# EDGAR Filing Document

**Accession Number:** 0000844779
**File Stem:** 0001193125-23-021337
**Filing Date:** 2023-2
**Character Count:** 398100
**Document Hash:** 3b8fa98beb8c26582357132161fa10f4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-021337.hdr.sgml**: 20230201

**ACCESSION NUMBER**: 0001193125-23-021337

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 8

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230201

**DATE AS OF CHANGE**: 20230201

**EFFECTIVENESS DATE**: 20230201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK FUNDS
- **CENTRAL INDEX KEY:** 0000844779
- **IRS NUMBER:** 510318674
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05742
- **FILM NUMBER:** 23576189

**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 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 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 Infrastructure Sustainable Opportunities Fund (Series ID: S000073490)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000230441 | Investor A    |  |
| C000230442 | Institutional |  |
| C000230443 | Class K       |  |

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 Health Sciences Opportunities Portfolio

BlackRock Infrastructure Sustainable Opportunities Fund

BlackRock Mid-Cap Growth Equity Portfolio

BlackRock Technology Opportunities 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>, 55 East 52<sup>nd</sup> Street, New York, NY 10055

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

Date of fiscal year end: 05/31/2023

Date of reporting period: 11/30/2022

------

Item 1 – Report to Stockholders

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

------

---

| | |
|:---|:---|
| ![LOGO](g445172g25g91.jpg)  | **NOVEMBER 30, 2022** |

---

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

**BlackRock Capital Appreciation Fund, Inc.** 

**BlackRock Funds<sup>SM</sup>** 

· BlackRock Health Sciences Opportunities Portfolio

· BlackRock Infrastructure Sustainable Opportunities Fund

· BlackRock Mid-Cap Growth Equity Portfolio

· BlackRock Technology Opportunities Fund

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

------

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended November 30, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia's invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

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

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

The U.S. Federal Reserve (the "Fed"), acknowledging that inflation has been more persistent than expected, raised interest rates six times. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. While the Fed suggested that additional rate hikes were likely, it also gave indications that the pace of increases would slow if inflation continued to subside.

The pandemic's restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy's capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but this prospect has not yet been fully priced in by markets. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market's concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where valuations are attractive and higher yields provide income opportunities. We believe that global investment-grade corporates, global inflation-linked bonds, and U.S. mortgage-backed securities offer strong opportunities for a six- to twelve-month horizon.

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

Sincerely,

---

| |
|:---|
| ![LOGO](g445172sig_01mips.jpg)  |
| Rob Kapito |
| President, BlackRock Advisors, LLC |

---

![LOGO](g445172photo_01mips.jpg)

Rob Kaplito

President, BlackRock Advisors, LLC

---

| | | |
|:---|:---|:---|
| **Total Returns as of November 30, 2022** | **Total Returns as of November 30, 2022** | **Total Returns as of November 30, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6-Month | &nbsp;&nbsp;&nbsp;&nbsp;12-Month |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. large cap equities (S&P 500<sup>®</sup> Index) | (0.40)% | (9.21)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. small cap equities (Russell 2000<sup>®</sup> Index) | 1.98 | (13.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; International equities (MSCI Europe, Australasia, Far East Index) | (3.59) | (10.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging market equities (MSCI Emerging Markets Index) | (8.15) | (17.43) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index) | 0.98 | 1.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index) | (5.33) | (15.69) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index) | (4.06) | (12.84) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt municipal bonds (Bloomberg Municipal Bond Index) | (1.43) | (8.64) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) | (2.87) | (8.95) |

---

Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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

------

**Table of Contents**

---

| | |
|:---|:---|
| | **Page** |
|  [The Markets in Review](#tx445172_1) | 2 |
|  **Semi-Annual Report:** |  |
|  [Fund Summary](#tx445172_2) | 4 |
|  [About Fund Performance](#tx445172_3) | 15 |
|  [Disclosure of Expenses](#tx445172_4) | 15 |
|  [Derivative Financial Instruments](#tx445172_5) | 16 |
|  Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schedules of Investments](#tx445172_6) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#tx445172_7) | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#tx445172_8) | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#tx445172_9) | 42 |
|  [Financial Highlights](#tx445172_10) | 45 |
|  [Notes to Financial Statements](#tx445172_11) | 71 |
|  [Statement Regarding Liquidity Risk Management Program](#tx445172_12) | 87 |
|  [Additional Information](#tx445172_13) | 88 |
|  [Glossary of Terms Used in this Report](#tx445172_14) | 90 |

---

![LOGO](g445172g74r35.jpg)

3.0 ------

---

| | |
|:---|:---|
| Fund Summary as of November 30, 2022  | **BlackRock Capital Appreciation Fund, Inc.** |

---

**Investment Objective** 

**BlackRock Capital Appreciation Fund, Inc.'s (the "Fund")** investment objective is to seek long-term growth of capital.

**Portfolio Management Commentary** 

**How did the Fund perform?** 

For the six-month period ended November 30, 2022, the Fund underperformed its benchmark, the Russell 1000<sup>®</sup> Growth Index. For the same period, all of the Fund's share classes underperformed the broad-market S&P 500<sup>®</sup> Index. The following discussion of relative performance pertains to the Russell 1000<sup>®</sup> Growth Index.

**What factors influenced performance?** 

The largest detractors from relative performance included investment decisions in the information technology ("IT"), energy and consumer staples sectors. Within IT, an underweight allocation to the technology hardware, storage and peripherals industry proved most costly, driven by a large underweight position in Apple Inc., while stock selection among IT services companies also weighed on relative return. In energy, a combination of stock selection and the timing of our overweight allocation to the oil & gas exploration & production sub-industry hurt relative results, including ownership of off-benchmark EQT Corp. and an overweight position in Pioneer Natural Resources Co. Lastly, in consumer staples, our decision to not invest in beverages and food & staples retailing companies dampened relative return, as did an overweight allocation to Olaplex Holdings, Inc. within the personal products industry.

The largest positive contributor to the Fund's relative performance was positioning in the real estate sector. In particular, an underweight allocation to the equity REITs industry boosted relative return, most notably through avoiding positions in Crown Castle, Inc. and American Tower Corp. An overweight to the healthcare equipment and supplies industry, specifically to Intuitive Surgical, Inc., also proved additive. Finally, an overweight to LVMH, a luxury goods company within consumer discretionary, also contributed to relative performance during the period.

**Describe recent portfolio activity.** 

During the period, exposure to healthcare increased with investment in the healthcare equipment and supplies sub-sector. Exposure to the IT sector increased as well. Conversely, exposure to communication services declined the most due to a decreased allocation to interactive media and services. Exposure to the energy sector also declined. The Fund's cash position slightly decreased as well over the period.

**Describe portfolio positioning at period end.** 

As of period end, the Fund's largest overweight position relative to the Russell 1000<sup>®</sup> Growth Index was in the healthcare sector, followed by financials and IT. Conversely, the consumer staples sector was the largest underweight, followed by industrials and real estate.

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

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

------

---

| | |
|:---|:---|
| Fund Summary as of November 30, 2022 (continued) | **BlackRock Capital Appreciation Fund, Inc.** |

---

**Performance** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> |
|  | | 1 Year | 1 Year | 5 Years | 5 Years | 10 Years | 10 Years |
|  | *6-Month<br>Total<br>Returns* | *Without<br>Sales<br>Charge* | *With<br>Sales<br>Charge* | *Without<br>Sales<br>Charge* | *With<br>Sales<br>Charge* | *Without<br>Sales<br>Charge* | *With<br>Sales<br>Charge* |
|  Institutional | (6.87)% | (31.37)% | N/A | 9.36% | N/A | 12.44% | N/A |
|  Investor A | (7.01) | (31.55) | (35.15)% | 9.08 | 7.91% | 12.13 | 11.53% |
|  Investor C | (7.38) | (32.08) | (32.65) | 8.22 | 8.22 | 11.41 | 11.41 |
|  Class K | (6.86) | (31.33) | N/A | 9.47 | N/A | 12.55 | N/A |
|  Class R | (7.20) | (31.83) | N/A | 8.73 | N/A | 11.81 | N/A |
|  **Russell 1000**<sup>®</sup> **Growth Index<sup>(c)</sup>**  | (1.76) | (21.64) | N/A | 12.92 | N/A | 15.01 | N/A |
|  **S&P 500**<sup>®</sup> **Index<sup>(d)</sup>**  | (0.40) | (9.21) | N/A | 10.98 | N/A | 13.34 | N/A |

---

<sup>(a)</sup> Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See "About Fund Performance" for a detailed description of share classes, including any related sales charges and fees, and how performance was calculated for certain share classes. 

<sup>(b)</sup> The Fund invests primarily in a diversified portfolio consisting primarily of common stock of U.S. companies that Fund management believes have exhibited above-average growth rates in earnings over the long term.

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

<sup>(d)</sup> An unmanaged index that covers 500 leading companies and captures approximately 80% coverage of available market capitalization. 

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

Past performance is not an indication of future results.

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

**Expense Example** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | |
|  | *Beginning<br>Account Value<br>(06/01/22)* | *Ending <br>Account Value <br>(11/30/22)* | *Expenses<br>Paid During<br>the Period<sup>(a)</sup>* | *Beginning<br>Account Value<br>(06/01/22)* | *Ending<br>Account Value<br>(11/30/22)* | *Expenses <br>Paid During <br>the Period<sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
|  Institutional | $1000.00 | $931.30 | $3.49 | $1000.00 | $1021.46 | $3.65 | 0.72% |
|  Investor A | 1000.00 | 929.90 | 4.84 | 1000.00 | 1020.05 | 5.06 | 1.00 |
|  Investor C | 1000.00 | 926.20 | 8.86 | 1000.00 | 1015.87 | 9.25 | 1.83 |
|  Class K | 1000.00 | 931.40 | 3.12 | 1000.00 | 1021.83 | 3.29 | 0.65 |
|  Class R | 1000.00 | 928.00 | 6.60 | 1000.00 | 1018.23 | 6.88 | 1.36 |

---

<sup>(a)</sup> For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown).

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

**Portfolio Information** 

---

| | |
|:---|:---|
| **TEN LARGEST HOLDINGS** | **TEN LARGEST HOLDINGS** |
| *Security<sup>(a)</sup>* | *Percent of<br>Net Assets* |
|  Apple Inc. | 8.7% |
|  Microsoft Corp. | 8.5 |
|  Amazon.com, Inc. | 6.4 |
|  Visa, Inc., Class A | 4.9 |
|  Alphabet, Inc., Class A | 4.7 |
|  Intuit, Inc. | 4.1 |
|  UnitedHealth Group, Inc. | 3.5 |
|  ASML Holding NV, Registered Shares | 3.4 |
|  S&P Global, Inc. | 2.9 |
|  Tesla, Inc. | 2.7 |

---

---

| | |
|:---|:---|
| **SECTOR ALLOCATION** | **SECTOR ALLOCATION** |
| *Sector<sup>(b)</sup>* | *Percent of<br>Net Assets* |
|  Information Technology | 44.7% |
|  Consumer Discretionary | 17.1 |
|  Health Care | 16.9 |
|  Communication Services | 7.3 |
|  Financials | 5.4 |
|  Industrials | 4.4 |
|  Energy | 1.8 |
|  Materials | 1.3 |
|  Other (each representing less than 1%) | 0.6 |
|  Short-Term Securities | 0.6 |
|  Liabilities in Excess of Other Assets | (0.1) |

---

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

<sup>(b)</sup> For Fund compliance purposes, the Fund's sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. 

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

------

---

| | |
|:---|:---|
| Fund Summary as of November 30, 2022  | **BlackRock Health Sciences Opportunities Portfolio** |

---

**Investment Objective** 

**BlackRock Health Sciences Opportunities Portfolio's (the "Fund")** investment objective is to provide long-term growth of capital.

**Portfolio Management Commentary** 

**How did the Fund perform?** 

For the six-month period ended November 30, 2022, all of the Fund's share classes outperformed its benchmark, the Russell 3000<sup>®</sup> Health Care Index, except for Investor C Shares, which underperformed, the benchmark.

**What factors influenced performance?** 

Healthcare stocks posted a gain in the annual period and outperformed the broader U.S. equity market. The sector was helped by its relatively low sensitivity to the key issues weighing on market performance, particularly rising interest rates and slowing economic growth.

The Fund's outperformance stemmed from both stock selection and industry allocations. In terms of specific holdings, an overweight position in Abiomed, Inc. was the top contributor to relative performance. The stock rose on news of Johnson & Johnson's plans to acquire the medical device company for $16.6 billion. An underweight in Johnson & Johnson also contributed, as the stock declined on worries that the company would face challenges meeting its ambitious growth targets following its acquisition of Abiomed. An overweight in Imago Biosciences, Inc., which rallied after Merck announced a bid for the company, was an additional contributor of note.

On the other hand, an out-of-benchmark holding in Sanofi SA was the largest detractor amid ongoing concerns regarding Zantac litigation. The lack of a position in Humana, Inc. detracted after the company reported lackluster earnings and reduced membership guidance. The investment adviser subsequently sold the position, which prevented the Fund from capitalizing on the stock's subsequent recovery. An overweight in Zoetis, Inc. also hurt performance. The stock declined as supply chain issues, labor shortages and adverse foreign-currency effects hindered the company's earnings.

**Describe recent portfolio activity.** 

The Fund's weightings in the biotechnology and medical devices and supplies sub-sectors increased. Conversely, its allocations to the healthcare providers and services and pharmaceuticals sub-sectors decreased.

**Describe portfolio positioning at period end.** 

The investment adviser was encouraged by the healthcare sector's resilience in the midst of the extraordinary macroeconomic and geopolitical challenges that characterized the past six months. The investment adviser continued to identify investment opportunities in stable, cash-flow generating companies across the healthcare sector. In particular, it looked for selective growth opportunities stemming from innovation and technological developments, especially in the biotechnology, pharmaceuticals and medical devices industries. The investment adviser maintained an emphasis on diversification, risk management and fundamental analysis.

The investment adviser believed the long-term, secular drivers for the healthcare sector—including aging global demographics and innovation in medical technology—remain in place. It sees these trends, together with favorable valuations across the sector, as the foundation for a compelling long-term investment opportunity.

At the end of the period, the Fund was underweight in the pharmaceuticals industry and slightly overweight in biotechnology, healthcare providers and services and medical devices & supplies.

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

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

------

---

| | |
|:---|:---|
| Fund Summary as of November 30, 2022 (continued) | **BlackRock Health Sciences Opportunities Portfolio** |

---

**Performance** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> |
|  | | 1 Year | 1 Year | 5 Years | 5 Years | 10 Years | 10 Years |
|  | *6-Month<br>Total<br>Returns* | *Without<br>Sales<br>Charge* | *With<br>Sales<br>Charge* | *Without<br>Sales<br>Charge* | *With<br>Sales<br>Charge* | *Without<br>Sales<br>Charge* | *With<br>Sales<br>Charge* |
|  Institutional | 6.55% | 3.13% | N/A | 11.68% | N/A | 15.78% | N/A |
|  Service | 6.38 | 2.82 | N/A | 11.35 | N/A | 15.44 | N/A |
|  Investor A | 6.41 | 2.87 | (2.53)% | 11.39 | 10.19% | 15.47 | 14.85% |
|  Investor C | 6.00 | 2.10 | 1.22 | 10.57 | 10.57 | 14.80 | 14.80 |
|  Class K | 6.60 | 3.23 | N/A | 11.79 | N/A | 15.74 | N/A |
|  Class R | 6.21 | 2.48 | N/A | 11.01 | N/A | 15.09 | N/A |
|  **Russell 3000**<sup>®</sup> **Health Care Index<sup>(c)</sup>**  | 6.08 | 2.65 | N/A | 11.69 | N/A | 14.85 | N/A |

---

<sup>(a)</sup> Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See "About Fund Performance" for a detailed description of share classes, including any related sales charges and fees, and how performance was calculated for certain share classes. 

<sup>(b)</sup> Under normal market conditions, the Fund invests at least 80% of its total assets in equity securities, primarily common stock, of companies in health sciences and related industries. 

<sup>(c)</sup> An unmanaged index that features companies involved in medical services or health care in the Russell 3000<sup>®</sup> Index, which includes the largest 3,000 U.S. companies as determined by total market capitalization. 

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

Past performance is not an indication of future results.

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

**Expense Example** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Actual** | **Actual** | **Actual** | **Hypothetical 5% Return** | **Hypothetical 5% Return** | **Hypothetical 5% Return** |  |
|  | *Beginning<br>Account Value<br>(06/01/22)* | *Ending<br>Account Value<br>(11/30/22)* | *Expenses <br>Paid During <br>the Period<sup>(a)</sup>* | *Beginning<br>Account Value<br>(06/01/22)* | *Ending<br>Account Value<br>(11/30/22)* | *Expenses <br>Paid During <br>the Period(a)* | *Annualized<br>Expense<br>Ratio*  |
|  Institutional | $1000.00 | $1065.50 | $4.35 | $1000.00 | $1020.85 | $4.26 | 0.84% |
|  Service | 1000.00 | 1063.80 | 5.91 | 1000.00 | 1019.34 | 5.77 | 1.14 |
|  Investor A | 1000.00 | 1064.10 | 5.66 | 1000.00 | 1019.58 | 5.52 | 1.09 |
|  Investor C | 1000.00 | 1060.00 | 9.55 | 1000.00 | 1015.80 | 9.35 | 1.85 |
|  Class K | 1000.00 | 1066.00 | 3.86 | 1000.00 | 1021.33 | 3.80 | 0.75 |
|  Class R | 1000.00 | 1062.10 | 7.54 | 1000.00 | 1017.75 | 7.39 | 1.46 |

---

<sup>(a)</sup> For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown).

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

**Portfolio Information** 

---

| | |
|:---|:---|
| **TEN LARGEST HOLDINGS** | **TEN LARGEST HOLDINGS** |
| *Security<sup>(a)</sup>* | *Percent of<br>Net Assets* |
|  UnitedHealth Group, Inc. | 8.7% |
|  Eli Lilly & Co. | 5.6 |
|  Johnson & Johnson | 5.2 |
|  Merck & Co., Inc. | 4.1 |
|  Thermo Fisher Scientific, Inc. | 4.0 |
|  Amgen, Inc. | 3.3 |
|  Elevance Health, Inc. | 3.2 |
|  Boston Scientific Corp. | 3.1 |
|  Danaher Corp. | 3.1 |
|  Abbott Laboratories | 2.9 |

---

---

| | |
|:---|:---|
| **INDUSTRY ALLOCATION** | |
| *Industry<sup>(b)</sup>* | *Percent of<br>Net Assets* |
|  Pharmaceuticals | 23.5% |
|  Biotechnology | 21.7 |
|  Health Care Providers & Services | 21.4 |
|  Health Care Equipment & Supplies | 19.6 |
|  Life Sciences Tools & Services | 11.5 |
|  Other (each representing less than 1%) | 0.3 |
|  Short-Term Securities | 3.4 |
|  Liabilities in Excess of Other Assets | (1.4) |

---

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

<sup>(b)</sup> For Fund compliance purposes, the Fund's industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease. 

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

------

---

| | |
|:---|:---|
| Fund Summary as of November 30, 2022 | **BlackRock Infrastructure Sustainable Opportunities Fund** |

---

**Investment Objective** 

**BlackRock Infrastructure Sustainable Opportunities Fund's (the "Fund")** investment objective is to seek to maximize total return while seeking to invest in issuers which are helping to address certain United Nations Sustainable Development Goals ("SDGs") through their products and services.

**Portfolio Management Commentary** 

**How did the Fund perform?** 

For the six-month period ended November 30, 2022, the Fund underperformed its benchmark, the FTSE Developed Core Infrastructure 50/50 Net Tax Index.

**What factors influenced performance?** 

An overweight allocation to the communication services sector, where many stocks were disproportionately hurt by rising interest rates, was the largest detractor from relative performance. Overweight positions in U.S. healthcare stocks also detracted, as did an overweight to Eurozone toll road operators.

Stock selection in U.S. electric utilities made the largest contribution to performance. An overweight in the nuclear power operator Constellation Energy Corp., which rallied on hopes that the renewable-energy incentives in the Inflation Reduction Act would support further growth for the renewables sector, was a top contributor. An underweight in Canadian midstream energy stocks also contributed to performance. An overweight in the Japanese railroad and Canadian electric utilities sectors contributed, as well.

**Describe recent portfolio activity.** 

The Fund's weightings in U.K. diversified utilities increased due to the addition of National Grid PLC, and its weighting in U.K. water utilities rose following the purchase of Severn Trent PLC. The purchases reflected the investment adviser's view that both companies stood to benefit from their inflation-linked cash flows. The Fund's weightings in Hong Kong electric utilities and U.S. railroads also increased.

The Fund reduced its allocation to U.S. electric utilities on the belief that the sector's strong performance limited the amount of further upside potential. The Fund also lowered its weightings in Eurozone electric utilities and Australia toll road operators.

**Describe portfolio positioning at period end.** 

The Fund's cash weighting was higher than the investment adviser's long-term target. Given the uncertainty in the markets, the investment adviser sought to have cash on hand to capitalize on additional volatility by purchasing stocks saw as having favorable risk-return profiles.

The strategy is benchmark-agnostic in its construction, and looks to avoid the inherent United States bias that is prevalent in the most widely used infrastructure index, the FTSE Developed Core Infrastructure 50/50 Net Tax Index. The Fund therefore finished the period overweight in the Europe/Middle East/Africa region, with a weighting approximately 30 percentage points above that of the benchmark. The investment adviser believed the region offers a compelling opportunity due to the combination of unique assets and the tailwinds from the structural megatrends of decarbonization and digitization. The Fund had a sizable overweight to European electric utilities—with a weighting 13 percentage points above the index—on the belief that the region is home to some of the most attractive opportunities in the renewable power industry. The Fund also had a six percentage-point overweight in the Europe communications sector.

The Fund had a significant, 31 percentage-point underweight in the Americas. While this was not necessarily an active decision to avoid the United States, this Fund seeks to provide true global exposure. It was underweight in U.S. electric utilities on the view that Europe electric utilities offered a more compelling opportunity.

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

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

------

---

| | |
|:---|:---|
| Fund Summary as of November 30, 2022 (continued) | **BlackRock Infrastructure Sustainable Opportunities Fund** |

---

**Performance** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> |
|  | | 1 Year | 1 Year | Since Inception<sup>(c)</sup> | Since Inception<sup>(c)</sup> |
|  | *6-Month<br>Total<br>Returns* | *Without<br>Sales<br>Charge* | *With<br>Sales<br>Charge* | *Without<br>Sales<br>Charge* | *With<br>Sales<br>Charge* |
|  Institutional | (8.67)% | (8.62)% | N/A | (7.12)% | N/A |
|  Investor A | (8.78) | (8.79) | (13.58)% | (7.34) | (11.53)% |
|  Class K | (8.65) | (8.59) | N/A | (7.09) | N/A |
|  **FTSE Developed Core Infrastructure 50/50 Net Tax Index<sup>(d)</sup>**  | (6.00) | 3.71 | N/A | 3.29 | N/A |

---

<sup>(a)</sup> Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See "About Fund Performance" for a detailed description of share classes, including any related sales charges and fees. 

<sup>(b)</sup> Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in the equity securities of infrastructure-related companies or derivatives with similar economic characteristics. 

<sup>(c)</sup> The Fund commenced operations on September 30, 2021.

<sup>(d)</sup> Gives participants an industry-defined interpretation of infrastructure and adjusts the exposure to certain infrastructure sub-sectors. The constituent weights are adjusted as part of the semi-annual review according to three broad industry sectors: 50% utilities; 30% transportation, including capping of 7.5% for railroads/railways; and a 20% mix of other sectors, including pipelines, satellites and telecommunication towers. 

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

Past performance is not an indication of future results.

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

**Expense Example** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | |
|  | *Beginning<br>Account Value<br>(06/01/22)* | *Ending<br>Account Value<br>(11/30/22)* | *Expenses<br>Paid During<br>the Period<sup>(a)</sup>* | *Beginning<br>Account Value<br>(06/01/22)* | *Ending<br>Account Value<br>(11/30/22)* | *Expenses<br>Paid During<br>the Period<sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
|  Institutional | $1000.00 | $913.30 | $4.76 | $1000.00 | $1020.09 | $5.01 | 0.99% |
|  Investor A | 1000.00 | 912.20 | 5.86 | 1000.00 | 1018.94 | 6.17 | 1.22 |
|  Class K | 1000.00 | 913.50 | 4.56 | 1000.00 | 1020.30 | 4.81 | 0.95 |

---

<sup>(a)</sup> For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown).

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

**Portfolio Information** 

**TEN LARGEST HOLDINGS** 

---

| | |
|:---|:---|
| *Security<sup>(a)</sup>* | *Percent of<br>Net Assets* |
|  Cellnex Telecom SA | 5.8% |
|  Enel SpA | 5.1 |
|  Severn Trent PLC | 4.8 |
|  SBA Communications Corp. | 4.6 |
|  NEXTDC Ltd. | 4.4 |
|  Public Service Enterprise Group, Inc. | 4.4 |
|  Terna - Rete Elettrica Nazionale | 4.4 |
|  Fraport AG Frankfurt Airport Services Worldwide | 4.1 |
|  Smart Metering Systems PLC | 3.8 |
|  American Tower Corp. | 3.5 |

---

**SECTOR ALLOCATION** 

---

| | |
|:---|:---|
| *Sector<sup>(b)</sup>* | *Percent of<br>Net Assets* |
|  Utilities | 41.6% |
|  Industrials | 20.0 |
|  Real Estate | 15.6 |
|  Communication Services | 8.3 |
|  Information Technology | 4.5 |
|  Energy | 1.5 |
|  Short-Term Securities | 7.4 |
|  Other Assets Less Liabilities | 1.1 |

---

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

<sup>(b)</sup> For Fund compliance purposes, the Fund's sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. 

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

------

---

| | |
|:---|:---|
| Fund Summary as of November 30, 2022 | **BlackRock Mid-Cap Growth Equity Portfolio** |

---

**Investment Objective** 

**BlackRock Mid-Cap Growth Equity Portfolio's (the "Fund")** investment objective is long-term capital appreciation.

**Portfolio Management Commentary** 

**How did the Fund perform?** 

For the six-month period ended November 30, 2022, the Fund underperformed its benchmark, the Russell Midcap<sup>®</sup> Growth Index.

**What factors influenced performance?** 

The largest detractors from relative performance included investment decisions in the healthcare, communication services, and energy sectors. In healthcare, within the life sciences tools and services industry, overweight positions in West Pharmaceutical Services, Inc. and Repligen Corp. weighed on relative results. Other detractors in the sector included an overweight allocation to pharmaceuticals and investment decisions among health care equipment & supplies companies. Following healthcare, a combination of stock selection and an overweight allocation to the communication services sector proved costly, primarily due to an overweight position in Match Group, Inc. within the interactive media and services industry. Lastly, an underweight allocation to the energy sector hurt relative performance, driven by a lack of exposure to Hess Corp. and Texas Pacific Land Corp. within the oil, gas & consumable fuels industry.

At the sector level, the largest positive contributors to the Fund's relative performance were investment decisions in industrials and materials. In industrials, an overweight allocation to the commercial services & supplies industry proved beneficial, most notably due to a large overweight position in Copart, Inc., and stock selection among companies in the professional services and construction & engineering industries. In materials, the decision to avoid companies across the containers and packaging industry proved beneficial, specifically a lack of exposure to Ball Corp. and Crown Holdings Inc. Lastly, at the industry level, stock selection in the software industry contributed to relative return during the period.

**Describe recent portfolio activity.** 

During the period, exposure to industrials increased with increased investment in the professional services sub-sector. Exposure to the consumer discretionary sector increased as well. Conversely, exposure to information technology ("IT") declined the most due to a decreased allocation to IT services. Exposure to the communication services sector decreased as well.

**Describe portfolio positioning at period end.** 

Relative to the Russell Midcap<sup>®</sup> Growth Index, at the end of the reporting period the Fund's largest overweight was in the industrials sector, followed by financials and consumer discretionary. Conversely, the healthcare sector was the largest underweight, followed by consumer staples and materials.

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.

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

------

---

| | |
|:---|:---|
| Fund Summary as of November 30, 2022 (continued) | **BlackRock Mid-Cap Growth Equity Portfolio** |

---

**Performance** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> |
|  | | 1 Year | 1 Year | 5 Years | 5 Years | 10 Years | 10 Years |
|  | *6-Month<br>Total<br>Returns* | *Without<br>Sales<br>Charge* | *With<br>Sales<br>Charge* | *Without<br>Sales<br>Charge* | *With<br>Sales<br>Charge* | *Without<br>Sales<br>Charge* | *With<br>Sales<br>Charge* |
|  Institutional | (1.46)% | (31.54)% | N/A | 9.41% | N/A | 14.02% | N/A |
|  Service | (1.60) | (31.72) | N/A | 9.13 | N/A | 13.67 | N/A |
|  Investor A | (1.61) | (31.72) | (35.31)% | 9.12 | 7.95% | 13.70 | 13.09% |
|  Investor C | (1.96) | (32.21) | (32.88) | 8.32 | 8.32 | 13.03 | 13.03 |
|  Class K | (1.43) | (31.49) | N/A | 9.49 | N/A | 14.09 | N/A |
|  Class R | (1.72) | (31.89) | N/A | 8.85 | N/A | 13.41 | N/A |
|  **Russell Midcap**<sup>®</sup> **Growth Index<sup>(c)</sup>**  | 4.54 | (21.77) | N/A | 9.10 | N/A | 12.30 | N/A |

---

<sup>(a)</sup> Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See "About Fund Performance" for a detailed description of share classes, including any related sales charges and fees, and how performance was calculated for certain share classes. 

<sup>(b)</sup> The Fund normally invests at least 80% of its net assets in equity securities issued by U.S. mid-capitalization companies which Fund management believes have above-average earnings growth potential. 

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

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

Past performance is not an indication of future results.

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

**Expense Example** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | |
|  | *Beginning<br>Account Value<br>(06/01/22)* | *Ending<br>Account Value<br>(11/30/22)* | *Expenses <br>Paid During <br>the Period<sup>(a)</sup>* | *Beginning<br>Account Value<br>(06/01/22)* | *Ending<br>Account Value<br>(11/30/22)* | *Expenses <br>Paid During <br>the Period<sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
|  Institutional | $1000.00 | $985.40 | $3.98 | $1000.00 | $1021.06 | $4.05 | 0.80% |
|  Service | 1000.00 | 984.00 | 5.22 | 1000.00 | 1019.80 | 5.32 | 1.05 |
|  Investor A | 1000.00 | 983.90 | 5.22 | 1000.00 | 1019.80 | 5.32 | 1.05 |
|  Investor C | 1000.00 | 980.40 | 8.94 | 1000.00 | 1016.04 | 9.10 | 1.80 |
|  Class K | 1000.00 | 985.70 | 3.50 | 1000.00 | 1021.55 | 3.55 | 0.70 |
|  Class R | 1000.00 | 982.80 | 6.46 | 1000.00 | 1018.55 | 6.58 | 1.30 |

---

<sup>(a)</sup> For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown).

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

**Portfolio Information** 

**TEN LARGEST HOLDINGS** 

---

| | |
|:---|:---|
| *Security<sup>(a)</sup>* | *Percent of<br>Net Assets* |
|  MSCI, Inc. | 3.5% |
|  Cadence Design Systems, Inc. | 3.5 |
|  Copart, Inc. | 3.2 |
|  Synopsys, Inc. | 3.0 |
|  Cintas Corp. | 2.8 |
|  Paycom Software, Inc. | 2.7 |
|  ON Semiconductor Corp. | 2.7 |
|  Monolithic Power Systems, Inc. | 2.6 |
|  Match Group, Inc. | 2.6 |
|  Veeva Systems, Inc., Class A | 2.5 |

---

**SECTOR ALLOCATION** 

---

| | |
|:---|:---|
| *Sector<sup>(b)</sup>* | *Percent of<br>Net Assets* |
|  Information Technology | 26.4% |
|  Industrials | 20.4 |
|  Consumer Discretionary | 18.3 |
|  Health Care | 13.6 |
|  Financials | 9.5 |
|  Communication Services | 6.1 |
|  Energy | 2.7 |
|  Real Estate | 1.6 |
|  Materials | 1.2 |
|  Short-Term Securities | 4.8 |
|  Liabilities in Excess of Other Assets | (4.6) |

---

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

<sup>(b)</sup> For Fund compliance purposes, the Fund's sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. 

F U N D S U M M A R Y 11

------

---

| | |
|:---|:---|
| Fund Summary as of November 30, 2022 | **BlackRock Technology Opportunities Fund** |

---

**Investment Objective** 

**BlackRock Technology Opportunities Fund's (the "Fund")** investment objective is to provide long-term capital appreciation.

**Portfolio Management Commentary** 

**How did the Fund perform?** 

For the six-month period ended November 30, 2022, the Fund underperformed its benchmark, the MSCI All-Country World Information Technology Index.

**What factors influenced performance?** 

Stock selection within the internet sub-sector was the largest detractor from relative performance. Among individual securities, an off-benchmark position in South Korean internet company Kakao was the largest detractor, as high inflation dampened consumer sentiment and led to cuts in advertising spending from its customers as they attempted to protect their profit margins. An off-benchmark position in workplace collaboration software provider Atlassian was another notable detractor after it reported weak earnings during the period and suggested that poor consumer sentiment led to reduced sales conversions. Lastly, an off-benchmark position in electric vehicle manufacturer Tesla notably detracted after investors grew concerned that a market downturn would have a negative impact on EV demand.

By contrast, the Fund's overweight allocation to the internet sub-sector was the largest contributor to relative performance. At the individual security level, an off-benchmark position in Wolfspeed was the largest contributor, as the semiconductor manufacturer reported strong earnings and revenues above analyst expectations. It also raised its three-year revenue projections, highlighting its robust demand pipeline. Additionally, an overweight position in credit reporting specialist Fair Isaac was a notable contributor, as the company cited higher-than-expected transaction volume and provided a positive outlook for 2023. The Fund's lack of a position in benchmark component Intel also contributed to performance after the semiconductor company struggled to keep up with demand in its data center business.

**Describe recent portfolio activity.** 

Overall, the Fund increased its exposure to stable, quality stocks, adding more defensive characteristics to the portfolio in the midst of broader market volatility, and it exited out of select high-multiple stocks with negative earnings. The Fund's exposure to semiconductor companies decreased from 27% to 25% during the period, while allocations to internet companies fell from 12% to 10%. Meanwhile, exposure to several sub-sector increased, including hardware (15% to 17%), software (25% to 26%), and services (16% to 17%). The Fund's 2% allocation to content & infrastructure stocks remained unchanged during the period.

**Describe portfolio positioning at period end.** 

The Fund finished the period overweight in the internet and semiconductors sub-sectors, and underweight in hardware and software. This positioning reflected the investment adviser's view favoring value-oriented, higher-quality companies in light of higher interest rates and inflation expectations as well as additional uncertainties from slowing economic growth and ongoing geopolitical instability. While reducing its exposure to long-duration assets such as non-profitable technology stocks, the Fund has maintained its exposure to long-term secular themes within the portfolio, such as artificial intelligence, cloud computing, and electric vehicles, as well as more nascent themes such as the metaverse, space, and quantum computing. Although growth assets have been penalized due to rising rate concerns, the fundamentals of the companies within the portfolio remain compelling. The secular growth trends driving technology are multi-year transformations that are expected to persist regardless of the macroeconomic environment or geopolitical risk.

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.

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

------

---

| | |
|:---|:---|
| Fund Summary as of November 30, 2022 (continued) | **BlackRock Technology Opportunities Fund** |

---

**Performance** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> |
|  | | 1 Year | 1 Year | 5 Years | 5 Years | 10 Years | 10 Years |
|  | *6-Month<br>Total<br>Returns* | *Without<br>Sales<br>Charge* | *With<br>Sales<br>Charge* | *Without<br>Sales<br>Charge* | *With<br>Sales<br>Charge* | *Without<br>Sales<br>Charge* | *With<br>Sales<br>Charge* |
|  Institutional | (9.07)% | (38.76)% | N/A | 13.19% | N/A | 18.26% | N/A |
|  Service | (9.20) | (38.92) | N/A | 12.91 | N/A | 17.99 | N/A |
|  Investor A | (9.21) | (38.91) | (42.12)% | 12.90 | 11.69% | 17.94 | 17.31% |
|  Investor C | (9.56) | (39.36) | (39.94) | 12.07 | 12.07 | 17.19 | 17.19 |
|  Class K | (9.04) | (38.72) | N/A | 13.24 | N/A | 18.29 | N/A |
|  Class R | (9.29) | (39.06) | N/A | 12.62 | N/A | 17.63 | N/A |
|  **MSCI All-Country World Information Technology Index<sup>(c)</sup>**  | (4.59) | (22.98) | N/A | 13.94 | N/A | 16.55 | N/A |

---

<sup>(a)</sup> Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See "About Fund Performance" for a detailed description of share classes, including any related sales charges and fees, and how performance was calculated for certain share classes. 

<sup>(b)</sup> Under normal market conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities issued by U.S. and non-U.S. technology companies in all market capitalization ranges, selected for their rapid and sustainable growth potential from the development, advancement and use of technology. The Fund's total returns 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. 

<sup>(c)</sup> An index that includes large- and mid-cap securities across certain Developed Markets countries and certain Emerging Markets countries. All securities in the index are classified in the Information Technology sector as per the Global Industry Classification Standard.

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

Past performance is not an indication of future results.

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

**Expense Example** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | |
|  | *Beginning<br>Account Value<br>(06/01/22)* | *Ending<br>Account Value<br>(11/30/22)* | *Expenses* <br> *Paid During* <br> *the Period<sup>(a)</sup>* | *Beginning<br>Account Value<br>(06/01/22)* | *Ending<br>Account Value<br>(11/30/22)* | *Expenses* <br> *Paid During* <br> *the Period<sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
|  Institutional | $1000.00 | $909.30 | $4.40 | $1000.00 | $1020.46 | $4.66 | 0.92% |
|  Service | 1000.00 | 908.00 | 5.60 | 1000.00 | 1019.20 | 5.92 | 1.17 |
|  Investor A | 1000.00 | 907.90 | 5.60 | 1000.00 | 1019.20 | 5.92 | 1.17 |
|  Investor C | 1000.00 | 904.40 | 9.17 | 1000.00 | 1015.44 | 9.70 | 1.92 |
|  Class K | 1000.00 | 909.60 | 4.15 | 1000.00 | 1020.72 | 4.41 | 0.87 |
|  Class R | 1000.00 | 907.10 | 6.79 | 1000.00 | 1017.95 | 7.18 | 1.42 |

---

<sup>(a)</sup> For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown).

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

F U N D S U M M A R Y 13

------

---

| | |
|:---|:---|
| Fund Summary as of November 30, 2022 (continued) | **BlackRock Technology Opportunities Fund** |

---

**Portfolio Information** 

**TEN LARGEST HOLDINGS** 

---

| | |
|:---|:---|
| *Security<sup>(a)</sup>* | *Percent of<br>Net Assets* |
|  Apple Inc. | 9.3% |
|  Microsoft Corp. | 7.8 |
|  Mastercard, Inc., Class A | 3.6 |
|  Visa, Inc., Class A | 3.3 |
|  ASML Holding NV | 3.3 |
|  Tesla, Inc. | 3.1 |
|  Alphabet, Inc., Class A | 2.6 |
|  Cadence Design Systems, Inc. | 2.6 |
|  Wolfspeed, Inc. | 2.6 |
|  Automatic Data Processing, Inc. | 2.1 |

---

**INDUSTRY ALLOCATION** 

---

| | |
|:---|:---|
| *Industry<sup>(b)</sup>* | *Percent of<br>Net Assets* |
|  Semiconductors & Semiconductor Equipment | 25.9% |
|  Software | 25.4 |
|  IT Services | 16.0 |
|  Technology Hardware, Storage & Peripherals | 9.8 |
|  Interactive Media & Services | 4.0 |
|  Internet & Direct Marketing Retail | 3.7 |
|  Automobiles | 3.5 |
|  Entertainment | 2.7 |
|  Electronic Equipment, Instruments & Components | 2.1 |
|  Hotels, Restaurants & Leisure | 1.3 |
|  Other (each representing less than 1%) | 5.1 |
|  Short-Term Securities | 3.2 |
|  Liabilities in Excess of Other Assets | (2.7) |

---

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

<sup>(b)</sup> For Fund compliance purposes, the Fund's industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease. 

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

------

About Fund Performance

**Institutional and Class K Shares** are not subject to any sales charge. These shares bear no ongoing distribution or service fees and are available only to certain eligible investors. BlackRock Capital Appreciation Fund, Inc.'s Class K Shares performance shown prior to the Class K Shares inception date of August 15, 2016 is that of BlackRock Shares. BlackRock Health Sciences Opportunities Portfolio's Class K Shares performance shown prior to the Class K Shares inception date of June 8, 2016 is that of Investor A Shares. BlackRock Mid-Cap Growth Equity Portfolio's Class K Shares performance shown prior to the Class K Shares inception date of March 28, 2016 is that of Institutional Shares. BlackRock Technology Opportunities Fund's Class K Shares performance shown prior to the Class K Shares inception date of December 10, 2019 is that of Institutional Shares. The performance of each Fund's Class K Shares would be substantially similar to Investor A Shares or Institutional Shares, as applicable, because the share classes of a Fund invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Investor A Shares or Institutional Shares, as applicable, have different expenses. The actual returns of Class K Shares would have been higher than those of the Investor A Shares or Institutional Shares, as applicable, because Class K Shares have lower expenses than the Investor A Shares and Institutional Shares.

**Service Shares** (not available in BlackRock Capital Appreciation Fund, Inc. and BlackRock Infrastructure Sustainable Opportunities Fund) are not subject to any sales charge. These shares are subject to a service fee of 0.25% per year (but no distribution fee) and are only available to certain eligible investors.

**Investor A Shares** are subject to a maximum initial sales charge (front-end load) of 5.25% and a service fee of 0.25% per year (but no distribution fee). Certain redemptions of these shares may be subject to a contingent deferred sales charge ("CDSC") where no initial sales charge was paid at the time of purchase. These shares are generally available through financial intermediaries.

**Investor C Shares** (not available in BlackRock Infrastructure Sustainable Opportunities Fund) are subject to a 1.00% CDSC if redeemed within one year of purchase. In addition, these shares are subject to a distribution fee of 0.75% per year and a service fee of 0.25% per year. These shares are generally available through financial intermediaries. These shares automatically convert to Investor A Shares after approximately eight years.

**Class R Shares** (not available in BlackRock Infrastructure Sustainable Opportunities Fund) are not subject to any sales charge. These shares are subject to a distribution fee of 0.25% per year and a service fee of 0.25% per year. These shares are available only to certain employer-sponsored retirement plans.

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund's investments. As a result, current performance may be lower or higher than the performance data quoted. Refer to **blackrock.com** to obtain performance data current to the most recent month-end. Performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Figures shown in the performance tables assume reinvestment of all distributions, if any, at net asset value ("NAV") on the ex-dividend date or payable date, as applicable. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Distributions paid to each class of shares will vary because of the different levels of service, distribution and transfer agency fees applicable to each class, which are deducted from the income available to be paid to shareholders.

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

Disclosure of Expenses

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

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

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

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

A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S 15

------

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 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 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.

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) <br> November 30, 2022 | **BlackRock Capital Appreciation Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** | **Common Stocks** | **Common Stocks** |
|  **Aerospace & Defense — 2.5%** | **Aerospace & Defense — 2.5%** | **Aerospace & Defense — 2.5%** |
|  TransDigm Group, Inc. | 115526 | $72608091 |
| **Automobiles — 2.7%** |  |  |
|  Tesla, Inc.<sup>(a)</sup>  | 411354 | 80090624 |
| **Capital Markets — 5.4%** |  |  |
|  Blackstone, Inc., NVS | 470453 | 43060563 |
|  MSCI, Inc. | 66457 | 33748858 |
|  S&P Global, Inc. | 240053 | 84690699 |
|  |  | 161500120 |
| **Chemicals — 1.3%** |  |  |
|  Sherwin-Williams Co. | 156309 | 38949077 |
|  **Commercial Services & Supplies — 1.9%** |  |  |
|  Cintas Corp. | 69624 | 32150971 |
|  Waste Connections, Inc. | 171201 | 24738544 |
|  |  | 56889515 |
| **Equity Real Estate Investment Trusts (REITs) — 0.6%** | **Equity Real Estate Investment Trusts (REITs) — 0.6%** |  |
|  Prologis, Inc. | 141430 | 16659040 |
| **Health Care Equipment & Supplies — 4.8%** |  |  |
|  Boston Scientific Corp.<sup>(a)</sup>  | 670447 | 30351136 |
|  IDEXX Laboratories, Inc.<sup>(a)</sup>  | 110795 | 47184266 |
|  Intuitive Surgical, Inc.<sup>(a)</sup>  | 240043 | 64905227 |
|  |  | 142440629 |
| **Health Care Providers & Services — 3.5%** |  |  |
|  UnitedHealth Group, Inc. | 189480 | 103789565 |
| **Hotels, Restaurants & Leisure — 3.2%** |  |  |
|  Chipotle Mexican Grill, Inc.<sup>(a)</sup>  | 25979 | 42266794 |
|  Evolution AB<sup>(b)</sup>  | 511942 | 52732050 |
|  |  | 94998844 |
| **Interactive Media & Services — 6.4%** |  |  |
|  Alphabet, Inc., Class A<sup>(a)</sup>  | 1382914 | 139660485 |
|  Match Group, Inc.<sup>(a)</sup>  | 961057 | 48591042 |
|  |  | 188251527 |
| **Internet & Direct Marketing Retail — 6.4%** |  |  |
|  Amazon.com, Inc.<sup>(a)</sup>  | 1968447 | 190033873 |
| **IT Services — 8.0%** |  |  |
|  Adyen NV<sup>(a)(b)</sup>  | 7626 | 12013381 |
|  Mastercard, Inc., Class A | 215172 | 76687301 |
|  MongoDB, Inc.<sup>(a)</sup>  | 26790 | 4090565 |
|  Visa, Inc., Class A | 665529 | 144419793 |
|  |  | 237211040 |
| **Life Sciences Tools & Services — 5.3%** |  |  |
|  Danaher Corp. | 244437 | 66831520 |
|  Lonza Group AG, Registered Shares | 71500 | 37615613 |
|  Thermo Fisher Scientific, Inc. | 94801 | 53109416 |
|  |  | 157556549 |
| **Oil, Gas & Consumable Fuels — 1.8%** |  |  |
|  Cheniere Energy, Inc. | 241033 | 42267547 |
|  EQT Corp. | 289301 | 12269255 |
|  |  | 54536802 |
|  **Pharmaceuticals — 3.3%** |  |  |
|  AstraZeneca PLC, ADR | 754701 | 51297027 |
|  Zoetis, Inc. | 306735 | 47280133 |
|  |  | 98577160 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Semiconductors & Semiconductor Equipment — 10.5%** | **Semiconductors & Semiconductor Equipment — 10.5%** |  |
|  Advanced Micro Devices, Inc.<sup>(a)</sup>  | 656775 | $50985443 |
|  ASML Holding NV, Registered Shares | 165718 | 100776430 |
|  KLA Corp. | 140070 | 55068520 |
|  Marvell Technology, Inc. | 1293326 | 60165526 |
|  NVIDIA Corp. | 260951 | 44160738 |
|  |  | 311156657 |
| **Software — 17.5%** |  |  |
|  Bill.com Holdings, Inc.<sup>(a)</sup>  | 184566 | 22225438 |
|  Cadence Design Systems, Inc.<sup>(a)</sup>  | 333461 | 57368630 |
|  Intuit, Inc. | 296653 | 120912796 |
|  Microsoft Corp. | 993161 | 253395098 |
|  ServiceNow, Inc.<sup>(a)</sup>  | 153162 | 63761341 |
|  |  | 517663303 |
| **Technology Hardware, Storage & Peripherals — 8.7%** |  |  |
|  Apple Inc. | 1740317 | 257619125 |
| **Textiles, Apparel & Luxury Goods — 4.8%** |  |  |
|  LVMH Moet Hennessy Louis Vuitton SE | 98484 | 76426421 |
|  Nike, Inc., Class B | 591008 | 64827667 |
|  |  | 141254088 |
| **Total Common Stocks — 98.6%<br> (Cost: $1,926,213,907)** |  | 2921785629 |
| **Preferred Securities** |  |  |
| **Preferred Stocks — 0.9%** |  |  |
| **Interactive Media & Services — 0.9%** |  |  |
|  Bytedance Ltd., Series E-1<sup>(a)(c)(d)</sup>  | 177291 | 28879994 |
| **Total Long-Term Investments — 99.5%<br> (Cost: $1,945,640,423)** |  | 2950665623 |
| **Short-Term Securities** |  |  |
| **Money Market Funds — 0.6%** |  |  |
|  BlackRock Liquidity Funds, T-Fund, Institutional<br>Class, 3.57%<sup>(e)(f)</sup>  | 17361998 | 17361998 |
| **Total Short-Term Securities — 0.6%<br> (Cost: $17,361,998)** |  | 17361998 |
| **Total Investments — 100.1%<br> (Cost: $1,963,002,421)** |  | 2968027621 |
| **Liabilities in Excess of Other Assets — (0.1)%** | **Liabilities in Excess of Other Assets — (0.1)%** | (4217434) |
| **Net Assets — 100.0%** |  | $2963810187 |

---

<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> 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 $28,879,994, representing 1.0% of its net assets as of period end, and an original cost of $19,426,516. 

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

<sup>(f)</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 17

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Capital Appreciation Fund, Inc.** |

---

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended November 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>05/31/22* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>11/30/22* | *Shares<br>Held at<br>11/30/22* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  BlackRock Liquidity Funds, |  |  |  |  |  |  |  |  |  |
|  T-Fund, Institutional Class | $95737315 | $— | $(78375317)<sup>(a)</sup> | $— | $— | $17361998 | 17361998 | $721813 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  SL Liquidity Series, LLC, |  |  |  |  |  |  |  |  |  |
|  Money Market Series<sup>(b)</sup>  | 11761599 |  | (11763390)<sup>(a)</sup> | 3949 | (2158) |  |  | 30342 <sup>(c)</sup> |  |
|  |  |  |  | $3949 | $(2158) | $17361998 |  | $752155 | $— |

---

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

<sup>(b)</sup> As of period end, the entity is no longer held.

<sup>(c)</sup> Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

For Fund compliance purposes, the Fund's industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

**Fair Value Hierarchy as of Period End** 

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $72608091 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $72608091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 80090624 |  |  | 80090624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 161500120 |  |  | 161500120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 38949077 |  |  | 38949077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 56889515 |  |  | 56889515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Real Estate Investment Trusts (REITs) | 16659040 |  |  | 16659040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 142440629 |  |  | 142440629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 103789565 |  |  | 103789565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 42266794 | 52732050 |  | 94998844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 188251527 |  |  | 188251527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Internet & Direct Marketing Retail | 190033873 |  |  | 190033873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services | 225197659 | 12013381 |  | 237211040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 119940936 | 37615613 |  | 157556549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 54536802 |  |  | 54536802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 98577160 |  |  | 98577160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 311156657 |  |  | 311156657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | 517663303 |  |  | 517663303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 257619125 |  |  | 257619125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 64827667 | 76426421 |  | 141254088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities |  |  | 28879994 | 28879994 |
| &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 | 17361998 |  |  | 17361998 |
|  | $2760360162 | $178787465 | $28879994 | $2968027621 |

---

*See notes to financial statements.* 

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) <br> November 30, 2022 | **BlackRock Health Sciences Opportunities Portfolio**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** | **Common Stocks** | **Common Stocks** |
|  **Biotechnology — 21.4%** | **Biotechnology — 21.4%** | **Biotechnology — 21.4%** |
|  AbbVie, Inc. | 1695600 | $273296808 |
|  Alkermes PLC<sup>(a)(b)</sup>  | 356424 | 8832187 |
|  Alnylam Pharmaceuticals, Inc.<sup>(a)</sup>  | 250177 | 55186544 |
|  Ambrx Biopharma, Inc., ADR<sup>(a)</sup>  | 842148 | 412610 |
|  Amgen, Inc. | 1087435 | 311441384 |
|  Arcutis Biotherapeutics, Inc.<sup>(a)(b)</sup>  | 799932 | 13782828 |
|  Argenx SE, ADR<sup>(a)</sup>  | 117442 | 46738393 |
|  Biogen, Inc.<sup>(a)</sup>  | 457568 | 139636027 |
|  BioMarin Pharmaceutical, Inc.<sup>(a)</sup>  | 491040 | 49585219 |
|  BioNTech SE, ADR | 137130 | 22903453 |
|  Blueprint Medicines Corp.<sup>(a)(b)</sup>  | 223375 | 10675091 |
|  Cerevel Therapeutics Holdings, Inc.<sup>(a)(b)</sup>  | 312854 | 9060252 |
|  Decibel Therapeutics, Inc.<sup>(a)(b)</sup>  | 897801 | 2756249 |
|  Design Therapeutics, Inc.<sup>(a)(b)</sup>  | 257492 | 3604888 |
|  Enanta Pharmaceuticals, Inc.<sup>(a)</sup>  | 57153 | 2502730 |
|  Exact Sciences Corp.<sup>(a)</sup>  | 263958 | 11864912 |
|  Genmab A/S<sup>(a)</sup>  | 42470 | 19680384 |
|  Genmab A/S, ADR<sup>(a)(b)</sup>  | 289405 | 13466015 |
|  Gilead Sciences, Inc. | 2619182 | 230042755 |
|  Horizon Therapeutics PLC<sup>(a)</sup>  | 248545 | 24926578 |
|  Imago Biosciences, Inc.<sup>(a)(b)</sup>  | 907400 | 32385106 |
|  Immuneering Corp., Class A<sup>(a)</sup>  | 264380 | 1715826 |
|  Immunocore Holdings PLC, ADR<sup>(a)(b)</sup>  | 181355 | 11390908 |
|  Incyte Corp.<sup>(a)</sup>  | 458365 | 36517940 |
|  Ionis Pharmaceuticals, Inc.<sup>(a)</sup>  | 293400 | 11967786 |
|  Karuna Therapeutics, Inc.<sup>(a)(b)</sup>  | 58390 | 13739751 |
|  Legend Biotech Corp., ADR<sup>(a)</sup>  | 227561 | 11721667 |
|  Mirati Therapeutics, Inc.<sup>(a)(b)</sup>  | 69495 | 6350453 |
|  Moderna, Inc.<sup>(a)(b)</sup>  | 570284 | 100318659 |
|  Monte Rosa Therapeutics, Inc.<sup>(a)(b)</sup>  | 533603 | 4524953 |
|  MoonLake Immunotherapeutics<sup>(a)(b)</sup>  | 226542 | 2181600 |
|  Neurocrine Biosciences, Inc.<sup>(a)</sup>  | 354880 | 45091053 |
|  Nuvalent, Inc., Class A<sup>(a)</sup>  | 176992 | 5819497 |
|  PMV Pharmaceuticals, Inc.<sup>(a)(b)</sup>  | 306148 | 3055357 |
|  Prime Medicine, Inc.<sup>(a)(b)</sup>  | 360982 | 6205281 |
|  Prothena Corp. PLC<sup>(a)</sup>  | 137132 | 8572121 |
|  PTC Therapeutics, Inc.<sup>(a)</sup>  | 134325 | 5573144 |
|  Regeneron Pharmaceuticals, Inc.<sup>(a)</sup>  | 169782 | 127625129 |
|  REVOLUTION Medicines, Inc.<sup>(a)</sup>  | 305798 | 7213775 |
|  Rhythm Pharmaceuticals, Inc.<sup>(a)</sup>  | 756852 | 20260928 |
|  Rocket Pharmaceuticals, Inc.<sup>(a)</sup>  | 209841 | 3961798 |
|  Sage Therapeutics, Inc.<sup>(a)(b)</sup>  | 343935 | 14115092 |
|  Sarepta Therapeutics, Inc.<sup>(a)(b)</sup>  | 301019 | 36968143 |
|  Seagen, Inc.<sup>(a)</sup>  | 341700 | 41478963 |
|  Sigilon Therapeutics, Inc.<sup>(a)(b)</sup>  | 332626 | 138605 |
|  Tenaya Therapeutics, Inc.<sup>(a)</sup>  | 431076 | 1142351 |
|  TScan Therapeutics, Inc.<sup>(a)</sup>  | 551194 | 1185067 |
|  Ultragenyx Pharmaceutical, Inc.<sup>(a)</sup>  | 99990 | 3629637 |
|  Vertex Pharmaceuticals, Inc.<sup>(a)</sup>  | 714739 | 226143420 |
|  |  | 2041389317 |
| **Diversified Financial Services — 0.1%** |  |  |
|  Health Sciences Acquisitions Corp. 2<sup>(a)</sup>  | 262308 | 2596849 |
|  MedTech Acquisition Corp., Class A<sup>(a)</sup>  | 831621 | 8357791 |
|  |  | 10954640 |
| **Health Care Equipment & Supplies — 19.4%** | **Health Care Equipment & Supplies — 19.4%** |  |
|  Abbott Laboratories | 2585443 | 278141958 |
|  ABIOMED, Inc.<sup>(a)</sup>  | 243643 | 92045889 |
|  Alcon, Inc. | 1123798 | 77418444 |
|  Align Technology, Inc.<sup>(a)</sup>  | 63695 | 12526259 |
|  Bausch + Lomb Corp.<sup>(a)(b)</sup>  | 1268266 | 19188865 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** |  |
|  Baxter International, Inc. | 1168311 | $66044621 |
|  Boston Scientific Corp.<sup>(a)</sup>  | 6434908 | 291308285 |
|  Cooper Cos., Inc. | 103037 | 32595755 |
|  Dexcom, Inc.<sup>(a)</sup>  | 832633 | 96818565 |
|  Edwards Lifesciences Corp.<sup>(a)</sup>  | 607879 | 46958653 |
|  Glaukos Corp.<sup>(a)</sup>  | 77335 | 3601491 |
|  Insulet Corp.<sup>(a)(b)</sup>  | 137677 | 41216364 |
|  Intuitive Surgical, Inc.<sup>(a)</sup>  | 717534 | 194014018 |
|  iRhythm Technologies, Inc.<sup>(a)</sup>  | 36545 | 3985232 |
|  Masimo Corp.<sup>(a)</sup>  | 99835 | 14470085 |
|  Medtronic PLC | 2002837 | 158304236 |
|  Nevro Corp.<sup>(a)</sup>  | 701343 | 32759732 |
|  Novocure Ltd.<sup>(a)(b)</sup>  | 188610 | 14492792 |
|  Omnicell, Inc.<sup>(a)</sup>  | 110704 | 5713433 |
|  Penumbra, Inc.<sup>(a)(b)</sup>  | 300145 | 62883379 |
|  ResMed, Inc. | 334912 | 77096742 |
|  Stryker Corp. | 834385 | 195154308 |
|  Zimmer Biomet Holdings, Inc. | 239113 | 28717471 |
|  |  | 1845456577 |
| **Health Care Providers & Services — 21.4%** |  |  |
|  Agiliti, Inc.<sup>(a)(b)</sup>  | 631112 | 10419659 |
|  Amedisys, Inc.<sup>(a)</sup>  | 367363 | 33463096 |
|  AmerisourceBergen Corp. | 869425 | 148402153 |
|  Centene Corp.<sup>(a)</sup>  | 1070505 | 93187460 |
|  Cigna Corp. | 687981 | 226270071 |
|  Elevance Health, Inc. | 562502 | 299768566 |
|  Encompass Health Corp. | 749047 | 43804269 |
|  Guardant Health, Inc.<sup>(a)(b)</sup>  | 208529 | 10914408 |
|  HCA Healthcare, Inc. | 132351 | 31793357 |
|  LHC Group, Inc.<sup>(a)(b)</sup>  | 368131 | 60156287 |
|  McKesson Corp. | 382710 | 146072753 |
|  Quest Diagnostics, Inc. | 647908 | 98371872 |
|  UnitedHealth Group, Inc. | 1517369 | 831154043 |
|  |  | 2033777994 |
| **Life Sciences Tools & Services — 11.5%** |  |  |
|  10X Genomics, Inc., Class A<sup>(a)</sup>  | 166778 | 6447638 |
|  Agilent Technologies, Inc. | 1016163 | 157484942 |
|  Avantor, Inc.<sup>(a)</sup>  | 1282066 | 28564431 |
|  Danaher Corp. | 1062813 | 290583702 |
|  ICON PLC<sup>(a)(b)</sup>  | 130435 | 28100916 |
|  IQVIA Holdings, Inc.<sup>(a)</sup>  | 394897 | 86095444 |
|  IsoPlexis Corp.<sup>(a)(b)</sup>  | 554988 | 754784 |
|  Mettler-Toledo International, Inc.<sup>(a)</sup>  | 16425 | 24137523 |
|  Nautilus Biotechnology, Inc.<sup>(a)</sup>  | 308716 | 558776 |
|  QIAGEN NV<sup>(a)</sup>  | 406956 | 20160600 |
|  Rapid Micro Biosystems, Inc., Class A<sup>(a)(b)</sup>  | 377456 | 773785 |
|  Thermo Fisher Scientific, Inc. | 673852 | 377505367 |
|  Waters Corp.<sup>(a)</sup>  | 175735 | 60909751 |
|  West Pharmaceutical Services, Inc. | 47940 | 11249600 |
|  |  | 1093327259 |
| **Pharmaceuticals — 23.5%** |  |  |
|  Arvinas, Inc.<sup>(a)</sup>  | 171970 | 7057649 |
|  AstraZeneca PLC | 946679 | 128124156 |
|  AstraZeneca PLC, ADR | 398642 | 27095697 |
|  Bristol-Myers Squibb Co. | 615670 | 49425987 |
|  Catalent, Inc.<sup>(a)</sup>  | 243855 | 12224451 |
|  Daiichi Sankyo Co. Ltd. | 1783500 | 59070522 |
|  Eli Lilly & Co.<sup>(b)</sup>  | 1425371 | 528926671 |
|  Johnson & Johnson | 2800738 | 498531364 |
|  Merck & Co., Inc. | 3535314 | 389308778 |
|  Pfizer, Inc. | 5311709 | 266275972 |

---

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 (unaudited) (continued)<br> November 30, 2022 | **BlackRock Health Sciences Opportunities Portfolio**<br> (Percentages shown are based on Net Assets) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Shares* | *Value* |
| **Pharmaceuticals (continued)** |  |  |  |
|  Roche Holding AG, NVS |  | 134294 | $43863629 |
|  Sanofi |  | 388736 | 35114255 |
|  Zoetis, Inc. |  | 1215671 | 187383528 |
|  |  |  | 2232402659 |
|  **Total Common Stocks — 97.3%<br>(Cost: $5,738,749,258)** | **Total Common Stocks — 97.3%<br>(Cost: $5,738,749,258)** | **Total Common Stocks — 97.3%<br>(Cost: $5,738,749,258)** | 9257308446 |
|  |  | *Par<br>(000)* |  |
|  **Other Interests<sup>(a)(c)(d)</sup>**  | **Other Interests<sup>(a)(c)(d)</sup>**  | **Other Interests<sup>(a)(c)(d)</sup>**  | **Other Interests<sup>(a)(c)(d)</sup>**  |
|  Afferent Pharmaceuticals, Inc., Series C (Acquired 06/30/15, cost $0) | USD | 3421 | 2599686 |
|  Affinivax Inc. (Acquired 08/19/22, cost $0) |  | 123 | 1586886 |
|  **Total Other Interests — 0.1%<br>(Cost: $0)** | **Total Other Interests — 0.1%<br>(Cost: $0)** | **Total Other Interests — 0.1%<br>(Cost: $0)** | 4186572 |
|  |  | *Shares* |  |
|  **Preferred Securities** | **Preferred Securities** | **Preferred Securities** | **Preferred Securities** |
| **Preferred Stocks — 0.6%** |  |  |  |
| **Biotechnology — 0.2%** |  |  |  |
|  Cellarity, Inc., Series B (Acquired 01/15/21, cost $5,149,998)<sup>(a)(c)(d)</sup>  |  | 858333 | 3398999 |
|  Goldfinch Bio, Inc., Series B (Acquired 06/26/20 -03/21/22,<br>cost $4,152,184)<sup>(a)(c)(d)</sup>  |  | 3518800 | 1126016 |
|  Laronde, Inc., Series B (Acquired 07/28/21,<br>cost $10,822,560)<sup>(a)(c)(d)</sup>  |  | 386520 | 9740304 |
|  Neurogene, Inc., Series B (Acquired 12/14/20 -09/22/21,<br>cost $5,099,600)<sup>(a)(c)(d)</sup>  |  | 2090000 | 5099600 |
|  |  |  | 19364919 |
| **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** |  |
|  Exo Imaging, Inc., Series C (Acquired 06/24/21, cost $11,178,997)<sup>(a)(c)(d)</sup>  |  | 1908330 | 7060821 |
|  Quanta Dialysis Technologies Ltd., Series D (Acquired 06/18/21,<br>cost $9,727,321)<sup>(a)(c)(d)</sup>  |  | 80024425 | 6365663 |
|  Swift Health Systems, Inc., Series D (Acquired 08/27/21,<br>cost $5,271,070)<sup>(a)(c)(d)</sup>  |  | 1700345 | 3264662 |
|  |  |  | 16691146 |
| **Pharmaceuticals — 0.0%** |  |  |  |
|  Insitro, Series C (Acquired 03/10/21, cost<br>$10,839,964)<sup>(a)(c)(d)</sup>  |  | 592636 | 7046442 |
| **Software — 0.2%** |  |  |  |
|  Carbon Health Technologies, Inc. (Acquired 07/09/21,<br>cost $16,855,000)<sup>(a)(c)(d)</sup>  |  | 16855 | 16891744 |
|  **Total Preferred Securities — 0.6%<br>(Cost: $79,096,694)** | **Total Preferred Securities — 0.6%<br>(Cost: $79,096,694)** | **Total Preferred Securities — 0.6%<br>(Cost: $79,096,694)** | 59994251 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Warrants<sup>(a)</sup>**  | **Warrants<sup>(a)</sup>**  | **Warrants<sup>(a)</sup>**  |
| **Biotechnology — 0.0%** |  |  |
|  Nuvation Bio, Inc. (Issued/Exercisable 08/17/20, 1 Share for 1 Warrant, Expires 07/07/27, Strike Price USD 0.00) | 77354 | $9901 |
| **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** |  |
|  CareMax, Inc. (Issued/Exercisable 09/15/20, 1 Share for 1 Warrant, Expires 07/16/25, Strike |  |  |
|  Price USD 0.00) | 88432 | 48638 |
|  **Total Warrants — 0.0%<br>(Cost: $306,235)** | **Total Warrants — 0.0%<br>(Cost: $306,235)** | 58539 |
|  **Total Long-Term Investments — 98.0%<br>(Cost: $5,818,152,187)** | **Total Long-Term Investments — 98.0%<br>(Cost: $5,818,152,187)** | 9321547808 |
|  **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 3.4%** |  |  |
|  BlackRock Liquidity Funds, T-Fund, Institutional<br>Class, 3.57%<sup>(e)(f)</sup>  | 154471762 | 154471762 |
|  SL Liquidity Series, LLC, Money Market Series, 4.05%<sup>(e)(f)(g)</sup> | 165225283 | 165159193 |
|  **Total Short-Term Securities — 3.4%<br>(Cost: $319,601,508)** | **Total Short-Term Securities — 3.4%<br>(Cost: $319,601,508)** | 319630955 |
|  **Total Investments — 101.4%<br>(Cost: $6,137,753,695)** | **Total Investments — 101.4%<br>(Cost: $6,137,753,695)** | 9641178763 |
|  **Liabilities in Excess of Other Assets — (1.4)%** | **Liabilities in Excess of Other Assets — (1.4)%** | (130915453) |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | $9510263310 |

---

(a) Non-income producing security.

(b) All or a portion of this security is on loan.

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

(d) Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of
$64,180,823, representing 0.7% of its net assets as of period end, and an original cost of $79,096,694.

(e) Affiliate of the Fund.

(f) Annualized 7-day yield as of period end.

(g) All or a portion of this security was purchased with the cash collateral from loaned securities.

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Health Sciences Opportunities Portfolio** |

---

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended November 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>05/31/22* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>11/30/22* | *Shares<br>Held at<br>11/30/22* | *Income* | *Capital<br>Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class | $371570572 | $— | $(217098810)<sup>(a)</sup> | $— | $— | $154471762 | 154471762 | $1504513 | $— |
|  SL Liquidity Series, LLC, Money Market Series | 130080903 | 35093374 <sup>(a)</sup> |  | (15756) | 672 | 165159193 | 165225283 | 707008 <sup>(b)</sup> |  |
|  |  |  |  | $(15756) | $672 | $319630955 |  | $2211521 | $— |

---

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

<sup>(b)</sup> Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

For Fund compliance purposes, the Fund's industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

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

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement<br>Date* | *Unrealized<br>Appreciation<br>(Depreciation)* |
|  EUR | 13687000 | USD | 13678481 | JPMorgan Chase Bank N.A. | 12/15/22 | $583720 |
|  GBP | 41086000 | USD | 47204831 | JPMorgan Chase Bank N.A. | 12/15/22 | 2344328 |
|  |  |  |  |  |  | $2928048 |
|  USD | 8189544 | CHF | 7735600 | Deutsche Bank AG | 12/15/22 | (3071) |
|  USD | 53230298 | EUR | 52211700 | Bank of New York Mellon | 12/15/22 | (1175616) |
|  USD | 71615362 | GBP | 64859000 | State Street Bank & Trust Co. | 12/15/22 | (6603714) |
|  USD | 44254136 | GBP | 37750000 | UBS AG | 12/15/22 | (1271852) |
|  |  |  |  |  |  | (9054253) |
|  |  |  |  |  |  | $(6126205) |

---

**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** |  |  |  |  |  |  |  |
|  Forward foreign currency exchange contracts Unrealized appreciation on forward foreign currency exchange contracts | $— | $— | $— | $2928048 | $— | $— | $2928048 |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Forward foreign currency exchange contracts Unrealized depreciation on forward foreign currency exchange contracts | $— | $— | $— | $9054253 | $— | $— | $9054253 |

---

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 (unaudited) (continued)<br> November 30, 2022 | **BlackRock Health Sciences Opportunities Portfolio** |

---

For the period ended November 30, 2022, 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** |  |  |  |  |  |  |  |
|  Forward foreign currency exchange contracts | $— | $— | $— | $12062437 | $— | $— | $12062437 |
|  Options purchased<sup>(a)</sup>  |  |  | (425702) |  |  |  | (425702) |
|  | $— | $— | $(425702) | $12062437 | $— | $— | $11636735 |
|  **Net Change in Unrealized Appreciation (Depreciation) on** |  |  |  |  |  |  |  |
|  Forward foreign currency exchange contracts | $— | $— | $— | $(11204774) | $— | $— | $(11204774) |

---

<sup>(a)</sup> Options purchased are included in net realized gain (loss) from investments — unaffiliated.

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

---

| | |
|:---|:---|
|  Forward foreign currency exchange contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average amounts purchased — in USD | $142808759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average amounts sold — in USD | $30441656 |
|  Options |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts purchased | $— <sup>(a)</sup> |

---

<sup>(a)</sup> Derivative not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.

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; Forward foreign currency exchange contracts | $2928048 | $9054253 |
|  Total derivative assets and liabilities in the Statements of Assets and Liabilities | $2928048 | $9054253 |
|  Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") |  |  |
|  Total derivative assets and liabilities subject to an MNA | $2928048 | $9054253 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Health Sciences Opportunities Portfolio** |

---

The following table presents the Funds'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 Funds:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative<br>Assets<br>Subject to<br>an MNA by<br>Counterparty* | *Derivatives<br>Available<br>for Offset<sup>(a)</sup>* | *Non- Cash<br>Collateral<br>Received<sup>(b)</sup>* | *Cash<br>Collateral<br>Received<sup>(b)</sup>* | *Net<br>Amount of<br>Derivative<br>Assets<sup>(c)</sup>* |
|  JPMorgan Chase Bank N.A | $2928048 | $— | $— | $— | $2928048 |
| *Counterparty* | *Derivative<br>Liabilities<br>Subject to<br>an MNA by<br>Counterparty* | *Derivatives<br>Available<br>for Offset<sup>(a)</sup>* | *Non- Cash<br>Collateral<br>Pledged<sup>(b)</sup>* | *Cash<br>Collateral<br>Pledged<sup>(b)</sup>* | *Net<br>Amount of<br>Derivative<br>Liabilities<sup>(d)</sup>* |
|  Bank of New York Mellon | $1175616 | $— | $— | $— | $1175616 |
|  Deutsche Bank AG | 3071 |  |  |  | 3071 |
|  State Street Bank and Trust Co. | 6603714 |  |  |  | 6603714 |
|  UBS AG | 1271852 |  |  |  | 1271852 |
|  | $9054253 | $— | $— | $— | $9054253 |

---

<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 from the counterparty in the event of default. 

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 (unaudited) (continued)<br> November 30, 2022 | **BlackRock Health Sciences Opportunities Portfolio** |

---

**Fair Value Hierarchy as of Period End** 

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | $2021708933 | $19680384 | $— | $2041389317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Financial Services | 10954640 |  |  | 10954640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 1845456577 |  |  | 1845456577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 2033777994 |  |  | 2033777994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 1093327259 |  |  | 1093327259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 1966230097 | 266172562 |  | 2232402659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Interests |  |  | 4186572 | 4186572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities |  |  | 59994251 | 59994251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants | 58539 |  |  | 58539 |
| &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 | 154471762 |  |  | 154471762 |
|  | $9125985801 | $285852946 | $64180823 | 9476019570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments valued at NAV<sup>(a)</sup>  |  |  |  | 165159193 |
|  |  |  |  | $9641178763 |
|  Derivative Financial Instruments<sup>(b)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $— | $2928048 | $— | $2928048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts |  | (9054253) |  | (9054253) |
|  | $— | $(6126205) | $— | $(6126205) |

---

<sup>(a)</sup> Certain investments of the Fund were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

<sup>(b)</sup> Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.* 

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> November 30, 2022 | **BlackRock Infrastructure Sustainable Opportunities Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** | **Common Stocks** | **Common Stocks** |
|  **Commercial Services & Supplies — 3.8%** |  |  |
|  Smart Metering Systems PLC | 34778 | $335749 |
|  **Diversified Telecommunication Services — 8.3%** |  |  |
|  Cellnex Telecom SA<sup>(a)</sup>  | 14802 | 509018 |
|  IHS Holding Ltd.<sup>(b)(c)</sup>  | 12275 | 88626 |
|  Infrastrutture Wireless Italiane SpA<sup>(a)</sup>  | 13418 | 133828 |
|  |  | 731472 |
| **Electric Utilities — 26.9%** |  |  |
|  CLP Holdings Ltd. | 35500 | 257604 |
|  Constellation Energy Corp. | 1784 | 171478 |
|  EDP - Energias de Portugal SA | 55573 | 263696 |
|  Enel SpA | 83846 | 452331 |
|  Eversource Energy | 3521 | 291750 |
|  Exelon Corp. | 5567 | 230307 |
|  Hydro One Ltd.<sup>(a)</sup>  | 5334 | 149177 |
|  NextEra Energy, Inc. | 974 | 82498 |
|  Terna - Rete Elettrica Nazionale | 50884 | 389768 |
|  Xcel Energy, Inc. | 1194 | 83843 |
|  |  | 2372452 |
| **Equity Real Estate Investment Trusts (REITs) — 15.6%** | **Equity Real Estate Investment Trusts (REITs) — 15.6%** |  |
|  Aedifica SA | 1018 | 80221 |
|  Alexandria Real Estate Equities, Inc. | 1639 | 255045 |
|  American Tower Corp. | 1410 | 311963 |
|  Equinix, Inc. | 274 | 189238 |
|  Physicians Realty Trust. | 8848 | 132101 |
|  SBA Communications Corp. | 1368 | 409442 |
|  |  | 1378010 |
| **IT Services — 4.5%** |  |  |
|  NEXTDC Ltd.<sup>(b)</sup>  | 57086 | 391676 |
| **Multi-Utilities — 9.9%** |  |  |
|  Consolidated Edison, Inc. | 888 | 87059 |
|  National Grid PLC | 25014 | 307699 |
|  Public Service Enterprise Group, Inc. | 6458 | 391032 |
|  REN - Redes Energeticas Nacionais SGPS SA | 32541 | 86177 |
|  |  | 871967 |
| **Oil, Gas & Consumable Fuels — 1.5%** |  |  |
|  Archaea Energy, Inc.<sup>(b)</sup>  | 4960 | 128662 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Road & Rail — 4.5%** |  |  |
|  Canadian Pacific Railway Ltd. | 1132 | $92679 |
|  CSX Corp. | 6658 | 217650 |
|  West Japan Railway Co. | 2000 | 85199 |
|  |  | 395528 |
| **Transportation Infrastructure — 11.7%** |  |  |
|  Aena SME SA<sup>(a)(b)</sup>  | 1420 | 183227 |
|  Flughafen Zurich AG, Registered Shares<sup>(b)</sup>  | 1268 | 210836 |
|  Fraport AG Frankfurt Airport Services Worldwide<sup>(b)</sup>  | 8262 | 361586 |
|  Hamburger Hafen und Logistik AG | 6538 | 79305 |
|  Transurban Group | 19705 | 192649 |
|  |  | 1027603 |
| **Water Utilities — 4.8%** |  |  |
|  Severn Trent PLC | 12857 | 423153 |
|  **Total Long-Term Investments — 91.5% (Cost: $8,630,540)** |  | 8056272 |
|  **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 7.4%** |  |  |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class, 3.57%<sup>(d)(e)</sup>  | 585752 | 585752 |
|  SL Liquidity Series, LLC, Money Market Series, 4.05%<sup>(d)(e)(f)</sup>  | 68022 | 67995 |
|  **Total Short-Term Securities — 7.4%<br>(Cost: $653,749)** |  | 653747 |
|  **Total Investments — 98.9%<br>(Cost: $9,284,289)** |  | 8710019 |
|  **Other Assets Less Liabilities — 1.1%** |  | 97107 |
|  **Net Assets — 100.0%** |  | $8807126 |

---

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

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

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

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

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

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended November 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>05/31/22* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>11/30/22* | *Shares<br>Held at<br>11/30/22* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class | $94744 | $491008 (a) | $— | $— | $— | $585752 | 585752 | $4655 | $— |
|  SL Liquidity Series, LLC, Money Market Series |  | 68000 <sup>(a)</sup> |  | (3) | (2) | 67995 | 68022 | 137 <sup>(b)</sup> |  |
|  |  |  |  | $(3) | $(2) | $653747 |  | $4792 | $— |

---

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

<sup>(b)</sup> Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

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 (unaudited) (continued)<br> November 30, 2022 | **BlackRock Infrastructure Sustainable Opportunities Fund** |

---

For Fund compliance purposes, the Fund's industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

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

**OTC Total Return Swaps** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Payment<br>Frequency* | *Counterparty<sup>(a)</sup>* | *Termination<br>Date* | *Net<br>Notional* | *Accrued<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Net Value of<br>Reference<br>Entity* | *Gross Notional<br>Amount*<br> *Net*<br> *Asset<br>Percentage* |
|  Equity Securities Long/Short | Monthly | Goldman Sachs Bank USA (c) | 02/27/23 | $131076 | $3959 (b) | $135011 | 1.5% |

---

<sup>(a)</sup> The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or 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 positions. 

<sup>(b)</sup> Amount includes $24 of net dividends and financing fees. 

The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:

---

| | |
|:---|:---|
|  | <sup>(c)</sup> |
| Range: | 26 basis points |
| Benchmarks: | Euro Short-Term Rate: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR 1 Day |

---

The following table represents the individual long positions and related values of equity securities underlying the total return swap with Goldman Sachs Bank USA, as of period end, termination date February 27, 2023:

---

| | | | |
|:---|:---|:---|:---|
|  | Shares | *Value* | *%of<br>Basket<br>Value* |
|  **Reference Entity — Long** |  |  |  |
| **Common Stocks** |  |  |  |
|  **Electric Utilities** |  |  |  |
|  EDP - Energias de Portugal SA | 28453 | $135011 | 100.0% |
|  Net Value of Reference Entity — Goldman Sachs Bank USA |  | $135011 |  |

---

**Balances Reported in the Statements 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 | $— | $— | $3959 | $— |

---

**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** |  |  |  |  |  |  |  |
|  Swaps — OTC |  |  |  |  |  |  |  |
| Unrealized appreciation on OTC swaps; |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap premiums paid | $— | $— | $3959 | $— | $— | $— | $3959 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Infrastructure Sustainable Opportunities Fund** |

---

For the period ended November 30, 2022, 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** |  |  |  |  |  |  |  |
|  Swaps | $— | $— | $(2884) | $— | $— | $— | $(2884) |
|  **Net Change in Unrealized Appreciation (Depreciation) on** |  |  |  |  |  |  |  |
|  Swaps | $— | $— | $95 | $— | $— | $— | $95 |

---

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

---

| | |
|:---|:---|
|  Total return swaps |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Average notional amount | $137680 |

---

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 |  |  |
|  Swaps — OTC<sup>(a)</sup>  | $3959 | $— |
|  Total derivative assets and liabilities in the Statements of Assets and Liabilities | $3959 | $— |
|  Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") |  |  |
|  Total derivative assets and liabilities subject to an MNA | $3959 | $— |

---

<sup>(a)</sup> Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/received in the Statements of Assets and Liabilities.

The following table presents the Fund's derivative assets by counterparty net of amounts available for offset under an MNA and net of the related collateral received 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>* | *Net<br>Amount<br>of<br>Derivative<br>Assets<sup>(c)</sup>* |
|  Goldman Sachs Bank USA | $3959 | $– $– $– $| 3959 |

---

<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. 

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 (unaudited) (continued)<br> November 30, 2022 | **BlackRock Infrastructure Sustainable Opportunities Fund** |

---

**Fair Value Hierarchy as of Period End** 

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | $335749 | $— | $— | $335749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | 88626 | 642846 |  | 731472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 1009053 | 1363399 |  | 2372452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Real Estate Investment Trusts (REITs) | 1297789 | 80221 |  | 1378010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services |  | 391676 |  | 391676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | 478091 | 393876 |  | 871967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 128662 |  |  | 128662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Road & Rail | 310329 | 85199 |  | 395528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Infrastructure |  | 1027603 |  | 1027603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Water Utilities |  | 423153 |  | 423153 |
| &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 | 585752 |  |  | 585752 |
|  | $4234051 | $4407973 | $— | 8642024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments valued at NAV<sup>(a)</sup>  |  |  |  | 67995 |
|  |  |  |  | $8710019 |
|  Derivative Financial Instruments<sup>(b)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $— | $3959 | $— | $3959 |

---

<sup>(a)</sup> Certain investments of the Fund were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

<sup>(b)</sup> Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.* 

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> November 30, 2022 | **BlackRock Mid-Cap Growth Equity Portfolio**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
|  **Aerospace & Defense — 4.0%** |  |  |  |
|  HEICO Corp.<sup>(a)</sup>  | 1507401 | $| 244666256 |
|  TransDigm Group, Inc. | 426354 |  | 267963489 |
|  |  |  | 512629745 |
| **Automobiles — 2.0%** |  |  |  |
|  Ferrari NV | 1154737 |  | 257564088 |
| **Banks — 0.0%** |  |  |  |
|  SVB Financial Group<sup>(b)</sup>  | 13681 |  | 3170982 |
| **Capital Markets — 9.5%** |  |  |  |
|  Ares Management Corp., Class A | 2079284 |  | 162995073 |
|  KKR & Co., Inc.<sup>(a)</sup>  | 5642896 |  | 292979160 |
|  LPL Financial Holdings, Inc. | 27060 |  | 6405373 |
|  MSCI, Inc. | 885694 |  | 449781984 |
|  Tradeweb Markets, Inc., Class A | 4696042 |  | 288618741 |
|  |  |  | 1200780331 |
| **Commercial Services & Supplies — 9.6%** |  |  |  |
|  Cintas Corp. | 772805 |  | 356865893 |
|  Copart, Inc.<sup>(b)</sup>  | 6025072 |  | 401028792 |
|  Rollins, Inc. | 6162761 |  | 249222055 |
|  Waste Connections, Inc. | 1509306 |  | 218094717 |
|  |  |  | 1225211457 |
| **Communications Equipment — 1.4%** |  |  |  |
|  Motorola Solutions, Inc. | 641628 |  | 174651142 |
| **Construction & Engineering — 1.4%** |  |  |  |
|  WillScot Mobile Mini Holdings Corp.<sup>(b)</sup>  | 3551710 |  | 171227939 |
| **Construction Materials — 1.2%** |  |  |  |
|  Vulcan Materials Co.<sup>(a)</sup>  | 807668 |  | 148069774 |
| **Distributors — 1.5%** |  |  |  |
|  Pool Corp.<sup>(a)</sup>  | 576049 |  | 189756301 |
| **Electronic Equipment, Instruments & Components — 1.4%** | **Electronic Equipment, Instruments & Components — 1.4%** | **Electronic Equipment, Instruments & Components — 1.4%** | **Electronic Equipment, Instruments & Components — 1.4%** |
|  Teledyne Technologies, Inc.<sup>(a)(b)</sup>  | 435079 |  | 182776688 |
| **Entertainment — 3.5%** |  |  |  |
|  Liberty Media Corp. - Liberty Formula One, Class C, NVS<sup>(b)</sup> | 4062670 |  | 247579110 |
|  Live Nation Entertainment, Inc.<sup>(a)(b)</sup>  | 2739656 |  | 199337370 |
|  |  |  | 446916480 |
| **Equity Real Estate Investment Trusts (REITs) — 1.6%** |  |  |  |
|  Rexford Industrial Realty, Inc.<sup>(a)</sup>  | 643462 |  | 35577014 |
|  SBA Communications Corp. | 567542 |  | 169865321 |
|  |  |  | 205442335 |
| **Health Care Equipment & Supplies — 3.0%** |  |  |  |
|  IDEXX Laboratories, Inc.<sup>(a)(b)</sup>  | 735281 |  | 313134120 |
|  Insulet Corp.<sup>(a)(b)</sup>  | 238357 |  | 71356935 |
|  |  |  | 384491055 |
| **Health Care Technology — 3.2%** |  |  |  |
|  Doximity, Inc., Class A<sup>(a)(b)</sup>  | 2634176 |  | 89535642 |
|  Veeva Systems, Inc., Class A<sup>(b)</sup>  | 1677737 |  | 319374016 |
|  |  |  | 408909658 |
| **Hotels, Restaurants & Leisure — 8.8%** |  |  |  |
|  Domino's Pizza, Inc. | 48312 |  | 18780324 |
|  Evolution AB<sup>(c)</sup>  | 2537953 |  | 261419193 |
|  Expedia Group, Inc.<sup>(b)</sup>  | 2402795 |  | 256714618 |
|  Penn Entertainment, Inc.<sup>(a)(b)</sup>  | 1265262 |  | 44524570 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Hotels, Restaurants & Leisure (continued)** |  |  |
|  Planet Fitness, Inc., Class A<sup>(b)</sup>  | 3835188 | $300525331 |
|  Vail Resorts, Inc. | 903787 | 232761304 |
|  |  | 1114725340 |
| **Interactive Media & Services — 2.6%** |  |  |
|  Match Group, Inc.<sup>(a)(b)</sup>  | 6412038 | 324192641 |
| **Internet & Direct Marketing Retail — 2.0%** |  |  |
|  Etsy, Inc.<sup>(a)(b)</sup>  | 1910962 | 252418971 |
| **IT Services — 1.6%** |  |  |
|  Globant SA<sup>(a)(b)</sup>  | 1043251 | 195484373 |
|  MongoDB, Inc.<sup>(a)(b)</sup>  | 42422 | 6477415 |
|  |  | 201961788 |
| **Life Sciences Tools & Services — 7.4%** |  |  |
|  Agilent Technologies, Inc.<sup>(a)</sup>  | 733950 | 113747571 |
|  Bio-Techne Corp. | 2286936 | 194366690 |
|  Charles River Laboratories International, Inc.<sup>(b)</sup>  | 931415 | 212893526 |
|  Mettler-Toledo International, Inc.<sup>(a)(b)</sup>  | 77712 | 114202447 |
|  Repligen Corp.<sup>(a)(b)</sup>  | 440401 | 78761315 |
|  West Pharmaceutical Services, Inc. | 941001 | 220815295 |
|  |  | 934786844 |
| **Machinery — 1.3%** |  |  |
|  Chart Industries, Inc.<sup>(b)</sup>  | 233604 | 33403036 |
|  IDEX Corp.<sup>(a)</sup>  | 565676 | 134342393 |
|  |  | 167745429 |
| **Media — 0.0%** |  |  |
|  Cable One, Inc. | 3586 | 2597304 |
| **Oil, Gas & Consumable Fuels — 2.7%** |  |  |
|  Cheniere Energy, Inc.<sup>(a)</sup>  | 1313429 | 230322910 |
|  Diamondback Energy, Inc. | 447959 | 66306891 |
|  EQT Corp. | 996040 | 42242056 |
|  |  | 338871857 |
| **Professional Services — 1.8%** |  |  |
|  CoStar Group, Inc.<sup>(b)</sup>  | 2777373 | 225078308 |
| **Road & Rail — 2.3%** |  |  |
|  Old Dominion Freight Line, Inc.<sup>(a)</sup>  | 978850 | 296209798 |
| **Semiconductors & Semiconductor Equipment — 9.3%** |  |  |
|  Enphase Energy, Inc.<sup>(b)</sup>  | 641328 | 205603343 |
|  Entegris, Inc.<sup>(a)</sup>  | 3939516 | 304485192 |
|  Monolithic Power Systems, Inc.<sup>(a)</sup>  | 867528 | 331360995 |
|  ON Semiconductor Corp.<sup>(b)</sup>  | 4529378 | 340609226 |
|  |  | 1182058756 |
| **Software — 12.7%** |  |  |
|  Bill.com Holdings, Inc.<sup>(a)(b)</sup>  | 1826778 | 219980607 |
|  Cadence Design Systems, Inc.<sup>(b)</sup>  | 2601080 | 447489803 |
|  Five9, Inc.<sup>(a)(b)</sup>  | 1306379 | 83751958 |
|  HubSpot, Inc.<sup>(a)(b)</sup>  | 382433 | 115888672 |
|  Paycom Software, Inc.<sup>(b)</sup>  | 1009917 | 342462855 |
|  Synopsys, Inc.<sup>(b)</sup>  | 1129326 | 383451350 |
|  Tyler Technologies, Inc.<sup>(b)</sup>  | 62010 | 21253307 |
|  |  | 1614278552 |
| **Specialty Retail — 2.8%** |  |  |
|  Burlington Stores, Inc.<sup>(a)(b)</sup>  | 554694 | 108542522 |
|  Tractor Supply Co.<sup>(a)</sup>  | 1104498 | 249958942 |
|  |  | 358501464 |

---

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 (unaudited) (continued)<br> November 30, 2022 | **BlackRock Mid-Cap Growth Equity Portfolio**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Textiles, Apparel & Luxury Goods — 1.2%** |  |  |
|  Lululemon Athletica, Inc.<sup>(b)</sup>  | 388824 | $147873655 |
| **Total Long-Term Investments — 99.8%<br> (Cost: $10,454,427,628)** |  | 12672898682 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 4.8%** |  |  |
|  BlackRock Liquidity Funds, T-Fund, Institutional<br>Class, 3.57%<sup>(d)(e)</sup>  | 29166488 | 29166488 |
|  SL Liquidity Series, LLC, Money Market Series,<br>4.05%<sup>(d)(e)(f)</sup>  | 578243481 | 578095913 |
| **Total Short-Term Securities — 4.8%<br> (Cost: $607,135,013)** |  | 607262401 |
| **Total Investments — 104.6%<br> (Cost: $11,061,562,641)** |  | 13280161083 |
| **Liabilities in Excess of Other Assets — (4.6)%** | **Liabilities in Excess of Other Assets — (4.6)%** | (580879380) |
| **Net Assets — 100.0%** |  | $12699281703 |

---

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

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

<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.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended November 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>05/31/22* | *Purchases at<br>Cost* | *Proceeds<br>from Sale* | *Net<br>Realized<br>Gain(Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>11/30/22* | *Shares*<br> *Held at*<br> *11/30/22* | *Income* | *Capital*<br> *Gain*<br> *Distributions*<br> *from Underlying*<br> *Funds* |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class | $73220432 | $— | $(44053944)<sup>(a)</sup> | $— | $— | $29166488 | 29166488 | $2047248 | $— |
|  SL Liquidity Series, LLC, Money Market Series | 194058888 | 384086813 <sup>(a)</sup> |  | (122451) | 72663 | 578095913 | 578243481 | 562810 <sup>(b)</sup> |  |
|  |  |  |  | $(122451) | $72663 | $607262401 |  | $2610058 | $— |

---

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

<sup>(b)</sup> Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

For Fund compliance purposes, the Fund's industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **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. 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 | $512629745 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $512629745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 257564088 |  |  | 257564088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks | 3170982 |  |  | 3170982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 1200780331 |  |  | 1200780331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 1225211457 |  |  | 1225211457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 174651142 |  |  | 174651142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | 171227939 |  |  | 171227939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | 148069774 |  |  | 148069774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributors | 189756301 |  |  | 189756301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 182776688 |  |  | 182776688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 446916480 |  |  | 446916480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Real Estate Investment Trusts (REITs) | 205442335 |  |  | 205442335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 384491055 |  |  | 384491055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Technology | 408909658 |  |  | 408909658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 853306147 | 261419193 |  | 1114725340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 324192641 |  |  | 324192641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Internet & Direct Marketing Retail | 252418971 |  |  | 252418971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services | 201961788 |  |  | 201961788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 934786844 |  |  | 934786844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery | 167745429 |  |  | 167745429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Media | 2597304 |  |  | 2597304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 338871857 |  |  | 338871857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 225078308 |  |  | 225078308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Road & Rail | 296209798 |  |  | 296209798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 1182058756 |  |  | 1182058756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | 1614278552 |  |  | 1614278552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 358501464 |  |  | 358501464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 147873655 |  |  | 147873655 |
| &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 | 29166488 |  |  | 29166488 |
|  | $12440645977 | $261419193 | $— | 12702065170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments valued at NAV<sup>(a)</sup>  |  |  |  | 578095913 |
|  |  |  |  | $13280161083 |

---

<sup>(a)</sup> Certain investments of the Fund were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

*See notes to financial statements.* 

S C H E D U L E S O F I N V E S T M E N T S 31

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> November 30, 2022 | **BlackRock Technology Opportunities Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** | **Common Stocks** | **Common Stocks** |
|  **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** |
|  Rocket Lab U.S.A., Inc.<sup>(a)(b)</sup>  | 837912 | $3510851 |
| **Automobiles — 3.5%** | **Automobiles — 3.5%** | **Automobiles — 3.5%** |
|  BYD Co. Ltd., Class H | 795500 | 20253261 |
|  Tesla, Inc.<sup>(a)</sup>  | 655871 | 127698084 |
|  |  | 147951345 |
| **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** |
|  Klarna Holdings AB (Acquired 09/15/20, cost |  |  |
| $11017172)<sup>(a)(c)(d)</sup>  | 25600 | 4978103 |
| **Capital Markets — 0.9%** | **Capital Markets — 0.9%** | **Capital Markets — 0.9%** |
|  S&P Global, Inc. | 110536 | 38997101 |
| **Communications Equipment — 0.7%** | **Communications Equipment — 0.7%** | **Communications Equipment — 0.7%** |
|  Motorola Solutions, Inc. | 107210 | 29182562 |
| **Diversified Consumer Services — 0.2%** | **Diversified Consumer Services — 0.2%** | **Diversified Consumer Services — 0.2%** |
|  Think & Learn Private Ltd. (Acquired 09/30/20, cost $3,427,642)<sup>(a)(c)(d)</sup>  | 2241 | 7024226 |
| **Electrical Equipment — 0.5%** | **Electrical Equipment — 0.5%** | **Electrical Equipment — 0.5%** |
|  Sungrow Power Supply Co. Ltd., Class A | 1141900 | 18732161 |
| **Electronic Equipment, Instruments & Components — 2.1%** | **Electronic Equipment, Instruments & Components — 2.1%** | **Electronic Equipment, Instruments & Components — 2.1%** |
|  CDW Corp. | 391964 | 73940089 |
|  Flex Ltd.<sup>(a)</sup>  | 663109 | 14575136 |
|  |  | 88515225 |
| **Entertainment — 2.7%** | **Entertainment — 2.7%** | **Entertainment — 2.7%** |
|  Electronic Arts, Inc. | 142082 | 18581484 |
|  Netflix, Inc.<sup>(a)</sup>  | 99563 | 30419483 |
|  Spotify Technology SA<sup>(a)(b)</sup>  | 181852 | 14442686 |
|  Warner Music Group Corp., Class A | 1462672 | 50125769 |
|  |  | 113569422 |
| **Equity Real Estate Investment Trusts (REITs) — 0.5%** | **Equity Real Estate Investment Trusts (REITs) — 0.5%** | **Equity Real Estate Investment Trusts (REITs) — 0.5%** |
|  SBA Communications Corp. | 66909 | 20025864 |
| **Hotels, Restaurants & Leisure — 1.3%** | **Hotels, Restaurants & Leisure — 1.3%** | **Hotels, Restaurants & Leisure — 1.3%** |
|  Booking Holdings, Inc.<sup>(a)</sup>  | 11210 | 23310634 |
|  Trip.com Group Ltd.<sup>(a)</sup>  | 960250 | 30390108 |
|  |  | 53700742 |
| **Interactive Media & Services — 3.2%** | **Interactive Media & Services — 3.2%** | **Interactive Media & Services — 3.2%** |
|  Alphabet, Inc., Class A<sup>(a)</sup>  | 1080337 | 109103234 |
|  ZoomInfo Technologies, Inc.<sup>(a)</sup>  | 839127 | 23999032 |
|  |  | 133102266 |
| **Internet & Direct Marketing Retail — 3.7%** | **Internet & Direct Marketing Retail — 3.7%** | **Internet & Direct Marketing Retail — 3.7%** |
|  Alibaba Group Holding Ltd., ADR<sup>(a)</sup>  | 293455 | 25694920 |
|  Amazon.com, Inc.<sup>(a)</sup>  | 656984 | 63425235 |
|  Coupang, Inc.<sup>(a)(b)</sup>  | 800814 | 15599857 |
|  Jasper Infotech Private Ltd. (Acquired 05/07/14 -10/29/14, cost $1,414,399)<sup>(a)(c)(d)</sup>  | 304000 | 296175 |
|  MercadoLibre, Inc.<sup>(a)</sup>  | 53299 | 49620569 |
|  |  | 154636756 |
| **IT Services — 16.0%** | **IT Services — 16.0%** | **IT Services — 16.0%** |
|  Accenture PLC, Class A | 136740 | 41149168 |
|  Adyen NV<sup>(a)(e)</sup>  | 36822 | 58006389 |
|  Automatic Data Processing, Inc. | 326676 | 86288199 |
|  Block, Inc.<sup>(a)</sup>  | 419971 | 28461435 |
|  Globant SA<sup>(a)(b)</sup>  | 88070 | 16502557 |
|  GMO Payment Gateway, Inc. | 392800 | 35563801 |
|  Mastercard, Inc., Class A | 419552 | 149528333 |
|  MongoDB, Inc.<sup>(a)</sup>  | 159959 | 24424140 |
|  PayPal Holdings, Inc.<sup>(a)</sup>  | 558057 | 43757249 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** |
|  Shopify, Inc., Class A<sup>(a)</sup>  | 334298 | $| 13666102 |
|  Snowflake, Inc., Class A<sup>(a)</sup>  | 47770 |  | 6826333 |
|  Twilio, Inc., Class A<sup>(a)</sup>  | 219488 |  | 10759302 |
|  Visa, Inc., Class A | 642949 |  | 139519933 |
|  Wise PLC, Class A<sup>(a)</sup>  | 1918022 |  | 15156977 |
|  |  |  | 669609918 |
| **Machinery — 0.6%** | **Machinery — 0.6%** | **Machinery — 0.6%** | **Machinery — 0.6%** |
|  Wuxi Lead Intelligent Equipment Co. Ltd., Class A . | 4051680 |  | 25213594 |
| **Professional Services — 0.5%** | **Professional Services — 0.5%** | **Professional Services — 0.5%** | **Professional Services — 0.5%** |
|  Equifax, Inc.<sup>(b)</sup>  | 110883 |  | 21884978 |
| **Road & Rail — 0.6%** | **Road & Rail — 0.6%** | **Road & Rail — 0.6%** | **Road & Rail — 0.6%** |
|  Uber Technologies, Inc.<sup>(a)</sup>  | 860061 |  | 25062177 |
| **Semiconductors & Semiconductor Equipment — 25.3%** | **Semiconductors & Semiconductor Equipment — 25.3%** | **Semiconductors & Semiconductor Equipment — 25.3%** | **Semiconductors & Semiconductor Equipment — 25.3%** |
|  Advanced Micro Devices, Inc.<sup>(a)(b)</sup>  | 1063316 |  | 82545221 |
|  Alphawave IP Group PLC<sup>(a)(b)</sup>  | 9867850 |  | 12606820 |
|  Analog Devices, Inc. | 132930 |  | 22851996 |
|  ASML Holding NV | 224942 |  | 137331625 |
|  Broadcom, Inc. | 130348 |  | 71825658 |
|  First Solar, Inc.<sup>(a)</sup>  | 97195 |  | 16769053 |
|  GLOBALFOUNDRIES, Inc.<sup>(a)(b)</sup>  | 527468 |  | 33942566 |
|  Lam Research Corp. | 167747 |  | 79240328 |
|  Marvell Technology, Inc. | 1419849 |  | 66051376 |
|  Micron Technology, Inc.<sup>(b)</sup>  | 682550 |  | 39349008 |
|  Monolithic Power Systems, Inc. | 172099 |  | 65734934 |
|  NVIDIA Corp. | 440071 |  | 74473215 |
|  NXP Semiconductors NV | 300542 |  | 52847305 |
|  QUALCOMM, Inc. | 482267 |  | 61001953 |
|  SOITEC<sup>(a)</sup>  | 418311 |  | 68045698 |
|  STMicroelectronics NV | 1718480 |  | 66517054 |
|  Wolfspeed, Inc.<sup>(a)(b)</sup>  | 1183664 |  | 107618731 |
|  |  |  | 1058752541 |
| **Software — 24.6%** | **Software — 24.6%** | **Software — 24.6%** | **Software — 24.6%** |
|  Adobe, Inc.<sup>(a)</sup>  | 78082 |  | 26932824 |
|  Altium Ltd. | 1642474 |  | 43541223 |
|  ANSYS, Inc.<sup>(a)</sup>  | 133169 |  | 33864877 |
|  Aspen Technology, Inc.<sup>(a)(b)</sup>  | 164033 |  | 37809607 |
|  Atlassian Corp. Ltd., Class A<sup>(a)</sup>  | 209085 |  | 27505132 |
|  Cadence Design Systems, Inc.<sup>(a)</sup>  | 629795 |  | 108349932 |
|  Constellation Software, Inc. | 22912 |  | 36936498 |
|  Crowdstrike Holdings, Inc., Class A<sup>(a)</sup>  | 159476 |  | 18762351 |
|  Dassault Systemes SE | 660488 |  | 24627811 |
|  Databricks, Inc. (Acquired 07/24/20 - 09/02/20, cost $5,122,891)<sup>(a)(c)(d)</sup>  | 319983 |  | 17637463 |
|  Fair Isaac Corp.<sup>(a)</sup>  | 80770 |  | 50054784 |
|  Gitlab, Inc., Class A<sup>(a)(b)</sup>  | 355692 |  | 14067619 |
|  Intuit, Inc. | 162063 |  | 66055258 |
|  Microsoft Corp. | 1273779 |  | 324991974 |
|  Oracle Corp. | 803329 |  | 66700407 |
|  Salesforce, Inc.<sup>(a)</sup>  | 150520 |  | 24120830 |
|  ServiceNow, Inc.<sup>(a)</sup>  | 88194 |  | 36715162 |
|  Splunk, Inc.<sup>(a)</sup>  | 204347 |  | 15873675 |
|  Unqork, Inc. (Acquired 03/05/21, cost $4,093,769)<sup>(a)(c)(d)</sup>  | 149520 |  | 2371387 |
|  Xero Ltd.<sup>(a)</sup>  | 617823 |  | 30702898 |
|  Zscaler, Inc.<sup>(a)(b)</sup>  | 150963 |  | 20146012 |
|  |  |  | 1027767724 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Technology Opportunities Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Technology Hardware, Storage & Peripherals — 9.8%** | **Technology Hardware, Storage & Peripherals — 9.8%** | **Technology Hardware, Storage & Peripherals — 9.8%** |
|  Apple Inc. | 2630611 | $389409347 |
|  Dell Technologies, Inc., Class C | 437308 | 19587025 |
|  |  | 408996372 |
|  **Total Common Stocks — 96.9%<br>(Cost: $3,032,900,509)** | **Total Common Stocks — 96.9%<br>(Cost: $3,032,900,509)** | 4051213928 |
|  **Preferred Securities** | **Preferred Securities** | **Preferred Securities** |
| **Preferred Stocks — 2.6%** | **Preferred Stocks — 2.6%** | **Preferred Stocks — 2.6%** |
| **Diversified Consumer Services — 0.2%** | **Diversified Consumer Services — 0.2%** | **Diversified Consumer Services — 0.2%** |
|  Think & Learn Private Ltd., Series F (Acquired 09/30/20, cost $6,867,746)<sup>(a)(c)(d)</sup>  | 2371 | 7431700 |
| **Food Products — 0.2%** | **Food Products — 0.2%** | **Food Products — 0.2%** |
|  Farmer's Business Network, Inc., Series F<br>(Acquired 07/31/20, cost $6,419,592)<sup>(a)(c)(d)</sup>  | 194200 | 10378048 |
| **Interactive Media & Services — 0.8%** | **Interactive Media & Services — 0.8%** | **Interactive Media & Services — 0.8%** |
|  Bytedance Ltd., Series E-1 (Acquired 11/11/20, cost $22,196,442)<sup>(a)(c)(d)</sup>  | 202570 | 32997842 |
| **Road & Rail — 0.1%** | **Road & Rail — 0.1%** | **Road & Rail — 0.1%** |
|  FlixMobility GmbH, Series F (Acquired 07/26/19, cost $2,490,608)<sup>(a)(c)(d)</sup>  | 125 | 2355004 |
| **Semiconductors & Semiconductor Equipment — 0.6%** | **Semiconductors & Semiconductor Equipment — 0.6%** | **Semiconductors & Semiconductor Equipment — 0.6%** |
|  PsiQuantum Corp., Series C (Acquired 09/09/19, cost $2,698,453)<sup>(a)(c)(d)</sup>  | 581814 | 11991187 |
|  SambaNova Systems, Inc., Series C (Acquired 02/20/20, cost $9,804,574)<sup>(a)(c)(d)</sup>  | 184153 | 11691874 |
|  |  | 23683061 |
| **Software — 0.7%** | **Software — 0.7%** | **Software — 0.7%** |
|  Databricks, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 0.00% (Acquired 10/22/19, cost<br>$3,700,005)<sup>(a)(c)(d)</sup>  | 258450 | 14245764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 0.00% (Acquired 02/01/21, cost<br>$12,500,003)<sup>(a)(c)(d)</sup>  | 211425 | 11653746 |
|  Unqork, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 0.00% (Acquired 03/05/21, cost<br>$194,941)<sup>(a)(c)(d)</sup>  | 7120 | 112923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 0.00% (Acquired 03/05/21, cost<br>$314,316)<sup>(a)(c)(d)</sup>  | 11480 | 182073 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Software (continued)** | **Software (continued)** | **Software (continued)** |
|  Unqork, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 0.00% (Acquired 09/18/20, cost $8,323,340)<sup>(a)(c)(d)</sup>  | 304000 | $4821440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Seed, 0.00% (Acquired 03/05/21, cost $489,544)<sup>(a)(c)(d)</sup>  | 17880 | 283577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Seed A, 0.00% (Acquired 03/05/21, cost $180,704)<sup>(a)(c)(d)</sup>  | 6600 | 104676 |
|  |  | 31404199 |
|  **Total Preferred Securities — 2.6%<br>(Cost: $76,181,919)** | **Total Preferred Securities — 2.6%<br>(Cost: $76,181,919)** | 108249854 |
|  **Total Long-Term Investments — 99.5%<br>(Cost: $3,109,082,428)** | **Total Long-Term Investments — 99.5%<br>(Cost: $3,109,082,428)** | 4159463782 |
|  **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 3.2%** | **Money Market Funds — 3.2%** | **Money Market Funds — 3.2%** |
|  BlackRock Liquidity Funds, T-Fund, Institutional<br>Class, 3.57%<sup>(f)(g)</sup>  | 31093980 | 31093980 |
|  SL Liquidity Series, LLC, Money Market Series, 4.05%<sup>(f)(g)(h)</sup>  | 101173076 | 101172930 |
|  **Total Short-Term Securities — 3.2%<br>(Cost: $132,236,831)** | **Total Short-Term Securities — 3.2%<br>(Cost: $132,236,831)** | 132266910 |
|  **Total Investments — 102.7%<br>(Cost: $3,241,319,259)** | **Total Investments — 102.7%<br>(Cost: $3,241,319,259)** | 4291730692 |
|  **Liabilities in Excess of Other Assets — (2.7)%** | **Liabilities in Excess of Other Assets — (2.7)%** | (113585074) |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | $4178145618 |

---

<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 $140,557,208, representing 3.4% of its net assets as of period end, and an original cost of $101,257,792. 

<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.

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 (unaudited) (continued)<br> November 30, 2022 | **BlackRock Technology Opportunities Fund** |

---

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended November 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>05/31/22* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>11/30/22* | *Shares*<br> *Held at<br>11/30/22* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class | $65188334 | $— | $(34094354)<sup>(a)</sup> | $— | $— | $31093980 | 31093980 | $472199 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  SL Liquidity Series, LLC, Money Market Series | 104736728 | $— | (3522393)<sup>(a)</sup> | (42756) | 1351 | 101172930 | 101173076 | 475764 <sup>(b)</sup> |  |
|  |  |  |  | $(42756) | $1351 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132266910 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947963 | $— |

---

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

<sup>(b)</sup> Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

For Fund compliance purposes, the Fund's industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

**Fair Value Hierarchy as of Period End** 

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $3510851 | $— | $— | $3510851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 127698084 | 20253261 |  | 147951345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks |  |  | 4978103 | 4978103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 38997101 |  |  | 38997101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 29182562 |  |  | 29182562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Consumer Services |  |  | 7024226 | 7024226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment |  | 18732161 |  | 18732161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 88515225 |  |  | 88515225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 113569422 |  |  | 113569422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Real Estate Investment Trusts (REITs) | 20025864 |  |  | 20025864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 23310634 | 30390108 |  | 53700742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 133102266 |  |  | 133102266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Internet & Direct Marketing Retail | 154340581 |  | 296175 | 154636756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services | 560882751 | 108727167 |  | 669609918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery |  | 25213594 |  | 25213594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 21884978 |  |  | 21884978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Road & Rail | 25062177 |  |  | 25062177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 786858164 | 271894377 |  | 1058752541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | 908886942 | 98871932 | 20008850 | 1027767724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 408996372 |  |  | 408996372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities |  |  | 108249854 | 108249854 |
| &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 | 31093980 |  |  | 31093980 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3475917954 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574082600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140557208 | 4190557762 |
|  Investments valued at NAV |  |  |  | 101172930 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4291730692 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Technology Opportunities Fund** |

---

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* | *Total* |
|  Assets |  |  |  |
|  Opening Balance, as of May 31, 2022 | $65174021 | $119603445 | $184777466 |
|  Transfers into Level 3 |  |  |  |
|  Transfers out of Level 3 |  |  |  |
|  Accrued discounts/premiums |  |  |  |
|  Net realized gain (loss) |  | 388435 | 388435 |
|  Net change in unrealized appreciation (depreciation)<sup>(a)(b)</sup>  | (32866667) | (10550084) | (43416751) |
|  Purchases |  |  |  |
|  Sales |  | (1191942) | (1191942) |
|  Closing Balance, as of November 30, 2022 | $32307354 | $108249854 | $140557208 |
|  Net change in unrealized appreciation (depreciation) on investments still held at November 30, 2022<sup>(b)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32866667) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10550084) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43416751) |

---

<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 November 30, 2022, is generally due to investments no longer held or categorized as Level 3 at period end.

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Valuation Committee (the "Valuation Committee") to determine the value of certain of the Fund's Level 3 investments 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 |  |  |  |  |  |
|  Common Stocks | $32307354 | Market | Revenue Multiple | 3.13x-28.00x | 18.28x |
|  Preferred Securities<sup>(b)</sup>  | 108249854 | Market | Revenue Multiple | 3.35x-28.00x | 12.26x |
|  |  |  | Volatility | 50% |  |
|  |  |  | Time to Exit | 4 |  |
|  |  |  | Market Adjustment Multiple | 1.00x |  |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140557208 |  |  |  |  |

---

<sup>(a)</sup> A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value.

<sup>(b)</sup> The fund valued certain of its Level 3 investments using recent prior transaction prices as the best approximation of fair value. The value of Level 3 investments obtained using recent prior transactions, for which inputs are unobservable, is $32,997,842 as of November 30, 2022. 

*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 (unaudited)

November 30, 2022

---

| | | | |
|:---|:---|:---|:---|
| | BlackRock<br> Capital<br> Appreciation<br> Fund,<br> Inc. | BlackRock<br> Health<br> Sciences<br>Opportunities<br>Portfolio | BlackRock<br>Infrastructure<br>Sustainable<br>Opportunities<br>Fund |
|  **ASSETS** |  |  |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup>  | $2950665623 | $9321547808 | $8056272 |
|  Investments, at value — affiliated<sup>(c)</sup>  | 17361998 | 319630955 | 653747 |
|  Cash | 116145 | 77782 |  |
|  Foreign currency, at value<sup>(d)</sup>  |  |  | 133243 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  | 47369522 <sup>(e)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 12372 | 140873 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 1517171 | 7052038 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 2142661 | 12221510 | 20446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 127407 | 340496 | 1632 |
| &nbsp;&nbsp;&nbsp;&nbsp; From the Manager |  |  | 8959 |
|  Unrealized appreciation on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts |  | 2928048 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC swaps |  |  | 3959 |
|  Deferred offering costs |  |  | 882 |
|  Prepaid expenses | 104206 | 139682 | 38303 |
|  Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2972047583 | 9711448714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8917504 |
|  **LIABILITIES** |  |  |  |
|  Collateral on securities loaned |  | 165216682 | 68000 |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased |  | 2131798 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services fees | 49985 | 130282 | 9211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees |  | 411374 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 5651052 | 15020181 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1490356 | 5037302 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' and Officer's fees | 5925 | 28912 | 1911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 70881 | 213077 | 4655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other affiliate fees | 77527 | 102873 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 65178 | 64922 | 26391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution fees | 361104 | 1153411 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 465388 | 2620337 | 187 |
|  Unrealized depreciation on forward foreign currency exchange contracts |  | 9054253 |  |
|  Total liabilities | 8237396 | 201185404 | 110378 |
|  NET ASSETS | $2963810187 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9510263310 | $8807126 |
|  **NET ASSETS CONSIST OF:** |  |  |  |
|  Paid-in capital | $1926441611 | $6091077892 | $9988218 |
|  Accumulated earnings (loss) | 1037368576 | 3419185418 | (1181092) |
|  NET ASSETS | $2963810187 | $9510263310 | $8807126 |
|  <sup>(a)</sup> Investments, at cost — unaffiliated | $1945640423 | $5818152187 | $8630540 |
|  <sup>(b)</sup> Securities loaned, at value | $— | $165101227 | $67146 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $17361998 | $319601508 | $653749 |
|  <sup>(d)</sup> Foreign currency, at cost | $— | $— | $131144 |
|  <sup>(e)</sup> $15,050,402 is expected to be collected at least one year after May 31, 2022. |  |  |  |

---

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

------

Statements of Assets and Liabilities (unaudited) (continued)

November 30, 2022

---

| | | | |
|:---|:---|:---|:---|
| | BlackRock<br>Capital<br>Appreciation<br>Fund,<br> Inc. | BlackRock<br> Health<br> Sciences<br>Opportunities<br>Portfolio | BlackRock<br>Infrastructure<br>Sustainable<br>Opportunities<br>Fund |
|  **NET ASSET VALUE** |  |  |  |
| **Institutional** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $667594662 | $5028931985 | $95243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 23759486 | 70249937 | 10847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $28.10 | $71.59 | $8.78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 300 million | Unlimited | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 | $0.001 | $0.001 |
| **Service** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | N/A | $37601229 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | N/A | 558028 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | N/A | $67.38 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | N/A | Unlimited | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | N/A | $0.001 | N/A |
| **Investor A** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1631467386 | $3206759046 | $101203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 66032315 | 47834541 | 11539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $24.71 | $67.04 | $8.77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 300 million | Unlimited | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 | $0.001 | $0.001 |
| **Investor C** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $39574138 | $505612615 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 2811198 | 9090253 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $14.08 | $55.62 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 300 million | Unlimited | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 | $0.001 | N/A |
| **Class K** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $603449781 | $465152167 | $8610680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 21232870 | 6486695 | 980462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $28.42 | $71.71 | $8.78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 300 million | Unlimited | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 | $0.001 | $0.001 |
| **Class R** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $21724220 | $266206268 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 1218168 | 4097107 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $17.83 | $64.97 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 500 million | Unlimited | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 | $0.001 | N/A |

---

*See notes to financial statements.* 

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

------

Statements of Assets and Liabilities (unaudited) (continued)

November 30, 2022

---

| | | |
|:---|:---|:---|
| | BlackRock<br> Mid-Cap<br> Growth<br> Equity<br> Portfolio | BlackRock<br>Technology<br>Opportunities<br> Fund |
|  **ASSETS** |  |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup>  | $12672898682 | $4159463782 |
|  Investments, at value — affiliated<sup>(c)</sup>  | 607262401 | 132266910 |
|  Cash |  | 120952 |
|  Cash pledged for collateral — exchange-traded options written |  | 200 |
|  Foreign currency, at value<sup>(d)</sup>  | 1276 | 5095 |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 21019327 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 147137 | 97828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 15693720 | 6236400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 5214358 | 2610793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 42995 | 178380 |
| &nbsp;&nbsp;&nbsp;&nbsp; From the Manager | 199941 | 112073 |
|  Prepaid expenses | 471339 | 138658 |
|  Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13322951176 | 4301231071 |
|  **LIABILITIES** |  |  |
|  Collateral on securities loaned | 578395778 | 101364674 |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased |  | 2875645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services fees | 175255 | 65972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 413304 | 124323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 34890879 | 13105422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred foreign capital gain tax |  | 493938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 6296796 | 2552455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' and Officer's fees | 61030 | 15978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 245855 | 339707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other affiliate fees | 38240 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 61527 | 82360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution fees | 569830 | 500107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 2520979 | 1564872 |
|  Total liabilities | 623669473 | 123085453 |
|  NET ASSETS | $12699281703 | $4178145618 |
|  **NET ASSETS CONSIST OF:** |  |  |
|  Paid-in capital | $13052629175 | $3812483326 |
|  Accumulated earnings (loss) | (353347472) | 365662292 |
|  NET ASSETS | $12699281703 | $4178145618 |
|  <sup>(a)</sup> Investments, at cost — unaffiliated | $10454427628 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3109082428 |
|  <sup>(b)</sup> Securities loaned, at value | $559569968 | $99038879 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $607135013 | $132236831 |
|  <sup>(d)</sup> Foreign currency, at cost | $1475 | $5628 |

---

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

------

Statements of Assets and Liabilities (unaudited) (continued)

November 30, 2022

---

| | | |
|:---|:---|:---|
| | 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 | $5997719359 | $2284643094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 185413794 | 55452863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $32.35 | $41.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 | $0.001 |
|  **Service** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $76721713 | $46019807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 2657059 | 1197990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $28.87 | $38.41 |
| &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 | $1767701583 | $1450087046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 64252389 | 38695173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $27.51 | $37.47 |
| &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 | $214339492 | $244267229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 10446610 | 8143266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $20.52 | $30.00 |
| &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 | $4550173084 | $122019722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 140032792 | 2956516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $32.49 | $41.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 | $0.001 |
|  **Class R** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $92626472 | $31108720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 3455158 | 827659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $26.81 | $37.59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 | $0.001 |

---

*See notes to financial statements.* 

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

------

Statements of Operations (unaudited)

Six Months Ended November 30, 2022

---

| | | | |
|:---|:---|:---|:---|
| | BlackRock<br> Capital<br> Appreciation<br> Fund,<br> Inc. | BlackRock<br> Health<br> Sciences<br>Opportunities<br>Portfolio | BlackRock<br>Infrastructure<br>Sustainable<br>Opportunities<br>Fund |
|  **INVESTMENT INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $11689057 | $57910615 | $108789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 721813 | 1504513 | 4655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 30342 | 707008 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | (80169) | (318635) | (8689) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 12361043 | 59803501 | 104892 |
|  EXPENSES |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 9974221 | 30502267 | 35181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution — class specific | 2382443 | 7000663 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent — class specific | 1354251 | 4621945 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services | 105159 | 264283 | 18537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 75378 | 69989 | 28001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration | 71906 | 110664 | 15074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | 38643 | 160952 | 6579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors and Officer | 19410 | 37273 | 3374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and postage | 18540 | 26944 | 3810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration |  | 1575250 | 1869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration — class specific |  | 912006 | 880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Offering |  |  | 61000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 30860 | 125044 | 4536 |
|  Total expenses | 14070811 | 45407280 | 179007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees waived and/or reimbursed by the Manager | (23527) | (62966) | (136184) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees waived by the Manager — class specific |  |  | (857) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees waived and/or reimbursed by the Manager — class specific |  |  | (26) |
|  Total expenses after fees waived and/or reimbursed | 14047284 | 45344314 | 41940 |
|  Net investment income (loss) | (1686241) | 14459187 | 62952 |
|  **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 | 49456430 | 105481470 | (590838) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 3949 | (15756) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts |  | 12062437 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (101340) | (131930) | (12654) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps |  |  | (2884) |
|  | 49359039 | 117396221 | (606379) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (298564965) | 444561516 | (325725) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (2158) | 672 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts |  | (11204774) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (3587) | (9294) | 1070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps |  |  | 95 |
|  | (298570710) | 433348120 | (324562) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (249211671) | 550744341 | (930941) |
| &nbsp;&nbsp;&nbsp;&nbsp; NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(250897912) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565203528 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(867989) |

---

*See notes to financial statements.* 

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

------

Statements of Operations (unaudited) (continued)

Six Months Ended November 30, 2022

---

| | | |
|:---|:---|:---|
| | BlackRock<br>Mid-Cap<br>Growth<br>Equity<br>Portfolio |<br>BlackRock<br>Technology<br>Opportunities<br>Fund |
|  **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $34467857 | $13447718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 2047248 | 472199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 562810 | 475764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | (115666) | (443404) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 36962249 | 13952277 |
|  EXPENSES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 40675168 | 17460349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent — class specific | 6828927 | 2865451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution — class specific | 3687757 | 3361119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration | 2202540 | 830022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration — class specific | 1301636 | 453485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services | 369140 | 140475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration | 278522 | 231102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | 155659 | 154123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 65392 | 73791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors and Officer | 44922 | 24012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and postage | 36313 | 21915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 86187 | 60953 |
|  Total expenses | 55732163 | 25676797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees waived and/or reimbursed by the Manager | (73159) | (13212) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees waived by the Manager — class specific | (849217) | (442087) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees waived and/or reimbursed by the Manager — class specific | (1274304) | (1048497) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses after fees waived and/or reimbursed | 53535483 | 24173001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss | (16573234) | (10220724) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized loss from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (1346962252) | (197543949) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (122451) | (42756) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (52028) | 42420 |
|  | (1347136731) | (197544285) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated<sup>(a)</sup>  | 1116652136 | (267259379) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 72663 | 1351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (93968) | 39989 |
|  | 1116630831 | (267218039) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss | (230505900) | (464762324) |
| &nbsp;&nbsp;&nbsp;&nbsp; NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $(247079134) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(474983048) |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(a)</sup> Net of reduction in deferred foreign capital gain tax of |  | 755841 |

---

*See notes to financial statements.* 

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

------

Statements of Changes in Net Assets

Six Months Ended November 30, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock Capital Appreciation Fund, Inc. | BlackRock Capital Appreciation Fund, Inc. | BlackRock Health Sciences Opportunities Portfolio | BlackRock Health Sciences Opportunities Portfolio |
| | Six Months<br> Ended<br> 11/30/22<br> (unaudited) | Year Ended<br>05/31/22 | Six Months<br> Ended<br> 11/30/22<br> (unaudited) | Year Ended<br>05/31/22 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(1686241) | $(16516609) | $14459187 | $16788132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 49359039 | 368362544 | 117396221 | 1099713705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (298570710) | (1070518893) | 433348120 | (1482036501) |
|  Net increase (decrease) in net assets resulting from operations | (250897912) | (718672958) | 565203528 | (365534664) |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | (49249384) | (130528578) | (332060115) | (516524194) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service |  |  | (2505628) | (3833641) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A | (107430249) | (328770936) | (217566520) | (314788449) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C | (4511618) | (13984071) | (43035902) | (65533391) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | (32967155) | (101284889) | (29314217) | (43731512) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (1927272) | (6004941) | (18223606) | (25626380) |
|  Decrease in net assets resulting from distributions to shareholders | (196085678) | (580573415) | (642705988) | (970037567) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets derived from capital share transactions | (122640264) | 254523260 | 93655735 | (174654649) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital contribution from affiliate |  |  |  | 183194 |
|  **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | (569623854) | (1044723113) | 16153275 | (1510043686) |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 3533434041 | 4578157154 | 9494110035 | 11004153721 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2963810187 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3533434041 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9510263310 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9494110035 |

---

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

------

Statements of Changes in Net Assets (continued)

Six Months Ended November 30, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock Infrastructure Sustainable Opportunities Fund | BlackRock Infrastructure Sustainable Opportunities Fund | BlackRock Mid-Cap Growth Equity Portfolio | BlackRock Mid-Cap Growth Equity Portfolio |
| | Six Months<br> Ended<br> 11/30/22<br> (unaudited) | Period from<br>09/30/21<sup>(a)</sup><br> to 05/31/22 | Six Months<br> Ended<br> 11/30/22<br> (unaudited) | Year Ended<br> 05/31/22 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $62952 | $75299 | $(16573234) | $(96337557) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (606379) | 219282 | (1347136731) | (861239707) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (324562) | (243994) | 1116630831 | (3892585642) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (867989) | 50587 | (247079134) | (4850162906) |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(b)</sup>**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | (3459) | (797) |  | (495288827) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service |  |  |  | (6119263) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A | (3414) | (706) |  | (153891201) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  | (26348042) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | (318351) | (76679) |  | (214611593) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  | (6308880) |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in net assets resulting from distributions to shareholders | (325224) | (78182) |  | (902567806) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets derived from capital share transactions | 7794 | 10020140 | (857203251) | 3483893548 |
|  NET ASSETS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | (1185419) | 9992545 | (1104282385) | (2268837164) |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 9992545 |  | 13803564088 | 16072401252 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8807126 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9992545 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12699281703 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13803564088 |

---

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

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

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 43

------

Statements of Changes in Net Assets (continued)

Six Months Ended November 30, 2022

---

| | | |
|:---|:---|:---|
|  | BlackRock Technology Opportunities Fund | BlackRock Technology Opportunities Fund |
| | Six Months<br> Ended<br> 11/30/22<br> (unaudited) | Year Ended<br> 05/31/22 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss | $(10220724) | $(48945433) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized loss | (197544285) | (141299490) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (267218039) | (1754816313) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net decrease in net assets resulting from operations | (474983048) | (1945061236) |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  | (364665690) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service |  | (6205984) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  | (200086265) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  | (39592660) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (13962671) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  | (3782264) |
|  Decrease in net assets resulting from distributions to shareholders |  | (628295534) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |
|  Net decrease in net assets derived from capital share transactions | (504256655) | (435571918) |
|  NET ASSETS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total decrease in net assets | (979239703) | (3008928688) |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 5157385321 | 8166314009 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4178145618 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5157385321 |

---

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

*See notes to financial statements.* 

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

------

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. | BlackRock Capital Appreciation Fund, Inc. |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months<br>Ended<br>11/30/22<br>(unaudited) | Year Ended<br>05/31/22 | Period from<br>10/01/20 to<br>05/31/21 | Year Ended<br>09/30/20 | Year Ended<br>09/30/19 | Year Ended<br>09/30/18 | Year Ended<br>09/30/17 |
|  **Net asset value, beginning of period** | $31.98 | $43.32 | $38.32 | $30.52 | $33.72 | $29.08 | $25.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup>  | 0.01 | (0.09) | (0.06) | (0.07) | (0.05) | 0.00 <sup>(b)(c)</sup> | 0.01 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.24) | (6.14) | 7.06 | 10.81 | 0.23 | 7.97 | 4.78 |
|  Net increase (decrease) from investment operations | (2.23) | (6.23) | 7.00 | 10.74 | 0.18 | 7.97 | 4.79 |
|  Distributions from net realized gain<sup>(e)</sup>  | (1.65) | (5.11) | (2.00) | (2.94) | (3.38) | (3.33) | (0.88) |
|  **Net asset value, end of period** | $28.10 | $31.98 | $43.32 | $38.32 | $30.52 | $33.72 | $29.08 |
|  **Total Return<sup>(f)</sup>**  |  |  |  |  |  |  |  |
|  Based on net asset value | (6.87)%<sup>(g)</sup> | (17.30)% | 18.72 %<sup>(g)</sup> | 38.17% | 1.77% | 30.19% | 19.89% |
|  **Ratios to Average Net Assets<sup>(h)</sup>**  |  |  |  |  |  |  |  |
|  Total expenses | 0.72 %<sup>(i)</sup> | 0.70% | 0.72 %<sup>(i)</sup> | 0.75% | 0.75% | 0.76% | 0.81% |
|  Total expenses after fees waived and/or reimbursed | 0.72 %<sup>(i)</sup> | 0.70% | 0.72 %<sup>(i)</sup> | 0.75% | 0.75% | 0.76% | 0.81% |
|  Net investment income (loss) | 0.05 %<sup>(i)</sup> | (0.21)% | (0.21)%<sup>(i)</sup> | (0.22)% | (0.17)% | 0.01 %<sup>(b)</sup> | 0.05 %<sup>(d)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $667595 | $943275 | $1072833 | $911484 | $644983 | $600032 | $508965 |
|  Portfolio turnover rate | 29% | 55% | 25% | 42% | 48% | 42% | 62% |

---

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

<sup>(b)</sup> Net investment income per share and the ratio of net investment income to average net assets includes $0.06 per share and 0.21%, respectively, resulting from a special dividend. 

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

<sup>(d)</sup> Net investment income per share and the ratio of net investment income to average net assets includes $0.04 per share and 0.17%, respectively, resulting from a special dividend. 

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

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

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

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

<sup>(i)</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 45

------

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) | BlackRock Capital Appreciation Fund, Inc. (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months<br>Ended<br>11/30/22<br>(unaudited) | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 | Year Ended<br>09/30/19 | Year Ended<br>09/30/18 | Year Ended<br>09/30/17 |
|  **Net asset value, beginning of period** | $28.38 | $39.00 | $34.74 | $27.99 | $31.25 | $27.16 | $23.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup>  | (0.03) | (0.18) | (0.11) | (0.14) | (0.12) | (0.08)<sup>(b)</sup> | (0.06)<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.99) | (5.39) | 6.37 | 9.83 | 0.18 | 7.41 | 4.47 |
|  Net increase (decrease) from investment operations | (2.02) | (5.57) | 6.26 | 9.69 | 0.06 | 7.33 | 4.41 |
|  Distributions from net realized gain<sup>(d)</sup>  | (1.65) | (5.05) | (2.00) | (2.94) | (3.32) | (3.24) | (0.88) |
|  **Net asset value, end of period** | $24.71 | $28.38 | $39.00 | $34.74 | $27.99 | $31.25 | $27.16 |
|  **Total Return<sup>(e)</sup>**  |  |  |  |  |  |  |  |
|  Based on net asset value | (7.01)%<sup>(f)</sup> | (17.51)% | 18.51 %<sup>(f)</sup> | 37.84% | 1.48% | 29.85% | 19.57% |
|  **Ratios to Average Net Assets<sup>(g)</sup>**  |  |  |  |  |  |  |  |
|  Total expenses | 1.00 %<sup>(h)</sup> | 0.97% | 0.97 %<sup>(h)</sup> | 1.01% | 1.01% | 1.04% | 1.08% |
|  Total expenses after fees waived and/or reimbursed | 1.00 %<sup>(h)</sup> | 0.97% | 0.97 %<sup>(h)</sup> | 1.01% | 1.01% | 1.04% | 1.08% |
|  Net investment loss | (0.23)%<sup>(h)</sup> | (0.48)% | (0.46)%<sup>(h)</sup> | (0.48)% | (0.43)% | (0.28)%<sup>(b)</sup> | (0.23)%<sup>(c)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $1631467 | $1871340 | $2551211 | $2195906 | $1692630 | $1751581 | $1597563 |
|  Portfolio turnover rate | 29% | 55% | 25% | 42% | 48% | 42% | 62% |

---

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

<sup>(b)</sup> Net investment loss per share and the ratio of net investment loss to average net assets includes $0.06 per share and 0.21%, respectively, resulting from a special dividend. 

<sup>(c)</sup> Net investment loss per share and the ratio of net investment loss to average net assets includes $0.04 per share and 0.17%, respectively, resulting from a special dividend. 

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

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

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

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

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

*See notes to financial statements.* 

46 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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) | BlackRock Capital Appreciation Fund, Inc. (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Six Months<br>Ended<br>11/30/22<br>(unaudited) | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 | Year Ended<br>09/30/19 | Year Ended<br>09/30/18 | Year Ended<br>09/30/17 |
|  **Net asset value, beginning of period** | $17.01 | $25.27 | $23.27 | $19.81 | $23.29 | $20.88 | $18.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup>  | (0.08) | (0.29) | (0.20) | (0.25) | (0.24) | (0.23)<sup>(b)</sup> | (0.20)<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.20) | (3.05) | 4.20 | 6.65 | 0.04 | 5.56 | 3.44 |
|  Net increase (decrease) from investment operations | (1.28) | (3.34) | 4.00 | 6.40 | (0.20) | 5.33 | 3.24 |
|  Distributions from net realized gain<sup>(d)</sup>  | (1.65) | (4.92) | (2.00) | (2.94) | (3.28) | (2.92) | (0.88) |
|  **Net asset value, end of period** | $14.08 | $17.01 | $25.27 | $23.27 | $19.81 | $23.29 | $20.88 |
|  **Total Return<sup>(e)</sup>**  |  |  |  |  |  |  |  |
|  Based on net asset value | (7.38)%<sup>(f)</sup> | (18.18)% | 17.89 %<sup>(f)</sup> | 36.73% | 0.72% | 28.77% | 18.61% |
|  **Ratios to Average Net Assets<sup>(g)</sup>**  |  |  |  |  |  |  |  |
|  Total expenses | 1.84 %<sup>(h)</sup> | 1.76% | 1.77 %<sup>(h)</sup> | 1.79% | 1.81% | 1.84% | 1.89% |
|  Total expenses after fees waived and/or reimbursed | 1.83 %<sup>(h)</sup> | 1.76% | 1.77 %<sup>(</sup><sup>h)</sup> | 1.79% | 1.81% | 1.84% | 1.89% |
|  Net investment loss | (1.07)%<sup>(h)</sup> | (1.28)% | (1.27)%<sup>(h)</sup> | (1.26)% | (1.23)% | (1.09)%<sup>(b)</sup> | (1.06)%<sup>(c)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $39574 | $48332 | $72075 | $89336 | $195908 | $276097 | $286460 |
|  Portfolio turnover rate | 29% | 55% | 25% | 42% | 48% | 42% | 62% |

---

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

<sup>(b)</sup> Net investment loss per share and the ratio of net investment loss to average net assets includes $0.06 per share and 0.21%, respectively, resulting from a special dividend. 

<sup>(c)</sup> Net investment loss per share and the ratio of net investment loss to average net assets includes $0.04 per share and 0.17%, respectively, resulting from a special dividend. 

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

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

<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 47

------

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) | BlackRock Capital Appreciation Fund, Inc. (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months<br>Ended<br>11/30/22<br>(unaudited) | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 | Year Ended<br>09/30/19 | Year Ended<br>09/30/18 | Year Ended<br>09/30/17 |
|  **Net asset value, beginning of period** | $32.32 | $43.71 | $38.63 | $30.71 | $33.91 | $29.24 | $25.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup>  | 0.02 | (0.06) | (0.03) | (0.04) | (0.02) | 0.04 <sup>(b)</sup> | 0.05 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.27) | (6.20) | 7.11 | 10.90 | 0.23 | 8.01 | 4.80 |
|  Net increase (decrease) from investment operations | (2.25) | (6.26) | 7.08 | 10.86 | 0.21 | 8.05 | 4.85 |
|  Distributions from net realized gain<sup>(d)</sup>  | (1.65) | (5.13) | (2.00) | (2.94) | (3.41) | (3.38) | (0.88) |
|  **Net asset value, end of period** | $28.42 | $32.32 | $43.71 | $38.63 | $30.71 | $33.91 | $29.24 |
|  **Total Return<sup>(e)</sup>**  |  |  |  |  |  |  |  |
|  Based on net asset value | (6.86)%<sup>(f)</sup> | (17.22)% | 18.78 %<sup>(f)</sup> | 38.33% | 1.86% | 30.36% | 20.05% |
|  **Ratios to Average Net Assets<sup>(g)</sup>**  |  |  |  |  |  |  |  |
|  Total expenses | 0.65 %<sup>(h)</sup> | 0.64% | 0.63 %<sup>(h)</sup> | 0.64% | 0.65% | 0.65% | 0.67% |
|  Total expenses after fees waived and/or reimbursed | 0.65 %<sup>(h)</sup> | 0.63% | 0.63 %<sup>(h)</sup> | 0.64% | 0.64% | 0.65% | 0.67% |
|  Net investment income (loss) | 0.12 %<sup>(h)</sup> | (0.15)% | (0.13)%<sup>(h)</sup> | (0.11)% | (0.06)% | 0.14 %<sup>(b)</sup> | 0.18 %<sup>(c)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $603450 | $646115 | $845106 | $682107 | $552523 | $568169 | $425347 |
|  Portfolio turnover rate | 29% | 55% | 25% | 42% | 48% | 42% | 62% |

---

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

<sup>(b)</sup> Net investment income per share and the ratio of net investment income to average net assets includes $0.06 per share and 0.21%, respectively, resulting from a special dividend. 

---

| | |
|:---|:---|
| <sup>(c</sup><sup>)</sup> | Net investment income per share and the ratio of net investment income to average net assets includes $0.04 per share and 0.17%, respectively, resulting from a special dividend.  |

---

<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></sup>

<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.* 

48 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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) | BlackRock Capital Appreciation Fund, Inc. (continued) |
|  | Class R | Class R | Class R | Class R | Class R | Class R | Class R |
|  | | | | Year Ended | Year Ended | Year Ended | Year Ended |
| | Six Months<br> Ended<br>11/30/22<br>(unaudited) | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | 09/30/20 | 09/30/19 | 09/30/18 | 09/30/17 |
|  **Net asset value, beginning of period** | $21.02 | $30.12 | $27.30 | $22.65 | $26.00 | $23.12 | $20.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup>  | (0.05) | (0.23) | (0.15) | (0.17) | (0.16) | (0.13)<sup>(b)</sup> | (0.10)<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.49) | (3.88) | 4.97 | 7.76 | 0.09 | 6.19 | 3.80 |
|  Net increase (decrease) from investment operations | (1.54) | (4.11) | 4.82 | 7.59 | (0.07) | 6.06 | 3.70 |
|  Distributions from net realized gain<sup>(d)</sup>  | (1.65) | (4.99) | (2.00) | (2.94) | (3.28) | (3.18) | (0.88) |
|  **Net asset value, end of period** | $17.83 | $21.02 | $30.12 | $27.30 | $22.65 | $26.00 | $23.12 |
|  **Total Return<sup>(e)</sup>**  |  |  |  |  |  |  |  |
|  Based on net asset value | (7.20)%<sup>(f)</sup> | (17.82)% | 18.26 %<sup>(f)</sup> | 37.45% | 1.19% | 29.49% | 19.27% |
|  **Ratios to Average Net Assets<sup>(g)</sup>**  |  |  |  |  |  |  |  |
|  Total expenses | 1.37 %<sup>(h)</sup> | 1.33% | 1.30 %<sup>(h)</sup> | 1.28% | 1.29% | 1.30% | 1.35% |
|  Total expenses after fees waived and/or reimbursed | 1.36 %<sup>(h)</sup> | 1.33% | 1.30 %<sup>(h)</sup> | 1.28% | 1.29% | 1.30% | 1.35% |
|  Net investment loss | (0.60)%<sup>(h)</sup> | (0.85)% | (0.80)%<sup>(h)</sup> | (0.75)% | (0.71)% | (0.54)%<sup>(b)</sup> | (0.50)%<sup>(c)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $21724 | $24371 | $36933 | $37741 | $54828 | $84484 | $75765 |
|  Portfolio turnover rate | 29% | 55% | 25% | 42% | 48% | 42% | 62% |

---

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

<sup>(b)</sup> Net investment loss per share and the ratio of net investment loss to average net assets includes $0.06 per share and 0.21%, respectively, resulting from a special dividend. 

<sup>(c)</sup> Net investment loss per share and the ratio of net investment loss to average net assets includes $0.04 per share and 0.17%, respectively, resulting from a special dividend. 

<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 49

------

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 | BlackRock Health Sciences Opportunities Portfolio |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months<br>Ended<br>11/30/22<br>(unaudited) | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 | Year Ended<br>09/30/19 | Year Ended<br>09/30/18 | Year Ended<br>09/30/17 |
|  **Net asset value, beginning of period** | $72.10 | $81.77 | $75.37 | $61.55 | $67.67 | $57.28 | $50.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.16 | 0.24 | 0.13 | 0.19 | 0.28 | 0.24 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 4.13 | (2.75) | 9.66 | 16.26 | (1.64) | 12.18 | 7.92 |
|  Net increase (decrease) from investment operations | 4.29 | (2.51) | 9.79 | 16.45 | (1.36) | 12.42 | 8.06 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.14) | (0.16) | (0.13) | (0.32) | (0.23) | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (4.66) | (7.00) | (3.26) | (2.31) | (4.53) | (2.01) | (1.08) |
|  Total distributions | (4.80) | (7.16) | (3.39) | (2.63) | (4.76) | (2.03) | (1.08) |
|  **Net asset value, end of period** | $71.59 | $72.10 | $81.77 | $75.37 | $61.55 | $67.67 | $57.28 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |  |
|  Based on net asset value | 6.55 %<sup>(d)</sup> | (3.55)%<sup>(e)</sup> | 13.37 %<sup>(d)</sup> | 27.34 %<sup>(f)</sup> | (1.84)% | 22.47% | 16.53% |
|  **Ratios to Average Net Assets<sup>(g)</sup>**  |  |  |  |  |  |  |  |
|  Total expenses | 0.84 %<sup>(h)</sup> | 0.85% | 0.84 %<sup>(h)</sup> | 0.85% | 0.85% | 0.87% | 0.89% |
|  Total expenses after fees waived and/or reimbursed | 0.84 %<sup>(h)</sup> | 0.85% | 0.84 %<sup>(h)</sup> | 0.85% | 0.84% | 0.86% | 0.89% |
|  Net investment income | 0.47 %<sup>(h)</sup> | 0.31% | 0.24 %<sup>(h)</sup> | 0.28% | 0.45% | 0.40% | 0.27% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $5028932 | $5062514 | $5990131 | $5133191 | $3095352 | $2944146 | $2190418 |
|  Portfolio turnover rate | 13% | 51% | 19% | 28% | 41% | 39% | 39% |

---

<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> Includes a capital contribution from affiliate, which had no impact on the Fund's total return. 

<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.* 

50 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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) | BlackRock Health Sciences Opportunities Portfolio (continued) |
|  | Service | Service | Service | Service | Service | Service | Service |
| | Six Months Ended<br>11/30/22<br>(unaudited) | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 | Year Ended<br>09/30/19 | Year Ended<br>09/30/18 | Year Ended<br>09/30/17 |
|  **Net asset value, beginning of period** | $68.16 | $77.63 | $71.63 | $58.66 | $64.73 | $54.90 | $48.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup>  | 0.05 | 0.01 | (0.03) | (0.01) | 0.08 | 0.05 | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.88 | (2.61) | 9.18 | 15.48 | (1.57) | 11.67 | 7.60 |
|  Net increase (decrease) from investment operations | 3.93 | (2.60) | 9.15 | 15.47 | (1.49) | 11.72 | 7.59 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.05) |  |  | (0.19) | (0.05) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (4.66) | (6.87) | (3.15) | (2.31) | (4.53) | (1.89) | (1.08) |
|  Total distributions | (4.71) | (6.87) | (3.15) | (2.50) | (4.58) | (1.89) | (1.08) |
|  **Net asset value, end of period** | $67.38 | $68.16 | $77.63 | $71.63 | $58.66 | $64.73 | $54.90 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |  |
|  Based on net asset value | 6.38 %<sup>(d)</sup> | (3.83)%<sup>(e)</sup> | 13.15 %<sup>(d)</sup> | 26.96 %<sup>(f)</sup> | (2.16)% | 22.10% | 16.20% |
|  **Ratios to Average Net Assets<sup>(g)</sup>**  |  |  |  |  |  |  |  |
|  Total expenses | 1.14 %<sup>(h)</sup> | 1.14% | 1.14 %(h) | 1.15% | 1.15% | 1.17% | 1.17% |
|  Total expenses after fees waived and/or reimbursed | 1.14 %<sup>(h)</sup> | 1.14% | 1.14 %<sup>(h)</sup> | 1.15% | 1.15% | 1.16% | 1.17% |
|  Net investment income (loss) | 0.17 %<sup>(h)</sup> | 0.02% | (0.07)%<sup>(h)</sup> | (0.02)% | 0.14% | 0.10% | (0.02)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $37601 | $36625 | $43825 | $40252 | $34708 | $39325 | $33231 |
|  Portfolio turnover rate | 13% | 51% | 19% | 28% | 41% | 39% | 39% |

---

<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> Includes a capital contribution from affiliate, which had no impact on the Fund's total return. 

<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 51

------

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) | BlackRock Health Sciences Opportunities Portfolio (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
| | Six Months<br> Ended<br> 11/30/22<br>(unaudited) | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 | Year Ended<br>09/30/19 | Year Ended<br>09/30/18 | Year Ended<br>09/30/17 |
|  **Net asset value, beginning of period** | $67.84 | $77.31 | $71.37 | $58.45 | $64.50 | $54.70 | $48.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup>  | 0.07 | 0.05 | (0.01) | 0.01 | 0.10 | 0.06 | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.86 | (2.59) | 9.15 | 15.42 | (1.56) | 11.63 | 7.57 |
|  Net increase (decrease) from investment operations | 3.93 | (2.54) | 9.14 | 15.43 | (1.46) | 11.69 | 7.56 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.07) |  |  | (0.20) | (0.06) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (4.66) | (6.93) | (3.20) | (2.31) | (4.53) | (1.89) | (1.08) |
|  Total distributions | (4.73) | (6.93) | (3.20) | (2.51) | (4.59) | (1.89) | (1.08) |
|  **Net asset value, end of period** | $67.04 | $67.84 | $77.31 | $71.37 | $58.45 | $64.50 | $54.70 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |  |
|  Based on net asset value | 6.41 %<sup>(d)</sup> | (3.78)%<sup>(e)</sup> | 13.18 %<sup>(d)</sup> | 26.99 %<sup>(f)</sup> | (2.11)% | 22.13% | 16.20% |
|  **Ratios to Average Net Assets<sup>(g)</sup>**  |  |  |  |  |  |  |  |
|  Total expenses | 1.10 %<sup>(h)</sup> | 1.09% | 1.10 %<sup>(h)</sup> | 1.11% | 1.12% | 1.15% | 1.17% |
|  Total expenses after fees waived and/or reimbursed | 1.09 %<sup>(h)</sup> | 1.09% | 1.10 %<sup>(h)</sup> | 1.11% | 1.12% | 1.14% | 1.17% |
|  Net investment income (loss) | 0.22 %<sup>(h)</sup> | 0.07% | (0.02)%<sup>(h)</sup> | 0.01% | 0.17% | 0.11% | (0.02)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $3206759 | $3151912 | $3496818 | $3135882 | $2598888 | $2767303 | $2597901 |
|  Portfolio turnover rate | 13% | 51% | 19% | 28% | 41% | 39% | 39% |

---

<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> Includes a capital contribution from affiliate, which had no impact on the Fund's total return. 

<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.* 

52 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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) | BlackRock Health Sciences Opportunities Portfolio (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
| | Six Months<br> Ended<br> 11/30/22<br>(unaudited) | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 | Year Ended<br>09/30/19 | Year Ended<br>09/30/18 | Year Ended<br>09/30/17 |
|  **Net asset value, beginning of period** | $57.24 | $66.15 | $61.38 | $50.74 | $56.55 | $48.54 | $43.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup>  | (0.14) | (0.43) | (0.33) | (0.40) | (0.28) | (0.30) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.18 | (2.17) | 7.85 | 13.34 | (1.38) | 10.20 | 6.73 |
|  Net increase (decrease) from investment operations | 3.04 | (2.60) | 7.52 | 12.94 | (1.66) | 9.90 | 6.40 |
|  Distributions from net realized gain<sup>(b)</sup>  | (4.66) | (6.31) | (2.75) | (2.30) | (4.15) | (1.89) | (1.08) |
|  **Net asset value, end of period** | $55.62 | $57.24 | $66.15 | $61.38 | $50.74 | $56.55 | $48.54 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |  |
|  Based on net asset value | 6.00 %<sup>(d)</sup> | (4.50)%<sup>(e)</sup> | 12.61 %<sup>(d)</sup> | 26.09 %<sup>(f)</sup> | (2.82)% | 21.22% | 15.37% |
|  **Ratios to Average Net Assets<sup>(g)</sup>**  |  |  |  |  |  |  |  |
|  Total expenses | 1.85 %<sup>(h)</sup> | 1.84% | 1.84 %<sup>(h)</sup> | 1.85% | 1.85% | 1.87% | 1.90% |
|  Total expenses after fees waived and/or reimbursed | 1.85 %<sup>(h)</sup> | 1.84% | 1.84 %<sup>(h)</sup> | 1.85% | 1.85% | 1.87% | 1.90% |
|  Net investment loss | (0.53)%<sup>(h)</sup> | (0.68)% | (0.77)%<sup>(h)</sup> | (0.72)% | (0.56)% | (0.61)% | (0.75)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $505613 | $542880 | $719525 | $773522 | $745636 | $1017205 | $954780 |
|  Portfolio turnover rate | 13% | 51% | 19% | 28% | 41% | 39% | 39% |

---

<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> Includes a capital contribution from affiliate, which had no impact on the Fund's total return. 

<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 53

------

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) | BlackRock Health Sciences Opportunities Portfolio (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K | Class K |
| | Six Months<br> Ended<br> 11/30/22<br>(unaudited) | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 | Year Ended<br>09/30/19 | Year Ended<br>09/30/18 | Year Ended<br>09/30/17 |
|  **Net asset value, beginning of period** | $72.21 | $81.91 | $75.50 | $61.63 | $67.75 | $57.37 | $50.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.19 | 0.33 | 0.18 | 0.27 | 0.34 | 0.32 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 4.14 | (2.77) | 9.68 | 16.28 | (1.65) | 12.17 | 7.87 |
|  Net increase (decrease) from investment operations | 4.33 | (2.44) | 9.86 | 16.55 | (1.31) | 12.49 | 8.13 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.17) | (0.26) | (0.19) | (0.37) | (0.28) | (0.10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (4.66) | (7.00) | (3.26) | (2.31) | (4.53) | (2.01) | (1.08) |
|  Total distributions | (4.83) | (7.26) | (3.45) | (2.68) | (4.81) | (2.11) | (1.08) |
|  **Net asset value, end of period** | $71.71 | $72.21 | $81.91 | $75.50 | $61.63 | $67.75 | $57.37 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |  |
|  Based on net asset value | 6.60 %<sup>(d)</sup> | (3.44)%<sup>(e)</sup> | 13.45 %(d) | 27.47 %<sup>(f)</sup> | (1.75)% | 22.58% | 16.67% |
|  **Ratios to Average Net Assets<sup>(g)</sup>**  |  |  |  |  |  |  |  |
|  Total expenses | 0.75 %<sup>(h)</sup> | 0.74% | 0.74 %<sup>(h)</sup> | 0.75% | 0.75% | 0.77% | 0.78% |
|  Total expenses after fees waived and/or reimbursed | 0.75 %<sup>(h)</sup> | 0.74% | 0.74 %<sup>(h)</sup> | 0.75% | 0.75% | 0.76% | 0.78% |
|  Net investment income | 0.57 %<sup>(h)</sup> | 0.42% | 0.34 %<sup>(h)</sup> | 0.39% | 0.55% | 0.53% | 0.47% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $465152 | $436984 | $464179 | $344822 | $171517 | $130129 | $48253 |
|  Portfolio turnover rate | 13% | 51% | 19% | 28% | 41% | 39% | 39% |

---

<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> Includes a capital contribution from affiliate, which had no impact on the Fund's total return. 

<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.* 

54 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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) | BlackRock Health Sciences Opportunities Portfolio (continued) |
|  | Class R | Class R | Class R | Class R | Class R | Class R | Class R |
| | Six Months<br> Ended<br>11/30/22<br>(unaudited) | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year<br>Ended<br>09/30/20 | Year Ended<br>09/30/19 | Year Ended<br>09/30/18 | Year Ended<br>09/30/17 |
|  **Net asset value, beginning of period** | $65.94 | $75.28 | $69.54 | $57.05 | $63.09 | $53.71 | $47.51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup>  | (0.05) | (0.21) | (0.18) | (0.20) | (0.09) | (0.11) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.74 | (2.52) | 8.91 | 15.05 | (1.53) | 11.38 | 7.44 |
|  Net increase (decrease) from investment operations | 3.69 | (2.73) | 8.73 | 14.85 | (1.62) | 11.27 | 7.28 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  |  |  | (0.05) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (4.66) | (6.61) | (2.99) | (2.31) | (4.42) | (1.89) | (1.08) |
|  Total distributions | (4.66) | (6.61) | (2.99) | (2.36) | (4.42) | (1.89) | (1.08) |
|  **Net asset value, end of period** | $64.97 | $65.94 | $75.28 | $69.54 | $57.05 | $63.09 | $53.71 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |  |
|  Based on net asset value | 6.21 %<sup>(d)</sup> | (4.12)%<sup>(e)</sup> | 12.91 %(d) | 26.60 %<sup>(f)</sup> | (2.44)% | 21.75% | 15.85% |
|  **Ratios to Average Net Assets<sup>(g)</sup>**  |  |  |  |  |  |  |  |
|  Total expenses | 1.46 %<sup>(h)</sup> | 1.45% | 1.44 %<sup>(h)</sup> | 1.45% | 1.45% | 1.46% | 1.49% |
|  Total expenses after fees waived and/or reimbursed | 1.46 %<sup>(h)</sup> | 1.45% | 1.44 %<sup>(h)</sup> | 1.45% | 1.45% | 1.46% | 1.49% |
|  Net investment loss | (0.15)%<sup>(h)</sup> | (0.29)% | (0.37)%<sup>(h)</sup> | (0.32)% | (0.15)% | (0.20)% | (0.33)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $266206 | $263195 | $289676 | $260488 | $224862 | $241495 | $198426 |
|  Portfolio turnover rate | 13% | 51% | 19% | 28% | 41% | 39% | 39% |

---

<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> Includes a capital contribution from affiliate, which had no impact on the Fund's total return. 

<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 55

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | |
|:---|:---|:---|
|  | BlackRock Infrastructure<br>Sustainable Opportunities Fund | BlackRock Infrastructure<br>Sustainable Opportunities Fund |
|  | Institutional | Institutional |
| | Six Months<br> Ended<br> 11/30/22<br> (unaudited) | Period from<br> 09/30/21<sup>(a)</sup><br> to 05/31/22 |
|  **Net asset value, beginning of period** | $9.97 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.06 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss | (0.92) | (0.02) |
|  Net increase (decrease) from investment operations | (0.86) | 0.05 |
|  **Distributions<sup>(c)</sup>**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.07) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.26) | (0.04) |
|  Total distributions | (0.33) | (0.08) |
|  **Net asset value, end of period** | $8.78 | $9.97 |
|  **Total Return<sup>(d)</sup>**  |  |  |
|  Based on net asset value | (8.67)%<sup>(e)</sup> | 0.45 %<sup>(e)</sup> |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |
|  Total expenses | 2.77 %<sup>(g)(h)</sup> | 3.62 %<sup>(g)(i)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.99 %<sup>(g)</sup> | 1.00 %<sup>(g)</sup> |
|  Net investment income | 1.39 %<sup>(g)</sup> | 1.09 %<sup>(g)</sup> |
|  **Supplemental Data** |  |  |
|  Net assets, end of period (000) | $95 | $107 |
|  Portfolio turnover rate | 50% | 70% |

---

<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> Aggregate total return. 

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

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

<sup>(h)</sup> Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.15%. 

<sup>(i)</sup> Audit, offering, organization and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.45%. 

*See notes to financial statements.* 

56 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | |
|:---|:---|:---|
|  | BlackRock Infrastructure Sustainable<br> Opportunities Fund (continued) | BlackRock Infrastructure Sustainable<br> Opportunities Fund (continued) |
|  | Investor A | Investor A |
| | Six Months<br> Ended<br> 11/30/22<br> (unaudited) | Period from<br> 09/30/21<sup>(a)</sup> <br> to 05/31/22 |
|  **Net asset value, beginning of period** | $9.96 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.05 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss | (0.92) | (0.03) |
|  Net increase (decrease) from investment operations | (0.87) | 0.03 |
|  **Distributions<sup>(c)</sup>**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.06) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.26) | (0.04) |
|  Total distributions | (0.32) | (0.07) |
|  **Net asset value, end of period** | $8.77 | $9.96 |
|  **Total Return<sup>(d)</sup>**  |  |  |
|  Based on net asset value | (8.78)%<sup>(e)</sup> | 0.29 %<sup>(e)</sup> |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |
|  Total expenses | 2.94 %<sup>(g)(h)</sup> | 3.88 %<sup>(g)(i)</sup> |
|  Total expenses after fees waived and/or reimbursed | 1.22 %<sup>(g)</sup> | 1.25 %<sup>(g)</sup> |
|  Net investment income | 1.15 %<sup>(g)</sup> | 0.84 %<sup>(g)</sup> |
|  **Supplemental Data** |  |  |
|  Net assets, end of period (000) | $101 | $109 |
|  Portfolio turnover rate | 50% | 70% |

---

<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> Aggregate total return. 

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

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

<sup>(h)</sup> Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.31%. 

<sup>(i)</sup> Audit, offering, organization and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.71%. 

*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 Infrastructure Sustainable<br> Opportunities Fund (continued) | BlackRock Infrastructure Sustainable<br> Opportunities Fund (continued) |
|  | Class K | Class K |
| | Six Months<br> Ended<br> 11/30/22<br> (unaudited) | Period from<br> 09/30/21<sup>(a)</sup> <br> to 05/31/22 |
|  **Net asset value, beginning of period** | $9.97 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.06 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss | (0.92) | (0.03) |
|  Net increase (decrease) from investment operations | (0.86) | 0.05 |
|  **Distributions<sup>(c)</sup>**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.07) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.26) | (0.04) |
|  Total distributions | (0.33) | (0.08) |
|  **Net asset value, end of period** | $8.78 | $9.97 |
|  **Total Return<sup>(d)</sup>**  |  |  |
|  Based on net asset value | (8.65)%<sup>(e)</sup> | 0.46 %<sup>(e)</sup> |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |
|  Total expenses | 3.37 %<sup>(g)(h)</sup> | 3.36 %<sup>(g)(i)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.95 %<sup>(g)</sup> | 0.95 %<sup>(g)</sup> |
|  Net investment income | 1.44 %<sup>(g)</sup> | 1.13 %<sup>(g)</sup> |
|  **Supplemental Data** |  |  |
|  Net assets, end of period (000) | $8611 | $9777 |
|  Portfolio turnover rate | 50% | 70% |

---

<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> Aggregate total return. 

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

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

<sup>(h)</sup> Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.07%. 

<sup>(i)</sup> Audit, offering, organization and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.21%. 

*See notes to financial statements.* 

58 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock 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 | BlackRock Mid-Cap Growth Equity Portfolio |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
| | Six Months<br>Ended<br>11/30/22<br>(unaudited) | Year Ended<br>05/31/22 | Period from<br>10/01/20 to<br>05/31/21 | Year Ended<br>09/30/20 | Year Ended<br>09/30/19 | Year Ended<br>09/30/18 | Year Ended<br>09/30/17 |
|  **Net asset value, beginning of period** | $32.83 | $45.95 | $36.56 | $28.68 | $27.87 | $22.10 | $17.87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup>  | (0.04) | (0.23) | (0.15) | (0.14) | (0.09) | (0.11) | (0.05)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.44) | (10.52) | 9.54 | 8.14 | 1.95 | 6.63 | 4.28 |
|  Net increase (decrease) from investment operations | (0.48) | (10.75) | 9.39 | 8.00 | 1.86 | 6.52 | 4.23 |
|  Distributions from net realized gain<sup>(c)</sup>  |  | (2.37) |  | (0.12) | (1.05) | (0.75) |  |
|  **Net asset value, end of period** | $32.35 | $32.83 | $45.95 | $36.56 | $28.68 | $27.87 | $22.10 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |  |  |
|  Based on net asset value | (1.46)%<sup>(e)</sup> | (24.87)% | 25.68 %<sup>(e)</sup> | 27.98% | 7.43% | 30.34% | 23.67% |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |  |  |  |  |
|  Total expenses | 0.84 %<sup>(g)</sup> | 0.81% | 0.80 %<sup>(g)</sup> | 0.85% | 0.87% | 0.93 %<sup>(h)</sup> | 1.08 %<sup>(h)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.80 %<sup>(g)</sup> | 0.80% | 0.80 %<sup>(g)</sup> | 0.80% | 0.80% | 0.86% | 1.08% |
|  Net investment loss | (0.23)%<sup>(g)</sup> | (0.52)% | (0.52)%<sup>(g)</sup> | (0.43)% | (0.34)% | (0.45)% | (0.25)%<sup>(b)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $5997719 | $7095644 | $9260191 | $6003280 | $2700531 | $1063328 | $278701 |
|  Portfolio turnover rate | 21% | 28% | 22% | 35% | 38% | 43% | 59% |

---

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

<sup>(b)</sup> Net investment income per share and the ratio of net investment income to average net assets includes $0.06 per share and 0.35%, respectively, resulting from a special dividend. 

<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 recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the ratios were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Six Months<br>Ended<br>11/30/22<br>(unaudited) | Year Ended<br>05/31/22 | Period from<br>10/01/20<br> to 05/31/21 | Year Ended<br>09/30/20 | Year Ended<br>09/30/19 | Year Ended<br>09/30/18 | Year Ended<br>09/30/17 |
|  Expense ratios | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | N/A | N/A | N/A | N/A | 0.93% | 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 59

------

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) | BlackRock Mid-Cap Growth Equity Portfolio (continued) |
|  | Service | Service | Service | Service | Service | Service | Service |
| | Six Months<br>Ended<br>11/30/22<br>(unaudited) | Year Ended<br>05/31/22 | Period from<br>10/01/20<br> to 05/31/21 | Year Ended<br>09/30/20 | Year Ended<br>09/30/19 | Year Ended<br>09/30/18 | Year Ended<br>09/30/17 |
|  **Net asset value, beginning of period** | $29.34 | $41.34 | $32.95 | $25.92 | $25.30 | $20.18 | $16.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup>  | (0.07) | (0.31) | (0.20) | (0.19) | (0.15) | (0.17) | (0.12)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.40) | (9.39) | 8.59 | 7.34 | 1.76 | 6.04 | 3.95 |
|  Net increase (decrease) from investment operations | (0.47) | (9.70) | 8.39 | 7.15 | 1.61 | 5.87 | 3.83 |
|  Distributions from net realized gain<sup>(c)</sup>  |  | (2.30) |  | (0.12) | (0.99) | (0.75) |  |
|  **Net asset value, end of period** | $28.87 | $29.34 | $41.34 | $32.95 | $25.92 | $25.30 | $20.18 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |  |  |
|  Based on net asset value | (1.60)%<sup>(e)</sup> | (25.06)% | 25.46 %<sup>(e)</sup> | 27.68% | 7.15% | 30.03% | 23.43% |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |  |  |  |  |
|  Total expenses | 1.10 %<sup>(g)</sup> | 1.09% | 1.10 %<sup>(g)</sup> | 1.11% | 1.16% | 1.25 %<sup>(h)</sup> | 1.29% |
|  Total expenses after fees waived and/or reimbursed | 1.05 %<sup>(g)</sup> | 1.05% | 1.05 %<sup>(g)</sup> | 1.05% | 1.05% | 1.12% | 1.29% |
|  Net investment loss | (0.48)%<sup>(g)</sup> | (0.77)% | (0.78)%<sup>(g)</sup> | (0.67)% | (0.59)% | (0.73)% | (0.67)%<sup>(b)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $76722 | $81276 | $104997 | $83680 | $61293 | $33768 | $12718 |
|  Portfolio turnover rate | 21% | 28% | 22% | 35% | 38% | 43% | 59% |

---

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

<sup>(b)</sup> Net investment income per share and the ratio of net investment income to average net assets includes $0.06 per share and 0.35%, respectively, resulting from a special dividend. 

<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><sup>)</sup> Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the ratios were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Six Months<br>Ended<br>11/30/22<br>(unaudited) | Year Ended<br>05/31/22 | Period from<br>10/01/20<br> to 05/31/21 | Year Ended<br>09/30/20 | Year Ended<br>09/30/19 | Year Ended<br>09/30/18 | Year Ended<br>09/30/17 |
|  Expense ratios | N/A | N/A | N/A | N/A | N/A | 1.25% | N/A |

---

*See notes to financial statements.* 

60 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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) | BlackRock Mid-Cap Growth Equity Portfolio (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
| | Six Months<br>Ended<br>11/30/22<br>(unaudited) | Year Ended<br>05/31/22 | Period from<br>10/01/20<br> to 05/31/21 | Year Ended<br>09/30/20 | Year Ended<br>09/30/19 | Year Ended<br>09/30/18 | Year Ended<br>09/30/17 |
|  **Net asset value, beginning of period** | $27.96 | $39.50 | $31.48 | $24.78 | $24.22 | $19.30 | $15.66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup>  | (0.06) | (0.29) | (0.19) | (0.18) | (0.14) | (0.18) | (0.10)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.39) | (8.94) | 8.21 | 7.00 | 1.68 | 5.79 | 3.74 |
|  Net increase (decrease) from investment operations | (0.45) | (9.23) | 8.02 | 6.82 | 1.54 | 5.61 | 3.64 |
|  Distributions from net realized gain<sup>(c)</sup>  |  | (2.31) |  | (0.12) | (0.98) | (0.69) |  |
|  **Net asset value, end of period** | $27.51 | $27.96 | $39.50 | $31.48 | $24.78 | $24.22 | $19.30 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |  |  |
|  Based on net asset value | (1.61)%<sup>(e)</sup> | (25.05)% | 25.48 %<sup>(e)</sup> | 27.61% | 7.17% | 29.98% | 23.24% |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |  |  |  |  |
|  Total expenses | 1.13 %<sup>(g)</sup> | 1.09% | 1.09 %<sup>(g)</sup> | 1.14% | 1.16% | 1.29 %<sup>(h)</sup> | 1.41 %<sup>(h)</sup> |
|  Total expenses after fees waived and/or reimbursed | 1.05 %<sup>(g)</sup> | 1.05% | 1.05 %<sup>(g)</sup> | 1.05% | 1.05% | 1.19% | 1.39% |
|  Net investment loss | (0.48)%<sup>(g)</sup> | (0.78)% | (0.78)%<sup>(g)</sup> | (0.67)% | (0.58)% | (0.82)% | (0.59)%<sup>(</sup><sup>b)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $1767702 | $1913190 | $2577151 | $1917773 | $1335467 | $801263 | $525736 |
|  Portfolio turnover rate | 21% | 28% | 22% | 35% | 38% | 43% | 59% |

---

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

<sup>(b)</sup> Net investment income per share and the ratio of net investment income to average net assets includes $0.06 per share and 0.35%, respectively, resulting from a special dividend. 

<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 recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the ratios were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Six Months<br>Ended<br>11/30/22<br>(unaudited) | Year Ended<br>05/31/22 | Period from<br> 10/01/20<br> to 05/31/21 | Year Ended<br>09/30/20 | Year Ended<br>09/30/19 | Year Ended<br>09/30/18 | Year Ended<br>09/30/17 |
|  Expense ratios | N/A | N/A | N/A | N/A | N/A | 1.26% | 1.39% |

---

*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 (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) | BlackRock Mid-Cap Growth Equity Portfolio (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
| | Six Months<br>Ended<br>11/30/22<br>(unaudited) | Year Ended<br>05/31/22 | Period from<br>10/01/20<br> to 05/31/21 | Year Ended<br>09/30/20 | Year Ended<br>09/30/19 | Year Ended<br>09/30/18 | Year Ended<br>09/30/17 |
|  **Net asset value, beginning of period** | $20.93 | $30.22 | $24.20 | $19.21 | $19.04 | $15.36 | $12.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup>  | (0.12) | (0.43) | (0.29) | (0.30) | (0.24) | (0.26) | (0.18)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.29) | (6.67) | 6.31 | 5.41 | 1.28 | 4.57 | 2.99 |
|  Net increase (decrease) from investment operations | (0.41) | (7.10) | 6.02 | 5.11 | 1.04 | 4.31 | 2.81 |
|  Distributions from net realized gain<sup>(c)</sup>  |  | (2.19) |  | (0.12) | (0.87) | (0.63) |  |
|  **Net asset value, end of period** | $20.52 | $20.93 | $30.22 | $24.20 | $19.21 | $19.04 | $15.36 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |  |  |
|  Based on net asset value | (1.96)%<sup>(e)</sup> | (25.61)% | 24.88 %<sup>(e)</sup> | 26.72% | 6.33% | 29.05% | 22.39% |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |  |  |  |  |
|  Total expenses | 1.82 %<sup>(g)</sup> | 1.78% | 1.80 %<sup>(g)</sup> | 1.84% | 1.86% | 1.94 %<sup>(h)</sup> | 2.11 %<sup>(h)</sup> |
|  Total expenses after fees waived and/or reimbursed | 1.80 %<sup>(g)</sup> | 1.78% | 1.79 %<sup>(g)</sup> | 1.80% | 1.80% | 1.88% | 2.10% |
|  Net investment loss | (1.23)%<sup>(g)</sup> | (1.51)% | (1.52)%<sup>(g)</sup> | (1.42)% | (1.33)% | (1.49)% | (1.30)%<sup>(b)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $214339 | $243284 | $357360 | $280143 | $209923 | $164083 | $72814 |
|  Portfolio turnover rate | 21% | 28% | 22% | 35% | 38% | 43% | 59% |

---

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

<sup>(b)</sup> Net investment income per share and the ratio of net investment income to average net assets includes $0.06 per share and 0.35%, respectively, resulting from a special dividend. 

<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 recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the ratios were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Six Months<br>Ended<br>11/30/22<br>(unaudited) | Year Ended<br>05/31/22 | Period from<br>10/01/20<br> to 05/31/21 | Year Ended<br>09/30/20 | Year Ended<br>09/30/19 | Year Ended<br>09/30/18 | Year Ended<br>09/30/17 |
|  Expense ratios | N/A | N/A | N/A | N/A | N/A | 1.94% | 2.10% |

---

*See notes to financial statements.* 

62 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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) | BlackRock Mid-Cap Growth Equity Portfolio (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K | Class K |
| | Six Months<br>Ended<br>11/30/22<br>(unaudited) | Year Ended<br>05/31/22 | Period from<br>10/01/20<br> to 05/31/21 | Year Ended<br>09/30/20 | Year Ended<br>09/30/19 | Year Ended<br>09/30/18 | Year Ended<br>09/30/17 |
|  **Net asset value, beginning of period** | $32.96 | $46.10 | $36.66 | $28.74 | $27.93 | $22.14 | $17.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup>  | (0.02) | (0.17) | (0.12) | (0.12) | (0.09) | (0.07) | (0.03)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.45) | (10.58) | 9.56 | 8.16 | 1.96 | 6.62 | 4.29 |
|  Net increase (decrease) from investment operations | (0.47) | (10.75) | 9.44 | 8.04 | 1.87 | 6.55 | 4.26 |
|  Distributions from net realized gain<sup>(c)</sup>  |  | (2.39) |  | (0.12) | (1.06) | (0.76) |  |
|  **Net asset value, end of period** | $32.49 | $32.96 | $46.10 | $36.66 | $28.74 | $27.93 | $22.14 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |  |  |
|  Based on net asset value | (1.43)%<sup>(e)</sup> | (24.79)% | 25.75 %<sup>(e)</sup> | 28.06% | 7.47% | 30.46% | 23.83% |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |  |  |  |  |
|  Total expenses | 0.70 %<sup>(g)</sup> | 0.70% | 0.70 %<sup>(g)</sup> | 0.73 %<sup>(h)</sup> | 0.76 %<sup>(h)</sup> | 0.80 %<sup>(h)</sup> | 0.95% |
|  Total expenses after fees waived and/or reimbursed | 0.70 %<sup>(g)</sup> | 0.70% | 0.70 %<sup>(g)</sup> | 0.73% | 0.75% | 0.76% | 0.95% |
|  Net investment loss | (0.13)%<sup>(g)</sup> | (0.40)% | (0.42)%<sup>(g)</sup> | (0.36)% | (0.31)% | (0.29)% | (0.17)%<sup>(b)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $4550173 | $4376642 | $3674402 | $2011727 | $652138 | $139138 | $4103 |
|  Portfolio turnover rate | 21% | 28% | 22% | 35% | 38% | 43% | 59% |

---

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

<sup>(b)</sup> Net investment income per share and the ratio of net investment income to average net assets includes $0.06 per share and 0.35%, respectively, resulting from a special dividend. 

<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 recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the ratios were as follows:

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Six Months<br>Ended<br>11/30/22<br>(unaudited) | Year Ended<br>05/31/22 | Period from<br>10/01/20<br> to 05/31/21 | Year Ended<br>09/30/20 | Year Ended<br>09/30/19 | Year Ended<br>09/30/18 | Year Ended<br>09/30/17 |
| Expense ratios | N/A | N/A | N/A | 0.73% | 0.75% | 0.80% | N/A |

---

*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 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) | BlackRock Mid-Cap Growth Equity Portfolio (continued) |
|  | Class R | Class R | Class R | Class R | Class R | Class R | Class R |
| | Six Months<br>Ended<br>11/30/22<br>(unaudited) | Year Ended<br>05/31/22 | Period from<br>10/01/20<br> to 05/31/21 | Year Ended<br>09/30/20 | Year Ended<br>09/30/19 | Year Ended<br>09/30/18 | Year Ended<br>09/30/17 |
|  **Net asset value, beginning of period** | $27.28 | $38.65 | $30.85 | $24.34 | $23.83 | $19.02 | $15.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup>  | (0.10) | (0.37) | (0.25) | (0.24) | (0.19) | (0.22) | (0.14)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.37) | (8.73) | 8.05 | 6.87 | 1.65 | 5.69 | 3.69 |
|  Net increase (decrease) from investment operations | (0.47) | (9.10) | 7.80 | 6.63 | 1.46 | 5.47 | 3.55 |
|  Distributions from net realized gain<sup>(c)</sup>  |  | (2.27) |  | (0.12) | (0.95) | (0.66) |  |
|  **Net asset value, end of period** | $26.81 | $27.28 | $38.65 | $30.85 | $24.34 | $23.83 | $19.02 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |  |  |
|  Based on net asset value | (1.72)%<sup>(e)</sup> | (25.24)% | 25.28 %(e) | 27.33% | 6.89% | 29.63% | 22.95% |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |  |  |  |  |
|  Total expenses | 1.43 %<sup>(g)</sup> | 1.40% | 1.39 %<sup>(g)</sup> | 1.45% | 1.47% | 1.59 %<sup>(h)</sup> | 1.76% |
|  Total expenses after fees waived and/or reimbursed | 1.30 %<sup>(g)</sup> | 1.30% | 1.30 %<sup>(g)</sup> | 1.30% | 1.30% | 1.43% | 1.65% |
|  Net investment loss | (0.73)%<sup>(g)</sup> | (1.02)% | (1.03)%<sup>(g)</sup> | (0.92)% | (0.83)% | (1.05)% | (0.86)%<sup>(b)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $92626 | $93527 | $98300 | $59411 | $40999 | $22880 | $10177 |
|  Portfolio turnover rate | 21% | 28% | 22% | 35% | 38% | 43% | 59% |

---

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

<sup>(b)</sup> Net investment income per share and the ratio of net investment income to average net assets includes $0.06 per share and 0.35%, respectively, resulting from a special dividend. 

<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 recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the ratios were as follows:

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Six Months<br>Ended<br>11/30/22<br>(unaudited) | Year Ended<br>05/31/22 | Period from<br>10/01/20<br> to 05/31/21 | Year Ended<br>09/30/20 | Year Ended<br>09/30/19 | Year Ended<br>09/30/18 | Year Ended<br>09/30/17 |
|  Expense ratios | N/A | N/A | N/A | N/A | N/A | 1.58% | N/A |

---

*See notes to financial statements.* 

64 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Technology Opportunities Fund | 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 | Institutional |
|  | Six Months<br>Ended<br>11/30/22<br>(unaudited) | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 | Year Ended<br>09/30/19 | Year Ended<br>09/30/18 | Year Ended<br>09/30/17 |
|  **Net asset value, beginning of period** | $45.31 | $64.81 | $55.33 | $32.63 | $31.83 | $25.64 | $19.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup>  | (0.06) | (0.30) | (0.28) | (0.22) | (0.10) | (0.09) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (4.05) | (14.51) | 12.67 | 23.43 | 1.20 | 8.25 | 6.78 |
|  Net increase (decrease) from investment operations | (4.11) | (14.81) | 12.39 | 23.21 | 1.10 | 8.16 | 6.66 |
|  Distributions from net realized gain<sup>(b)</sup>  |  | (4.69) | (2.91) | (0.51) | (0.30) | (1.97) | (0.20) |
|  **Net asset value, end of period** | $41.20 | $45.31 | $64.81 | $55.33 | $32.63 | $31.83 | $25.64 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |  |
|  Based on net asset value | (9.07)%<sup>(d)</sup> | (25.09)% | 22.68 %<sup>(d)</sup> | 72.07% | 3.63% | 34.02% | 35.13% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |  |  |
|  Total expenses | 0.99 %<sup>(f)</sup> | 0.94% | 0.92 %<sup>(f)</sup> | 0.98% | 1.02% | 1.10% | 1.22 %<sup>(g)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.92 %<sup>(f)</sup> | 0.92% | 0.92 %<sup>(f)</sup> | 0.92% | 0.92% | 0.99% | 1.21% |
|  Net investment loss | (0.31)%<sup>(f)</sup> | (0.48)% | (0.66)%<sup>(f)</sup> | (0.50)% | (0.32)% | (0.32)% | (0.54)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $2284643 | $2943616 | $4958187 | $3641519 | $1033286 | $584654 | $147796 |
|  Portfolio turnover rate | 18% | 29% | 25% | 27% | 33% | 49% | 51% |

---

<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.* 

F I N A N C I A L S T A T E M E N T S 65

------

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) | BlackRock Technology Opportunities Fund (continued) |
|  | Service | Service | Service | Service | Service | Service | Service |
| | Six Months<br>Ended<br>11/30/22<br> (unaudited) | Year Ended<br>05/31/22 | Period from<br>10/01/20<br> to 05/31/21 | Year Ended<br>09/30/20 | Year Ended<br>09/30/19 | Year Ended<br>09/30/18 | Year Ended<br>09/30/17 |
| | Six Months<br>Ended<br>11/30/22<br> (unaudited) | Year Ended<br>05/31/22 | Period from<br>10/01/20<br> to 05/31/21 | Year Ended<br>09/30/20 | Year Ended<br>09/30/19 | Year Ended<br>09/30/18 | Year Ended<br>09/30/17 |
|  **Net asset value, beginning of period** | $42.30 | $60.86 | $52.20 | $30.88 | $30.22 | $24.44 | $18.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup>  | (0.11) | (0.42) | (0.37) | (0.30) | (0.17) | (0.15) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.78) | (13.52) | 11.94 | 22.13 | 1.13 | 7.85 | 6.46 |
|  Net increase (decrease) from investment operations | (3.89) | (13.94) | 11.57 | 21.83 | 0.96 | 7.70 | 6.30 |
|  Distributions from net realized gain<sup>(b)</sup>  |  | (4.62) | (2.91) | (0.51) | (0.30) | (1.92) | (0.20) |
|  **Net asset value, end of period** | $38.41 | $42.30 | $60.86 | $52.20 | $30.88 | $30.22 | $24.44 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |  |
|  Based on net asset value | (9.20)%<sup>(d)</sup> | (25.28)% | 22.46 %<sup>(d)</sup> | 71.68% | 3.36% | 33.74% | 34.77% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |  |  |
|  Total expenses | 1.21 %<sup>(f)</sup> | 1.19% | 1.17 %<sup>(f)</sup> | 1.19% | 1.25 %<sup>(g)</sup> | 1.37% | 1.48 %<sup>(g)</sup> |
|  Total expenses after fees waived and/or reimbursed | 1.17 %<sup>(f)</sup> | 1.17% | 1.16 %<sup>(f)</sup> | 1.17% | 1.17% | 1.22% | 1.47% |
|  Net investment loss | (0.55)%<sup>(f)</sup> | (0.73)% | (0.90)%<sup>(f)</sup> | (0.74)% | (0.57)% | (0.55)% | (0.77)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $46020 | $55439 | $83886 | $50710 | $20429 | $15208 | $6312 |
|  Portfolio turnover rate | 18% | 29% | 25% | 27% | 33% | 49% | 51% |

---

<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>(</sup><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.* 

66 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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) | BlackRock Technology Opportunities Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
| | Six Months<br>Ended<br>11/30/22<br>(unaudited) | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 | Year Ended<br>09/30/19 | Year Ended<br>09/30/18 | Year Ended<br>09/30/17 |
|  **Net asset value, beginning of period** | $41.27 | $59.47 | $51.06 | $30.22 | $29.58 | $23.95 | $17.98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup>  | (0.11) | (0.41) | (0.36) | (0.29) | (0.17) | (0.16) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.69) | (13.19) | 11.68 | 21.64 | 1.11 | 7.69 | 6.34 |
|  Net increase (decrease) from investment operations | (3.80) | (13.60) | 11.32 | 21.35 | 0.94 | 7.53 | 6.17 |
|  Distributions from net realized gain<sup>(b)</sup>  |  | (4.60) | (2.91) | (0.51) | (0.30) | (1.90) | (0.20) |
|  **Net asset value, end of period** | $37.47 | $41.27 | $59.47 | $51.06 | $30.22 | $29.58 | $23.95 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |  |
|  Based on net asset value | (9.21)%<sup>(d)</sup> | (25.28)% | 22.48 %<sup>(d)</sup> | 71.65% | 3.36% | 33.70% | 34.74% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |  |  |
|  Total expenses | 1.24 %<sup>(f)</sup> | 1.21% | 1.19 %<sup>(f)</sup> | 1.25% | 1.29% | 1.38 %<sup>(g)</sup> | 1.50% |
|  Total expenses after fees waived and/or reimbursed | 1.17 %<sup>(f)</sup> | 1.17% | 1.17 %<sup>(f)</sup> | 1.17% | 1.17% | 1.26% | 1.49% |
|  Net investment loss | (0.55)%<sup>(f)</sup> | (0.73)% | (0.91)%<sup>(f)</sup> | (0.74)% | (0.58)% | (0.59)% | (0.83)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $1450087 | $1695648 | $2524052 | $1773399 | $672110 | $627626 | $271307 |
|  Portfolio turnover rate | 18% | 29% | 25% | 27% | 33% | 49% | 51% |

---

<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> Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the ratios were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Six Months<br>Ended<br>11/30/22<br>(unaudited) | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 | Year Ended<br>09/30/19 | Year Ended<br>09/30/18 | Year Ended<br>09/30/17 |
|  Expense ratios | N/A | N/A | N/A | N/A | N/A | 1.37% | N/A |

---

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 67

------

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) | BlackRock Technology Opportunities Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
| | Six Months<br>Ended<br>11/30/22<br>(unaudited) | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 | Year Ended<br>09/30/19 | Year Ended<br>09/30/18 | Year Ended<br>09/30/17 |
|  **Net asset value, beginning of period** | $33.17 | $48.77 | $42.52 | $25.43 | $25.13 | $20.72 | $15.70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup>  | (0.20) | (0.68) | (0.54) | (0.48) | (0.32) | (0.31) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.97) | (10.52) | 9.70 | 18.08 | 0.92 | 6.57 | 5.50 |
|  Net increase (decrease) from investment operations | (3.17) | (11.20) | 9.16 | 17.60 | 0.60 | 6.26 | 5.22 |
|  Distributions from net realized gain<sup>(b)</sup>  |  | (4.40) | (2.91) | (0.51) | (0.30) | (1.85) | (0.20) |
|  **Net asset value, end of period** | $30.00 | $33.17 | $48.77 | $42.52 | $25.43 | $25.13 | $20.72 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |  |
|  Based on net asset value | (9.56)%<sup>(d)</sup> | (25.81)% | 21.89 %<sup>(d)</sup> | 70.39% | 2.60% | 32.68% | 33.73% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |  |  |
|  Total expenses | 1.98 %<sup>(f)</sup> | 1.92% | 1.91 %<sup>(f)</sup> | 1.98% | 2.02% | 2.10 %<sup>(g)</sup> | 2.27% |
|  Total expenses after fees waived and/or reimbursed | 1.92 %<sup>(f)</sup> | 1.91% | 1.90 %<sup>(f)</sup> | 1.92% | 1.92% | 2.01% | 2.25% |
|  Net investment loss | (1.30)%<sup>(f)</sup> | (1.47)% | (1.65)%<sup>(f)</sup> | (1.49)% | (1.33)% | (1.34)% | (1.59)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $244267 | $291802 | $427435 | $317792 | $152505 | $142942 | $76957 |
|  Portfolio turnover rate | 18% | 29% | 25% | 27% | 33% | 49% | 51% |

---

<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> Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the ratios were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Six Months<br> Ended<br> 11/30/22<br>(unaudited) | Year<br>Ended<br>05/31/22 | Period from<br>10/01/20 to<br>05/31/21 | Year Ended<br>09/30/20 | Year Ended<br>09/30/19 | Year Ended<br>09/30/18 | Year Ended<br>09/30/17 |
|  Expense ratios | N/A | N/A | N/A | N/A | N/A | 2.09% | N/A |

---

*See notes to financial statements.* 

68 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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 |
| | Six Months<br>Ended<br>11/30/22<br>(unaudited) | Year<br>Ended<br>05/31/22 | Period<br>from<br>10/01/20<br>to<br>05/31/21 | Period from<br>12/10/19<sup>(a)</sup>to 09/30/20 |
|  **Net asset value, beginning of period** | $45.37 | $64.89 | $55.36 | $34.59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(b)</sup>  | (0.05) | (0.24) | (0.24) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (4.05) | (14.55) | 12.68 | 20.93 |
|  Net increase (decrease) from investment operations | (4.10) | (14.79) | 12.44 | 20.77 |
|  Distributions from net realized gain<sup>(c)</sup>  |  | (4.73) | (2.91) |  |
|  **Net asset value, end of period** | $41.27 | $45.37 | $64.89 | $55.36 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |
|  Based on net asset value | (9.04)%<sup>(e)</sup> | (25.05)% | 22.77 %<sup>(e)</sup> | 60.05 %<sup>(e)</sup> |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |  |
|  Total expenses | 0.87 %<sup>(g)</sup> | 0.84% | 0.83 %<sup>(g)</sup> | 0.87 %<sup>(g)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.87 %<sup>(g)</sup> | 0.83% | 0.82 %<sup>(g)</sup> | 0.86 %<sup>(g)</sup> |
|  Net investment loss | (0.25)%<sup>(g)</sup> | (0.38)% | (0.56)%<sup>(g)</sup> | (0.46)%<sup>(g)</sup> |
|  **Supplemental Data** |  |  |  |  |
|  Net assets, end of period (000) | $122020 | $135879 | $122568 | $75426 |
|  Portfolio turnover rate | 18% | 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.* 

F I N A N C I A L H I G H L I G H T S 69

------

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) | BlackRock Technology Opportunities Fund (continued) |
|  | Class R | Class R | Class R | Class R | Class R | Class R | Class R |
| | Six Months<br>Ended<br>11/30/22<br>(unaudited) | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 | Year Ended<br>09/30/19 | Year Ended<br>09/30/18 | Year Ended<br>09/30/17 |
|  **Net asset value, beginning of period** | $41.44 | $59.75 | $51.37 | $30.48 | $29.90 | $24.20 | $18.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup>  | (0.15) | (0.56) | (0.46) | (0.38) | (0.24) | (0.23) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.70) | (13.25) | 11.75 | 21.78 | 1.12 | 7.78 | 6.42 |
|  Net increase (decrease) from investment operations | (3.85) | (13.81) | 11.29 | 21.40 | 0.88 | 7.55 | 6.19 |
|  Distributions from net realized gain<sup>(b)</sup>  |  | (4.50) | (2.91) | (0.51) | (0.30) | (1.85) | (0.20) |
|  **Net asset value, end of period** | $37.59 | $41.44 | $59.75 | $51.37 | $30.48 | $29.90 | $24.20 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |  |
|  Based on net asset value | (9.29)%<sup>(d)</sup> | (25.47)% | 22.28 %<sup>(d)</sup> | 71.20% | 3.12% | 33.35% | 34.41% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |  |  |
|  Total expenses | 1.58 %<sup>(f)</sup> | 1.54% | 1.50 %<sup>(f)</sup> | 1.57% | 1.60% | 1.69% | 1.81% |
|  Total expenses after fees waived and/or reimbursed | 1.42 %<sup>(f)</sup> | 1.42% | 1.42 %<sup>(f)</sup> | 1.42% | 1.42% | 1.53% | 1.77% |
|  Net investment loss | (0.80)%<sup>(f)</sup> | (0.98)% | (1.17)%<sup>(f)</sup> | (0.99)% | (0.83)% | (0.87)% | (1.11)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $31109 | $35001 | $50186 | $38907 | $18799 | $13577 | $9700 |
|  Portfolio turnover rate | 18% | 29% | 25% | 27% | 33% | 49% | 51% |

---

<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.* 

70 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Notes to Financial Statements (unaudited)

***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 Infrastructure Sustainable Opportunities Fund, 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* | *Herein Referred To As* | *Diversification Classification* | *Diversification Classification* |
|  BlackRock Capital Appreciation Fund, Inc. |  | Capital Appreciation |  | Diversified |
|  BlackRock Health Sciences Opportunities Portfolio |  | Health Sciences Opportunities |  | Diversified |
|  BlackRock Infrastructure Sustainable Opportunities Fund |  | Infrastructure Sustainable Opportunities |  | Non-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 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 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.

**ForeignTaxes:** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund

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

------

Notes to Financial Statements (unaudited) (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 November 30, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

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

**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.

**Offering Costs:** Offering costs are amortized over a 12-month period beginning with the commencement of operations of a class of shares.

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

**Other:** Expenses directly related to a Fund or its classes are charged to that Fund or the applicable class. Expenses directly related to the Funds and other shared expenses prorated to the Funds are allocated daily to each class based on their relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

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

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

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of 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 Funds' assets and liabilities:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• The Funds value their investment in SL Liquidity Series, LLC, Money Market Series (the "Money Market Series")
at fair value, which is ordinarily based upon their pro rata ownership in the underlying fund's net assets.

&nbsp;&nbsp;&nbsp;&nbsp;• Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as
of the close of trading on the NYSE based on that day's prevailing forward exchange rate for the underlying currencies.

&nbsp;&nbsp;&nbsp;&nbsp;• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are
derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

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

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

72 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Notes to Financial Statements (unaudited) (continued)

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.

---

| | |
|:---|:---|
|  *Standard Inputs Generally Considered By The Valuation Committee And Third-Party Pricing Services* | *Standard Inputs Generally Considered By The Valuation Committee And Third-Party Pricing Services* |
|  Market approach | (i) recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers;<br> (ii) recapitalizations and other transactions across the capital structure; and<br> (iii) market multiples of comparable issuers. |
|  Income approach  | (i) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks;<br> (ii) quoted prices for similar investments or assets in active markets; and<br> (iii) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates. |
|  Cost approach | (i) audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company;<br> (ii) changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company;<br> (iii) relevant news and other public sources; and<br> (iv) known secondary market transactions in the Private Company's interests and merger or acquisition activity in companies comparable to the Private Company. |

---

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or
liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield
curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

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

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

As of November 30, 2022, certain investments of the Funds were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

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

**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

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 73

------

Notes to Financial Statements (unaudited) (continued)

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 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 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 Schedules of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are disclosed in the Funds' Schedules of Investments. The market value of any securities on loan and the value of any related collateral are shown separately in the Statements of Assets and Liabilities as a component of investments at value – unaffiliated and collateral on securities loaned, respectively.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA"), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the 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 a Fund can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following 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<sup>(a)</sup>* | *Net<br>Amount<sup>(b)</sup>* |
|  Health Sciences Opportunities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | $8673848 | $(8588600) | $— | $85248 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 786357 | (786357) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 145288 | (138600) |  | 6688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 6226008 | (6152350) |  | 73658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Securities (USA) LLC | 72536 | (72536) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 23377257 | (23203290) |  | 173967 |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 123936938 | (123936938) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies LLC | 105000 | (105000) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 776680 | (749677) |  | 27003 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Financial Services LLC | 659639 | (653250) |  | 6389 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | 245584 | (243462) |  | 2122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | 12281 | (11950) |  | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Securities LLC | 83811 | (83811) |  |  |
|  | $165101227 | $(164725821) | $— | $375406 |
|  Infrastructure Sustainable Opportunities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | $67146 | $(67146) | $— | $— |
|  Mid-Cap Growth Equity |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | $15562616 | $(15562616) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 39357743 | (39357743) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Securities (USA) LLC | 274577 | (274577) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 89911505 | (89911505) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 213195936 | (213195936) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies LLC | 2285922 | (2285922) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 193191517 | (193191517) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Financial Services LLC | 1170260 | (1170260) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | 4525950 | (4525950) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | 93942 | (93942) |  |  |
|  | $559569968 | $(559569968) | $— | $— |
|  Technology Opportunities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | $27560 | $(27560) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 27245162 | (27245162) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 21940270 | (21940270) |  |  |

---

74 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Notes to Financial Statements (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name/Counterparty* | *Securities<br>Loaned at Value* | *Cash*<br> *Collateral Received<sup>(a)</sup>*  | *Non-Cash<br>Collateral Received<sup>(a)</sup>* | *Net<br>Amount<sup>(b)</sup>* |
|  Technology Opportunities (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | $8450692 | $(8450692) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 31780313 | (31780313) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Financial Services LLC | 1522648 | (1522648) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | 7110954 | (7110954) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | 961280 | (961280) |  |  |
|  | $99038879 | $(99038879) | $— | $— |

---

<sup>(a)</sup> Collateral received 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. 

<sup>(b)</sup> The market value of the loaned securities is determined as of November 30, 2022. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty. 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BIM. BIM's indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Funds.

***5.***  ***DERIVATIVE FINANCIAL INSTRUMENTS*** 

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

**Forward Foreign Currency Exchange Contracts:** Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded OTC and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Statements of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amounts reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A Fund's risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

**Options:** The Funds may purchase and write call and put options to increase or decrease their exposure to the risks of underlying instruments, including equity risk, interest rate risk and/or commodity price risk and/or, in the case of options written, to generate gains from options premiums.

A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.

Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value –unaffiliated and options written at value, respectively, in the Statements of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statements of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statements of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Funds write a call option, such option is typically "covered," meaning that they hold the underlying instrument subject to being called by the option counterparty. When the Funds write a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statements of Assets and Liabilities.

In purchasing and writing options, the Funds bear the risk of an unfavorable change in the value of the underlying instrument or the risk that they may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Funds purchasing or selling a security when they otherwise would not, or at a price different from the current market value.

**Swaps:** Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract ("OTC swaps") or centrally cleared ("centrally cleared swaps").

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

------

Notes to Financial Statements (unaudited) (continued)

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

&nbsp;&nbsp;&nbsp;&nbsp;• Total return swaps — Total return swaps are entered into to obtain exposure to a security or market without owning
such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest
rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instrument(s) or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Funds receive payment from or make a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and 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, all of which are reflected in the swap's market value. The market value also includes interest charges and credits ("financing fees") related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Funds and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statements of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Funds and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

**Master Netting Arrangements:** In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

**Collateral Requirements:** For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparties are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, the Fund do not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

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

**Investment Advisory:** The Corporation, on behalf of Capital Appreciation, and the Trust, on behalf of Health Sciences Opportunities, Infrastructure Sustainable 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.

76 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Notes to Financial Statements (unaudited) (continued)

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:

---

| | |
|:---|:---|
| *Average Daily Net Assets* | <u>Investment Advisory Fees</u><br>*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 |

---

---

| | |
|:---|:---|
| *Average Daily Net Assets* | <u>Investment Advisory Fees</u><br> *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 | Investment Advisory Fees |
| *Average Daily Net Assets* | *Infrastructure Sustainable Opportunities* | *Technology Opportunities* |
|  First $1 billion | 0.800% | 0.820% |
|  $1 billion - $3 billion | 0.750 | 0.770 |
|  $3 billion - $5 billion | 0.720 | 0.740 |
|  $5 billion - $10 billion | 0.700 | 0.710 |
|  Greater than $10 billion | 0.680 | 0.700 |

---

---

| | |
|:---|:---|
| *Average Daily Net Assets* | <u>Investment Advisory Fees</u><br> *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 |

---

With respect to Infrastructure Sustainable Opportunities, the Manager entered into separate sub-advisory agreements with each of BlackRock International Limited ("BIL") and BlackRock (Singapore) Limited ("BSL"), each an affiliate of the Manager. The Manager pays BIL and BSL for services they provide, for that portion of the Fund for which BIL and BSL, as applicable, act as sub-adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by the Fund to the Manager.

**Service and Distribution Fees:** The Corporation, on behalf of Capital Appreciation, and the Trust, on behalf of Health Sciences Opportunities, Infrastructure Sustainable 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. 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* |
|  Service | 0.25% | N/A |
|  Investor A | 0.25 | N/A |
|  Investor C | 0.25 | 0.75% |
|  Class R | 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 six months ended November 30, 2022, 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 | $— | $2116752 | $209993 | $55698 | $2382443 |
|  Health Sciences Opportunities | 44407 | 3809062 | 2515157 | 632037 | 7000663 |
|  Infrastructure Sustainable Opportunities |  | 123 |  |  | 123 |
|  Mid-Cap Growth Equity | 96143 | 2250843 | 1111585 | 229186 | 3687757 |
|  Technology Opportunities | 61801 | 1915374 | 1303100 | 80844 | 3361119 |

---

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

------

Notes to Financial Statements (unaudited) (continued)

**Administration:** The Trust, on behalf of Health Sciences Opportunities, Infrastructure Sustainable 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 six months ended November 30, 2022, 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 | $485147 | $3553 | $304778 | $50339 | $42904 | $25285 | $912006 |
|  Infrastructure Sustainable Opportunities | 10 |  | 10 |  | 860 |  | 880 |
|  Mid-Cap Growth Equity | 634532 | 7700 | 180314 | 22277 | 447637 | 9176 | 1301636 |
|  Technology Opportunities | 252830 | 4952 | 153488 | 26122 | 12855 | 3238 | 453485 |

---

**Transfer Agent:** Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the six months ended November 30, 2022, 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 | $50727 | $50727 |

---

The Manager maintains a call center that is responsible for providing certain shareholder services to the Funds. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the six months ended November 30, 2022, 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 | $1913 | $— | $48143 | $4472 | $1974 | $164 | $56666 |
|  Health Sciences Opportunities | 13728 | 153 | 65288 | 13538 | 1220 | 1062 | 94989 |
|  Mid-Cap Growth Equity | 15722 | 315 | 50631 | 5920 | 5704 | 658 | 78950 |
|  Technology Opportunities | 16478 | 271 | 34757 | 9271 | 438 | 300 | 61515 |

---

For the six months ended November 30, 2022, 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 | $341915 | $— | $930869 | $41337 | $15024 | $25106 | $1354251 |
|  Health Sciences Opportunities | 2447766 | 27218 | 1583785 | 274105 | 12177 | 276894 | 4621945 |
|  Infrastructure Sustainable Opportunities | 42 |  |  |  | 1 |  | 43 |
|  Mid-Cap Growth Equity | 4690579 | 60819 | 1645824 | 141165 | 184678 | 105862 | 6828927 |
|  Technology Opportunities | 1638859 | 26264 | 1000961 | 154498 | 8146 | 36723 | 2865451 |

---

**Other Fees:** For the six months ended November 30, 2022, 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 | $17001 |
|  Health Sciences Opportunities | 39868 |
|  Mid-Cap Growth Equity | 27112 |
|  Technology Opportunities | 41291 |

---

78 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Notes to Financial Statements (unaudited) (continued)

For the six months ended November 30, 2022, 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 | $7244 | $5473 | $20599 | $48938 |
|  Investor C | 1233 | 9230 | 12083 | 13730 |

---

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

---

| | |
|:---|:---|
| *Fund Name* | *Amounts Waived* |
|  Capital Appreciation | $23527 |
|  Health Sciences Opportunities | 62966 |
|  Infrastructure Sustainable Opportunities | 138 |
|  Mid-Cap Growth Equity | 73159 |
|  Technology Opportunities | 13212 |

---

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of each Fund's assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2024. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of a Fund. For the six months ended November 30, 2022, 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 expense limitations as a percentage of average daily net assets are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Share Class* | *Capital Appreciation* | *Infrastructure Sustainable Opportunities* | *Mid-Cap Growth Equity* | *Technology Opportunities* |
|  Institutional | N/A | 1.00% | 0.80% | 0.92% |
|  Service | N/A | N/A | 1.05 | 1.17 |
|  Investor A | N/A | 1.25 | 1.05 | 1.17 |
|  Investor C | 1.94% | N/A | 1.80 | 1.92 |
|  Class K | 0.72 | 0.95 | 0.75 | 0.87 |
|  Class R | N/A | N/A | 1.30 | 1.42 |

---

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2024 (or June 30, 2033 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 six months ended November 30, 2022, Infrastructure Sustainable Opportunities waived and/or reimbursed the Manager investment advisory fees of $136,046, 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 six months ended November 30, 2022, class specific expense waivers and/or reimbursements are 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 | Administration Fees Waived by the Manager - Class Specific |
| *Fund Name* | *Institutional* | *Service* | *Investor A* | *Investor C* | *Class K* | *Class R* | *Total* |
|  Infrastructure Sustainable Opportunities | $5 | $— | $— | $— | $852 | $— | $857 |
|  Mid-Cap Growth Equity | 634532 | 7700 | 180314 | 17495 |  | 9176 | 849217 |
|  Technolog90ry Opportunities | 252830 | 4320 | 153488 | 26122 | 2089 | 3238 | 442087 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | 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 R* | *Total* |
|  Infrastructure Sustainable Opportunities | $26 | $— | $— | $— | $— | $26 |
|  Mid-Cap Growth Equity | 699785 | 12318 | 509931 | 4358 | 47912 | 1274304 |
|  Technology Opportunities | 603635 | 6522 | 369964 | 45019 | 23357 | 1048497 |

---

With respect to the contractual expense limitation of Infrastructure Sustainable Opportunities, 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

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

------

Notes to Financial Statements (unaudited) (continued)

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 September 30, 2028 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 was terminated.

As of November 30, 2022, the fund level and class specific waivers and/or reimbursements subject to possible future recoupment under the expense limitation agreement are as follows:

---

| | | |
|:---|:---|:---|
|  | **Expiring May 31,** | **Expiring May 31,** |
| *Fund Name/Fund Level/Share Class* | *2024* | *2025* |
|  Infrastructure Sustainable Opportunities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund Level | $198233 | $136046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | 153 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A | 151 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | 1479 | 852 |

---

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

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

Pursuant to the current securities lending agreement, Capital Appreciation, Health Sciences Opportunities, Mid-Cap Growth Equity and Technology Opportunities retain 81% of securities lending income (which excludes collateral investment expenses), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses. Pursuant to the current securities lending agreement, Infrastructure Sustainable Opportunities retains 82% of securities lending income (which excludes collateral investment expenses), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds a specified threshold, 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 81% of securities lending income (which excludes collateral investment expenses), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses. Infrastructure Sustainable 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 expenses), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.

The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in the Statements of Operations. For the six months ended November 30, 2022, each Fund paid BIM the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *Fund Name* | *Amounts* |
|  Capital Appreciation | $7061 |
|  Health Sciences Opportunities | 165841 |
|  Infrastructure Sustainable Opportunities | 25 |
|  Mid-Cap Growth Equity | 131158 |
|  Technology Opportunities | 111599 |

---

**Interfund Lending:** In accordance with an exemptive order (the "Order") from the SEC, Capital Appreciation and Infrastructure Sustainable Opportunities may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by Capital Appreciation's and Infrastructure Sustainable Opportunities's investment policies and restrictions. Capital Appreciation is currently permitted to borrow under the Interfund Lending Program. In addition, Infrastructure Sustainable Opportunities is currently permitted to borrow and lend under the Interfund Lending Program.

80 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Notes to Financial Statements (unaudited) (continued)

A lending BlackRock fund may lend in aggregate up to 15% of its net assets but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing BlackRock fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any lower threshold provided for by the fund's investment restrictions). If a borrowing BlackRock fund's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the six months ended November 30, 2022, Capital Appreciation and Infrastructure Sustainable Opportunities 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 Fund 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.

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

For the six months ended November 30, 2022, purchases and sales of investments, excluding short-term securities, were as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Purchases* | *Sales* |
|  Capital Appreciation | $925927932 | $1167721089 |
|  Health Sciences Opportunities | 1191112246 | 1514200462 |
|  Infrastructure Sustainable Opportunities | 4243153 | 4860720 |
|  Mid-Cap Growth Equity | 2717818255 | 3553057733 |
|  Technology Opportunities | 811973672 | 1289720519 |

---

***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 November 30, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund's financial statements.

As of November 30, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Tax Cost* | *Gross<br>Unrealized<br>Appreciation* | *Gross<br>Unrealized<br>Depreciation* | *Net Unrealized<br>Appreciation<br>(Depreciation)* |
|  Capital Appreciation | $1975763673 | $1130391751 | $(138127803) | $992263948 |
|  Health Sciences Opportunities | 6170526528 | 3798950835 | (334424805) | 3464526030 |
|  Infrastructure Sustainable Opportunities | 9349532 | 291374 | (926928) | (635554) |
|  Mid-Cap Growth Equity | 11062126936 | 3125210479 | (907176332) | 2218034147 |
|  Technology Opportunities | 3247294815 | 1214700724 | (170264847) | 1044435877 |

---

***9.***  ***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 a party to a 364-day, $2.50 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 2023 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended November 30, 2022, the Funds did not borrow under the credit agreement.

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

------

Notes to Financial Statements (unaudited) (continued)

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

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

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

**Infectious Illness Risk:** An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

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

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

**Counterparty Credit Risk:** The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds' exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

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

With exchange-traded options purchased and 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.

**Concentration Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within 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.

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

**LIBOR Transition Risk:** The United Kingdom's Financial Conduct Authority announced a phase out of the London Interbank Offered Rate ("LIBOR"). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine

82 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Notes to Financial Statements (unaudited) (continued)

payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

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

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended 11/30/22 | Six Months Ended 11/30/22 | Year Ended 05/31/22 | Year Ended 05/31/22 |
| *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 | 3785921 | $105436758 | 9077631 | $365178278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 1544991 | 42626290 | 2208629 | 96052412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed<br>| (11067030) | (305932856) | (6557549) | (268772260) |
|  | (5736118) | $(157869808) | 4728711 | $192458430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 2174558 | $54569717 | 6420981 | $239225888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 4104484 | 99656876 | 6684788 | 259138163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (6192983) | (154197540) | (12580937) | (465390868) |
|  | 86059 | $29053 | 524832 | $32973183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 161878 | $2327703 | 417400 | $9523681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 321777 | 4466262 | 559182 | 13320882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (513764) | (7525291) | (987837) | (22223382) |
|  | (30109) | $(731326) | (11255) | $621181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1676925 | $48395299 | 2650053 | $110099487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 1152500 | 32143212 | 2255335 | 99168670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1590824) | (45603888) | (4243421) | (179618463) |
|  | 1238601 | $34934623 | 661967 | $29649694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 80518 | $1490858 | 257323 | $7134270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 109522 | 1922110 | 197158 | 5739257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (131233) | (2415774) | (521347) | (14052755) |
|  | 58807 | $997194 | (66866) | $(1179228) |
|  | (4382760) | $(122640264) | 5837389 | $254523260 |
|  Health Sciences Opportunities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 6231373 | $421120686 | 13550039 | $1054458394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 4821154 | 316846246 | 5984415 | 466096116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (11021522) | (740283371) | (22567955) | (1745432325) |
|  | 31005 | $(2316439) | (3033501) | $(224877815) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 34621 | $2214581 | 49458 | $3664984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 39889 | 2470297 | 51296 | 3778993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (53821) | (3408363) | (127959) | (9488827) |
|  | 20689 | $1276515 | (27205) | $(2044850) |

---

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 83

------

Notes to Financial Statements (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Six Months Ended 11/30/22* | *Six Months Ended 11/30/22* | *Year Ended 05/31/22* | *Year Ended 05/31/22* |
| *Fund Name/Share Class* | *Shares* | *Amount* | *Shares* | *Amount* |
|  Health Sciences Opportunities (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 2239742 | $142462117 | 5392110 | $397992758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 3418712 | 210626864 | 3792616 | 278689830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed<br>| (4286267) | (271833933) | (7954173) | (581723514) |
|  | 1372187 | $81255048 | 1230553 | $94959074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 247187 | $13050749 | 836719 | $53237828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 832560 | 42677038 | 1004187 | 62580022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares<br>| (1473291) | (77283298) | (3233983) | (201419358) |
|  | (393544) | $(21555511) | (1393077) | $(85601508) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 735140 | $49881566 | 1698513 | $133270886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 445360 | 29309125 | 561988 | 43729235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed<br>| (745167) | (50119610) | (1876019) | (144869125) |
|  | 435333 | $29071081 | 384482 | $32130996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 107923 | $6639311 | 359301 | $26082993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 304184 | 18187142 | 357082 | 25476530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (306380) | (18901412) | (572860) | (40780069) |
|  | 105727 | $5925041 | 143523 | $10779454 |
|  | 1571397 | $93655735 | (2695225) | $(174654649) |
|  Infrastructure Sustainable Opportunities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 137 | $1200 | 11003 | $110051 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 27 | 231 |  | 2 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed<br>|  |  | (320) | (3269)<sup>(a)</sup> |
|  | 164 | $1431 | 10683 | $106784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 598 | $5500 | 10952 | $109812 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 33 | 284 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed<br>| (44) | (399) |  |  |
|  | 587 | $5385 | 10952 | $109812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 101 | $865 | 980348 | $9803544 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions<br>| 13 | 113 |  |  |
|  | 114 | $978 | 980348 | $9803544 |
|  | 865 | $7794 | 1001983 | $10020140 |
|  Mid-Cap Growth Equity |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 27254787 | $862511205 | 84092051 | $3672781183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  | 9954734 | 462557816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed<br>| (57975205) | (1806204614) | (79453974) | (3261438913) |
|  | (30720418) | $(943693409) | 14592811 | $873900086 |

---

84 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Notes to Financial Statements (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended 11/30/22 | Six Months Ended 11/30/22 | Year Ended 05/31/22 | Year Ended 05/31/22 |
| *Fund Name/Share Class* | *Shares* | *Amount* | *Shares* | *Amount* |
|  Mid-Cap Growth Equity (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Service |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 212035 | $5901104 | 854941 | $34641736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  | 146401 | 6102842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed<br>| (324983) | (9210429) | (771097) | (29078865) |
|  | (112948) | $(3309325) | 230245 | $11665713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 4509357 | $122664749 | 16857882 | $647069791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  | 3734682 | 148274848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (8691164) | (230711907) | (17401969) | (628539903) |
|  | (4181807) | $(108047158) | 3190595 | $166804736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 307063 | $6199824 | 1829067 | $53618549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  | 850190 | 25522539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (1485295) | (29680459) | (2880629) | (78703717) |
|  | (1178232) | $(23480635) | (201372) | $437371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 28170985 | $880976278 | 75010864 | $3289871678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  | 4431881 | 206797826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (20918779) | (660524075) | (26364924) | (1103248628) |
|  | 7252206 | $220452203 | 53077821 | $2393420876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 410695 | $10846348 | 1783479 | $68929237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  | 161778 | 6297421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (384485) | (9971275) | (1059950) | (37561892) |
|  | 26210 | $875073 | 885307 | $37664766 |
|  | (28914989) | $(857203251) | 71775407 | $3483893548 |
|  Technology Opportunities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 9933081 | $415319004 | 28834284 | $1778526131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  | 5074418 | 339300116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (19451891) | (806821259) | (45442662) | (2648038246) |
|  | (9518810) | $(391502255) | (11533960) | $(530211999) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 96111 | $3729328 | 499665 | $29601143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  | 98949 | 6194905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (208711) | (8205779) | (666323) | (39672879) |
|  | (112600) | $(4476451) | (67709) | $(3876831) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 2694591 | $104676459 | 10281016 | $602060939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  | 3054990 | 186654164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (5088313) | (191949561) | (14692026) | (808237783) |
|  | (2393722) | $(87273102) | (1356020) | $(19522680) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 343802 | $10587261 | 1380731 | $64636301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  | 764535 | 37880552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (997469) | (30029742) | (2113452) | (92040047) |
|  | (653667) | $(19442481) | 31814 | $10476806 |

---

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 85

------

Notes to Financial Statements (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended 11/30/22 | Six Months Ended 11/30/22 | Year Ended 05/31/22 | Year Ended 05/31/22 |
| *Fund Name/Share Class* | *Shares* | *Amount* | *Shares* | *Amount* |
|  Technology Opportunities (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 783905 | $33710845 | 3720630 | $244270015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  | 207785 | 13921146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (822084) | (34714237) | (2822714) | (151390233) |
|  | (38179) | $(1003392) | 1105701 | $106800928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 97256 | $3738846 | 320513 | $17676525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  | 61453 | 3776895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (114167) | (4297820) | (377386) | (20691562) |
|  | (16911) | $(558974) | 4580 | $761858 |
|  | (12733889) | $(504256655) | (11815594) | $(435571918) |

---

<sup>(a)</sup> For the period from September 30, 2021 (commencement of operations) to May 31, 2022.

As of November 30, 2022, shares owned by BlackRock Financial Management, Inc., an affiliate of the Funds, were as follows:

---

| | | |
|:---|:---|:---|
| *Share Class* | *Infrastructure<br>Sustainable<br>Opportunities* | *Technology<br>Opportunities* |
|  Institutional | 10000 |  |
|  Investor A | 10000 |  |
|  Class K | 980000 | 8673 |

---

***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.

86 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statement Regarding Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule"), BlackRock Capital Appreciation Fund, Inc. (the "Corporation") and BlackRock FundsSM (the "Trust") has adopted and implemented a liquidity risk management program (the "Program") for BlackRock Capital Appreciation Fund, Inc., BlackRock Health Sciences Opportunities Portfolio, BlackRock Infrastructure Sustainable Opportunities Fund, BlackRock Mid-Cap Growth Equity Portfolio and BlackRock Technology Opportunities Fund (the "Funds"), which is reasonably designed to assess and manage each Fund's liquidity risk.

The Board of Directors (the "Board") of the Corporation and the Board of Trustees (the "Board") of the Trust, on behalf of the Funds, met on November 8-9, 2022 (the "Meeting") to review the Program. The Board previously appointed BlackRock Advisors, LLC or BlackRock Fund Advisors ("BlackRock"), each an investment adviser to certain BlackRock funds, as the program administrator for each Fund's Program, as applicable. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the "Committee"). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund's Highly Liquid Investment Minimum ("HLIM") where applicable, and any material changes to the Program (the "Report"). The Report covered the period from October 1, 2021 through September 30, 2022 (the "Program Reporting Period").

The Report described the Program's liquidity classification methodology for categorizing each Fund's investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund's HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including the imposition of capital controls in certain countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund's liquidity risk, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***a)***  ***The Fund's investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions.*** During the Program Reporting Period, the Committee reviewed whether each Fund's strategy is appropriate for an open-end fund structure with a focus on funds with
more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund's concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Where a
fund participated in borrowings for investment purposes (such as tender option bonds or reverse repurchase agreements), such borrowings were factored into the Program's calculation of a fund's liquidity bucketing. A fund's derivative
exposure was also considered in such calculation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***b)***  ***Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions.*** During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each Fund's reasonably anticipated trading size utilized for liquidity classifications.
Each Fund has adopted an in-kind redemption policy which may be utilized to meet larger redemption requests. The Committee may also take into consideration a fund's shareholder ownership concentration
(which, depending on product type and distribution channel, may or may not be available), a fund's distribution channels, and the degree of certainty associated with a fund's short-term and long-term cash flow projections.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***c)***  ***Holdings of cash and cash equivalents, as well as borrowing arrangements.*** The Committee considered the
terms of the credit facility committed to each Fund, the financial health of the institution providing the facility and the fact that the credit facility is shared among multiple funds (including that a portion of the aggregate commitment amount is
specifically designated for BlackRock Floating Rate Income Portfolio, a series of BlackRock Funds V, and BlackRock Floating Rate Loan ETF, a series of BlackRock ETF Trust II). The Committee also considered other types of borrowing available to the
Funds, such as the ability to use reverse repurchase agreements and interfund lending, as applicable.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program's classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

S T A T E M E N T R E G A R D I N G L I Q U I D I T Y R I S K M A N A G E M E N T P R O G R A M 87

------

Additional Information

**General Information** 

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

**Householding** 

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

**Availability of Quarterly Schedule of Investments** 

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

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

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

**BlackRock's Mutual Fund Family** 

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

**Shareholder Privileges** 

**Account Information** 

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

**Automatic Investment Plans** 

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

**Systematic Withdrawal Plans** 

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

**Retirement Plans** 

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

**BlackRock Privacy Principles** 

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, "Clients") and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

88 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Additional Information (continued)

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

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

**Fund and Service Providers** 

**Investment Adviser and Administrator** 

BlackRock Advisors, LLC

Wilmington, DE 19809

**Sub-Advisers<sup>(a)</sup>** 

BlackRock International Limited

Edinburgh, EH3 8BL

United Kingdom

BlackRock (Singapore) Limited

079912 Singapore

**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 02116

**Distributor** 

BlackRock Investments, LLC

New York, NY 10022

**Legal Counsel** 

Sidley Austin LLP

New York, NY 10019

**Address of the Corporation/Trust** 

100 Bellevue Parkway

Wilmington, DE 19809

<sup>(a)</sup> For BlackRock Infrastructure Sustainable Opportunities Fund**.** 

A D D I T I O N A L I N F O R M A T I O N 89

------

Glossary of Terms Used in this Report

**Currency Abbreviation** 

---

| | |
|:---|:---|
| CHF | Swiss Franc |
| EUR | Euro |
| GBP | British Pound |
| USD | United States Dollar |

---

**Portfolio Abbreviation** 

ADR American Depositary Receipt <br> NVS Non-Voting Shares

90 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

**Want to know more?** 

blackrock.com \| 800-441-7762

This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless preceded or accompanied by the Funds' current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.

GROPPS-11/22-SAR

---

| | |
|:---|:---|
| ![LOGO](g445172g25g91.jpg) | ![LOGO](g445172g64y76.jpg)  |

---

------

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

Item 2 – Code of Ethics – Not Applicable to this semi-annual report

Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 – Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

---

| | |
|:---|:---|
| Item 10 – | Submission of Matters to a Vote of Security Holders –There have been no material changes to these procedures.  |

---

Item 11 – Controls and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 12 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 13 – Exhibits attached hereto

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

(a)(2) [Section 302 Certifications are attached](d445172dex99cert.htm)

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

------

(a)(4) Change in Registrant's independent public accountant – Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Section 906 Certifications are attached](d445172dex99906cert.htm)

------

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Funds<sup>SM</sup>

---

| | |
|:---|:---|
| By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Funds<sup>SM</sup> |
| Date: January 20, 2023 | Date: January 20, 2023 |

---

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: January 20, 2023 | Date: January 20, 2023 |
| By: | /s/ Trent Walker  |
|  | Trent Walker |
|  | Chief Financial Officer (principal financial officer) of |
|  | BlackRock Funds<sup>SM</sup> |
| Date: January 20, 2023 | Date: January 20, 2023 |

---

## 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 directors (or persons performing the equivalent functions):

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

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

---

| |
|:---|
| Date: January 20, 2023 |
| <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 directors (or persons performing the equivalent functions):

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

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

---

| |
|:---|
| Date: January 20, 2023 |
| <u>/s/ Trent Walker</u> |
| Trent Walker |
| Chief Financial Officer (principal financial officer) of |
| BlackRock Funds<sup>SM</sup> |

---

## Exhibit 99.906

Exhibit 99.906CERT

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

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

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Funds<sup>SM</sup> (the "registrant"), hereby certifies, to the best of his knowledge, that the registrant's Report on Form N-CSR for the period ended November 30, 2022 (the "Report") fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

---

| |
|:---|
| Date: January 20, 2023 |
| <u>/s/ John M. Perlowski</u> |
| John M. Perlowski |
| Chief Executive Officer (principal executive officer) of |
| BlackRock Funds<sup>SM</sup> |

---

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Funds<sup>SM</sup> (the "registrant"), hereby certifies, to the best of his knowledge, that the registrant's Report on Form N-CSR for the period ended November 30, 2022 (the "Report") fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

---

| |
|:---|
| Date: January 20, 2023 |
| <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**.**