386 |
|  Union Pacific Corp. | 2555 | 566341 |
|  |  | 3713518 |
| **Health Care Equipment & Supplies — 2.7%** |  |  |
|  Boston Scientific Corp.<sup>(a)</sup> | 50518 | 5317525 |
|  Edwards Lifesciences Corp.<sup>(a)</sup> | 26690 | 2087692 |
|  Medtronic PLC | 115619 | 9594064 |
|  |  | 16999281 |
| **Health Care Providers & Services — 3.7%** |  |  |
|  Acadia Healthcare Co., Inc.<sup>(a)</sup> | 19585 | 443404 |
|  Cardinal Health, Inc. | 44739 | 6909491 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Health Care Providers & Services (continued)** |  |  |
|  Centene Corp.<sup>(a)</sup> | 45286 | $2555942 |
|  Cigna Group (The) | 3977 | 1259277 |
|  CVS Health Corp. | 13647 | 873954 |
|  Elevance Health, Inc. | 3250 | 1247480 |
|  Encompass Health Corp. | 10897 | 1317447 |
|  McKesson Corp. | 442 | 318023 |
|  Tenet Healthcare Corp.<sup>(a)</sup> | 3506 | 591708 |
|  UnitedHealth Group, Inc. | 22404 | 6763992 |
|  Universal Health Services, Inc., Class B | 2733 | 520227 |
|  |  | 22800945 |
| **Health Care REITs — 0.6%** |  |  |
|  Ventas, Inc. | 53484 | 3437951 |
|  Welltower, Inc. | 3745 | 577779 |
|  |  | 4015730 |
| **Health Care Technology — 0.1%** |  |  |
|  Veeva Systems, Inc., Class A<sup>(a)</sup> | 1612 | 450876 |
| **Hotels, Restaurants & Leisure — 1.4%** |  |  |
|  Booking Holdings, Inc. | 724 | 3995705 |
|  Brinker International, Inc.<sup>(a)</sup> | 1317 | 227354 |
|  Flutter Entertainment PLC<sup>(a)</sup> | 890 | 224903 |
|  McDonald's Corp. | 5612 | 1761326 |
|  Texas Roadhouse, Inc. | 2612 | 509889 |
|  Yum! Brands, Inc. | 15883 | 2286199 |
|  |  | 9005376 |
| **Household Durables — 1.0%** |  |  |
|  DR Horton, Inc. | 13205 | 1558982 |
|  Garmin Ltd. | 10498 | 2130779 |
|  NVR, Inc.<sup>(a)</sup> | 122 | 868143 |
|  Taylor Morrison Home Corp., Class A<sup>(a)</sup> | 2884 | 162312 |
|  Toll Brothers, Inc. | 12127 | 1264240 |
|  |  | 5984456 |
| **Household Products — 1.9%** |  |  |
|  Colgate-Palmolive Co. | 59283 | 5509762 |
|  Procter & Gamble Co. (The) | 38449 | 6532101 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12041863 |
| **Industrial Conglomerates — 0.6%** |  |  |
|  Honeywell International, Inc. | 16395 | 3716255 |
| **Insurance — 4.0%** |  |  |
|  Allstate Corp. (The) | 21585 | 4530044 |
|  Aon PLC, Class A | 6848 | 2548004 |
|  Brown & Brown, Inc. | 1443 | 162915 |
|  CNA Financial Corp. | 8583 | 411212 |
|  First American Financial Corp. | 2484 | 138632 |
|  Globe Life, Inc. | 13190 | 1607465 |
|  Hanover Insurance Group, Inc. (The) | 4538 | 798597 |
|  Hartford Insurance Group, Inc. (The) | 6981 | 906413 |
|  Progressive Corp. (The) | 4899 | 1395872 |
|  Reinsurance Group of America, Inc. | 4370 | 888377 |
|  Travelers Cos., Inc. (The) | 30146 | 8311252 |
|  Unum Group | 38655 | 3158500 |
|  |  | 24857283 |
| **Interactive Media & Services — 0.8%** |  |  |
|  Alphabet, Inc., Class A | 19101 | 3280406 |
|  Meta Platforms, Inc., Class A | 1495 | 967997 |
|  Pinterest, Inc., Class A<sup>(a)</sup> | 16854 | 524328 |
|  |  | 4772731 |
| **IT Services — 1.2%** |  |  |
|  Accenture PLC, Class A | 17485 | 5539598 |

---

S C H E D U L E S O F I N V E S T M E N T S 31

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Advantage Large Cap Value Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **IT Services (continued)** |  |  |
|  GoDaddy, Inc., Class A<sup>(a)</sup> | 306 | $55738 |
|  International Business Machines Corp. | 912 | 236263 |
|  MongoDB, Inc., Class A<sup>(a)</sup> | 585 | 110465 |
|  VeriSign, Inc. | 6415 | 1747895 |
|  |  | 7689959 |
| **Life Sciences Tools & Services — 1.0%** |  |  |
|  Agilent Technologies, Inc. | 4023 | 450254 |
|  Danaher Corp. | 8465 | 1607504 |
|  Thermo Fisher Scientific, Inc. | 9592 | 3863849 |
|  |  | 5921607 |
| **Machinery — 2.9%** |  |  |
|  Caterpillar, Inc. | 2088 | 726687 |
|  Crane Co. | 1465 | 251101 |
|  Cummins, Inc. | 9628 | 3095209 |
|  Flowserve Corp. | 45377 | 2264766 |
|  Illinois Tool Works, Inc. | 4049 | 992329 |
|  Parker-Hannifin Corp. | 11345 | 7541022 |
|  Pentair PLC | 29483 | 2924124 |
|  Westinghouse Air Brake Technologies Corp. | 1988 | 402212 |
|  |  | 18197450 |
| **Media — 1.5%** |  |  |
|  Comcast Corp., Class A | 184510 | 6378511 |
|  Fox Corp., Class A, NVS | 42298 | 2323852 |
|  Fox Corp., Class B | 3318 | 166829 |
|  New York Times Co. (The), Class A | 11440 | 653453 |
|  |  | 9522645 |
| **Metals & Mining — 1.0%** |  |  |
|  Alcoa Corp. | 7024 | 188032 |
|  Freeport-McMoRan, Inc. | 26295 | 1011832 |
|  Newmont Corp. | 43184 | 2276661 |
|  Nucor Corp. | 19601 | 2143565 |
|  Reliance, Inc. | 1014 | 296919 |
|  |  | 5917009 |
| **Multi-Utilities — 1.1%** |  |  |
|  CMS Energy Corp. | 10312 | 724212 |
|  Consolidated Edison, Inc. | 31436 | 3284748 |
|  NiSource, Inc. | 76143 | 3010694 |
|  |  | 7019654 |
| **Oil, Gas & Consumable Fuels — 5.4%** |  |  |
|  Antero Resources Corp.<sup>(a)</sup> | 29195 | 1093353 |
|  Cheniere Energy, Inc. | 14298 | 3388483 |
|  Chevron Corp. | 43316 | 5921297 |
|  Chord Energy Corp. | 4637 | 417330 |
|  Civitas Resources, Inc. | 12601 | 344889 |
|  ConocoPhillips | 33290 | 2841302 |
|  Devon Energy Corp. | 179100 | 5419566 |
|  EOG Resources, Inc. | 1502 | 163072 |
|  EQT Corp. | 5384 | 296820 |
|  Exxon Mobil Corp. | 66384 | 6791083 |
|  Marathon Petroleum Corp. | 867 | 139362 |
|  Ovintiv, Inc. | 20267 | 725964 |
|  Targa Resources Corp. | 14593 | 2304672 |
|  Valero Energy Corp. | 3311 | 427020 |
|  Williams Cos., Inc. (The) | 61271 | 3707508 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33981721 |
| **Passenger Airlines — 0.5%** |  |  |
|  Alaska Air Group, Inc.<sup>(a)</sup> | 9878 | 503086 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Passenger Airlines (continued)** |  |  |  |
|  American Airlines Group, Inc.<sup>(a)</sup> | 34247 | $| 390758 |
|  Delta Air Lines, Inc. | 41781 |  | 2021783 |
|  |  |  | 2915627 |
| **Pharmaceuticals — 3.4%** |  |  |  |
|  Bristol-Myers Squibb Co. | 115636 |  | 5582906 |
|  Johnson & Johnson | 31306 |  | 4859004 |
|  Merck & Co., Inc. | 24206 |  | 1859989 |
|  Pfizer, Inc. | 388277 |  | 9120627 |
|  |  |  | 21422526 |
| **Professional Services — 0.2%** |  |  |  |
|  Booz Allen Hamilton Holding Corp., Class A | 5064 |  | 538050 |
|  CACI International, Inc., Class A<sup>(a)</sup> | 1330 |  | 569240 |
|  Dun & Bradstreet Holdings, Inc. | 7527 |  | 67818 |
|  UL Solutions, Inc., Class A | 1406 |  | 100529 |
|  |  |  | 1275637 |
| **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |
|  Zillow Group, Inc., Class A<sup>(a)</sup> | 1147 |  | 75897 |
| **Retail REITs — 1.8%** |  |  |  |
|  Brixmor Property Group, Inc. | 11297 |  | 287057 |
|  Kimco Realty Corp. | 189495 |  | 4028663 |
|  NNN REIT, Inc. | 38967 |  | 1627262 |
|  Simon Property Group, Inc. | 33939 |  | 5534433 |
|  |  |  | 11477415 |
| **Semiconductors & Semiconductor Equipment — 2.9%** | **Semiconductors & Semiconductor Equipment — 2.9%** | **Semiconductors & Semiconductor Equipment — 2.9%** | **Semiconductors & Semiconductor Equipment — 2.9%** |
|  Advanced Micro Devices, Inc.<sup>(a)</sup> | 12230 |  | 1354228 |
|  Analog Devices, Inc. | 3295 |  | 705064 |
|  Credo Technology Group Holding Ltd.<sup>(a)</sup> | 7628 |  | 465003 |
|  Intel Corp. | 72971 |  | 1426583 |
|  Lam Research Corp. | 20144 |  | 1627434 |
|  Marvell Technology, Inc. | 48681 |  | 2930109 |
|  Micron Technology, Inc. | 5999 |  | 566666 |
|  NVIDIA Corp. | 5421 |  | 732540 |
|  Onto Innovation, Inc.<sup>(a)</sup> | 2872 |  | 264052 |
|  QUALCOMM, Inc. | 25205 |  | 3659766 |
|  Rambus, Inc.<sup>(a)</sup> | 3788 |  | 202544 |
|  Texas Instruments, Inc. | 22757 |  | 4161117 |
|  |  |  | 18095106 |
| **Software — 2.4%** |  |  |  |
|  Adobe, Inc.<sup>(a)</sup> | 7093 |  | 2944233 |
|  Atlassian Corp., Class A<sup>(a)</sup> | 1335 |  | 277186 |
|  Autodesk, Inc.<sup>(a)</sup> | 10181 |  | 3014798 |
|  Datadog, Inc., Class A<sup>(a)</sup> | 722 |  | 85109 |
|  Elastic NV<sup>(a)</sup> | 25392 |  | 2053451 |
|  Fair Isaac Corp.<sup>(a)</sup> | 380 |  | 655987 |
|  Fortinet, Inc.<sup>(a)</sup> | 5054 |  | 514396 |
|  Microsoft Corp. | 6077 |  | 2797608 |
|  Rubrik, Inc., Class A<sup>(a)</sup> | 3920 |  | 373772 |
|  SailPoint, Inc.<sup>(a)</sup> | 6892 |  | 121437 |
|  Salesforce, Inc. | 6972 |  | 1850160 |
|  Tenable Holdings, Inc.<sup>(a)</sup> | 1769 |  | 56997 |
|  Workday, Inc., Class A<sup>(a)</sup> | 266 |  | 65891 |
|  Workiva, Inc., Class A<sup>(a)</sup> | 983 |  | 66146 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14877171 |
| **Specialized REITs — 2.4%** |  |  |  |
|  CubeSmart | 72370 |  | 3094541 |
|  Digital Realty Trust, Inc. | 10714 |  | 1837665 |
|  Equinix, Inc. | 8303 |  | 7379873 |
|  Extra Space Storage, Inc. | 5018 |  | 758471 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Advantage Large Cap Value Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Specialized REITs (continued)** |  |  |  |
|  Iron Mountain, Inc. | 16900 | $| 1668199 |
|  Public Storage | 220 |  | 67850 |
|  |  |  | 14806599 |
| **Specialty Retail — 2.4%** |  |  |  |
|  AutoNation, Inc.<sup>(a)</sup> | 2820 |  | 518457 |
|  Bath & Body Works, Inc. | 33951 |  | 954702 |
|  Five Below, Inc.<sup>(a)</sup> | 1562 |  | 182082 |
|  Home Depot, Inc. (The) | 16295 |  | 6001286 |
|  Lithia Motors, Inc., Class A | 5106 |  | 1618143 |
|  O'Reilly Automotive, Inc.<sup>(a)</sup> | 670 |  | 916225 |
|  Penske Automotive Group, Inc. | 4273 |  | 701541 |
|  TJX Cos., Inc. (The) | 29590 |  | 3754971 |
|  Urban Outfitters, Inc.<sup>(a)</sup> | 4988 |  | 348661 |
|  |  |  | 14996068 |
| **Technology Hardware, Storage & Peripherals — 0.5%** | **Technology Hardware, Storage & Peripherals — 0.5%** | **Technology Hardware, Storage & Peripherals — 0.5%** | **Technology Hardware, Storage & Peripherals — 0.5%** |
|  Apple Inc. | 14627 |  | 2937833 |
| **Textiles, Apparel & Luxury Goods — 0.4%** |  |  |  |
|  Ralph Lauren Corp., Class A | 7962 |  | 2203961 |
|  Under Armour, Inc., Class C, NVS<sup>(a)</sup> | 4747 |  | 29906 |
|  VF Corp. | 8883 |  | 110682 |
|  |  |  | 2344549 |
| **Tobacco — 1.6%** |  |  |  |
|  Philip Morris International, Inc. | 55270 |  | 9981209 |
| **Trading Companies & Distributors — 0.1%** |  |  |  |
|  Air Lease Corp., Class A | 7377 |  | 424989 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** |
|  T-Mobile U.S., Inc. | 7370 | $1785014 |
|  **Total Long-Term Investments — 98.9%<br>(Cost: $558,521,336)** | **Total Long-Term Investments — 98.9%<br>(Cost: $558,521,336)** | 618315037 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 1.1%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.46%<sup>(c)(d)(e)</sup> | 957462 | 957844 |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.20%<sup>(c)(d)</sup> | 5901960 | 5901960 |
|  **Total Short-Term Securities — 1.1%<br>(Cost: $6,859,804)** | **Total Short-Term Securities — 1.1%<br>(Cost: $6,859,804)** | 6859804 |
|  **Total Investments — 100.0%<br>(Cost: $565,381,140)** | **Total Investments — 100.0%<br>(Cost: $565,381,140)** | 625174841 |
|  **Liabilities in Excess of Other Assets — (0.0)%** |  | (151912) |
|  **Net Assets — 100.0%** |  | $625022929 |

---

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

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

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

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

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

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended May 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>05/31/24* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>05/31/25* | *Shares<br>Held at<br>05/31/25* | *Income* | *Capital Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $3324253 | $— | (2366659)<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $957844 | 957462 | $4168 <sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares | 5735335 | 166625 <sup>(a)</sup> |  |  |  | 5901960 | 5901960 | 275693 |  |
|  |  |  |  | $250 | $— | $6859804 |  | $279861 | $— |

---

<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.

S C H E D U L E S O F I N V E S T M E N T S 33

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Advantage Large Cap Value Fund** |

---

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

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount (000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 E-Mini Index | 25 | 06/20/25 | $7395 | $591660 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $591660 | $— | $— | $— | $591660 |

---

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $163175 | $— | $— | $— | $163175 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $408415 | $— | $— | $— | $408415 |

---

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $6930059 |

---

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

34 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Advantage Large Cap Value Fund** |

---

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $618315037 | $— | $— | $618315037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 6859804 |  |  | 6859804 |
|  | $625174841 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $625174841 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $591660 | $— | $— | $591660 |

---

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

*See notes to financial statements.* 

S C H E D U L E S O F I N V E S T M E N T S 35

------

Statements of Assets and Liabilities

May 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock<br>Advantage<br>International<br>Fund | BlackRock<br>Advantage<br>Large Cap<br>Growth Fund | BlackRock<br>Advantage<br>Small Cap<br>Core Fund | BlackRock<br>Advantage<br>Large Cap<br>Core Fund | BlackRock<br>Advantage<br>Large Cap<br>Value Fund |
|  **ASSETS** |  |  |  |  |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup> | $4777201868 | $1395221832 | $3918277745 | $2990506380 | $618315037 |
|  Investments, at value — affiliated<sup>(c)</sup> | 141814982 | 13188787 | 167902495 | 29457388 | 6859804 |
|  Cash | 194736 |  |  | 369395 | 72697 |
|  Cash pledged: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 4691000 | 1155000 | 4210000 | 2551000 | 532006 |
|  Foreign currency, at value<sup>(d)</sup> | 634280 | 83203 |  |  |  |
|  Receivables: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 48341560 | 6564721 | 14496459 | 14384409 | 2826688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 787 |  | 30146 |  | 1593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 21937614 | 465238 | 8511948 | 827608 | 266793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 25125350 | 608725 | 2291850 | 2033325 | 824002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 324037 | 48206 | 147144 | 99675 | 20236 |
| &nbsp;&nbsp;&nbsp;&nbsp; From the Manager | 167325 | 73135 | 158750 | 134125 | 27626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 8961 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax claims | 289254 |  |  |  |  |
|  Prepaid expenses | 110525 | 38223 | 88620 | 41819 | 38909 |
|  Total assets | 5020842279 | 1417447070 | 4116115157 | 3040405124 | 629785391 |
|  **LIABILITIES** |  |  |  |  |  |
|  Bank overdraft |  |  | 244202 |  |  |
|  Collateral on securities loaned | 25912628 |  | 126824535 |  | 957845 |
|  Payables: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 103889276 | 6165383 | 15545525 | 14433799 | 2824509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 143414 | 46829 | 124007 | 95461 | 22188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 7592254 | 856351 | 3576342 | 1720161 | 472524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1510640 | 572237 | 1301493 | 895471 | 176924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' and Officer's fees | 1531 | 1504 | 4642 | 6795 | 1492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 939354 | 284617 | 746597 | 745656 | 179997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other affiliate fees | 21582 |  | 8283 | 76192 | 5133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 96184 | 15792 | 17933 | 18565 | 18590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees |  |  | 200033 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution fees | 106356 | 151025 | 146423 | 370615 | 95409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts |  | 24668 | 218242 | 42361 | 7851 |
|  Total liabilities | 140213219 | 8118406 | 148958257 | 18405076 | 4762462 |
|  **Commitments and contingent liabilities** |  |  |  |  |  |
|  NET ASSETS | $4880629060 | $1409328664 | $3967156900 | $3022000048 | $625022929 |
|  **NET ASSETS CONSIST OF:** |  |  |  |  |  |
|  Paid-in capital | $4095568876 | $867144437 | $3890551398 | $1968150913 | $534093003 |
|  Accumulated earnings | 785060184 | 542184227 | 76605502 | 1053849135 | 90929926 |
|  NET ASSETS | $4880629060 | $1409328664 | $3967156900 | $3022000048 | $625022929 |
|  <sup>(a) </sup>Investments, at cost — unaffiliated | $4092285006 | $880481157 | $3792858361 | $2059256417 | $558521336 |
|  <sup>(b) </sup>Securities loaned, at value | $245130 | $— | $121520739 | $— | $912326 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $141814982 | $13188787 | $167892974 | $29457388 | $6859804 |
|  <sup>(d) </sup>Foreign currency, at cost | $634440 | $85016 | $— | $— | $— |

---

36 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Statements of Assets and Liabilities (continued)

May 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock<br>Advantage<br>International<br>Fund | BlackRock<br>Advantage<br>Large Cap<br>Growth Fund | BlackRock<br>Advantage<br>Small Cap<br>Core Fund | BlackRock<br>Advantage<br>Large Cap<br>Core Fund | BlackRock<br>Advantage<br>Large Cap<br>Value Fund |
|  **NET ASSET VALUE** |  |  |  |  |  |
| **Institutional** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $3263049741 | $769318544 | $2171665052 | $1256680723 | $206774756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 147932606 | 30309360 | 125831237 | 56936478 | 6690518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $22.06 | $25.38 | $17.26 | $22.07 | $30.91 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited | Unlimited | 400 million | 400 million |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 | $0.001 | $0.001 | $0.10 | $0.10 |
| **Investor A** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $375898291 | $598516747 | $660533373 | $1582287889 | $386921191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 17271624 | 25459490 | 38571123 | 76581879 | 12959052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $21.76 | $23.51 | $17.13 | $20.66 | $29.86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited | Unlimited | 300 million | 400 million |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 | $0.001 | $0.001 | $0.10 | $0.10 |
| **Investor C** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $17104174 | $31033668 | $10474138 | $44961442 | $13867173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 813755 | 1768517 | 634925 | 2871772 | 522121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $21.02 | $17.55 | $16.50 | $15.66 | $26.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited | Unlimited | 400 million | 400 million |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 | $0.001 | $0.001 | $0.10 | $0.10 |
| **Class K** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1185947146 | $8167502 | $1124484337 | $122087754 | $12115969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 53746215 | 321705 | 65091274 | 5528952 | 391959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $22.07 | $25.39 | $17.28 | $22.08 | $30.91 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited | Unlimited | 2 billion | 2 billion |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 | $0.001 | $0.001 | $0.10 | $0.10 |
| **Class R** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $38629708 | $2292203 | $N/A | $15982240 | $5343840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 1778234 | 91705 | N/A | 873040 | 190690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $21.72 | $25.00 | $N/A | $18.31 | $28.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited | N/A | 200 million | 200 million |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 | $0.001 | $N/A | $0.10 | $0.10 |

---

*See notes to financial statements.* 

S T A T E M E N T S O F A S S E T S A N D L I A B I L I T I E S 37

------

Statements of Operations

Year Ended May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | BlackRock<br>Advantage<br>International<br>Fund | BlackRock<br>Advantage<br>Large Cap<br>Growth Fund | BlackRock<br>Advantage<br>Small Cap<br>Core Fund |
|  **INVESTMENT INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $104757741 | $8734470 | $47940986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 3205953 | 599711 | 1916253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 2129 | 4414 | 432236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income | 45770 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | (8078379) | (369) | (17599) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax claims | 1598812 |  |  |
|  Total investment income | 101532026 | 9338226 | 50271876 |
|  EXPENSES |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 11669011 | 7456125 | 16647373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent — class specific | 2413181 | 1426861 | 2469985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution — class specific | 1050255 | 1797972 | 1477172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration | 1034571 | 534453 | 1454914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration — class specific | 541125 | 265047 | 782516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | 365253 | 35231 | 110929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 192292 | 46423 | 92871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services | 185481 | 109042 | 250743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration | 141117 | 88164 | 121447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and postage | 44336 | 44150 | 46261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors and Officer | 23980 | 15917 | 35088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 4666 | 38271 | 79054 |
|  Total expenses excluding interest expense | 17665268 | 11857656 | 23568353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 13372 | 134 |  |
|  Total expenses | 17678640 | 11857790 | 23568353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees waived by the Manager — class specific | (541125) | (265047) | (782516) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees waived and/or reimbursed by the Manager | (1326807) | (814156) | (1224648) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees waived and/or reimbursed by the Manager — class specific | (1333119) | (765763) | (1101886) |
|  Total expenses after fees waived and/or reimbursed | 14477589 | 10012824 | 20459303 |
|  Net investment income (loss) | 87054437 | (674598) | 29812573 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | 104320742 | 196893782 | 213559565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 432 | 558 | 3941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 4218085 | 1885971 | (3406621) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (266126) |  |  |
|  | 108273133 | 198780311 | 210156885 |
|  Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | 390635886 | 21439492 | (246140766) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated |  |  | 9521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (51293) | 49016 | 291006 |
|  Foreign currency translations | 905745 | 3694 |  |
|  | 391490338 | 21492202 | (245840239) |
|  Net realized and unrealized gain (loss) | 499763471 | 220272513 | (35683354) |
|  NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $586817908 | $219597915 | $(5870781) |

---

*See notes to financial statements.* 

38 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Statements of Operations (continued)

Year Ended May 31, 2025

---

| | | |
|:---|:---|:---|
|  | BlackRock<br>Advantage<br>Large Cap<br>Core Fund | BlackRock<br>Advantage<br>Large Cap<br>Value Fund |
|  **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $37136310 | $12919393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 1296740 | 275693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 13820 | 4168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld |  | 2782 |
|  Total investment income | 38446870 | 13202036 |
|  EXPENSES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 12845518 | 3133340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution — class specific | 4560349 | 1171592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent — class specific | 2866587 | 562828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration | 1133326 | 268283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration — class specific | 597751 | 127913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services | 200017 | 71503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 119447 | 100014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration | 103741 | 87146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | 82636 | 112697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and postage | 43591 | 25066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors and Officer | 31295 | 11621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 32912 | 25659 |
|  Total expenses excluding interest expense | 22617170 | 5697662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 125 | 6 |
|  Total expenses | 22617295 | 5697668 |
|  Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees waived |  | (34) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees waived by the Manager — class specific | (597751) | (127913) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fees waived and/or reimbursed by the Manager | (1742614) | (701717) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees waived and/or reimbursed — class specific | (1402364) | (247287) |
|  Total expenses after fees waived and/or reimbursed | 18874566 | 4620717 |
|  Net investment income | 19572304 | 8581319 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | 316860653 | 68435906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (5350) | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 214457 | 163175 |
|  | 317069760 | 68599331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | 8464880 | (24480500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 180 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1423821 | 408415 |
|  | 9888881 | (24072085) |
|  Net realized and unrealized gain | 326958641 | 44527246 |
|  NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $346530945 | $53108565 |

---

*See notes to financial statements.* 

S T A T E M E N T S O F O P E R A T I O N S 39

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock Advantage<br>International Fund | BlackRock Advantage<br>International Fund | BlackRock Advantage Large Cap<br>Growth Fund | BlackRock Advantage Large Cap<br>Growth Fund |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 |
|  *INCREASE (DECREASE) IN NET ASSETS* | *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $87054437 | $38108647 | $(674598) | $949147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 108273133 | 65371744 | 198780311 | 132674713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 391490338 | 174630396 | 21492202 | 180428268 |
|  Net increase in net assets resulting from operations | 586817908 | 278110787 | 219597915 | 314052128 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | (49388009) | (24298025) | (132790887) | (5262541) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A | (8409706) | (6057012) | (120993971) | (3948921) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C | (372491) | (149273) | (8241941) | (262948) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | (8955985) | (6005547) | (1426523) | (47549) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (1035538) | (612167) | (312822) | (4973) |
|  Decrease in net assets resulting from distributions to shareholders | (68161729) | (37122024) | (263766144) | (9526932) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | 2614586897 | 288550165 | 226835987 | (30979579) |
|  *NET ASSETS* |  |  |  |  |
|  Total increase in net assets | 3133243076 | 529538928 | 182667758 | 273545617 |
|  Beginning of year | 1747385984 | 1217847056 | 1226660906 | 953115289 |
|  End of year | $4880629060 | $1747385984 | $1409328664 | $1226660906 |

---

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

*See notes to financial statements.* 

40 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Small Cap<br>Core Fund | BlackRock Advantage Small Cap<br>Core Fund | BlackRock Advantage Large Cap<br>Core Fund | BlackRock Advantage Large Cap<br>Core Fund |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 |
|  *INCREASE (DECREASE) IN NET ASSETS* | *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $29812573 | $29437447 | $19572304 | $23908759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 210156885 | 121265322 | 317069760 | 328751562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (245840239) | 624106586 | 9888881 | 410087805 |
|  Net increase (decrease) in net assets resulting from operations | (5870781) | 774809355 | 346530945 | 762748126 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | (17000404) | (22210384) | (167464480) | (14370753) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A | (3015910) | (2752160) | (224692388) | (11658748) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C | (2514) | (22398) | (8195750) | (186649) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | (9840648) | (10886458) | (6036630) | (323379) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  | (2468740) | (100028) |
|  Decrease in net assets resulting from distributions to shareholders | (29859476) | (35871400) | (408857988) | (26639557) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | 488089617 | (666316198) | 237104096 | (714144215) |
|  *NET ASSETS* |  |  |  |  |
|  Total increase in net assets | 452359360 | 72621757 | 174777053 | 21964354 |
|  Beginning of year | 3514797540 | 3442175783 | 2847222995 | 2825258641 |
|  End of year | $3967156900 | $3514797540 | $3022000048 | $2847222995 |

---

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

*See notes to financial statements.* 

S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S 41

------

Statements of Changes in Net Assets (continued)

---

| | | |
|:---|:---|:---|
|  | BlackRock Advantage Large Cap<br>Value Fund | BlackRock Advantage Large Cap<br>Value Fund |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 |
|  *INCREASE (DECREASE) IN NET ASSETS* | *INCREASE (DECREASE) IN NET ASSETS* |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $8581319 | $9006911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 68599331 | 62624250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (24072085) | 58748318 |
|  Net increase in net assets resulting from operations | 53108565 | 130379479 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | (27004307) | (5038560) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A | (53574227) | (10006852) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C | (2016357) | (338418) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | (1566110) | (421604) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (1067189) | (185940) |
|  Decrease in net assets resulting from distributions to shareholders | (85228190) | (15991374) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | 35641259 | (35263026) |
|  *NET ASSETS* |  |  |
|  Total increase in net assets | 3521634 | 79125079 |
|  Beginning of year | 621501295 | 542376216 |
|  End of year | $625022929 | $621501295 |

---

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

*See notes to financial statements.* 

42 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage International Fund | BlackRock Advantage International Fund | BlackRock Advantage International Fund | BlackRock Advantage International Fund | BlackRock Advantage International Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $19.59 | $16.73 | $16.48 | $19.89 | $14.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.64 | 0.49 | 0.48 | 0.46 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.49 | 2.86 | 0.29 | (2.28) | 5.30 |
|  Net increase (decrease) from investment operations | 3.13 | 3.35 | 0.77 | (1.82) | 5.68 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.53) | (0.49) | (0.52) | (0.62) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.13) |  |  | (0.97) |  |
|  Total distributions | (0.66) | (0.49) | (0.52) | (1.59) | (0.31) |
|  **Net asset value, end of year** | $22.06 | $19.59 | $16.73 | $16.48 | $19.89 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |
|  Based on net asset value | 16.48% | 20.40% | 5.10% | (9.93)% | 39.57% |
|  **Ratios to Average Net Assets<sup>(d)</sup>** |  |  |  |  |  |
|  Total expenses | 0.63% | 0.70% | 0.68% | 0.73% | 0.78% |
|  Total expenses after fees waived and/or reimbursed | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
|  Net investment income | 3.19% | 2.73% | 3.08% | 2.51% | 2.21% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $3263050 | $1183511 | $771698 | $710116 | $616649 |
|  Portfolio turnover rate | 113% | 128% | 128% | 132% | 247% |

---

<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.* 

F I N A N C I A L H I G H L I G H T S 43

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $19.34 | $16.52 | $16.28 | $19.65 | $14.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.49 | 0.42 | 0.44 | 0.35 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.54 | 2.85 | 0.28 | (2.19) | 5.24 |
|  Net increase (decrease) from investment operations | 3.03 | 3.27 | 0.72 | (1.84) | 5.57 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.48) | (0.45) | (0.48) | (0.56) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.13) |  |  | (0.97) |  |
|  Total distributions | (0.61) | (0.45) | (0.48) | (1.53) | (0.27) |
|  **Net asset value, end of year** | $21.76 | $19.34 | $16.52 | $16.28 | $19.65 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |
|  Based on net asset value | 16.14% | 20.11% | 4.82% | (10.13)% | 39.21% |
|  **Ratios to Average Net Assets<sup>(d)</sup>** |  |  |  |  |  |
|  Total expenses | 0.89% | 0.92% | 1.00% | 1.02% | 1.05% |
|  Total expenses after fees waived and/or reimbursed | 0.76% | 0.75% | 0.75% | 0.75% | 0.75% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense and professional fees for foreign withholding tax claims | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
|  Net investment income | 2.50% | 2.38% | 2.82% | 1.93% | 1.95% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $375898 | $264866 | $230879 | $240255 | $456083 |
|  Portfolio turnover rate | 113% | 128% | 128% | 132% | 247% |

---

<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.* 

44 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $18.70 | $16.03 | $15.81 | $19.12 | $13.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.31 | 0.36 | 0.32 | 0.22 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.49 | 2.67 | 0.27 | (2.15) | 5.14 |
|  Net increase (decrease) from investment operations | 2.80 | 3.03 | 0.59 | (1.93) | 5.30 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.35) | (0.36) | (0.37) | (0.41) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.13) |  |  | (0.97) |  |
|  Total distributions | (0.48) | (0.36) | (0.37) | (1.38) | (0.13) |
|  **Net asset value, end of year** | $21.02 | $18.70 | $16.03 | $15.81 | $19.12 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |
|  Based on net asset value | 15.32% | 19.21% | 4.04% | (10.83)% | 38.21% |
|  **Ratios to Average Net Assets<sup>(d)</sup>** |  |  |  |  |  |
|  Total expenses | 1.86% | 1.73% | 1.78% | 1.83% | 1.88% |
|  Total expenses after fees waived and/or reimbursed | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
|  Net investment income | 1.62% | 2.09% | 2.10% | 1.27% | 0.98% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $17104 | $14765 | $2598 | $2356 | $3664 |
|  Portfolio turnover rate | 113% | 128% | 128% | 132% | 247% |

---

<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.* 

F I N A N C I A L H I G H L I G H T S 45

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $19.59 | $16.73 | $16.48 | $19.89 | $14.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.75 | 0.48 | 0.52 | 0.46 | 0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.40 | 2.88 | 0.26 | (2.28) | 5.23 |
|  Net increase (decrease) from investment operations | 3.15 | 3.36 | 0.78 | (1.82) | 5.69 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.54) | (0.50) | (0.53) | (0.62) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.13) |  |  | (0.97) |  |
|  Total distributions | (0.67) | (0.50) | (0.53) | (1.59) | (0.32) |
|  **Net asset value, end of year** | $22.07 | $19.59 | $16.73 | $16.48 | $19.89 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |
|  Based on net asset value | 16.58% | 20.45% | 5.16% | (9.89)% | 39.64% |
|  **Ratios to Average Net Assets<sup>(d)</sup>** |  |  |  |  |  |
|  Total expenses | 0.52% | 0.56% | 0.57% | 0.61% | 0.63% |
|  Total expenses after fees waived and/or reimbursed | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
|  Net investment income | 3.74% | 2.71% | 3.28% | 2.55% | 2.65% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $1185947 | $249178 | $193748 | $103329 | $103454 |
|  Portfolio turnover rate | 113% | 128% | 128% | 132% | 247% |

---

<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.* 

46 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) |
|  | Class R | Class R | Class R | Class R | Class R |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $19.30 | $16.53 | $16.29 | $19.68 | $14.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.41 | 0.40 | 0.45 | 0.33 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.57 | 2.82 | 0.23 | (2.23) | 5.26 |
|  Net increase (decrease) from investment operations | 2.98 | 3.22 | 0.68 | (1.90) | 5.54 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.43) | (0.45) | (0.44) | (0.52) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.13) |  |  | (0.97) |  |
|  Total distributions | (0.56) | (0.45) | (0.44) | (1.49) | (0.22) |
|  **Net asset value, end of year** | $21.72 | $19.30 | $16.53 | $16.29 | $19.68 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |
|  Based on net asset value | 15.90% | 19.81% | 4.54% | (10.42)% | 38.91% |
|  **Ratios to Average Net Assets<sup>(d)</sup>** |  |  |  |  |  |
|  Total expenses | 1.36% | 1.32% | 1.33% | 1.35% | 1.36% |
|  Total expenses after fees waived and/or reimbursed | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
|  Net investment income | 2.09% | 2.26% | 2.75% | 1.81% | 1.67% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $38630 | $35066 | $18925 | $2753 | $3416 |
|  Portfolio turnover rate | 113% | 128% | 128% | 132% | 247% |

---

<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.* 

F I N A N C I A L H I G H L I G H T S 47

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Growth Fund | BlackRock Advantage Large Cap Growth Fund | BlackRock Advantage Large Cap Growth Fund | BlackRock Advantage Large Cap Growth Fund | BlackRock Advantage Large Cap Growth Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $26.17 | $19.76 | $18.77 | $23.33 | $18.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.02 | 0.05 | 0.09 | 0.03 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 4.52 | 6.58 | 0.96 | (1.25) | 6.59 |
|  Net increase (decrease) from investment operations | 4.54 | 6.63 | 1.05 | (1.22) | 6.63 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.01) | (0.06) | (0.06) |  | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (5.32) | (0.16) |  | (3.34) | (1.46) |
|  Total distributions | (5.33) | (0.22) | (0.06) | (3.34) | (1.53) |
|  **Net asset value, end of year** | $25.38 | $26.17 | $19.76 | $18.77 | $23.33 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |
|  Based on net asset value | 17.86% | 33.74 %<sup>(d)</sup> | 5.62% | (7.80)% | 37.54% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |
|  Total expenses | 0.76% | 0.80% | 0.75% | 0.75% | 0.83% |
|  Total expenses after fees waived and/or reimbursed | 0.62% | 0.62% | 0.61% | 0.61% | 0.62% |
|  Net investment income | 0.08% | 0.22% | 0.50% | 0.15% | 0.21% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $769319 | $639878 | $499742 | $432076 | $125061 |
|  Portfolio turnover rate | 149% | 128% | 130% | 130% | 134% |

---

<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> Includes a payment received from an affiliate, which had no impact on the Fund's total return. 

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

*See notes to financial statements.* 

48 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $24.58 | $18.57 | $17.67 | $22.13 | $17.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup> | (0.04) | (0.01) | 0.04 | (0.03) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 4.24 | 6.19 | 0.89 | (1.16) | 6.27 |
|  Net increase (decrease) from investment operations | 4.20 | 6.18 | 0.93 | (1.19) | 6.26 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  | (0.01) | (0.03) |  | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (5.27) | (0.16) |  | (3.27) | (1.46) |
|  Total distributions | (5.27) | (0.17) | (0.03) | (3.27) | (1.48) |
|  **Net asset value, end of year** | $23.51 | $24.58 | $18.57 | $17.67 | $22.13 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |
|  Based on net asset value | 17.58% | 33.45 %<sup>(d)</sup> | 5.28% | (8.05)% | 37.28% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |
|  Total expenses | 1.00% | 1.01% | 1.06% | 1.07% | 1.08% |
|  Total expenses after fees waived and/or reimbursed | 0.87% | 0.87% | 0.87% | 0.87% | 0.87% |
|  Net investment income (loss) | (0.17)% | (0.03)% | 0.24% | (0.16)% | (0.04)% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $598517 | $548827 | $441983 | $452791 | $909344 |
|  Portfolio turnover rate | 149% | 128% | 130% | 130% | 134% |

---

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

<sup>(b</sup><sup>)</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> Includes a payment received from an affiliate, which had no impact on the Fund's total return. 

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 49

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $19.52 | $14.88 | $14.24 | $18.42 | $14.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.17) | (0.14) | (0.07) | (0.16) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.34 | 4.94 | 0.71 | (0.87) | 5.27 |
|  Net increase (decrease) from investment operations | 3.17 | 4.80 | 0.64 | (1.03) | 5.14 |
|  Distributions from net realized gain<sup>(b)</sup> | (5.14) | (0.16) |  | (3.15) | (1.39) |
|  **Net asset value, end of year** | $17.55 | $19.52 | $14.88 | $14.24 | $18.42 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |
|  Based on net asset value | 16.71% | 32.46 %<sup>(d)</sup> | 4.50% | (8.74)% | 36.25% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |
|  Total expenses | 1.92% | 1.83% | 1.87% | 1.83% | 1.84% |
|  Total expenses after fees waived and/or reimbursed | 1.62% | 1.62% | 1.62% | 1.62% | 1.62% |
|  Net investment loss | (0.91)% | (0.79)% | (0.51)% | (0.89)% | (0.78)% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $31034 | $30540 | $8372 | $10162 | $12989 |
|  Portfolio turnover rate | 149% | 128% | 130% | 130% | 134% |

---

<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> Includes a payment received from an affiliate, which had no impact on the Fund's total return. 

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

*See notes to financial statements.* 

50 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $26.17 | $19.76 | $18.77 | $23.33 | $18.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.03 | 0.06 | 0.10 | 0.04 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 4.54 | 6.58 | 0.95 | (1.25) | 6.59 |
|  Net increase (decrease) from investment operations | 4.57 | 6.64 | 1.05 | (1.21) | 6.64 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.02) | (0.07) | (0.06) |  | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (5.33) | (0.16) |  | (3.35) | (1.46) |
|  Total distributions | (5.35) | (0.23) | (0.06) | (3.35) | (1.54) |
|  **Net asset value, end of year** | $25.39 | $26.17 | $19.76 | $18.77 | $23.33 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |
|  Based on net asset value | 17.96% | 33.81 %<sup>(d)</sup> | 5.63% | (7.76)% | 37.60% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |
|  Total expenses | 0.66% | 0.67% | 0.69% | 0.69% | 0.69% |
|  Total expenses after fees waived and/or reimbursed | 0.57% | 0.57% | 0.57% | 0.57% | 0.57% |
|  Net investment income | 0.13% | 0.27% | 0.53% | 0.18% | 0.25% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $8168 | $5855 | $2489 | $2177 | $1152 |
|  Portfolio turnover rate | 149% | 128% | 130% | 130% | 134% |

---

<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> Includes a payment received from an affiliate, which had no impact on the Fund's total return. 

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 51

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) |
|  | Class R | Class R | Class R | Class R | Class R |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $25.86 | $19.57 | $18.64 | $23.17 | $18.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.10) | (0.06) | (0.00)<sup>(b)</sup> | (0.09) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 4.46 | 6.51 | 0.94 | (1.25) | 6.55 |
|  Net increase (decrease) from investment operations | 4.36 | 6.45 | 0.94 | (1.34) | 6.49 |
|  **Distributions<sup>(c)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  |  | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (5.22) | (0.16) |  | (3.19) | (1.42) |
|  Total distributions | (5.22) | (0.16) | (0.01) | (3.19) | (1.42) |
|  **Net asset value, end of year** | $25.00 | $25.86 | $19.57 | $18.64 | $23.17 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |
|  Based on net asset value | 17.29% | 33.12 %<sup>(e)</sup> | 5.03% | (8.28)% | 36.93% |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |
|  Total expenses | 1.37% | 1.40% | 1.42% | 1.50% | 1.36% |
|  Total expenses after fees waived and/or reimbursed | 1.12% | 1.12% | 1.12% | 1.12% | 1.12% |
|  Net investment loss | (0.41)% | (0.28)% | (0.03)% | (0.39)% | (0.30)% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $2292 | $1561 | $530 | $349 | $577 |
|  Portfolio turnover rate | 149% | 128% | 130% | 130% | 134% |

---

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

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

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

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

<sup>(e)</sup> Includes a payment received from an affiliate, which had no impact on the Fund's total return. 

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

*See notes to financial statements.* 

52 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Small Cap Core Fund | BlackRock Advantage Small Cap Core Fund | BlackRock Advantage Small Cap Core Fund | BlackRock Advantage Small Cap Core Fund | BlackRock Advantage Small Cap Core Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $17.35 | $14.06 | $15.35 | $20.72 | $13.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.14 | 0.14 | 0.14 | 0.13 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.09) | 3.31 | (1.02) | (3.28) | 7.97 |
|  Net increase (decrease) from investment operations | 0.05 | 3.45 | (0.88) | (3.15) | 8.09 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.14) | (0.16) | (0.12) | (0.14) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  | (0.29) | (2.08) | (0.36) |
|  Total distributions | (0.14) | (0.16) | (0.41) | (2.22) | (0.46) |
|  **Net asset value, end of year** | $17.26 | $17.35 | $14.06 | $15.35 | $20.72 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |
|  Based on net asset value | 0.21% | 24.68% | (5.75)% | (16.89)% | 62.61% |
|  **Ratios to Average Net Assets<sup>(d)</sup>** |  |  |  |  |  |
|  Total expenses | 0.57% | 0.57% | 0.59% | 0.59% | 0.60% |
|  Total expenses after fees waived and/or reimbursed | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
|  Net investment income | 0.78% | 0.86% | 0.93% | 0.69% | 0.65% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $2171665 | $2020581 | $2152757 | $2501959 | $2802145 |
|  Portfolio turnover rate | 88% | 75% | 93% | 81% | 63% |

---

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 53

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $17.23 | $13.96 | $15.24 | $20.58 | $13.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.09 | 0.09 | 0.10 | 0.08 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.09) | 3.30 | (1.01) | (3.25) | 7.91 |
|  Net increase (decrease) from investment operations | 0.00 | 3.39 | (0.91) | (3.17) | 7.99 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.10) | (0.12) | (0.08) | (0.09) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  | (0.29) | (2.08) | (0.36) |
|  Total distributions | (0.10) | (0.12) | (0.37) | (2.17) | (0.43) |
|  **Net asset value, end of year** | $17.13 | $17.23 | $13.96 | $15.24 | $20.58 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |
|  Based on net asset value | (0.06)% | 24.42% | (5.98)% | (17.08)% | 62.05% |
|  **Ratios to Average Net Assets<sup>(d)</sup>** |  |  |  |  |  |
|  Total expenses | 0.91% | 0.93% | 0.93% | 0.92% | 0.95% |
|  Total expenses after fees waived and/or reimbursed | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
|  Net investment income | 0.52% | 0.59% | 0.67% | 0.44% | 0.45% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $660533 | $382878 | $315694 | $358594 | $530664 |
|  Portfolio turnover rate | 88% | 75% | 93% | 81% | 63% |

---

<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.* 

54 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $16.64 | $13.50 | $14.80 | $20.08 | $12.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup> | (0.04) | (0.03) | (0.01) | (0.05) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.10) | 3.20 | (0.98) | (3.18) | 7.74 |
|  Net increase (decrease) from investment operations | (0.14) | 3.17 | (0.99) | (3.23) | 7.69 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  | (0.03) | (0.02) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  | (0.29) | (2.05) | (0.35) |
|  Total distributions |  | (0.03) | (0.31) | (2.05) | (0.35) |
|  **Net asset value, end of year** | $16.50 | $16.64 | $13.50 | $14.80 | $20.08 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |
|  Based on net asset value | (0.82)% | 23.55% | (6.70)% | (17.74)% | 60.90% |
|  **Ratios to Average Net Assets<sup>(d)</sup>** |  |  |  |  |  |
|  Total expenses | 1.65% | 1.71% | 1.69% | 1.64% | 1.70% |
|  Total expenses after fees waived and/or reimbursed | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
|  Net investment loss | (0.21)% | (0.18)% | (0.07)% | (0.30)% | (0.32)% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $10474 | $11679 | $9276 | $10969 | $12880 |
|  Portfolio turnover rate | 88% | 75% | 93% | 81% | 63% |

---

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

<sup>(b</sup><sup>)</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.* 

F I N A N C I A L H I G H L I G H T S 55

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $17.37 | $14.07 | $15.36 | $20.73 | $13.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.15 | 0.14 | 0.14 | 0.13 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.09) | 3.33 | (1.02) | (3.27) | 7.97 |
|  Net increase (decrease) from investment operations | 0.06 | 3.47 | (0.88) | (3.14) | 8.10 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.15) | (0.17) | (0.12) | (0.15) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  | (0.29) | (2.08) | (0.36) |
|  Total distributions | (0.15) | (0.17) | (0.41) | (2.23) | (0.47) |
|  **Net asset value, end of year** | $17.28 | $17.37 | $14.07 | $15.36 | $20.73 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |
|  Based on net asset value | 0.25% | 24.80% | (5.70)% | (16.84)% | 62.63% |
|  **Ratios to Average Net Assets<sup>(d)</sup>** |  |  |  |  |  |
|  Total expenses | 0.51% | 0.51% | 0.51% | 0.51% | 0.52% |
|  Total expenses after fees waived and/or reimbursed | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
|  Net investment income | 0.84% | 0.89% | 0.97% | 0.73% | 0.71% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $1124484 | $1099659 | $964449 | $967682 | $920752 |
|  Portfolio turnover rate | 88% | 75% | 93% | 81% | 63% |

---

<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.* 

56 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Core Fund | BlackRock Advantage Large Cap Core Fund | BlackRock Advantage Large Cap Core Fund | BlackRock Advantage Large Cap Core Fund | BlackRock Advantage Large Cap Core Fund | BlackRock Advantage Large Cap Core Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Period from<br>10/01/21<br>to 05/31/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $22.42 | $17.36 | $18.39 | $23.32 | $18.78 | $16.87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.18 | 0.19 | 0.20 | 0.13 | 0.19 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.57 | 5.06 | (0.18) | (0.87) | 5.31 | 2.41 |
|  Net increase (decrease) from investment operations | 2.75 | 5.25 | 0.02 | (0.74) | 5.50 | 2.63 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.18) | (0.19) | (0.20) | (0.19) | (0.22) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (2.92) |  | (0.85) | (4.00) | (0.74) | (0.43) |
|  Total distributions | (3.10) | (0.19) | (1.05) | (4.19) | (0.96) | (0.72) |
|  **Net asset value, end of period** | $22.07 | $22.42 | $17.36 | $18.39 | $23.32 | $18.78 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 12.62% | 30.47% | 0.63% | (5.20)%<sup>(d)</sup> | 30.31% | 15.96% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.60% | 0.63% | 0.63% | 0.61 %<sup>(f)(g)</sup> | 0.68 %<sup>(h)</sup> | 0.84 %<sup>(i)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.48% | 0.48% | 0.48% | 0.48 %<sup>(f)(g)</sup> | 0.48 %<sup>(h)</sup> | 0.48 %<sup>(i)</sup> |
|  Net investment income | 0.81% | 0.95% | 1.17% | 0.92 %<sup>(f)(g)</sup> | 0.87 %<sup>(h)</sup> | 1.29 %<sup>(i)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $1256681 | $1193777 | $1479014 | $1547621 | $1721850 | $1399612 |
|  Portfolio turnover rate | 117% | 116% | 105% | 73 %<sup>(j)</sup> | 111 %<sup>(j)</sup> | 99 %<sup>(j)</sup> |

---

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

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

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

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

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

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

<sup>(g)</sup> From October 1, 2021 through April 25, 2022, the Fund invested in the Master Advantage Large Cap Core Portfolio (the "Master Portfolio") as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.01%. 

<sup>(h)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(i)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.01%. 

<sup>(j)</sup> Portfolio turnover rate includes transactions from the Master Portfolio prior to April 25, 2022.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 57

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Period from<br>10/01/21<br>to 05/31/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $21.17 | $16.40 | $17.44 | $22.30 | $18.00 | $16.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.12 | 0.13 | 0.15 | 0.09 | 0.13 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.42 | 4.79 | (0.19) | (0.82) | 5.08 | 2.31 |
|  Net increase (decrease) from investment operations | 2.54 | 4.92 | (0.04) | (0.73) | 5.21 | 2.48 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.13) | (0.15) | (0.15) | (0.13) | (0.17) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (2.92) |  | (0.85) | (4.00) | (0.74) | (0.43) |
|  Total distributions | (3.05) | (0.15) | (1.00) | (4.13) | (0.91) | (0.68) |
|  **Net asset value, end of period** | $20.66 | $21.17 | $16.40 | $17.44 | $22.30 | $18.00 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 12.34% | 30.18% | 0.34% | (5.37)%<sup>(d)</sup> | 30.01% | 15.66% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.86% | 0.88% | 0.90% | 0.86 %<sup>(f)(g)</sup> | 0.93 %<sup>(h)</sup> | 1.09 %<sup>(i)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.73% | 0.73% | 0.73% | 0.73 %<sup>(f)(g)</sup> | 0.73 %<sup>(h)</sup> | 0.73 %<sup>(i)</sup> |
|  Net investment income | 0.56% | 0.70% | 0.92% | 0.67 %<sup>(f)(g)</sup> | 0.62 %<sup>(h)</sup> | 1.04 %<sup>(i)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $1582288 | $1547821 | $1271384 | $1382899 | $1519185 | $1325195 |
|  Portfolio turnover rate | 117% | 116% | 105% | 73 %<sup>(j)</sup> | 111 %<sup>(j)</sup> | 99 %<sup>(j)</sup> |

---

<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> Not annualized.

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

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

<sup>(g)</sup> From October 1, 2021 through April 25, 2022, the Fund invested in the Master Advantage Large Cap Core Portfolio (the "Master Portfolio") as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.01%. 

<sup>(h)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(i)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.01%. 

<sup>(j)</sup> Portfolio turnover rate includes transactions from the Master Portfolio prior to April 25, 2022.

*See notes to financial statements.* 

58 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Period from<br>10/01/21<br>to 05/31/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $16.73 | $13.01 | $14.06 | $18.68 | $15.14 | $13.72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup> | (0.03) | (0.01) | 0.02 | (0.01) | (0.02) | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.91 | 3.80 | (0.16) | (0.61) | 4.28 | 1.95 |
|  Net increase (decrease) from investment operations | 1.88 | 3.79 | (0.14) | (0.62) | 4.26 | 1.99 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.03) | (0.07) | (0.06) | (0.00)<sup>(c)</sup> |  | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (2.92) |  | (0.85) | (4.00) | (0.72) | (0.43) |
|  Total distributions | (2.95) | (0.07) | (0.91) | (4.00) | (0.72) | (0.57) |
|  **Net asset value, end of period** | $15.66 | $16.73 | $13.01 | $14.06 | $18.68 | $15.14 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 11.52% | 29.21% | (0.42)% | (5.81)%<sup>(e)</sup> | 29.03% | 14.80% |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |  |
|  Total expenses | 1.68% | 1.69% | 1.72% | 1.69 %<sup>(g)(h)</sup> | 1.69 %<sup>(i)</sup> | 1.87 %<sup>(j)</sup> |
|  Total expenses after fees waived and/or reimbursed | 1.48% | 1.48% | 1.48% | 1.48 %<sup>(g)(h)</sup> | 1.48 %<sup>(i)</sup> | 1.48 %<sup>(j)</sup> |
|  Net investment income (loss) | (0.19)% | (0.05)% | 0.17% | (0.08)%<sup>(g)(h)</sup> | (0.13)%<sup>(i)</sup> | 0.32 %<sup>(j)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $44961 | $44928 | $31813 | $38506 | $42561 | $31921 |
|  Portfolio turnover rate | 117% | 116% | 105% | 73 %<sup>(k)</sup> | 111 %<sup>(k)</sup> | 99 %<sup>(k)</sup> |

---

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

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

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

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

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

<sup>(h)</sup> From October 1, 2021 through April 25, 2022, the Fund invested in the Master Advantage Large Cap Core Portfolio (the "Master Portfolio") as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.01%. 

<sup>(i)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(j)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.01%. 

<sup>(k)</sup> Portfolio turnover rate includes transactions from the Master Portfolio prior to April 25, 2022.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 59

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Period from<br>10/01/21<br>to 05/31/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $22.42 | $17.36 | $18.40 | $23.34 | $18.79 | $16.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.19 | 0.20 | 0.21 | 0.13 | 0.20 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.59 | 5.06 | (0.19) | (0.87) | 5.32 | 2.42 |
|  Net increase (decrease) from investment operations | 2.78 | 5.26 | 0.02 | (0.74) | 5.52 | 2.64 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.20) | (0.20) | (0.21) | (0.20) | (0.23) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (2.92) |  | (0.85) | (4.00) | (0.74) | (0.43) |
|  Total distributions | (3.12) | (0.20) | (1.06) | (4.20) | (0.97) | (0.73) |
|  **Net asset value, end of period** | $22.08 | $22.42 | $17.36 | $18.40 | $23.34 | $18.79 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 12.73% | 30.53% | 0.63% | (5.18)%<sup>(d)</sup> | 30.42% | 16.01% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.51% | 0.52% | 0.54% | 0.51 %<sup>(f)(g)</sup> | 0.55 %<sup>(h)</sup> | 0.70 %<sup>(i)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.43% | 0.43% | 0.43% | 0.43 %<sup>(f)(g)</sup> | 0.43 %<sup>(h)</sup> | 0.43 %<sup>(i)</sup> |
|  Net investment income | 0.85% | 1.01% | 1.22% | 0.98 %<sup>(f)(g)</sup> | 0.91 %<sup>(h)</sup> | 1.30 %<sup>(i)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $122088 | $41460 | $31568 | $61965 | $56736 | $34078 |
|  Portfolio turnover rate | 117% | 116% | 105% | 73 %<sup>(j)</sup> | 111 %<sup>(j)</sup> | 99 %<sup>(j)</sup> |

---

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

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

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

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

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

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

<sup>(g)</sup> From October 1, 2021 through April 25, 2022, the Fund invested in the Master Advantage Large Cap Core Portfolio (the "Master Portfolio") as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.01%. 

<sup>(h)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(i)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.01%. 

<sup>(j)</sup> Portfolio turnover rate includes transactions from the Master Portfolio prior to April 25, 2022.

*See notes to financial statements.* 

60 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) |
|  | Class R | Class R | Class R | Class R | Class R | Class R |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Period from<br>10/01/21<br>to 05/31/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $19.07 | $14.80 | $15.84 | $20.60 | $16.66 | $15.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.06 | 0.07 | 0.10 | 0.05 | 0.07 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.18 | 4.32 | (0.17) | (0.72) | 4.70 | 2.13 |
|  Net increase (decrease) from investment operations | 2.24 | 4.39 | (0.07) | (0.67) | 4.77 | 2.26 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.08) | (0.12) | (0.12) | (0.09) | (0.09) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (2.92) |  | (0.85) | (4.00) | (0.74) | (0.43) |
|  Total distributions | (3.00) | (0.12) | (0.97) | (4.09) | (0.83) | (0.63) |
|  **Net asset value, end of period** | $18.31 | $19.07 | $14.80 | $15.84 | $20.60 | $16.66 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 12.08% | 29.82% | 0.14% | (5.55)%<sup>(d)</sup> | 29.67% | 15.38% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 1.21% | 1.22% | 1.24% | 1.23 %<sup>(f)(g)</sup> | 1.26 %<sup>(h)</sup> | 1.37 %<sup>(i)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.98% | 0.98% | 0.98% | 0.98 %<sup>(f)(g)</sup> | 0.98 %<sup>(h)</sup> | 0.98 %<sup>(i)</sup> |
|  Net investment income | 0.31% | 0.44% | 0.68% | 0.42 %<sup>(f)(g)</sup> | 0.37 %<sup>(h)</sup> | 0.83 %<sup>(i)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $15982 | $19237 | $11479 | $13967 | $14399 | $12416 |
|  Portfolio turnover rate | 117% | 116% | 105% | 73 %<sup>(j)</sup> | 111 %<sup>(j)</sup> | 99 %<sup>(j)</sup> |

---

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

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

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

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

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

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

<sup>(g)</sup> From October 1, 2021 through April 25, 2022, the Fund invested in the Master Advantage Large Cap Core Portfolio (the "Master Portfolio") as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.01%. 

<sup>(h)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(i)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.01%. 

<sup>(j)</sup> Portfolio turnover rate includes transactions from the Master Portfolio prior to April 25, 2022.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 61

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Value Fund | BlackRock Advantage Large Cap Value Fund | BlackRock Advantage Large Cap Value Fund | BlackRock Advantage Large Cap Value Fund | BlackRock Advantage Large Cap Value Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $32.45 | $26.63 | $29.79 | $35.07 | $24.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.48 | 0.51 | 0.47 | 0.45 | 0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.31 | 6.16 | (2.02) | (0.21) | 10.36 |
|  Net increase (decrease) from investment operations | 2.79 | 6.67 | (1.55) | 0.24 | 10.82 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.49) | (0.50) | (0.47) | (0.47) | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (3.84) | (0.35) | (1.14) | (5.05) |  |
|  Total distributions | (4.33) | (0.85) | (1.61) | (5.52) | (0.49) |
|  **Net asset value, end of year** | $30.91 | $32.45 | $26.63 | $29.79 | $35.07 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |
|  Based on net asset value | 8.89% | 25.48% | (4.97)% | 0.63% | 44.37% |
|  **Ratios to Average Net Assets<sup>(d)</sup>** |  |  |  |  |  |
|  Total expenses | 0.71% | 0.71% | 0.70% | 0.70% | 0.84 %<sup>(e)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.54% | 0.54% | 0.54% | 0.54% | 0.54 %<sup>(e)</sup> |
|  Net investment income | 1.52% | 1.73% | 1.72% | 1.41% | 1.58 %<sup>(e)</sup> |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $206775 | $193379 | $164434 | $186903 | $194452 |
|  Portfolio turnover rate | 120% | 118% | 116% | 136% | 126 %<sup>(f)</sup> |

---

<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.

<sup>(e)</sup> From June 1, 2020 through February 28, 2021, the Fund invested in the Master Advantage Large Cap Value Portfolio (the "Master Portfolio") as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.03%. 

<sup>(f)</sup> Portfolio turnover rate includes transactions from the Master Portfolio prior to March 1, 2021.

*See notes to financial statements.* 

62 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $31.48 | $25.86 | $28.98 | $34.26 | $24.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.39 | 0.43 | 0.39 | 0.36 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.24 | 5.97 | (1.97) | (0.20) | 10.13 |
|  Net increase (decrease) from investment operations | 2.63 | 6.40 | (1.58) | 0.16 | 10.51 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.41) | (0.43) | (0.40) | (0.39) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (3.84) | (0.35) | (1.14) | (5.05) |  |
|  Total distributions | (4.25) | (0.78) | (1.54) | (5.44) | (0.43) |
|  **Net asset value, end of year** | $29.86 | $31.48 | $25.86 | $28.98 | $34.26 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |
|  Based on net asset value | 8.63% | 25.15% | (5.22)% | 0.40% | 44.01% |
|  **Ratios to Average Net Assets<sup>(d)</sup>** |  |  |  |  |  |
|  Total expenses | 0.96% | 0.96% | 0.97% | 0.97% | 1.10 %<sup>(e)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.79% | 0.79% | 0.79% | 0.79% | 0.79 %<sup>(e)</sup> |
|  Net investment income | 1.28% | 1.48% | 1.47% | 1.16% | 1.33 %<sup>(e)</sup> |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $386921 | $393788 | $345671 | $394334 | $405607 |
|  Portfolio turnover rate | 120% | 118% | 116% | 136% | 126 %<sup>(f)</sup> |

---

<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.

<sup>(e)</sup> From June 1, 2020 through February 28, 2021, the Fund invested in the Master Advantage Large Cap Value Portfolio (the "Master Portfolio") as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.03%. 

<sup>(f)</sup> Portfolio turnover rate includes transactions from the Master Portfolio prior to March 1, 2021.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 63

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $28.44 | $23.43 | $26.40 | $31.69 | $22.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.14 | 0.19 | 0.17 | 0.12 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.02 | 5.40 | (1.78) | (0.19) | 9.37 |
|  Net increase (decrease) from investment operations | 2.16 | 5.59 | (1.61) | (0.07) | 9.53 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.20) | (0.23) | (0.22) | (0.17) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (3.84) | (0.35) | (1.14) | (5.05) |  |
|  Total distributions | (4.04) | (0.58) | (1.36) | (5.22) | (0.15) |
|  **Net asset value, end of year** | $26.56 | $28.44 | $23.43 | $26.40 | $31.69 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |
|  Based on net asset value | 7.80% | 24.21% | (5.89)% | (0.38)% | 42.99% |
|  **Ratios to Average Net Assets<sup>(d)</sup>** |  |  |  |  |  |
|  Total expenses | 1.75% | 1.76% | 1.74% | 1.73% | 1.85 %<sup>(e)</sup> |
|  Total expenses after fees waived and/or reimbursed | 1.54% | 1.54% | 1.54% | 1.54% | 1.54 %<sup>(e)</sup> |
|  Net investment income | 0.53% | 0.73% | 0.72% | 0.41% | 0.63 %<sup>(e)</sup> |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $13867 | $14553 | $14894 | $18099 | $20880 |
|  Portfolio turnover rate | 120% | 118% | 116% | 136% | 126 %<sup>(f)</sup> |

---

<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.

<sup>(e)</sup> From June 1, 2020 through February 28, 2021, the Fund invested in the Master Advantage Large Cap Value Portfolio (the "Master Portfolio") as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.03%. 

<sup>(f)</sup> Portfolio turnover rate includes transactions from the Master Portfolio prior to March 1, 2021.

*See notes to financial statements.* 

64 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $32.45 | $26.64 | $29.80 | $35.08 | $24.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.50 | 0.53 | 0.48 | 0.47 | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.31 | 6.14 | (2.01) | (0.22) | 10.38 |
|  Net increase (decrease) from investment operations | 2.81 | 6.67 | (1.53) | 0.25 | 10.85 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.51) | (0.51) | (0.49) | (0.48) | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (3.84) | (0.35) | (1.14) | (5.05) |  |
|  Total distributions | (4.35) | (0.86) | (1.63) | (5.53) | (0.51) |
|  **Net asset value, end of year** | $30.91 | $32.45 | $26.64 | $29.80 | $35.08 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |
|  Based on net asset value | 8.94% | 25.49% | (4.91)% | 0.69% | 44.48% |
|  **Ratios to Average Net Assets<sup>(d)</sup>** |  |  |  |  |  |
|  Total expenses | 0.63% | 0.62% | 0.63% | 0.63% | 0.74 %<sup>(e)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.49% | 0.49% | 0.49% | 0.49% | 0.49 %<sup>(e)</sup> |
|  Net investment income | 1.57% | 1.80% | 1.77% | 1.47% | 1.62 %<sup>(e)</sup> |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $12116 | $12053 | $10451 | $10210 | $8258 |
|  Portfolio turnover rate | 120% | 118% | 116% | 136% | 126 %<sup>(f)</sup> |

---

<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.

<sup>(e)</sup> From June 1, 2020 through February 28, 2021, the Fund invested in the Master Advantage Large Cap Value Portfolio (the "Master Portfolio") as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.03%. 

<sup>(f)</sup> Portfolio turnover rate includes transactions from the Master Portfolio prior to March 1, 2021.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 65

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) |
|  | Class R | Class R | Class R | Class R | Class R |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $29.80 | $24.52 | $27.56 | $32.84 | $23.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.30 | 0.34 | 0.31 | 0.27 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.10 | 5.65 | (1.87) | (0.19) | 9.71 |
|  Net increase (decrease) from investment operations | 2.40 | 5.99 | (1.56) | 0.08 | 10.00 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.34) | (0.36) | (0.34) | (0.31) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (3.84) | (0.35) | (1.14) | (5.05) |  |
|  Total distributions | (4.18) | (0.71) | (1.48) | (5.36) | (0.34) |
|  **Net asset value, end of year** | $28.02 | $29.80 | $24.52 | $27.56 | $32.84 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |
|  Based on net asset value | 8.31% | 24.84% | (5.43)% | 0.14% | 43.63% |
|  **Ratios to Average Net Assets<sup>(d)</sup>** |  |  |  |  |  |
|  Total expenses | 1.33% | 1.35% | 1.36% | 1.35% | 1.41 %<sup>(e)</sup> |
|  Total expenses after fees waived and/or reimbursed | 1.04% | 1.04% | 1.04% | 1.04% | 1.04 %<sup>(e)</sup> |
|  Net investment income | 1.03% | 1.23% | 1.22% | 0.91% | 1.11 %<sup>(e)</sup> |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $5344 | $7729 | $6925 | $8440 | $9015 |
|  Portfolio turnover rate | 120% | 118% | 116% | 136% | 126 %<sup>(f)</sup> |

---

<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.

<sup>(e)</sup> From June 1, 2020 through February 28, 2021, the Fund invested in the Master Advantage Large Cap Value Portfolio (the "Master Portfolio") as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.03%. 

<sup>(f)</sup> Portfolio turnover rate includes transactions from the Master Portfolio prior to March 1, 2021.

*See notes to financial statements.* 

66 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements

*1. ORGANIZATION* 

BlackRock Funds<sup>SM</sup> (the "Trust") and BlackRock Large Cap Series Funds, Inc. (the "Corporation") are each registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as open-end management investment companies. The Trust is organized as a Massachusetts business trust. The Corporation is organized as a Maryland corporation. BlackRock Advantage International Fund, BlackRock Advantage Large Cap Growth Fund and BlackRock Small Cap Core Fund are series of the Trust. BlackRock Advantage Large Cap Core Fund and BlackRock Advantage Large Cap Value Fund are series of the Corporation. The following are referred to herein collectively as the "Funds" or individually as a "Fund":

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Herein Referred To As* | *Diversification Classification* |
|  BlackRock Advantage International Fund | Advantage International | Diversified |
|  BlackRock Advantage Large Cap Growth Fund | Advantage Large Cap Growth | Diversified |
|  BlackRock Advantage Small Cap Core Fund | Advantage Small Cap Core | Diversified |
|  BlackRock Advantage Large Cap Core Fund | Advantage Large Cap Core | Diversified |
|  BlackRock Advantage Large Cap Value Fund | Advantage Large Cap Value | Diversified |

---

Each Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional and Class K Shares are sold only to certain eligible investors. Investor A, 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 | No <sup>(a)</sup> |  |
|  Investor C Shares | No | Yes <sup>(b)</sup> | 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></sup>

<sup>(b)</sup> A CDSC of 1.00% is assessed on certain redemptions of Investor C Shares made within one year after purchase. 

The Board of Directors of the Corporation and the Board of Trustees of the Trust are collectively referred to throughout this report as the "Board", and the directors/trustees thereof are collectively referred to throughout this report as "Directors."

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

*2. SIGNIFICANT ACCOUNTING POLICIES* 

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

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Funds are informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

**Foreign Currency Translation:** Each Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

**Foreign Taxes:** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund

N O T E S T O F I N A N C I A L S T A T E M E N T S 67

------

Notes to Financial Statements (continued)

invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of May 31, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

Consistent with U.S. GAAP accrual requirements for uncertain tax positions, each Fund recognizes tax reclaims when the Fund determines that it is more likely than not that each Fund will sustain its position that it is due the reclaim.

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

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

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

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

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

**Other:** Expenses directly related to a Fund or its classes are charged to that Fund or the applicable class. Expenses directly related to the Funds and other shared expenses prorated to the Funds are allocated daily to each class based on their relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

The Funds have an arrangement with their custodian whereby credits are earned on uninvested cash balances. For financial reporting purposes, custodian credits, if any, are included in interest income in the Statements of Operations.

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

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

*3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS* 

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

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

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

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

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

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

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Notes to Financial Statements (continued)

available, the investment will be valued by the Valuation Committee in accordance with the Manager's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(v) quoted prices for similar investments or assets in active markets

&nbsp;&nbsp;&nbsp;&nbsp;(vi) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates

&nbsp;&nbsp;&nbsp;&nbsp;(vii) audited or unaudited financial statements, investor communications and Private Company financial or operational metrics

&nbsp;&nbsp;&nbsp;&nbsp;(viii) relevant market news and other public sources.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing a market approach to determine the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model ("OPM"), a probability weighted expected return model ("PWERM"), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involves a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

Private Companies are not subject to public company disclosure, timing, and reporting standards applicable to other investments held by a Fund. Certain information made available by a Private Company is as of a date that is earlier than the date a Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

· Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;

· Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

· Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

*4. SECURITIES AND OTHER INVESTMENTS* 

**Securities Lending:** Certain Funds may lend their securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. During the term of the loan, the Funds are entitled to all distributions made on or in respect of the loaned securities, but do not

N O T E S T O F I N A N C I A L S T A T E M E N T S 69

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Notes to Financial Statements (continued)

receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC ("BIM"), if any, is disclosed in the Schedules of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are disclosed in the Funds' Schedules of Investments. The market value of any securities on loan and the value of related collateral, if any, are shown separately in the Statements of Assets and Liabilities as a component of investments at value – unaffiliated and collateral on securities loaned, respectively.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA"), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the Funds' securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  *Fund Name/Counterparty* | *Securities<br>Loaned at Value* | *Cash Collateral<br>Received <br><sup>(a)</sup>* | *Non-Cash Collateral<br>Received, at Fair Value* | *<br><sup>(a)</sup>* | *Net<br>Amount* |
|  Advantage International |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | $78 | $(78) | $— |  | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 245052 | (245052) |  |  |  |
|  | $245130 | $(245130) | $— |  | $— |
|  Advantage Small Cap Core |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | $205174 | $(205174) | $— |  | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 3695191 | (3695191) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 4404054 | (4404054) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 14448734 | (14448734) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 36119465 | (36119465) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies LLC | 229870 | (229870) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 43242110 | (43242110) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Financial Services LLC | 2434983 | (2434983) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SG Americas Securities LLC | 336841 | (336841) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | 15074648 | (15074648) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | 1329669 | (1329669) |  |  |  |
|  | $121520739 | $(121520739) | $— |  | $— |
|  Advantage Large Cap Value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | $598334 | $(598334) | $— |  | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; National Financial Services LLC | 313992 | (313992) |  |  |  |
|  | $912326 | $(912326) | $— |  | $— |

---

<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 each Fund is disclosed in the Funds' Statements of Assets and Liabilities. 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each 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. Each 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 each Fund.

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Notes to Financial Statements (continued)

*5. DERIVATIVE FINANCIAL INSTRUMENTS* 

The Funds engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Funds and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or over-the-counter ("OTC").

**Futures Contracts:** Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract's size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract ("variation margin"). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

*6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES* 

**Investment Advisory:** The Trust, on behalf of Advantage International, Advantage Large Cap Growth and Advantage Small Cap Core, and the Corporation, on behalf of Advantage Large Cap Core and Advantage Large Cap Value, entered into an Investment Advisory Agreement with the Manager, the Funds' investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. ("BlackRock"), to provide investment advisory services. The Manager is responsible for the management of each Fund's portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.

For such services, each Fund pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of each Fund's net assets:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Investment Advisory Fees* | *Investment Advisory Fees* | *Investment Advisory Fees* | *Investment Advisory Fees* | *Investment Advisory Fees* |
| *Average Daily Net Assets* | *Advantage<br>International* | *Advantage Large<br>Cap Growth* | *Advantage Small<br>Cap Core* | *Advantage Large<br>Cap Core* | *Advantage Large<br>Cap Value* |
|  First $1 billion | 0.45% | 0.57% | 0.45% | 0.45% | 0.49% |
|  $1 billion - $3 billion | 0.42 | 0.54 | 0.42 | 0.42 | 0.46 |
|  $3 billion - $5 billion | 0.41 | 0.51 | 0.41 | 0.41 | 0.44 |
|  $5 billion - $10 billion | 0.39 | 0.50 | 0.39 | 0.39 | 0.43 |
|  Greater than $10 billion | 0.38 | 0.48 | 0.38 | 0.38 | 0.42 |

---

**Service and Distribution Fees:** The Trust, on behalf of Advantage International, Advantage Large Cap Growth and Advantage Small Cap Core, and the Corporation, on behalf of Advantage Large Cap Core and Advantage Large Cap Value, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC ("BRIL"), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, each Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of each Fund as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *Advantage International* | *Advantage International* | *Advantage Large Cap Growth* | *Advantage Large Cap Growth* | *Advantage Small Cap Core* | *Advantage Small Cap Core* |
| *Share Class* | *Service Fees* | *Distribution Fees* | *Service Fees* | *Distribution Fees* | *Service Fees* | *Distribution Fees* |
|  Investor A | 0.25% | N/A | 0.25% | N/A | 0.25% | N/A |
|  Investor C | 0.25 | 0.75% | 0.25 | 0.75% | 0.25% | 0.75% |
|  Class R | 0.25 | 0.25 | 0.25 | 0.25 | N/A | N/A |
|  |  |  | *Advantage Large Cap Core* | *Advantage Large Cap Core* | *Advantage Large Cap Value* | *Advantage Large Cap Value* |
| *Share Class* |  |  | *Service Fees* | *Distribution Fees* | *Service Fees* | *Distribution Fees* |
|  Investor A |  |  | 0.25% | N/A | 0.25% | N/A |
|  Investor C |  |  | 0.25 | 0.75% | 0.25 | 0.75% |
|  Class R |  |  | 0.25 | 0.25 | 0.25 | 0.25 |

---

BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing and distribution services to the Funds. The ongoing service and/or distribution fee compensates BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to shareholders.

N O T E S T O F I N A N C I A L S T A T E M E N T S 71

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Notes to Financial Statements (continued)

For the year ended May 31, 2025, the following table shows the class specific service and distribution fees borne directly by each share class of each Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Investor A* | *Investor C* | *Class R* | *Total* |
|  Advantage International | $723707 | $148936 | $177612 | $1050255 |
|  Advantage Large Cap Growth | 1470050 | 319070 | 8852 | 1797972 |
|  Advantage Small Cap Core | 1356687 | 120485 |  | 1477172 |
|  Advantage Large Cap Core | 4007589 | 469262 | 83498 | 4560349 |
|  Advantage Large Cap Value | 994462 | 143582 | 33548 | 1171592 |

---

**Administration:** The Trust, on behalf of Advantage International, Advantage Large Cap Growth and Advantage Small Cap Core, and the Corporation, on behalf of Advantage Large Cap Core and Advantage Large Cap Value, entered into an Administration Agreement with the Manager, an indirect, wholly-owned subsidiary of BlackRock, to provide administrative services. For these services, the Manager receives an administration fee computed daily and payable monthly, based on a percentage of the average daily net assets of each Fund. The administration fee, which is shown as administration in the Statements of Operations, is paid at the annual rates below.

---

| | |
|:---|:---|
| *Average Daily Net Assets* | *Administration Fees* |
|  First $500 million | 0.0425% |
|  $500 million - $1 billion | 0.0400 |
|  $1 billion - $2 billion | 0.0375 |
|  $2 billion - $4 billion | 0.0350 |
|  $4 billion - $13 billion | 0.0325 |
|  Greater than $13 billion | 0.0300 |

---

In addition, the Manager charges each of the share classes an administration fee, which is shown as administration — class specific in the Statements of Operations, at an annual rate of 0.02% of the average daily net assets of each respective class.

For the year ended May 31, 2025, the following table shows the class specific administration fees borne directly by each share class of each Fund:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Class R* | *Total* |
|  Advantage International | $362312 | $57927 | $2982 | $110791 | $7113 | $541125 |
|  Advantage Large Cap Growth | 139060 | 117772 | 6389 | 1472 | 354 | 265047 |
|  Advantage Small Cap Core | 434876 | 108550 | 2414 | 236676 |  | 782516 |
|  Advantage Large Cap Core | 249629 | 321135 | 9398 | 14259 | 3330 | 597751 |
|  Advantage Large Cap Value | 41630 | 79687 | 2877 | 2373 | 1346 | 127913 |

---

**Transfer Agent:** Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the year ended May 31, 2025, the Funds paid the following amounts to affiliates of BlackRock in return for these services, which are included in transfer agent — class specific in the Statements of Operations:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Institutional* | *Total* |
|  Advantage International | $729479 | $729479 |
|  Advantage Large Cap Growth | 598144 | 598144 |
|  Advantage Small Cap Core | 273936 | 273936 |
|  Advantage Large Cap Core | 541295 | 541295 |

---

The Manager maintains a call center that is responsible for providing certain shareholder services to the Funds. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the year ended May 31, 2025, each Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statements of Operations:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Class R* | *Total* |
|  Advantage International | $8905 | $15722 | $1819 | $691 | $4497 | $31634 |
|  Advantage Large Cap Growth | 2274 | 96390 | 5737 | 118 | 67 | 104586 |
|  Advantage Small Cap Core | 4434 | 15572 | 1525 | 1465 |  | 22996 |
|  Advantage Large Cap Core | 17597 | 119796 | 2446 | 69 | 194 | 140102 |
|  Advantage Large Cap Value | 727 | 24237 | 1885 | 55 | 111 | 27015 |

---

For the year ended May 31, 2025, the following table shows the class specific transfer agent fees borne directly by each share class of each Fund:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Class R* | *Total* |
|  Advantage International | $1898294 | $338614 | $49694 | $8568 | $118011 | $2413181 |
|  Advantage Large Cap Growth | 744554 | 591567 | 86204 | 723 | 3813 | 1426861 |
|  Advantage Small Cap Core | 1537261 | 867353 | 18227 | 47144 |  | 2469985 |
|  Advantage Large Cap Core | 1152464 | 1598581 | 80148 | 1938 | 33456 | 2866587 |
|  Advantage Large Cap Value | 183092 | 345442 | 18852 | 847 | 14595 | 562828 |

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Notes to Financial Statements (continued)

**Other Fees:** For the year ended May 31, 2025, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of each Fund's Investor A Shares as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Amounts* |
|  Advantage International | $6682 |
|  Advantage Large Cap Growth | 25653 |
|  Advantage Small Cap Core | 14702 |
|  Advantage Large Cap Core | 32631 |
|  Advantage Large Cap Value | 8603 |

---

For the year ended May 31, 2025, affiliates received CDSCs as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Share Class* | *Advantage<br>International* | *Advantage<br>Large Cap<br>Growth* | *Advantage<br>Small Cap<br>Core* | *Advantage<br>Large Cap<br>Core* | *Advantage<br>Large Cap<br>Value* |
|  Investor A | $626 | $1103 | $2855 | $11172 | $479 |
|  Investor C | 161 | 790 | 3582 | 1980 | 3770 |

---

**Expense Limitations, Waivers and Reimbursements:** With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the "affiliated money market fund waiver") through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the Directors who are not "interested persons" of the Trust or the Corporation, as defined in the 1940 Act ("Independent Directors"), or by a vote of a majority of the outstanding voting securities of a Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the year ended May 31, 2025, the amounts waived were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Amounts Waived* |
|  Advantage International | $53364 |
|  Advantage Large Cap Growth | 9750 |
|  Advantage Small Cap Core | 31107 |
|  Advantage Large Cap Core | 20841 |
|  Advantage Large Cap Value | 4461 |

---

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of each Fund's assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of a Fund. For the year ended May 31, 2025, there were no fees waived and/or reimbursed by the Manager pursuant to this arrangement.

With respect to each Fund, the Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, tax expense, acquired fund fees and expenses, and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of each Fund's business ("expense limitation"). The expense limitations as a percentage of average daily net assets are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Class R* |
|  Advantage International | 0.50% | 0.75% | 1.50% | 0.45% | 1.00% |
|  Advantage Large Cap Growth | 0.62 | 0.87 | 1.62 | 0.57 | 1.12 |
|  Advantage Small Cap Core | 0.50 | 0.75 | 1.50 | 0.45 | N/A |
|  Advantage Large Cap Core | 0.48 | 0.73 | 1.48 | 0.43 | 0.98 |
|  Advantage Large Cap Value | 0.54 | 0.79 | 1.54 | 0.49 | 1.04 |

---

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2026 (June 30, 2035 with respect to Advantage Large Cap Growth Class R Shares), unless approved by the Board, including a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of a Fund.

For the year ended May 31, 2025, the Manager waived and/or reimbursed investment advisory fees, which is included in fees waived and/or reimbursed by the Manager in the Statements of Operations, as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Amounts Waived* |
|  Advantage International | $1273443 |
|  Advantage Large Cap Growth | 804406 |
|  Advantage Small Cap Core | 1193541 |
|  Advantage Large Cap Core | 1721773 |
|  Advantage Large Cap Value | 697256 |

---

Advantage Large Cap Value also had a waiver of administration fees, which are included in Administration fees waived in the Statements of Operations. For the year ended May 31, 2025, the amount was $34.

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Notes to Financial Statements (continued)

In addition, these amounts waived and/or reimbursed by the Manager are included in administration fees waived by the Manager — class specific, transfer agent fees waived and/or reimbursed by the Manager — class specific, service and distribution fees waived and service distribution fees reimbursed respectively, in the Statements of Operations. For the year ended May 31, 2025, class specific expense waivers and/or reimbursements were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *Administration Fees Waived by the Manager - Class Specific* | *Administration Fees Waived by the Manager - Class Specific* | *Administration Fees Waived by the Manager - Class Specific* | *Administration Fees Waived by the Manager - Class Specific* | *Administration Fees Waived by the Manager - Class Specific* | *Administration Fees Waived by the Manager - Class Specific* |
| *Fund Name* | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Class R* | *Total* |
|  Advantage International | $362312 | $57927 | $2982 | $110791 | $7113 | $541125 |
|  Advantage Large Cap Growth | 139060 | 117772 | 6389 | 1472 | 354 | 265047 |
|  Advantage Small Cap Core | 434876 | 108550 | 2414 | 236676 |  | 782516 |
|  Advantage Large Cap Core | 249629 | 321135 | 9398 | 14259 | 3330 | 597751 |
|  Advantage Large Cap Value | 41630 | 79687 | 2877 | 2373 | 1346 | 127913 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *Transfer Agent Fees Waived and/or*<br> *Reimbursed by the Manager - Class Specific* | *Transfer Agent Fees Waived and/or*<br> *Reimbursed by the Manager - Class Specific* | *Transfer Agent Fees Waived and/or*<br> *Reimbursed by the Manager - Class Specific* | *Transfer Agent Fees Waived and/or*<br> *Reimbursed by the Manager - Class Specific* | *Transfer Agent Fees Waived and/or*<br> *Reimbursed by the Manager - Class Specific* | *Transfer Agent Fees Waived and/or*<br> *Reimbursed by the Manager - Class Specific* |
| *Fund Name* | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Class R* | *Total* |
|  Advantage International | $989309 | $193211 | $42026 | $8568 | $100005 | $1333119 |
|  Advantage Large Cap Growth | 396897 | 295344 | 69876 | 723 | 2923 | 765763 |
|  Advantage Small Cap Core | 449820 | 592883 | 12039 | 47144 |  | 1101886 |
|  Advantage Large Cap Core | 528499 | 790514 | 56023 | 1938 | 25390 | 1402364 |
|  Advantage Large Cap Value | 79010 | 144858 | 11420 | 847 | 11152 | 247287 |

---

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Funds are responsible for 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 Funds bear 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. Each Fund retains a portion of the securities lending income and remits the remaining portion to BIM as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund (except Advantage International) 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. Pursuant to the current securities lending agreement, Advantage International retains 82% 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 specified thresholds, each Fund (except Advantage International), 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. Advantage International, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 85% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2025, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeded a specified threshold, each Fund (except Advantage International) would retain for the remainder of that calendar year securities lending income in an amount equal to 81% of securities lending income (which excluded collateral investment fees), and this amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in the Statements of Operations. For the year ended May 31, 2025, each Fund paid BIM the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *Fund Name* | *Amounts* |
|  Advantage International | $466 |
|  Advantage Large Cap Growth | 1014 |
|  Advantage Small Cap Core | 100497 |
|  Advantage Large Cap Core | 3272 |

---

74 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Notes to Financial Statements (continued)

---

| | |
|:---|:---|
| *Fund Name* | *Amounts* |
|  Advantage Large Cap Value | $985 |

---

**Interfund Lending:** Prior to March 3, 2025, in accordance with an exemptive order (the "Order") from the SEC, each Fund other than Advantage Large Cap Growth could participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund's investment policies and restrictions. Effective March 3, 2025, the Interfund Lending Program was not renewed but remains available for renewal in the future.

During the period ended March 3, 2025, the Funds did not participate in the Interfund Lending Program.

**Directors and Officers:** Certain directors and/or officers of the Corporation and the Trust are directors and/or officers of BlackRock or its affiliates. The Funds reimburse the Manager for a portion of the compensation paid to the Corporation's/Trust's Chief Compliance Officer, which is included in Directors and Officer in the Statements of Operations.

**Other Transactions:** The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common directors or trustees. For the year ended May 31, 2025, the purchase and sale transactions and any net realized gains (losses) with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Fund Name* | *Purchases* | *Sales* | *Net Realized<br>Gain* |
|  Advantage International | $623319073 | $448077469 | $14457252 |
|  Advantage Large Cap Growth | 499100019 | 499557726 | 41278317 |
|  Advantage Small Cap Core | 74749660 | 122314378 | 14181301 |
|  Advantage Large Cap Core | 343169678 | 388265947 | 48195744 |
|  Advantage Large Cap Value | 68762369 | 85285447 | 8008408 |

---

*7. PURCHASES AND SALES* 

For the year ended May 31, 2025, purchases and sales of investments, excluding short-term securities, were as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Purchases* | *Sales* |
|  Advantage International | $5639388426 | $3058004971 |
|  Advantage Large Cap Growth | 1953866009 | 1989314086 |
|  Advantage Small Cap Core | 3871936784 | 3401818458 |
|  Advantage Large Cap Core | 3463132134 | 3615443295 |
|  Advantage Large Cap Value | 762648597 | 802864164 |

---

*8. INCOME TAX INFORMATION* 

It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund's U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on each Fund's state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Funds as of May 31, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Funds' NAV.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAVs per share. As of period end, permanent differences attributable to distributions in connection with fund share redemptions were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Paid-in capital* | *Accumulated earnings (loss)* |
|  Advantage Large Cap Value | $3450328 | $(3450328) |

---

N O T E S T O F I N A N C I A L S T A T E M E N T S 75

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Notes to Financial Statements (continued)

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Year Ended<br>05/31/25* | *Year Ended<br>05/31/24* |
|  Advantage International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $52333022 | $37122024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long term capital gains | 15828707 |  |
|  | $68161729 | $37122024 |
|  Advantage Large Cap Growth |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $79903303 | $1571523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long term capital gains | 183862841 | 7955409 |
|  | $263766144 | $9526932 |
|  Advantage Small Cap Core |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $29859476 | $35871400 |
|  Advantage Large Cap Core |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $166740762 | $26639557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long term capital gains | 242117226 |  |
|  | $408857988 | $26639557 |
|  Advantage Large Cap Value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $57636023 | $8914549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long term capital gains | 27592167 | 7076825 |
|  | $85228190 | $15991374 |

---

As of May 31, 2025, the tax components of accumulated earnings (loss) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Undistributed<br>Ordinary Income* | *Undistributed Long-Term<br>Capital Gains* | *Net Unrealized<br>Gains (Losses)<sup>(a)</sup>* | *Total* |
|  Advantage International | $123499477 | $36696200 | $624864507 | $785060184 |
|  Advantage Large Cap Growth | 21433081 | 29563233 | 491187913 | 542184227 |
|  Advantage Small Cap Core | 7356801 | 6922566 | 62326135 | 76605502 |
|  Advantage Large Cap Core | 17827530 | 134512190 | 901509415 | 1053849135 |
|  Advantage Large Cap Value | 9802910 | 24797933 | 56329083 | 90929926 |

---

<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 foreign currency contracts and futures contracts, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies and the characterization of corporate actions. 

During the year ended May 31, 2025, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

---

| | |
|:---|:---|
| *Fund Name* | *Utilized* |
|  Advantage International | $36663284 |
|  Advantage Small Cap Core | 203707240 |

---

As of May 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Tax Cost* | *Gross Unrealized<br>Appreciation* | *Gross Unrealized<br>Depreciation* | *Net Unrealized<br>Appreciation*<br> *(Depreciation)* |
|  Advantage International | $4295261005 | $653268635 | $(29512790) | $623755845 |
|  Advantage Large Cap Growth | 917220893 | 512954652 | (21764926) | 491189726 |
|  Advantage Small Cap Core | 4023854106 | 535751912 | (473425778) | 62326134 |
|  Advantage Large Cap Core | 2118454353 | 975973345 | (74463930) | 901509415 |
|  Advantage Large Cap Value | 568831801 | 87061453 | (30718413) | 56343040 |

---

**9.**  ***BANK BORROWINGS*** 

The Trust, on behalf of Advantage International, Advantage Large Cap Growth and Advantage Small Cap Core, and the Corporation, on behalf of Advantage Large Cap Core and Advantage Large Cap Value, 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 Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds

76 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Notes to Financial Statements (continued)

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 May 31, 2025, the Funds did not borrow under the credit agreement.

**10.**  ***PRINCIPAL RISKS*** 

In the normal course of business, the Funds invest in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund's prospectus provides details of the risks to which each Fund is subject.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to 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. A Fund may invest in illiquid investments. An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Fund may lose value, regardless of the individual results of the securities and other instruments in which a Fund invests. A Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

The price a Fund could receive upon the sale of any particular portfolio investment may differ from a Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore a Fund's results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Fund, and a Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

**Counterparty Credit Risk:** The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds' exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Funds.

**Geographic/Asset Class Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund's portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the income from, or the value or liquidity of, the Fund's portfolio. Investment percentages in specific sectors are presented in the Schedules of Investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate,

N O T E S T O F I N A N C I A L S T A T E M E N T S 77

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Notes to Financial Statements (continued)

it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

Advantage International invests a significant portion of its assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Fund's investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be, significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

Advantage International invests a significant portion of its assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Fund's investments.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

**11.**  ***CAPITAL SHARE TRANSACTIONS*** 

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended 05/31/25 | Year Ended 05/31/25 | Year Ended 05/31/24 | Year Ended 05/31/24 |
| *Fund Name/Share Class* | *Shares* | *Amount* | *Shares* | *Amount* |
|  Advantage International |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 109283830 | $2200589185 | 23297357 | $414287683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 2331042 | 45153839 | 1383179 | 24124489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (24097125) | (486562846) | (10399113) | (186487678) |
|  | 87517747 | $1759180178 | 14281423 | $251924494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 5614729 | $110909359 | 1964803 | $34539277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 402643 | 7702303 | 319591 | 5512362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2442734) | (47715668) | (2564768) | (44937995) |
|  | 3574638 | $70895994 | (280374) | $(4886356) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 205037 | $3909116 | 759644 | $12470746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 20101 | 372401 | 8965 | 149273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (200918) | (3828891) | (141151) | (2420929) |
|  | 24220 | $452626 | 627458 | $10199090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 51396214 | $991005728 | 2590705 | $46132287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 462357 | 8955985 | 344221 | 6005317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (10829822) | (215078714) | (1798410) | (32102894) |
|  | 41028749 | $784882999 | 1136516 | $20034710 |

---

78 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Notes to Financial Statements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended 05/31/25 | Year Ended 05/31/25 | Year Ended 05/31/24 | Year Ended 05/31/24 |
| *Fund Name/Share Class* | *Shares* | *Amount* | *Shares* | *Amount* |
|  Advantage International (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 487845 | $9494280 | 1017841 | $17350290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 54195 | 1035538 | 35544 | 612167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (580304) | (11354718) | (381525) | (6684230) |
|  | (38264) | $(824900) | 671860 | $11278227 |
|  | 132107090 | $2614586897 | 16436883 | $288550165 |
|  Advantage Large Cap Growth |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 5564680 | $137365853 | 3274605 | $74950123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 4987362 | 129647525 | 235499 | 5243158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (4696936) | (123889192) | (4350268) | (97770614) |
|  | 5855106 | $143124186 | (840164) | $(17577333) |
|  Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 1369989 | $32838557 | 985440 | $21327952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 4866084 | 117659241 | 183148 | 3842876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (3106423) | (74148286) | (2634857) | (56679531) |
|  | 3129650 | $76349512 | (1466269) | $(31508703) |
|  Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 292255 | $5317763 | 1314696 | $20739576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 447907 | 8228042 | 15709 | 263290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (536328) | (9470996) | (328177) | (5811599) |
|  | 203834 | $4074809 | 1002228 | $15191267 |
|  Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 105078 | $2703814 | 138788 | $3023950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 52367 | 1361231 | 2010 | 44757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (59441) | (1535411) | (43058) | (985582) |
|  | 98004 | $2529634 | 97740 | $2083125 |
|  Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 34108 | $825804 | 36480 | $901709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 12194 | 312822 | 225 | 4973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (14981) | (380780) | (3405) | (74617) |
|  | 31321 | $757846 | 33300 | $832065 |
|  | 9317915 | $226835987 | (1173165) | $(30979579) |
|  Advantage Small Cap Core |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 36255072 | $653384270 | 21347099 | $333503755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 877781 | 16960194 | 1441914 | 22168806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (27741700) | (495346481) | (59497255) | (936471823) |
|  | 9391153 | $174997983 | (36708242) | $(580799262) |
|  Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 26250441 | $458810007 | 4034735 | $63459431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 155609 | 3014256 | 180437 | 2751052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (10062007) | (180510807) | (4608184) | (72025154) |
|  | 16344043 | $281313456 | (393012) | $(5814671) |

---

N O T E S T O F I N A N C I A L S T A T E M E N T S 79

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Notes to Financial Statements (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended 05/31/25 | Year Ended 05/31/25 | Year Ended 05/31/24 | Year Ended 05/31/24 |
| *Fund Name/Share Class* | *Shares* | *Amount* | *Shares* | *Amount* |
|  Advantage Small Cap Core (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 192135 | $3354087 | 207623 | $3184439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 133 | 2511 | 1527 | 22365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (259412) | (4353432) | (194068) | (2922880) |
|  | (67144) | $(996834) | 15082 | $283924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 14776571 | $264820724 | 10206738 | $162561113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 508877 | 9825285 | 706613 | 10874632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (13506537) | (241870997) | (16148319) | (253421934) |
|  | 1778911 | $32775012 | (5234968) | $(79986189) |
|  | 27446963 | $488089617 | (42321140) | $(666316198) |
|  Advantage Large Cap Core |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 4901286 | $108928769 | 4253897 | $85531661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 6824168 | 152053419 | 692648 | 13247256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (8046068) | (178761785) | (36907101) | (738281082) |
|  | 3679386 | $82220403 | (31960556) | $(639502165) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 3492799 | $72667388 | 4162870 | $77141036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 10131144 | 211932648 | 603551 | 10921227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (10172908) | (212016675) | (9152406) | (171310982) |
|  | 3451035 | $72583361 | (4385985) | $(83248719) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 499466 | $7992470 | 1011189 | $14414272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 499829 | 8029473 | 12705 | 182763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (813790) | (12914239) | (782761) | (11561228) |
|  | 185505 | $3107704 | 241133 | $3035807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 4218196 | $93555579 | 766994 | $15907891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 269362 | 6007448 | 16885 | 323379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (807452) | (17528032) | (753056) | (14656265) |
|  | 3680106 | $82034995 | 30823 | $1575005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 156730 | $2856469 | 346800 | $5958058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 132563 | 2468740 | 6126 | 100028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (425172) | (8167576) | (119768) | (2062229) |
|  | (135879) | $(2842367) | 233158 | $3995857 |
|  | 10860153 | $237104096 | (35841427) | $(714144215) |
|  Advantage Large Cap Value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1450247 | $45574832 | 927476 | $27481322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 764805 | 23946218 | 156585 | 4498448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1483999) | (46611031) | (1298843) | (37668127) |
|  | 731053 | $22910019 | (214782) | $(5688357) |

---

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Notes to Financial Statements (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended 05/31/25 | Year Ended 05/31/25 | Year Ended 05/31/24 | Year Ended 05/31/24 |
| *Fund Name/Share Class* | *Shares* | *Amount* | *Shares* | *Amount* |
|  Advantage Large Cap Value (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 704352 | $21472423 | 633902 | $18495637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 1599849 | 48484401 | 323626 | 9028137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1852410) | (56231657) | (1815261) | (52151342) |
|  | 451791 | $13725167 | (857733) | $(24627568) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 101045 | $2742000 | 59407 | $1538116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 71958 | 1952910 | 13191 | 333274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (162600) | (4396509) | (196611) | (5153312) |
|  | 10403 | $298401 | (124013) | $(3281922) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 99111 | $3088303 | 193424 | $5568726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 50029 | 1566111 | 14682 | 421603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (128551) | (4045979) | (229117) | (7039729) |
|  | 20589 | $608435 | (21011) | $(1049400) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 18803 | $536038 | 24923 | $685611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 37342 | 1065365 | 7025 | 185628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (124836) | (3502166) | (55037) | (1487018) |
|  | (68691) | $(1900763) | (23089) | $(615779) |
|  | 1145145 | $35641259 | (1240628) | $(35263026) |

---

As of May 31, 2025, shares owned by BlackRock Financial Management, Inc., an affiliate of the Funds, were as follows:

---

| | | |
|:---|:---|:---|
| *Share Class* | *Advantage<br>Large Cap<br>Growth* | *Advantage<br>Large Cap<br>Growth* |
|  Class K |  | 12217 |

---

**12.**  ***FOREIGN WITHHOLDINGS TAX CLAIMS*** 

The Internal Revenue Service ("IRS") has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which Advantage International is able to pass through to shareholders as a foreign tax credit in the current year, the Fund will be able to offset the prior years' withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.

Certain of the outstanding foreign tax reclaims are not deemed by the Fund to meet the recognition criteria under U.S. GAAP as of May 31, 2025 and have not been recorded in the applicable Fund's net asset value. The recognition by the Fund of these amounts would have a positive impact on the applicable Fund's performance. If a Fund receives a tax refund that has not been previously recorded, investors in the Fund at the time the claim is successful will benefit from any resulting increase in the Fund's NAV. Investors who sold their shares prior to such time will not benefit from such NAV increase.

**13.**  ***SUBSEQUENT EVENTS*** 

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

N O T E S T O F I N A N C I A L S T A T E M E N T S 81

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Report of Independent Registered Public Accounting Firm

To the Shareholders of BlackRock Advantage International Fund, BlackRock Advantage Large Cap Growth Fund and BlackRock Advantage Small Cap Core Fund and the Board of Trustees of BlackRock Funds<sup>SM</sup>, and to the Shareholders of BlackRock Advantage Large Cap Core Fund and BlackRock Advantage Large Cap Value Fund and the Board of Directors of BlackRock Large Cap Series Funds, Inc.:

#### Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of BlackRock Advantage International Fund, BlackRock Advantage Large Cap Growth Fund, and BlackRock Advantage Small Cap Core Fund of BlackRock Funds<sup>SM</sup>, and BlackRock Advantage Large Cap Core Fund and BlackRock Advantage Large Cap Value Fund of BlackRock Large Cap Series Funds, Inc. (the "Funds"), including the schedules of investments, as of May 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for the periods indicated in the table below, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of May 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Fund | Financial Highlights |
| &nbsp;&nbsp;&nbsp; BlackRock Advantage International Fund, BlackRock Advantage Large Cap Growth Fund, BlackRock Advantage Large Cap Value Fund, BlackRock Advantage Small Cap Core Fund | For each of the five years in the period ended May 31, 2025 |
| &nbsp;&nbsp;&nbsp; BlackRock Advantage Large Cap Core Fund | For each of the three years in the period ended May 31, 2025, for the period from October 1, 2021 through May 31, 2022, and for each of the two years in the period ended September 30, 2021 |

---

#### Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' 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 Funds 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 Funds are not required to have, nor were we engaged to perform, an audit of their 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 Funds' 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 May 31, 2025, 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

July 22, 2025

We have served as the auditor of one or more BlackRock investment companies since 1992.

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Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended May 31, 2025:

---

| | |
|:---|:---|
| *Fund Name* | *Qualified Dividend<br>Income* |
|  Advantage International | $90455486 |
|  Advantage Large Cap Growth | 8375591 |
|  Advantage Small Cap Core | 38421070 |
|  Advantage Large Cap Core | 35961936 |
|  Advantage Large Cap Value | 10917401 |

---

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended May 31, 2025:

---

| | |
|:---|:---|
| *Fund Name* | *Qualified Business<br>Income* |
|  Advantage Large Cap Growth | $45895 |
|  Advantage Large Cap Core | 1202951 |
|  Advantage Large Cap Value | 602162 |

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended May 31, 2025:

---

| | |
|:---|:---|
| *Fund Name* | *20% Rate<br>Long-Term<br>Capital Gain<br>Dividends* |
|  Advantage International | $15828707 |
|  Advantage Large Cap Growth | 183862841 |
|  Advantage Large Cap Core | 242117226 |
|  Advantage Large Cap Value | 29838821 |

---

The Fund intends to pass through to its shareholders the following amount, or maximum amount allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended May 31, 2025:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Foreign Source<br>Income Earned* | *Foreign Taxes<br>Paid* |
|  Advantage International | $90749739 | $8078379 |

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended May 31, 2025:

---

| | |
|:---|:---|
| *Fund Name* | *Federal Obligation<br>Interest* |
|  Advantage International | $1380159 |
|  Advantage Small Cap Core | 568598 |
|  Advantage Large Cap Core | 327494 |
|  Advantage Large Cap Value | 88901 |

---

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 percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended May 31, 2025 qualified for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| *Fund Name* | *Dividends-Received <br>Deduction* |
|  Advantage Large Cap Growth | 14.24% |
|  Advantage Small Cap Core | 100.00 |
|  Advantage Large Cap Core | 31.68 |
|  Advantage Large Cap Value | 36.65 |

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended May 31, 2025:

---

| | |
|:---|:---|
| *Fund Name* | *Interest Dividends* |
|  Advantage International | $2769038 |
|  Advantage Small Cap Core | 1146368 |
|  Advantage Large Cap Core | 660016 |
|  Advantage Large Cap Value | 179194 |

---

I M P O R T A N T T A X I N F O R M A T I O N 83

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Important Tax Information (unaudited) (continued)

The Funds hereby designate the following amounts, or maximum amounts 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 May 31, 2025:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Interest-Related<br>Dividends* | *Qualified<br>Short-Term<br>Capital Gains* |
|  Advantage International | $2782019 | $— |
|  Advantage Large Cap Growth |  | 79576383 |
|  Advantage Small Cap Core | 1146368 |  |
|  Advantage Large Cap Core | 660137 | 146283074 |
|  Advantage Large Cap Value | 179200 | 48937302 |

---

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Disclosure of Investment Advisory Agreements

The Board of Trustees of BlackRock Funds (the "Trust") met on April 22, 2025 and May 20-21, 2025 to consider the approval to continue the investment advisory agreement (the "Trust Advisory Agreement") between the Trust, on behalf of BlackRock Advantage International Fund ("Advantage International Fund"), BlackRock Advantage Large Cap Growth Fund ("Advantage Large Cap Growth Fund") and BlackRock Advantage Small Cap Core Fund ("Advantage Small Cap Core Fund"), and BlackRock Advisors, LLC (the "Manager" or "BlackRock"), each Fund's investment advisor.

The Board of Directors of BlackRock Large Cap Series Funds, Inc. (the "Corporation") met on April 22, 2025 and May 20-21, 2025 to consider the approval to continue the investment advisory agreement (the "Corporation Advisory Agreement") between the Corporation, on behalf of BlackRock Advantage Large Cap Value Fund ("Advantage Large Cap Value Fund") and BlackRock Advantage Large Cap Core Fund ("Advantage Large Cap Core Fund"), and the Manager, each Fund's investment advisor.

Advantage International Fund, Advantage Large Cap Growth Fund, Advantage Small Cap Core Fund, Advantage Large Cap Value Fund and Advantage Large Cap Core Fund are referred to herein individually as a "Fund" or collectively as the "Funds." The Trust Advisory Agreement and the Corporation Advisory Agreement are referred to herein individually as an "Agreement" or collectively as the "Agreements." For simplicity: (a) the Board of Trustees of the Trust and the Board of Directors of the Corporation are referred to herein individually as the "Board" and collectively as the "Boards" and the members are referred to as "Board Members"; and (b) the meetings held on April 22, 2025 are referred to as the "April Meeting" and the meetings held on May 20-21, 2025 are referred to as the "May Meeting."

#### The Approval Process
Consistent with the requirements of the Investment Company Act of 1940 (the "1940 Act"), the Boards consider the approval of the continuation of the pertinent Agreement for each Fund on an annual basis. The Board Members who are not "interested persons" of the Trust or the Corporation, as defined in the 1940 Act, are considered independent Board Members (the "Independent Board Members"). Each Board's consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock's various services to the pertinent Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Boards had four quarterly meetings per year, as well as numerous ad hoc meetings and executive sessions throughout the year, as needed. The committees of each Board similarly met throughout the year. The Boards also held the April Meeting to consider specific information regarding the renewal of the Agreements. In considering the renewal of the Agreements, the Boards assessed, among other things, the nature, extent and quality of the services provided to the Fund by BlackRock, BlackRock's personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock's management.

During the year, the Boards, acting directly and through their committees, considered information that was relevant to their annual consideration of the renewal of the pertinent Agreement, including the services and support provided by BlackRock to the Funds and their shareholders. BlackRock also furnished additional information to the Boards in response to specific questions from the Boards. Among the matters the Boards considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management's and portfolio managers' investment performance analyses, and the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by the Fund for services; (c) Fund operating expenses and how BlackRock allocates expenses to the Fund; (d) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of the Fund's investment objective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock's and each Fund's adherence to applicable compliance policies and procedures; (f) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as applicable; (g) BlackRock's and other service providers' internal controls and risk and compliance oversight mechanisms; (h) BlackRock's implementation of the proxy voting policies approved by the Board; (i) the use of brokerage commissions and execution quality of portfolio transactions; (j) BlackRock's implementation of each Fund's valuation and liquidity procedures; (k) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, exchange-traded fund ("ETF"), closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to the Fund; (l) BlackRock's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage; and (m) periodic updates on BlackRock's business.

Prior to and in preparation for the April Meeting, the Boards received and reviewed materials specifically relating to the renewal of the pertinent Agreement. The Independent Board Members continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist their deliberations. The materials provided in connection with the April Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), based on either a Lipper classification or Morningstar category, regarding each Fund's fees and expenses as compared with a peer group of funds as determined by Broadridge ("Expense Peers") and the investment performance of each Fund as compared with a peer group of funds ("Performance Peers"); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge's methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, ETFs, closed-end funds, open-end funds, and separately managed accounts, under similar investment mandates, as well as the performance of such other products, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with the Funds; (g) a summary of aggregate amounts paid by each Fund to BlackRock; (h) sales and redemption data regarding each Fund's shares; and (i) various additional information requested by the Boards as appropriate regarding BlackRock's and the Funds' operations.

At the April Meeting, each Board reviewed materials relating to its consideration of the pertinent Agreement and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the May Meeting, and such responses were reviewed by the Board Members.

At the May Meeting, each Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated

D I S C L O S U R E O F I N V E S T M E N T A D V I S O R Y A G R E E M E N T S 85

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Disclosure of Investment Advisory Agreements (continued)

profits realized by BlackRock and its affiliates from their relationship with the Funds; (d) each Fund's fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock's relationship with the Funds; and (g) other factors deemed relevant by the Board Members.

Each Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock's services related to the valuation and pricing of Fund portfolio holdings. Each Board noted the willingness of BlackRock's personnel to engage in open, candid discussions with the Board. Each Board evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide more information about some of the primary factors that were relevant to each Board's decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

*A. Nature, Extent and Quality of the Services Provided by BlackRock* 

Each Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of the applicable Fund. Throughout the year, each Board compared each Fund's performance to the performance of a comparable group of mutual funds, relevant benchmarks, and performance metrics, as applicable. The Boards met with BlackRock's senior management personnel responsible for investment activities, including the senior investment officers. Each Board also reviewed the materials provided by each Fund's portfolio management team discussing the Fund's performance, investment strategies and outlook.

Each Board considered, among other factors, with respect to BlackRock: the experience of each Fund's portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of certain trading, portfolio management, operations and/or information systems owned by BlackRock; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Boards also considered BlackRock's overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock's Risk & Quantitative Analysis Group. Each Board engaged in a review of BlackRock's compensation structure with respect to each Fund's portfolio management team and BlackRock's ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Boards considered the nature and quality of the administrative and other non-investment advisory services provided to each Fund. BlackRock and its affiliates provide the Funds with certain administrative, shareholder and other services (in addition to any such services provided to the Funds by third-parties) and officers and other personnel as are necessary for the operations of the Funds. In particular, BlackRock and its affiliates provide the Funds with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of third-party service providers including, among others, each Fund's custodian, fund accountant, transfer agent, and auditor; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of the Funds, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing each Fund's distribution partners, and shareholder call center and other services. The Boards reviewed the structure and duties of BlackRock's fund administration, shareholder services, and legal and compliance departments and considered BlackRock's policies and procedures for assuring compliance with applicable laws and regulations. Each Board also considered the operation of BlackRock's business continuity plans.

*B. The Investment Performance of the Funds* 

Each Board, including the Independent Board Members, reviewed and considered the performance history of each Fund throughout the year and at the April Meeting. Each Board was provided with Fund performance reporting and analysis, relative to applicable performance metrics, by BlackRock throughout the year and at the April meeting. In preparation for the April Meeting, the Boards were also provided with reports independently prepared by Broadridge, which included an analysis of each Fund's performance as of December 31, 2024, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, with respect to each Fund, the applicable Board received and reviewed information regarding the investment performance of the Fund as compared to its Performance Peers. Each Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of each Fund throughout the year.

In evaluating performance, the Boards focused particular attention on funds with less favorable performance records. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Boards recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.

The Board of the Trust noted that for each of the one-, three- and five-year periods reported, Advantage International Fund ranked in the first quartile against its Performance Peers.

The Board of the Corporation noted that for the one-, three- and five-year periods reported, Advantage Large Cap Core Fund ranked in the first, second and second quartiles, respectively, against its Performance Peers.

The Board of the Trust noted that for each of the one-, three- and five-year periods reported, Advantage Large Cap Growth Fund ranked in the second quartile against its Performance Peers.

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Disclosure of Investment Advisory Agreements (continued)

The Board of the Corporation noted that for the one-, three- and five-year periods reported, Advantage Large Cap Value Fund ranked in the second, third and second quartiles, respectively, against its Performance Peers. The Board and BlackRock reviewed the Fund's underperformance relative to its Performance Peers during the applicable period.

The Board of the Trust noted that for the one-, three- and five-year periods reported, Advantage Small Cap Core Fund ranked in the second, third and third quartiles, respectively, against its Performance Peers. The Board and BlackRock reviewed the Fund's underperformance relative to its Performance Peers during the applicable periods.

*C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with the Funds* 

Each Board, including the Independent Board Members, reviewed each Fund's contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. Each Board also compared each Fund's total expense ratio, as well as its actual management fee rate, to those of its Expense Peers. The total expense ratio represents a fund's total net operating expenses, including any 12b-1 or non-12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Boards considered that the fee and expense information in the Broadridge report for the Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Board also noted that while it found the expense comparison provided by Broadridge generally useful, it recognized that the comparison is subject to Broadridge's defined peer selection criteria and methodology. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Boards reviewed BlackRock's profitability methodology and were also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Boards reviewed BlackRock's estimated profitability with respect to each Fund and other funds the Boards currently oversee for the year ended December 31, 2024 compared to available aggregate estimated profitability data provided for the prior two years. The Boards reviewed BlackRock's estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Boards reviewed BlackRock's assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Boards recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Boards thus recognized the limitations of calculating and comparing profitability at the individual fund level.

The Boards received and reviewed statements relating to BlackRock's financial condition. The Boards reviewed BlackRock's overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Boards considered the differences between BlackRock and these other firms, including the contribution of BlackRock's technology business, BlackRock's expense management, and the relative product mix. The Boards noted that, in general, individual fund or product line profitability of other advisors is not publicly available.

Each Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Boards further considered factors including but not limited to BlackRock's commitment of time and resources, assumption of risk, and liability profile in servicing the Funds, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, ETF, closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable.

The applicable Board noted that each of Advantage International Fund's, Advantage Small Cap Core Fund's and Advantage Large Cap Core Fund's contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Fund's Expense Peers.

The Board of the Trust noted that Advantage Large Cap Growth Fund's contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio ranked in the second and first quartiles, respectively, relative to the Fund's Expense Peers.

The Board of the Corporation noted that Advantage Large Cap Value Fund's contractual management fee rate ranked in the third quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Fund's Expense Peers.

The Boards also noted that each Fund has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the size of the pertinent Fund increases above certain contractually specified levels. The Boards additionally noted that the breakpoints can, conversely, adjust the advisory fee rate upward as the size of the pertinent Fund decreases below certain contractually specified levels. The Boards further noted that BlackRock and the applicable Board have contractually agreed to a cap on each Fund's total expenses as a percentage of the Fund's average daily net assets on a class-by-class basis.

*D. Economies of Scale* 

Each Board, including the Independent Board Members, considered the extent to which any economies of scale might benefit the Funds in a variety of ways as the assets of the Funds increase. Each Board considered multiple factors, including the advisory fee rate and breakpoints, unitary fee structure, fee waivers, and/or expense caps, as applicable. Each Board considered each Fund's asset levels and whether the current fee schedule was appropriate.

*E. Other Factors Deemed Relevant by the Board Members* 

Each Board, including the Independent Board Members, also took into account other ancillary or "fall-out" benefits that BlackRock or its affiliates may derive from BlackRock's respective relationships with the applicable Fund, both tangible and intangible, such as BlackRock's ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock's profile in the investment advisory community, and the engagement of BlackRock's affiliates as service providers to the Funds, including for administrative, distribution, securities lending and cash management services. With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The

D I S C L O S U R E O F I N V E S T M E N T A D V I S O R Y A G R E E M E N T S 87

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Disclosure of Investment Advisory Agreements (continued)

Board also considered BlackRock's overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the pertinent Agreements, the Boards also received information regarding BlackRock's brokerage and soft dollar practices. The Boards received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Boards noted the competitive nature of the mutual fund marketplace, and that shareholders are able to redeem their Fund shares if they believe that the pertinent Fund's fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

#### Conclusion
At the May Meeting, in a continuation of the discussions that occurred during the April Meeting, and as a culmination of the Board of the Trust's year-long deliberative process, the Board of the Trust, including the Independent Board Members, unanimously approved the continuation of the Trust Advisory Agreement between the Manager and the Trust, on behalf of each of Advantage International Fund, Advantage Large Cap Growth Fund and Advantage Small Cap Core Fund, for a one-year term ending June 30, 2026.

At the May Meeting, in a continuation of the discussions that occurred during the April Meeting, and as a culmination of the Board of the Corporation's year-long deliberative process, the Board of the Corporation, including the Independent Board Members, unanimously approved the continuation of the Corporation Advisory Agreement between the Manager and the Corporation, on behalf of each of Advantage Large Cap Value Fund and Advantage Large Cap Core Fund, for a one-year term ending June 30, 2026.

Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Boards, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreements, the Boards did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.

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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/trustees of the Corporation/Trust is paid by the Corporation/Trust, on behalf of the Funds.

#### General Information
Quarterly performance, shareholder reports, semi-annual and annual financial statements, current net asset value and other information regarding the Funds may be found on BlackRock's website, which can be accessed at **blackrock.com**. Any reference to BlackRock's website in this report is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock's website in this report.

#### Electronic Delivery
Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program.

To enroll in electronic delivery:

#### Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:
Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.

#### Shareholders Who Hold Accounts Directly with BlackRock:
1. Access the BlackRock website at **blackrock.com**

2. Select "Access Your Account"

3. Next, select "eDelivery" in the "Related Resources" box and follow the sign-up instructions.

#### BlackRock's Mutual Fund Family
BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit **blackrock.com** for more information.

#### Shareholder Privileges

#### Account Information
Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit **blackrock.com** for more information.

#### Automatic Investment Plans
Investor class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.

#### Systematic Withdrawal Plans
Investor class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.

#### Retirement Plans
Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.

A D D I T I O N A L I N F O R M A T I O N 89

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Additional Information (continued)

#### Fund and Service Providers

---

| | |
|:---|:---|
| **Investment Adviser and Administrator** | **Independent Registered Public Accounting Firm** |
| BlackRock Advisors, LLC | Deloitte & Touche LLP |
| Wilmington, DE 19809 | Boston, MA 02110 |
| **Accounting Agent and Transfer Agent** | **Distributor** |
| BNY Mellon Investment Servicing (US) Inc. | BlackRock Investments, LLC |
| Wilmington, DE 19809 | New York, NY 10001 |
| **Custodian** | **Legal Counsel** |
| The Bank of New York Mellon | Sidley Austin LLP |
| New York, NY 10286 | New York, NY 10019 |
|  | **Address of the Trust and the Corporation** |
|  | 100 Bellevue Parkway |
|  | Wilmington, DE 19809 |

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Glossary of Terms Used in these Financial Statements

#### Portfolio Abbreviation

---

| | |
|:---|:---|
| CVR | Contingent Value Rights |
| LP | Limited Partnership |
| NVS | Non-Voting Shares |
| REIT | Real Estate Investment Trust |

---

G L O S S A R Y O F T E R M S U S E D I N T H E S E F I N A N C I A L S T A T E M E N T S 91

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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 Funds unless preceded or accompanied by the Funds' current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.

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| | |
|:---|:---|
| ![LOGO](g34788g42l24.jpg)  | ![LOGO](g34788bclogo.jpg) |

---

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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 – See Item 7

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

#### 5

------

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

---

| | |
|:---|:---|
| Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.  |

---

Item 16 – Controls and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

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.](d73997dex99cert.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.](d73997dex99906cert.htm)

#### 6

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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Funds<sup>SM</sup>

---

| | |
|:---|:---|
| By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Funds<sup>SM</sup> |

---

Date: July 22, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Funds<sup>SM</sup> |

---

Date: July 22, 2025

---

| | |
|:---|:---|
| By: | /s/ Trent Walker  |
|  | Trent Walker |
|  | Chief Financial Officer (principal financial officer) of |
|  | BlackRock Funds<sup>SM</sup> |

---

Date: July 22, 2025

#### 7

## Ex-99.Cert

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Funds<sup>SM</sup>, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Funds<sup>SM</sup>;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: July 22, 2025

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Funds<sup>SM</sup>

------

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock Funds<sup>SM</sup>, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Funds<sup>SM</sup>;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: July 22, 2025

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds<sup>SM</sup>

## Exhibit 99.906

Exhibit 99.906CERT

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and** 

**Section 906 of the Sarbanes-Oxley Act of 2002** 

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Funds<sup>SM</sup> (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended May 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: July 22, 2025

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Funds<sup>SM</sup>

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Funds<sup>SM</sup> (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended May 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: July 22, 2025

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds<sup>SM</sup>

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission**.**