# EDGAR Filing Document

**Accession Number:** 0000844779
**File Stem:** 0001193125-26-037223
**Filing Date:** 2026-2
**Character Count:** 1182221
**Document Hash:** 85056481028bd7e4959039135611a589
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-037223.hdr.sgml**: 20260204

**ACCESSION NUMBER**: 0001193125-26-037223

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260204

**DATE AS OF CHANGE**: 20260204

**EFFECTIVENESS DATE**: 20260204

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05742
- **FILM NUMBER:** 26597252

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

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

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

#### FORM N-CSR

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

811-05742

Name of Fund:

BlackRock Funds<sup>SM</sup>

BlackRock Advantage International Fund

BlackRock Advantage Large Cap Growth Fund

BlackRock Advantage Small Cap Core Fund

BlackRock Commodity Strategies Fund

BlackRock Energy Opportunities Fund

BlackRock Health Sciences Opportunities Portfolio

BlackRock High Equity Income Fund

BlackRock Mid-Cap Growth Equity Portfolio

BlackRock Technology Opportunities Fund

BlackRock U.S. Insights Long/Short Equity Fund

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

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

50 Hudson Yards, New York, NY 10001

Registrant's telephone number, including area code:

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

Date of fiscal year end:

05/31/2026

Date of reporting period:

11/30/2025

Item 1 — Reports to Stockholders

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

![TSR - Blackrock Fund Logo](g57293images_30117.jpg)

### BlackRock Advantage International Fund

### Institutional Shares \| BROIX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Advantage International Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| Institutional Shares | $26 | 0.50%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$6558698320 |
| Number of Portfolio Holdings | &nbsp;&nbsp;410 |
| Portfolio Turnover Rate | &nbsp;&nbsp;60% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

 **Geographic allocation**

---

| | |
|:---|:---|
| *Country* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Japan | 24.0% |
| United Kingdom | 14.7% |
| France | 11.4% |
| Germany | 10.4% |
| Australia | 6.6% |
| Switzerland | 6.0% |
| Netherlands | 4.5% |
| United States | 4.4% |
| Italy | 3.0% |
| Spain | 2.9% |
| Other<sup>#</sup> | 10.3% |
| Short-Term Securities | 1.1% |
| Other Assets Less Liabilities | 0.7% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| ASML Holding NV | 2.8% |
| SAP SE | 2.0% |
| Sony Group Corp. | 1.6% |
| Hitachi Ltd. | 1.6% |
| Deutsche Telekom AG, Registered Shares | 1.5% |
| Novartis AG, Registered Shares | 1.5% |
| AIA Group Ltd. | 1.4% |
| AstraZeneca PLC | 1.4% |
| Safran SA | 1.4% |
| Barclays PLC | 1.4% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest countries are presented. Additional countries are found in Other.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g57293images_30115.jpg)

BlackRock Advantage International Fund

Institutional Shares \| BROIX

Semi-Annual Shareholder Report — November 30, 2025

BROIX-11/25-SAR

![TSR - Blackrock Fund Logo](g57293images_30117.jpg)

### BlackRock Advantage International Fund

### Investor A Shares \| BROAX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Advantage International Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| Investor A Shares | $39 | 0.75%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$6558698320 |
| Number of Portfolio Holdings | &nbsp;&nbsp;410 |
| Portfolio Turnover Rate | &nbsp;&nbsp;60% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

 **Geographic allocation**

---

| | |
|:---|:---|
| *Country* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Japan | 24.0% |
| United Kingdom | 14.7% |
| France | 11.4% |
| Germany | 10.4% |
| Australia | 6.6% |
| Switzerland | 6.0% |
| Netherlands | 4.5% |
| United States | 4.4% |
| Italy | 3.0% |
| Spain | 2.9% |
| Other<sup>#</sup> | 10.3% |
| Short-Term Securities | 1.1% |
| Other Assets Less Liabilities | 0.7% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| ASML Holding NV | 2.8% |
| SAP SE | 2.0% |
| Sony Group Corp. | 1.6% |
| Hitachi Ltd. | 1.6% |
| Deutsche Telekom AG, Registered Shares | 1.5% |
| Novartis AG, Registered Shares | 1.5% |
| AIA Group Ltd. | 1.4% |
| AstraZeneca PLC | 1.4% |
| Safran SA | 1.4% |
| Barclays PLC | 1.4% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest countries are presented. Additional countries are found in Other.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g57293images_30115.jpg)

BlackRock Advantage International Fund

Investor A Shares \| BROAX

Semi-Annual Shareholder Report — November 30, 2025

BROAX-11/25-SAR

![TSR - Blackrock Fund Logo](g57293images_30117.jpg)

### BlackRock Advantage International Fund

### Investor C Shares \| BROCX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Advantage International Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| Investor C Shares | $78 | 1.50%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$6558698320 |
| Number of Portfolio Holdings | &nbsp;&nbsp;410 |
| Portfolio Turnover Rate | &nbsp;&nbsp;60% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

 **Geographic allocation**

---

| | |
|:---|:---|
| *Country* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Japan | 24.0% |
| United Kingdom | 14.7% |
| France | 11.4% |
| Germany | 10.4% |
| Australia | 6.6% |
| Switzerland | 6.0% |
| Netherlands | 4.5% |
| United States | 4.4% |
| Italy | 3.0% |
| Spain | 2.9% |
| Other<sup>#</sup> | 10.3% |
| Short-Term Securities | 1.1% |
| Other Assets Less Liabilities | 0.7% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| ASML Holding NV | 2.8% |
| SAP SE | 2.0% |
| Sony Group Corp. | 1.6% |
| Hitachi Ltd. | 1.6% |
| Deutsche Telekom AG, Registered Shares | 1.5% |
| Novartis AG, Registered Shares | 1.5% |
| AIA Group Ltd. | 1.4% |
| AstraZeneca PLC | 1.4% |
| Safran SA | 1.4% |
| Barclays PLC | 1.4% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest countries are presented. Additional countries are found in Other.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g57293images_30115.jpg)

BlackRock Advantage International Fund

Investor C Shares \| BROCX

Semi-Annual Shareholder Report — November 30, 2025

BROCX-11/25-SAR

![TSR - Blackrock Fund Logo](g57293images_30117.jpg)

### BlackRock Advantage International Fund

### Class K Shares \| BROKX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Advantage International Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| Class K Shares | $24 | 0.45%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$6558698320 |
| Number of Portfolio Holdings | &nbsp;&nbsp;410 |
| Portfolio Turnover Rate | &nbsp;&nbsp;60% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

 **Geographic allocation**

---

| | |
|:---|:---|
| *Country* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Japan | 24.0% |
| United Kingdom | 14.7% |
| France | 11.4% |
| Germany | 10.4% |
| Australia | 6.6% |
| Switzerland | 6.0% |
| Netherlands | 4.5% |
| United States | 4.4% |
| Italy | 3.0% |
| Spain | 2.9% |
| Other<sup>#</sup> | 10.3% |
| Short-Term Securities | 1.1% |
| Other Assets Less Liabilities | 0.7% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| ASML Holding NV | 2.8% |
| SAP SE | 2.0% |
| Sony Group Corp. | 1.6% |
| Hitachi Ltd. | 1.6% |
| Deutsche Telekom AG, Registered Shares | 1.5% |
| Novartis AG, Registered Shares | 1.5% |
| AIA Group Ltd. | 1.4% |
| AstraZeneca PLC | 1.4% |
| Safran SA | 1.4% |
| Barclays PLC | 1.4% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest countries are presented. Additional countries are found in Other.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g57293images_30115.jpg)

BlackRock Advantage International Fund

Class K Shares \| BROKX

Semi-Annual Shareholder Report — November 30, 2025

BROKX-11/25-SAR

![TSR - Blackrock Fund Logo](g57293images_30117.jpg)

### BlackRock Advantage International Fund

### Class R Shares \| BGORX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Advantage International Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| Class R Shares | $52 | 1.00%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$6558698320 |
| Number of Portfolio Holdings | &nbsp;&nbsp;410 |
| Portfolio Turnover Rate | &nbsp;&nbsp;60% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

 **Geographic allocation**

---

| | |
|:---|:---|
| *Country* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Japan | 24.0% |
| United Kingdom | 14.7% |
| France | 11.4% |
| Germany | 10.4% |
| Australia | 6.6% |
| Switzerland | 6.0% |
| Netherlands | 4.5% |
| United States | 4.4% |
| Italy | 3.0% |
| Spain | 2.9% |
| Other<sup>#</sup> | 10.3% |
| Short-Term Securities | 1.1% |
| Other Assets Less Liabilities | 0.7% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| ASML Holding NV | 2.8% |
| SAP SE | 2.0% |
| Sony Group Corp. | 1.6% |
| Hitachi Ltd. | 1.6% |
| Deutsche Telekom AG, Registered Shares | 1.5% |
| Novartis AG, Registered Shares | 1.5% |
| AIA Group Ltd. | 1.4% |
| AstraZeneca PLC | 1.4% |
| Safran SA | 1.4% |
| Barclays PLC | 1.4% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest countries are presented. Additional countries are found in Other.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g57293images_30115.jpg)

BlackRock Advantage International Fund

Class R Shares \| BGORX

Semi-Annual Shareholder Report — November 30, 2025

BGORX-11/25-SAR

![TSR - Blackrock Fund Logo](g57293images_30117.jpg)

### BlackRock Advantage Large Cap Growth Fund

### Institutional Shares \| CMVIX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Advantage Large Cap Growth Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| Institutional Shares | $35 | 0.62%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$1648500694 |
| Number of Portfolio Holdings | &nbsp;&nbsp;140 |
| Portfolio Turnover Rate | &nbsp;&nbsp;53% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

 **Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Information Technology | 51.0% |
| Communication Services | 13.7% |
| Consumer Discretionary | 11.5% |
| Health Care | 7.8% |
| Industrials | 6.2% |
| Financials | 5.9% |
| Consumer Staples | 2.8% |
| Materials | 0.1% |
| Short-Term Securities | 1.0% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| NVIDIA Corp. | 9.0% |
| Microsoft Corp. | 8.4% |
| Apple Inc. | 7.6% |
| Broadcom, Inc. | 6.6% |
| Amazon.com, Inc. | 4.8% |
| Meta Platforms, Inc., Class A | 4.2% |
| Alphabet, Inc., Class A | 3.9% |
| Tesla, Inc. | 3.4% |
| Alphabet, Inc., Class C, NVS | 2.9% |
| Eli Lilly & Co. | 2.7% |

---

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

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g57293images_30115.jpg)

BlackRock Advantage Large Cap Growth Fund

Institutional Shares \| CMVIX

Semi-Annual Shareholder Report — November 30, 2025

CMVIX-11/25-SAR

![TSR - Blackrock Fund Logo](g57293images_30117.jpg)

### BlackRock Advantage Large Cap Growth Fund

### Investor A Shares \| BMCAX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Advantage Large Cap Growth Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| Investor A Shares | $48 | 0.87%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$1648500694 |
| Number of Portfolio Holdings | &nbsp;&nbsp;140 |
| Portfolio Turnover Rate | &nbsp;&nbsp;53% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

 **Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Information Technology | 51.0% |
| Communication Services | 13.7% |
| Consumer Discretionary | 11.5% |
| Health Care | 7.8% |
| Industrials | 6.2% |
| Financials | 5.9% |
| Consumer Staples | 2.8% |
| Materials | 0.1% |
| Short-Term Securities | 1.0% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| NVIDIA Corp. | 9.0% |
| Microsoft Corp. | 8.4% |
| Apple Inc. | 7.6% |
| Broadcom, Inc. | 6.6% |
| Amazon.com, Inc. | 4.8% |
| Meta Platforms, Inc., Class A | 4.2% |
| Alphabet, Inc., Class A | 3.9% |
| Tesla, Inc. | 3.4% |
| Alphabet, Inc., Class C, NVS | 2.9% |
| Eli Lilly & Co. | 2.7% |

---

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

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g57293images_30115.jpg)

BlackRock Advantage Large Cap Growth Fund

Investor A Shares \| BMCAX

Semi-Annual Shareholder Report — November 30, 2025

BMCAX-11/25-SAR

![TSR - Blackrock Fund Logo](g57293images_30117.jpg)

### BlackRock Advantage Large Cap Growth Fund

### Investor C Shares \| BMCCX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Advantage Large Cap Growth Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| Investor C Shares | $90 | 1.62%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$1648500694 |
| Number of Portfolio Holdings | &nbsp;&nbsp;140 |
| Portfolio Turnover Rate | &nbsp;&nbsp;53% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

 **Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Information Technology | 51.0% |
| Communication Services | 13.7% |
| Consumer Discretionary | 11.5% |
| Health Care | 7.8% |
| Industrials | 6.2% |
| Financials | 5.9% |
| Consumer Staples | 2.8% |
| Materials | 0.1% |
| Short-Term Securities | 1.0% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| NVIDIA Corp. | 9.0% |
| Microsoft Corp. | 8.4% |
| Apple Inc. | 7.6% |
| Broadcom, Inc. | 6.6% |
| Amazon.com, Inc. | 4.8% |
| Meta Platforms, Inc., Class A | 4.2% |
| Alphabet, Inc., Class A | 3.9% |
| Tesla, Inc. | 3.4% |
| Alphabet, Inc., Class C, NVS | 2.9% |
| Eli Lilly & Co. | 2.7% |

---

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

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g57293images_30115.jpg)

BlackRock Advantage Large Cap Growth Fund

Investor C Shares \| BMCCX

Semi-Annual Shareholder Report — November 30, 2025

BMCCX-11/25-SAR

![TSR - Blackrock Fund Logo](g57293images_30117.jpg)

### BlackRock Advantage Large Cap Growth Fund

### Class K Shares \| BMCKX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Advantage Large Cap Growth Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| Class K Shares | $32 | 0.57%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$1648500694 |
| Number of Portfolio Holdings | &nbsp;&nbsp;140 |
| Portfolio Turnover Rate | &nbsp;&nbsp;53% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

 **Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Information Technology | 51.0% |
| Communication Services | 13.7% |
| Consumer Discretionary | 11.5% |
| Health Care | 7.8% |
| Industrials | 6.2% |
| Financials | 5.9% |
| Consumer Staples | 2.8% |
| Materials | 0.1% |
| Short-Term Securities | 1.0% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| NVIDIA Corp. | 9.0% |
| Microsoft Corp. | 8.4% |
| Apple Inc. | 7.6% |
| Broadcom, Inc. | 6.6% |
| Amazon.com, Inc. | 4.8% |
| Meta Platforms, Inc., Class A | 4.2% |
| Alphabet, Inc., Class A | 3.9% |
| Tesla, Inc. | 3.4% |
| Alphabet, Inc., Class C, NVS | 2.9% |
| Eli Lilly & Co. | 2.7% |

---

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

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g57293images_30115.jpg)

BlackRock Advantage Large Cap Growth Fund

Class K Shares \| BMCKX

Semi-Annual Shareholder Report — November 30, 2025

BMCKX-11/25-SAR

![TSR - Blackrock Fund Logo](g57293images_30117.jpg)

### BlackRock Advantage Large Cap Growth Fund

### Class R Shares \| BMCRX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Advantage Large Cap Growth Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| Class R Shares | $62 | 1.12%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$1648500694 |
| Number of Portfolio Holdings | &nbsp;&nbsp;140 |
| Portfolio Turnover Rate | &nbsp;&nbsp;53% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Information Technology | 51.0% |
| Communication Services | 13.7% |
| Consumer Discretionary | 11.5% |
| Health Care | 7.8% |
| Industrials | 6.2% |
| Financials | 5.9% |
| Consumer Staples | 2.8% |
| Materials | 0.1% |
| Short-Term Securities | 1.0% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| NVIDIA Corp. | 9.0% |
| Microsoft Corp. | 8.4% |
| Apple Inc. | 7.6% |
| Broadcom, Inc. | 6.6% |
| Amazon.com, Inc. | 4.8% |
| Meta Platforms, Inc., Class A | 4.2% |
| Alphabet, Inc., Class A | 3.9% |
| Tesla, Inc. | 3.4% |
| Alphabet, Inc., Class C, NVS | 2.9% |
| Eli Lilly & Co. | 2.7% |

---

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

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g57293images_30115.jpg)

BlackRock Advantage Large Cap Growth Fund

Class R Shares \| BMCRX

Semi-Annual Shareholder Report — November 30, 2025

BMCRX-11/25-SAR

![TSR - Blackrock Fund Logo](g57293images_30117.jpg)

### BlackRock Advantage Small Cap Core Fund

### Institutional Shares \| BDSIX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Advantage Small Cap Core Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| Institutional Shares | $28 | 0.50%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$4425401988 |
| Number of Portfolio Holdings | &nbsp;&nbsp;805 |
| Portfolio Turnover Rate | &nbsp;&nbsp;48% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

 **Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Health Care | 19.6% |
| Industrials | 17.0% |
| Financials | 16.8% |
| Information Technology | 15.1% |
| Consumer Discretionary | 10.2% |
| Real Estate | 5.7% |
| Energy | 3.7% |
| Materials | 3.7% |
| Utilities | 2.5% |
| Communication Services | 2.5% |
| Consumer Staples | 1.7% |
| Short-Term Securities | 5.8% |
| Liabilities in Excess of Other Assets | (4.3)% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Credo Technology Group Holding Ltd. | 1.0% |
| Bloom Energy Corp., Class A | 0.9% |
| Pinnacle Financial Partners, Inc. | 0.8% |
| ExlService Holdings, Inc. | 0.7% |
| Fabrinet | 0.7% |
| Dycom Industries, Inc. | 0.6% |
| Cullen/Frost Bankers, Inc. | 0.6% |
| Kratos Defense & Security Solutions, Inc. | 0.6% |
| Nextpower, Inc., Class A | 0.6% |
| CubeSmart | 0.6% |

---

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

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g57293images_30115.jpg)

BlackRock Advantage Small Cap Core Fund

Institutional Shares \| BDSIX

Semi-Annual Shareholder Report — November 30, 2025

BDSIX-11/25-SAR

![TSR - Blackrock Fund Logo](g57293images_30117.jpg)

### BlackRock Advantage Small Cap Core Fund

### Investor A Shares \| BDSAX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Advantage Small Cap Core Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| Investor A Shares | $42 | 0.75%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$4425401988 |
| Number of Portfolio Holdings | &nbsp;&nbsp;805 |
| Portfolio Turnover Rate | &nbsp;&nbsp;48% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

 **Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Health Care | 19.6% |
| Industrials | 17.0% |
| Financials | 16.8% |
| Information Technology | 15.1% |
| Consumer Discretionary | 10.2% |
| Real Estate | 5.7% |
| Energy | 3.7% |
| Materials | 3.7% |
| Utilities | 2.5% |
| Communication Services | 2.5% |
| Consumer Staples | 1.7% |
| Short-Term Securities | 5.8% |
| Liabilities in Excess of Other Assets | (4.3)% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Credo Technology Group Holding Ltd. | 1.0% |
| Bloom Energy Corp., Class A | 0.9% |
| Pinnacle Financial Partners, Inc. | 0.8% |
| ExlService Holdings, Inc. | 0.7% |
| Fabrinet | 0.7% |
| Dycom Industries, Inc. | 0.6% |
| Cullen/Frost Bankers, Inc. | 0.6% |
| Kratos Defense & Security Solutions, Inc. | 0.6% |
| Nextpower, Inc., Class A | 0.6% |
| CubeSmart | 0.6% |

---

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

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g57293images_30115.jpg)

BlackRock Advantage Small Cap Core Fund

Investor A Shares \| BDSAX

Semi-Annual Shareholder Report — November 30, 2025

BDSAX-11/25-SAR

![TSR - Blackrock Fund Logo](g57293images_30117.jpg)

### BlackRock Advantage Small Cap Core Fund

### Investor C Shares \| BDSCX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Advantage Small Cap Core Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| Investor C Shares | $83 | 1.50%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$4425401988 |
| Number of Portfolio Holdings | &nbsp;&nbsp;805 |
| Portfolio Turnover Rate | &nbsp;&nbsp;48% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

 **Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Health Care | 19.6% |
| Industrials | 17.0% |
| Financials | 16.8% |
| Information Technology | 15.1% |
| Consumer Discretionary | 10.2% |
| Real Estate | 5.7% |
| Energy | 3.7% |
| Materials | 3.7% |
| Utilities | 2.5% |
| Communication Services | 2.5% |
| Consumer Staples | 1.7% |
| Short-Term Securities | 5.8% |
| Liabilities in Excess of Other Assets | (4.3)% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Credo Technology Group Holding Ltd. | 1.0% |
| Bloom Energy Corp., Class A | 0.9% |
| Pinnacle Financial Partners, Inc. | 0.8% |
| ExlService Holdings, Inc. | 0.7% |
| Fabrinet | 0.7% |
| Dycom Industries, Inc. | 0.6% |
| Cullen/Frost Bankers, Inc. | 0.6% |
| Kratos Defense & Security Solutions, Inc. | 0.6% |
| Nextpower, Inc., Class A | 0.6% |
| CubeSmart | 0.6% |

---

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

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g57293images_30115.jpg)

BlackRock Advantage Small Cap Core Fund

Investor C Shares \| BDSCX

Semi-Annual Shareholder Report — November 30, 2025

BDSCX-11/25-SAR

![TSR - Blackrock Fund Logo](g57293images_30117.jpg)

### BlackRock Advantage Small Cap Core Fund

### Class K Shares \| BDSKX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Advantage Small Cap Core Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| Class K Shares | $25 | 0.45%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$4425401988 |
| Number of Portfolio Holdings | &nbsp;&nbsp;805 |
| Portfolio Turnover Rate | &nbsp;&nbsp;48% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

 **Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Health Care | 19.6% |
| Industrials | 17.0% |
| Financials | 16.8% |
| Information Technology | 15.1% |
| Consumer Discretionary | 10.2% |
| Real Estate | 5.7% |
| Energy | 3.7% |
| Materials | 3.7% |
| Utilities | 2.5% |
| Communication Services | 2.5% |
| Consumer Staples | 1.7% |
| Short-Term Securities | 5.8% |
| Liabilities in Excess of Other Assets | (4.3)% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Credo Technology Group Holding Ltd. | 1.0% |
| Bloom Energy Corp., Class A | 0.9% |
| Pinnacle Financial Partners, Inc. | 0.8% |
| ExlService Holdings, Inc. | 0.7% |
| Fabrinet | 0.7% |
| Dycom Industries, Inc. | 0.6% |
| Cullen/Frost Bankers, Inc. | 0.6% |
| Kratos Defense & Security Solutions, Inc. | 0.6% |
| Nextpower, Inc., Class A | 0.6% |
| CubeSmart | 0.6% |

---

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

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g57293images_30115.jpg)

BlackRock Advantage Small Cap Core Fund

Class K Shares \| BDSKX

Semi-Annual Shareholder Report — November 30, 2025

BDSKX-11/25-SAR

![TSR - Blackrock Fund Logo](g57293images_30117.jpg)

### BlackRock Commodity Strategies Fund

### Institutional Shares \| BICSX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Commodity Strategies Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| Institutional Shares | $40 | 0.74%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$810812854 |
| Number of Portfolio Holdings | &nbsp;&nbsp;261 |
| Portfolio Turnover Rate | &nbsp;&nbsp;37% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

 **Industry allocation**

---

| | |
|:---|:---|
| *Industry<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Metals & Mining | 21.8% |
| Oil, Gas & Consumable Fuels | 11.4% |
| Chemicals | 7.5% |
| Containers & Packaging | 4.4% |
| Food Products | 1.7% |
| Paper & Forest Products | 1.5% |
| Machinery | 1.0% |
| Energy Equipment & Services | 0.3% |
| Construction Materials | 0.1% |
| Consumer Staples Distribution & Retail | 0.1% |
| Short-Term Securities | 47.9% |
| Other Assets Less Liabilities | 2.3% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Corteva, Inc. | 3.4% |
| Nutrien Ltd. | 3.3% |
| Exxon Mobil Corp. | 2.4% |
| Smurfit WestRock PLC | 2.2% |
| Packaging Corp. of America | 2.1% |
| Barrick Mining Corp. | 1.9% |
| Newmont Corp. | 1.8% |
| Bunge Global SA | 1.7% |
| Agnico Eagle Mines Ltd. | 1.5% |
| Wheaton Precious Metals Corp. | 1.3% |

---

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

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g57293images_30115.jpg)

BlackRock Commodity Strategies Fund

Institutional Shares \| BICSX

Semi-Annual Shareholder Report — November 30, 2025

BICSX-11/25-SAR

![TSR - Blackrock Fund Logo](g57293images_30117.jpg)

### BlackRock Commodity Strategies Fund

### Investor A Shares \| BCSAX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Commodity Strategies Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| Investor A Shares | $54 | 0.99%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$810812854 |
| Number of Portfolio Holdings | &nbsp;&nbsp;261 |
| Portfolio Turnover Rate | &nbsp;&nbsp;37% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

 **Industry allocation**

---

| | |
|:---|:---|
| *Industry<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Metals & Mining | 21.8% |
| Oil, Gas & Consumable Fuels | 11.4% |
| Chemicals | 7.5% |
| Containers & Packaging | 4.4% |
| Food Products | 1.7% |
| Paper & Forest Products | 1.5% |
| Machinery | 1.0% |
| Energy Equipment & Services | 0.3% |
| Construction Materials | 0.1% |
| Consumer Staples Distribution & Retail | 0.1% |
| Short-Term Securities | 47.9% |
| Other Assets Less Liabilities | 2.3% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Corteva, Inc. | 3.4% |
| Nutrien Ltd. | 3.3% |
| Exxon Mobil Corp. | 2.4% |
| Smurfit WestRock PLC | 2.2% |
| Packaging Corp. of America | 2.1% |
| Barrick Mining Corp. | 1.9% |
| Newmont Corp. | 1.8% |
| Bunge Global SA | 1.7% |
| Agnico Eagle Mines Ltd. | 1.5% |
| Wheaton Precious Metals Corp. | 1.3% |

---

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

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g57293images_30115.jpg)

BlackRock Commodity Strategies Fund

Investor A Shares \| BCSAX

Semi-Annual Shareholder Report — November 30, 2025

BCSAX-11/25-SAR

![TSR - Blackrock Fund Logo](g57293images_30117.jpg)

### BlackRock Commodity Strategies Fund

### Investor C Shares \| BCSCX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Commodity Strategies Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| Investor C Shares | $94 | 1.74%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$810812854 |
| Number of Portfolio Holdings | &nbsp;&nbsp;261 |
| Portfolio Turnover Rate | &nbsp;&nbsp;37% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

 **Industry allocation**

---

| | |
|:---|:---|
| *Industry<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Metals & Mining | 21.8% |
| Oil, Gas & Consumable Fuels | 11.4% |
| Chemicals | 7.5% |
| Containers & Packaging | 4.4% |
| Food Products | 1.7% |
| Paper & Forest Products | 1.5% |
| Machinery | 1.0% |
| Energy Equipment & Services | 0.3% |
| Construction Materials | 0.1% |
| Consumer Staples Distribution & Retail | 0.1% |
| Short-Term Securities | 47.9% |
| Other Assets Less Liabilities | 2.3% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Corteva, Inc. | 3.4% |
| Nutrien Ltd. | 3.3% |
| Exxon Mobil Corp. | 2.4% |
| Smurfit WestRock PLC | 2.2% |
| Packaging Corp. of America | 2.1% |
| Barrick Mining Corp. | 1.9% |
| Newmont Corp. | 1.8% |
| Bunge Global SA | 1.7% |
| Agnico Eagle Mines Ltd. | 1.5% |
| Wheaton Precious Metals Corp. | 1.3% |

---

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

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g57293images_30115.jpg)

BlackRock Commodity Strategies Fund

Investor C Shares \| BCSCX

Semi-Annual Shareholder Report — November 30, 2025

BCSCX-11/25-SAR

![TSR - Blackrock Fund Logo](g57293images_30117.jpg)

### BlackRock Commodity Strategies Fund

### Class K Shares \| BCSKX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Commodity Strategies Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| Class K Shares | $37 | 0.69%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$810812854 |
| Number of Portfolio Holdings | &nbsp;&nbsp;261 |
| Portfolio Turnover Rate | &nbsp;&nbsp;37% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

 **Industry allocation**

---

| | |
|:---|:---|
| *Industry<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Metals & Mining | 21.8% |
| Oil, Gas & Consumable Fuels | 11.4% |
| Chemicals | 7.5% |
| Containers & Packaging | 4.4% |
| Food Products | 1.7% |
| Paper & Forest Products | 1.5% |
| Machinery | 1.0% |
| Energy Equipment & Services | 0.3% |
| Construction Materials | 0.1% |
| Consumer Staples Distribution & Retail | 0.1% |
| Short-Term Securities | 47.9% |
| Other Assets Less Liabilities | 2.3% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Corteva, Inc. | 3.4% |
| Nutrien Ltd. | 3.3% |
| Exxon Mobil Corp. | 2.4% |
| Smurfit WestRock PLC | 2.2% |
| Packaging Corp. of America | 2.1% |
| Barrick Mining Corp. | 1.9% |
| Newmont Corp. | 1.8% |
| Bunge Global SA | 1.7% |
| Agnico Eagle Mines Ltd. | 1.5% |
| Wheaton Precious Metals Corp. | 1.3% |

---

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

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g57293images_30115.jpg)

BlackRock Commodity Strategies Fund

Class K Shares \| BCSKX

Semi-Annual Shareholder Report — November 30, 2025

BCSKX-11/25-SAR

![TSR - Blackrock Fund Logo](g57293images_30117.jpg)

### BlackRock Energy Opportunities Fund

### Institutional Shares \| BACIX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Energy Opportunities Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| Institutional Shares | $49 | 0.92%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$270877469 |
| Number of Portfolio Holdings | &nbsp;&nbsp;33 |
| Portfolio Turnover Rate | &nbsp;&nbsp;10% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

**Industry allocation**

---

| | |
|:---|:---|
| *Industry<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Oil, Gas & Consumable Fuels | 94.0% |
| Energy Equipment & Services | 2.8% |
| Consumer Staples Distribution & Retail | 1.0% |
| Short-Term Securities | 2.2% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| Exxon Mobil Corp. | 19.5% |
| Shell PLC | 10.2% |
| Chevron Corp. | 9.2% |
| TotalEnergies SE | 7.1% |
| Williams Cos., Inc. (The) | 4.2% |
| TC Energy Corp. | 3.8% |
| Canadian Natural Resources Ltd. | 3.6% |
| Valero Energy Corp. | 3.5% |
| Kinder Morgan, Inc. | 3.3% |
| Suncor Energy, Inc. | 3.2% |

---

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

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g57293images_30115.jpg)

BlackRock Energy Opportunities Fund

Institutional Shares \| BACIX

Semi-Annual Shareholder Report — November 30, 2025

BACIX-11/25-SAR

![TSR - Blackrock Fund Logo](g57293images_30117.jpg)

### BlackRock Energy Opportunities Fund

### Investor A Shares \| BACAX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Energy Opportunities Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| Investor A Shares | $71 | 1.33%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$270877469 |
| Number of Portfolio Holdings | &nbsp;&nbsp;33 |
| Portfolio Turnover Rate | &nbsp;&nbsp;10% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

 **Industry allocation**

---

| | |
|:---|:---|
| *Industry<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Oil, Gas & Consumable Fuels | 94.0% |
| Energy Equipment & Services | 2.8% |
| Consumer Staples Distribution & Retail | 1.0% |
| Short-Term Securities | 2.2% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Exxon Mobil Corp. | 19.5% |
| Shell PLC | 10.2% |
| Chevron Corp. | 9.2% |
| TotalEnergies SE | 7.1% |
| Williams Cos., Inc. (The) | 4.2% |
| TC Energy Corp. | 3.8% |
| Canadian Natural Resources Ltd. | 3.6% |
| Valero Energy Corp. | 3.5% |
| Kinder Morgan, Inc. | 3.3% |
| Suncor Energy, Inc. | 3.2% |

---

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

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g57293images_30115.jpg)

BlackRock Energy Opportunities Fund

Investor A Shares \| BACAX

Semi-Annual Shareholder Report — November 30, 2025

BACAX-11/25-SAR

![TSR - Blackrock Fund Logo](g57293images_30117.jpg)

### BlackRock Energy Opportunities Fund

### Investor C Shares \| BACCX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Energy Opportunities Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| Investor C Shares | $109 | 2.05%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$270877469 |
| Number of Portfolio Holdings | &nbsp;&nbsp;33 |
| Portfolio Turnover Rate | &nbsp;&nbsp;10% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

 **Industry allocation**

---

| | |
|:---|:---|
| *Industry<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Oil, Gas & Consumable Fuels | 94.0% |
| Energy Equipment & Services | 2.8% |
| Consumer Staples Distribution & Retail | 1.0% |
| Short-Term Securities | 2.2% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Exxon Mobil Corp. | 19.5% |
| Shell PLC | 10.2% |
| Chevron Corp. | 9.2% |
| TotalEnergies SE | 7.1% |
| Williams Cos., Inc. (The) | 4.2% |
| TC Energy Corp. | 3.8% |
| Canadian Natural Resources Ltd. | 3.6% |
| Valero Energy Corp. | 3.5% |
| Kinder Morgan, Inc. | 3.3% |
| Suncor Energy, Inc. | 3.2% |

---

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

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g57293images_30115.jpg)

BlackRock Energy Opportunities Fund

Investor C Shares \| BACCX

Semi-Annual Shareholder Report — November 30, 2025

BACCX-11/25-SAR

![TSR - Blackrock Fund Logo](g57293images_30117.jpg)

### BlackRock Health Sciences Opportunities Portfolio

### Institutional Shares \| SHSSX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Health Sciences Opportunities Portfolio (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| Institutional Shares | $48 | 0.86%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$6787424658 |
| Number of Portfolio Holdings | &nbsp;&nbsp;148 |
| Portfolio Turnover Rate | &nbsp;&nbsp;23% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

 **Industry allocation**

---

| | |
|:---|:---|
| *Industry<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Pharmaceuticals | 28.3% |
| Biotechnology | 27.0% |
| Health Care Equipment & Supplies | 22.3% |
| Health Care Providers & Services | 11.2% |
| Life Sciences Tools & Services | 10.3% |
| Health Care Technology | 0.4% |
| Short-Term Securities | 1.0% |
| Liabilities in Excess of Other Assets | (0.5)% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Eli Lilly & Co. | 10.9% |
| Johnson & Johnson | 8.4% |
| Abbott Laboratories | 5.0% |
| AbbVie, Inc. | 4.0% |
| Thermo Fisher Scientific, Inc. | 3.7% |
| UnitedHealth Group, Inc. | 3.6% |
| Amgen, Inc. | 3.4% |
| Medtronic PLC | 3.4% |
| Gilead Sciences, Inc. | 2.9% |
| Intuitive Surgical, Inc. | 2.8% |

---

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

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g57293images_30115.jpg)

BlackRock Health Sciences Opportunities Portfolio

Institutional Shares \| SHSSX

Semi-Annual Shareholder Report — November 30, 2025

SHSSX-11/25-SAR

![TSR - Blackrock Fund Logo](g57293images_30117.jpg)

### BlackRock Health Sciences Opportunities Portfolio

### Service Shares \| SHISX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Health Sciences Opportunities Portfolio (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| Service Shares | $65 | 1.17%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$6787424658 |
| Number of Portfolio Holdings | &nbsp;&nbsp;148 |
| Portfolio Turnover Rate | &nbsp;&nbsp;23% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

 **Industry allocation**

---

| | |
|:---|:---|
| *Industry<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Pharmaceuticals | 28.3% |
| Biotechnology | 27.0% |
| Health Care Equipment & Supplies | 22.3% |
| Health Care Providers & Services | 11.2% |
| Life Sciences Tools & Services | 10.3% |
| Health Care Technology | 0.4% |
| Short-Term Securities | 1.0% |
| Liabilities in Excess of Other Assets | (0.5)% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Eli Lilly & Co. | 10.9% |
| Johnson & Johnson | 8.4% |
| Abbott Laboratories | 5.0% |
| AbbVie, Inc. | 4.0% |
| Thermo Fisher Scientific, Inc. | 3.7% |
| UnitedHealth Group, Inc. | 3.6% |
| Amgen, Inc. | 3.4% |
| Medtronic PLC | 3.4% |
| Gilead Sciences, Inc. | 2.9% |
| Intuitive Surgical, Inc. | 2.8% |

---

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

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g57293images_30115.jpg)

BlackRock Health Sciences Opportunities Portfolio

Service Shares \| SHISX

Semi-Annual Shareholder Report — November 30, 2025

SHISX-11/25-SAR

![TSR - Blackrock Fund Logo](g57293images_30117.jpg)

### BlackRock Health Sciences Opportunities Portfolio

### Investor A Shares \| SHSAX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Health Sciences Opportunities Portfolio (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| Investor A Shares | $62 | 1.11%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$6787424658 |
| Number of Portfolio Holdings | &nbsp;&nbsp;148 |
| Portfolio Turnover Rate | &nbsp;&nbsp;23% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

 **Industry allocation**

---

| | |
|:---|:---|
| *Industry<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Pharmaceuticals | 28.3% |
| Biotechnology | 27.0% |
| Health Care Equipment & Supplies | 22.3% |
| Health Care Providers & Services | 11.2% |
| Life Sciences Tools & Services | 10.3% |
| Health Care Technology | 0.4% |
| Short-Term Securities | 1.0% |
| Liabilities in Excess of Other Assets | (0.5)% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Eli Lilly & Co. | 10.9% |
| Johnson & Johnson | 8.4% |
| Abbott Laboratories | 5.0% |
| AbbVie, Inc. | 4.0% |
| Thermo Fisher Scientific, Inc. | 3.7% |
| UnitedHealth Group, Inc. | 3.6% |
| Amgen, Inc. | 3.4% |
| Medtronic PLC | 3.4% |
| Gilead Sciences, Inc. | 2.9% |
| Intuitive Surgical, Inc. | 2.8% |

---

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

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g57293images_30115.jpg)

BlackRock Health Sciences Opportunities Portfolio

Investor A Shares \| SHSAX

Semi-Annual Shareholder Report — November 30, 2025

SHSAX-11/25-SAR

![TSR - Blackrock Fund Logo](g57293images_30117.jpg)

### BlackRock Health Sciences Opportunities Portfolio

### Investor C Shares \| SHSCX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Health Sciences Opportunities Portfolio (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| Investor C Shares | $106 | 1.90%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$6787424658 |
| Number of Portfolio Holdings | &nbsp;&nbsp;148 |
| Portfolio Turnover Rate | &nbsp;&nbsp;23% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

 **Industry allocation**

---

| | |
|:---|:---|
| *Industry<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Pharmaceuticals | 28.3% |
| Biotechnology | 27.0% |
| Health Care Equipment & Supplies | 22.3% |
| Health Care Providers & Services | 11.2% |
| Life Sciences Tools & Services | 10.3% |
| Health Care Technology | 0.4% |
| Short-Term Securities | 1.0% |
| Liabilities in Excess of Other Assets | (0.5)% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Eli Lilly & Co. | 10.9% |
| Johnson & Johnson | 8.4% |
| Abbott Laboratories | 5.0% |
| AbbVie, Inc. | 4.0% |
| Thermo Fisher Scientific, Inc. | 3.7% |
| UnitedHealth Group, Inc. | 3.6% |
| Amgen, Inc. | 3.4% |
| Medtronic PLC | 3.4% |
| Gilead Sciences, Inc. | 2.9% |
| Intuitive Surgical, Inc. | 2.8% |

---

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

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g57293images_30115.jpg)

BlackRock Health Sciences Opportunities Portfolio

Investor C Shares \| SHSCX

Semi-Annual Shareholder Report — November 30, 2025

SHSCX-11/25-SAR

![TSR - Blackrock Fund Logo](g57293images_30117.jpg)

### BlackRock Health Sciences Opportunities Portfolio

### Class K Shares \| SHSKX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Health Sciences Opportunities Portfolio (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| Class K Shares | $42 | 0.76%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$6787424658 |
| Number of Portfolio Holdings | &nbsp;&nbsp;148 |
| Portfolio Turnover Rate | &nbsp;&nbsp;23% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

 **Industry allocation**

---

| | |
|:---|:---|
| *Industry<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Pharmaceuticals | 28.3% |
| Biotechnology | 27.0% |
| Health Care Equipment & Supplies | 22.3% |
| Health Care Providers & Services | 11.2% |
| Life Sciences Tools & Services | 10.3% |
| Health Care Technology | 0.4% |
| Short-Term Securities | 1.0% |
| Liabilities in Excess of Other Assets | (0.5)% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Eli Lilly & Co. | 10.9% |
| Johnson & Johnson | 8.4% |
| Abbott Laboratories | 5.0% |
| AbbVie, Inc. | 4.0% |
| Thermo Fisher Scientific, Inc. | 3.7% |
| UnitedHealth Group, Inc. | 3.6% |
| Amgen, Inc. | 3.4% |
| Medtronic PLC | 3.4% |
| Gilead Sciences, Inc. | 2.9% |
| Intuitive Surgical, Inc. | 2.8% |

---

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

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g57293images_30115.jpg)

BlackRock Health Sciences Opportunities Portfolio

Class K Shares \| SHSKX

Semi-Annual Shareholder Report — November 30, 2025

SHSKX-11/25-SAR

![TSR - Blackrock Fund Logo](g57293images_30117.jpg)

### BlackRock Health Sciences Opportunities Portfolio

### Class R Shares \| BHSRX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Health Sciences Opportunities Portfolio (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| Class R Shares | $82 | 1.47%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$6787424658 |
| Number of Portfolio Holdings | &nbsp;&nbsp;148 |
| Portfolio Turnover Rate | &nbsp;&nbsp;23% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

 **Industry allocation**

---

| | |
|:---|:---|
| *Industry<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Pharmaceuticals | 28.3% |
| Biotechnology | 27.0% |
| Health Care Equipment & Supplies | 22.3% |
| Health Care Providers & Services | 11.2% |
| Life Sciences Tools & Services | 10.3% |
| Health Care Technology | 0.4% |
| Short-Term Securities | 1.0% |
| Liabilities in Excess of Other Assets | (0.5)% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Eli Lilly & Co. | 10.9% |
| Johnson & Johnson | 8.4% |
| Abbott Laboratories | 5.0% |
| AbbVie, Inc. | 4.0% |
| Thermo Fisher Scientific, Inc. | 3.7% |
| UnitedHealth Group, Inc. | 3.6% |
| Amgen, Inc. | 3.4% |
| Medtronic PLC | 3.4% |
| Gilead Sciences, Inc. | 2.9% |
| Intuitive Surgical, Inc. | 2.8% |

---

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

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g57293images_30115.jpg)

BlackRock Health Sciences Opportunities Portfolio

Class R Shares \| BHSRX

Semi-Annual Shareholder Report — November 30, 2025

BHSRX-11/25-SAR

![TSR - Blackrock Fund Logo](g57293images_30117.jpg)

### BlackRock High Equity Income Fund

### Institutional Shares \| BMCIX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock High Equity Income Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| Institutional Shares | $45 | 0.85%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$1977438874 |
| Number of Portfolio Holdings | &nbsp;&nbsp;194 |
| Portfolio Turnover Rate | &nbsp;&nbsp;77% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

 **Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Financials | 16.9% |
| Industrials | 15.0% |
| Health Care | 14.8% |
| Information Technology | 12.6% |
| Consumer Staples | 8.5% |
| Consumer Discretionary | 7.1% |
| Communication Services | 6.1% |
| Materials | 5.8% |
| Energy | 4.7% |
| Utilities | 3.9% |
| Real Estate | 3.3% |
| Short-Term Securities | 3.6% |
| Liabilities in Excess of Other Assets | (2.3)% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Citigroup, Inc. | 2.6% |
| Samsung Electronics Co. Ltd., Registered Shares, GDR | 2.2% |
| Amazon.com, Inc. | 2.0% |
| First Citizens BancShares, Inc., Class A | 1.5% |
| WESCO International, Inc. | 1.4% |
| SS&C Technologies Holdings, Inc. | 1.4% |
| Medtronic PLC | 1.3% |
| Alphabet, Inc., Class C, NVS | 1.3% |
| Dollar General Corp. | 1.3% |
| BP PLC | 1.2% |

---

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

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g57293images_30115.jpg)

BlackRock High Equity Income Fund

Institutional Shares \| BMCIX

Semi-Annual Shareholder Report — November 30, 2025

BMCIX-11/25-SAR

![TSR - Blackrock Fund Logo](g57293images_30117.jpg)

### BlackRock High Equity Income Fund

### Investor A Shares \| BMEAX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock High Equity Income Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| Investor A Shares | $58 | 1.10%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$1977438874 |
| Number of Portfolio Holdings | &nbsp;&nbsp;194 |
| Portfolio Turnover Rate | &nbsp;&nbsp;77% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

 **Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Financials | 16.9% |
| Industrials | 15.0% |
| Health Care | 14.8% |
| Information Technology | 12.6% |
| Consumer Staples | 8.5% |
| Consumer Discretionary | 7.1% |
| Communication Services | 6.1% |
| Materials | 5.8% |
| Energy | 4.7% |
| Utilities | 3.9% |
| Real Estate | 3.3% |
| Short-Term Securities | 3.6% |
| Liabilities in Excess of Other Assets | (2.3)% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Citigroup, Inc. | 2.6% |
| Samsung Electronics Co. Ltd., Registered Shares, GDR | 2.2% |
| Amazon.com, Inc. | 2.0% |
| First Citizens BancShares, Inc., Class A | 1.5% |
| WESCO International, Inc. | 1.4% |
| SS&C Technologies Holdings, Inc. | 1.4% |
| Medtronic PLC | 1.3% |
| Alphabet, Inc., Class C, NVS | 1.3% |
| Dollar General Corp. | 1.3% |
| BP PLC | 1.2% |

---

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

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g57293images_30115.jpg)

BlackRock High Equity Income Fund

Investor A Shares \| BMEAX

Semi-Annual Shareholder Report — November 30, 2025

BMEAX-11/25-SAR

![TSR - Blackrock Fund Logo](g57293images_30117.jpg)

### BlackRock High Equity Income Fund

### Investor C Shares \| BMECX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock High Equity Income Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| Investor C Shares | $98 | 1.85%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$1977438874 |
| Number of Portfolio Holdings | &nbsp;&nbsp;194 |
| Portfolio Turnover Rate | &nbsp;&nbsp;77% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

 **Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Financials | 16.9% |
| Industrials | 15.0% |
| Health Care | 14.8% |
| Information Technology | 12.6% |
| Consumer Staples | 8.5% |
| Consumer Discretionary | 7.1% |
| Communication Services | 6.1% |
| Materials | 5.8% |
| Energy | 4.7% |
| Utilities | 3.9% |
| Real Estate | 3.3% |
| Short-Term Securities | 3.6% |
| Liabilities in Excess of Other Assets | (2.3)% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Citigroup, Inc. | 2.6% |
| Samsung Electronics Co. Ltd., Registered Shares, GDR | 2.2% |
| Amazon.com, Inc. | 2.0% |
| First Citizens BancShares, Inc., Class A | 1.5% |
| WESCO International, Inc. | 1.4% |
| SS&C Technologies Holdings, Inc. | 1.4% |
| Medtronic PLC | 1.3% |
| Alphabet, Inc., Class C, NVS | 1.3% |
| Dollar General Corp. | 1.3% |
| BP PLC | 1.2% |

---

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

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g57293images_30115.jpg)

BlackRock High Equity Income Fund

Investor C Shares \| BMECX

Semi-Annual Shareholder Report — November 30, 2025

BMECX-11/25-SAR

![TSR - Blackrock Fund Logo](g57293images_30117.jpg)

### BlackRock High Equity Income Fund

### Class K Shares \| BHEIX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock High Equity Income Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| Class K Shares | $42 | 0.80%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$1977438874 |
| Number of Portfolio Holdings | &nbsp;&nbsp;194 |
| Portfolio Turnover Rate | &nbsp;&nbsp;77% |

---

What did the Fund invest in?

(as of November 30, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Financials | 16.9% |
| Industrials | 15.0% |
| Health Care | 14.8% |
| Information Technology | 12.6% |
| Consumer Staples | 8.5% |
| Consumer Discretionary | 7.1% |
| Communication Services | 6.1% |
| Materials | 5.8% |
| Energy | 4.7% |
| Utilities | 3.9% |
| Real Estate | 3.3% |
| Short-Term Securities | 3.6% |
| Liabilities in Excess of Other Assets | (2.3)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| Citigroup, Inc. | 2.6% |
| Samsung Electronics Co. Ltd., Registered Shares, GDR | 2.2% |
| Amazon.com, Inc. | 2.0% |
| First Citizens BancShares, Inc., Class A | 1.5% |
| WESCO International, Inc. | 1.4% |
| SS&C Technologies Holdings, Inc. | 1.4% |
| Medtronic PLC | 1.3% |
| Alphabet, Inc., Class C, NVS | 1.3% |
| Dollar General Corp. | 1.3% |
| BP PLC | 1.2% |

---

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

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g57293images_30115.jpg)

BlackRock High Equity Income Fund

Class K Shares \| BHEIX

Semi-Annual Shareholder Report — November 30, 2025

BHEIX-11/25-SAR

![TSR - Blackrock Fund Logo](g57293images_30117.jpg)

### BlackRock Mid-Cap Growth Equity Portfolio

### Institutional Shares \| CMGIX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Mid-Cap Growth Equity Portfolio (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| Institutional Shares | $41 | 0.81%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$6789127838 |
| Number of Portfolio Holdings | &nbsp;&nbsp;68 |
| Portfolio Turnover Rate | &nbsp;&nbsp;47% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

**Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Information Technology | 27.4% |
| Industrials | 25.6% |
| Health Care | 14.0% |
| Financials | 10.4% |
| Consumer Discretionary | 9.9% |
| Communication Services | 5.9% |
| Utilities | 3.7% |
| Real Estate | 1.6% |
| Energy | 0.2% |
| Short-Term Securities | 2.9% |
| Liabilities in Excess of Other Assets | (1.6)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| Howmet Aerospace, Inc. | 4.9% |
| Vertiv Holdings Co., Class A | 4.4% |
| Carvana Co., Class A | 4.0% |
| Axon Enterprise, Inc. | 3.2% |
| Comfort Systems U.S.A., Inc. | 2.9% |
| HEICO Corp. | 2.9% |
| IDEXX Laboratories, Inc. | 2.9% |
| Cencora, Inc. | 2.6% |
| Natera, Inc. | 2.6% |
| Ares Management Corp., Class A | 2.6% |

---

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

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g57293images_30115.jpg)

BlackRock Mid-Cap Growth Equity Portfolio

Institutional Shares \| CMGIX

Semi-Annual Shareholder Report — November 30, 2025

CMGIX-11/25-SAR

![TSR - Blackrock Fund Logo](g57293images_30117.jpg)

### BlackRock Mid-Cap Growth Equity Portfolio

### Service Shares \| CMGSX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Mid-Cap Growth Equity Portfolio (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| Service Shares | $54 | 1.06%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$6789127838 |
| Number of Portfolio Holdings | &nbsp;&nbsp;68 |
| Portfolio Turnover Rate | &nbsp;&nbsp;47% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

 **Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Information Technology | 27.4% |
| Industrials | 25.6% |
| Health Care | 14.0% |
| Financials | 10.4% |
| Consumer Discretionary | 9.9% |
| Communication Services | 5.9% |
| Utilities | 3.7% |
| Real Estate | 1.6% |
| Energy | 0.2% |
| Short-Term Securities | 2.9% |
| Liabilities in Excess of Other Assets | (1.6)% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Howmet Aerospace, Inc. | 4.9% |
| Vertiv Holdings Co., Class A | 4.4% |
| Carvana Co., Class A | 4.0% |
| Axon Enterprise, Inc. | 3.2% |
| Comfort Systems U.S.A., Inc. | 2.9% |
| HEICO Corp. | 2.9% |
| IDEXX Laboratories, Inc. | 2.9% |
| Cencora, Inc. | 2.6% |
| Natera, Inc. | 2.6% |
| Ares Management Corp., Class A | 2.6% |

---

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

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g57293images_30115.jpg)

BlackRock Mid-Cap Growth Equity Portfolio

Service Shares \| CMGSX

Semi-Annual Shareholder Report — November 30, 2025

CMGSX-11/25-SAR

![TSR - Blackrock Fund Logo](g57293images_30117.jpg)

### BlackRock Mid-Cap Growth Equity Portfolio

### Investor A Shares \| BMGAX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Mid-Cap Growth Equity Portfolio (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| Investor A Shares | $54 | 1.06%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$6789127838 |
| Number of Portfolio Holdings | &nbsp;&nbsp;68 |
| Portfolio Turnover Rate | &nbsp;&nbsp;47% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

 **Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Information Technology | 27.4% |
| Industrials | 25.6% |
| Health Care | 14.0% |
| Financials | 10.4% |
| Consumer Discretionary | 9.9% |
| Communication Services | 5.9% |
| Utilities | 3.7% |
| Real Estate | 1.6% |
| Energy | 0.2% |
| Short-Term Securities | 2.9% |
| Liabilities in Excess of Other Assets | (1.6)% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Howmet Aerospace, Inc. | 4.9% |
| Vertiv Holdings Co., Class A | 4.4% |
| Carvana Co., Class A | 4.0% |
| Axon Enterprise, Inc. | 3.2% |
| Comfort Systems U.S.A., Inc. | 2.9% |
| HEICO Corp. | 2.9% |
| IDEXX Laboratories, Inc. | 2.9% |
| Cencora, Inc. | 2.6% |
| Natera, Inc. | 2.6% |
| Ares Management Corp., Class A | 2.6% |

---

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

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g57293images_30115.jpg)

BlackRock Mid-Cap Growth Equity Portfolio

Investor A Shares \| BMGAX

Semi-Annual Shareholder Report — November 30, 2025

BMGAX-11/25-SAR

![TSR - Blackrock Fund Logo](g57293images_30117.jpg)

### BlackRock Mid-Cap Growth Equity Portfolio

### Investor C Shares \| BMGCX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Mid-Cap Growth Equity Portfolio (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| Investor C Shares | $92 | 1.81%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$6789127838 |
| Number of Portfolio Holdings | &nbsp;&nbsp;68 |
| Portfolio Turnover Rate | &nbsp;&nbsp;47% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

 **Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Information Technology | 27.4% |
| Industrials | 25.6% |
| Health Care | 14.0% |
| Financials | 10.4% |
| Consumer Discretionary | 9.9% |
| Communication Services | 5.9% |
| Utilities | 3.7% |
| Real Estate | 1.6% |
| Energy | 0.2% |
| Short-Term Securities | 2.9% |
| Liabilities in Excess of Other Assets | (1.6)% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Howmet Aerospace, Inc. | 4.9% |
| Vertiv Holdings Co., Class A | 4.4% |
| Carvana Co., Class A | 4.0% |
| Axon Enterprise, Inc. | 3.2% |
| Comfort Systems U.S.A., Inc. | 2.9% |
| HEICO Corp. | 2.9% |
| IDEXX Laboratories, Inc. | 2.9% |
| Cencora, Inc. | 2.6% |
| Natera, Inc. | 2.6% |
| Ares Management Corp., Class A | 2.6% |

---

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

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g57293images_30115.jpg)

BlackRock Mid-Cap Growth Equity Portfolio

Investor C Shares \| BMGCX

Semi-Annual Shareholder Report — November 30, 2025

BMGCX-11/25-SAR

![TSR - Blackrock Fund Logo](g57293images_30117.jpg)

### BlackRock Mid-Cap Growth Equity Portfolio

### Class K Shares \| BMGKX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Mid-Cap Growth Equity Portfolio (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| Class K Shares | $37 | 0.73%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$6789127838 |
| Number of Portfolio Holdings | &nbsp;&nbsp;68 |
| Portfolio Turnover Rate | &nbsp;&nbsp;47% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

 **Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Information Technology | 27.4% |
| Industrials | 25.6% |
| Health Care | 14.0% |
| Financials | 10.4% |
| Consumer Discretionary | 9.9% |
| Communication Services | 5.9% |
| Utilities | 3.7% |
| Real Estate | 1.6% |
| Energy | 0.2% |
| Short-Term Securities | 2.9% |
| Liabilities in Excess of Other Assets | (1.6)% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Howmet Aerospace, Inc. | 4.9% |
| Vertiv Holdings Co., Class A | 4.4% |
| Carvana Co., Class A | 4.0% |
| Axon Enterprise, Inc. | 3.2% |
| Comfort Systems U.S.A., Inc. | 2.9% |
| HEICO Corp. | 2.9% |
| IDEXX Laboratories, Inc. | 2.9% |
| Cencora, Inc. | 2.6% |
| Natera, Inc. | 2.6% |
| Ares Management Corp., Class A | 2.6% |

---

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

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g57293images_30115.jpg)

BlackRock Mid-Cap Growth Equity Portfolio

Class K Shares \| BMGKX

Semi-Annual Shareholder Report — November 30, 2025

BMGKX-11/25-SAR

![TSR - Blackrock Fund Logo](g57293images_30117.jpg)

### BlackRock Mid-Cap Growth Equity Portfolio

### Class R Shares \| BMRRX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Mid-Cap Growth Equity Portfolio (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| Class R Shares | $66 | 1.31%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$6789127838 |
| Number of Portfolio Holdings | &nbsp;&nbsp;68 |
| Portfolio Turnover Rate | &nbsp;&nbsp;47% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

 **Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Information Technology | 27.4% |
| Industrials | 25.6% |
| Health Care | 14.0% |
| Financials | 10.4% |
| Consumer Discretionary | 9.9% |
| Communication Services | 5.9% |
| Utilities | 3.7% |
| Real Estate | 1.6% |
| Energy | 0.2% |
| Short-Term Securities | 2.9% |
| Liabilities in Excess of Other Assets | (1.6)% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| Howmet Aerospace, Inc. | 4.9% |
| Vertiv Holdings Co., Class A | 4.4% |
| Carvana Co., Class A | 4.0% |
| Axon Enterprise, Inc. | 3.2% |
| Comfort Systems U.S.A., Inc. | 2.9% |
| HEICO Corp. | 2.9% |
| IDEXX Laboratories, Inc. | 2.9% |
| Cencora, Inc. | 2.6% |
| Natera, Inc. | 2.6% |
| Ares Management Corp., Class A | 2.6% |

---

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

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g57293images_30115.jpg)

BlackRock Mid-Cap Growth Equity Portfolio

Class R Shares \| BMRRX

Semi-Annual Shareholder Report — November 30, 2025

BMRRX-11/25-SAR

![TSR - Blackrock Fund Logo](g57293images_30117.jpg)

### BlackRock Technology Opportunities Fund

### Institutional Shares \| BGSIX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Technology Opportunities Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| Institutional Shares | $51 | 0.92%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$6858589860 |
| Number of Portfolio Holdings | &nbsp;&nbsp;74 |
| Portfolio Turnover Rate | &nbsp;&nbsp;29% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

 **Industry allocation**

---

| | |
|:---|:---|
| *Industry<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Semiconductors & Semiconductor Equipment | 39.2% |
| Software | 22.0% |
| Interactive Media & Services | 8.5% |
| Technology Hardware, Storage & Peripherals | 7.1% |
| IT Services | 5.1% |
| Entertainment | 3.7% |
| Broadline Retail | 2.5% |
| Electronic Equipment, Instruments & Components | 1.9% |
| Wireless Telecommunication Services | 1.8% |
| Capital Markets | 1.7% |
| Other<sup>#</sup> | 6.6% |
| Short-Term Securities | 0.9% |
| Liabilities in Excess of Other Assets | (1.0)% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| NVIDIA Corp. | 13.9% |
| Broadcom, Inc. | 9.9% |
| Microsoft Corp. | 7.9% |
| Apple Inc. | 6.2% |
| Meta Platforms, Inc., Class A | 3.8% |
| Alphabet, Inc., Class A | 3.7% |
| Snowflake, Inc., Class A | 3.3% |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 3.2% |
| Advantest Corp. | 2.7% |
| Oracle Corp. | 2.7% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>For purposes of this report, industry sub-classifications may differ from those utilized by the Fund for compliance purposes.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes short-term securities.</sup> |
| <sup><sup>#</sup></sup><sup>Ten largest industries are presented. Additional industries are found in Other.</sup> |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g57293images_30115.jpg)

BlackRock Technology Opportunities Fund

Institutional Shares \| BGSIX

Semi-Annual Shareholder Report — November 30, 2025

BGSIX-11/25-SAR

![TSR - Blackrock Fund Logo](g57293images_30117.jpg)

### BlackRock Technology Opportunities Fund

### Service Shares \| BSTSX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Technology Opportunities Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| Service Shares | $65 | 1.17%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$6858589860 |
| Number of Portfolio Holdings | &nbsp;&nbsp;74 |
| Portfolio Turnover Rate | &nbsp;&nbsp;29% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

 **Industry allocation**

---

| | |
|:---|:---|
| *Industry<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Semiconductors & Semiconductor Equipment | 39.2% |
| Software | 22.0% |
| Interactive Media & Services | 8.5% |
| Technology Hardware, Storage & Peripherals | 7.1% |
| IT Services | 5.1% |
| Entertainment | 3.7% |
| Broadline Retail | 2.5% |
| Electronic Equipment, Instruments & Components | 1.9% |
| Wireless Telecommunication Services | 1.8% |
| Capital Markets | 1.7% |
| Other<sup>#</sup> | 6.6% |
| Short-Term Securities | 0.9% |
| Liabilities in Excess of Other Assets | (1.0)% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| NVIDIA Corp. | 13.9% |
| Broadcom, Inc. | 9.9% |
| Microsoft Corp. | 7.9% |
| Apple Inc. | 6.2% |
| Meta Platforms, Inc., Class A | 3.8% |
| Alphabet, Inc., Class A | 3.7% |
| Snowflake, Inc., Class A | 3.3% |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 3.2% |
| Advantest Corp. | 2.7% |
| Oracle Corp. | 2.7% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>For purposes of this report, industry sub-classifications may differ from those utilized by the Fund for compliance purposes.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes short-term securities.</sup> |
| <sup><sup>#</sup></sup><sup>Ten largest industries are presented. Additional industries are found in Other.</sup> |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g57293images_30115.jpg)

BlackRock Technology Opportunities Fund

Service Shares \| BSTSX

Semi-Annual Shareholder Report — November 30, 2025

BSTSX-11/25-SAR

![TSR - Blackrock Fund Logo](g57293images_30117.jpg)

### BlackRock Technology Opportunities Fund

### Investor A Shares \| BGSAX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Technology Opportunities Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| Investor A Shares | $65 | 1.17%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$6858589860 |
| Number of Portfolio Holdings | &nbsp;&nbsp;74 |
| Portfolio Turnover Rate | &nbsp;&nbsp;29% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

 **Industry allocation**

---

| | |
|:---|:---|
| *Industry<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Semiconductors & Semiconductor Equipment | 39.2% |
| Software | 22.0% |
| Interactive Media & Services | 8.5% |
| Technology Hardware, Storage & Peripherals | 7.1% |
| IT Services | 5.1% |
| Entertainment | 3.7% |
| Broadline Retail | 2.5% |
| Electronic Equipment, Instruments & Components | 1.9% |
| Wireless Telecommunication Services | 1.8% |
| Capital Markets | 1.7% |
| Other<sup>#</sup> | 6.6% |
| Short-Term Securities | 0.9% |
| Liabilities in Excess of Other Assets | (1.0)% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| NVIDIA Corp. | 13.9% |
| Broadcom, Inc. | 9.9% |
| Microsoft Corp. | 7.9% |
| Apple Inc. | 6.2% |
| Meta Platforms, Inc., Class A | 3.8% |
| Alphabet, Inc., Class A | 3.7% |
| Snowflake, Inc., Class A | 3.3% |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 3.2% |
| Advantest Corp. | 2.7% |
| Oracle Corp. | 2.7% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>For purposes of this report, industry sub-classifications may differ from those utilized by the Fund for compliance purposes.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes short-term securities.</sup> |
| <sup><sup>#</sup></sup><sup>Ten largest industries are presented. Additional industries are found in Other.</sup> |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g57293images_30115.jpg)

BlackRock Technology Opportunities Fund

Investor A Shares \| BGSAX

Semi-Annual Shareholder Report — November 30, 2025

BGSAX-11/25-SAR

![TSR - Blackrock Fund Logo](g57293images_30117.jpg)

### BlackRock Technology Opportunities Fund

### Investor C Shares \| BGSCX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Technology Opportunities Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| Investor C Shares | $106 | 1.92%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$6858589860 |
| Number of Portfolio Holdings | &nbsp;&nbsp;74 |
| Portfolio Turnover Rate | &nbsp;&nbsp;29% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

 **Industry allocation**

---

| | |
|:---|:---|
| *Industry<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Semiconductors & Semiconductor Equipment | 39.2% |
| Software | 22.0% |
| Interactive Media & Services | 8.5% |
| Technology Hardware, Storage & Peripherals | 7.1% |
| IT Services | 5.1% |
| Entertainment | 3.7% |
| Broadline Retail | 2.5% |
| Electronic Equipment, Instruments & Components | 1.9% |
| Wireless Telecommunication Services | 1.8% |
| Capital Markets | 1.7% |
| Other<sup>#</sup> | 6.6% |
| Short-Term Securities | 0.9% |
| Liabilities in Excess of Other Assets | (1.0)% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| NVIDIA Corp. | 13.9% |
| Broadcom, Inc. | 9.9% |
| Microsoft Corp. | 7.9% |
| Apple Inc. | 6.2% |
| Meta Platforms, Inc., Class A | 3.8% |
| Alphabet, Inc., Class A | 3.7% |
| Snowflake, Inc., Class A | 3.3% |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 3.2% |
| Advantest Corp. | 2.7% |
| Oracle Corp. | 2.7% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>For purposes of this report, industry sub-classifications may differ from those utilized by the Fund for compliance purposes.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes short-term securities.</sup> |
| <sup><sup>#</sup></sup><sup>Ten largest industries are presented. Additional industries are found in Other.</sup> |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g57293images_30115.jpg)

BlackRock Technology Opportunities Fund

Investor C Shares \| BGSCX

Semi-Annual Shareholder Report — November 30, 2025

BGSCX-11/25-SAR

![TSR - Blackrock Fund Logo](g57293images_30117.jpg)

### BlackRock Technology Opportunities Fund

### Class K Shares \| BTEKX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Technology Opportunities Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| Class K Shares | $46 | 0.83%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$6858589860 |
| Number of Portfolio Holdings | &nbsp;&nbsp;74 |
| Portfolio Turnover Rate | &nbsp;&nbsp;29% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

 **Industry allocation**

---

| | |
|:---|:---|
| *Industry<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Semiconductors & Semiconductor Equipment | 39.2% |
| Software | 22.0% |
| Interactive Media & Services | 8.5% |
| Technology Hardware, Storage & Peripherals | 7.1% |
| IT Services | 5.1% |
| Entertainment | 3.7% |
| Broadline Retail | 2.5% |
| Electronic Equipment, Instruments & Components | 1.9% |
| Wireless Telecommunication Services | 1.8% |
| Capital Markets | 1.7% |
| Other<sup>#</sup> | 6.6% |
| Short-Term Securities | 0.9% |
| Liabilities in Excess of Other Assets | (1.0)% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| NVIDIA Corp. | 13.9% |
| Broadcom, Inc. | 9.9% |
| Microsoft Corp. | 7.9% |
| Apple Inc. | 6.2% |
| Meta Platforms, Inc., Class A | 3.8% |
| Alphabet, Inc., Class A | 3.7% |
| Snowflake, Inc., Class A | 3.3% |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 3.2% |
| Advantest Corp. | 2.7% |
| Oracle Corp. | 2.7% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>For purposes of this report, industry sub-classifications may differ from those utilized by the Fund for compliance purposes.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes short-term securities.</sup> |
| <sup><sup>#</sup></sup><sup>Ten largest industries are presented. Additional industries are found in Other.</sup> |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g57293images_30115.jpg)

BlackRock Technology Opportunities Fund

Class K Shares \| BTEKX

Semi-Annual Shareholder Report — November 30, 2025

BTEKX-11/25-SAR

![TSR - Blackrock Fund Logo](g57293images_30117.jpg)

### BlackRock Technology Opportunities Fund

### Class R Shares \| BGSRX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Technology Opportunities Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| Class R Shares | $78 | 1.42%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$6858589860 |
| Number of Portfolio Holdings | &nbsp;&nbsp;74 |
| Portfolio Turnover Rate | &nbsp;&nbsp;29% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

**Industry allocation**

---

| | |
|:---|:---|
| *Industry<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Semiconductors & Semiconductor Equipment | 39.2% |
| Software | 22.0% |
| Interactive Media & Services | 8.5% |
| Technology Hardware, Storage & Peripherals | 7.1% |
| IT Services | 5.1% |
| Entertainment | 3.7% |
| Broadline Retail | 2.5% |
| Electronic Equipment, Instruments & Components | 1.9% |
| Wireless Telecommunication Services | 1.8% |
| Capital Markets | 1.7% |
| Other<sup>#</sup> | 6.6% |
| Short-Term Securities | 0.9% |
| Liabilities in Excess of Other Assets | (1.0)% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| NVIDIA Corp. | 13.9% |
| Broadcom, Inc. | 9.9% |
| Microsoft Corp. | 7.9% |
| Apple Inc. | 6.2% |
| Meta Platforms, Inc., Class A | 3.8% |
| Alphabet, Inc., Class A | 3.7% |
| Snowflake, Inc., Class A | 3.3% |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 3.2% |
| Advantest Corp. | 2.7% |
| Oracle Corp. | 2.7% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>For purposes of this report, industry sub-classifications may differ from those utilized by the Fund for compliance purposes.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes short-term securities.</sup> |
| <sup><sup>#</sup></sup><sup>Ten largest industries are presented. Additional industries are found in Other.</sup> |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g57293images_30115.jpg)

BlackRock Technology Opportunities Fund

Class R Shares \| BGSRX

Semi-Annual Shareholder Report — November 30, 2025

BGSRX-11/25-SAR

![TSR - Blackrock Fund Logo](g57293images_30117.jpg)

### BlackRock U.S. Insights Long/Short Equity Fund

### Institutional Shares \| BILSX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock U.S. Insights Long/Short Equity Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| Institutional Shares | $84 | 1.60%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$13011503 |
| Number of Portfolio Holdings | &nbsp;&nbsp;627 |
| Portfolio Turnover Rate | &nbsp;&nbsp;130% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

**Sector allocation**

---

| | | | |
|:---|:---|:---|:---|
|  | *Percent of Total Investments<sup>(a)</sup>* | *Percent of Total Investments<sup>(a)</sup>* | *Percent of Total Investments<sup>(a)</sup>* |
| *Sector<sup>(b)</sup>* | *Long* | *Short* | *Total* |
| Information Technology | 14.9% | 5.5% | 20.4% |
| Industrials | 8.5% | 8.4% | 16.9% |
| Health Care | 8.8% | 7.4% | 16.2% |
| Financials | 7.7% | 6.3% | 14.0% |
| Energy | 3.8% | 3.5% | 7.3% |
| Consumer Discretionary | 5.0% | 2.1% | 7.1% |
| Materials | 3.9% | 0.9% | 4.8% |
| Communication Services | 3.2% | 1.0% | 4.2% |
| Consumer Staples | 1.4% | 2.2% | 3.6% |
| Real Estate | 1.2% | 1.6% | 2.8% |
| Utilities | 1.6% | 1.1% | 2.7% |
|  | 60 | 40 | 100 |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Includes the gross market value of long and short securities of the underlying derivative contracts and excludes short-term securities and options, if any.</sup> |
| <sup><sup>(b)</sup></sup><sup>For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.</sup> |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g57293images_30115.jpg)

BlackRock U.S. Insights Long/Short Equity Fund

Institutional Shares \| BILSX

Semi-Annual Shareholder Report — November 30, 2025

BILSX-11/25-SAR

![TSR - Blackrock Fund Logo](g57293images_30117.jpg)

### BlackRock U.S. Insights Long/Short Equity Fund

### Investor A Shares \| BALSX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock U.S. Insights Long/Short Equity Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| Investor A Shares | $98 | 1.86%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$13011503 |
| Number of Portfolio Holdings | &nbsp;&nbsp;627 |
| Portfolio Turnover Rate | &nbsp;&nbsp;130% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

 **Sector allocation**

---

| | | | |
|:---|:---|:---|:---|
|  | *Percent of Total Investments<sup>(a)</sup>* | *Percent of Total Investments<sup>(a)</sup>* | *Percent of Total Investments<sup>(a)</sup>* |
| *Sector<sup>(b)</sup>* | *Long* | *Short* | *Total* |
| Information Technology | 14.9% | 5.5% | 20.4% |
| Industrials | 8.5% | 8.4% | 16.9% |
| Health Care | 8.8% | 7.4% | 16.2% |
| Financials | 7.7% | 6.3% | 14.0% |
| Energy | 3.8% | 3.5% | 7.3% |
| Consumer Discretionary | 5.0% | 2.1% | 7.1% |
| Materials | 3.9% | 0.9% | 4.8% |
| Communication Services | 3.2% | 1.0% | 4.2% |
| Consumer Staples | 1.4% | 2.2% | 3.6% |
| Real Estate | 1.2% | 1.6% | 2.8% |
| Utilities | 1.6% | 1.1% | 2.7% |
|  | 60 | 40 | 100 |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Includes the gross market value of long and short securities of the underlying derivative contracts and excludes short-term securities and options, if any.</sup> |
| <sup><sup>(b)</sup></sup><sup>For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.</sup> |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g57293images_30115.jpg)

BlackRock U.S. Insights Long/Short Equity Fund

Investor A Shares \| BALSX

Semi-Annual Shareholder Report — November 30, 2025

BALSX-11/25-SAR

![TSR - Blackrock Fund Logo](g57293images_30117.jpg)

### BlackRock U.S. Insights Long/Short Equity Fund

### Class K Shares \| BKLSX

#### Semi-Annual Shareholder Report — November 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock U.S. Insights Long/Short Equity Fund (the "Fund") for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| Class K Shares | $82 | 1.56%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$13011503 |
| Number of Portfolio Holdings | &nbsp;&nbsp;627 |
| Portfolio Turnover Rate | &nbsp;&nbsp;130% |

---

#### What did the Fund invest in?
(as of November 30, 2025)

 **Sector allocation**

---

| | | | |
|:---|:---|:---|:---|
|  | *Percent of Total Investments<sup>(a)</sup>* | *Percent of Total Investments<sup>(a)</sup>* | *Percent of Total Investments<sup>(a)</sup>* |
| *Sector<sup>(b)</sup>* | *Long* | *Short* | *Total* |
| Information Technology | 14.9% | 5.5% | 20.4% |
| Industrials | 8.5% | 8.4% | 16.9% |
| Health Care | 8.8% | 7.4% | 16.2% |
| Financials | 7.7% | 6.3% | 14.0% |
| Energy | 3.8% | 3.5% | 7.3% |
| Consumer Discretionary | 5.0% | 2.1% | 7.1% |
| Materials | 3.9% | 0.9% | 4.8% |
| Communication Services | 3.2% | 1.0% | 4.2% |
| Consumer Staples | 1.4% | 2.2% | 3.6% |
| Real Estate | 1.2% | 1.6% | 2.8% |
| Utilities | 1.6% | 1.1% | 2.7% |
|  | 60 | 40 | 100 |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Includes the gross market value of long and short securities of the underlying derivative contracts and excludes short-term securities and options, if any.</sup> |
| <sup><sup>(b)</sup></sup><sup>For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.</sup> |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - Blackrock Footer Logo](g57293images_30115.jpg)

BlackRock U.S. Insights Long/Short Equity Fund

Class K Shares \| BKLSX

Semi-Annual Shareholder Report — November 30, 2025

BKLSX-11/25-SAR

------

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

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

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

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

Item 5 – Audit Committee of Listed Registrant – Not Applicable

------

Item 6 – Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Schedule of Investments is included as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.

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

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

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

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

------

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| | |
|:---|:---|
| ![LOGO](g82637g42l24.jpg)  | NOVEMBER 30, 2025 |

---

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

#### BlackRock Funds<sup>SM</sup>
• BlackRock Advantage International Fund

• BlackRock Advantage Large Cap Growth Fund

• BlackRock Advantage Small Cap Core Fund

#### BlackRock Large Cap Series Funds, Inc.
• BlackRock Advantage Large Cap Core Fund

• BlackRock Advantage Large Cap Value Fund

 <br>   <u>Not FDIC Insured • May Lose Value • No Bank Guarantee</u>

------

**Table of Contents**

---

| | |
|:---|:---|
|  | Page |
|  [Derivative Financial Instruments](#fin82637_1) | 3 |
|  [Schedules of Investments](#fin82637_2) | 4 |
|  [Statements of Assets and Liabilities](#fin82637_3) | 37 |
|  [Statements of Operations](#fin82637_4) | 39 |
|  [Statements of Changes in Net Assets](#fin82637_5) | 41 |
|  [Financial Highlights](#fin82637_6) | 44 |
|  [Notes to Financial Statements](#fin82637_7) | 68 |
|  [Additional Information](#fin82637_8) | 83 |
|  [Glossary of Terms Used in these Financial Statements](#fin82637_9) | 85 |

---

2.0 ------

Derivative Financial Instruments

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

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

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| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> November 30, 2025 | **BlackRock Advantage International Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> *Shares* | *Value* |
|  **Common Stocks** |  |  |
|  **Australia — 6.6%** |  |  |
|  Aristocrat Leisure Ltd. | 1204609 | $&nbsp;&nbsp;&nbsp;&nbsp;46040882 |
|  Aurizon Holdings Ltd. | 1571256 | 3684920 |
|  BHP Group Ltd. | 1411306 | 38617558 |
|  Coles Group Ltd. | 789379 | 11539228 |
|  Commonwealth Bank of Australia | 534923 | 53460973 |
|  Computershare Ltd. | 332967 | 7827950 |
|  Evolution Mining Ltd. | 1942968 | 15128489 |
|  Fortescue Ltd. | 1190550 | 16732691 |
|  Glencore PLC | 7206588 | 34448615 |
|  Insurance Australia Group Ltd. | 721266 | 3663735 |
|  JB Hi-Fi Ltd. | 6931 | 446105 |
|  Lottery Corp. Ltd. (The) | 347297 | 1244117 |
|  Macquarie Group Ltd. | 507868 | 65599089 |
|  Mirvac Group | 29760 | 42153 |
|  National Australia Bank Ltd. | 259378 | 6819797 |
|  Orica Ltd. | 510698 | 7978861 |
|  Pro Medicus Ltd. | 41325 | 7226145 |
|  Qantas Airways Ltd. | 958517 | 6273591 |
|  QBE Insurance Group Ltd. | 811381 | 10232428 |
|  REA Group Ltd. | 43352 | 5567846 |
|  Rio Tinto Ltd. | 89360 | 7751687 |
|  Rio Tinto PLC | 65074 | 4672464 |
|  Rocketboots Ltd.<sup>(a)(b)</sup> | 1389 | 141 |
|  Santos Ltd. | 1767100 | 7458291 |
|  SEEK Ltd. | 346216 | 5553975 |
|  SGH Ltd. | 56923 | 1764088 |
|  Sonic Healthcare Ltd. | 227603 | 3479815 |
|  Suncorp Group Ltd. | 325508 | 3740081 |
|  Technology One Ltd. | 156109 | 3083177 |
|  Telstra Group Ltd. | 3864690 | 12461405 |
|  Transurban Group | 613142 | 5996404 |
|  Wesfarmers Ltd. | 362553 | 19456010 |
|  Westpac Banking Corp. | 182632 | 4498570 |
|  Woodside Energy Group Ltd. | 191936 | 3139256 |
|  Worley Ltd. | 754310 | 6596812 |
|  |  | 432227349 |
|  **Austria — 0.0%** |  |  |
|  BAWAG Group AG<sup>(c)</sup> | 19526 | 2614729 |
|  **Belgium — 0.3%** |  |  |
|  Ageas SA/NV | 121130 | 8275967 |
|  D'ieteren Group | 1113 | 193850 |
|  Groupe Bruxelles Lambert NV | 600 | 51897 |
|  UCB SA | 27397 | 7657839 |
|  |  | 16179553 |
|  **Chile — 0.0%** |  |  |
|  Antofagasta PLC | 7435 | 271857 |
|  **China — 0.9%** |  |  |
|  BOC Hong Kong Holdings Ltd. | 1786000 | 8622476 |
|  Budweiser Brewing Co. APAC Ltd.<sup>(c)</sup> | 327600 | 338083 |
|  Mobvista, Inc.<sup>(a)(c)</sup> | 533000 | 1006698 |
|  Prosus NV, Class N | 794885 | 50112726 |
|  SITC International Holdings Co. Ltd. | 290000 | 997115 |
|  |  | 61077098 |
|  **Denmark — 1.2%** |  |  |
|  Coloplast A/S, Class B | 1975 | 178347 |
|  Danske Bank A/S | 156860 | 7204909 |
|  Genmab A/S<sup>(a)</sup> | 30567 | 9820706 |
|  Novo Nordisk A/S, Class B | 801954 | 39715083 |
|  Pandora A/S | 102855 | 12308197 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> *Shares* | *Value* |
|  **Denmark (continued)** |  |  |
|  Tryg A/S | 210332 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5210101 |
|  Vestas Wind Systems A/S | 180115 | 4281697 |
|  |  | 78719040 |
|  **Finland — 0.8%** |  |  |
|  Elisa Oyj | 31182 | 1366901 |
|  Kone Oyj, Class B | 174171 | 11852378 |
|  Nokia Oyj | 1941421 | 11823492 |
|  Nordea Bank Abp | 732275 | 12958074 |
|  Sampo Oyj, A Shares | 1098929 | 12925440 |
|  Wartsila Oyj Abp | 28544 | 926502 |
|  |  | 51852787 |
|  **France — 11.4%** |  |  |
|  Air Liquide SA | 192185 | 36831815 |
|  AXA SA | 1278447 | 57757401 |
|  BNP Paribas SA | 895599 | 76554685 |
|  Bouygues SA | 22448 | 1121670 |
|  Bureau Veritas SA | 344198 | 11012293 |
|  Cie de Saint-Gobain SA | 24766 | 2471819 |
|  Cie Generale des Etablissements Michelin SCA | 47807 | 1564812 |
|  Credit Agricole SA | 1060301 | 20325364 |
|  Danone SA | 23946 | 2140624 |
|  Dassault Systemes SE | 517133 | 14484443 |
|  Edenred SE | 2259 | 48444 |
|  Eiffage SA | 37009 | 5113821 |
|  Engie SA | 848258 | 21585024 |
|  FDJ UNITED, Class A<sup>(c)</sup> | 51626 | 1454867 |
|  Gecina SA | 13556 | 1256731 |
|  Hermes International SCA | 12176 | 29713632 |
|  Ipsen SA | 65976 | 9525359 |
|  Klepierre SA | 90681 | 3530044 |
|  L'Oreal SA | 99004 | 43184165 |
|  LVMH Moet Hennessy Louis Vuitton SE | 104707 | 77391407 |
|  Publicis Groupe SA | 185242 | 18079912 |
|  Safran SA | 270761 | 91019494 |
|  Sanofi SA | 634840 | 63317327 |
|  Societe Generale SA | 380561 | 26498637 |
|  Sodexo SA | 120 | 6347 |
|  SPIE SA | 39196 | 2127646 |
|  Thales SA | 98260 | 25733793 |
|  TotalEnergies SE | 600949 | 39534508 |
|  Veolia Environnement SA | 644566 | 21936131 |
|  Vinci SA | 316331 | 44891137 |
|  |  | 750213352 |
|  **Germany — 10.4%** |  |  |
|  adidas AG, Class N | 178073 | 33167643 |
|  Allianz SE, Registered Shares | 133467 | 57611818 |
|  Commerzbank AG | 152457 | 5982157 |
|  Continental AG | 99525 | 7408751 |
|  Deutsche Bank AG, Registered Shares | 1392158 | 49360151 |
|  Deutsche Boerse AG, Registered Shares | 55769 | 14907063 |
|  Deutsche Post AG | 364808 | 18986195 |
|  Deutsche Telekom AG, Registered Shares | 3088983 | 99612891 |
|  E.ON SE, Class N | 50565 | 900676 |
|  Fresenius Medical Care AG | 8950 | 427795 |
|  GEA Group AG | 52804 | 3577886 |
|  Hannover Rueck SE, Registered Shares | 16334 | 4911059 |
|  Henkel AG & Co. KGaA, NVS | 71307 | 5751456 |
|  Henkel AG & Co. KGaA | 31234 | 2344736 |
|  HOCHTIEF AG | 11274 | 3990915 |
|  Infineon Technologies AG, Class N | 153800 | 6492723 |
|  Knorr-Bremse AG | 55884 | 5927997 |

---

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

------

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock Advantage International Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> *Shares* | *Value* |
|  **Germany (continued)** |  |  |
|  LEG Immobilien SE | 68587 | $5152847 |
|  Mercedes-Benz Group AG, Class N | 252556 | 17055089 |
|  MTU Aero Engines AG, Class N | 6196 | 2535141 |
|  Muenchener Rueckversicherungs-Gesellschaft AG, Registered Shares | 78058 | 49193643 |
|  Nemetschek SE | 89715 | 10026259 |
|  Nordex SE<sup>(a)</sup> | 10693 | 320628 |
|  Porsche Automobil Holding SE, Preference Shares, NVS | 74380 | 3207700 |
|  Rational AG | 1780 | 1330683 |
|  Rheinmetall AG | 14863 | 25421528 |
|  SAP SE | 542172 | &nbsp;&nbsp;&nbsp;&nbsp;130885767 |
|  Sartorius AG, NVS | 5550 | 1618729 |
|  Scout24 SE<sup>(c)</sup> | 15474 | 1582712 |
|  Siemens AG, Registered Shares | 203185 | 53885430 |
|  Siemens Energy AG<sup>(a)</sup> | 294460 | 39428880 |
|  Siemens Healthineers AG<sup>(c)</sup> | 140376 | 6981939 |
|  TUI AG<sup>(a)</sup> | 81247 | 775622 |
|  Vonovia SE | 403049 | 12201565 |
|  |  | 682966074 |
|  **Hong Kong — 2.0%** |  |  |
|  AIA Group Ltd. | 9121200 | 95005329 |
|  CK Asset Holdings Ltd. | 812500 | 4177634 |
|  Guotai Junan International Holdings Ltd. | 215000 | 79501 |
|  Henderson Land Development Co. Ltd. | 23000 | 86917 |
|  HKT Trust & HKT Ltd. | 14000 | 21420 |
|  Hongkong Land Holdings Ltd. | 358900 | 2281078 |
|  Link REIT | 1118400 | 5312044 |
|  Swire Pacific Ltd., Class A | 200000 | 1717094 |
|  Techtronic Industries Co. Ltd. | 1379500 | 16224468 |
|  WH Group Ltd.<sup>(c)</sup> | 3419500 | 3581013 |
|  |  | 128486498 |
|  **India — 0.0%** |  |  |
|  AceVector Ltd. (Acquired 05/07/14, cost $804,375)<sup>(a)(d)(e)</sup> | 172800 | 59076 |
|  **Indonesia — 0.1%** |  |  |
|  Jardine Matheson Holdings Ltd. | 81100 | 5326257 |
|  **Ireland — 0.1%** |  |  |
|  Kerry Group PLC, Class A | 77762 | 7218739 |
|  **Israel — 0.8%** |  |  |
|  Bank Hapoalim BM | 484065 | 10478079 |
|  Bank Leumi Le-Israel BM | 475846 | 9979104 |
|  Elbit Systems Ltd. | 18952 | 8891542 |
|  Israel Discount Bank Ltd., Class A | 398934 | 4177823 |
|  Mizrahi Tefahot Bank Ltd. | 112457 | 7877655 |
|  Nice Ltd.<sup>(a)</sup> | 85536 | 8951104 |
|  Nova Ltd.<sup>(a)</sup> | 9888 | 3102209 |
|  |  | 53457516 |
|  **Italy — 3.0%** |  |  |
|  Amplifon SpA | 211824 | 3259792 |
|  Banca Mediolanum SpA | 72587 | 1555385 |
|  Banca Monte dei Paschi di Siena SpA | 771093 | 7295148 |
|  BPER Banca SpA | 476003 | 5736194 |
|  Coca-Cola HBC AG | 121564 | 6098760 |
|  Enel SpA | 3116315 | 32204102 |
|  Eni SpA | 1479697 | 27668155 |
|  Generali | 319026 | 12663878 |
|  Infrastrutture Wireless Italiane SpA<sup>(c)</sup> | 108055 | 989567 |
|  Intesa Sanpaolo SpA | 4985207 | 32339006 |
|  Leonardo SpA | 132705 | 7273508 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> *Shares* | *Value* |
|  **Italy (continued)** |  |  |
|  MFE-MediaForEurope NV, Class A | 23 | $83 |
|  MFE-MediaForEurope NV, Class B | 2 | 9 |
|  Nexi SpA<sup>(c)</sup> | 992569 | 4641558 |
|  Poste Italiane SpA<sup>(c)</sup> | 148833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3562610 |
|  Prysmian SpA | 59938 | 6015468 |
|  Recordati Industria Chimica e Farmaceutica SpA | 5528 | 326900 |
|  Saipem SpA | 1092859 | 2978951 |
|  Snam SpA | 526507 | 3502929 |
|  Terna - Rete Elettrica Nazionale | 115239 | 1215264 |
|  UniCredit SpA | 459827 | 34230784 |
|  Unipol Assicurazioni SpA | 116336 | 2671827 |
|  |  | 196229878 |
|  **Japan — 24.0%** |  |  |
|  Advantest Corp. | 217400 | 28927360 |
|  Aeon Co. Ltd. | 192300 | 3481744 |
|  Amada Co. Ltd. | 176100 | 2096497 |
|  ANA Holdings, Inc. | 127500 | 2405673 |
|  Asahi Kasei Corp. | 690500 | 5767301 |
|  Astellas Pharma, Inc. | 1739300 | 21870677 |
|  Canon, Inc. | 799300 | 23517003 |
|  Central Japan Railway Co. | 88500 | 2418447 |
|  Chugai Pharmaceutical Co. Ltd. | 96600 | 5172555 |
|  Credit Saison Co. Ltd. | 14200 | 357536 |
|  CyberAgent, Inc. | 675100 | 6046393 |
|  Dai Nippon Printing Co. Ltd. | 94100 | 1591481 |
|  Daifuku Co. Ltd. | 600 | 18979 |
|  Dai-ichi Life Holdings, Inc. | 1206500 | 9412943 |
|  Daiichi Sankyo Co. Ltd. | 663100 | 16343419 |
|  Daikin Industries Ltd. | 140200 | 18206703 |
|  Daiwa House Industry Co. Ltd. | 194400 | 6635099 |
|  Daiwa Securities Group, Inc. | 648600 | 5380708 |
|  Denso Corp. | 45500 | 599101 |
|  Dentsu Group, Inc. | 215100 | 4887259 |
|  DMG Mori Co. Ltd. | 325700 | 5718904 |
|  East Japan Railway Co. | 34200 | 884088 |
|  ENEOS Holdings, Inc. | 2748100 | 18110823 |
|  FANUC Corp. | 261600 | 8384797 |
|  Fast Retailing Co. Ltd. | 39000 | 14248816 |
|  Fujitsu Ltd. | 1456000 | 38629454 |
|  Hitachi Ltd. | 3294100 | 104903713 |
|  Hulic Co. Ltd. | 371300 | 4095424 |
|  Idemitsu Kosan Co. Ltd. | 36800 | 272648 |
|  Isuzu Motors Ltd. | 200 | 3065 |
|  Japan Airlines Co. Ltd. | 345200 | 6438166 |
|  Japan Exchange Group, Inc. | 279400 | 3192647 |
|  Japan Post Bank Co. Ltd. | 1145400 | 13784216 |
|  Japan Post Holdings Co. Ltd. | 671200 | 6593148 |
|  Japan Post Insurance Co. Ltd. | 55000 | 1529883 |
|  Japan Tobacco, Inc. | 1041800 | 39187818 |
|  Kansai Electric Power Co., Inc. (The) | 104200 | 1781448 |
|  Kao Corp. | 32900 | 1330358 |
|  KDDI Corp. | 16600 | 285589 |
|  Keisei Electric Railway Co. Ltd. | 30100 | 244426 |
|  Keyence Corp. | 94000 | 31998492 |
|  Kubota Corp. | 486500 | 7021736 |
|  Kyocera Corp. | 564100 | 7721982 |
|  LY Corp. | 2248300 | 6038175 |
|  Mitsubishi Chemical Group Corp. | 173300 | 978928 |
|  Mitsubishi Corp. | 1228900 | 29095584 |
|  Mitsubishi Electric Corp. | 878200 | 23744715 |
|  Mitsubishi Estate Co. Ltd. | 394600 | 9309836 |
|  Mitsubishi HC Capital, Inc. | 761400 | 6092454 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock Advantage International Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> *Shares* | *Value* |
|  **Japan (continued)** |  |  |
|  Mitsubishi Heavy Industries Ltd. | 1682600 | $42618922 |
|  Mitsubishi UFJ Financial Group, Inc. | 4309200 | 67566280 |
|  Mitsui & Co. Ltd. | 1149800 | &nbsp;&nbsp;&nbsp;&nbsp;30546176 |
|  Mitsui Chemicals, Inc. | 139500 | 3519523 |
|  Mitsui Fudosan Co. Ltd. | 1460200 | 17150823 |
|  Mizuho Financial Group, Inc. | 804500 | 28372207 |
|  MS&AD Insurance Group Holdings, Inc. | 417200 | 9256758 |
|  Murata Manufacturing Co. Ltd. | 1392600 | 28667907 |
|  NEC Corp. | 1087400 | 41084829 |
|  NGK Insulators Ltd. | 142800 | 2816065 |
|  Nidec Corp. | 1527100 | 19273053 |
|  Nintendo Co. Ltd. | 197900 | 16773391 |
|  Nomura Holdings, Inc. | 3449300 | 26052782 |
|  Nomura Real Estate Holdings, Inc. | 870000 | 5338498 |
|  Nomura Research Institute Ltd. | 184600 | 7373671 |
|  Obayashi Corp. | 569900 | 11619078 |
|  Obic Co. Ltd. | 60500 | 1946342 |
|  Ono Pharmaceutical Co. Ltd. | 654500 | 9217209 |
|  ORIX Corp. | 619800 | 16942050 |
|  Otsuka Holdings Co. Ltd. | 253000 | 14328754 |
|  Pan Pacific International Holdings Corp. | 2731200 | 16553177 |
|  Panasonic Holdings Corp. | 2201300 | 27547598 |
|  Recruit Holdings Co. Ltd. | 960700 | 49136244 |
|  Resona Holdings, Inc. | 612200 | 6232362 |
|  Ricoh Co. Ltd. | 137400 | 1232726 |
|  Sanrio Co. Ltd. | 24200 | 866997 |
|  SBI Holdings, Inc. | 5200 | 109652 |
|  Secom Co. Ltd. | 119400 | 4035633 |
|  Sega Sammy Holdings, Inc. | 10200 | 175281 |
|  Seiko Epson Corp. | 102700 | 1279583 |
|  Shimizu Corp. | 628000 | 11144442 |
|  Shizuoka Financial Group, Inc. | 5500 | 79740 |
|  Skylark Holdings Co. Ltd. | 4400 | 104222 |
|  SMC Corp. | 32200 | 11325937 |
|  SoftBank Corp. | 13765100 | 19693981 |
|  SoftBank Group Corp. | 244900 | 26341681 |
|  Sompo Holdings, Inc. | 287600 | 9108786 |
|  Sony Financial Group, Inc.<sup>(a)</sup> | 3354700 | 3174192 |
|  Sony Group Corp. | 3582700 | 105129284 |
|  Sumitomo Chemical Co. Ltd. | 3043900 | 9311143 |
|  Sumitomo Corp. | 660400 | 20744355 |
|  Sumitomo Mitsui Financial Group, Inc. | 2578800 | 78030629 |
|  Sumitomo Mitsui Trust Group, Inc. | 354000 | 10284262 |
|  Sumitomo Realty & Development Co. Ltd. | 33800 | 1633361 |
|  Sysmex Corp. | 625200 | 5929098 |
|  T&D Holdings, Inc. | 167200 | 3632334 |
|  Takeda Pharmaceutical Co. Ltd. | 1065500 | 30720771 |
|  TDK Corp. | 45800 | 751765 |
|  Terumo Corp. | 921500 | 14370630 |
|  THK Co. Ltd. | 90800 | 2327395 |
|  Tokio Marine Holdings, Inc. | 924100 | 32760182 |
|  Tokyo Electron Ltd. | 220200 | 45017175 |
|  Tokyu Fudosan Holdings Corp. | 31100 | 289102 |
|  Tosoh Corp. | 135400 | 2042993 |
|  Toyota Motor Corp. | 2583500 | 52113945 |
|  Trend Micro, Inc. | 72700 | 3630843 |
|  Unicharm Corp. | 1117100 | 6549343 |
|  West Japan Railway Co. | 3200 | 63682 |
|  Yaskawa Electric Corp. | 42800 | 1108471 |
|  Yokohama Financial Group, Inc. | 44400 | 351252 |
|  |  | 1572156778 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> *Shares* | *Value* |
|  **Luxembourg — 0.0%** |  |  |
|  Eurofins Scientific SE | 11952 | $814093 |
|  SES SA | 9 | 58 |
|  |  | 814151 |
|  **Macau — 0.2%** |  |  |
|  Galaxy Entertainment Group Ltd. | 1083000 | 5619406 |
|  Sands China Ltd. | 3616800 | 9887902 |
|  |  | 15507308 |
|  **Netherlands — 4.5%** |  |  |
|  Adyen NV<sup>(a)(c)</sup> | 6060 | 9471545 |
|  Argenx SE<sup>(a)</sup> | 16386 | 14937393 |
|  ASM International NV | 13883 | 7679778 |
|  ASML Holding NV | 175851 | &nbsp;&nbsp;&nbsp;&nbsp;185989433 |
|  ASR Nederland NV | 106292 | 7176632 |
|  Euronext NV<sup>(c)</sup> | 28215 | 4323566 |
|  Heineken Holding NV | 31157 | 2227712 |
|  Koninklijke Ahold Delhaize NV | 339735 | 14064497 |
|  Koninklijke KPN NV | 1439055 | 6592998 |
|  Koninklijke Philips NV | 56000 | 1579754 |
|  NN Group NV | 135283 | 9817404 |
|  Wolters Kluwer NV, Class C | 317769 | 33703697 |
|  |  | 297564409 |
|  **New Zealand — 0.1%** |  |  |
|  Contact Energy Ltd. | 8452 | 46729 |
|  Fisher & Paykel Healthcare Corp. Ltd. | 88905 | 1904944 |
|  Xero Ltd.<sup>(a)(b)</sup> | 60434 | 4849611 |
|  |  | 6801284 |
|  **Nigeria — 0.0%** |  |  |
|  Airtel Africa PLC<sup>(c)</sup> | 560612 | 2307147 |
|  **Norway — 0.6%** |  |  |
|  Aker BP ASA | 141040 | 3436441 |
|  DNB Bank ASA | 483607 | 12931817 |
|  Equinor ASA | 172330 | 3962868 |
|  Gjensidige Forsikring ASA | 39419 | 1102173 |
|  Kongsberg Gruppen ASA | 430465 | 10198986 |
|  Orkla ASA | 6913 | 74005 |
|  Var Energi ASA | 1452627 | 4542674 |
|  |  | 36248964 |
|  **Portugal — 0.2%** |  |  |
|  EDP SA | 3035485 | 13551550 |
|  **Singapore — 1.0%** |  |  |
|  CapitaLand Investment Ltd. | 1212600 | 2483661 |
|  DBS Group Holdings Ltd. | 800360 | 33525870 |
|  Genting Singapore Ltd. | 96600 | 56726 |
|  Oversea-Chinese Banking Corp. Ltd. | 546000 | 7800292 |
|  Singapore Technologies Engineering Ltd. | 1481800 | 9511267 |
|  Singapore Telecommunications Ltd. | 3375000 | 12348479 |
|  STMicroelectronics NV | 1559 | 35914 |
|  |  | 65762209 |
|  **Spain — 2.9%** |  |  |
|  ACS Actividades de Construccion y Servicios SA | 126682 | 11724922 |
|  Amadeus IT Group SA | 22287 | 1640181 |
|  Banco Santander SA | 6971113 | 74778422 |
|  Bankinter SA | 333146 | 5251922 |
|  CaixaBank SA | 1321861 | 14760428 |
|  Iberdrola SA | 2637738 | 55677046 |
|  Industria de Diseno Textil SA | 152521 | 8557238 |
|  Repsol SA | 679788 | 12596037 |
|  Telefonica SA | 1469203 | 6370666 |
|  |  | 191356862 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock Advantage International Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> *Shares* | *Value* |
|  **Sweden — 2.0%** |  |  |
|  AddTech AB, B Shares | 20947 | $720860 |
|  Assa Abloy AB, Class B | 405379 | 15418192 |
|  Atlas Copco AB, Class A | 20525 | 348803 |
|  Epiroc AB, Class A | 108971 | 2340594 |
|  Epiroc AB, Class B | 806 | 15537 |
|  Essity AB, Class B | 235550 | 6519949 |
|  Evolution AB<sup>(c)</sup> | 106796 | 7314233 |
|  H & M Hennes & Mauritz AB, B Shares | 35353 | 642334 |
|  Industrivarden AB, A Shares | 18235 | 765893 |
|  Sandvik AB | 617399 | 18669809 |
|  Securitas AB, B Shares | 274546 | 4188418 |
|  Skanska AB, B Shares | 477976 | 12275675 |
|  Svenska Handelsbanken AB, A Shares | 885453 | 12296132 |
|  Swedbank AB, A Shares | 369301 | 11752706 |
|  Swedish Orphan Biovitrum AB<sup>(a)</sup> | 56065 | 2015616 |
|  Tele2 AB, B Shares | 620096 | 9879708 |
|  Telefonaktiebolaget LM Ericsson, B Shares | 1201400 | 11592986 |
|  Telia Co. AB | 2979390 | 11969943 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;128727388 |
|  **Switzerland — 6.0%** |  |  |
|  ABB Ltd., Registered Shares | 1155195 | 83132208 |
|  Accelleron Industries AG | 61652 | 4871279 |
|  Avolta AG, Registered Shares | 8958 | 493752 |
|  Baloise Holding AG, Registered Shares | 28 | 7328 |
|  Chocoladefabriken Lindt & Spruengli AG, NVS | 11 | 161946 |
|  Cie Financiere Richemont SA, Registered Shares | 127558 | 27118919 |
|  DSM-Firmenich AG | 92171 | 7581344 |
|  Julius Baer Group Ltd., Registered Shares | 22604 | 1612735 |
|  Logitech International SA, Registered Shares | 205157 | 23149475 |
|  Medmix AG<sup>(c)</sup> | 2 | 26 |
|  Nestlé SA, Registered Shares | 733505 | 72954743 |
|  Partners Group Holding AG | 10314 | 12242996 |
|  PSP Swiss Property AG, Registered Shares | 11252 | 1991094 |
|  Schindler Holding AG, NVS | 24177 | 8643704 |
|  Schindler Holding AG, Registered Shares | 9908 | 3363174 |
|  SGS SA, Registered Shares | 127304 | 14604452 |
|  Sonova Holding AG, Registered Shares | 58212 | 14531151 |
|  UBS Group AG, Registered Shares | 1810991 | 69894159 |
|  Zurich Insurance Group AG, Class N | 61521 | 44233883 |
|  |  | 390588368 |
|  **United Kingdom — 14.7%** |  |  |
|  3i Group PLC | 13869 | 579932 |
|  Admiral Group PLC | 224566 | 9421351 |
|  Ashtead Group PLC | 68765 | 4398673 |
|  AstraZeneca PLC | 491640 | 91154466 |
|  Aviva PLC | 992345 | 8562304 |
|  BAE Systems PLC | 2661443 | 57962310 |
|  Barclays PLC | 15997235 | 90749322 |
|  British American Tobacco PLC | 215565 | 12656947 |
|  Burberry Group PLC<sup>(a)</sup> | 14719 | 222575 |
|  CK Hutchison Holdings Ltd. | 3054500 | 21547461 |
|  Close Brothers Group PLC<sup>(a)</sup> | 15 | 89 |
|  Compass Group PLC | 773250 | 24312661 |
|  Diploma PLC | 593 | 42952 |
|  Entain PLC | 421765 | 4344427 |
|  Experian PLC | 751377 | 33019548 |
|  Halma PLC | 275943 | 13021892 |
|  HSBC Holdings PLC | 5664000 | 80264507 |
|  IG Group Holdings PLC | 356468 | 5347726 |
|  IMI PLC | 78962 | 2546730 |
|  Imperial Brands PLC | 750513 | 31882337 |
|  InterContinental Hotels Group PLC | 123939 | 16453837 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> *Shares* | *Value* |
|  **United Kingdom (continued)** |  |  |
|  Intertek Group PLC | 249227 | $15249794 |
|  J Sainsbury PLC | 1442467 | 6152173 |
|  JET2 PLC | 10818 | 201479 |
|  Kingfisher PLC | 5086 | 20596 |
|  Legal & General Group PLC | 764460 | 2500013 |
|  Lloyds Banking Group PLC | 31042526 | 39369444 |
|  London Stock Exchange Group PLC | 154975 | 18254919 |
|  NatWest Group PLC | 4982190 | 41583778 |
|  Next PLC | 124375 | 23261680 |
|  Pearson PLC | 133655 | 1766515 |
|  Reckitt Benckiser Group PLC | 18899 | 1464663 |
|  RELX PLC | 866641 | 34755693 |
|  Rightmove PLC | 453864 | 3297150 |
|  Rolls-Royce Holdings PLC | 5696068 | 80395836 |
|  Sage Group PLC (The) | 1791865 | 25512259 |
|  Schroders PLC | 45327 | 232971 |
|  Shell PLC | 1748513 | 64259470 |
|  Smith & Nephew PLC | 338010 | 5616449 |
|  Smiths Group PLC | 396822 | 12846293 |
|  Standard Chartered PLC | 448967 | 9944460 |
|  Tesco PLC | 222938 | 1329524 |
|  Unilever PLC | 497829 | 29953292 |
|  Vodafone Group PLC | 29015517 | 36134211 |
|  |  | 962594709 |
|  **United States — 4.4%** |  |  |
|  BP PLC | 4672125 | 28059132 |
|  Carnival PLC<sup>(a)</sup> | 95426 | 2285846 |
|  CSL Ltd. | 175422 | 21408020 |
|  GSK PLC | 1917883 | 45638018 |
|  Holcim AG<sup>(a)</sup> | 28742 | 2696290 |
|  Novartis AG, Registered Shares | 757804 | 98863172 |
|  Roche Holding AG, NVS | 225533 | 86402456 |
|  Roche Holding AG | 12326 | 4907712 |
|  |  | 290260646 |
|  **Total Long-Term Investments — 98.2%<br>(Cost: $5,503,465,656)** |  | 6441141576 |
|  **Short-Term Securities** |  |  |
|  **Money Market Funds — 1.1%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.11%<sup>(f)(g)(h)</sup> | 753786 | 754163 |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares, 3.86%<sup>(f)(g)</sup> | 73164245 | 73164245 |
|  **Total Short-Term Securities — 1.1%<br>(Cost: $73,918,408)** |  | 73918408 |
|  **Total Investments — 99.3%<br>(Cost: $5,577,384,064)** |  | 6515059984 |
| **Other Assets Less Liabilities — 0.7%** |  | 43638336 |
| **Net Assets — 100.0%** |  | $6558698320 |

---

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

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

<sup>(c)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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

<sup>(e)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $59,076, representing less than 0.05% of its net assets as of period end, and an original cost of $804,375. 

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock Advantage International Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |

---

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

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

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended November 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Issuer | Value at<br>05/31/25 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain<br>(Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>11/30/25 | Shares<br>Held at<br>11/30/25 | Income | *Capital*<br> *Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock Cash<br>Funds: Institutional, SL Agency Shares | $25912976 | $— | $(25158813)<sup>(a)</sup> | $– $|  | $754163 | 753786 | $819 <sup>(b)</sup> | $— |
|  BlackRock Liquidity Funds,<br>T-Fund, Institutional Shares | 115902006 |  | (42737761)<sup>(a)</sup> | – |  | 73164245 | 73164245 | 1822466 |  |
|  |  |  |  | $– $|  | $73918408 |  | $1823285 | $— |

---

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

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

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

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount<br>(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI EAFE Index | 652 | 12/19/25 | $91896 | $815998 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Currency<br>Exchange<br>Contracts | Interest<br>Rate<br>Contracts | Other<br>Contracts | Total |
| Assets — Derivative Financial Instruments |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $815998 | $— | $— | $— | $815998 |

---

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock Advantage International Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |

---

For the period ended November 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Currency<br>Exchange<br>Contracts | Interest<br>Rate<br>Contracts | Other<br>Contracts | Total |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $4044659 | $— | $— | $— | $4044659 |
| Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $664763 | $— | $— | $— | $664763 |

---

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $72342740 |

---

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

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | $141 | $432227208 | $— | $432227349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austria |  | 2614729 |  | 2614729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium |  | 16179553 |  | 16179553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile |  | 271857 |  | 271857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China |  | 61077098 |  | 61077098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 78719040 |  | 78719040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland |  | 51852787 |  | 51852787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 750213352 |  | 750213352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 682966074 |  | 682966074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 128486498 |  | 128486498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India |  |  | 59076 | 59076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia |  | 5326257 |  | 5326257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland |  | 7218739 |  | 7218739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel |  | 53457516 |  | 53457516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 196229878 |  | 196229878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 9827757 | 1562329021 |  | 1572156778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luxembourg |  | 814151 |  | 814151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macau |  | 15507308 |  | 15507308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 297564409 |  | 297564409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Zealand |  | 6801284 |  | 6801284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nigeria |  | 2307147 |  | 2307147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norway |  | 36248964 |  | 36248964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portugal |  | 13551550 |  | 13551550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore |  | 65762209 |  | 65762209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 191356862 |  | 191356862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden |  | 128727388 |  | 128727388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 390588368 |  | 390588368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 962594709 |  | 962594709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States |  | 290260646 |  | 290260646 |
| &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 | 73918408 |  |  | 73918408 |
|  | $83746306 | $6431254602 | $59076 | $6515059984 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock Advantage International Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;815998 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815998 |

---

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

*See notes to financial statements.*

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) <br> November 30, 2025 | **BlackRock Advantage Large Cap Growth Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
|  **Aerospace & Defense — 1.4%** |  |  |
|  General Dynamics Corp. | 2646 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903953 |
|  General Electric Co. | 61801 | 18444509 |
|  HEICO Corp., Class A | 9391 | 2319295 |
|  RTX Corp. | 8597 | 1503701 |
|  |  | 23171458 |
|  **Automobiles — 3.3%** |  |  |
|  Tesla, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;128393 | 55230817 |
|  **Banks — 0.3%** |  |  |
|  Bank of America Corp. | 22751 | 1220591 |
|  Citigroup, Inc. | 6862 | 710903 |
|  JPMorgan Chase & Co. | 3349 | 1048505 |
|  NU Holdings Ltd., Class A<sup>(a)</sup> | 90310 | 1570491 |
|  |  | 4550490 |
|  **Beverages — 0.0%** |  |  |
|  Coca-Cola Co. (The) | 6153 | 449907 |
|  **Biotechnology — 2.2%** |  |  |
|  AbbVie, Inc. | 99102 | 22565525 |
|  Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 2589 | 1168234 |
|  Amgen, Inc. | 13053 | 4509289 |
|  Gilead Sciences, Inc. | 9158 | 1152443 |
|  Natera, Inc.<sup>(a)</sup> | 16380 | 3911708 |
|  Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 6965 | 3020094 |
|  |  | 36327293 |
|  **Broadline Retail — 5.0%** |  |  |
|  Amazon.com, Inc.<sup>(a)</sup> | 339384 | 79151136 |
|  Coupang, Inc., Class A<sup>(a)</sup> | 67023 | 1887368 |
|  MercadoLibre, Inc.<sup>(a)</sup> | 315 | 652611 |
|  |  | 81691115 |
|  **Building Products — 0.3%** |  |  |
|  Armstrong World Industries, Inc. | 3408 | 646634 |
|  Trane Technologies PLC | 9046 | 3812708 |
|  |  | 4459342 |
|  **Capital Markets — 1.4%** |  |  |
|  Blackstone, Inc., Class A | 20155 | 2951095 |
|  Charles Schwab Corp. (The) | 155927 | 14459111 |
|  Intercontinental Exchange, Inc. | 8483 | 1334376 |
|  Moody's Corp. | 5172 | 2538314 |
|  Morgan Stanley | 4295 | 728690 |
|  S&P Global, Inc. | 2217 | 1105906 |
|  |  | 23117492 |
|  **Chemicals — 0.1%** |  |  |
|  Cabot Corp. | 1 | 63 |
|  Corteva, Inc. | 14045 | 947616 |
|  |  | 947679 |
|  **Commercial Services & Supplies — 1.3%** |  |  |
|  Cintas Corp. | 54506 | 10139206 |
|  Copart, Inc.<sup>(a)</sup> | 50445 | 1966346 |
|  Republic Services, Inc. | 7566 | 1642276 |
|  Veralto Corp. | 64830 | 6562092 |
|  Waste Connections, Inc. | 5232 | 923710 |
|  Waste Management, Inc. | 4887 | 1064731 |
|  |  | 22298361 |
|  **Communications Equipment — 1.0%** |  |  |
|  Arista Networks, Inc.<sup>(a)</sup> | 88046 | 11505851 |
|  Motorola Solutions, Inc. | 13849 | 5119698 |
|  |  | 16625549 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Construction & Engineering — 0.4%** |  |  |  |
|  Comfort Systems U.S.A., Inc. | 5414 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5289153 |
|  MasTec, Inc.<sup>(a)</sup> | 3859 |  | 825363 |
|  |  |  | 6114516 |
|  **Consumer Finance — 0.4%** |  |  |  |
|  American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11504 |  | 4202066 |
|  Capital One Financial Corp. | 8457 |  | 1852675 |
|  |  |  | 6054741 |
|  **Consumer Staples Distribution & Retail — 2.7%** |  |  |  |
|  Costco Wholesale Corp. | 32006 |  | 29240361 |
|  Walmart, Inc. | 145435 |  | 16072022 |
|  |  |  | 45312383 |
|  **Electrical Equipment — 0.6%** |  |  |  |
|  AMETEK, Inc. | 12118 |  | 2398031 |
|  GE Vernova, Inc. | 9379 |  | 5625243 |
|  Rockwell Automation, Inc. | 4476 |  | 1771869 |
|  Vertiv Holdings Co., Class A | 1843 |  | 331243 |
|  |  |  | 10126386 |
|  **Electronic Equipment, Instruments & Components — 2.0%** | **Electronic Equipment, Instruments & Components — 2.0%** | **Electronic Equipment, Instruments & Components — 2.0%** | **Electronic Equipment, Instruments & Components — 2.0%** |
|  Amphenol Corp., Class A | 165192 |  | 23275553 |
|  Flex Ltd.<sup>(a)</sup> | 79208 |  | 4681985 |
|  Jabil, Inc. | 3637 |  | 766352 |
|  Keysight Technologies, Inc.<sup>(a)</sup> | 17102 |  | 3385341 |
|  TE Connectivity PLC | 6911 |  | 1562922 |
|  |  |  | 33672153 |
|  **Entertainment — 2.8%** |  |  |  |
|  Electronic Arts, Inc. | 16524 |  | 3338343 |
|  Netflix, Inc.<sup>(a)</sup> | 306400 |  | 32962512 |
|  ROBLOX Corp., Class A<sup>(a)</sup> | 20699 |  | 1967026 |
|  Spotify Technology SA<sup>(a)</sup> | 12078 |  | 7233152 |
|  |  |  | 45501033 |
|  **Financial Services — 3.8%** |  |  |  |
|  Klarna Group PLC<sup>(a)</sup> | 11998 |  | 377577 |
|  Mastercard, Inc., Class A | 47033 |  | 25893077 |
|  Visa, Inc., Class A | 110202 |  | 36855957 |
|  |  |  | 63126611 |
|  **Ground Transportation — 0.4%** |  |  |  |
|  Uber Technologies, Inc.<sup>(a)</sup> | 72496 |  | 6346300 |
|  **Health Care Equipment & Supplies — 1.7%** |  |  |  |
|  Boston Scientific Corp.<sup>(a)</sup> | 92166 |  | 9362222 |
|  Intuitive Surgical, Inc.<sup>(a)</sup> | 19848 |  | 11382431 |
|  Stryker Corp. | 19141 |  | 7104757 |
|  |  |  | 27849410 |
|  **Health Care Providers & Services — 0.4%** |  |  |  |
|  Cardinal Health, Inc. | 4718 |  | 1001443 |
|  HCA Healthcare, Inc. | 1468 |  | 746170 |
|  McKesson Corp. | 6462 |  | 5693797 |
|  |  |  | 7441410 |
|  **Hotels, Restaurants & Leisure — 1.0%** |  |  |  |
|  Airbnb, Inc., Class A<sup>(a)</sup> | 3577 |  | 418473 |
|  Booking Holdings, Inc. | 2213 |  | 10876209 |
|  Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 21215 |  | 732342 |
|  DoorDash, Inc., Class A<sup>(a)</sup> | 1320 |  | 261848 |
|  Expedia Group, Inc. | 879 |  | 224751 |
|  Las Vegas Sands Corp. | 7823 |  | 533216 |
|  McDonald's Corp. | 1762 |  | 549427 |
|  Viking Holdings Ltd.<sup>(a)</sup> | 32665 |  | 2181369 |
|  |  |  | 15777635 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock Advantage Large Cap Growth Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Household Durables — 0.2%** |  |  |  |
|  Garmin Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13164 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2571192 |
|  NVR, Inc.<sup>(a)</sup> | 33 |  | 247741 |
|  |  |  | 2818933 |
|  **Industrial Conglomerates — 1.1%** |  |  |  |
|  3M Co. | 21997 |  | 3784584 |
|  Honeywell International, Inc. | 72474 |  | 13928778 |
|  |  |  | 17713362 |
|  **Interactive Media & Services — 11.0%** |  |  |  |
|  Alphabet, Inc., Class A | 200465 |  | 64184884 |
|  Alphabet, Inc., Class C, NVS | 148961 |  | 47685395 |
|  Meta Platforms, Inc., Class A | 106046 |  | 68712506 |
|  |  |  | 180582785 |
|  **IT Services — 0.2%** |  |  |  |
|  International Business Machines Corp. | 12055 |  | 3719932 |
|  **Leisure Products — 0.1%** |  |  |  |
|  Hasbro, Inc | 13471 |  | 1112705 |
|  **Machinery — 0.7%** |  |  |  |
|  Illinois Tool Works, Inc. | 10623 |  | 2648101 |
|  Mueller Industries, Inc. | 2696 |  | 296210 |
|  Parker-Hannifin Corp. | 9580 |  | 8255086 |
|  Westinghouse Air Brake Technologies Corp. | 1568 |  | 327006 |
|  |  |  | 11526403 |
|  **Pharmaceuticals — 3.5%** |  |  |  |
|  Bristol-Myers Squibb Co. | 244506 |  | 12029695 |
|  Eli Lilly & Co. | 41780 |  | 44933137 |
|  |  |  | 56962832 |
|  **Professional Services — 0.0%** |  |  |  |
|  ExlService Holdings, Inc.<sup>(a)</sup> | 4109 |  | 163251 |
|  SS&C Technologies Holdings, Inc. | 2747 |  | 236077 |
|  |  |  | 399328 |
|  **Semiconductors & Semiconductor Equipment — 21.4%** | **Semiconductors & Semiconductor Equipment — 21.4%** | **Semiconductors & Semiconductor Equipment — 21.4%** | **Semiconductors & Semiconductor Equipment — 21.4%** |
|  Advanced Micro Devices, Inc.<sup>(a)</sup> | 205917 |  | 44793125 |
|  Analog Devices, Inc. | 20240 |  | 5370482 |
|  Astera Labs, Inc.<sup>(a)</sup> | 3987 |  | 628232 |
|  Broadcom, Inc. | 270394 |  | 108957966 |
|  KLA Corp. | 5145 |  | 6047793 |
|  Lam Research Corp. | 132120 |  | 20610720 |
|  Marvell Technology, Inc. | 7176 |  | 641534 |
|  Micron Technology, Inc. | 5719 |  | 1352429 |
|  Monolithic Power Systems, Inc. | 1618 |  | 1501779 |
|  NVIDIA Corp. | 837619 |  | 148258563 |
|  NXP Semiconductors NV | 1881 |  | 366682 |
|  QUALCOMM, Inc. | 45752 |  | 7690454 |
|  Skyworks Solutions, Inc. | 5025 |  | 331399 |
|  Texas Instruments, Inc. | 41148 |  | 6923974 |
|  |  |  | 353475132 |
|  **Software — 16.1%** |  |  |  |
|  Adobe, Inc.<sup>(a)</sup> | 34238 |  | 10960611 |
|  AppLovin Corp., Class A<sup>(a)</sup> | 3211 |  | 1924930 |
|  Atlassian Corp., Class A<sup>(a)</sup> | 12931 |  | 1933443 |
|  Autodesk, Inc.<sup>(a)</sup> | 22077 |  | 6696837 |
|  Cadence Design Systems, Inc.<sup>(a)</sup> | 17629 |  | 5497427 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Software (continued)** |  |  |
|  Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 7775 | $3958719 |
|  Elastic NV<sup>(a)</sup> | 9176 | 647183 |
|  Fortinet, Inc.<sup>(a)</sup> | 12899 | 1046496 |
|  FreedomPay, Inc.<sup>(a)(b)</sup> | 43051 | 715938 |
|  HubSpot, Inc.<sup>(a)</sup> | 1560 | 573019 |
|  Intuit, Inc. | 22318 | 14151398 |
|  Manhattan Associates, Inc.<sup>(a)</sup> | 1837 | 324139 |
|  Microsoft Corp. | 281199 | 138352720 |
|  Oracle Corp. | 149883 | 30268872 |
|  Palantir Technologies, Inc., Class A<sup>(a)</sup> | 141536 | 23841739 |
|  Palo Alto Networks, Inc.<sup>(a)</sup> | 27170 | 5165832 |
|  Salesforce, Inc. | 16192 | 3732904 |
|  ServiceNow, Inc.<sup>(a)</sup> | 16324 | 13261781 |
|  Synopsys, Inc.<sup>(a)</sup> | 7355 | 3074464 |
|  |  | 266128452 |
|  **Specialty Retail — 2.0%** |  |  |
|  AutoZone, Inc.<sup>(a)</sup> | 146 | 577332 |
|  Home Depot, Inc. (The) | 32530 | 11610608 |
|  O'Reilly Automotive, Inc.<sup>(a)</sup> | 46267 | 4705354 |
|  TJX Cos., Inc. (The) | 102280 | 15538377 |
|  |  | 32431671 |
|  **Technology Hardware, Storage & Peripherals — 10.2%** | **Technology Hardware, Storage & Peripherals — 10.2%** | **Technology Hardware, Storage & Peripherals — 10.2%** |
|  Apple Inc. | 446957 | 124633959 |
|  Dell Technologies, Inc., Class C | 83805 | 11175397 |
|  Hewlett Packard Enterprise Co. | 88997 | 1946364 |
|  HP, Inc. | 288594 | 7047466 |
|  NetApp, Inc. | 94882 | 10585036 |
|  Pure Storage, Inc., Class A<sup>(a)</sup> | 68410 | 6085754 |
|  Sandisk Corp.<sup>(a)</sup> | 1800 | 401904 |
|  Seagate Technology Holdings PLC | 10406 | 2879236 |
|  Western Digital Corp. | 18973 | 3098860 |
|  |  | 167853976 |
|  **Wireless Telecommunication Services — 0.0%** |  |  |
|  T-Mobile U.S., Inc. | 2391 | 499743 |
|  **Total Long-Term Investments — 99.0%<br>(Cost: $874,956,246)** |  | 1631417335 |
|  **Short-Term Securities** |  |  |
|  **Money Market Funds — 1.0%** |  |  |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares,<br>3.86%<sup>(c)(d)</sup> | 16373258 | 16373258 |
|  **Total Short-Term Securities — 1.0%<br>(Cost: $16,373,258)** |  | 16373258 |
|  **Total Investments — 100.0%<br>(Cost: $891,329,504)** |  | 1647790593 |
|  **Other Assets Less Liabilities — 0.0%** |  | 710101 |
|  **Net Assets — 100.0%** |  | $1648500694 |

---

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

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

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

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock Advantage Large Cap Growth Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |

---

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended November 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Issuer | Value at<br>05/31/25 | Purchases<br>at Cost | Proceeds<br>from Sales | *Net<br>Realized<br>Gain*<br> *(Loss)* | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>11/30/25 | Shares<br>Held at<br>11/30/25 | Income | *Capital*<br> *Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares<sup>(a)</sup> | $— | $8 <sup>(b)</sup> | $— | $(8) | $– $|  |  | $4107 <sup>(c)</sup> | $— |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares | 13188787 | 3184471 <sup>(b)</sup> |  |  | – | 16373258 | 16373258 | 297133 |  |
|  |  |  |  | $(8) | $– $| 16373258 |  | $301240 | $— |

---

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

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

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

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

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

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts | Expiration<br>Date | Notional<br>Amount<br>(000) | *Value/*<br> *Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NASDAQ 100 E-Mini Index | 36 | 12/19/25 | $18347 | $(2756) |

---

#### 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 |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts<sup>(a)</sup> | $— | $— | $2756 | $— | $— | $— | $2756 |

---

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

For the period ended November 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Currency<br>Exchange<br>Contracts | Interest<br>Rate<br>Contracts | Other<br>Contracts | Total |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $2691144 | $— | $— | $— | $2691144 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(340517) | $— | $— | $— | $(340517) |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock Advantage Large Cap Growth Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |

---

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average notional value of contracts — long | $17854368 |

---

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

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $1630701397 | $— | $715938 | $1631417335 |
| &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 | 16373258 |  |  | 16373258 |
|  | $1647074655 | $— | $715938 | $1647790593 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $(2756) | $— | $— | $(2756) |

---

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

*See notes to financial statements.* 

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> November 30, 2025 | **BlackRock Advantage Small Cap Core Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
|  **Aerospace & Defense — 2.4%** |  |  |
|  AeroVironment, Inc.<sup>(a)(b)</sup> | 65148 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18206260 |
|  Archer Aviation, Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1029871 | 8022695 |
|  ATI, Inc.<sup>(a)</sup> | 15456 | 1557965 |
|  Beta Technologies, Inc., Class A<sup>(a)(b)</sup> | 176859 | 4822945 |
|  Carpenter Technology Corp. | 26712 | 8508841 |
|  Ducommun, Inc.<sup>(a)</sup> | 128899 | 11818749 |
|  Huntington Ingalls Industries, Inc. | 7484 | 2347132 |
|  Intuitive Machines, Inc., Class A<sup>(a)(b)</sup> | 123446 | 1172737 |
|  Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 345473 | 26290495 |
|  Leonardo DRS, Inc. | 116475 | 3979951 |
|  Mercury Systems, Inc.<sup>(a)</sup> | 59554 | 4162229 |
|  Moog, Inc., Class A | 53155 | 12208641 |
|  V2X, Inc.<sup>(a)</sup> | 70812 | 3884038 |
|  |  | 106982678 |
|  **Air Freight & Logistics — 0.0%** |  |  |
|  Hub Group, Inc., Class A | 24351 | 939218 |
|  **Automobile Components — 1.4%** |  |  |
|  Adient PLC<sup>(a)</sup> | 309207 | 6017168 |
|  American Axle & Manufacturing Holdings, Inc.<sup>(a)(b)</sup> . | 878822 | 5773861 |
|  BorgWarner, Inc. | 467788 | 20142951 |
|  Cooper-Standard Holdings, Inc.<sup>(a)</sup> | 79812 | 2494125 |
|  Dana, Inc. | 257214 | 5764166 |
|  Fox Factory Holding Corp.<sup>(a)</sup> | 113457 | 1678029 |
|  Garrett Motion, Inc. | 324467 | 5363440 |
|  QuantumScape Corp., Class A<sup>(a)</sup> | 261443 | 3194833 |
|  Standard Motor Products, Inc. | 228964 | 8595309 |
|  Stoneridge, Inc.<sup>(a)(b)</sup> | 88309 | 504244 |
|  Visteon Corp. | 41684 | 4303873 |
|  |  | 63831999 |
|  **Automobiles — 0.1%** |  |  |
|  Winnebago Industries, Inc. | 160710 | 5816095 |
|  **Banks — 10.1%** |  |  |
|  1st Source Corp. | 127882 | 7984952 |
|  Amalgamated Financial Corp. | 391140 | 11479959 |
|  Ameris Bancorp | 137463 | 10414197 |
|  Axos Financial, Inc.<sup>(a)(b)</sup> | 79276 | 6514902 |
|  Bank of Hawaii Corp. | 56178 | 3681906 |
|  Bank of Marin Bancorp | 72369 | 1957943 |
|  Bank7 Corp. | 22973 | 951771 |
|  BankUnited, Inc. | 50498 | 2182019 |
|  BOK Financial Corp. | 25077 | 2824172 |
|  Business First Bancshares, Inc. | 39551 | 1029117 |
|  Byline Bancorp, Inc. | 122048 | 3407580 |
|  Capital City Bank Group, Inc. | 183694 | 7700452 |
|  Capitol Federal Financial, Inc. | 161646 | 1068480 |
|  Chemung Financial Corp. | 63663 | 3353130 |
|  Colony Bankcorp, Inc. | 223453 | 3832219 |
|  Community Trust Bancorp, Inc. | 72817 | 4041343 |
|  Community West Bancshares | 164072 | 3716231 |
|  ConnectOne Bancorp, Inc. | 282115 | 7129046 |
|  Cullen/Frost Bankers, Inc | 216340 | 26765585 |
|  Customers Bancorp, Inc.<sup>(a)</sup> | 86787 | 5979624 |
|  Dime Community Bancshares, Inc. | 49928 | 1415459 |
|  Eastern Bankshares, Inc. | 620261 | 11679515 |
|  Enterprise Financial Services Corp. | 204121 | 11147048 |
|  First Bank | 41573 | 653320 |
|  First Busey Corp. | 111847 | 2632878 |
|  First Business Financial Services, Inc. | 130320 | 6805310 |
|  First Community Bankshares, Inc. | 61695 | 2061847 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Banks (continued)** |  |  |
|  First Financial Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;247451 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7730369 |
|  First Financial Corp. | 123980 | 7236713 |
|  First Financial Northwest, Inc.<sup>(a)</sup> | 10701 | 5993 |
|  First Hawaiian, Inc. | 532165 | 13261552 |
|  First Horizon Corp. | 559507 | 12499386 |
|  First Internet Bancorp. | 63377 | 1207332 |
|  First Interstate BancSystem, Inc., Class A | 36156 | 1187363 |
|  First Mid Bancshares, Inc. | 77349 | 2943903 |
|  First United Corp. | 26081 | 995773 |
|  Flushing Financial Corp. | 104785 | 1719522 |
|  Glacier Bancorp, Inc. | 18043 | 763219 |
|  Greene County Bancorp, Inc. | 28014 | 638719 |
|  HBT Financial, Inc. | 161586 | 3910381 |
|  Heritage Commerce Corp. | 935244 | 10184807 |
|  Heritage Financial Corp. | 29261 | 700508 |
|  HomeTrust Bancshares, Inc. | 121731 | 4992188 |
|  Horizon Bancorp, Inc. | 766733 | 13141804 |
|  Independent Bank Corp. | 179604 | 5864071 |
|  Investar Holding Corp. | 73692 | 1827562 |
|  Kearny Financial Corp. | 839176 | 5765139 |
|  Live Oak Bancshares, Inc. | 264093 | 8429849 |
|  Mercantile Bank Corp. | 56369 | 2591847 |
|  Metropolitan Bank Holding Corp. | 23799 | 1775643 |
|  Midland States Bancorp, Inc. | 350872 | 5705179 |
|  National Bank Holdings Corp., Class A | 55378 | 2060615 |
|  Nicolet Bankshares, Inc. | 39472 | 4972683 |
|  Northfield Bancorp, Inc. | 381597 | 4102168 |
|  Northrim BanCorp, Inc. | 417944 | 10264705 |
|  OceanFirst Financial Corp. | 926165 | 17458210 |
|  Orange County Bancorp, Inc. | 273489 | 7414287 |
|  Origin Bancorp, Inc. | 80350 | 2923936 |
|  Park National Corp. | 60590 | 9303594 |
|  Peapack-Gladstone Financial Corp. | 104607 | 2824389 |
|  Peoples Bancorp, Inc. | 126436 | 3746299 |
|  Pinnacle Financial Partners, Inc. | 369687 | 33892904 |
|  Primis Financial Corp. | 97848 | 1098833 |
|  Provident Financial Services, Inc. | 417741 | 8012272 |
|  Republic Bancorp, Inc., Class A | 30107 | 2077684 |
|  Riverview Bancorp, Inc. | 196476 | 1035428 |
|  Shore Bancshares, Inc. | 212399 | 3710611 |
|  Sierra Bancorp | 80749 | 2508064 |
|  SmartFinancial, Inc. | 39059 | 1416279 |
|  South Plains Financial, Inc. | 77325 | 2922112 |
|  Southern First Bancshares, Inc.<sup>(a)</sup> | 48726 | 2473332 |
|  Southern Missouri Bancorp, Inc. | 69320 | 3902023 |
|  Southside Bancshares, Inc. | 24171 | 708935 |
|  Synovus Financial Corp. | 368121 | 17743432 |
|  Timberland Bancorp, Inc. | 25486 | 871621 |
|  Tompkins Financial Corp. | 37938 | 2621895 |
|  United Community Banks, Inc. | 168181 | 5139611 |
|  Univest Financial Corp. | 173462 | 5516092 |
|  Washington Trust Bancorp, Inc. | 254873 | 7238393 |
|  WesBanco, Inc. | 402296 | 12982092 |
|  |  | 448431326 |
|  **Beverages — 0.0%** |  |  |
|  Vita Coco Co., Inc. (The)<sup>(a)</sup> | 14527 | 775887 |
|  **Biotechnology — 9.2%** |  |  |
|  4D Molecular Therapeutics, Inc.<sup>(a)(b)</sup> | 144598 | 1686013 |
|  ACADIA Pharmaceuticals, Inc.<sup>(a)</sup> | 220972 | 5533139 |
|  ADMA Biologics, Inc.<sup>(a)</sup> | 168785 | 3237296 |
|  Akero Therapeutics, Inc.<sup>(a)</sup> | 54672 | 2971970 |
|  Alector, Inc.<sup>(a)</sup> | 643388 | 855706 |

---

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

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock Advantage Small Cap Core Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Biotechnology (continued)** |  |  |
|  Alkermes PLC<sup>(a)</sup> | 378313 | $11190499 |
|  Altimmune, Inc.<sup>(a)(b)</sup> | 420014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2209274 |
|  Amicus Therapeutics, Inc.<sup>(a)</sup> | 157011 | 1559119 |
|  Arcturus Therapeutics Holdings, Inc.<sup>(a)</sup> | 136947 | 929870 |
|  Arcus Biosciences, Inc.<sup>(a)</sup> | 177115 | 4622702 |
|  Arcutis Biotherapeutics, Inc.<sup>(a)(b)</sup> | 26638 | 816455 |
|  Ardelyx, Inc.<sup>(a)</sup> | 840582 | 4875376 |
|  Arrowhead Pharmaceuticals, Inc.<sup>(a)</sup> | 201779 | 10633753 |
|  ARS Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 65 | 620 |
|  Astria Therapeutics, Inc.<sup>(a)</sup> | 55208 | 698381 |
|  Avidity Biosciences, Inc.<sup>(a)</sup> | 117932 | 8455724 |
|  Beam Therapeutics, Inc.<sup>(a)</sup> | 94574 | 2395559 |
|  BioCryst Pharmaceuticals, Inc.<sup>(a)</sup> | 916314 | 6579135 |
|  Biohaven Ltd.<sup>(a)</sup> | 139737 | 1401562 |
|  Bridgebio Pharma, Inc.<sup>(a)</sup> | 272524 | 19624453 |
|  Caris Life Sciences, Inc.<sup>(a)(b)</sup> | 44344 | 1132102 |
|  Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | 377188 | 8829971 |
|  Celcuity, Inc.<sup>(a)</sup> | 25170 | 2545694 |
|  Celldex Therapeutics, Inc.<sup>(a)</sup> | 185181 | 5003591 |
|  Cidara Therapeutics, Inc.<sup>(a)</sup> | 14321 | 3148901 |
|  Cogent Biosciences, Inc.<sup>(a)</sup> | 144586 | 5815249 |
|  Coherus Oncology, Inc.<sup>(a)(b)</sup> | 952361 | 1295211 |
|  Corvus Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 91355 | 837725 |
|  CRISPR Therapeutics AG<sup>(a)(b)</sup> | 67509 | 3609706 |
|  Cytokinetics, Inc.<sup>(a)(b)</sup> | 175748 | 11973711 |
|  Day One Biopharmaceuticals, Inc.<sup>(a)</sup> | 570836 | 5417234 |
|  Denali Therapeutics, Inc.<sup>(a)(b)</sup> | 272543 | 5306412 |
|  Dyne Therapeutics, Inc.<sup>(a)</sup> | 129370 | 2833203 |
|  Editas Medicine, Inc.<sup>(a)(b)</sup> | 333700 | 804217 |
|  Enanta Pharmaceuticals, Inc.<sup>(a)</sup> | 104083 | 1469652 |
|  Fate Therapeutics, Inc.<sup>(a)</sup> | 899508 | 1025439 |
|  GRAIL, Inc.<sup>(a)</sup> | 45782 | 5053875 |
|  Ideaya Biosciences, Inc.<sup>(a)</sup> | 253989 | 9047088 |
|  Incyte Corp.<sup>(a)</sup> | 43019 | 4493765 |
|  Intellia Therapeutics, Inc.<sup>(a)(b)</sup> | 341817 | 3072935 |
|  Ionis Pharmaceuticals, Inc.<sup>(a)</sup> | 58925 | 4874865 |
|  Iovance Biotherapeutics, Inc.<sup>(a)</sup> | 1121185 | 2769327 |
|  Janux Therapeutics, Inc.<sup>(a)</sup> | 40053 | 1365407 |
|  Karyopharm Therapeutics, Inc.<sup>(a)</sup> | 46618 | 261993 |
|  Kodiak Sciences, Inc.<sup>(a)(b)</sup> | 182008 | 4182544 |
|  Krystal Biotech, Inc., Class A3<sup>(a)</sup> | 17642 | 3845956 |
|  Kura Oncology, Inc.<sup>(a)</sup> | 515821 | 6262067 |
|  Kymera Therapeutics, Inc.<sup>(a)</sup> | 83359 | 5658409 |
|  Madrigal Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 30725 | 18342210 |
|  MannKind Corp.<sup>(a)</sup> | 1046073 | 5596491 |
|  MiMedx Group, Inc.<sup>(a)</sup> | 487738 | 3355637 |
|  Mineralys Therapeutics, Inc.<sup>(a)</sup> | 41508 | 1789825 |
|  Mirum Pharmaceuticals, Inc.<sup>(a)</sup> | 71791 | 5244333 |
|  Moderna, Inc.<sup>(a)</sup> | 191584 | 4977352 |
|  Monte Rosa Therapeutics, Inc.<sup>(a)</sup> | 91481 | 1479248 |
|  Myriad Genetics, Inc.<sup>(a)</sup> | 203200 | 1550416 |
|  Natera, Inc.<sup>(a)</sup> | 19393 | 4631242 |
|  Nurix Therapeutics, Inc.<sup>(a)</sup> | 134644 | 2380506 |
|  Nuvalent, Inc., Class A<sup>(a)</sup> | 31706 | 3467051 |
|  Olema Pharmaceuticals, Inc.<sup>(a)</sup> | 143635 | 4067743 |
|  ORIC Pharmaceuticals, Inc.<sup>(a)</sup> | 63627 | 755889 |
|  PMV Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 228533 | 301664 |
|  Praxis Precision Medicines, Inc.<sup>(a)</sup> | 37799 | 7425992 |
|  Protagonist Therapeutics, Inc.<sup>(a)</sup> | 55328 | 4979520 |
|  Prothena Corp. PLC<sup>(a)</sup> | 89664 | 963888 |
|  PTC Therapeutics, Inc.<sup>(a)</sup> | 123479 | 10617959 |
|  Puma Biotechnology, Inc.<sup>(a)</sup> | 211579 | 1068474 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Biotechnology (continued)** |  |  |
|  Recursion Pharmaceuticals, Inc., Class A<sup>(a)(b)</sup> | 550495 | $2548792 |
|  REGENXBIO, Inc.<sup>(a)</sup> | 432502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5791202 |
|  Relay Therapeutics, Inc.<sup>(a)</sup> | 739153 | 5854092 |
|  Replimune Group, Inc.<sup>(a)</sup> | 125011 | 1250110 |
|  Revolution Medicines, Inc.<sup>(a)</sup> | 22170 | 1723939 |
|  Rezolute, Inc.<sup>(a)</sup> | 89768 | 872545 |
|  Rhythm Pharmaceuticals, Inc.<sup>(a)</sup> | 52559 | 5733661 |
|  Rigel Pharmaceuticals, Inc.<sup>(a)</sup> | 68153 | 3441045 |
|  Sarepta Therapeutics, Inc.<sup>(a)(b)</sup> | 138705 | 2959965 |
|  Scholar Rock Holding Corp.<sup>(a)</sup> | 67085 | 2955765 |
|  Soleno Therapeutics, Inc.<sup>(a)</sup> | 95642 | 4825139 |
|  Syndax Pharmaceuticals, Inc.<sup>(a)</sup> | 362427 | 7183303 |
|  Taysha Gene Therapies, Inc.<sup>(a)</sup> | 163853 | 776663 |
|  TG Therapeutics, Inc.<sup>(a)(b)</sup> | 337917 | 11239119 |
|  Travere Therapeutics, Inc.<sup>(a)</sup> | 197421 | 6990678 |
|  Twist Bioscience Corp.<sup>(a)</sup> | 239781 | 7675390 |
|  Ultragenyx Pharmaceutical, Inc.<sup>(a)</sup> | 136374 | 4738996 |
|  UroGen Pharma Ltd.<sup>(a)(b)</sup> | 92400 | 2662044 |
|  Vanda Pharmaceuticals, Inc.<sup>(a)</sup> | 987312 | 5291992 |
|  Vaxcyte, Inc.<sup>(a)</sup> | 156354 | 7756722 |
|  Veracyte, Inc.<sup>(a)</sup> | 219845 | 10407462 |
|  Viking Therapeutics, Inc.<sup>(a)(b)</sup> | 132414 | 4874159 |
|  Vir Biotechnology, Inc.<sup>(a)</sup> | 376994 | 2420301 |
|  Voyager Therapeutics, Inc.<sup>(a)</sup> | 231547 | 947027 |
|  Xencor, Inc.<sup>(a)</sup> | 268586 | 4651910 |
|  Xenon Pharmaceuticals, Inc.<sup>(a)</sup> | 10062 | 449973 |
|  Zymeworks, Inc.<sup>(a)</sup> | 195673 | 5226426 |
|  |  | 406456715 |
|  **Broadline Retail — 0.6%** |  |  |
|  Etsy, Inc.<sup>(a)</sup> | 117973 | 6396496 |
|  Groupon, Inc.<sup>(a)(b)</sup> | 218103 | 3688122 |
|  Kohl's Corp. | 320330 | 7876915 |
|  Macy's, Inc. | 169212 | 3783580 |
|  Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 26185 | 3223635 |
|  |  | 24968748 |
|  **Building Products — 0.6%** |  |  |
|  American Woodmark Corp.<sup>(a)</sup> | 23152 | 1276370 |
|  Apogee Enterprises, Inc. | 27756 | 1010596 |
|  Armstrong World Industries, Inc. | 19736 | 3744709 |
|  AZZ, Inc. | 13980 | 1473772 |
|  Gibraltar Industries, Inc.<sup>(a)</sup> | 80681 | 4030823 |
|  Modine Manufacturing Co.<sup>(a)</sup> | 31204 | 5059104 |
|  Resideo Technologies, Inc.<sup>(a)</sup> | 204140 | 6734578 |
|  Zurn Elkay Water Solutions Corp. | 87910 | 4193307 |
|  |  | 27523259 |
|  **Capital Markets — 1.2%** |  |  |
|  Acadian Asset Management, Inc. | 195517 | 8766982 |
|  BGC Group, Inc., Class A | 129626 | 1127746 |
|  FactSet Research Systems, Inc. | 13015 | 3608669 |
|  Franklin Resources, Inc. | 180382 | 4074829 |
|  Houlihan Lokey, Inc., Class A | 30690 | 5383026 |
|  MarketAxess Holdings, Inc. | 17782 | 2914292 |
|  PJT Partners, Inc., Class A | 44341 | 7449732 |
|  SEI Investments Co. | 97715 | 7901235 |
|  StepStone Group, Inc., Class A | 10137 | 640253 |
|  Virtu Financial, Inc., Class A | 330700 | 11825832 |
|  |  | 53692596 |
|  **Chemicals — 0.6%** |  |  |
|  Balchem Corp. | 19770 | 3088272 |
|  Huntsman Corp. | 658951 | 6866269 |
|  Mativ Holdings, Inc. | 515467 | 6438183 |

---

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

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock Advantage Small Cap Core Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
|  Minerals Technologies, Inc. | 33811 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1983015 |
|  Rayonier Advanced Materials, Inc.<sup>(a)</sup> | 216446 |  | 1413392 |
|  Tronox Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;1183705 |  | 4900539 |
|  |  |  | 24689670 |
|  **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** |
|  ACV Auctions, Inc., Class A<sup>(a)</sup> | 108661 |  | 852989 |
|  CoreCivic, Inc.<sup>(a)</sup> | 337675 |  | 6095034 |
|  GEO Group, Inc. (The)<sup>(a)</sup> | 345893 |  | 5451274 |
|  Healthcare Services Group, Inc.<sup>(a)</sup> | 346891 |  | 6514613 |
|  MillerKnoll, Inc. | 70261 |  | 1112231 |
|  Montrose Environmental Group, Inc.<sup>(a)</sup> | 99246 |  | 2545660 |
|  |  |  | 22571801 |
|  **Communications Equipment — 1.4%** | **Communications Equipment — 1.4%** | **Communications Equipment — 1.4%** | **Communications Equipment — 1.4%** |
|  ADTRAN Holdings, Inc.<sup>(a)</sup> | 283896 |  | 2251295 |
|  Applied Optoelectronics, Inc.<sup>(a)(b)</sup> | 68864 |  | 1844178 |
|  Calix, Inc.<sup>(a)</sup> | 352767 |  | 19497432 |
|  Ciena Corp.<sup>(a)</sup> | 22240 |  | 4541630 |
|  CommScope Holding Co., Inc.<sup>(a)</sup> | 360004 |  | 7106479 |
|  Extreme Networks, Inc.<sup>(a)</sup> | 173908 |  | 3043390 |
|  Harmonic, Inc.<sup>(a)</sup> | 468266 |  | 4476623 |
|  Lumentum Holdings, Inc.<sup>(a)(b)</sup> | 25531 |  | 8301660 |
|  NETGEAR, Inc.<sup>(a)</sup> | 91790 |  | 2427846 |
|  NetScout Systems, Inc.<sup>(a)</sup> | 48416 |  | 1301422 |
|  Viasat, Inc.<sup>(a)</sup> | 172933 |  | 5936790 |
|  |  |  | 60728745 |
|  **Construction & Engineering — 3.1%** | **Construction & Engineering — 3.1%** | **Construction & Engineering — 3.1%** | **Construction & Engineering — 3.1%** |
|  Argan, Inc. | 17954 |  | 7095421 |
|  Centuri Holdings, Inc.<sup>(a)</sup> | 77942 |  | 1752916 |
|  Comfort Systems U.S.A., Inc. | 23434 |  | 22893612 |
|  Construction Partners, Inc., Class A<sup>(a)(b)</sup> | 77969 |  | 8498621 |
|  Dycom Industries, Inc.<sup>(a)</sup> | 77504 |  | 28020021 |
|  Fluor Corp.<sup>(a)</sup> | 275817 |  | 11840824 |
|  MasTec, Inc.<sup>(a)</sup> | 80269 |  | 17167934 |
|  Matrix Service Co.<sup>(a)</sup> | 63476 |  | 742034 |
|  Primoris Services Corp. | 102624 |  | 12988093 |
|  Sterling Infrastructure, Inc.<sup>(a)</sup> | 28329 |  | 9753958 |
|  Tutor Perini Corp.<sup>(a)</sup> | 222374 |  | 15243738 |
|  |  |  | 135997172 |
|  **Construction Materials — 0.0%** | **Construction Materials — 0.0%** | **Construction Materials — 0.0%** | **Construction Materials — 0.0%** |
|  United States Lime & Minerals, Inc. | 5967 |  | 725408 |
|  **Consumer Finance — 1.9%** | **Consumer Finance — 1.9%** | **Consumer Finance — 1.9%** | **Consumer Finance — 1.9%** |
|  Ally Financial, Inc. | 124650 |  | 5148045 |
|  Dave, Inc., Class A<sup>(a)</sup> | 13666 |  | 2982741 |
|  Encore Capital Group, Inc.<sup>(a)</sup> | 97296 |  | 5048689 |
|  Enova International, Inc.<sup>(a)(b)</sup> | 179662 |  | 23551892 |
|  EZCORP, Inc., Class A, NVS<sup>(a)</sup> | 527674 |  | 10173555 |
|  Figure Technology Solutions, Inc., Class A<sup>(a)(b)</sup> | 55876 |  | 2024946 |
|  LendingClub Corp.<sup>(a)</sup> | 163519 |  | 2959694 |
|  LendingTree, Inc.<sup>(a)</sup> | 41213 |  | 2350377 |
|  Navient Corp. | 163213 |  | 2023841 |
|  OneMain Holdings, Inc. | 157399 |  | 9763460 |
|  PRA Group, Inc.<sup>(a)</sup> | 303599 |  | 4918304 |
|  Regional Management Corp. | 114267 |  | 4346717 |
|  Upstart Holdings, Inc.<sup>(a)(b)</sup> | 196654 |  | 8841564 |
|  |  |  | 84133825 |
|  **Consumer Staples Distribution & Retail — 1.2%** | **Consumer Staples Distribution & Retail — 1.2%** | **Consumer Staples Distribution & Retail — 1.2%** | **Consumer Staples Distribution & Retail — 1.2%** |
|  Andersons, Inc. (The) | 55491 |  | 2857787 |
|  BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 104162 |  | 9294375 |
|  Chefs' Warehouse, Inc. (The)<sup>(a)</sup> | 43081 |  | 2641727 |
|  Grocery Outlet Holding Corp.<sup>(a)</sup> | 129033 |  | 1436137 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Consumer Staples Distribution & Retail (continued)** | **Consumer Staples Distribution & Retail (continued)** | **Consumer Staples Distribution & Retail (continued)** | **Consumer Staples Distribution & Retail (continued)** |
|  Maplebear, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;176995 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7435560 |
|  PriceSmart, Inc. | 49795 |  | 6129765 |
|  Sprouts Farmers Market, Inc.<sup>(a)</sup> | 175236 |  | 14686529 |
|  United Natural Foods, Inc.<sup>(a)</sup> | 246307 |  | 9189714 |
|  |  |  | 53671594 |
|  **Distributors — 0.1%** | **Distributors — 0.1%** | **Distributors — 0.1%** | **Distributors — 0.1%** |
|  A-Mark Precious Metals, Inc | 48844 |  | 1402311 |
|  GigaCloud Technology, Inc., Class A<sup>(a)(b)</sup> | 57954 |  | 2150094 |
|  |  |  | 3552405 |
|  **Diversified Consumer Services — 1.3%** | **Diversified Consumer Services — 1.3%** | **Diversified Consumer Services — 1.3%** | **Diversified Consumer Services — 1.3%** |
|  Adtalem Global Education, Inc.<sup>(a)</sup> | 34368 |  | 3181102 |
|  American Public Education, Inc.<sup>(a)(b)</sup> | 71611 |  | 2493137 |
|  Bright Horizons Family Solutions, Inc.<sup>(a)</sup> | 63081 |  | 6482204 |
|  Coursera, Inc.<sup>(a)</sup> | 743925 |  | 5914204 |
|  Duolingo, Inc., Class A<sup>(a)</sup> | 15719 |  | 3008774 |
|  Frontdoor, Inc.<sup>(a)</sup> | 150032 |  | 8091226 |
|  Laureate Education, Inc., Class A<sup>(a)</sup> | 510059 |  | 15760823 |
|  Perdoceo Education Corp. | 89014 |  | 2488831 |
|  Strategic Education, Inc. | 19227 |  | 1500091 |
|  Stride, Inc.<sup>(a)</sup> | 66985 |  | 4255557 |
|  Universal Technical Institute, Inc.<sup>(a)</sup> | 119572 |  | 2752547 |
|  |  |  | 55928496 |
|  **Diversified REITs — 0.3%** | **Diversified REITs — 0.3%** | **Diversified REITs — 0.3%** | **Diversified REITs — 0.3%** |
|  Alexander & Baldwin, Inc. | 238361 |  | 3725582 |
|  American Assets Trust, Inc. | 116319 |  | 2268221 |
|  Essential Properties Realty Trust, Inc. | 294178 |  | 9313675 |
|  |  |  | 15307478 |
|  **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** |
|  Bandwidth, Inc., Class A<sup>(a)</sup> | 230103 |  | 3276667 |
|  Cogent Communications Holdings, Inc. | 37694 |  | 719201 |
|  Globalstar, Inc.<sup>(a)(b)</sup> | 70608 |  | 4289436 |
|  IDT Corp., Class B | 111725 |  | 5560553 |
|  Iridium Communications, Inc. | 127220 |  | 2086408 |
|  Lumen Technologies, Inc.<sup>(a)</sup> | 1422754 |  | 11538535 |
|  |  |  | 27470800 |
|  **Electric Utilities — 0.6%** | **Electric Utilities — 0.6%** | **Electric Utilities — 0.6%** | **Electric Utilities — 0.6%** |
|  Genie Energy Ltd., Class B | 220682 |  | 3195476 |
|  Oklo, Inc., Class A<sup>(a)</sup> | 106485 |  | 9730599 |
|  Portland General Electric Co. | 253916 |  | 12904011 |
|  |  |  | 25830086 |
|  **Electrical Equipment — 2.8%** | **Electrical Equipment — 2.8%** | **Electrical Equipment — 2.8%** | **Electrical Equipment — 2.8%** |
|  American Superconductor Corp.<sup>(a)</sup> | 89986 |  | 2797665 |
|  Bloom Energy Corp., Class A<sup>(a)</sup> | 381773 |  | 41704883 |
|  EnerSys | 106293 |  | 15211591 |
|  Enovix Corp.<sup>(a)(b)</sup> | 228830 |  | 1782586 |
|  Eos Energy Enterprises, Inc., Class A<sup>(a)(b)</sup> | 339055 |  | 5102778 |
|  Fluence Energy, Inc., Class A<sup>(a)(b)</sup> | 131485 |  | 2582365 |
|  NANO Nuclear Energy, Inc.<sup>(a)(b)</sup> | 30752 |  | 1005590 |
|  Nextpower, Inc., Class A<sup>(a)</sup> | 283832 |  | 26004688 |
|  NuScale Power Corp., Class A<sup>(a)(b)</sup> | 275018 |  | 5500360 |
|  Plug Power, Inc.<sup>(a)</sup> | 1050895 |  | 2112299 |
|  Shoals Technologies Group, Inc., Class A<sup>(a)</sup> | 315156 |  | 2644159 |
|  Sunrun, Inc.<sup>(a)</sup> | 374177 |  | 7577084 |
|  Vicor Corp.<sup>(a)</sup> | 92449 |  | 8260318 |
|  |  |  | 122286366 |
|  **Electronic Equipment, Instruments & Components — 3.6%** | **Electronic Equipment, Instruments & Components — 3.6%** | **Electronic Equipment, Instruments & Components — 3.6%** | **Electronic Equipment, Instruments & Components — 3.6%** |
|  Advanced Energy Industries, Inc. | 68333 |  | 14431246 |
|  Arlo Technologies, Inc.<sup>(a)</sup> | 108911 |  | 1579210 |
|  Badger Meter, Inc. | 49149 |  | 8775062 |

---

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

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock Advantage Small Cap Core Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
|  Cognex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183285 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6983159 |
|  Coherent Corp.<sup>(a)</sup> | 12228 | 2008571 |
|  Fabrinet<sup>(a)</sup> | 64294 | 29537307 |
|  Flex Ltd.<sup>(a)</sup> | 119978 | 7091900 |
|  Insight Enterprises, Inc.<sup>(a)</sup> | 76697 | 6639659 |
|  Kimball Electronics, Inc.<sup>(a)</sup> | 53534 | 1547133 |
|  Methode Electronics, Inc. | 208959 | 1583909 |
|  Mirion Technologies, Inc., Class A<sup>(a)(b)</sup> | 322135 | 8381953 |
|  nLight, Inc.<sup>(a)</sup> | 213127 | 7508464 |
|  Novanta, Inc.<sup>(a)</sup> | 13503 | 1534751 |
|  OSI Systems, Inc.<sup>(a)</sup> | 23520 | 6370392 |
|  Ouster, Inc.<sup>(a)</sup> | 163345 | 3750401 |
|  PC Connection, Inc. | 169459 | 9835400 |
|  Plexus Corp.<sup>(a)</sup> | 59804 | 8548982 |
|  Sanmina Corp.<sup>(a)</sup> | 84095 | 13132696 |
|  ScanSource, Inc.<sup>(a)</sup> | 94409 | 3882098 |
|  TTM Technologies, Inc.<sup>(a)</sup> | 252918 | 17749785 |
|  |  | 160872078 |
|  **Energy Equipment & Services — 1.2%** |  |  |
|  Archrock, Inc. | 349201 | 8569393 |
|  Borr Drilling Ltd.<sup>(b)</sup> | 397155 | 1314583 |
|  Expro Group Holdings NV<sup>(a)</sup> | 95311 | 1329588 |
|  Helix Energy Solutions Group, Inc.<sup>(a)</sup> | 242057 | 1612100 |
|  Liberty Energy, Inc., Class A | 305664 | 5434706 |
|  Oceaneering International, Inc.<sup>(a)</sup> | 317423 | 7745121 |
|  Oil States International, Inc.<sup>(a)</sup> | 488297 | 3076271 |
|  Patterson-UTI Energy, Inc. | 638216 | 3708035 |
|  ProPetro Holding Corp.<sup>(a)</sup> | 454485 | 4349421 |
|  Solaris Energy Infrastructure, Inc., Class A | 33914 | 1624142 |
|  Transocean Ltd.<sup>(a)</sup> | 2937513 | 12954432 |
|  |  | 51717792 |
|  **Entertainment — 0.3%** |  |  |
|  AMC Entertainment Holdings, Inc., Class A<sup>(a)(b)</sup> | 1188598 | 2912065 |
|  Eros Media World PLC, Class A<sup>(a)</sup> | 23977 | 2 |
|  Eventbrite, Inc., Class A<sup>(a)</sup> | 308687 | 768631 |
|  Lionsgate Studios Corp.<sup>(a)(b)</sup> | 238594 | 1779911 |
|  Marcus Corp. (The) | 124624 | 1956597 |
|  Roku, Inc., Class A<sup>(a)</sup> | 79400 | 7685126 |
|  |  | 15102332 |
|  **Financial Services — 1.5%** |  |  |
|  Affirm Holdings, Inc., Class A<sup>(a)(b)</sup> | 28055 | 1990502 |
|  Banco Latinoamericano de Comercio Exterior SA, Class E | 149845 | 6728041 |
|  Essent Group Ltd. | 232478 | 14590319 |
|  NMI Holdings, Inc., Class A<sup>(a)</sup> | 478207 | 18243597 |
|  Pagseguro Digital Ltd., Class A | 485012 | 5082926 |
|  Radian Group, Inc. | 51875 | 1844156 |
|  Remitly Global, Inc.<sup>(a)</sup> | 740911 | 10035639 |
|  Repay Holdings Corp., Class A<sup>(a)</sup> | 279982 | 929540 |
|  StoneCo Ltd., Class A<sup>(a)</sup> | 111988 | 1886998 |
|  Velocity Financial, Inc.<sup>(a)</sup> | 253384 | 4897913 |
|  |  | 66229631 |
|  **Food Products — 0.3%** |  |  |
|  Cal-Maine Foods, Inc. | 98115 | 8174942 |
|  Marzetti Co. (The) | 12297 | 2052861 |
|  SunOpta, Inc.<sup>(a)</sup> | 468388 | 1761139 |
|  Vital Farms, Inc.<sup>(a)</sup> | 26413 | 863705 |
|  |  | 12852647 |
|  **Gas Utilities — 1.0%** |  |  |
|  Brookfield Infrastructure Corp., Class A | 249087 | 11370821 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Gas Utilities (continued)** |  |  |
|  New Jersey Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359648 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17291876 |
|  ONE Gas, Inc. | 161301 | 13507346 |
|  Southwest Gas Holdings, Inc. | 25866 | 2148171 |
|  |  | 44318214 |
|  **Ground Transportation — 0.2%** |  |  |
|  Covenant Logistics Group, Inc., Class A | 261950 | 5223283 |
|  Lyft, Inc., Class A<sup>(a)</sup> | 267894 | 5633811 |
|  |  | 10857094 |
|  **Health Care Equipment & Supplies — 2.0%** |  |  |
|  Alphatec Holdings, Inc.<sup>(a)</sup> | 193501 | 4363448 |
|  AngioDynamics, Inc.<sup>(a)</sup> | 232762 | 2886249 |
|  Cerus Corp.<sup>(a)</sup> | 1580086 | 2780951 |
|  Enovis Corp.<sup>(a)</sup> | 35173 | 1064687 |
|  Glaukos Corp.<sup>(a)(b)</sup> | 89527 | 9515825 |
|  Haemonetics Corp.<sup>(a)</sup> | 30161 | 2453597 |
|  Inspire Medical Systems, Inc.<sup>(a)</sup> | 16582 | 2062967 |
|  iRadimed Corp. | 57624 | 5371709 |
|  iRhythm Technologies, Inc.<sup>(a)</sup> | 70905 | 13330849 |
|  Lantheus Holdings, Inc.<sup>(a)</sup> | 37262 | 2193614 |
|  LeMaitre Vascular, Inc | 20050 | 1663147 |
|  LivaNova PLC<sup>(a)</sup> | 36839 | 2350697 |
|  NeuroPace, Inc.<sup>(a)</sup> | 235311 | 3849688 |
|  Novocure Ltd.<sup>(a)</sup> | 653617 | 8372834 |
|  Omnicell, Inc.<sup>(a)</sup> | 164661 | 6011773 |
|  OraSure Technologies, Inc.<sup>(a)</sup> | 459564 | 1093762 |
|  PROCEPT BioRobotics Corp.<sup>(a)</sup> | 24929 | 789751 |
|  SI-BONE, Inc.<sup>(a)</sup> | 83359 | 1622166 |
|  Tandem Diabetes Care, Inc.<sup>(a)</sup> | 207718 | 4364155 |
|  TransMedics Group, Inc.<sup>(a)</sup> | 56160 | 8216770 |
|  Varex Imaging Corp.<sup>(a)</sup> | 191192 | 2212091 |
|  |  | 86570730 |
|  **Health Care Providers & Services — 4.7%** |  |  |
|  Acadia Healthcare Co., Inc.<sup>(a)(b)</sup> | 65124 | 1120133 |
|  Addus HomeCare Corp.<sup>(a)</sup> | 34883 | 4192937 |
|  agilon health, Inc.<sup>(a)</sup> | 530273 | 345261 |
|  Alignment Healthcare, Inc.<sup>(a)</sup> | 240227 | 4614761 |
|  Aveanna Healthcare Holdings, Inc.<sup>(a)</sup> | 414893 | 3875101 |
|  Billiontoone, Inc., Class A<sup>(a)</sup> | 181 | 23562 |
|  BrightSpring Health Services, Inc.<sup>(a)</sup> | 219297 | 7929779 |
|  Brookdale Senior Living, Inc.<sup>(a)</sup> | 164405 | 1829828 |
|  Castle Biosciences, Inc.<sup>(a)</sup> | 206424 | 8246639 |
|  Clover Health Investments Corp., Class A<sup>(a)(b)</sup> | 379302 | 944462 |
|  Concentra Group Holdings Parent, Inc. | 95490 | 1963274 |
|  CorVel Corp.<sup>(a)</sup> | 86742 | 6347779 |
|  Cross Country Healthcare, Inc.<sup>(a)</sup> | 47204 | 484313 |
|  Encompass Health Corp. | 61571 | 7155782 |
|  Enhabit, Inc.<sup>(a)</sup> | 106138 | 948874 |
|  Ensign Group, Inc. (The) | 57147 | 10603054 |
|  Fulgent Genetics, Inc.<sup>(a)</sup> | 317251 | 9384284 |
|  GeneDx Holdings Corp., Class A<sup>(a)</sup> | 30848 | 5150074 |
|  Guardant Health, Inc.<sup>(a)</sup> | 228438 | 24767248 |
|  Guardian Pharmacy Services, Inc., Class A<sup>(a)</sup> | 65949 | 1930987 |
|  HealthEquity, Inc.<sup>(a)</sup> | 152034 | 15990936 |
|  Hims & Hers Health, Inc., Class A<sup>(a)(b)</sup> | 398774 | 15855254 |
|  Hinge Health, Inc., Class A<sup>(a)</sup> | 93112 | 4554108 |
|  LifeStance Health Group, Inc.<sup>(a)</sup> | 1780053 | 11570344 |
|  NeoGenomics, Inc.<sup>(a)</sup> | 93469 | 1130975 |
|  Option Care Health, Inc.<sup>(a)</sup> | 52245 | 1624819 |
|  PACS Group, Inc.<sup>(a)</sup> | 61949 | 2069716 |
|  Pediatrix Medical Group, Inc.<sup>(a)</sup> | 275133 | 6627954 |
|  Privia Health Group, Inc.<sup>(a)</sup> | 594380 | 14485041 |

---

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

------

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock Advantage Small Cap Core Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Health Care Providers & Services (continued)** |  |  |  |
|  Progyny, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320595 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8454090 |
|  RadNet, Inc.<sup>(a)</sup> | 86810 |  | 7187000 |
|  Select Medical Holdings Corp. | 840834 |  | 13024519 |
|  Viemed Healthcare, Inc.<sup>(a)</sup> | 503621 |  | 3480021 |
|  |  |  | 207912909 |
|  **Health Care REITs — 0.4%** |  |  |  |
|  American Healthcare REIT, Inc. | 96072 |  | 4878536 |
|  Diversified Healthcare Trust | 950459 |  | 4590717 |
|  Omega Healthcare Investors, Inc. | 139731 |  | 6416448 |
|  |  |  | 15885701 |
|  **Health Care Technology — 0.4%** |  |  |  |
|  Doximity, Inc., Class A<sup>(a)</sup> | 91515 |  | 4707532 |
|  Evolent Health, Inc., Class A<sup>(a)</sup> | 257659 |  | 1082168 |
|  Health Catalyst, Inc.<sup>(a)</sup> | 163516 |  | 488913 |
|  Phreesia, Inc.<sup>(a)</sup> | 335740 |  | 6879312 |
|  Schrodinger, Inc.<sup>(a)</sup> | 304174 |  | 5341295 |
|  |  |  | 18499220 |
|  **Hotel & Resort REITs — 0.6%** |  |  |  |
|  Braemar Hotels & Resorts, Inc. | 1874714 |  | 5005486 |
|  Chatham Lodging Trust | 902127 |  | 6116421 |
|  DiamondRock Hospitality Co. | 292010 |  | 2660211 |
|  Host Hotels & Resorts, Inc. | 520393 |  | 9174529 |
|  RLJ Lodging Trust | 549181 |  | 4140825 |
|  |  |  | 27097472 |
|  **Hotels, Restaurants & Leisure — 0.8%** |  |  |  |
|  Accel Entertainment, Inc., Class A<sup>(a)</sup> | 200482 |  | 2052935 |
|  Black Rock Coffee Bar, Inc., Class A<sup>(a)(b)</sup> | 60592 |  | 1378468 |
|  Brinker International, Inc.<sup>(a)</sup> | 51603 |  | 7936025 |
|  El Pollo Loco Holdings, Inc.<sup>(a)</sup> | 157825 |  | 1721871 |
|  Life Time Group Holdings, Inc.<sup>(a)</sup> | 276810 |  | 7728535 |
|  Rush Street Interactive, Inc., Class A<sup>(a)</sup> | 600402 |  | 11071413 |
|  Shake Shack, Inc., Class A<sup>(a)</sup> | 28739 |  | 2514088 |
|  Sharplink Gaming, Inc.<sup>(a)</sup> | 80424 |  | 854103 |
|  Super Group SGHC Ltd. | 129224 |  | 1399496 |
|  |  |  | 36656934 |
|  **Household Durables — 1.7%** |  |  |  |
|  Century Communities, Inc. | 188340 |  | 12296719 |
|  Champion Homes, Inc.<sup>(a)</sup> | 80257 |  | 6889261 |
|  Ethan Allen Interiors, Inc. | 37800 |  | 893592 |
|  Green Brick Partners, Inc.<sup>(a)</sup> | 42112 |  | 2858563 |
|  Installed Building Products, Inc. | 10399 |  | 2787140 |
|  Leggett & Platt, Inc. | 212904 |  | 2184395 |
|  LGI Homes, Inc.<sup>(a)</sup> | 35023 |  | 1821896 |
|  M/I Homes, Inc.<sup>(a)</sup> | 183558 |  | 25255745 |
|  Newell Brands, Inc. | 763291 |  | 2786012 |
|  Taylor Morrison Home Corp., Class A<sup>(a)</sup> | 89971 |  | 5640282 |
|  Toll Brothers, Inc. | 12670 |  | 1771646 |
|  Tri Pointe Homes, Inc.<sup>(a)</sup> | 352337 |  | 12021738 |
|  |  |  | 77206989 |
|  **Household Products — 0.1%** |  |  |  |
|  Central Garden & Pet Co., Class A, NVS<sup>(a)</sup> | 164539 |  | 5090837 |
|  **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** |
|  Spruce Power Holding Corp.<sup>(a)</sup> | 110 |  | 547 |
|  **Industrial Conglomerates — 0.3%** |  |  |  |
|  Brookfield Business Corp., Class A<sup>(b)</sup> | 400328 |  | 13955434 |
|  **Industrial REITs — 0.6%** |  |  |  |
|  Americold Realty Trust, Inc. | 140155 |  | 1517879 |
|  EastGroup Properties, Inc. | 30805 |  | 5581250 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Industrial REITs (continued)** |  |  |
|  First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291744 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16699427 |
|  Terreno Realty Corp. | 40322 | 2531818 |
|  |  | 26330374 |
|  **Insurance — 2.1%** |  |  |
|  AMERISAFE, Inc. | 139124 | 5676259 |
|  Crawford & Co., Class A, NVS | 49956 | 558508 |
|  Donegal Group, Inc., Class A | 101884 | 2050925 |
|  eHealth, Inc.<sup>(a)</sup> | 190264 | 776277 |
|  Genworth Financial, Inc., Class A<sup>(a)</sup> | 496761 | 4311886 |
|  Globe Life, Inc. | 14059 | 1894169 |
|  Hanover Insurance Group, Inc. (The) | 27613 | 5123592 |
|  HCI Group, Inc. | 9891 | 1758125 |
|  Heritage Insurance Holdings, Inc.<sup>(a)</sup> | 45824 | 1331187 |
|  Lemonade, Inc.<sup>(a)(b)</sup> | 98670 | 7708101 |
|  Mercury General Corp. | 68018 | 6333836 |
|  Octave Specialty Group, Inc.<sup>(a)</sup> | 220199 | 1979589 |
|  Oscar Health, Inc., Class A<sup>(a)</sup> | 532342 | 9566186 |
|  Palomar Holdings, Inc.<sup>(a)</sup> | 135663 | 16850701 |
|  Reinsurance Group of America, Inc. | 15515 | 2945833 |
|  Root, Inc., Class A<sup>(a)</sup> | 22401 | 1812017 |
|  Selectquote, Inc.<sup>(a)</sup> | 554813 | 804479 |
|  Stewart Information Services Corp. | 151412 | 11602702 |
|  Tiptree, Inc. | 32030 | 601523 |
|  United Fire Group, Inc. | 66046 | 2413981 |
|  Universal Insurance Holdings, Inc. | 163581 | 5419439 |
|  |  | 91519315 |
|  **Interactive Media & Services — 0.8%** |  |  |
|  EverQuote, Inc., Class A<sup>(a)</sup> | 292769 | 7726174 |
|  Grindr, Inc.<sup>(a)(b)</sup> | 363246 | 4660446 |
|  MediaAlpha, Inc., Class A<sup>(a)</sup> | 385891 | 4923969 |
|  Nextdoor Holdings, Inc., Class A<sup>(a)</sup> | 518846 | 907980 |
|  QuinStreet, Inc.<sup>(a)</sup> | 592356 | 8269290 |
|  Shutterstock, Inc. | 163329 | 3400510 |
|  Yelp, Inc.<sup>(a)</sup> | 10727 | 310118 |
|  ZipRecruiter, Inc., Class A<sup>(a)</sup> | 869049 | 4127983 |
|  |  | 34326470 |
|  **IT Services — 0.4%** |  |  |
|  Applied Digital Corp.<sup>(a)</sup> | 295161 | 7998863 |
|  ASGN, Inc.<sup>(a)</sup> | 35968 | 1618920 |
|  BigBear.ai Holdings, Inc.<sup>(a)</sup> | 189049 | 1198571 |
|  DigitalOcean Holdings, Inc.<sup>(a)</sup> | 24466 | 1089226 |
|  Fastly, Inc., Class A<sup>(a)</sup> | 236230 | 2754442 |
|  Grid Dynamics Holdings, Inc., Class A<sup>(a)</sup> | 259892 | 2276654 |
|  |  | 16936676 |
|  **Leisure Products — 0.5%** |  |  |
|  Hasbro, Inc. | 190490 | 15734474 |
|  Peloton Interactive, Inc., Class A<sup>(a)</sup> | 692143 | 4699651 |
|  Polaris, Inc. | 40753 | 2704369 |
|  |  | 23138494 |
|  **Life Sciences Tools & Services — 0.6%** |  |  |
|  10X Genomics, Inc., Class A<sup>(a)</sup> | 58705 | 1104241 |
|  AbCellera Biologics, Inc.<sup>(a)(b)</sup> | 341996 | 1275645 |
|  Adaptive Biotechnologies Corp.<sup>(a)</sup> | 372539 | 7324117 |
|  Azenta, Inc.<sup>(a)</sup> | 187525 | 6668389 |
|  Codexis, Inc.<sup>(a)</sup> | 500976 | 866688 |
|  CryoPort, Inc.<sup>(a)</sup> | 105297 | 1012957 |
|  Harvard Bioscience, Inc.<sup>(a)</sup> | 307 | 234 |
|  MaxCyte, Inc.<sup>(a)(b)</sup> | 380888 | 670363 |
|  Personalis, Inc.<sup>(a)(b)</sup> | 424352 | 4553297 |

---

S C H E D U L E S O F I N V E S T M E N T S 19

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock Advantage Small Cap Core Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Life Sciences Tools & Services (continued)** |  |  |
|  Seer, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305197 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585978 |
|  Tempus AI, Inc., Class A<sup>(a)(b)</sup> | 26655 | 2077224 |
|  |  | 26139133 |
|  **Machinery — 2.4%** |  |  |
|  Aebi Schmidt Holding AG | 186516 | 2221406 |
|  Atmus Filtration Technologies, Inc. | 160800 | 8138088 |
|  Blue Bird Corp.<sup>(a)(b)</sup> | 60731 | 3171373 |
|  Chart Industries, Inc.<sup>(a)</sup> | 36271 | 7397470 |
|  Donaldson Co., Inc. | 78810 | 7085019 |
|  Energy Recovery, Inc.<sup>(a)(b)</sup> | 425068 | 6142233 |
|  Enpro, Inc. | 8489 | 1891774 |
|  ESCO Technologies, Inc. | 18194 | 3873684 |
|  Federal Signal Corp.<sup>(b)</sup> | 54198 | 6178572 |
|  Flowserve Corp. | 52799 | 3767209 |
|  Franklin Electric Co., Inc. | 50356 | 4791373 |
|  Greenbrier Cos., Inc. (The) | 108988 | 4847786 |
|  Manitowoc Co., Inc. (The)<sup>(a)</sup> | 424799 | 4791733 |
|  Mueller Industries, Inc. | 145486 | 15984547 |
|  Mueller Water Products, Inc., Class A | 68057 | 1649702 |
|  REV Group, Inc. | 73008 | 3889136 |
|  SPX Technologies, Inc.<sup>(a)</sup> | 64564 | 13883842 |
|  Worthington Enterprises, Inc | 129513 | 7105083 |
|  |  | 106810030 |
|  **Marine Transportation — 0.4%** |  |  |
|  Genco Shipping & Trading Ltd. | 128962 | 2439961 |
|  Kirby Corp.<sup>(a)</sup> | 49981 | 5673843 |
|  Matson, Inc. | 92732 | 10105934 |
|  |  | 18219738 |
|  **Media — 0.6%** |  |  |
|  EchoStar Corp., Class A<sup>(a)</sup> | 161489 | 11835529 |
|  Entravision Communications Corp., Class A | 290551 | 807732 |
|  Gray Media, Inc. | 162584 | 799913 |
|  Integral Ad Science Holding Corp.<sup>(a)</sup> | 275562 | 2832777 |
|  Magnite, Inc.<sup>(a)</sup> | 277683 | 4079163 |
|  New York Times Co. (The), Class A | 81266 | 5241657 |
|  PubMatic, Inc., Class A<sup>(a)</sup> | 78759 | 709618 |
|  Thryv Holdings, Inc.<sup>(a)</sup> | 272109 | 1531974 |
|  Townsquare Media, Inc., Class A | 77 | 380 |
|  |  | 27838743 |
|  **Metals & Mining — 3.1%** |  |  |
|  Alpha Metallurgical Resources, Inc.<sup>(a)</sup> | 68169 | 10853187 |
|  Century Aluminum Co.<sup>(a)</sup> | 273586 | 8199373 |
|  Cleveland-Cliffs, Inc.<sup>(a)</sup> | 392230 | 5114679 |
|  Coeur Mining, Inc.<sup>(a)</sup> | 875253 | 15115619 |
|  Commercial Metals Co. | 116554 | 7433814 |
|  Compass Minerals International, Inc.<sup>(a)</sup> | 111761 | 2122341 |
|  Constellium SE, Class A<sup>(a)</sup> | 701937 | 11799561 |
|  Elevra Lithium Ltd., ADR<sup>(a)(b)</sup> | 34828 | 1308836 |
|  Hecla Mining Co. | 542022 | 9116810 |
|  Kaiser Aluminum Corp. | 145501 | 13975371 |
|  Materion Corp. | 54545 | 6664854 |
|  Novagold Resources, Inc.<sup>(a)</sup> | 631603 | 6436035 |
|  Olympic Steel, Inc. | 229997 | 8944583 |
|  Perpetua Resources Corp.<sup>(a)</sup> | 32344 | 832535 |
|  Ramaco Resources, Inc., Class A<sup>(a)</sup> | 215546 | 3381917 |
|  Royal Gold, Inc. | 12187 | 2484198 |
|  Ryerson Holding Corp. | 104310 | 2391828 |
|  SSR Mining, Inc.<sup>(a)</sup> | 255640 | 5951299 |
|  SunCoke Energy, Inc. | 1021002 | 6656933 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Metals & Mining (continued)** |  |  |  |
|  United States Antimony Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101739 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621625 |
|  Warrior Met Coal, Inc. | 86562 |  | 6776939 |
|  |  |  | 136182337 |
|  **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** |
|  TPG RE Finance Trust, Inc. | 172302 |  | 1566225 |
|  **Multi-Utilities — 0.8%** |  |  |  |
|  Avista Corp. | 422823 |  | 17496416 |
|  Black Hills Corp. | 155452 |  | 11470803 |
|  Northwestern Energy Group, Inc. | 95333 |  | 6586557 |
|  Unitil Corp. | 16881 |  | 847932 |
|  |  |  | 36401708 |
|  **Office REITs — 0.2%** |  |  |  |
|  COPT Defense Properties | 307303 |  | 9443421 |
|  **Oil, Gas & Consumable Fuels — 2.5%** |  |  |  |
|  Ardmore Shipping Corp. | 145846 |  | 1783697 |
|  California Resources Corp. | 66424 |  | 3173739 |
|  Centrus Energy Corp., Class A<sup>(a)(b)</sup> | 25112 |  | 6511542 |
|  Chord Energy Corp. | 108310 |  | 10165977 |
|  CNX Resources Corp.<sup>(a)</sup> | 173113 |  | 6723709 |
|  Crescent Energy Co., Class A | 246296 |  | 2322571 |
|  Delek U.S. Holdings, Inc. | 106905 |  | 4134016 |
|  Diversified Energy Co. | 51684 |  | 777327 |
|  Dorian LPG Ltd. | 80557 |  | 1996202 |
|  Energy Fuels, Inc.<sup>(a)(b)</sup> | 432627 |  | 6229829 |
|  Evolution Petroleum Corp. | 199305 |  | 783269 |
|  Green Plains, Inc.<sup>(a)</sup> | 118993 |  | 1229198 |
|  HF Sinclair Corp. | 25010 |  | 1323279 |
|  International Seaways, Inc. | 91359 |  | 4839286 |
|  Murphy Oil Corp. | 78278 |  | 2510375 |
|  New Fortress Energy, Inc., Class A<sup>(a)(b)</sup> | 879244 |  | 1072678 |
|  Par Pacific Holdings, Inc.<sup>(a)</sup> | 219276 |  | 10009949 |
|  PBF Energy, Inc., Class A | 193999 |  | 6689086 |
|  REX American Resources Corp.<sup>(a)</sup> | 125360 |  | 4135626 |
|  Scorpio Tankers, Inc. | 150856 |  | 8648574 |
|  SM Energy Co. | 843445 |  | 16067627 |
|  Uranium Energy Corp.<sup>(a)</sup> | 851928 |  | 10453157 |
|  Vital Energy, Inc.<sup>(a)</sup> | 44792 |  | 803121 |
|  |  |  | 112383834 |
|  **Passenger Airlines — 0.8%** |  |  |  |
|  Alaska Air Group, Inc.<sup>(a)</sup> | 104907 |  | 4496314 |
|  Joby Aviation, Inc., Class A<sup>(a)</sup> | 763082 |  | 11011273 |
|  SkyWest, Inc.<sup>(a)</sup> | 185546 |  | 18836630 |
|  |  |  | 34344217 |
|  **Pharmaceuticals — 2.8%** |  |  |  |
|  Amneal Pharmaceuticals, Inc., Class A<sup>(a)</sup> | 261239 |  | 3270712 |
|  Amylyx Pharmaceuticals, Inc.<sup>(a)</sup> | 318321 |  | 4768449 |
|  Arvinas, Inc.<sup>(a)</sup> | 370420 |  | 4661736 |
|  Atea Pharmaceuticals, Inc.<sup>(a)</sup> | 636285 |  | 1972483 |
|  Axsome Therapeutics, Inc.<sup>(a)</sup> | 77270 |  | 11706405 |
|  Collegium Pharmaceutical, Inc.<sup>(a)</sup> | 145189 |  | 6777422 |
|  Corcept Therapeutics, Inc.<sup>(a)</sup> | 101739 |  | 8078077 |
|  Crinetics Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 93214 |  | 4246830 |
|  Edgewise Therapeutics, Inc.<sup>(a)(b)</sup> | 128836 |  | 3354889 |
|  EyePoint Pharmaceuticals, Inc.<sup>(a)</sup> | 75375 |  | 1117811 |
|  Fulcrum Therapeutics, Inc.<sup>(a)</sup> | 122639 |  | 1341671 |
|  Harmony Biosciences Holdings, Inc.<sup>(a)</sup> | 170086 |  | 6002335 |
|  Indivior PLC<sup>(a)</sup> | 110229 |  | 3703694 |
|  LENZ Therapeutics, Inc.<sup>(a)(b)</sup> | 37168 |  | 1134367 |
|  Liquidia Corp.<sup>(a)</sup> | 48716 |  | 1589603 |
|  Nektar Therapeutics<sup>(a)</sup> | 32300 |  | 2106283 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock Advantage Small Cap Core Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Pharmaceuticals (continued)** |  |  |  |
|  Nuvation Bio, Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993534 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7978078 |
|  Ocular Therapeutix, Inc.<sup>(a)</sup> | 315318 |  | 3831114 |
|  Pacira BioSciences, Inc.<sup>(a)</sup> | 195728 |  | 4613309 |
|  Phibro Animal Health Corp., Class A | 52852 |  | 2213442 |
|  Rafael Holdings, Inc., Class B<sup>(a)</sup> | 220 |  | 260 |
|  Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | 196024 |  | 8936734 |
|  Tarsus Pharmaceuticals, Inc.<sup>(a)</sup> | 156777 |  | 12535889 |
|  Terns Pharmaceuticals, Inc.<sup>(a)</sup> | 41923 |  | 1178456 |
|  Theravance Biopharma, Inc.<sup>(a)</sup> | 149110 |  | 3026933 |
|  Trevi Therapeutics, Inc.<sup>(a)</sup> | 782965 |  | 10327308 |
|  WaVe Life Sciences Ltd.<sup>(a)</sup> | 146256 |  | 1134947 |
|  Xeris Biopharma Holdings, Inc.<sup>(a)</sup> | 181634 |  | 1304132 |
|  |  |  | 122913369 |
|  **Professional Services — 2.4%** |  |  |  |
|  CACI International, Inc., Class A<sup>(a)</sup> | 5508 |  | 3398987 |
|  Conduent, Inc.<sup>(a)</sup> | 563921 |  | 1094007 |
|  CRA International, Inc. | 10827 |  | 1909233 |
|  ExlService Holdings, Inc.<sup>(a)</sup> | 829495 |  | 32955836 |
|  Franklin Covey Co.<sup>(a)</sup> | 76029 |  | 1195176 |
|  Genpact Ltd. | 302321 |  | 13320263 |
|  Heidrick & Struggles International, Inc. | 15949 |  | 938918 |
|  IBEX Holdings Ltd.<sup>(a)</sup> | 61193 |  | 2153382 |
|  ICF International, Inc. | 76516 |  | 5971309 |
|  Innodata, Inc.<sup>(a)(b)</sup> | 41656 |  | 2393970 |
|  KBR, Inc. | 60221 |  | 2482310 |
|  Kelly Services, Inc., Class A, NVS | 113850 |  | 983664 |
|  Kforce, Inc. | 30382 |  | 893231 |
|  Korn Ferry | 44000 |  | 2893880 |
|  Legalzoom.com, Inc.<sup>(a)</sup> | 535761 |  | 4998650 |
|  ManpowerGroup, Inc. | 111230 |  | 3198975 |
|  Maximus, Inc. | 56746 |  | 4885263 |
|  Planet Labs PBC, Class A<sup>(a)</sup> | 417052 |  | 4962919 |
|  Resources Connection, Inc. | 142364 |  | 688330 |
|  Robert Half, Inc. | 29131 |  | 787702 |
|  ShiftPixy, Inc.<sup>(a)(c)</sup> | 1 |  |  |
|  TriNet Group, Inc. | 57259 |  | 3355377 |
|  Upwork, Inc.<sup>(a)</sup> | 413202 |  | 8156607 |
|  Willdan Group, Inc.<sup>(a)</sup> | 39088 |  | 3943979 |
|  |  |  | 107561968 |
|  **Real Estate Management & Development — 0.8%** | **Real Estate Management & Development — 0.8%** | **Real Estate Management & Development — 0.8%** | **Real Estate Management & Development — 0.8%** |
|  Anywhere Real Estate, Inc.<sup>(a)</sup> | 331910 |  | 4729717 |
|  Compass, Inc., Class A<sup>(a)</sup> | 916326 |  | 9548117 |
|  FRP Holdings, Inc.<sup>(a)</sup> | 53974 |  | 1258134 |
|  Kennedy-Wilson Holdings, Inc. | 318938 |  | 3103267 |
|  Marcus & Millichap, Inc. | 55589 |  | 1628758 |
|  Newmark Group, Inc., Class A | 152098 |  | 2643463 |
|  RMR Group, Inc. (The), Class A | 173922 |  | 2652311 |
|  St. Joe Co. (The) | 131565 |  | 7937316 |
|  |  |  | 33501083 |
|  **Residential REITs — 0.1%** |  |  |  |
|  Bluerock Homes Trust, Inc., Class A | 77 |  | 732 |
|  NexPoint Residential Trust, Inc. | 78973 |  | 2512131 |
|  Veris Residential, Inc | 247956 |  | 3734217 |
|  |  |  | 6247080 |
|  **Retail REITs — 1.7%** |  |  |  |
|  Agree Realty Corp. | 307142 |  | 23103221 |
|  FrontView REIT, Inc. | 212328 |  | 3244372 |
|  Getty Realty Corp. | 329851 |  | 9390858 |
|  NETSTREIT Corp. | 225810 |  | 4139097 |
|  NNN REIT, Inc. | 446250 |  | 18452438 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Retail REITs (continued)** |  |  |  |
|  Tanger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249817 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8388855 |
|  Urban Edge Properties | 436054 |  | 8380958 |
|  |  |  | 75099799 |
|  **Semiconductors & Semiconductor Equipment — 3.8%** | **Semiconductors & Semiconductor Equipment — 3.8%** | **Semiconductors & Semiconductor Equipment — 3.8%** | **Semiconductors & Semiconductor Equipment — 3.8%** |
|  ACM Research, Inc., Class A<sup>(a)</sup> | 79965 |  | 2671631 |
|  Alpha & Omega Semiconductor Ltd.<sup>(a)</sup> | 41315 |  | 837868 |
|  Ambarella, Inc.<sup>(a)</sup> | 149770 |  | 11109939 |
|  Axcelis Technologies, Inc.<sup>(a)(b)</sup> | 25664 |  | 2124209 |
|  Credo Technology Group Holding Ltd.<sup>(a)</sup> | 260157 |  | 46203883 |
|  Diodes, Inc.<sup>(a)</sup> | 87998 |  | 4066388 |
|  Impinj, Inc.<sup>(a)</sup> | 38538 |  | 6623526 |
|  inTEST Corp.<sup>(a)</sup> | 35226 |  | 283921 |
|  Kulicke & Soffa Industries, Inc. | 150803 |  | 6802723 |
|  MaxLinear, Inc.<sup>(a)</sup> | 234202 |  | 3646525 |
|  Navitas Semiconductor Corp.<sup>(a)</sup> | 171719 |  | 1500824 |
|  Power Integrations, Inc. | 40193 |  | 1350485 |
|  Qorvo, Inc.<sup>(a)</sup> | 35139 |  | 3018089 |
|  Rambus, Inc.<sup>(a)</sup> | 222084 |  | 21224568 |
|  Rigetti Computing, Inc.<sup>(a)(b)</sup> | 456528 |  | 11673421 |
|  Semtech Corp.<sup>(a)</sup> | 86373 |  | 6405422 |
|  Silicon Laboratories, Inc.<sup>(a)(b)</sup> | 87601 |  | 11176136 |
|  SiTime Corp.<sup>(a)</sup> | 48472 |  | 14430114 |
|  Synaptics, Inc.<sup>(a)</sup> | 155599 |  | 10660087 |
|  |  |  | 165809759 |
|  **Software — 5.5%** |  |  |  |
|  8x8, Inc.<sup>(a)</sup> | 621441 |  | 1205596 |
|  ACI Worldwide, Inc.<sup>(a)</sup> | 302007 |  | 14152048 |
|  Alarm.com Holdings, Inc.<sup>(a)</sup> | 309489 |  | 16081048 |
|  Amplitude, Inc., Class A<sup>(a)</sup> | 641537 |  | 6595000 |
|  Asana, Inc., Class A<sup>(a)</sup> | 227355 |  | 2928332 |
|  Aurora Innovation, Inc., Class A<sup>(a)(b)</sup> | 751603 |  | 3149217 |
|  Bit Digital, Inc.<sup>(a)(b)</sup> | 779317 |  | 1854774 |
|  Bitdeer Technologies Group, Class A<sup>(a)</sup> | 70950 |  | 951439 |
|  Box, Inc., Class A<sup>(a)</sup> | 297207 |  | 8779495 |
|  Braze, Inc., Class A<sup>(a)</sup> | 130091 |  | 3733612 |
|  C3.ai, Inc., Class A<sup>(a)(b)</sup> | 178420 |  | 2578169 |
|  Cerence, Inc.<sup>(a)</sup> | 235972 |  | 2614570 |
|  Cipher Mining, Inc.<sup>(a)(b)</sup> | 353794 |  | 7199708 |
|  Cleanspark, Inc.<sup>(a)(b)</sup> | 452460 |  | 6832146 |
|  Clearwater Analytics Holdings, Inc., Class A<sup>(a)(b)</sup> | 367985 |  | 8117749 |
|  Confluent, Inc., Class A<sup>(a)</sup> | 163429 |  | 3636295 |
|  Core Scientific, Inc.<sup>(a)(b)</sup> | 222155 |  | 3752198 |
|  Digital Turbine, Inc.<sup>(a)</sup> | 293923 |  | 1407891 |
|  Domo, Inc., Class B<sup>(a)</sup> | 244034 |  | 2791749 |
|  D-Wave Quantum, Inc.<sup>(a)(b)</sup> | 438915 |  | 9950203 |
|  Elastic NV<sup>(a)(b)</sup> | 96006 |  | 6771303 |
|  Five9, Inc.<sup>(a)</sup> | 94106 |  | 1843537 |
|  Freshworks, Inc., Class A<sup>(a)</sup> | 393802 |  | 4780756 |
|  Gitlab, Inc., Class A<sup>(a)(b)</sup> | 22592 |  | 927628 |
|  Hut 8 Corp.<sup>(a)</sup> | 131720 |  | 5927400 |
|  InterDigital, Inc.<sup>(b)</sup> | 36561 |  | 13079698 |
|  JFrog Ltd.<sup>(a)</sup> | 80174 |  | 4889010 |
|  LiveRamp Holdings, Inc.<sup>(a)</sup> | 316016 |  | 9117062 |
|  MARA Holdings, Inc.<sup>(a)</sup> | 398574 |  | 4707159 |
|  Netskope, Inc., Class A<sup>(a)(b)</sup> | 111495 |  | 2049278 |
|  Ooma, Inc.<sup>(a)</sup> | 418801 |  | 4707323 |
|  Pagaya Technologies Ltd., Class A<sup>(a)</sup> | 103421 |  | 2580354 |
|  Porch Group, Inc.<sup>(a)</sup> | 170552 |  | 1652649 |
|  PROS Holdings, Inc.<sup>(a)</sup> | 65666 |  | 1526078 |
|  Q2 Holdings, Inc.<sup>(a)</sup> | 66869 |  | 4823261 |
|  Qualys, Inc.<sup>(a)</sup> | 97197 |  | 13690197 |
|  RingCentral, Inc., Class A<sup>(a)</sup> | 152294 |  | 4300783 |

---

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, 2025 | **BlackRock Advantage Small Cap Core Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Software (continued)** |  |  |
|  Riot Platforms, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405506 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6540812 |
|  Rubrik, Inc., Class A<sup>(a)</sup> | 10902 | 755727 |
|  SEMrush Holdings, Inc., Class A<sup>(a)</sup> | 198057 | 2343014 |
|  SoundHound AI, Inc., Class A<sup>(a)(b)</sup> | 446705 | 5382795 |
|  Sprout Social, Inc., Class A<sup>(a)</sup> | 285735 | 2848778 |
|  Tenable Holdings, Inc.<sup>(a)</sup> | 236923 | 6283198 |
|  Terawulf, Inc.<sup>(a)(b)</sup> | 457907 | 7102138 |
|  Via Transportation, Inc., Class A<sup>(a)</sup> | 38109 | 1327336 |
|  Workiva, Inc., Class A<sup>(a)</sup> | 48304 | 4471018 |
|  Zeta Global Holdings Corp., Class A<sup>(a)</sup> | 475676 | 8681087 |
|  |  | 241420618 |
|  **Specialized REITs — 1.0%** |  |  |
|  CubeSmart | 684654 | 25489668 |
|  EPR Properties | 176136 | 9206629 |
|  Four Corners Property Trust, Inc. | 313071 | 7526227 |
|  Safehold, Inc. | 87123 | 1208396 |
|  |  | 43430920 |
|  **Specialty Retail — 3.1%** |  |  |
|  Abercrombie & Fitch Co., Class A<sup>(a)</sup> | 54620 | 5345659 |
|  Advance Auto Parts, Inc. | 61352 | 3182942 |
|  American Eagle Outfitters, Inc. | 168216 | 3431606 |
|  Asbury Automotive Group, Inc.<sup>(a)</sup> | 22300 | 5186311 |
|  AutoNation, Inc.<sup>(a)</sup> | 2808 | 593302 |
|  Bath & Body Works, Inc. | 100825 | 1755363 |
|  Boot Barn Holdings, Inc.<sup>(a)</sup> | 62891 | 12189534 |
|  Build-A-Bear Workshop, Inc. | 15564 | 826448 |
|  Camping World Holdings, Inc., Class A | 287709 | 3219464 |
|  Chewy, Inc., Class A<sup>(a)</sup> | 28507 | 991188 |
|  CONN'S, Inc. ESCROW<sup>(a)(b)(c)</sup> | 224237 | 2 |
|  EVgo, Inc., Class A<sup>(a)</sup> | 274950 | 890838 |
|  Five Below, Inc.<sup>(a)</sup> | 16239 | 2677649 |
|  Gap, Inc. (The) | 86489 | 2341257 |
|  Group 1 Automotive, Inc. | 39273 | 15750044 |
|  Haverty Furniture Cos., Inc. | 109089 | 2596318 |
|  Lands' End, Inc.<sup>(a)</sup> | 73567 | 1161623 |
|  Lithia Motors, Inc., Class A | 17995 | 5737526 |
|  Lulu's Fashion Lounge Holdings, Inc.<sup>(a)</sup> | 11 | 59 |
|  Monro, Inc. | 156925 | 2936067 |
|  Penske Automotive Group, Inc | 14402 | 2329092 |
|  Petco Health & Wellness Co., Inc.<sup>(a)(b)</sup> | 302193 | 967018 |
|  RealReal, Inc. (The)<sup>(a)</sup> | 251584 | 3642936 |
|  Revolve Group, Inc., Class A<sup>(a)</sup> | 174396 | 4215151 |
|  Signet Jewelers Ltd. | 22257 | 2229261 |
|  Sonic Automotive, Inc., Class A | 81368 | 5128625 |
|  Stitch Fix, Inc., Class A<sup>(a)</sup> | 914661 | 3887309 |
|  ThredUp, Inc., Class A<sup>(a)</sup> | 179111 | 1346915 |
|  Upbound Group, Inc. | 125040 | 2240717 |
|  Urban Outfitters, Inc.<sup>(a)</sup> | 166350 | 12321545 |
|  Victoria's Secret & Co.<sup>(a)</sup> | 135705 | 5608688 |
|  Warby Parker, Inc., Class A<sup>(a)</sup> | 284933 | 5644523 |
|  Wayfair, Inc., Class A<sup>(a)</sup> | 40396 | 4475877 |
|  Winmark Corp. | 8630 | 3547016 |
|  Zumiez, Inc.<sup>(a)</sup> | 247173 | 6426498 |
|  |  | 134824371 |
|  **Technology Hardware, Storage & Peripherals — 0.5%** |  |  |
|  IonQ, Inc.<sup>(a)(b)</sup> | 450128 | 22191310 |
|  **Textiles, Apparel & Luxury Goods — 0.5%** |  |  |
|  G-III Apparel Group Ltd.<sup>(a)</sup> | 320079 | 9330303 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Textiles, Apparel & Luxury Goods (continued)** |  |  |
|  Levi Strauss & Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61615 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1357378 |
|  Ralph Lauren Corp., Class A | 28479 | 10461191 |
|  |  | 21148872 |
|  **Tobacco — 0.1%** |  |  |
|  Turning Point Brands, Inc. | 46769 | 4684383 |
|  **Trading Companies & Distributors — 1.1%** |  |  |
|  BlueLinx Holdings, Inc.<sup>(a)</sup> | 58479 | 3648505 |
|  Boise Cascade Co. | 169867 | 12950660 |
|  DNOW, Inc.<sup>(a)</sup> | 684297 | 9552782 |
|  FTAI Aviation Ltd. | 10445 | 1809492 |
|  GATX Corp. | 8565 | 1369800 |
|  Global Industrial Co. | 26780 | 766979 |
|  Herc Holdings, Inc. | 28444 | 3819176 |
|  McGrath RentCorp | 36736 | 3786747 |
|  Rush Enterprises, Inc., Class A | 138150 | 7192089 |
|  Xometry, Inc., Class A<sup>(a)</sup> | 63069 | 3687644 |
|  |  | 48583874 |
|  **Water Utilities — 0.1%** |  |  |
|  H2O America | 62236 | 2889617 |
|  **Wireless Telecommunication Services — 0.1%** |  |  |
|  Spok Holdings, Inc. | 69491 | 922840 |
|  Telephone & Data Systems, Inc. | 72565 | 2922193 |
|  |  | 3845033 |
|  **Total Common Stocks — 98.5%<br>(Cost: $3,596,575,928)** |  | 4358871699 |
|  **Rights** |  |  |
|  **Biotechnology — 0.0%** |  |  |
|  Albireo Pharma Inc., CVR<sup>(a)(b)(c)</sup> | 28456 | 103295 |
|  Blueprint Medicines Corp., CVR<sup>(a)(c)</sup> | 92408 | 90560 |
|  Chinook Therapeutics, Inc., CVR<sup>(a)(c)</sup> | 35990 | 6118 |
|  Flexion Therapeutics, Inc., CVR<sup>(a)(c)</sup> | 73745 | 11799 |
|  Poseida Therapeutics, Inc., CVR<sup>(a)(c)</sup> | 104999 | 152249 |
|  |  | 364021 |
|  **Health Care Providers & Services — 0.0%** |  |  |
|  Surface Oncology, Inc., CVR<sup>(a)</sup> | 58721 | 5515 |
|  **Paper & Forest Products — 0.0%** |  |  |
|  Resolute Forest Products, Inc., CVR<sup>(a)(c)</sup> | 72036 | 56188 |
|  **Total Rights — 0.0%<br>(Cost: $—)** |  | 425724 |
|  **Total Long-Term Investments — 98.5%<br>(Cost: $3,596,575,928)** |  | 4359297423 |

---

22 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock Advantage Small Cap Core Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Short-Term Securities** |  |  |
|  **Money Market Funds — 5.8%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares,<br>4.11%<sup>(d)(e)(f)</sup> | 191710374 | $191806229 |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares, 3.86%<sup>(d)(e)</sup> | 62604270 | 62604270 |
|  **Total Short-Term Securities — 5.8%<br>(Cost: $254,387,979)** |  | 254410499 |
|  **Total Investments — 104.3%<br>(Cost: $3,850,963,907)** |  | 4613707922 |
| **Liabilities in Excess of Other Assets — (4.3)%** |  | (188305934) |
| **Net Assets — 100.0%** |  | $4425401988 |

---

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

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

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

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

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

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

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended November 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Issuer | Value at<br>05/31/25 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain<br>(Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>11/30/25 | Shares<br>Held at<br>11/30/25 | Income | *Capital*<br> *Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock Cash<br>Funds: Institutional, SL Agency Shares | $126834392 | $64955808 <sup>(a)</sup> | $— | $3030 | $12999 | $191806229 | 191710374 | $653369 <sup>(b)</sup> | $— |
|  BlackRock Liquidity Funds,<br>T-Fund, Institutional Shares | 41068103 | 21536167 <sup>(a)</sup> |  |  |  | 62604270 | 62604270 | 832662 |  |
|  |  |  |  | $3030 | $12999 | $254410499 |  | $1486031 | $— |

---

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

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

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

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

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount<br>(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Russell 2000 E-Mini Index | 557 | 12/19/25 | $69767 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070146 |

---

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, 2025 | **BlackRock Advantage Small Cap Core Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Currency<br>Exchange<br>Contracts | Interest<br>Rate<br>Contracts | Other<br>Contracts | Total |
| Assets — Derivative Financial Instruments |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $2070146 | $— | $— | $— | $2070146 |

---

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

For the period ended November 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Currency<br>Exchange<br>Contracts | Interest<br>Rate<br>Contracts | Other<br>Contracts | Total |
| Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $6206794 | $— | $— | $— | $6206794 |
| Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $1807216 | $— | $— | $— | $1807216 |

---

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $59292458 |

---

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

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $106982678 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;106982678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Freight & Logistics | 939218 |  |  | 939218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobile Components | 63831999 |  |  | 63831999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 5816095 |  |  | 5816095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks | 448425333 | 5993 |  | 448431326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beverages | 775887 |  |  | 775887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;406456715 |  |  | 406456715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 24968748 |  |  | 24968748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Building Products | 27523259 |  |  | 27523259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 53692596 |  |  | 53692596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 24689670 |  |  | 24689670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 22571801 |  |  | 22571801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 60728745 |  |  | 60728745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | 135997172 |  |  | 135997172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | 725408 |  |  | 725408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | 84133825 |  |  | 84133825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 53671594 |  |  | 53671594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributors | 3552405 |  |  | 3552405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Consumer Services | 55928496 |  |  | 55928496 |

---

24 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock Advantage Small Cap Core Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified REITs | $15307478 | $— | $— | $15307478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | 27470800 |  |  | 27470800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 25830086 |  |  | 25830086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 122286366 |  |  | 122286366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 160872078 |  |  | 160872078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | 51717792 |  |  | 51717792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 15102332 |  |  | 15102332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 66229631 |  |  | 66229631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food Products | 12852647 |  |  | 12852647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas Utilities | 44318214 |  |  | 44318214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | 10857094 |  |  | 10857094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 86570730 |  |  | 86570730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 207912909 |  |  | 207912909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care REITs | 15885701 |  |  | 15885701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Technology | 18499220 |  |  | 18499220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotel & Resort REITs | 27097472 |  |  | 27097472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 36656934 |  |  | 36656934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Durables | 77206989 |  |  | 77206989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Products | 5090837 |  |  | 5090837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independent Power and Renewable Electricity Producers | 547 |  |  | 547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial Conglomerates | 13955434 |  |  | 13955434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial REITs | 26330374 |  |  | 26330374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance | 91519315 |  |  | 91519315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 34326470 |  |  | 34326470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services | 16936676 |  |  | 16936676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leisure Products | 23138494 |  |  | 23138494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 26139133 |  |  | 26139133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery | 106810030 |  |  | 106810030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marine Transportation | 18219738 |  |  | 18219738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Media | 27838743 |  |  | 27838743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 136182337 |  |  | 136182337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage Real Estate Investment Trusts (REITs) | 1566225 |  |  | 1566225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | 36401708 |  |  | 36401708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Office REITs | 9443421 |  |  | 9443421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 112383834 |  |  | 112383834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Passenger Airlines | 34344217 |  |  | 34344217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 122913369 |  |  | 122913369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 107561968 |  |  | 107561968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | 33501083 |  |  | 33501083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential REITs | 6247080 |  |  | 6247080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retail REITs | 75099799 |  |  | 75099799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 165809759 |  |  | 165809759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | 241420618 |  |  | 241420618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialized REITs | 43430920 |  |  | 43430920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 134824369 |  | 2 | 134824371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 22191310 |  |  | 22191310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 21148872 |  |  | 21148872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco | 4684383 |  |  | 4684383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | 48583874 |  |  | 48583874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Water Utilities | 2889617 |  |  | 2889617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | 3845033 |  |  | 3845033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights |  | 5515 | 420209 | 425724 |
| &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 | 254410499 |  |  | 254410499 |
|  | $4613276203 | $11508 | $420211 | $4613707922 |

---

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, 2025 | **BlackRock Advantage Small Cap Core Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070146 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070146 |

---

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

*See notes to financial statements.*

26 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> November 30, 2025 | **BlackRock Advantage Large Cap Core Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> *Shares* | *Value* |
|  **Common Stocks** |  |  |
|  **Aerospace & Defense — 1.5%** |  |  |
|  General Electric Co. | 102720 | $&nbsp;&nbsp;&nbsp;&nbsp;30656784 |
|  Lockheed Martin Corp. | 46687 | 21376110 |
|  |  | 52032894 |
|  **Automobile Components — 0.8%** |  |  |
|  BorgWarner, Inc. | 682634 | 29394220 |
|  **Automobiles — 2.0%** |  |  |
|  Tesla, Inc.<sup>(a)</sup> | 162141 | 69748194 |
|  **Banks — 3.7%** |  |  |
|  Bank of America Corp. | 1140694 | 61198233 |
|  Citigroup, Inc. | 100162 | 10376783 |
|  JPMorgan Chase & Co. | 187246 | 58622978 |
|  |  | 130197994 |
|  **Beverages — 0.5%** |  |  |
|  Keurig Dr. Pepper, Inc. | 658505 | 18372289 |
|  **Biotechnology — 1.9%** |  |  |
|  AbbVie, Inc. | 147597 | 33607837 |
|  Natera, Inc.<sup>(a)</sup> | 65187 | 15567307 |
|  Regeneron Pharmaceuticals, Inc. | 23131 | 18046575 |
|  |  | 67221719 |
|  **Broadline Retail — 4.4%** |  |  |
|  Amazon.com, Inc.<sup>(a)</sup> | 654527 | 152648787 |
|  **Capital Markets — 5.3%** |  |  |
|  Blackstone, Inc., Class A | 113440 | 16609885 |
|  Charles Schwab Corp. (The) | 532952 | 49420639 |
|  CME Group, Inc., Class A | 89726 | 25254280 |
|  Intercontinental Exchange, Inc. | 220146 | 34628966 |
|  Moody's Corp. | 38749 | 19017234 |
|  Morgan Stanley | 240091 | 40733839 |
|  |  | 185664843 |
|  **Chemicals — 1.2%** |  |  |
|  Corteva, Inc. | 606627 | 40929124 |
|  **Commercial Services & Supplies — 1.1%** |  |  |
|  Cintas Corp. | 215513 | 40089728 |
|  **Communications Equipment — 1.2%** |  |  |
|  Arista Networks, Inc.<sup>(a)</sup> | 189225 | 24727923 |
|  Motorola Solutions, Inc. | 42195 | 15598648 |
|  |  | 40326571 |
|  **Construction & Engineering — 1.2%** |  |  |
|  Comfort Systems U.S.A., Inc. | 22763 | 22238085 |
|  MasTec, Inc.<sup>(a)</sup> | 89597 | 19163007 |
|  |  | 41401092 |
|  **Consumer Staples Distribution & Retail — 3.3%** |  |  |
|  Costco Wholesale Corp. | 59684 | 54526705 |
|  Walmart, Inc. | 553129 | 61126286 |
|  |  | 115652991 |
|  **Diversified Telecommunication Services — 0.6%** |  |  |
|  AT&T Inc. | 792037 | 20608803 |
|  **Electrical Equipment — 1.6%** |  |  |
|  AMETEK, Inc. | 196833 | 38951282 |
|  Vertiv Holdings Co., Class A | 90634 | 16289649 |
|  |  | 55240931 |
|  **Electronic Equipment, Instruments & Components — 0.9%** |  |  |
|  Amphenol Corp., Class A | 217704 | 30674494 |

---

---

| | | |
|:---|:---|:---|
| Security | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> *Shares* | Value |
|  **Entertainment — 0.9%** |  |  |
|  Netflix, Inc.<sup>(a)</sup> | 307335 | $&nbsp;&nbsp;&nbsp;&nbsp;33063099 |
|  **Financial Services — 3.6%** |  |  |
|  Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 105536 | 54225452 |
|  Klarna Group PLC<sup>(a)</sup> | 25513 | 802894 |
|  Mastercard, Inc., Class A | 30146 | 16596278 |
|  Visa, Inc., Class A | 166550 | 55700982 |
|  |  | 127325606 |
|  **Ground Transportation — 0.9%** |  |  |
|  Union Pacific Corp. | 132707 | 30765464 |
|  **Health Care Equipment & Supplies — 1.3%** |  |  |
|  Boston Scientific Corp.<sup>(a)</sup> | 446226 | 45327637 |
|  **Health Care Providers & Services — 1.9%** |  |  |
|  Cardinal Health, Inc. | 127897 | 27147417 |
|  Centene Corp.<sup>(a)</sup> | 413536 | 16268506 |
|  UnitedHealth Group, Inc. | 72912 | 24044191 |
|  |  | 67460114 |
|  **Hotel & Resort REITs — 0.0%** |  |  |
|  RLJ Lodging Trust | 51 | 385 |
|  **Hotels, Restaurants & Leisure — 1.1%** |  |  |
|  Booking Holdings, Inc. | 4531 | 22268461 |
|  Darden Restaurants, Inc. | 89197 | 16017997 |
|  |  | 38286458 |
|  **Household Durables — 1.2%** |  |  |
|  Garmin Ltd. | 84022 | 16411177 |
|  Toll Brothers, Inc. | 171445 | 23973154 |
|  |  | 40384331 |
|  **Industrial Conglomerates — 0.8%** |  |  |
|  Honeywell International, Inc. | 142297 | 27348060 |
|  **Insurance — 1.6%** |  |  |
|  Progressive Corp. (The) | 79275 | 18137327 |
|  Travelers Cos., Inc. (The) | 123915 | 36289747 |
|  |  | 54427074 |
|  **Interactive Media & Services — 8.7%** |  |  |
|  Alphabet, Inc., Class A | 354303 | 113440734 |
|  Alphabet, Inc., Class C, NVS | 260001 | 83231520 |
|  Meta Platforms, Inc., Class A | 166603 | 107950414 |
|  |  | 304622668 |
|  **Leisure Products — 0.6%** |  |  |
|  Hasbro, Inc. | 234777 | 19392580 |
|  **Machinery — 1.9%** |  |  |
|  Mueller Industries, Inc. | 221711 | 24359387 |
|  Parker-Hannifin Corp. | 50358 | 43393489 |
|  |  | 67752876 |
|  **Media — 0.6%** |  |  |
|  Comcast Corp., Class A | 750135 | 20021103 |
|  **Metals & Mining — 0.4%** |  |  |
|  Freeport-McMoRan, Inc. | 350103 | 15047427 |
|  **Oil, Gas & Consumable Fuels — 2.0%** |  |  |
|  Devon Energy Corp. | 1135430 | 42079036 |
|  EOG Resources, Inc. | 255003 | 27502073 |
|  |  | 69581109 |
|  **Pharmaceuticals — 4.5%** |  |  |
|  Bristol-Myers Squibb Co. | 1010003 | 49692148 |
|  Eli Lilly & Co. | 56005 | 60231697 |

---

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, 2025 | **BlackRock Advantage Large Cap Core Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> *Shares* | *Value* |
|  **Pharmaceuticals (continued)** |  |  |
|  Johnson & Johnson | 70161 | $&nbsp;&nbsp;&nbsp;&nbsp;14517714 |
|  Pfizer, Inc. | 1201700 | 30931758 |
|  |  | 155373317 |
|  **Retail REITs — 0.6%** |  |  |
|  Simon Property Group, Inc. | 114974 | 21421956 |
|  **Semiconductors & Semiconductor Equipment — 13.8%** |  |  |
|  Advanced Micro Devices, Inc.<sup>(a)</sup> | 118274 | 25728143 |
|  Broadcom, Inc. | 271624 | 109453607 |
|  Lam Research Corp. | 208151 | 32471556 |
|  Marvell Technology, Inc. | 158660 | 14184204 |
|  Micron Technology, Inc. | 136295 | 32231042 |
|  NVIDIA Corp. | 1387368 | 245564136 |
|  QUALCOMM, Inc. | 126572 | 21275487 |
|  |  | 480908175 |
|  **Software — 9.6%** |  |  |
|  Adobe, Inc.<sup>(a)</sup> | 49336 | 15793934 |
|  Elastic NV<sup>(a)</sup> | 136437 | 9622902 |
|  Intuit, Inc. | 40681 | 25795008 |
|  Microsoft Corp. | 446655 | 219758726 |
|  Oracle Corp. | 100753 | 20347068 |
|  Palantir Technologies, Inc., Class A<sup>(a)</sup> | 120373 | 20276832 |
|  Salesforce, Inc. | 109927 | 25342571 |
|  |  | 336937041 |
|  **Specialty Retail — 2.2%** |  |  |
|  Home Depot, Inc. (The) | 50616 | 18065863 |
|  Lithia Motors, Inc., Class A | 29351 | 9358273 |
|  TJX Cos., Inc. (The) | 316218 | 48039838 |
|  |  | 75463974 |
|  **Technology Hardware, Storage & Peripherals — 7.3%** |  |  |
|  Apple Inc. | 876888 | 244520219 |
|  Western Digital Corp. | 63261 | 10332419 |
|  |  | 254852638 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> *Shares* | *Value* |
|  **Textiles, Apparel & Luxury Goods — 0.3%** |  |  |
|  Ralph Lauren Corp., Class A | 25540 | $9381608 |
|  **Tobacco — 0.7%** |  |  |
|  Philip Morris International, Inc. | 160835 | 25328296 |
|  **Trading Companies & Distributors — 0.4%** |  |  |
|  Ferguson Enterprises, Inc. | 53392 | 13437165 |
|  **Wireless Telecommunication Services — 0.8%** |  |  |
|  T-Mobile U.S., Inc. | 137262 | 28689131 |
|  **Total Long-Term Investments — 98.9%<br>(Cost: $2,108,883,888)** |  | 3452803966 |
|  **Short-Term Securities** |  |  |
|  **Money Market Funds — 1.0%** |  |  |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares, 3.86%<sup>(b)(c)</sup> | 36655869 | 36655869 |
|  **Total Short-Term Securities — 1.0%<br>(Cost: $36,655,869)** |  | 36655869 |
|  **Total Investments — 99.9%<br>(Cost: $2,145,539,757)** |  | 3489459835 |
| **Other Assets Less Liabilities — 0.1%** |  | 2169153 |
| **Net Assets — 100.0%** |  | $3491628988 |

---

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

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

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

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended November 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Issuer | Value at<br>05/31/25 | Purchases<br>at Cost | Proceeds<br>from Sales | *Net<br>Realized<br>Gain*<br> *(Loss)* | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>11/30/25 | Shares<br>Held at<br>11/30/25 | Income | *Capital*<br> *Gain<br>Distributions<br>from*<br> *Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares<sup>(a)</sup> | $— | $— | $(90)<sup>(b)</sup> | $90 | $– $|  |  | $8638 <sup>(c)</sup> | $— |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares | 29457388 | 7198481 <sup>(b)</sup> |  |  | – | 36655869 | 36655869 | 634276 |  |
|  |  |  |  | $90 | $– $| 36655869 |  | $642914 | $— |

---

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

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

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

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock Advantage Large Cap Core Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |

---

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

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts | Expiration<br>Date | Notional<br>Amount<br>(000) | Value/<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 E-Mini Index | 123 | 12/19/25 | $42186 | $1306698 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Currency<br>Exchange<br>Contracts | Interest<br>Rate<br>Contracts | Other<br>Contracts | Total |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $1306698 | $— | $— | $— | $1306698 |

---

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

For the period ended November 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Currency<br>Exchange<br>Contracts | Interest<br>Rate<br>Contracts | *Other*<br> *Contracts* | Total |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $5816620 | $— | $— | $— | $5816620 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(918281) | $— | $— | $— | $(918281) |

---

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $39054844 |

---

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

S C H E D U L E S O F I N V E S T M E N T S 29

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock Advantage Large Cap Core Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |

---

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $3452803966 | $— | $— | $3452803966 |
| &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 | 36655869 |  |  | 36655869 |
|  | $3489459835 | $— | $— | $3489459835 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $1306698 | $— | $— | $1306698 |

---

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

*See notes to financial statements.*

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> November 30, 2025 | **BlackRock Advantage Large Cap Value Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
|  **Aerospace & Defense — 2.2%** |  |  |
|  Boeing Co. (The)<sup>(a)</sup> | 2748 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519372 |
|  Carpenter Technology Corp. | 468 | 149077 |
|  General Dynamics Corp. | 10407 | 3555343 |
|  HEICO Corp., Class A | 11044 | 2727537 |
|  Lockheed Martin Corp. | 5542 | 2537460 |
|  Northrop Grumman Corp. | 398 | 227756 |
|  RTX Corp. | 35065 | 6133219 |
|  |  | 15849764 |
|  **Air Freight & Logistics — 0.0%** |  |  |
|  United Parcel Service, Inc., Class B | 1563 | 149720 |
|  **Automobile Components — 0.5%** |  |  |
|  BorgWarner, Inc. | 91669 | 3947267 |
|  **Automobiles — 0.3%** |  |  |
|  Ford Motor Co. | 16195 | 215070 |
|  General Motors Co. | 28480 | 2093849 |
|  |  | 2308919 |
|  **Banks — 7.8%** |  |  |
|  Bank of America Corp. | 263844 | 14155230 |
|  Citigroup, Inc. | 65621 | 6798336 |
|  Huntington Bancshares, Inc. | 210728 | 3434866 |
|  JPMorgan Chase & Co. | 70280 | 22003262 |
|  KeyCorp | 22468 | 412962 |
|  PNC Financial Services Group, Inc. (The) | 24951 | 4758655 |
|  SouthState Bank Corp. | 5462 | 488904 |
|  U.S. Bancorp | 15378 | 754291 |
|  Wells Fargo & Co. | 33751 | 2897523 |
|  |  | 55704029 |
|  **Beverages — 0.9%** |  |  |
|  Coca-Cola Co. (The) | 44993 | 3289888 |
|  Keurig Dr. Pepper, Inc. | 95146 | 2654573 |
|  Monster Beverage Corp.<sup>(a)</sup> | 11630 | 872134 |
|  |  | 6816595 |
|  **Biotechnology — 2.4%** |  |  |
|  AbbVie, Inc. | 11739 | 2672970 |
|  Amgen, Inc. | 4618 | 1595334 |
|  Biogen, Inc.<sup>(a)</sup> | 6322 | 1151173 |
|  Exelixis, Inc.<sup>(a)</sup> | 8096 | 357600 |
|  Gilead Sciences, Inc. | 12325 | 1550978 |
|  Ionis Pharmaceuticals, Inc.<sup>(a)</sup> | 1957 | 161903 |
|  Moderna, Inc.<sup>(a)</sup> | 53131 | 1380344 |
|  Natera, Inc.<sup>(a)</sup> | 7143 | 1705820 |
|  Regeneron Pharmaceuticals, Inc. | 5475 | 4271540 |
|  United Therapeutics Corp.<sup>(a)</sup> | 4025 | 1956150 |
|  Viking Therapeutics, Inc.<sup>(a)</sup> | 5841 | 215007 |
|  |  | 17018819 |
|  **Broadline Retail — 3.0%** |  |  |
|  Amazon.com, Inc.<sup>(a)</sup> | 88934 | 20741188 |
|  Etsy, Inc.<sup>(a)</sup> | 1164 | 63112 |
|  MercadoLibre, Inc.<sup>(a)</sup> | 182 | 377064 |
|  |  | 21181364 |
|  **Building Products — 0.5%** |  |  |
|  Armstrong World Industries, Inc. | 2074 | 393520 |
|  Owens Corning | 12966 | 1468270 |
|  Trane Technologies PLC | 3458 | 1457478 |
|  |  | 3319268 |
|  **Capital Markets — 6.1%** |  |  |
|  Ares Management Corp., Class A | 4407 | 691238 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Capital Markets (continued)** |  |  |
|  Blackstone, Inc., Class A | 649 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95027 |
|  Blue Owl Capital, Inc., Class A | 9528 | 142920 |
|  Cboe Global Markets, Inc. | 2229 | 575461 |
|  Charles Schwab Corp. (The) | 106639 | 9888634 |
|  CME Group, Inc., Class A | 19254 | 5419231 |
|  Interactive Brokers Group, Inc., Class A | 14268 | 927705 |
|  Intercontinental Exchange, Inc. | 32014 | 5035802 |
|  Jefferies Financial Group, Inc. | 2880 | 165773 |
|  Moody's Corp. | 3652 | 1792329 |
|  Morgan Stanley | 59623 | 10115638 |
|  Nasdaq, Inc. | 39593 | 3599795 |
|  S&P Global, Inc. | 9914 | 4945401 |
|  |  | 43394954 |
|  **Chemicals — 1.9%** |  |  |
|  Celanese Corp., Class A | 8096 | 337198 |
|  Corteva, Inc. | 127206 | 8582589 |
|  Dow, Inc. | 25962 | 619194 |
|  Huntsman Corp. | 96872 | 1009406 |
|  LyondellBasell Industries NV, Class A | 31419 | 1539217 |
|  Mosaic Co. (The) | 24155 | 591556 |
|  PPG Industries, Inc. | 3128 | 312925 |
|  Scotts Miracle-Gro Co. (The) | 5144 | 291253 |
|  |  | 13283338 |
|  **Commercial Services & Supplies — 1.5%** |  |  |
|  Cintas Corp. | 20635 | 3838523 |
|  Copart, Inc.<sup>(a)</sup> | 51929 | 2024192 |
|  Republic Services, Inc. | 6008 | 1304096 |
|  Veralto Corp. | 20507 | 2075719 |
|  Waste Connections, Inc. | 9373 | 1654803 |
|  |  | 10897333 |
|  **Communications Equipment — 1.3%** |  |  |
|  Arista Networks, Inc.<sup>(a)</sup> | 23833 | 3114497 |
|  Cisco Systems, Inc. | 40254 | 3097143 |
|  Motorola Solutions, Inc. | 8005 | 2959288 |
|  |  | 9170928 |
|  **Construction & Engineering — 0.6%** |  |  |
|  Comfort Systems U.S.A., Inc. | 1183 | 1155720 |
|  MasTec, Inc.<sup>(a)</sup> | 16423 | 3512551 |
|  |  | 4668271 |
|  **Construction Materials — 0.0%** |  |  |
|  CRH PLC | 1414 | 169623 |
|  **Consumer Finance — 1.6%** |  |  |
|  Ally Financial, Inc. | 23253 | 960349 |
|  American Express Co. | 12460 | 4551264 |
|  Capital One Financial Corp. | 21863 | 4789527 |
|  Figure Technology Solutions, Inc., Class A<sup>(a)</sup> | 6816 | 247012 |
|  OneMain Holdings, Inc. | 12560 | 779097 |
|  |  | 11327249 |
|  **Consumer Staples Distribution & Retail — 3.3%** |  |  |
|  Costco Wholesale Corp. | 6335 | 5787593 |
|  Dollar General Corp. | 1030 | 112775 |
|  Sprouts Farmers Market, Inc.<sup>(a)</sup> | 7315 | 613070 |
|  Target Corp. | 1005 | 91073 |
|  Walmart, Inc. | 156463 | 17290726 |
|  |  | 23895237 |
|  **Containers & Packaging — 0.3%** |  |  |
|  Crown Holdings, Inc. | 4223 | 408913 |
|  Smurfit WestRock PLC | 51245 | 1828934 |
|  |  | 2237847 |

---

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) (continued)<br> November 30, 2025 | **BlackRock Advantage Large Cap Value Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Diversified Consumer Services — 0.0%** |  |  |
|  Bright Horizons Family Solutions, Inc.<sup>(a)</sup> | 1539 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158148 |
|  **Diversified Telecommunication Services — 1.1%** |  |  |
|  AT&T Inc. | 201833 | 5251695 |
|  Verizon Communications, Inc. | 58855 | 2419529 |
|  |  | 7671224 |
|  **Electric Utilities — 2.7%** |  |  |
|  Edison International | 62440 | 3677092 |
|  Entergy Corp. | 78583 | 7663414 |
|  Eversource Energy | 10474 | 703643 |
|  NextEra Energy, Inc. | 28556 | 2464097 |
|  NRG Energy, Inc. | 3692 | 625757 |
|  PG&E Corp. | 209840 | 3382621 |
|  Pinnacle West Capital Corp. | 13322 | 1210437 |
|  |  | 19727061 |
|  **Electrical Equipment — 1.4%** |  |  |
|  AMETEK, Inc. | 33873 | 6703128 |
|  Rockwell Automation, Inc. | 5200 | 2058472 |
|  Vertiv Holdings Co., Class A | 8015 | 1440536 |
|  |  | 10202136 |
|  **Electronic Equipment, Instruments & Components — 0.9%** |  |  |
|  Amphenol Corp., Class A | 28082 | 3956754 |
|  Flex Ltd.<sup>(a)</sup> | 28759 | 1699944 |
|  Keysight Technologies, Inc.<sup>(a)</sup> | 2829 | 560001 |
|  |  | 6216699 |
|  **Energy Equipment & Services — 0.2%** |  |  |
|  SLB Ltd. | 40407 | 1464350 |
|  **Entertainment — 0.4%** |  |  |
|  Netflix, Inc.<sup>(a)</sup> | 1180 | 126945 |
|  ROBLOX Corp., Class A<sup>(a)</sup> | 2341 | 222465 |
|  Roku, Inc., Class A<sup>(a)</sup> | 4905 | 474755 |
|  Take-Two Interactive Software, Inc.<sup>(a)</sup> | 3376 | 830732 |
|  Walt Disney Co. (The) | 8561 | 894368 |
|  |  | 2549265 |
|  **Financial Services — 3.6%** |  |  |
|  Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 40384 | 20749703 |
|  Fidelity National Information Services, Inc. | 35772 | 2352724 |
|  Fiserv, Inc.<sup>(a)</sup> | 8042 | 494342 |
|  Klarna Group PLC<sup>(a)(b)</sup> | 4946 | 155651 |
|  Visa, Inc., Class A | 5306 | 1774539 |
|  |  | 25526959 |
|  **Food Products — 0.1%** |  |  |
|  Conagra Brands, Inc. | 17370 | 310054 |
|  Kellanova | 1678 | 140348 |
|  |  | 450402 |
|  **Ground Transportation — 1.0%** |  |  |
|  Union Pacific Corp. | 31944 | 7405578 |
|  **Health Care Equipment & Supplies — 2.5%** |  |  |
|  Boston Scientific Corp.<sup>(a)</sup> | 63551 | 6455511 |
|  Glaukos Corp.<sup>(a)</sup> | 1100 | 116919 |
|  Hologic, Inc.<sup>(a)</sup> | 10399 | 779613 |
|  Inspire Medical Systems, Inc.<sup>(a)</sup> | 5888 | 732526 |
|  Intuitive Surgical, Inc.<sup>(a)</sup> | 1901 | 1090185 |
|  Medtronic PLC | 45576 | 4800520 |
|  Stryker Corp. | 10476 | 3888482 |
|  |  | 17863756 |
|  **Health Care Providers & Services — 2.8%** |  |  |
|  Cardinal Health, Inc. | 20244 | 4296991 |
|  Centene Corp.<sup>(a)</sup> | 65533 | 2578068 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Health Care Providers & Services (continued)** |  |  |
|  Cigna Group (The) | 6456 | $&nbsp;&nbsp;&nbsp;&nbsp;1790120 |
|  Elevance Health, Inc. | 1342 | 453945 |
|  Encompass Health Corp. | 5993 | 696506 |
|  HCA Healthcare, Inc. | 2979 | 1514196 |
|  McKesson Corp. | 227 | 200014 |
|  Quest Diagnostics, Inc. | 1336 | 252745 |
|  UnitedHealth Group, Inc. | 25426 | 8384732 |
|  |  | 20167317 |
|  **Health Care REITs — 0.8%** |  |  |
|  Ventas, Inc. | 67394 | 5433978 |
|  **Health Care Technology — 0.0%** |  |  |
|  Doximity, Inc., Class A<sup>(a)</sup> | 2437 | 125359 |
|  **Hotel & Resort REITs — 0.0%** |  |  |
|  Host Hotels & Resorts, Inc. | 10240 | 180531 |
|  **Hotels, Restaurants & Leisure — 0.8%** |  |  |
|  Booking Holdings, Inc. | 47 | 230990 |
|  Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 4229 | 145985 |
|  Darden Restaurants, Inc. | 4363 | 783508 |
|  Las Vegas Sands Corp. | 2086 | 142182 |
|  McDonald's Corp. | 13523 | 4216742 |
|  Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 16378 | 302338 |
|  |  | 5821745 |
|  **Household Durables — 1.3%** |  |  |
|  DR Horton, Inc. | 11552 | 1836884 |
|  Garmin Ltd. | 10889 | 2126839 |
|  Installed Building Products, Inc. | 258 | 69149 |
|  Meritage Homes Corp. | 41291 | 3017546 |
|  NVR, Inc.<sup>(a)</sup> | 36 | 270262 |
|  Taylor Morrison Home Corp., Class A<sup>(a)</sup> | 2030 | 127261 |
|  Toll Brothers, Inc. | 14420 | 2016349 |
|  |  | 9464290 |
|  **Household Products — 1.1%** |  |  |
|  Procter & Gamble Co. (The) | 55557 | 8231325 |
|  **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** |  |
|  AES Corp. (The) | 10676 | 150105 |
|  **Industrial Conglomerates — 1.8%** |  |  |
|  3M Co. | 32594 | 5607798 |
|  Honeywell International, Inc. | 37012 | 7113336 |
|  |  | 12721134 |
|  **Insurance — 3.6%** |  |  |
|  Allstate Corp. (The) | 10102 | 2151524 |
|  Chubb Ltd. | 10183 | 3016001 |
|  Hanover Insurance Group, Inc. (The) | 2792 | 518056 |
|  Hartford Insurance Group, Inc. (The) | 7795 | 1068149 |
|  Marsh & McLennan Cos., Inc. | 19490 | 3575440 |
|  MetLife, Inc. | 18125 | 1387650 |
|  Progressive Corp. (The) | 14347 | 3282450 |
|  Reinsurance Group of America, Inc. | 7085 | 1345229 |
|  Travelers Cos., Inc. (The) | 31267 | 9156854 |
|  |  | 25501353 |
|  **Interactive Media & Services — 5.7%** |  |  |
|  Alphabet, Inc., Class A | 56068 | 17951852 |
|  Alphabet, Inc., Class C, NVS | 39794 | 12738855 |
|  Meta Platforms, Inc., Class A | 13742 | 8904129 |
|  Pinterest, Inc., Class A<sup>(a)</sup> | 52268 | 1365240 |
|  Reddit, Inc., Class A<sup>(a)</sup> | 1135 | 245694 |
|  |  | 41205770 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock Advantage Large Cap Value Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **IT Services — 0.7%** |  |  |
|  Accenture PLC, Class A | 10086 | $&nbsp;&nbsp;&nbsp;&nbsp;2521500 |
|  Globant SA<sup>(a)</sup> | 4366 | 277808 |
|  International Business Machines Corp. | 6659 | 2054834 |
|  VeriSign, Inc. | 734 | 184961 |
|  |  | 5039103 |
|  **Leisure Products — 0.4%** |  |  |
|  Hasbro, Inc. | 36103 | 2982108 |
|  **Life Sciences Tools & Services — 0.2%** |  |  |
|  Danaher Corp. | 6798 | 1541650 |
|  **Machinery — 3.7%** |  |  |
|  Caterpillar, Inc. | 7004 | 4032623 |
|  Crane Co. | 1519 | 278357 |
|  Deere & Co. | 5584 | 2593712 |
|  Dover Corp. | 8433 | 1562466 |
|  Illinois Tool Works, Inc. | 11251 | 2804649 |
|  Mueller Industries, Inc. | 27178 | 2986047 |
|  PACCAR, Inc. | 1519 | 160133 |
|  Parker-Hannifin Corp. | 11156 | 9613125 |
|  Westinghouse Air Brake Technologies Corp. | 10977 | 2289254 |
|  |  | 26320366 |
|  **Marine Transportation — 0.1%** |  |  |
|  Kirby Corp.<sup>(a)</sup> | 7929 | 900100 |
|  **Media — 0.9%** |  |  |
|  Comcast Corp., Class A | 174067 | 4645848 |
|  Fox Corp., Class A, NVS | 19766 | 1294673 |
|  Fox Corp., Class B | 3446 | 200764 |
|  |  | 6141285 |
|  **Metals & Mining — 1.2%** |  |  |
|  Alcoa Corp. | 13364 | 557813 |
|  Cleveland-Cliffs, Inc.<sup>(a)</sup> | 46529 | 606738 |
|  Commercial Metals Co. | 3165 | 201864 |
|  Freeport-McMoRan, Inc. | 55226 | 2373614 |
|  Newmont Corp. | 29422 | 2669458 |
|  Nucor Corp. | 8543 | 1362523 |
|  Reliance, Inc. | 1538 | 429594 |
|  Steel Dynamics, Inc. | 933 | 156585 |
|  |  | 8358189 |
|  **Multi-Utilities — 0.3%** |  |  |
|  Consolidated Edison, Inc. | 19983 | 2005494 |
|  **Oil, Gas & Consumable Fuels — 4.8%** |  |  |
|  Cheniere Energy, Inc. | 2344 | 488630 |
|  Chevron Corp. | 36778 | 5558259 |
|  Chord Energy Corp. | 7162 | 672225 |
|  Devon Energy Corp. | 210626 | 7805799 |
|  EOG Resources, Inc. | 37886 | 4086005 |
|  Exxon Mobil Corp. | 35278 | 4089426 |
|  HF Sinclair Corp. | 3376 | 178624 |
|  Kinder Morgan, Inc. | 134291 | 3668830 |
|  Marathon Petroleum Corp. | 538 | 104227 |
|  Ovintiv, Inc. | 87209 | 3572081 |
|  Valero Energy Corp. | 7743 | 1368653 |
|  Williams Cos., Inc. (The) | 50557 | 3080438 |
|  |  | 34673197 |
|  **Paper & Forest Products — 0.1%** |  |  |
|  Louisiana-Pacific Corp. | 9479 | 777373 |
|  **Passenger Airlines — 0.4%** |  |  |
|  Delta Air Lines, Inc. | 39651 | 2541629 |

---

---

| | | |
|:---|:---|:---|
| Security | *Shares* | Value |
|  **Personal Care Products — 0.0%** |  |  |
|  BellRing Brands, Inc.<sup>(a)</sup> | 1458 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45038 |
|  **Pharmaceuticals — 4.6%** |  |  |
|  Bristol-Myers Squibb Co. | 203956 | 10034635 |
|  Eli Lilly & Co. | 1342 | 1443281 |
|  Johnson & Johnson | 53861 | 11144918 |
|  Merck & Co., Inc. | 7424 | 778258 |
|  Pfizer, Inc. | 359221 | 9246349 |
|  |  | 32647441 |
|  **Professional Services — 0.2%** |  |  |
|  Equifax, Inc. | 4757 | 1010244 |
|  ExlService Holdings, Inc.<sup>(a)</sup> | 2355 | 93564 |
|  Leidos Holdings, Inc. | 1135 | 216899 |
|  |  | 1320707 |
|  **Real Estate Management & Development — 0.0%** |  |  |
|  Zillow Group, Inc., Class A<sup>(a)</sup> | 1169 | 84577 |
|  **Residential REITs — 0.0%** |  |  |
|  Mid-America Apartment Communities, Inc. | 1859 | 252620 |
|  **Retail REITs — 0.7%** |  |  |
|  Kimco Realty Corp. | 196554 | 4060806 |
|  NNN REIT, Inc. | 13816 | 571291 |
|  Simon Property Group, Inc. | 2521 | 469713 |
|  |  | 5101810 |
|  **Semiconductors & Semiconductor Equipment — 5.3%** |  |  |
|  Advanced Micro Devices, Inc.<sup>(a)</sup> | 16877 | 3671254 |
|  Analog Devices, Inc. | 9179 | 2435556 |
|  Astera Labs, Inc.<sup>(a)</sup> | 2010 | 316716 |
|  Intel Corp.<sup>(a)</sup> | 110792 | 4493723 |
|  Lam Research Corp. | 25727 | 4013412 |
|  Marvell Technology, Inc. | 29728 | 2657683 |
|  Microchip Technology, Inc. | 3784 | 202747 |
|  Micron Technology, Inc. | 37961 | 8977017 |
|  NVIDIA Corp. | 21078 | 3730806 |
|  Qnity Electronics, Inc. | 8677 | 703577 |
|  QUALCOMM, Inc. | 24669 | 4146612 |
|  Skyworks Solutions, Inc. | 11385 | 750841 |
|  Texas Instruments, Inc. | 13377 | 2250948 |
|  |  | 38350892 |
|  **Software — 1.9%** |  |  |
|  Adobe, Inc.<sup>(a)</sup> | 4936 | 1580162 |
|  Atlassian Corp., Class A<sup>(a)</sup> | 3249 | 485791 |
|  Elastic NV<sup>(a)</sup> | 7770 | 548018 |
|  Intuit, Inc. | 1529 | 969508 |
|  Microsoft Corp. | 8923 | 4390205 |
|  Salesforce, Inc. | 23063 | 5316944 |
|  |  | 13290628 |
|  **Specialized REITs — 1.3%** |  |  |
|  American Tower Corp. | 3027 | 548704 |
|  CubeSmart | 75065 | 2794670 |
|  Digital Realty Trust, Inc. | 13242 | 2120309 |
|  Equinix, Inc. | 3523 | 2653911 |
|  Public Storage | 4059 | 1114358 |
|  |  | 9231952 |
|  **Specialty Retail — 1.8%** |  |  |
|  AutoNation, Inc.<sup>(a)</sup> | 2609 | 551256 |
|  AutoZone, Inc.<sup>(a)</sup> | 172 | 680145 |
|  Best Buy Co., Inc. | 12061 | 956196 |
|  CarMax, Inc.<sup>(a)</sup> | 10781 | 416793 |
|  Lithia Motors, Inc., Class A | 3999 | 1275041 |

---

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, 2025 | **BlackRock Advantage Large Cap Value Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Specialty Retail (continued)** |  |  |
|  TJX Cos., Inc. (The) | 58675 | $&nbsp;&nbsp;&nbsp;&nbsp;8913906 |
|  Wayfair, Inc., Class A<sup>(a)</sup> | 2155 | 238774 |
|  |  | 13032111 |
|  **Technology Hardware, Storage & Peripherals — 1.3%** |  |  |
|  Apple Inc. | 15115 | 4214818 |
|  Dell Technologies, Inc., Class C | 6293 | 839171 |
|  Hewlett Packard Enterprise Co. | 3385 | 74030 |
|  HP, Inc. | 14560 | 355555 |
|  Sandisk Corp.<sup>(a)</sup> | 3081 | 687926 |
|  Seagate Technology Holdings PLC | 2455 | 679274 |
|  Western Digital Corp. | 14400 | 2351952 |
|  |  | 9202726 |
|  **Textiles, Apparel & Luxury Goods — 0.2%** |  |  |
|  Levi Strauss & Co., Class A | 32350 | 712671 |
|  Ralph Lauren Corp., Class A | 400 | 146932 |
|  Tapestry, Inc. | 4342 | 474494 |
|  Under Armour, Inc., Class A<sup>(a)</sup> | 21978 | 101538 |
|  Under Armour, Inc., Class C, NVS<sup>(a)</sup> | 4342 | 19235 |
|  |  | 1454870 |
|  **Tobacco — 1.5%** |  |  |
|  Altria Group, Inc. | 56693 | 3345454 |
|  Philip Morris International, Inc. | 48881 | 7697780 |
|  |  | 11043234 |
|  **Trading Companies & Distributors — 0.7%** |  |  |
|  Applied Industrial Technologies, Inc. | 9332 | 2415308 |
|  Ferguson Enterprises, Inc. | 9142 | 2300767 |
|  |  | 4716075 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Wireless Telecommunication Services — 0.5%** |  |  |
|  T-Mobile U.S., Inc. | 17419 | $3640745 |
|  **Total Long-Term Investments — 98.8%<br>(Cost: $587,534,327)** |  | 708274930 |
|  **Short-Term Securities** |  |  |
|  **Money Market Funds — 1.0%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.11%<sup>(c)(d)(e)</sup> | 3039 | 3041 |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares, 3.86%<sup>(c)(d)</sup> | 7498151 | 7498151 |
|  **Total Short-Term Securities — 1.0%<br>(Cost: $7,501,192)** |  | 7501192 |
|  **Total Investments — 99.8%<br>(Cost: $595,035,519)** |  | 715776122 |
| **Other Assets Less Liabilities — 0.2%** |  | 1086086 |
|  **Net Assets — 100.0%** |  | $716862208 |

---

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

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

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

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

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

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended November 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Issuer | Value at<br>05/31/25 | Purchases<br>at Cost | Proceeds<br>from Sales | *Net<br>Realized<br>Gain*<br> *(Loss)* | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>11/30/25 | Shares<br>Held at<br>11/30/25 | Income | *Capital*<br> *Gain<br>Distributions<br>from*<br> *Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $957844 | $— | $(954772)<sup>(a)</sup> | $(31) | $– $| 3041 | 3039 | $9348 <sup>(b)</sup> | $— |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares | 5901960 | 1596191 <sup>(a)</sup> |  |  | – | 7498151 | 7498151 | 129567 |  |
|  |  |  |  | $(31) | $– $| 7501192 |  | $138915 | $— |

---

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

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

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

34 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock Advantage Large Cap Value Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |

---

#### Derivative Financial Instruments Outstanding as of Period End
**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts | Expiration<br>Date | Notional<br>Amount<br>(000) | Value/<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 E-Mini Index | 26 | 12/19/25 | $8917 | $259876 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Currency<br>Exchange<br>Contracts | Interest<br>Rate<br>Contracts | Other<br>Contracts | Total |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $259876 | $— | $— | $— | $259876 |

---

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

For the period ended November 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Currency<br>Exchange<br>Contracts | Interest<br>Rate<br>Contracts | Other<br>Contracts | Total |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $1357856 | $— | $— | $— | $1357856 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(331784) | $— | $— | $— | $(331784) |

---

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $8180506 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock Advantage Large Cap Value Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |

---

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $708274930 | $— | $— | $708274930 |
| &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 | 7501192 |  |  | 7501192 |
|  | $715776122 | $— | $— | $715776122 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $259876 | $— | $— | $259876 |

---

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

*See notes to financial statements.* 

36 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Statements of Assets and Liabilities (unaudited)

November 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock<br>Advantage<br>International<br>Fund | BlackRock<br>Advantage<br>Large Cap<br>Growth Fund | BlackRock<br>Advantage<br>Small Cap Core<br>Fund | BlackRock<br>Advantage<br>Large Cap Core<br>Fund | BlackRock<br>Advantage<br>Large Cap<br>Value Fund |
|  **ASSETS** |  |  |  |  |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup> | $6441141576 | $1631417335 | $4359297423 | $3452803966 | $708274930 |
|  Investments, at value — affiliated<sup>(c)</sup> | 73918408 | 16373258 | 254410499 | 36655869 | 7501192 |
|  Cash | 15634381 |  | 1249 | 381561 | 74325 |
|  Cash pledged: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 2314000 | 1218000 | 3981000 | 2782000 | 566006 |
|  Foreign currency, at value<sup>(d)</sup> | 3589316 | 85583 |  |  |  |
|  Receivables: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 517568 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 115 | 162 | 100789 | 611 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 7588972 | 391226 | 4469821 | 1225073 | 186810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 21433812 | 676763 | 2767950 | 2073368 | 801616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 282110 | 51234 | 137917 | 110696 | 21120 |
| &nbsp;&nbsp;&nbsp;&nbsp; From the Manager | 274659 | 62719 | 128145 | 126254 | 20966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 292613 | 129420 | 314927 | 193725 | 39985 |
|  Prepaid expenses | 140286 | 135357 | 79164 | 41910 | 160549 |
|  Total assets | 6567127816 | 1650541057 | 4625688884 | 3496395033 | 717647785 |
|  **LIABILITIES** |  |  |  |  |  |
|  Collateral on securities loaned | 753814 |  | 191780343 |  | 3072 |
|  Payables: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 335888 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services fees | 200224 | 70306 | 155449 | 125236 | 42907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 187231 | 53362 | 129399 | 106037 | 24016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 3767748 | 626765 | 5763768 | 2184553 | 192447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 2023469 | 666756 | 1374246 | 1059862 | 217500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' and Officer's fees |  | 1525 | 3240 | 3680 | 1727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 111690 | 45537 | 29699 | 64643 | 50476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other affiliate fees | 153871 | 129195 | 55937 | 141026 | 2639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 47364 | 17017 | 23084 | 3622 | 23127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees |  |  | 200033 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution fees | 123327 | 175077 | 168310 | 407969 | 97596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 724870 | 254823 | 603388 | 669417 | 130070 |
|  Total liabilities | 8429496 | 2040363 | 200286896 | 4766045 | 785577 |
|  **Commitments and contingent liabilities** |  |  |  |  |  |
|  NET ASSETS | $6558698320 | $1648500694 | $4425401988 | $3491628988 | $716862208 |
|  **NET ASSETS CONSIST OF:** |  |  |  |  |  |
|  Paid-in capital | $5475639676 | $853620044 | $3536527008 | $2031144616 | $569383039 |
|  Accumulated earnings | 1083058644 | 794880650 | 888874980 | 1460484372 | 147479169 |
|  NET ASSETS | $6558698320 | $1648500694 | $4425401988 | $3491628988 | $716862208 |
|  <sup>(a) </sup>Investments, at cost — unaffiliated | $5503465656 | $874956246 | $3596575928 | $2108883888 | $587534327 |
|  <sup>(b) </sup>Securities loaned, at value | $722357 | $— | $189896555 | $— | $3021 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $73918408 | $16373258 | $254387979 | $36655869 | $7501192 |
|  <sup>(d) </sup>Foreign currency, at cost | $3586577 | $85579 | $— | $— | $— |

---

S T A T E M E N T S O F A S S E T S A N D L I A B I L I T I E S 37

------

Statements of Assets and Liabilities (unaudited) (continued)

November 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock<br>Advantage<br>International<br>Fund | BlackRock<br>Advantage<br>Large Cap<br>Growth Fund | BlackRock<br>Advantage<br>Small Cap Core<br>Fund | BlackRock<br>Advantage<br>Large Cap Core<br>Fund | BlackRock<br>Advantage<br>Large Cap<br>Value Fund |
|  **NET ASSET VALUE** |  |  |  |  |  |
| **Institutional** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $4514271105 | $891285726 | $2672583740 | $1481833049 | $264166462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 194474685 | 29753778 | 127613785 | 59224173 | 7868776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $23.21 | $29.96 | $20.94 | $25.02 | $33.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited | Unlimited | 400 million | 400 million |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 | $0.001 | $0.001 | $0.10 | $0.10 |
| **Investor A** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $441823182 | $708411414 | $783647214 | $1794959620 | $419523721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 19305973 | 25610415 | 37727524 | 76908707 | 12961794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $22.89 | $27.66 | $20.77 | $23.34 | $32.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited | Unlimited | 300 million | 400 million |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 | $0.001 | $0.001 | $0.10 | $0.10 |
| **Investor C** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $19816480 | $36035465 | $10802783 | $50942281 | $13876607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 898453 | 1768684 | 541403 | 2931141 | 485478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $22.06 | $20.37 | $19.95 | $17.38 | $28.58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited | Unlimited | 400 million | 400 million |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 | $0.001 | $0.001 | $0.10 | $0.10 |
| **Class K** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1539306193 | $10082272 | $958368251 | $145931712 | $13364110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 66281222 | 336466 | 45710805 | 5829334 | 397970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $23.22 | $29.97 | $20.97 | $25.03 | $33.58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited | Unlimited | 2 billion | 2 billion |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 | $0.001 | $0.001 | $0.10 | $0.10 |
| **Class R** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $43481360 | $2685817 | $N/A | $17962326 | $5931308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 1903922 | 91176 | N/A | 874697 | 196000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $22.84 | $29.46 | $N/A | $20.54 | $30.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited | N/A | 200 million | 200 million |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 | $0.001 | $N/A | $0.10 | $0.10 |

---

*See notes to financial statements.* 

38 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Statements of Operations (unaudited)

Six Months Ended November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | BlackRock<br>Advantage<br>International<br>Fund | BlackRock<br>Advantage<br>Large Cap<br>Growth Fund | BlackRock<br>Advantage<br>Small Cap<br>Core Fund |
|  **INVESTMENT INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $57782202 | $4782623 | $25119460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 1822466 | 297133 | 832662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 819 | 4107 | 653369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income | 12395 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | (3348017) | (704) | (38300) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax claims | 715442 |  |  |
|  Total investment income | 56985307 | 5083159 | 26567191 |
|  EXPENSES |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 12019469 | 4348308 | 8978270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent — class specific | 2298515 | 829221 | 1648626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration | 1028798 | 310322 | 781840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution — class specific | 720183 | 1011816 | 990782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration — class specific | 574430 | 155463 | 423400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | 329804 | 21189 | 77140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services | 175448 | 60775 | 133942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 145629 | 54760 | 64994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration | 121931 | 47748 | 115243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and postage | 26141 | 25623 | 24118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors and Officer | 20783 | 8598 | 16996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 16137 | 14040 | 35229 |
|  Total expenses excluding interest expense | 17477268 | 6887863 | 13290580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 5561 | 125 | 1772 |
|  Total expenses | 17482829 | 6887988 | 13292352 |
|  Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees waived by the Manager — class specific | (574430) | (155463) | (423400) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fees waived and/or reimbursed by the Manager | (861076) | (460072) | (703632) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees waived and/or reimbursed by the Manager — class specific | (1188176) | (444097) | (845821) |
|  Total expenses after fees waived and/or reimbursed | 14859147 | 5828356 | 11319499 |
|  Net investment income (loss) | 42126160 | (745197) | 15247692 |
|  **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 | 158892728 | 60365133 | 165969146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated |  | (8) | 3030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 4044659 | 2691144 | 6206794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 650556 | 1 |  |
|  | 163587943 | 63056270 | 172178970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | 252759058 | 241720414 | 637302111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated |  |  | 12999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 664763 | (340517) | 1807216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (943462) | 1817 |  |
|  | 252480359 | 241381714 | 639122326 |
|  Net realized and unrealized gain | 416068302 | 304437984 | 811301296 |
|  NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $458194462 | $303692787 | $826548988 |

---

*See notes to financial statements.* 

S T A T E M E N T S O F O P E R A T I O N S 39

------

Statements of Operations (unaudited) (continued)

Six Months Ended November 30, 2025

---

| | | |
|:---|:---|:---|
|  | BlackRock<br>Advantage<br>Large Cap<br>Core Fund | BlackRock<br>Advantage<br>Large Cap<br>Value Fund |
|  **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $18003577 | $6282993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 634276 | 129567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 8638 | 9348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld |  | (1634) |
|  Total investment income | 18646491 | 6420274 |
|  EXPENSES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 7050764 | 1666582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution — class specific | 2428998 | 585002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent — class specific | 1735265 | 335096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration | 620084 | 142314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration — class specific | 329311 | 68025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services | 108234 | 36884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 69873 | 76678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration | 49370 | 42005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | 29506 | 23485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and postage | 25393 | 20203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors and Officer | 11842 | 5553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 16740 | 10849 |
|  Total expenses excluding interest expense | 12475380 | 3012676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 109 | 77 |
|  Total expenses | 12475489 | 3012753 |
|  Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees waived by the Manager — class specific | (329311) | (68025) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fees waived and/or reimbursed by the Manager | (902431) | (357919) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees waived and/or reimbursed — class specific | (949119) | (168590) |
|  Total expenses after fees waived and/or reimbursed | 10294628 | 2418219 |
|  Net investment income | 8351863 | 4002055 |
|  **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 | 133054855 | 25175120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 90 | (31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 5816620 | 1357856 |
|  | 138871565 | 26532945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | 412670115 | 60946902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (918281) | (331784) |
|  | 411751834 | 60615118 |
|  Net realized and unrealized gain | 550623399 | 87148063 |
|  NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $558975262 | $91150118 |

---

*See notes to financial statements.* 

40 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock Advantage International Fund | BlackRock Advantage International Fund | BlackRock Advantage Large Cap Growth<br>Fund | BlackRock Advantage Large Cap Growth<br>Fund |
|  | Six Months<br>Ended<br> 11/30/25<br>(unaudited) | Year Ended<br>05/31/25 | Six Months<br>Ended<br>11/30/25<br>(unaudited) | Year Ended<br>05/31/25 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $42126160 | $87054437 | $(745197) | $(674598) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 163587943 | 108273133 | 63056270 | 198780311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 252480359 | 391490338 | 241381714 | 21492202 |
|  Net increase in net assets resulting from operations | 458194462 | 586817908 | 303692787 | 219597915 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | (110504806) | (49388009) | (26831378) | (132790887) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A | (11944136) | (8409706) | (22344078) | (120993971) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C | (498649) | (372491) | (1449491) | (8241941) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | (36094339) | (8955985) | (292065) | (1426523) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (1154072) | (1035538) | (79352) | (312822) |
|  Decrease in net assets resulting from distributions to shareholders | (160196002) | (68161729) | (50996364) | (263766144) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | 1380070800 | 2614586897 | (13524393) | 226835987 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase in net assets | 1678069260 | 3133243076 | 239172030 | 182667758 |
|  Beginning of period | 4880629060 | 1747385984 | 1409328664 | 1226660906 |
|  End of period | $6558698320 | $4880629060 | $1648500694 | $1409328664 |

---

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

*See notes to financial statements.* 

S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S 41

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Small Cap Core Fund | BlackRock Advantage Small Cap Core Fund | BlackRock Advantage Large Cap Core<br>Fund | BlackRock Advantage Large Cap Core<br>Fund |
|  | Six Months<br>Ended<br> 11/30/25<br>(unaudited) | Year Ended<br>05/31/25 | Six Months<br>Ended<br>11/30/25<br>(unaudited) | Year Ended<br>05/31/25 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $15247692 | $29812573 | $8351863 | $19572304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 172178970 | 210156885 | 138871565 | 317069760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 639122326 | (245840239) | 411751834 | 9888881 |
|  Net increase (decrease) in net assets resulting from operations | 826548988 | (5870781) | 558975262 | 346530945 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | (8351096) | (17000404) | (61665912) | (167464480) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A | (1954644) | (3015910) | (80814896) | (224692388) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C | (18427) | (2514) | (2915860) | (8195750) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | (3955343) | (9840648) | (6034761) | (6036630) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  | (908596) | (2468740) |
|  Decrease in net assets resulting from distributions to shareholders | (14279510) | (29859476) | (152340025) | (408857988) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | (354024390) | 488089617 | 62993703 | 237104096 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase in net assets | 458245088 | 452359360 | 469628940 | 174777053 |
|  Beginning of period | 3967156900 | 3514797540 | 3022000048 | 2847222995 |
|  End of period | $4425401988 | $3967156900 | $3491628988 | $3022000048 |

---

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

*See notes to financial statements.* 

42 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Statements of Changes in Net Assets (continued)

---

| | | |
|:---|:---|:---|
|  | BlackRock Advantage Large Cap Value<br>Fund | BlackRock Advantage Large Cap Value<br>Fund |
|  | Six Months<br>Ended<br> 11/30/25<br>(unaudited) | Year Ended<br>05/31/25 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $4002055 | $8581319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 26532945 | 68599331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 60615118 | (24072085) |
|  Net increase in net assets resulting from operations | 91150118 | 53108565 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | (12448922) | (27004307) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A | (20471044) | (53574227) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C | (748274) | (2016357) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | (634332) | (1566110) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (298303) | (1067189) |
|  Decrease in net assets resulting from distributions to shareholders | (34600875) | (85228190) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |
|  Net increase in net assets derived from capital share transactions | 35290036 | 35641259 |
|  *NET ASSETS* |  |  |
|  Total increase in net assets | 91839279 | 3521634 |
|  Beginning of period | 625022929 | 621501295 |
|  End of period | $716862208 | $625022929 |

---

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

*See notes to financial statements.* 

S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S 43

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage International Fund | BlackRock Advantage International Fund | BlackRock Advantage International Fund | BlackRock Advantage International Fund | BlackRock Advantage International Fund | BlackRock Advantage International Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months<br>Ended<br>11/30/25<br>(unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of period** | $22.06 | $19.59 | $16.73 | $16.48 | $19.89 | $14.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.17 | 0.64 | 0.49 | 0.48 | 0.46 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.65 | 2.49 | 2.86 | 0.29 | (2.28) | 5.30 |
|  Net increase (decrease) from investment operations | 1.82 | 3.13 | 3.35 | 0.77 | (1.82) | 5.68 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.29) | (0.53) | (0.49) | (0.52) | (0.62) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.38) | (0.13) |  |  | (0.97) |  |
|  Total distributions | (0.67) | (0.66) | (0.49) | (0.52) | (1.59) | (0.31) |
|  **Net asset value, end of period** | $23.21 | $22.06 | $19.59 | $16.73 | $16.48 | $19.89 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 8.49 %<sup>(d)</sup> | 16.48% | 20.40% | 5.10% | (9.93)% | 39.57% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.60 %<sup>(f)</sup> | 0.63% | 0.70% | 0.68% | 0.73% | 0.78% |
|  Total expenses after fees waived and/or reimbursed | 0.50 %<sup>(f)</sup> | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
|  Net investment income | 1.48 %<sup>(f)</sup> | 3.19% | 2.73% | 3.08% | 2.51% | 2.21% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $4514271 | $3263050 | $1183511 | $771698 | $710116 | $616649 |
|  Portfolio turnover rate | 60% | 113% | 128% | 128% | 132% | 247% |

---

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

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

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

<sup>(d)</sup> 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.* 

44 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months<br>Ended<br>11/30/25<br>(unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of period** | $21.76 | $19.34 | $16.52 | $16.28 | $19.65 | $14.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.14 | 0.49 | 0.42 | 0.44 | 0.35 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.64 | 2.54 | 2.85 | 0.28 | (2.19) | 5.24 |
|  Net increase (decrease) from investment operations | 1.78 | 3.03 | 3.27 | 0.72 | (1.84) | 5.57 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.27) | (0.48) | (0.45) | (0.48) | (0.56) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.38) | (0.13) |  |  | (0.97) |  |
|  Total distributions | (0.65) | (0.61) | (0.45) | (0.48) | (1.53) | (0.27) |
|  **Net asset value, end of period** | $22.89 | $21.76 | $19.34 | $16.52 | $16.28 | $19.65 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 8.42 %<sup>(d)</sup> | 16.14% | 20.11% | 4.82% | (10.13)% | 39.21% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.89 %<sup>(f)</sup> | 0.89% | 0.92% | 1.00% | 1.02% | 1.05% |
|  Total expenses after fees waived and/or reimbursed | 0.75 %<sup>(f)</sup> | 0.76% | 0.75% | 0.75% | 0.75% | 0.75% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense and professional fees for foreign withholding tax claims | 0.75 %<sup>(f)</sup> | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
|  Net investment income | 1.23 %<sup>(f)</sup> | 2.50% | 2.38% | 2.82% | 1.93% | 1.95% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $441823 | $375898 | $264866 | $230879 | $240255 | $456083 |
|  Portfolio turnover rate | 60% | 113% | 128% | 128% | 132% | 247% |

---

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

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

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

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

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 45

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Six Months<br>Ended<br>11/30/25<br>(unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of period** | $21.02 | $18.70 | $16.03 | $15.81 | $19.12 | $13.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.05 | 0.31 | 0.36 | 0.32 | 0.22 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.58 | 2.49 | 2.67 | 0.27 | (2.15) | 5.14 |
|  Net increase (decrease) from investment operations | 1.63 | 2.80 | 3.03 | 0.59 | (1.93) | 5.30 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.21) | (0.35) | (0.36) | (0.37) | (0.41) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.38) | (0.13) |  |  | (0.97) |  |
|  Total distributions | (0.59) | (0.48) | (0.36) | (0.37) | (1.38) | (0.13) |
|  **Net asset value, end of period** | $22.06 | $21.02 | $18.70 | $16.03 | $15.81 | $19.12 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 7.99 %<sup>(d)</sup> | 15.32% | 19.21% | 4.04% | (10.83)% | 38.21% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 1.73 %<sup>(f)</sup> | 1.86% | 1.73% | 1.78% | 1.83% | 1.88% |
|  Total expenses after fees waived and/or reimbursed | 1.50 %<sup>(f)</sup> | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
|  Net investment income | 0.49 %<sup>(f)</sup> | 1.62% | 2.09% | 2.10% | 1.27% | 0.98% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $19816 | $17104 | $14765 | $2598 | $2356 | $3664 |
|  Portfolio turnover rate | 60% | 113% | 128% | 128% | 132% | 247% |

---

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

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

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

<sup>(d)</sup> 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.* 

46 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months<br>Ended<br>11/30/25<br>(unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of period** | $22.07 | $19.59 | $16.73 | $16.48 | $19.89 | $14.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.17 | 0.75 | 0.48 | 0.52 | 0.46 | 0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.65 | 2.40 | 2.88 | 0.26 | (2.28) | 5.23 |
|  Net increase (decrease) from investment operations | 1.82 | 3.15 | 3.36 | 0.78 | (1.82) | 5.69 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.29) | (0.54) | (0.50) | (0.53) | (0.62) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.38) | (0.13) |  |  | (0.97) |  |
|  Total distributions | (0.67) | (0.67) | (0.50) | (0.53) | (1.59) | (0.32) |
|  **Net asset value, end of period** | $23.22 | $22.07 | $19.59 | $16.73 | $16.48 | $19.89 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 8.50 %<sup>(d)</sup> | 16.58% | 20.45% | 5.16% | (9.89)% | 39.64% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.50 %<sup>(f)</sup> | 0.52% | 0.56% | 0.57% | 0.61% | 0.63% |
|  Total expenses after fees waived and/or reimbursed | 0.45 %<sup>(f)</sup> | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
|  Net investment income | 1.52 %<sup>(f)</sup> | 3.74% | 2.71% | 3.28% | 2.55% | 2.65% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $1539306 | $1185947 | $249178 | $193748 | $103329 | $103454 |
|  Portfolio turnover rate | 60% | 113% | 128% | 128% | 132% | 247% |

---

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

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

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

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

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 47

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) |
|  | Class R | Class R | Class R | Class R | Class R | Class R |
|  | Six Months<br>Ended<br>11/30/25<br>(unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of period** | $21.72 | $19.30 | $16.53 | $16.29 | $19.68 | $14.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.11 | 0.41 | 0.40 | 0.45 | 0.33 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.64 | 2.57 | 2.82 | 0.23 | (2.23) | 5.26 |
|  Net increase (decrease) from investment operations | 1.75 | 2.98 | 3.22 | 0.68 | (1.90) | 5.54 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.25) | (0.43) | (0.45) | (0.44) | (0.52) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.38) | (0.13) |  |  | (0.97) |  |
|  Total distributions | (0.63) | (0.56) | (0.45) | (0.44) | (1.49) | (0.22) |
|  **Net asset value, end of period** | $22.84 | $21.72 | $19.30 | $16.53 | $16.29 | $19.68 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 8.27 %<sup>(d)</sup> | 15.90% | 19.81% | 4.54% | (10.42)% | 38.91% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 1.24 %<sup>(f)</sup> | 1.36% | 1.32% | 1.33% | 1.35% | 1.36% |
|  Total expenses after fees waived and/or reimbursed | 1.00 %<sup>(f)</sup> | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
|  Net investment income | 0.99 %<sup>(f)</sup> | 2.09% | 2.26% | 2.75% | 1.81% | 1.67% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $43481 | $38630 | $35066 | $18925 | $2753 | $3416 |
|  Portfolio turnover rate | 60% | 113% | 128% | 128% | 132% | 247% |

---

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

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

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

<sup>(d)</sup> 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.* 

48 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Growth Fund | BlackRock Advantage Large Cap Growth Fund | BlackRock Advantage Large Cap Growth Fund | BlackRock Advantage Large Cap Growth Fund | BlackRock Advantage Large Cap Growth Fund | BlackRock Advantage Large Cap Growth Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months<br>Ended<br>11/30/25<br>(unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of period** | $25.38 | $26.17 | $19.76 | $18.77 | $23.33 | $18.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.00 <sup>(b)</sup> | 0.02 | 0.05 | 0.09 | 0.03 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 5.49 | 4.52 | 6.58 | 0.96 | (1.25) | 6.59 |
|  Net increase (decrease) from investment operations | 5.49 | 4.54 | 6.63 | 1.05 | (1.22) | 6.63 |
|  **Distributions<sup>(c)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  | (0.01) | (0.06) | (0.06) |  | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.91) | (5.32) | (0.16) |  | (3.34) | (1.46) |
|  Total distributions | (0.91) | (5.33) | (0.22) | (0.06) | (3.34) | (1.53) |
|  **Net asset value, end of period** | $29.96 | $25.38 | $26.17 | $19.76 | $18.77 | $23.33 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 22.07 %<sup>(e)</sup> | 17.86% | 33.74 %<sup>(f)</sup> | 5.62% | (7.80)% | 37.54% |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.75 %<sup>(h)</sup> | 0.76% | 0.80% | 0.75% | 0.75% | 0.83% |
|  Total expenses after fees waived and/or reimbursed | 0.62 %<sup>(h)</sup> | 0.62% | 0.62% | 0.61% | 0.61% | 0.62% |
|  Net investment income | 0.03 %<sup>(h)</sup> | 0.08% | 0.22% | 0.50% | 0.15% | 0.21% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $891286 | $769319 | $639878 | $499742 | $432076 | $125061 |
|  Portfolio turnover rate | 53% | 149% | 128% | 130% | 130% | 134% |

---

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

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

<sup>(c)</sup> 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> 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 49

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months<br>Ended<br>11/30/25<br>(unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of period** | $23.51 | $24.58 | $18.57 | $17.67 | $22.13 | $17.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup> | (0.03) | (0.04) | (0.01) | 0.04 | (0.03) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 5.06 | 4.24 | 6.19 | 0.89 | (1.16) | 6.27 |
|  Net increase (decrease) from investment operations | 5.03 | 4.20 | 6.18 | 0.93 | (1.19) | 6.26 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  |  | (0.01) | (0.03) |  | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.88) | (5.27) | (0.16) |  | (3.27) | (1.46) |
|  Total distributions | (0.88) | (5.27) | (0.17) | (0.03) | (3.27) | (1.48) |
|  **Net asset value, end of period** | $27.66 | $23.51 | $24.58 | $18.57 | $17.67 | $22.13 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 21.87 %<sup>(d)</sup> | 17.58% | 33.45 %<sup>(e)</sup> | 5.28% | (8.05)% | 37.28% |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |  |
|  Total expenses | 1.00 %<sup>(g)</sup> | 1.00% | 1.01% | 1.06% | 1.07% | 1.08% |
|  Total expenses after fees waived and/or reimbursed | 0.87 %<sup>(g)</sup> | 0.87% | 0.87% | 0.87% | 0.87% | 0.87% |
|  Net investment income (loss) | (0.22)%<sup>(g)</sup> | (0.17)% | (0.03)% | 0.24% | (0.16)% | (0.04)% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $708411 | $598517 | $548827 | $441983 | $452791 | $909344 |
|  Portfolio turnover rate | 53% | 149% | 128% | 130% | 130% | 134% |

---

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

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

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

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

<sup>(e)</sup> Includes a payment received from an affiliate, which had no impact on the Fund's total return. 

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

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

*See notes to financial statements.* 

50 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Six Months<br>Ended<br>11/30/25<br>(unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of period** | $17.55 | $19.52 | $14.88 | $14.24 | $18.42 | $14.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.09) | (0.17) | (0.14) | (0.07) | (0.16) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.74 | 3.34 | 4.94 | 0.71 | (0.87) | 5.27 |
|  Net increase (decrease) from investment operations | 3.65 | 3.17 | 4.80 | 0.64 | (1.03) | 5.14 |
|  Distributions from net realized gain<sup>(b)</sup> | (0.83) | (5.14) | (0.16) |  | (3.15) | (1.39) |
|  **Net asset value, end of period** | $20.37 | $17.55 | $19.52 | $14.88 | $14.24 | $18.42 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 21.39 %<sup>(d)</sup> | 16.71% | 32.46 %<sup>(e)</sup> | 4.50% | (8.74)% | 36.25% |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |  |
|  Total expenses | 1.86 %<sup>(g)</sup> | 1.92% | 1.83% | 1.87% | 1.83% | 1.84% |
|  Total expenses after fees waived and/or reimbursed | 1.62 %<sup>(g)</sup> | 1.62% | 1.62% | 1.62% | 1.62% | 1.62% |
|  Net investment loss | (0.97)%<sup>(g)</sup> | (0.91)% | (0.79)% | (0.51)% | (0.89)% | (0.78)% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $36035 | $31034 | $30540 | $8372 | $10162 | $12989 |
|  Portfolio turnover rate | 53% | 149% | 128% | 130% | 130% | 134% |

---

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

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

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

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

<sup>(e)</sup> Includes a payment received from an affiliate, which had no impact on the Fund's total return. 

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 51

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months<br>Ended<br>11/30/25<br>(unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of period** | $25.39 | $26.17 | $19.76 | $18.77 | $23.33 | $18.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.01 | 0.03 | 0.06 | 0.10 | 0.04 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 5.48 | 4.54 | 6.58 | 0.95 | (1.25) | 6.59 |
|  Net increase (decrease) from investment operations | 5.49 | 4.57 | 6.64 | 1.05 | (1.21) | 6.64 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  | (0.02) | (0.07) | (0.06) |  | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.91) | (5.33) | (0.16) |  | (3.35) | (1.46) |
|  Total distributions | (0.91) | (5.35) | (0.23) | (0.06) | (3.35) | (1.54) |
|  **Net asset value, end of period** | $29.97 | $25.39 | $26.17 | $19.76 | $18.77 | $23.33 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 22.08 %<sup>(d)</sup> | 17.96% | 33.81 %<sup>(e)</sup> | 5.63% | (7.76)% | 37.60% |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.66 %<sup>(g)</sup> | 0.66% | 0.67% | 0.69% | 0.69% | 0.69% |
|  Total expenses after fees waived and/or reimbursed | 0.57 %<sup>(g)</sup> | 0.57% | 0.57% | 0.57% | 0.57% | 0.57% |
|  Net investment income | 0.08 %<sup>(g)</sup> | 0.13% | 0.27% | 0.53% | 0.18% | 0.25% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $10082 | $8168 | $5855 | $2489 | $2177 | $1152 |
|  Portfolio turnover rate | 53% | 149% | 128% | 130% | 130% | 134% |

---

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

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

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

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

<sup>(e)</sup> Includes a payment received from an affiliate, which had no impact on the Fund's total return. 

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

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

*See notes to financial statements.* 

52 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) |
|  | Class R | Class R | Class R | Class R | Class R | Class R |
|  | Six Months<br>Ended<br>11/30/25<br>(unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of period** | $25.00 | $25.86 | $19.57 | $18.64 | $23.17 | $18.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.06) | (0.10) | (0.06) | (0.00)<sup>(b)</sup> | (0.09) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 5.39 | 4.46 | 6.51 | 0.94 | (1.25) | 6.55 |
|  Net increase (decrease) from investment operations | 5.33 | 4.36 | 6.45 | 0.94 | (1.34) | 6.49 |
|  **Distributions<sup>(c)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  |  |  | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.87) | (5.22) | (0.16) |  | (3.19) | (1.42) |
|  Total distributions | (0.87) | (5.22) | (0.16) | (0.01) | (3.19) | (1.42) |
|  **Net asset value, end of period** | $29.46 | $25.00 | $25.86 | $19.57 | $18.64 | $23.17 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 21.72 %<sup>(e)</sup> | 17.29% | 33.12 %<sup>(f)</sup> | 5.03% | (8.28)% | 36.93% |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |  |  |  |  |  |
|  Total expenses | 1.34 %<sup>(h)</sup> | 1.37% | 1.40% | 1.42% | 1.50% | 1.36% |
|  Total expenses after fees waived and/or reimbursed | 1.12 %<sup>(h)</sup> | 1.12% | 1.12% | 1.12% | 1.12% | 1.12% |
|  Net investment loss | (0.47)%<sup>(h)</sup> | (0.41)% | (0.28)% | (0.03)% | (0.39)% | (0.30)% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $2686 | $2292 | $1561 | $530 | $349 | $577 |
|  Portfolio turnover rate | 53% | 149% | 128% | 130% | 130% | 134% |

---

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

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

<sup>(c)</sup> 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> 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

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Small Cap Core Fund | BlackRock Advantage Small Cap Core Fund | BlackRock Advantage Small Cap Core Fund | BlackRock Advantage Small Cap Core Fund | BlackRock Advantage Small Cap Core Fund | BlackRock Advantage Small Cap Core Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months<br>Ended<br>11/30/25<br>(unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of period** | $17.26 | $17.35 | $14.06 | $15.35 | $20.72 | $13.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.07 | 0.14 | 0.14 | 0.14 | 0.13 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.67 | (0.09) | 3.31 | (1.02) | (3.28) | 7.97 |
|  Net increase (decrease) from investment operations | 3.74 | 0.05 | 3.45 | (0.88) | (3.15) | 8.09 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.03) | (0.14) | (0.16) | (0.12) | (0.14) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.03) |  |  | (0.29) | (2.08) | (0.36) |
|  Total distributions | (0.06) | (0.14) | (0.16) | (0.41) | (2.22) | (0.46) |
|  **Net asset value, end of period** | $20.94 | $17.26 | $17.35 | $14.06 | $15.35 | $20.72 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 21.75 %<sup>(d)</sup> | 0.21% | 24.68% | (5.75)% | (16.89)% | 62.61% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.58 %<sup>(f)</sup> | 0.57% | 0.57% | 0.59% | 0.59% | 0.60% |
|  Total expenses after fees waived and/or reimbursed | 0.50 %<sup>(f)</sup> | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
|  Net investment income | 0.75 %<sup>(f)</sup> | 0.78% | 0.86% | 0.93% | 0.69% | 0.65% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $2672584 | $2171665 | $2020581 | $2152757 | $2501959 | $2802145 |
|  Portfolio turnover rate | 48% | 88% | 75% | 93% | 81% | 63% |

---

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

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

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

<sup>(d)</sup> 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.* 

54 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months<br>Ended<br>11/30/25<br>(unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of period** | $17.13 | $17.23 | $13.96 | $15.24 | $20.58 | $13.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.05 | 0.09 | 0.09 | 0.10 | 0.08 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.64 | (0.09) | 3.30 | (1.01) | (3.25) | 7.91 |
|  Net increase (decrease) from investment operations | 3.69 | 0.00 | 3.39 | (0.91) | (3.17) | 7.99 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.02) | (0.10) | (0.12) | (0.08) | (0.09) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.03) |  |  | (0.29) | (2.08) | (0.36) |
|  Total distributions | (0.05) | (0.10) | (0.12) | (0.37) | (2.17) | (0.43) |
|  **Net asset value, end of period** | $20.77 | $17.13 | $17.23 | $13.96 | $15.24 | $20.58 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 21.58 %<sup>(d)</sup> | (0.06)% | 24.42% | (5.98)% | (17.08)% | 62.05% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.92 %<sup>(f)</sup> | 0.91% | 0.93% | 0.93% | 0.92% | 0.95% |
|  Total expenses after fees waived and/or reimbursed | 0.75 %<sup>(f)</sup> | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
|  Net investment income | 0.50 %<sup>(f)</sup> | 0.52% | 0.59% | 0.67% | 0.44% | 0.45% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $783647 | $660533 | $382878 | $315694 | $358594 | $530664 |
|  Portfolio turnover rate | 48% | 88% | 75% | 93% | 81% | 63% |

---

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

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

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

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

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 55

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Six Months<br>Ended<br>11/30/25<br>(unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of period** | $16.50 | $16.64 | $13.50 | $14.80 | $20.08 | $12.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.02) | (0.04) | (0.03) | (0.01) | (0.05) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.50 | (0.10) | 3.20 | (0.98) | (3.18) | 7.74 |
|  Net increase (decrease) from investment operations | 3.48 | (0.14) | 3.17 | (0.99) | (3.23) | 7.69 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  |  | (0.03) | (0.02) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.03) |  |  | (0.29) | (2.05) | (0.35) |
|  Total distributions | (0.03) |  | (0.03) | (0.31) | (2.05) | (0.35) |
|  **Net asset value, end of period** | $19.95 | $16.50 | $16.64 | $13.50 | $14.80 | $20.08 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 21.12 %<sup>(d)</sup> | (0.82)% | 23.55% | (6.70)% | (17.74)% | 60.90% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 1.69 %<sup>(f)</sup> | 1.65% | 1.71% | 1.69% | 1.64% | 1.70% |
|  Total expenses after fees waived and/or reimbursed | 1.50 %<sup>(f)</sup> | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
|  Net investment loss | (0.24)%<sup>(f)</sup> | (0.21)% | (0.18)% | (0.07)% | (0.30)% | (0.32)% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $10803 | $10474 | $11679 | $9276 | $10969 | $12880 |
|  Portfolio turnover rate | 48% | 88% | 75% | 93% | 81% | 63% |

---

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

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

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

<sup>(d)</sup> 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.* 

56 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months<br>Ended<br>11/30/25<br>(unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of period** | $17.28 | $17.37 | $14.07 | $15.36 | $20.73 | $13.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.08 | 0.15 | 0.14 | 0.14 | 0.13 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.68 | (0.09) | 3.33 | (1.02) | (3.27) | 7.97 |
|  Net increase (decrease) from investment operations | 3.76 | 0.06 | 3.47 | (0.88) | (3.14) | 8.10 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.04) | (0.15) | (0.17) | (0.12) | (0.15) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.03) |  |  | (0.29) | (2.08) | (0.36) |
|  Total distributions | (0.07) | (0.15) | (0.17) | (0.41) | (2.23) | (0.47) |
|  **Net asset value, end of period** | $20.97 | $17.28 | $17.37 | $14.07 | $15.36 | $20.73 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 21.80 %<sup>(d)</sup> | 0.25% | 24.80% | (5.70)% | (16.84)% | 62.63% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.51 %<sup>(f)</sup> | 0.51% | 0.51% | 0.51% | 0.51% | 0.52% |
|  Total expenses after fees waived and/or reimbursed | 0.45 %<sup>(f)</sup> | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
|  Net investment income | 0.82 %<sup>(f)</sup> | 0.84% | 0.89% | 0.97% | 0.73% | 0.71% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $958368 | $1124484 | $1099659 | $964449 | $967682 | $920752 |
|  Portfolio turnover rate | 48% | 88% | 75% | 93% | 81% | 63% |

---

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

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

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

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

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 57

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Core Fund | BlackRock Advantage Large Cap Core Fund | BlackRock Advantage Large Cap Core Fund | BlackRock Advantage Large Cap Core Fund | BlackRock Advantage Large Cap Core Fund | BlackRock Advantage Large Cap Core Fund | BlackRock Advantage Large Cap Core Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months<br>Ended<br>11/30/25<br>(unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Period from<br>10/01/21<br>to 05/31/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $22.07 | $22.42 | $17.36 | $18.39 | $23.32 | $18.78 | $16.87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.08 | 0.18 | 0.19 | 0.20 | 0.13 | 0.19 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.95 | 2.57 | 5.06 | (0.18) | (0.87) | 5.31 | 2.41 |
|  Net increase (decrease) from investment operations | 4.03 | 2.75 | 5.25 | 0.02 | (0.74) | 5.50 | 2.63 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.06) | (0.18) | (0.19) | (0.20) | (0.19) | (0.22) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (1.02) | (2.92) |  | (0.85) | (4.00) | (0.74) | (0.43) |
|  Total distributions | (1.08) | (3.10) | (0.19) | (1.05) | (4.19) | (0.96) | (0.72) |
|  **Net asset value, end of period** | $25.02 | $22.07 | $22.42 | $17.36 | $18.39 | $23.32 | $18.78 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 18.85 %<sup>(d)</sup> | 12.62% | 30.47% | 0.63% | (5.20)%<sup>(d)</sup> | 30.31% | 15.96% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 0.61 %<sup>(f)</sup> | 0.60% | 0.63% | 0.63% | 0.61 %<sup>(f)(g)</sup> | 0.68 %<sup>(h)</sup> | 0.84 %<sup>(i)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.48 %<sup>(f)</sup> | 0.48% | 0.48% | 0.48% | 0.48 %<sup>(f)(g)</sup> | 0.48 %<sup>(h)</sup> | 0.48 %<sup>(i)</sup> |
|  Net investment income | 0.65 %<sup>(f)</sup> | 0.81% | 0.95% | 1.17% | 0.92 %<sup>(f)(g)</sup> | 0.87 %<sup>(h)</sup> | 1.29 %<sup>(i)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $1481833 | $1256681 | $1193777 | $1479014 | $1547621 | $1721850 | $1399612 |
|  Portfolio turnover rate | 57% | 117% | 116% | 105% | 73 %<sup>(j)</sup> | 111 %<sup>(j)</sup> | 99 %<sup>(j)</sup> |

---

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

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

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

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

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

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

<sup>(g)</sup> From October 1, 2021 through April 25, 2022, the Fund invested in the Master Advantage Large Cap Core Portfolio (the "Master Portfolio") as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.01%. 

<sup>(h)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(i)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.01%. 

<sup>(j)</sup> Portfolio turnover rate includes transactions from the Master Portfolio prior to April 25, 2022.

*See notes to financial statements.* 

58 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months<br>Ended<br>11/30/25<br>(unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Period from<br>10/01/21<br>to 05/31/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $20.66 | $21.17 | $16.40 | $17.44 | $22.30 | $18.00 | $16.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.04 | 0.12 | 0.13 | 0.15 | 0.09 | 0.13 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.70 | 2.42 | 4.79 | (0.19) | (0.82) | 5.08 | 2.31 |
|  Net increase (decrease) from investment operations | 3.74 | 2.54 | 4.92 | (0.04) | (0.73) | 5.21 | 2.48 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.04) | (0.13) | (0.15) | (0.15) | (0.13) | (0.17) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (1.02) | (2.92) |  | (0.85) | (4.00) | (0.74) | (0.43) |
|  Total distributions | (1.06) | (3.05) | (0.15) | (1.00) | (4.13) | (0.91) | (0.68) |
|  **Net asset value, end of period** | $23.34 | $20.66 | $21.17 | $16.40 | $17.44 | $22.30 | $18.00 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 18.71 %<sup>(d)</sup> | 12.34% | 30.18% | 0.34% | (5.37)%<sup>(d)</sup> | 30.01% | 15.66% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 0.87 %<sup>(f)</sup> | 0.86% | 0.88% | 0.90% | 0.86 %<sup>(f)(g)</sup> | 0.93 %<sup>(h)</sup> | 1.09 %<sup>(i)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.73 %<sup>(f)</sup> | 0.73% | 0.73% | 0.73% | 0.73 %<sup>(f)(g)</sup> | 0.73 %<sup>(h)</sup> | 0.73 %<sup>(i)</sup> |
|  Net investment income | 0.40 %<sup>(f)</sup> | 0.56% | 0.70% | 0.92% | 0.67 %<sup>(f)(g)</sup> | 0.62 %<sup>(h)</sup> | 1.04 %<sup>(i)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $1794960 | $1582288 | $1547821 | $1271384 | $1382899 | $1519185 | $1325195 |
|  Portfolio turnover rate | 57% | 117% | 116% | 105% | 73 %<sup>(j)</sup> | 111 %<sup>(j)</sup> | 99 %<sup>(j)</sup> |

---

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

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

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

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

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

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

<sup>(g)</sup> From October 1, 2021 through April 25, 2022, the Fund invested in the Master Advantage Large Cap Core Portfolio (the "Master Portfolio") as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.01%. 

<sup>(h)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(i)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.01%. 

<sup>(j)</sup> Portfolio turnover rate includes transactions from the Master Portfolio prior to April 25, 2022.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 59

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Six Months<br>Ended<br>11/30/25<br>(unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Period from<br>10/01/21<br>to 05/31/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $15.66 | $16.73 | $13.01 | $14.06 | $18.68 | $15.14 | $13.72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup> | (0.03) | (0.03) | (0.01) | 0.02 | (0.01) | (0.02) | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.77 | 1.91 | 3.80 | (0.16) | (0.61) | 4.28 | 1.95 |
|  Net increase (decrease) from investment operations | 2.74 | 1.88 | 3.79 | (0.14) | (0.62) | 4.26 | 1.99 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.00)<sup>(c)</sup> | (0.03) | (0.07) | (0.06) | (0.00)<sup>(c)</sup> |  | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (1.02) | (2.92) |  | (0.85) | (4.00) | (0.72) | (0.43) |
|  Total distributions | (1.02) | (2.95) | (0.07) | (0.91) | (4.00) | (0.72) | (0.57) |
|  **Net asset value, end of period** | $17.38 | $15.66 | $16.73 | $13.01 | $14.06 | $18.68 | $15.14 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 18.23 %<sup>(e)</sup> | 11.52% | 29.21% | (0.42)% | (5.81)%<sup>(e)</sup> | 29.03% | 14.80% |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 1.69 %<sup>(g)</sup> | 1.68% | 1.69% | 1.72% | 1.69 %<sup>(g)(h)</sup> | 1.69 %<sup>(i)</sup> | 1.87 %<sup>(j)</sup> |
|  Total expenses after fees waived and/or reimbursed | 1.48 %<sup>(g)</sup> | 1.48% | 1.48% | 1.48% | 1.48 %<sup>(g)(h)</sup> | 1.48 %<sup>(i)</sup> | 1.48 %<sup>(j)</sup> |
|  Net investment income (loss) | (0.35)%<sup>(g)</sup> | (0.19)% | (0.05)% | 0.17% | (0.08)%<sup>(g)(h)</sup> | (0.13)%<sup>(i)</sup> | 0.32 %<sup>(j)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $50942 | $44961 | $44928 | $31813 | $38506 | $42561 | $31921 |
|  Portfolio turnover rate | 57% | 117% | 116% | 105% | 73 %<sup>(k)</sup> | 111 %<sup>(k)</sup> | 99 %<sup>(k)</sup> |

---

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

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

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

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

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

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

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

<sup>(h)</sup> From October 1, 2021 through April 25, 2022, the Fund invested in the Master Advantage Large Cap Core Portfolio (the "Master Portfolio") as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.01%. 

<sup>(i)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(j)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.01%. 

<sup>(k)</sup> Portfolio turnover rate includes transactions from the Master Portfolio prior to April 25, 2022.

*See notes to financial statements.* 

60 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months<br>Ended<br>11/30/25<br>(unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Period from<br>10/01/21<br>to 05/31/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $22.08 | $22.42 | $17.36 | $18.40 | $23.34 | $18.79 | $16.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.08 | 0.19 | 0.20 | 0.21 | 0.13 | 0.20 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.96 | 2.59 | 5.06 | (0.19) | (0.87) | 5.32 | 2.42 |
|  Net increase (decrease) from investment operations | 4.04 | 2.78 | 5.26 | 0.02 | (0.74) | 5.52 | 2.64 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.07) | (0.20) | (0.20) | (0.21) | (0.20) | (0.23) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (1.02) | (2.92) |  | (0.85) | (4.00) | (0.74) | (0.43) |
|  Total distributions | (1.09) | (3.12) | (0.20) | (1.06) | (4.20) | (0.97) | (0.73) |
|  **Net asset value, end of period** | $25.03 | $22.08 | $22.42 | $17.36 | $18.40 | $23.34 | $18.79 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 18.87 %<sup>(d)</sup> | 12.73% | 30.53% | 0.63% | (5.18)%<sup>(d)</sup> | 30.42% | 16.01% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 0.51 %<sup>(f)</sup> | 0.51% | 0.52% | 0.54% | 0.51 %<sup>(f)(g)</sup> | 0.55 %<sup>(h)</sup> | 0.70 %<sup>(i)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.43 %<sup>(f)</sup> | 0.43% | 0.43% | 0.43% | 0.43 %<sup>(f)(g)</sup> | 0.43 %<sup>(h)</sup> | 0.43 %<sup>(i)</sup> |
|  Net investment income | 0.70 %<sup>(f)</sup> | 0.85% | 1.01% | 1.22% | 0.98 %<sup>(f)(g)</sup> | 0.91 %<sup>(h)</sup> | 1.30 %<sup>(i)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $145932 | $122088 | $41460 | $31568 | $61965 | $56736 | $34078 |
|  Portfolio turnover rate | 57% | 117% | 116% | 105% | 73 %<sup>(j)</sup> | 111 %<sup>(j)</sup> | 99 %<sup>(j)</sup> |

---

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

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

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

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

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

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

<sup>(g)</sup> From October 1, 2021 through April 25, 2022, the Fund invested in the Master Advantage Large Cap Core Portfolio (the "Master Portfolio") as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.01%. 

<sup>(h)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(i)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.01%. 

<sup>(j)</sup> Portfolio turnover rate includes transactions from the Master Portfolio prior to April 25, 2022.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 61

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) |
|  | Class R | Class R | Class R | Class R | Class R | Class R | Class R |
|  | Six Months<br>Ended<br>11/30/25<br>(unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Period from<br>10/01/21<br>to 05/31/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $18.31 | $19.07 | $14.80 | $15.84 | $20.60 | $16.66 | $15.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.01 | 0.06 | 0.07 | 0.10 | 0.05 | 0.07 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.27 | 2.18 | 4.32 | (0.17) | (0.72) | 4.70 | 2.13 |
|  Net increase (decrease) from investment operations | 3.28 | 2.24 | 4.39 | (0.07) | (0.67) | 4.77 | 2.26 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.03) | (0.08) | (0.12) | (0.12) | (0.09) | (0.09) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (1.02) | (2.92) |  | (0.85) | (4.00) | (0.74) | (0.43) |
|  Total distributions | (1.05) | (3.00) | (0.12) | (0.97) | (4.09) | (0.83) | (0.63) |
|  **Net asset value, end of period** | $20.54 | $18.31 | $19.07 | $14.80 | $15.84 | $20.60 | $16.66 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 18.56 %<sup>(d)</sup> | 12.08% | 29.82% | 0.14% | (5.55)%<sup>(d)</sup> | 29.67% | 15.38% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 1.20 %<sup>(f)</sup> | 1.21% | 1.22% | 1.24% | 1.23 %<sup>(f)(g)</sup> | 1.26 %<sup>(h)</sup> | 1.37 %<sup>(i)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.98 %<sup>(f)</sup> | 0.98% | 0.98% | 0.98% | 0.98 %<sup>(f)(g)</sup> | 0.98 %<sup>(h)</sup> | 0.98 %<sup>(i)</sup> |
|  Net investment income | 0.15 %<sup>(f)</sup> | 0.31% | 0.44% | 0.68% | 0.42 %<sup>(f)(g)</sup> | 0.37 %<sup>(h)</sup> | 0.83 %<sup>(i)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $17962 | $15982 | $19237 | $11479 | $13967 | $14399 | $12416 |
|  Portfolio turnover rate | 57% | 117% | 116% | 105% | 73 %<sup>(j)</sup> | 111 %<sup>(j)</sup> | 99 %<sup>(j)</sup> |

---

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

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

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

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

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

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

<sup>(g)</sup> From October 1, 2021 through April 25, 2022, the Fund invested in the Master Advantage Large Cap Core Portfolio (the "Master Portfolio") as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.01%. 

<sup>(h)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(i)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.01%. 

<sup>(j)</sup> Portfolio turnover rate includes transactions from the Master Portfolio prior to April 25, 2022.

*See notes to financial statements.* 

62 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Value Fund | BlackRock Advantage Large Cap Value Fund | BlackRock Advantage Large Cap Value Fund | BlackRock Advantage Large Cap Value Fund | BlackRock Advantage Large Cap Value Fund | BlackRock Advantage Large Cap Value Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months<br>Ended<br>11/30/25<br>(unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of period** | $30.91 | $32.45 | $26.63 | $29.79 | $35.07 | $24.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.21 | 0.48 | 0.51 | 0.47 | 0.45 | 0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 4.08 | 2.31 | 6.16 | (2.02) | (0.21) | 10.36 |
|  Net increase (decrease) from investment operations | 4.29 | 2.79 | 6.67 | (1.55) | 0.24 | 10.82 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.18) | (0.49) | (0.50) | (0.47) | (0.47) | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (1.45) | (3.84) | (0.35) | (1.14) | (5.05) |  |
|  Total distributions | (1.63) | (4.33) | (0.85) | (1.61) | (5.52) | (0.49) |
|  **Net asset value, end of period** | $33.57 | $30.91 | $32.45 | $26.63 | $29.79 | $35.07 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 14.43 %<sup>(d)</sup> | 8.89% | 25.48% | (4.97)% | 0.63% | 44.37% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.71 %<sup>(f)</sup> | 0.71% | 0.71% | 0.70% | 0.70% | 0.84 %<sup>(g)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.54 %<sup>(f)</sup> | 0.54% | 0.54% | 0.54% | 0.54% | 0.54 %<sup>(g)</sup> |
|  Net investment income | 1.34 %<sup>(f)</sup> | 1.52% | 1.73% | 1.72% | 1.41% | 1.58 %<sup>(g)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $264166 | $206775 | $193379 | $164434 | $186903 | $194452 |
|  Portfolio turnover rate | 66% | 120% | 118% | 116% | 136% | 126 %<sup>(h)</sup> |

---

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

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

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

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

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

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

<sup>(g)</sup> From June 1, 2020 through February 28, 2021, the Fund invested in the Master Advantage Large Cap Value Portfolio (the "Master Portfolio") as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.03%. 

<sup>(h)</sup> Portfolio turnover rate includes transactions from the Master Portfolio prior to March 1, 2021.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 63

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months<br>Ended<br>11/30/25<br>(unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of period** | $29.86 | $31.48 | $25.86 | $28.98 | $34.26 | $24.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.17 | 0.39 | 0.43 | 0.39 | 0.36 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.93 | 2.24 | 5.97 | (1.97) | (0.20) | 10.13 |
|  Net increase (decrease) from investment operations | 4.10 | 2.63 | 6.40 | (1.58) | 0.16 | 10.51 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.14) | (0.41) | (0.43) | (0.40) | (0.39) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (1.45) | (3.84) | (0.35) | (1.14) | (5.05) |  |
|  Total distributions | (1.59) | (4.25) | (0.78) | (1.54) | (5.44) | (0.43) |
|  **Net asset value, end of period** | $32.37 | $29.86 | $31.48 | $25.86 | $28.98 | $34.26 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 14.31 %<sup>(d)</sup> | 8.63% | 25.15% | (5.22)% | 0.40% | 44.01% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.96 %<sup>(f)</sup> | 0.96% | 0.96% | 0.97% | 0.97% | 1.10 %<sup>(g)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.79 %<sup>(f)</sup> | 0.79% | 0.79% | 0.79% | 0.79% | 0.79 %<sup>(g)</sup> |
|  Net investment income | 1.10 %<sup>(f)</sup> | 1.28% | 1.48% | 1.47% | 1.16% | 1.33 %<sup>(g)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $419524 | $386921 | $393788 | $345671 | $394334 | $405607 |
|  Portfolio turnover rate | 66% | 120% | 118% | 116% | 136% | 126 %<sup>(h)</sup> |

---

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

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

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

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

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

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

<sup>(g)</sup> From June 1, 2020 through February 28, 2021, the Fund invested in the Master Advantage Large Cap Value Portfolio (the "Master Portfolio") as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.03%. 

<sup>(h)</sup> Portfolio turnover rate includes transactions from the Master Portfolio prior to March 1, 2021.

*See notes to financial statements.* 

64 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Six Months<br>Ended<br>11/30/25<br>(unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of period** | $26.56 | $28.44 | $23.43 | $26.40 | $31.69 | $22.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.05 | 0.14 | 0.19 | 0.17 | 0.12 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.48 | 2.02 | 5.40 | (1.78) | (0.19) | 9.37 |
|  Net increase (decrease) from investment operations | 3.53 | 2.16 | 5.59 | (1.61) | (0.07) | 9.53 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.06) | (0.20) | (0.23) | (0.22) | (0.17) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (1.45) | (3.84) | (0.35) | (1.14) | (5.05) |  |
|  Total distributions | (1.51) | (4.04) | (0.58) | (1.36) | (5.22) | (0.15) |
|  **Net asset value, end of period** | $28.58 | $26.56 | $28.44 | $23.43 | $26.40 | $31.69 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 13.87 %<sup>(d)</sup> | 7.80% | 24.21% | (5.89)% | (0.38)% | 42.99% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 1.75 %<sup>(f)</sup> | 1.75% | 1.76% | 1.74% | 1.73% | 1.85 %<sup>(g)</sup> |
|  Total expenses after fees waived and/or reimbursed | 1.54 %<sup>(f)</sup> | 1.54% | 1.54% | 1.54% | 1.54% | 1.54 %<sup>(g)</sup> |
|  Net investment income | 0.35 %<sup>(f)</sup> | 0.53% | 0.73% | 0.72% | 0.41% | 0.63 %<sup>(g)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $13877 | $13867 | $14553 | $14894 | $18099 | $20880 |
|  Portfolio turnover rate | 66% | 120% | 118% | 116% | 136% | 126 %<sup>(h)</sup> |

---

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

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

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

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

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

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

<sup>(g)</sup> From June 1, 2020 through February 28, 2021, the Fund invested in the Master Advantage Large Cap Value Portfolio (the "Master Portfolio") as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.03%. 

<sup>(h)</sup> Portfolio turnover rate includes transactions from the Master Portfolio prior to March 1, 2021.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 65

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Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months<br>Ended<br>11/30/25<br>(unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of period** | $30.91 | $32.45 | $26.64 | $29.80 | $35.08 | $24.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.22 | 0.50 | 0.53 | 0.48 | 0.47 | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 4.08 | 2.31 | 6.14 | (2.01) | (0.22) | 10.38 |
|  Net increase (decrease) from investment operations | 4.30 | 2.81 | 6.67 | (1.53) | 0.25 | 10.85 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.18) | (0.51) | (0.51) | (0.49) | (0.48) | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (1.45) | (3.84) | (0.35) | (1.14) | (5.05) |  |
|  Total distributions | (1.63) | (4.35) | (0.86) | (1.63) | (5.53) | (0.51) |
|  **Net asset value, end of period** | $33.58 | $30.91 | $32.45 | $26.64 | $29.80 | $35.08 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 14.48 %<sup>(d)</sup> | 8.94% | 25.49% | (4.91)% | 0.69% | 44.48% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.62 %<sup>(f)</sup> | 0.63% | 0.62% | 0.63% | 0.63% | 0.74 %<sup>(g)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.49 %<sup>(f)</sup> | 0.49% | 0.49% | 0.49% | 0.49% | 0.49 %<sup>(g)</sup> |
|  Net investment income | 1.40 %<sup>(f)</sup> | 1.57% | 1.80% | 1.77% | 1.47% | 1.62 %<sup>(g)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $13364 | $12116 | $12053 | $10451 | $10210 | $8258 |
|  Portfolio turnover rate | 66% | 120% | 118% | 116% | 136% | 126 %<sup>(h)</sup> |

---

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

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

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

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

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

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

<sup>(g)</sup> From June 1, 2020 through February 28, 2021, the Fund invested in the Master Advantage Large Cap Value Portfolio (the "Master Portfolio") as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.03%. 

<sup>(h)</sup> Portfolio turnover rate includes transactions from the Master Portfolio prior to March 1, 2021.

*See notes to financial statements.* 

66 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) |
|  | Class R | Class R | Class R | Class R | Class R | Class R |
|  | Six Months<br>Ended<br>11/30/25<br>(unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of period** | $28.02 | $29.80 | $24.52 | $27.56 | $32.84 | $23.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.12 | 0.30 | 0.34 | 0.31 | 0.27 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.69 | 2.10 | 5.65 | (1.87) | (0.19) | 9.71 |
|  Net increase (decrease) from investment operations | 3.81 | 2.40 | 5.99 | (1.56) | 0.08 | 10.00 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.12) | (0.34) | (0.36) | (0.34) | (0.31) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (1.45) | (3.84) | (0.35) | (1.14) | (5.05) |  |
|  Total distributions | (1.57) | (4.18) | (0.71) | (1.48) | (5.36) | (0.34) |
|  **Net asset value, end of period** | $30.26 | $28.02 | $29.80 | $24.52 | $27.56 | $32.84 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 14.17 %<sup>(d)</sup> | 8.31% | 24.84% | (5.43)% | 0.14% | 43.63% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 1.38 %<sup>(f)</sup> | 1.33% | 1.35% | 1.36% | 1.35% | 1.41 %<sup>(g)</sup> |
|  Total expenses after fees waived and/or reimbursed | 1.04 %<sup>(f)</sup> | 1.04% | 1.04% | 1.04% | 1.04% | 1.04 %<sup>(g)</sup> |
|  Net investment income | 0.85 %<sup>(f)</sup> | 1.03% | 1.23% | 1.22% | 0.91% | 1.11 %<sup>(g)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $5931 | $5344 | $7729 | $6925 | $8440 | $9015 |
|  Portfolio turnover rate | 66% | 120% | 118% | 116% | 136% | 126 %<sup>(h)</sup> |

---

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

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

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

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

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

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

<sup>(g)</sup> From June 1, 2020 through February 28, 2021, the Fund invested in the Master Advantage Large Cap Value Portfolio (the "Master Portfolio") as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.03%. 

<sup>(h)</sup> Portfolio turnover rate includes transactions from the Master Portfolio prior to March 1, 2021.

*See notes to financial statements.* 

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

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Notes to Financial Statements (unaudited)

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

BlackRock Funds<sup>SM</sup> (the "Trust") and BlackRock Large Cap Series Funds, Inc. (the "Corporation") are each registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as open-end management investment companies. The Trust is organized as a Massachusetts business trust. The Corporation is organized as a Maryland corporation. BlackRock Advantage International Fund, BlackRock Advantage Large Cap Growth Fund and BlackRock Small Cap Core Fund are series of the Trust. BlackRock Advantage Large Cap Core Fund and BlackRock Advantage Large Cap Value Fund are series of the Corporation. The following are referred to herein collectively as the "Funds" or individually as a "Fund":

---

| | | |
|:---|:---|:---|
| Fund Name | Herein Referred To As | Diversification Classification |
|  BlackRock Advantage International Fund | Advantage International | Diversified |
|  BlackRock Advantage Large Cap Growth Fund | Advantage Large Cap Growth | Diversified |
|  BlackRock Advantage Small Cap Core Fund | Advantage Small Cap Core | Diversified |
|  BlackRock Advantage Large Cap Core Fund | Advantage Large Cap Core | Diversified |
|  BlackRock Advantage Large Cap Value Fund | Advantage Large Cap Value | Diversified |

---

Each Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional and Class K Shares are sold only to certain eligible investors. Investor A, Investor C and Class R Shares bear certain expenses related to shareholder servicing of such shares, and Investor C and Class R Shares also bear certain expenses related to the distribution of such shares. Investor A and Investor C Shares are generally available through financial intermediaries. Class R Shares are sold only to certain employer-sponsored retirement plans. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures (except that Investor C shareholders may vote on material changes to the Investor A Shares distribution and service plan).

---

| | | | |
|:---|:---|:---|:---|
| Share Class | Initial Sales Charge | CDSC | Conversion Privilege |
|  Institutional, Class K and Class R Shares | No | No |  |
|  Investor A Shares | Yes | No <sup>(a)</sup> |  |
|  Investor C Shares | No | Yes <sup>(b)</sup> | To Investor A Shares after approximately 8 years |

---

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

<sup>(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 Board previously approved certain changes to Advantage Large Cap Growth's and Advantage Large Cap Value's investment strategies and investment process. Under normal circumstances, Advantage Large Cap Growth seeks to invest at least 80% of its net assets plus the amount of any borrowings for investment purposes in large cap growth equity securities of U.S. issuers and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities and Advantage Large Cap Value seeks to invest at least 80% of its net assets plus the amount of any borrowings for investment purposes in large cap value equity securities of U.S. issuers and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. These changes were effective on September 26, 2025.

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.

68 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Notes to Financial Statements (unaudited) (continued)

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

**Foreign Taxes:** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of November 30, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

Consistent with U.S. GAAP accrual requirements for uncertain tax positions, each Fund recognizes tax reclaims when the Fund determines that it is more likely than not that each Fund will sustain its position that it is due the reclaim.

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

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

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

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

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

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

The Funds have an arrangement with their custodian whereby credits are earned on uninvested cash balances. For financial reporting purposes, custodian credits, if any, are included in interest income in the Statements of Operations.

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

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

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

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

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

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

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

N O T E S T O F I N A N C I A L S T A T E M E N T S 69

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Notes to Financial Statements (unaudited) (continued)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

70 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Notes to Financial Statements (unaudited) (continued)

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

**Securities Lending:** Certain Funds may lend their securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Funds collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. During the term of the loan, the Funds are entitled to all distributions made on or in respect of the loaned securities, but do not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC ("BIM"), if any, is disclosed in the Schedules of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are disclosed in the Funds' Schedules of Investments. The market value of any securities on loan and the value of related collateral, if any, are shown separately in the Statements of Assets and Liabilities as a component of investments at value – unaffiliated and collateral on securities loaned, respectively.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name/Counterparty | Securities<br>Loaned at Value | Cash<br>Collateral Received<sup>(a)</sup> | Non-Cash<br>Collateral Received,<br>at Fair Value<sup>(a)</sup> | Net Amount |
|  Advantage International |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | $140 | $(140) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Securities International, Inc. | 722217 | (722217) |  |  |
|  | $722357 | $(722357) | $— | $— |
|  Advantage Small Cap Core |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | $724555 | $(724555) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 8462671 | (8342767) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119904 |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 14541948 | (14159830) |  | 382118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 12370385 | (12327242) |  | 43143 |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 52451057 | (52451057) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies LLC | 4967060 | (4967060) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 51536324 | (51536324) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Financial Services LLC | 5842957 | (5842957) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SG Americas Securities LLC | 1917270 | (1917270) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | 36719647 | (36719647) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | 362681 | (362681) |  |  |
|  | $189896555 | $(189351390) | $— | $545165 |
|  Advantage Large Cap Value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | $3021 | $(3021) | $— | $— |

---

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

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

N O T E S T O F I N A N C I A L S T A T E M E N T S 71

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Notes to Financial Statements (unaudited) (continued)

collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

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

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

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

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

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

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

**Investment Advisory:** The Trust, on behalf of Advantage International, Advantage Large Cap Growth and Advantage Small Cap Core, and the Corporation, on behalf of Advantage Large Cap Core and Advantage Large Cap Value, entered into an Investment Advisory Agreement with the Manager, the Funds' investment adviser and an indirect, majority-owned subsidiary of BlackRock, Inc. ("BlackRock"), to provide investment advisory services. The Manager is responsible for the management of each Fund's portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Investment Advisory Fees | Investment Advisory Fees | Investment Advisory Fees | Investment Advisory Fees | Investment Advisory Fees |
| Average Daily Net Assets | Advantage<br>International | Advantage Large<br>Cap Growth | Advantage Small<br>Cap Core | Advantage Large<br>Cap Core | Advantage Large<br>Cap Value |
|  First $1 billion | 0.45% | 0.57% | 0.45% | 0.45% | 0.49% |
|  $1 billion - $3 billion | 0.42 | 0.54 | 0.42 | 0.42 | 0.46 |
|  $3 billion - $5 billion | 0.41 | 0.51 | 0.41 | 0.41 | 0.44 |
|  $5 billion - $10 billion | 0.39 | 0.50 | 0.39 | 0.39 | 0.43 |
|  Greater than $10 billion | 0.38 | 0.48 | 0.38 | 0.38 | 0.42 |

---

**Service and Distribution Fees:** The Trust, on behalf of Advantage International, Advantage Large Cap Growth and Advantage Small Cap Core, and the Corporation, on behalf of Advantage Large Cap Core and Advantage Large Cap Value, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC ("BRIL"), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, each Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of each Fund as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Advantage International | Advantage International | Advantage Large Cap Growth | Advantage Large Cap Growth | Advantage Small Cap Core | Advantage Small Cap Core |
| Share Class | Service Fees | Distribution Fees | Service Fees | Distribution Fees | Service Fees | Distribution Fees |
|  Investor A | 0.25% | N/A | 0.25% | N/A | 0.25% | N/A |
|  Investor C | 0.25 | 0.75% | 0.25 | 0.75% | 0.25 | 0.75% |
|  Class R | 0.25 | 0.25 | 0.25 | 0.25 | N/A | N/A |
|  |  |  | Advantage Large Cap Core | Advantage Large Cap Core | Advantage Large Cap Value | Advantage Large Cap Value |
| Share Class |  |  | Service Fees | Distribution Fees | Service Fees | Distribution Fees |
|  Investor A |  |  | 0.25% | N/A | 0.25% | N/A |
|  Investor C |  |  | 0.25 | 0.75% | 0.25 | 0.75% |
|  Class R |  |  | 0.25 | 0.25 | 0.25 | 0.25 |

---

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

72 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Notes to Financial Statements (unaudited) (continued)

For the six months ended November 30, 2025, the following table shows the class specific service and distribution fees borne directly by each share class of each Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name | Investor A | Investor C | Class R | Total |
|  Advantage International | $522260 | $93609 | $104314 | $720183 |
|  Advantage Large Cap Growth | 834635 | 170883 | 6298 | 1011816 |
|  Advantage Small Cap Core | 936771 | 54011 |  | 990782 |
|  Advantage Large Cap Core | 2142413 | 243035 | 43550 | 2428998 |
|  Advantage Large Cap Value | 502452 | 68418 | 14132 | 585002 |

---

**Administration:** The Trust, on behalf of Advantage International, Advantage Large Cap Growth and Advantage Small Cap Core, and the Corporation, on behalf of Advantage Large Cap Core and Advantage Large Cap Value, entered into an Administration Agreement with the Manager, an indirect, majority-owned subsidiary of BlackRock, to provide administrative services. For these services, the Manager receives an administration fee computed daily and payable monthly, based on a percentage of the average daily net assets of 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, 2025, the following table shows the class specific administration fees borne directly by each share class of each Fund:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Institutional | Investor A | Investor C | Class K | Class R | Total |
|  Advantage International | $395786 | $41732 | $1870 | $130872 | $4170 | $574430 |
|  Advantage Large Cap Growth | 84187 | 66696 | 3414 | 914 | 252 | 155463 |
|  Advantage Small Cap Core | 245750 | 74849 | 1080 | 101721 |  | 423400 |
|  Advantage Large Cap Core | 137990 | 171214 | 4856 | 13516 | 1735 | 329311 |
|  Advantage Large Cap Value | 24649 | 40179 | 1368 | 1264 | 565 | 68025 |

---

**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, 2025, the Funds paid the following amounts to affiliates of BlackRock in return for these services, which are included in transfer agent — class specific in the Statements of Operations:

---

| | | |
|:---|:---|:---|
| Fund Name | Institutional | Total |
|  Advantage International | $467972 | $467972 |
|  Advantage Large Cap Growth | 337530 | 337530 |
|  Advantage Small Cap Core | 161597 | 161597 |
|  Advantage Large Cap Core | 339342 | 339342 |

---

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, 2025, each Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statements of Operations:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Institutional | Investor A | Investor C | Class K | Class R | Total |
|  Advantage International | $11011 | $7329 | $768 | $617 | $907 | $20632 |
|  Advantage Large Cap Growth | 2205 | 44879 | 2696 | 77 | 53 | 49910 |
|  Advantage Small Cap Core | 4519 | 10533 | 1149 | 1952 |  | 18153 |
|  Advantage Large Cap Core | 12749 | 87779 | 2049 | 92 | 122 | 102791 |
|  Advantage Large Cap Value | 461 | 13570 | 823 | 23 | 67 | 14944 |

---

For the six months ended November 30, 2025, the following table shows the class specific transfer agent fees borne directly by each share class of each Fund:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Institutional | Investor A | Investor C | Class K | Class R | Total |
|  Advantage International | $1931094 | $291340 | $21421 | $5223 | $49437 | $2298515 |
|  Advantage Large Cap Growth | 441661 | 348245 | 36432 | 460 | 2423 | 829221 |
|  Advantage Small Cap Core | 972443 | 636529 | 9971 | 29683 |  | 1648626 |
|  Advantage Large Cap Core | 731516 | 941153 | 44318 | 1381 | 16897 | 1735265 |
|  Advantage Large Cap Value | 122305 | 195428 | 9510 | 481 | 7372 | 335096 |

---

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

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Notes to Financial Statements (unaudited) (continued)

**Other Fees:** For the six months ended November 30, 2025, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of each Fund's Investor A Shares as follows:

---

| | |
|:---|:---|
| Fund Name | Amounts |
|  Advantage International | $9378 |
|  Advantage Large Cap Growth | 10633 |
|  Advantage Small Cap Core | 6075 |
|  Advantage Large Cap Core | 13525 |
|  Advantage Large Cap Value | 1786 |

---

For the six months ended November 30, 2025, affiliates received CDSCs as follows:

---

| | | |
|:---|:---|:---|
| Fund Name | Investor A | Investor C |
|  Advantage International | $— | $1079 |
|  Advantage Large Cap Growth | 238 | 990 |
|  Advantage Small Cap Core | 269 | 1711 |
|  Advantage Large Cap Core | 3486 | 1414 |
|  Advantage Large Cap Value | 19 | 71 |

---

**Expense Limitations, Waivers and Reimbursements:** With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the "affiliated money market fund waiver") through June 30, 2027. The contractual agreement may be terminated upon 90 days' notice by a majority of the Directors who are not "interested persons" of the Trust or the Corporation, as defined in the 1940 Act ("Independent Directors"), or by a vote of a majority of the outstanding voting securities of a Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended November 30, 2025, the amounts waived were as follows:

---

| | |
|:---|:---|
| Fund Name | Fees waived and/or reimbursed<br>by the Manager |
|  Advantage International | $33718 |
|  Advantage Large Cap Growth | 5467 |
|  Advantage Small Cap Core | 15221 |
|  Advantage Large Cap Core | 11721 |
|  Advantage Large Cap Value | 2384 |

---

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, 2027. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of a Fund. For the six months ended November 30, 2025, there were no fees waived and/or reimbursed by the Manager pursuant to this arrangement.

With respect to each Fund, the Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, tax expense, acquired fund fees and expenses, and certain other fund expenses ("expense limitation"). The expense limitations as a percentage of average daily net assets are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fund Name | Institutional | Investor A | Investor C | Class K | Class R |
|  Advantage International | 0.50% | 0.75% | 1.50% | 0.45% | 1.00% |
|  Advantage Large Cap Growth | 0.62 | 0.87 | 1.62 | 0.57 | 1.12 |
|  Advantage Small Cap Core | 0.50 | 0.75 | 1.50 | 0.45 | N/A |
|  Advantage Large Cap Core | 0.48 | 0.73 | 1.48 | 0.43 | 0.98 |
|  Advantage Large Cap Value | 0.54 | 0.79 | 1.54 | 0.49 | 1.04 |

---

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2027, unless approved by the Board, including a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of a Fund.

For the six months ended November 30, 2025, the Manager waived and/or reimbursed investment advisory fees, which is included in fees waived and/or reimbursed by the Manager in the Statements of Operations, as follows:

---

| | |
|:---|:---|
| Fund Name | Fees waived and/or reimbursed<br>by the Manager |
|  Advantage International | $827358 |
|  Advantage Large Cap Growth | 454605 |
|  Advantage Small Cap Core | 688411 |
|  Advantage Large Cap Core | 890710 |
|  Advantage Large Cap Value | 355535 |

---

74 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Notes to Financial Statements (unaudited) (continued)

In addition, these amounts waived and/or reimbursed by the Manager are included in administration fees waived by the Manager—class specific, transfer agent fees waived and/or reimbursed by the Manager — class specific, service and distribution fees waived and service distribution fees reimbursed respectively, in the Statements of Operations. For the six months ended November 30, 2025, class specific expense waivers and/or reimbursements were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Administration Fees Waived by the Manager - Class Specific | Administration Fees Waived by the Manager - Class Specific | Administration Fees Waived by the Manager - Class Specific | Administration Fees Waived by the Manager - Class Specific | Administration Fees Waived by the Manager - Class Specific | Administration Fees Waived by the Manager - Class Specific |
| Fund Name | Institutional | Investor A | Investor C | Class K | Class R | Total |
|  Advantage International | $395786 | $41732 | $1870 | $130872 | $4170 | $574430 |
|  Advantage Large Cap Growth | 84187 | 66696 | 3414 | 914 | 252 | 155463 |
|  Advantage Small Cap Core | 245750 | 74849 | 1080 | 101721 |  | 423400 |
|  Advantage Large Cap Core | 137990 | 171214 | 4856 | 13516 | 1735 | 329311 |
|  Advantage Large Cap Value | 24649 | 40179 | 1368 | 1264 | 565 | 68025 |
|  | 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 | Investor A | Investor C | Class K | Class R | Total |
|  Advantage International | $939839 | $187234 | $16792 | $5223 | $39088 | $1188176 |
|  Advantage Large Cap Growth | 231140 | 182615 | 28081 | 460 | 1801 | 444097 |
|  Advantage Small Cap Core | 358075 | 450747 | 7316 | 29683 |  | 845821 |
|  Advantage Large Cap Core | 386542 | 516035 | 32413 | 1381 | 12748 | 949119 |
|  Advantage Large Cap Value | 60653 | 95380 | 6106 | 481 | 5970 | 168590 |

---

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

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

Pursuant to the current securities lending agreement, each Fund (except Advantage International) retains 81% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Pursuant to the current securities lending agreement, Advantage International retains 82% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds specified thresholds, each Fund (except Advantage International), pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 84% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Advantage International, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 85% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

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, 2025, each Fund paid BIM the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| Fund Name | Amounts |
|  Advantage International | $175 |
|  Advantage Large Cap Growth | 963 |
|  Advantage Small Cap Core | 153259 |
|  Advantage Large Cap Core | 2026 |
|  Advantage Large Cap Value | 2190 |

---

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

N O T E S T O F I N A N C I A L S T A T E M E N T S 75

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Notes to Financial Statements (unaudited) (continued)

**Other Transactions:** The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common directors or trustees. For the six months ended November 30, 2025, the purchase and sale transactions and any net realized gains (losses) with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Fund Name | Purchases | Sales | Net Realized<br>Gain |
|  Advantage International | $686773779 | $592639219 | $16460016 |
|  Advantage Large Cap Growth | 145881916 | 187207343 | 17935526 |
|  Advantage Small Cap Core | 37253646 | 89837983 | 7798520 |
|  Advantage Large Cap Core | 297966308 | 192143370 | 14586662 |
|  Advantage Large Cap Value | 57118232 | 55195984 | 2720504 |

---

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

For the six months ended November 30, 2025, purchases and sales of investments, excluding short-term securities, were as follows:

---

| | | |
|:---|:---|:---|
| Fund Name | Purchases | Sales |
|  Advantage International | $4623880528 | $3366774581 |
|  Advantage Large Cap Growth | 822507258 | 888248111 |
|  Advantage Small Cap Core | 2027816303 | 2389851700 |
|  Advantage Large Cap Core | 1869721887 | 1952362815 |
|  Advantage Large Cap Value | 444477999 | 440433787 |

---

**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, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

As of November 30, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name | Tax Cost | Gross Unrealized<br>Appreciation | Gross Unrealized<br>Depreciation | Net Unrealized<br>Appreciation<br>(Depreciation) |
|  Advantage International | $5643247967 | $950580581 | $(77952566) | $872628015 |
|  Advantage Large Cap Growth | 914880453 | 737815978 | (4908594) | 732907384 |
|  Advantage Small Cap Core | 3914066678 | 973999526 | (272288136) | 701711390 |
|  Advantage Large Cap Core | 2175280305 | 1354957343 | (39471115) | 1315486228 |
|  Advantage Large Cap Value | 598486180 | 133337591 | (15787773) | 117549818 |

---

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

The Trust, on behalf of Advantage International, Advantage Large Cap Growth and Advantage Small Cap Core, and the Corporation, on behalf of Advantage Large Cap Core and Advantage Large Cap Value, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate ("SOFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2026 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended November 30, 2025, the Funds did not borrow under the credit agreement.

76 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Notes to Financial Statements (unaudited) (continued)

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

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

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

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

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

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

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

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

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

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the income from, or the value or liquidity of, the Fund's portfolio. Investment percentages in specific sectors are presented in the Schedules of Investments.

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

N O T E S T O F I N A N C I A L S T A T E M E N T S 77

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Notes to Financial Statements (unaudited) (continued)

Advantage International invests a significant portion of its assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Fund's investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be, significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

Advantage International invests a significant portion of its assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. Certain Asian countries have developed increasingly strained relationships with the U.S. or China; if these relations were to worsen, they could adversely affect Asian issuers that rely on the U.S. or China for trade and the region as a whole. The Asian financial markets have experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Fund's investments.

As of period end, the Advantage Large Cap Growth investments had the following industry classifications:

---

| | |
|:---|:---|
| INDUSTRY ALLOCATION |  |
| Industry | Percent of<br>Net Assets |
|  Semiconductors & Semiconductor Equipment | 21.4% |
|  Software | 16.1 |
|  Interactive Media & Services | 11.0 |
|  Technology Hardware, Storage & Peripherals | 10.2 |
|  Broadline Retail | 5.0 |
|  Other | 36.3 |

---

<sup>(a)</sup> All other industries held was less than 5% of net assets. 

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

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

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended 11/30/25 | Six Months Ended 11/30/25 | Year Ended 05/31/25 | Year Ended 05/31/25 |
| Fund Name/Share Class | Shares | Amount | Shares | Amount |
|  Advantage International |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 68005342 | $1535978933 | 109283830 | $2200589185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 4371662 | 94690207 | 2331042 | 45153839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (25834925) | (585123105) | (24097125) | (486562846) |
|  | 46542079 | $1045546035 | 87517747 | $1759180178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 3211421 | $71121206 | 5614729 | $110909359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 524387 | 11206155 | 402643 | 7702303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1701459) | (37753969) | (2442734) | (47715668) |
|  | 2034349 | $44573392 | 3574638 | $70895994 |

---

78 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Notes to Financial Statements (unaudited) (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended 11/30/25 | Six Months Ended 11/30/25 | Year Ended 05/31/25 | Year Ended 05/31/25 |
| *Fund Name/Share Class* | *Shares* | *Amount* | *Shares* | *Amount* |
|  Advantage International (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 144598 | $3096879 | 205037 | $3909116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 24148 | 498649 | 20101 | 372401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (84048) | (1807762) | (200918) | (3828891) |
|  | 84698 | $1787766 | 24220 | $452626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 17538303 | $399170483 | 51396214 | $991005728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 1359529 | 29447405 | 462357 | 8955985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (6362825) | (143158437) | (10829822) | (215078714) |
|  | 12535007 | $285459451 | 41028749 | $784882999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 276128 | $6131649 | 487845 | $9494280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 54055 | 1154071 | 54195 | 1035538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (204495) | (4581564) | (580304) | (11354718) |
|  | 125688 | $2704156 | (38264) | $(824900) |
|  | 61321821 | $1380070800 | 132107090 | $2614586897 |
|  Advantage Large Cap Growth |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 3224712 | $89083655 | 5564680 | $137365853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 921934 | 24597193 | 4987362 | 129647525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (4702228) | (130647062) | (4696936) | (123889192) |
|  | (555582) | $(16966214) | 5855106 | $143124186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 682062 | $17831258 | 1369989 | $32838557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 883634 | 21790398 | 4866084 | 117659241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1414771) | (36519344) | (3106423) | (74148286) |
|  | 150925 | $3102312 | 3129650 | $76349512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 146102 | $2828387 | 292255 | $5317763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 79424 | 1446309 | 447907 | 8228042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (225359) | (4330282) | (536328) | (9470996) |
|  | 167 | $(55586) | 203834 | $4074809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 32727 | $947997 | 105078 | $2703814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 10529 | 280904 | 52367 | 1361231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (28495) | (821424) | (59441) | (1535411) |
|  | 14761 | $407477 | 98004 | $2529634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 10185 | $285569 | 34108 | $825804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 3019 | 79352 | 12194 | 312822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (13733) | (377303) | (14981) | (380780) |
|  | (529) | $(12382) | 31321 | $757846 |
|  | (390258) | $(13524393) | 9317915 | $226835987 |

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N O T E S T O F I N A N C I A L S T A T E M E N T S 79

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Notes to Financial Statements (unaudited) (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended 11/30/25 | Six Months Ended 11/30/25 | Year Ended 05/31/25 | Year Ended 05/31/25 |
| *Fund Name/Share Class* | *Shares* | *Amount* | *Shares* | *Amount* |
|  Advantage Small Cap Core |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 15555261 | $295896337 | 36255072 | $653384270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 449715 | 8333225 | 877781 | 16960194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (14222428) | (271422718) | (27741700) | (495346481) |
|  | 1782548 | $32806844 | 9391153 | $174997983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 3817782 | $71140562 | 26250441 | $458810007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 106227 | 1953512 | 155609 | 3014256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (4767608) | (91476694) | (10062007) | (180510807) |
|  | (843599) | $(18382620) | 16344043 | $281313456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 23982 | $443286 | 192135 | $3354087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 1040 | 18427 | 133 | 2511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (118544) | (2176550) | (259412) | (4353432) |
|  | (93522) | $(1714837) | (67144) | $(996834) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 3326324 | $62803882 | 14776571 | $264820724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 213078 | 3950462 | 508877 | 9825285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (22919871) | (433488121) | (13506537) | (241870997) |
|  | (19380469) | $(366733777) | 1778911 | $32775012 |
|  | (18535042) | $(354024390) | 27446963 | $488089617 |
|  Advantage Large Cap Core |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 2899969 | $69250483 | 4901286 | $108928769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 2495072 | 56039324 | 6824168 | 152053419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (3107346) | (73384739) | (8046068) | (178761785) |
|  | 2287695 | $51905068 | 3679386 | $82220403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 1274397 | $28111628 | 3492799 | $72667388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 3648909 | 76517625 | 10131144 | 211932648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (4596478) | (101215415) | (10172908) | (212016675) |
|  | 326828 | $3413838 | 3451035 | $72583361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 225259 | $3727839 | 499466 | $7992470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 183518 | 2873887 | 499829 | 8029473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (349408) | (5763455) | (813790) | (12914239) |
|  | 59369 | $838271 | 185505 | $3107704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 572103 | $13607835 | 4218196 | $93555579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 268112 | 6024470 | 269362 | 6007448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (539833) | (12768531) | (807452) | (17528032) |
|  | 300382 | $6863774 | 3680106 | $82034995 |

---

80 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended 11/30/25 | Six Months Ended 11/30/25 | Year Ended 05/31/25 | Year Ended 05/31/25 |
| *Fund Name/Share Class* | *Shares* | *Amount* | *Shares* | *Amount* |
|  Advantage Large Cap Core (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 74978 | $1428737 | 156730 | $2856469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 49193 | 908596 | 132563 | 2468740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (122514) | (2364581) | (425172) | (8167576) |
|  | 1657 | $(27248) | (135879) | $(2842367) |
|  | 2975931 | $62993703 | 10860153 | $237104096 |
|  Advantage Large Cap Value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1562824 | $49152387 | 1450247 | $45574832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 309815 | 9415296 | 764805 | 23946218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (694381) | (21942160) | (1483999) | (46611031) |
|  | 1178258 | $36625523 | 731053 | $22910019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 225604 | $6927714 | 704352 | $21472423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 633817 | 18583531 | 1599849 | 48484401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (856679) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26138628) | (1852410) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56231657) |
|  | 2742 | $(627383) | 451791 | $13725167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 18355 | $497013 | 101045 | $2742000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 28406 | 737688 | 71958 | 1952910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (83404) | (2255141) | (162600) | (4396509) |
|  | (36643) | $(1020440) | 10403 | $298401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 22550 | $712024 | 99111 | $3088303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 20873 | 634332 | 50029 | 1566111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (37412) | (1173069) | (128551) | (4045979) |
|  | 6011 | $173287 | 20589 | $608435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 10361 | $297332 | 18803 | $536038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 10847 | 297617 | 37342 | 1065365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (15898) | (455900) | (124836) | (3502166) |
|  | 5310 | $139049 | (68691) | $(1900763) |
|  | 1155678 | $35290036 | 1145145 | $35641259 |

---

As of November 30, 2025, shares owned by BlackRock Financial Management, Inc., an affiliate of the Funds, were as follows:

---

| | | |
|:---|:---|:---|
| Share Class | Advantage<br>Large Cap<br>Growth | Advantage<br>Large Cap<br>Growth |
|  Class K |  | 12217 |

---

**12.**  ***FOREIGN WITHHOLDINGS TAX CLAIMS*** 

The Internal Revenue Service ("IRS") has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which Advantage International is able to pass through to shareholders as a foreign tax credit in the current year, the Fund will be able to offset the prior years' withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.

Certain of the outstanding foreign tax reclaims are not deemed by the Fund to meet the recognition criteria under U.S. GAAP as of November 30, 2025 and have not been recorded in the applicable Fund's net asset value. The recognition by the Fund of these amounts would have a positive impact on the applicable Fund's performance. If a Fund

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)

receives a tax refund that has not been previously recorded, investors in the Fund at the time the claim is successful will benefit from any resulting increase in the Fund's NAV. Investors who sold their shares prior to such time will not benefit from such NAV increase.

**13.**  ***SUBSEQUENT EVENTS*** 

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

82 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Additional Information

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

#### Proxy Results
Not applicable.

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

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

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

To enroll in electronic delivery:

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

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

2. Select "Access Your Account"

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

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

#### Shareholder Privileges

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

A D D I T I O N A L I N F O R M A T I O N 83

------

Additional Information (continued)

#### Fund and Service Providers

---

| | |
|:---|:---|
| Investment Adviser and Administrator | Independent Registered Public Accounting Firm |
| BlackRock Advisors, LLC | Deloitte & Touche LLP |
| Wilmington, DE 19809 | Boston, MA 02110 |
| <br> **Accounting Agent and Transfer Agent** | <br> **Distributor** |
| BNY Mellon Investment Servicing (US) Inc. | BlackRock Investments, LLC |
| Wilmington, DE 19809 | New York, NY 10001 |
| Custodian | Legal Counsel |
| The Bank of New York Mellon | Ropes & Gray LLP |
| New York, NY 10286 | New York, NY 10036 |
|  | Address of the Trust and the Corporation |
|  | 100 Bellevue Parkway |
|  | Wilmington, DE 19809 |

---

84 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Glossary of Terms Used in these Financial Statements

#### Portfolio Abbreviation

---

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

---

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

G L O S S A R Y O F T E R M S U S E D I N T H E S E F I N A N C I A L S T A T E M E N T S 85

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### Want to know more?
blackrock.com \| 800-441-7762

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

---

| | |
|:---|:---|
| ![LOGO](g82637g42l24.jpg)  | ![LOGO](g82637dsp040.gif) |

---

------

---

| | |
|:---|:---|
| ![LOGO](g77860g42l24.jpg)  | NOVEMBER 30, 2025 |

---

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

#### BlackRock Funds<sup>SM</sup>
• BlackRock Commodity Strategies Fund

 <br>   <u>Not FDIC Insured • May Lose Value • No Bank Guarantee</u>

------

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
|  [Derivative Financial Instruments](#fin77860_1) | 3 |
|  [Consolidated Schedule of Investments](#fin77860_2) | 4 |
|  [Consolidated Statement of Assets and Liabilities](#fin77860_3) | 16 |
|  [Consolidated Statement of Operations](#fin77860_4) | 18 |
|  [Consolidated Statements of Changes in Net Assets](#fin77860_5) | 19 |
|  [Consolidated Financial Highlights](#fin77860_6) | 20 |
|  [Notes to Consolidated Financial Statements](#fin77860_7) | 24 |
|  [Additional Information](#fin77860_8) | 34 |
|  [Glossary of Terms Used in these Financial Statements](#fin77860_9) | 36 |

---

2.0 ------

Derivative Financial Instruments

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

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited)<br> November 30, 2025 | **BlackRock Commodity Strategies Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
|  **Chemicals — 7.5%** |  |  |
|  Corteva, Inc. | 405855 | $27383037 |
|  Novonesis (Novozymes) B, B Shares | 105821 | 6605492 |
|  Nutrien Ltd. | 458241 | 26655879 |
|  |  | 60644408 |
|  **Construction Materials — 0.1%** |  |  |
|  Martin Marietta Materials, Inc. | 1367 | 851969 |
|  **Consumer Staples Distribution & Retail — 0.1%** |  |  |
|  Alimentation Couche-Tard, Inc. | 15635 | 851425 |
|  **Containers & Packaging — 4.4%** |  |  |
|  Packaging Corp. of America | 84678 | 17280240 |
|  Smurfit WestRock PLC | 506376 | 18072559 |
|  |  | 35352799 |
|  **Energy Equipment & Services — 0.3%** |  |  |
|  Subsea 7 SA | 10450 | 201565 |
|  TechnipFMC PLC | 48700 | 2204162 |
|  Tecnicas Reunidas SA<sup>(a)</sup> | 7200 | 238340 |
|  |  | 2644067 |
|  **Financial Services — 0.0%** |  |  |
|  LunR Royalties Corp. (Acquired 10/27/25, cost $11,239)<sup>(a)(b)(c)</sup> | 10925 | 2345 |
|  **Food Products — 1.7%** |  |  |
|  Bunge Global SA | 143375 | 13774036 |
|  **Machinery — 1.0%** |  |  |
|  Deere & Co. | 17667 | 8206145 |
|  **Metals & Mining — 21.8%** |  |  |
|  Agnico Eagle Mines Ltd. | 70692 | 12324877 |
|  Alamos Gold, Inc., Class A | 98159 | 3682060 |
|  Alcoa Corp. | 8046 | 335840 |
|  Allied Gold Corp.<sup>(a)</sup> | 49977 | 1055008 |
|  Anglo American PLC | 115863 | 4379074 |
|  Anglogold Ashanti PLC | 90874 | 7786084 |
|  ArcelorMittal SA | 43976 | 1905861 |
|  Artemis Gold, Inc.<sup>(a)</sup> | 84024 | 2233705 |
|  Aya Gold & Silver, Inc.<sup>(a)</sup> | 24724 | 343052 |
|  Barrick Mining Corp. | 365081 | 15092448 |
|  Bellevue Gold Ltd.<sup>(a)</sup> | 748582 | 658041 |
|  BHP Group Ltd. | 130473 | 3570132 |
|  Blackstone Minerals Ltd.<sup>(a)(d)</sup> | 849513 | 23932 |
|  Capricorn Metals Ltd.<sup>(a)</sup> | 47797 | 463809 |
|  Centerra Gold, Inc. | 53812 | 715465 |
|  Chalice Mining Ltd.<sup>(a)</sup> | 86228 | 101924 |
|  Challenger Gold Ltd.<sup>(a)</sup> | 1120120 | 84945 |
|  Champion Iron Ltd. | 79887 | 304190 |
|  Coeur Mining, Inc.<sup>(a)</sup> | 82013 | 1416364 |
|  Develop Global Ltd.<sup>(a)</sup> | 428542 | 1047583 |
|  Discovery Silver Corp.<sup>(a)</sup> | 291309 | 1648899 |
|  DPM Metals, Inc. | 51618 | 1441662 |
|  Eldorado Gold Corp.<sup>(a)</sup> | 119465 | 3740449 |
|  Emerald Resources NL<sup>(a)</sup> | 230317 | 811108 |
|  Endeavour Mining PLC | 81528 | 3774050 |
|  Equinox Gold Corp.<sup>(a)</sup> | 99514 | 1380784 |
|  ERO Copper Corp.<sup>(a)</sup> | 9758 | 247747 |
|  FireFly Metals Ltd.<sup>(a)</sup> | 421590 | 519445 |
|  First Quantum Minerals Ltd.<sup>(a)</sup> | 41255 | 934655 |
|  Foran Mining Corp.<sup>(a)(d)</sup> | 344102 | 1037883 |
|  Founders Metals, Inc.<sup>(a)</sup> | 230890 | 718717 |
|  Founders Metals, Inc.<sup>(a)(d)</sup> | 39936 | 124313 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Metals & Mining (continued)** |  |  |
|  Franco-Nevada Corp. | 22913 | $4810017 |
|  Freeport-McMoRan, Inc. | 42934 | 1845303 |
|  Fresnillo PLC | 14589 | 508702 |
|  G Mining Ventures Corp.<sup>(a)(d)</sup> | 69992 | &nbsp;&nbsp;&nbsp;&nbsp;1645309 |
|  G2 Goldfields, Inc.<sup>(a)(d)</sup> | 174391 | 622714 |
|  Galiano Gold, Inc.<sup>(a)</sup> | 226339 | 549874 |
|  Glencore PLC | 643813 | 3077527 |
|  Gold Fields Ltd., ADR | 25534 | 1095153 |
|  Greatland Resources Ltd.<sup>(a)</sup> | 85524 | 428443 |
|  Grupo Mexico SAB de CV, Series B | 153501 | 1332618 |
|  Hycroft Mining Holding Corp., Class A<sup>(a)</sup> | 41828 | 489388 |
|  IAMGOLD Corp.<sup>(a)(d)</sup> | 121897 | 1894279 |
|  Iluka Resources Ltd. | 36978 | 156338 |
|  Ivanhoe Electric, Inc.<sup>(a)</sup> | 18947 | 271132 |
|  Ivanhoe Mines Ltd., Class A<sup>(a)</sup> | 112805 | 1178542 |
|  Kinross Gold Corp. | 353912 | 9960542 |
|  Lithium Royalty Corp.<sup>(a)(d)</sup> | 56034 | 280280 |
|  Lundin Gold, Inc. | 13158 | 1108513 |
|  Lundin Mining Corp. | 63644 | 1191404 |
|  Lynas Rare Earths Ltd.<sup>(a)</sup> | 112072 | 1068337 |
|  Minerals 260 Ltd.<sup>(a)</sup> | 1247056 | 277783 |
|  Newmont Corp. | 159109 | 14435960 |
|  NGEx Minerals Ltd.<sup>(a)</sup> | 45042 | 797409 |
|  Nickel Industries Ltd. | 1194271 | 568104 |
|  Norsk Hydro ASA | 189236 | 1356350 |
|  Northern Star Resources Ltd. | 324560 | 5835684 |
|  Nucor Corp. | 18089 | 2885015 |
|  OR Royalties, Inc. | 71902 | 2508299 |
|  Orla Mining Ltd.<sup>(a)</sup> | 95578 | 1346689 |
|  Pan American Silver Corp. | 48171 | 2199970 |
|  Pan American Silver Corp. (CAD) | 27214 | 1242639 |
|  Polyus PJSC<sup>(a)(b)</sup> | 462520 | 6 |
|  Predictive Discovery Ltd.<sup>(a)</sup> | 2698187 | 1130315 |
|  Reliance, Inc. | 562 | 156978 |
|  Rio Tinto PLC | 71572 | 5139035 |
|  Robex Resources, Inc.<sup>(a)</sup> | 199628 | 679974 |
|  Rupert Resources Ltd.<sup>(a)(d)</sup> | 96448 | 416863 |
|  Rupert Resources Ltd. (Acquired 02/24/23, cost $315,608)<sup>(a)(c)</sup> | 91372 | 394924 |
|  Sociedad Minera Cerro Verde SAA | 20855 | 948902 |
|  Solaris Resources, Inc.<sup>(a)</sup> | 65788 | 518320 |
|  Solaris Resources, Inc.<sup>(a)</sup> | 39000 | 307267 |
|  Southern Copper Corp. | 14184 | 1911718 |
|  Steel Dynamics, Inc. | 13901 | 2333005 |
|  Teck Resources Ltd., Class B | 8383 | 359507 |
|  Titan Mining Corp.<sup>(a)</sup> | 13849 | 38153 |
|  Titan Mining Corp.<sup>(a)(d)</sup> | 46791 | 128909 |
|  Torex Gold Resources, Inc. | 67778 | 3194774 |
|  Vale SA, ADR | 340063 | 4288194 |
|  Valterra Platinum Ltd. | 28952 | 2010592 |
|  Wheaton Precious Metals Corp. | 98367 | 10827444 |
|  Zijin Gold International Co. Ltd.<sup>(a)</sup> | 34600 | 618615 |
|  Zijin Mining Group Co. Ltd., Class H | 102000 | 405611 |
|  |  | 176681529 |
|  **Oil, Gas & Consumable Fuels — 11.4%** |  |  |
|  ARC Resources Ltd. | 49773 | 887576 |
|  California Resources Corp. | 10150 | 484967 |
|  Cameco Corp. | 10986 | 972371 |
|  Cameco Corp. (CAD) | 16954 | 1502075 |
|  Canadian Natural Resources Ltd. | 102283 | 3455423 |
|  Cheniere Energy, Inc. | 14732 | 3071033 |
|  Chevron Corp. | 59908 | 9053896 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock Commodity Strategies Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Oil, Gas & Consumable Fuels (continued)** |  |  |
|  ConocoPhillips | 35017 | $3105658 |
|  EOG Resources, Inc. | 26966 | &nbsp;&nbsp;&nbsp;&nbsp;2908283 |
|  EQT Corp. | 24041 | 1463135 |
|  Exxon Mobil Corp. | 166340 | 19282133 |
|  Galp Energia SGPS SA, Class B | 49306 | 991213 |
|  Gazprom PJSC<sup>(a)(b)</sup> | 712200 | 92 |
|  Gaztransport Et Technigaz SA | 6931 | 1385523 |
|  HF Sinclair Corp. | 21752 | 1150898 |
|  Kinder Morgan, Inc. | 116810 | 3191249 |
|  Kosmos Energy Ltd.<sup>(a)(d)</sup> | 198012 | 221773 |
|  Pembina Pipeline Corp. | 44764 | 1744337 |
|  Permian Resources Corp., Class A | 151579 | 2196380 |
|  Repsol SA | 64810 | 1200888 |
|  Shell PLC | 269479 | 9903603 |
|  Suncor Energy, Inc. | 69049 | 3092122 |
|  Targa Resources Corp. | 16209 | 2841600 |
|  TC Energy Corp. | 67529 | 3693328 |
|  TotalEnergies SE | 107706 | 7085632 |
|  Valero Energy Corp. | 19169 | 3388312 |
|  Williams Cos., Inc. (The) | 65944 | 4017968 |
|  |  | 92291468 |
|  **Paper & Forest Products — 1.5%** |  |  |
|  Mondi PLC | 452951 | 5211912 |
|  UPM-Kymmene Oyj | 250036 | 6826120 |
|  |  | 12038032 |
|  **Total Common Stocks — 49.8%<br>(Cost: $294,035,303)** |  | 403338223 |
|  **Rights** |  |  |
|  **Metals & Mining — 0.0%** |  |  |
|  Kinross Gold Corp., CVR<sup>(a)</sup> | 11812 | 17719 |
|  **Total Rights — 0.0%<br>(Cost: $—)** |  | 17719 |
|  **Total Long-Term Investments — 49.8%<br>(Cost: $294,035,303)** |  | 403355942 |

---

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
|  **Short-Term Securities** |  |  |
|  **Money Market Funds — 1.5%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency<br>Shares, 4.11%<sup>(e)(f)(g)</sup> | 3524430 | $3526193 |
|  BlackRock Liquidity Funds, T-Fund, Institutional<br>Shares, 3.86%<sup>(e)(f)</sup> | 8496008 | 8496008 |
|  |  | 12022201 |
|  | *Par*<br> *(000)* |  |
|  **U.S. Treasury Obligations<sup>(h)</sup> — 46.4%** |  |  |
|  U.S. Treasury Bills, 3.78%, 02/26/26 | USD 380,000 | 376594820 |
|  **Total Short-Term Securities — 47.9%<br>(Cost: $388,584,934)** |  | 388617021 |
|  **Total Investments — 97.7%<br>(Cost: $682,620,237)** |  | 791972963 |
|  **Other Assets Less Liabilities — 2.3%** |  | 18839891 |
|  **Net Assets — 100.0%** |  | $810812854 |

---

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

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

<sup>(c)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $397,269, representing less than 0.05% of its net assets as of period end, and an original cost of $326,847. 

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

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

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

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

<sup>(h)</sup> Rates are discount rates or a range of discount rates as of period end.

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended November 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Issuer | Value at<br>05/31/25 | Purchases<br>at Cost | Proceeds<br>from Sales | *Net*<br> *Realized<br>Gain<br>(Loss)* | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>11/30/25 | Shares<br>Held at<br>11/30/25 | Income | *Capital*<br> *Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $6935794 | $— | $(3410120)<sup>(a)</sup> | $465 | $54 | $3526193 | 3524430 | $46818 <sup>(b)</sup> | $— |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares | 7285557 | 1210451 <sup>(a)</sup> |  |  |  | 8496008 | 8496008 | 152611 |  |
|  |  |  |  | $465 | $54 | $12022201 |  | $199429 | $— |

---

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

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

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

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock Commodity Strategies Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |

---

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

#### OTC Total Return Swaps

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  | Termination | *Notional*<br> *Amount* | *Notional*<br> *Amount* |  | Upfront<br>Premium<br>Paid | Unrealized<br>Appreciation |
| Rate | Frequency | Reference | Frequency | Counterparty | Date | (000) | (000) | Value | (Received) | (Depreciation) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Macquarie Bank Ltd. | 12/02/25 | USD | 3070 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46802 | $— | $46802 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRINT | Quarterly | Goldman Sachs International | 12/22/25 | USD | 584 | 42999 |  | 42999 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRENT | Quarterly | Goldman Sachs International | 12/22/25 | USD | 1027 | 5523 |  | 5523 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRPRT | Quarterly | Goldman Sachs International | 12/22/25 | USD | 1269 | 200779 |  | 200779 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Merrill Lynch International | 12/22/25 | USD | 921 | 38786 |  | 38786 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRLIT | Quarterly | Societe Generale | 12/22/25 | USD | 250 | (23001) |  | (23001) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRINT | Quarterly | Goldman Sachs International | 01/05/26 | USD | 301 | 6996 |  | 6996 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Merrill Lynch International | 01/05/26 | USD | 427 | 13778 |  | 13778 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Merrill Lynch International | 01/20/26 | USD | 6024 | 186448 |  | 186448 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRPRT | Quarterly | Goldman Sachs International | 01/21/26 | USD | 609 | 39545 |  | 39545 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRINT | Quarterly | Goldman Sachs International | 01/21/26 | USD | 270 | 7100 |  | 7100 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRENT | Quarterly | Goldman Sachs International | 01/21/26 | USD | 426 | 10701 |  | 10701 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRLIT | Quarterly | Merrill Lynch International | 01/21/26 | USD | 109 | (9167) |  | (9167) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Merrill Lynch International | 01/21/26 | USD | 411 | 14460 |  | 14460 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Merrill Lynch International | 01/26/26 | USD | 1310 | 28801 |  | 28801 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRENT | Quarterly | Goldman Sachs International | 01/28/26 | USD | 2513 | 23140 |  | 23140 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Merrill Lynch International | 01/28/26 | USD | 10075 | 174114 |  | 174114 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRINT | Quarterly | Macquarie Bank Ltd. | 02/02/26 | USD | 2522 | (351) |  | (351) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Macquarie Bank Ltd. | 02/26/26 | USD | 11508 | 39921 |  | 39921 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock Commodity Strategies Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |

---

#### OTC Total Return Swaps (continued)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  | *Termination* | *Notional*<br> *Amount* | *Notional*<br> *Amount* |  | *Upfront<br>Premium<br>Paid* | *Unrealized<br>Appreciation* |
| *Rate* | *Frequency* | *Reference* | *Frequency* | *Counterparty* | *Date* | *(000)* | *(000)* | *Value* | *(Received)* | *(Depreciation)* |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRINT | Quarterly | Goldman Sachs International | 03/02/26 | USD | 18712 | $1449568 | $— | $1449568 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Macquarie Bank Ltd. | 03/16/26 | USD | 7617 | (8085) |  | (8085) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Macquarie Bank Ltd. | 03/23/26 | USD | 135 | 5443 |  | 5443 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRPRT | Quarterly | Goldman Sachs International | 03/31/26 | USD | 8340 | 1002201 |  | 1002201 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Macquarie Bank Ltd. | 03/31/26 | USD | 4676 | 203155 |  | 203155 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRLIT | Quarterly | Societe Generale | 03/31/26 | USD | 1902 | (154248) |  | (154248) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Merrill Lynch International | 04/01/26 | USD | 14689 | 555737 |  | 555737 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRINT | Quarterly | Goldman Sachs International | 04/07/26 | USD | 10451 | 148050 |  | 148050 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRINT | Quarterly | Goldman Sachs International | 04/30/26 | USD | 489 | 1033 |  | 1033 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRENT | Quarterly | Goldman Sachs International | 04/30/26 | USD | 1218 | (19517) |  | (19517) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Macquarie Bank Ltd. | 04/30/26 | USD | 2416 | 31648 |  | 31648 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRLIT | Quarterly | Merrill Lynch International | 04/30/26 | USD | 278 | (5314) |  | (5314) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRPRT | Quarterly | Goldman Sachs International | 05/12/26 | USD | 537 | 8172 |  | 8172 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRENT | Quarterly | Goldman Sachs International | 05/12/26 | USD | 407 | (9725) |  | (9725) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRINT | Quarterly | Macquarie Bank Ltd. | 05/12/26 | USD | 222 | (300) |  | (300) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Macquarie Bank Ltd. | 05/12/26 | USD | 480 | 219 |  | 219 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRLIT | Quarterly | Macquarie Bank Ltd. | 05/12/26 | USD | 100 | (1196) |  | (1196) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRENT | Quarterly | Goldman Sachs International | 06/01/26 | USD | 2311 | (62694) |  | (62694) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRLIT | Quarterly | Macquarie Bank Ltd. | 06/01/26 | USD | 202 | (17874) |  | (17874) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRINT | Quarterly | Macquarie Bank Ltd. | 06/01/26 | USD | 1159 | 89673 |  | 89673 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock Commodity Strategies Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  | *Termination* | *Notional*<br> *Amount* | *Notional*<br> *Amount* |  | *Upfront<br>Premium<br>Paid* | *Unrealized<br>Appreciation* |
| *Rate* | *Frequency* | *Reference* | *Frequency* | *Counterparty* | *Date* | *(000)* | *(000)* | *Value* | *(Received)* | *(Depreciation)* |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Macquarie Bank Ltd. | 06/01/26 | USD | 1477 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22316 | $— | $22316 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRINT | Quarterly | Goldman Sachs International | 06/05/26 | USD | 210 | 18476 |  | 18476 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRENT | Quarterly | Goldman Sachs International | 06/05/26 | USD | 404 | 3296 |  | 3296 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Macquarie Bank Ltd. | 06/05/26 | USD | 473 | 13285 |  | 13285 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRLIT | Quarterly | Societe Generale | 06/05/26 | USD | 108 | (8669) |  | (8669) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRPRT | Quarterly | Goldman Sachs International | 06/25/26 | USD | 628 | 95861 |  | 95861 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRENT | Quarterly | JPMorgan Chase Bank N.A. | 06/25/26 | USD | 537 | (14129) |  | (14129) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRINT | Quarterly | Macquarie Bank Ltd. | 06/25/26 | USD | 268 | 15558 |  | 15558 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Merrill Lynch International | 06/25/26 | USD | 603 | 21138 |  | 21138 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRLIT | Quarterly | Societe Generale | 06/25/26 | USD | 137 | (10395) |  | (10395) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRINT | Quarterly | Goldman Sachs International | 07/01/26 | USD | 2778 | 118250 |  | 118250 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Merrill Lynch International | 07/01/26 | USD | 13663 | 516947 |  | 516947 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRPRT | Quarterly | Goldman Sachs International | 07/08/26 | USD | 798 | 52235 |  | 52235 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRENT | Quarterly | JPMorgan Chase Bank N.A. | 07/08/26 | USD | 1343 | (21703) |  | (21703) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRLIT | Quarterly | Macquarie Bank Ltd. | 07/08/26 | USD | 199 | (17458) |  | (17458) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRINT | Quarterly | Macquarie Bank Ltd. | 07/08/26 | USD | 1208 | 20278 |  | 20278 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Merrill Lynch International | 07/08/26 | USD | 1317 | 41979 |  | 41979 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRENT | Quarterly | JPMorgan Chase Bank N.A. | 07/21/26 | USD | 48801 | 1225170 |  | 1225170 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRPRT | Quarterly | Societe Generale | 07/21/26 | USD | 81922 | 5322337 |  | 5322337 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRLIT | Quarterly | Societe Generale | 07/21/26 | USD | 12554 | (1059096) |  | (1059096) |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock Commodity Strategies Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  | Termination | *Notional*<br> *Amount* | *Notional*<br> *Amount* |  | Upfront<br>Premium<br>Paid | Unrealized<br>Appreciation |
| Rate | Frequency | Reference | Frequency | Counterparty | Date | (000) | (000) | Value | (Received) | (Depreciation) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRPRT | Quarterly | JPMorgan Chase Bank N.A. | 07/31/26 | USD | 326 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27582 | $— | $27582 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRINT | Quarterly | Macquarie Bank Ltd. | 07/31/26 | USD | 2233 | 4713 |  | 4713 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Merrill Lynch International | 07/31/26 | USD | 2804 | 36718 |  | 36718 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRPRT | Quarterly | Goldman Sachs International | 08/31/26 | USD | 2908 | (907) |  | (907) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRENT | Quarterly | Goldman Sachs International | 08/31/26 | USD | 3716 | (1160) |  | (1160) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRINT | Quarterly | Goldman Sachs International | 08/31/26 | USD | 1018 | (318) |  | (318) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Macquarie Bank Ltd. | 08/31/26 | USD | 3987 | (1244) |  | (1244) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRLIT | Quarterly | Societe Generale | 08/31/26 | USD | 526 | (164) |  | (164) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRENT | Quarterly | JPMorgan Chase Bank N.A. | 09/02/26 | USD | 482 | (13114) |  | (13114) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRLIT | Quarterly | Merrill Lynch International | 09/03/26 | USD | 1495 | (119314) |  | (119314) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRPRT | Quarterly | Goldman Sachs International | 09/11/26 | USD | 558 | 109747 |  | 109747 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRENT | Quarterly | Goldman Sachs International | 09/11/26 | USD | 479 | (154) |  | (154) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRLIT | Quarterly | Macquarie Bank Ltd. | 09/11/26 | USD | 118 | (8900) |  | (8900) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Macquarie Bank Ltd. | 09/11/26 | USD | 568 | 10325 |  | 10325 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRINT | Quarterly | Macquarie Bank Ltd. | 09/11/26 | USD | 254 | 17504 |  | 17504 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRPRT | Quarterly | Goldman Sachs International | 09/25/26 | USD | 566 | 86437 |  | 86437 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRENT | Quarterly | JPMorgan Chase Bank N.A. | 09/25/26 | USD | 481 | (12680) |  | (12680) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRLIT | Quarterly | Macquarie Bank Ltd. | 09/25/26 | USD | 115 | (8721) |  | (8721) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRINT | Quarterly | Macquarie Bank Ltd. | 09/25/26 | USD | 251 | 14583 |  | 14583 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Macquarie Bank Ltd. | 09/25/26 | USD | 547 | 19175 |  | 19175 |

---

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

------

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| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock Commodity Strategies Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  | Termination | *Notional*<br> *Amount* | *Notional*<br> *Amount* |  | Upfront<br>Premium<br>Paid | Unrealized<br>Appreciation |
| Rate | Frequency | Reference | Frequency | Counterparty | Date | (000) | (000) | Value | (Received) | (Depreciation) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRPRT | Quarterly | Goldman Sachs International | 09/30/26 | USD | 252 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30298 | $— | $30298 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRENT | Quarterly | JPMorgan Chase Bank N.A. | 09/30/26 | USD | 608 | (3846) |  | (3846) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRINT | Quarterly | Macquarie Bank Ltd. | 09/30/26 | USD | 846 | 39948 |  | 39948 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Merrill Lynch International | 09/30/26 | USD | 1978 | 85923 |  | 85923 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRENT | Quarterly | Goldman Sachs International | 10/07/26 | USD | 492 | (8280) |  | (8280) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRLIT | Quarterly | Macquarie Bank Ltd. | 10/07/26 | USD | 117 | (9765) |  | (9765) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Macquarie Bank Ltd. | 10/07/26 | USD | 570 | 20517 |  | 20517 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRINT | Quarterly | Macquarie Bank Ltd. | 10/07/26 | USD | 273 | 3871 |  | 3871 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRPRT | Quarterly | Goldman Sachs International | 10/13/26 | USD | 2110 | 188702 |  | 188702 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRENT | Quarterly | JPMorgan Chase Bank N.A. | 10/13/26 | USD | 1607 | 51611 |  | 51611 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRINT | Quarterly | Macquarie Bank Ltd. | 10/13/26 | USD | 920 | 30167 |  | 30167 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRLIT | Quarterly | Macquarie Bank Ltd. | 10/13/26 | USD | 406 | (36720) |  | (36720) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Macquarie Bank Ltd. | 10/13/26 | USD | 1925 | 102133 |  | 102133 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRPRT | Quarterly | Goldman Sachs International | 10/14/26 | USD | 6281 | 246172 |  | 246172 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRENT | Quarterly | JPMorgan Chase Bank N.A. | 10/14/26 | USD | 14343 | 608845 |  | 608845 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRENT | Quarterly | Goldman Sachs International | 10/16/26 | USD | 428 | 25539 |  | 25539 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRPRT | Quarterly | JPMorgan Chase Bank N.A. | 10/16/26 | USD | 629 | 300 |  | 300 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRLIT | Quarterly | Macquarie Bank Ltd. | 10/16/26 | USD | 112 | (10463) |  | (10463) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRINT | Quarterly | Macquarie Bank Ltd. | 10/16/26 | USD | 254 | 5981 |  | 5981 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Macquarie Bank Ltd. | 10/16/26 | USD | 532 | 22723 |  | 22723 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock Commodity Strategies Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  | Termination | *Notional*<br> *Amount* | *Notional*<br> *Amount* |  | Upfront<br>Premium<br>Paid | Unrealized<br>Appreciation |
| Rate | Frequency | Reference | Frequency | Counterparty | Date | (000) | (000) | Value | (Received) | (Depreciation) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRPRT | Quarterly | Goldman Sachs International | 10/22/26 | USD | 1138 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83982 | $— | $83982 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRENT | Quarterly | JPMorgan Chase Bank N.A. | 10/22/26 | USD | 868 | 13770 |  | 13770 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Macquarie Bank Ltd. | 10/22/26 | USD | 1042 | 35532 |  | 35532 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRINT | Quarterly | Macquarie Bank Ltd. | 10/22/26 | USD | 495 | 9262 |  | 9262 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRLIT | Quarterly | Macquarie Bank Ltd. | 10/22/26 | USD | 210 | (13262) |  | (13262) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRENT | Quarterly | Goldman Sachs International | 10/27/26 | USD | 625 | (7475) |  | (7475) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRPRT | Quarterly | JPMorgan Chase Bank N.A. | 10/27/26 | USD | 787 | 69219 |  | 69219 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Macquarie Bank Ltd. | 10/27/26 | USD | 738 | 16316 |  | 16316 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRLIT | Quarterly | Macquarie Bank Ltd. | 10/27/26 | USD | 139 | (1222) |  | (1222) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRINT | Quarterly | Macquarie Bank Ltd. | 10/27/26 | USD | 355 | (1575) |  | (1575) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRINT | Quarterly | Goldman Sachs International | 10/29/26 | USD | 470 | (6698) |  | (6698) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRENT | Quarterly | Goldman Sachs International | 10/29/26 | USD | 722 | 3262 |  | 3262 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Merrill Lynch International | 10/29/26 | USD | 605 | 8942 |  | 8942 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRPRT | Quarterly | Societe Generale | 10/29/26 | USD | 540 | 46098 |  | 46098 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRENT | Quarterly | JPMorgan Chase Bank N.A. | 11/02/26 | USD | 5999 | (96146) |  | (96146) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Merrill Lynch International | 11/02/26 | USD | 6456 | 84552 |  | 84552 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRLIT | Quarterly | Societe Generale | 11/02/26 | USD | 1802 | (34444) |  | (34444) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRPRT | Quarterly | Goldman Sachs International | 11/05/26 | USD | 621 | 53520 |  | 53520 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRENT | Quarterly | Goldman Sachs International | 11/05/26 | USD | 532 | (7736) |  | (7736) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRLIT | Quarterly | Macquarie Bank Ltd. | 11/05/26 | USD | 109 | 1570 |  | 1570 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock Commodity Strategies Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  | Termination | *Notional*<br> *Amount* | *Notional*<br> *Amount* |  | Upfront<br>Premium<br>Paid | Unrealized<br>Appreciation |
| Rate | Frequency | Reference | Frequency | Counterparty | Date | (000) | (000) | Value | (Received) | (Depreciation) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Macquarie Bank Ltd. | 11/05/26 | USD | 607 | $(3114) | $— | $(3114) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRINT | Quarterly | Macquarie Bank Ltd. | 11/05/26 | USD | 275 | 4241 |  | 4241 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRENT | Quarterly | JPMorgan Chase Bank N.A. | 11/13/26 | USD | 1975 | (52993) |  | (52993) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRPRT | Quarterly | JPMorgan Chase Bank N.A. | 11/13/26 | USD | 2426 | 47783 |  | 47783 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRLIT | Quarterly | Macquarie Bank Ltd. | 11/13/26 | USD | 400 | 6573 |  | 6573 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRINT | Quarterly | Macquarie Bank Ltd. | 11/13/26 | USD | 1022 | 824 |  | 824 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Macquarie Bank Ltd. | 11/13/26 | USD | 2224 | (8405) |  | (8405) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRENT | Quarterly | JPMorgan Chase Bank N.A. | 11/19/26 | USD | 508 | (14329) |  | (14329) |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRAGT | Quarterly | Macquarie Bank Ltd. | 11/19/26 | USD | 565 | 3806 |  | 3806 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRINT | Quarterly | Macquarie Bank Ltd. | 11/19/26 | USD | 257 | 6061 |  | 6061 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRPRT | Quarterly | Societe Generale | 11/19/26 | USD | 604 | 31525 |  | 31525 |
|  3-month U.S. Treasury Bill, 3.82%<sup>(a)</sup> | Quarterly | BCOMRLIT | Quarterly | Societe Generale | 11/19/26 | USD | 103 | 1686 |  | 1686 |
|  |  |  |  |  |  |  |  | $12253885 | $— | $12253885 |

---

<sup>(a)</sup> All or a portion of the security is held by a wholly-owned subsidiary. See Note 1 of the Notes to Consolidated Financial Statements for details on the wholly-owned subsidiary.

#### Balances Reported in the Consolidated Statement of Assets and Liabilities for OTC Swaps

---

| | | | |
|:---|:---|:---|:---|
|  | Swap<br>Premiums<br>Paid | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  OTC Swaps | $– $– $| 14179956 | $(1926071) |

---

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

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---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock Commodity Strategies Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts* | *Credit*<br> *Contracts* | *Equity*<br> *Contracts* | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Other*<br> *Contracts* | Total |
|  **Assets — Derivative Financial Instruments** | **Assets — Derivative Financial Instruments** | **Assets — Derivative Financial Instruments** |  |  |  |  |  |
|  Swaps — OTC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC swaps; |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap premiums paid | $14179956 | $— | $— | $— | $— | $— | $14179956 |
|  **Liabilities — Derivative Financial Instruments** | **Liabilities — Derivative Financial Instruments** | **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |
|  Swaps — OTC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC swaps; |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap premiums received | $1926071 | $— | $— | $— | $— | $— | $1926071 |

---

For the period ended November 30, 2025, the effect of derivative financial instruments in the Consolidated Statement of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts* | *Credit*<br> *Contracts* | *Equity*<br> *Contracts* | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Other*<br> *Contracts* | Total |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Swaps | $17170185 | $— | $— | $— | $— | $— | $17170185 |
| Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |
|  Swaps | $19185851 | $— | $— | $— | $— | $— | $19185851 |

---

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

---

| | |
|:---|:---|
|  Total return swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value | $360632690 |

---

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

#### Derivative Financial Instruments – Offsetting as of Period End
The Fund's derivative assets and liabilities (by type) were as follows:

---

| | | |
|:---|:---|:---|
|  | Assets | Liabilities |
|  Derivative Financial Instruments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps — OTC<sup>(a)</sup> | $14179956 | $1926071 |
|  Total derivative assets and liabilities in the Consolidated Statement of Assets and Liabilities | $14179956 | $1926071 |
|  Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") |  |  |
|  Total derivative assets and liabilities subject to an MNA | $14179956 | $1926071 |

---

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

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

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---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock Commodity Strategies Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |

---

The following tables present the Fund's derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | *Derivative*<br> *Assets*<br> *Subject to*<br> *an MNA by*<br> *Counterparty* | *Derivatives<br>Available*<br> *for Offset<sup>(a)</sup>* | *Non-*<br> *Cash<br>Collateral<br>Received<sup>(b)</sup>* | Cash<br>Collateral<br>Received<sup>(b)</sup> | *Net*<br> *Amount of<br>Derivative<br>Assets<sup>(c)</sup>* |
|  Goldman Sachs International<sup>(d)</sup> | $4061584 | $(124664) | $— | $(3360000) | $576920 |
|  JPMorgan Chase Bank N.A.<sup>(d)</sup> | 2044280 | (228940) | (747404) |  | 1067936 |
|  Macquarie Bank Ltd.<sup>(d)</sup> | 864123 | (148655) |  | (490000) | 225468 |
|  Merrill Lynch International<sup>(d)</sup> | 1808323 | (133795) |  | (1410000) | 264528 |
|  Societe Generale<sup>(d)</sup> | 5401646 | (1290017) |  | (1530000) | 2581629 |
|  | $14179956 | $(1926071) | $(747404) | $(6790000) | $4716481 |
| Counterparty | *Derivative<br>Liabilities<br>Subject to*<br> *an MNA by<br>Counterparty* | *Derivatives<br>Available*<br> *for Offset<sup>(a)</sup>* | *Non-*<br> *Cash<br>Collateral<br>Pledged<sup>(b)</sup>* | Cash<br>Collateral<br>Pledged<sup>(b)</sup> | *Net*<br> *Amount of<br>Derivative<br>Liabilities<sup>(e)</sup>* |
|  Goldman Sachs International<sup>(d)</sup> | $124664 | $(124664) | $— | $— | $— |
|  JPMorgan Chase Bank N.A.<sup>(d)</sup> | 228940 | (228940) |  |  |  |
|  Macquarie Bank Ltd.<sup>(d)</sup> | 148655 | (148655) |  |  |  |
|  Merrill Lynch International<sup>(d)</sup> | 133795 | (133795) |  |  |  |
|  Societe Generale<sup>(d)</sup> | 1290017 | (1290017) |  |  |  |
|  | $1926071 | $(1926071) | $— | $— | $— |

---

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA. 

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount represents the net amount receivable from the counterparty in the event of default. 

<sup>(d)</sup> Represents derivatives owned by the BlackRock Cayman Commodity Strategies Fund, Ltd., a wholly-owed subsidiary of the Fund. See Note 1 of the Notes to Consolidated Financial Statements. 

<sup>(e)</sup> Net amount represents the net amount payable due to the counterparty in the event of default. 

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Consolidated Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals | $54038916 | $6605492 | $— | $60644408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | 851969 |  |  | 851969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 851425 |  |  | 851425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | 35352799 |  |  | 35352799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | 2204162 | 439905 |  | 2644067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services |  |  | 2345 | 2345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food Products | 13774036 |  |  | 13774036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery | 8206145 |  |  | 8206145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 139691312 | 36990211 | 6 | 176681529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 71724517 | 20566859 | 92 | 92291468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paper & Forest Products |  | 12038032 |  | 12038032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights |  | 17719 |  | 17719 |
| &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 | 12022201 |  |  | 12022201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 376594820 |  | 376594820 |
|  | $338717482 | $453253038 | $2443 | $791972963 |

---

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

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---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock Commodity Strategies Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity Contracts | $— | $14179956 | $— | $14179956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity Contracts |  | (1926071) |  | (1926071) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $12253885 | $— | $12253885 |

---

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

*See notes to consolidated financial statements.* 

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

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Consolidated Statement of Assets and Liabilities (unaudited)

November 30, 2025

---

| | |
|:---|:---|
|  | BlackRock <br> Commodity <br> Strategies <br> Fund  |
|  **ASSETS** |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup> | $779950762 |
|  Investments, at value — affiliated<sup>(c)</sup> | 12022201 |
|  Cash | 14992971 |
|  Foreign currency, at value<sup>(d)</sup> | 12046 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 936270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 3070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 1058051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 1108277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 32591 |
| &nbsp;&nbsp;&nbsp;&nbsp; From the Manager | 40986 |
|  Unrealized appreciation on OTC swaps | 14179956 |
|  Prepaid expenses | 59914 |
|  Total assets | 824397095 |
|  **LIABILITIES** |  |
|  Cash received: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral — OTC derivatives | 6790000 |
|  Collateral on securities loaned | 3526958 |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 43900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 26485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 457679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred foreign capital gain tax | 23722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 365050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and Officer's fees | 1492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 383556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other affiliate fees | 2248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 4675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution fees | 32405 |
|  Unrealized depreciation on OTC swaps | 1926071 |
|  Total liabilities | 13584241 |
|  **Commitments and contingent liabilities** |  |
|  NET ASSETS | $810812854 |
|  **NET ASSETS CONSIST OF:** |  |
|  Paid-in capital | $840299335 |
|  Accumulated loss | (29486481) |
|  NET ASSETS | $810812854 |
|  <sup>(a) </sup>Investments, at cost — unaffiliated | $670598441 |
|  <sup>(b) </sup>Securities loaned, at value | $2636642 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $12021796 |
|  <sup>(d) </sup>Foreign currency, at cost | $13039 |

---

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

------

Consolidated Statement of Assets and Liabilities (unaudited) (continued)

November 30, 2025

---

| | |
|:---|:---|
|  | BlackRock <br> Commodity <br> Strategies <br> Fund  |
|  **NET ASSET VALUE** |  |
| **Institutional** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $559545801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 54244648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $10.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 |
|  **Investor A** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $105653831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 10357071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $10.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 |
|  **Investor C** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $14696435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 1519040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $9.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 |
|  **Class K** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $130916787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 12681821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $10.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 |

---

*See notes to consolidated financial statements.* 

C O N S O L I D A T E D S T A T E M E N T O F A S S E T S A N D L I A B I L I T I E S 17

------

Consolidated Statement of Operations (unaudited)

Six Months Ended November 30, 2025

---

| | |
|:---|:---|
|  | BlackRock <br> Commodity <br> Strategies <br> Fund  |
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $5089534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 152611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 6800349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 46818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | (232057) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax claims | 25692 |
|  Total investment income | 11882947 |
|  EXPENSES |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 2160787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent — class specific | 398723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution — class specific | 181248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration | 145673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 79574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration — class specific | 69646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration | 39308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services | 37339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and postage | 34332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | 32291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees and Officer | 6039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 8221 |
|  Total expenses excluding interest expense | 3193181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 51028 |
|  Total expenses | 3244209 |
|  Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees waived by the Manager — class specific | (69646) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fees waived and/or reimbursed by the Manager | (205282) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees waived and/or reimbursed by the Manager — class specific | (255010) |
|  Total expenses after fees waived and/or reimbursed | 2714271 |
|  Net investment income | 9168676 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | 18118712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (17390) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 17170185 |
|  | 35271972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated<sup>(a)</sup> | 41480233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 4304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 19185851 |
|  | 60670442 |
|  Net realized and unrealized gain | 95942414 |
|  NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $105111090 |
|  <sup>(a)</sup> Net of increase in deferred foreign capital gain tax of | $(5572) |

---

*See notes to consolidated financial statements.* 

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

------

Consolidated Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | BlackRock Commodity Strategies<br>Fund | BlackRock Commodity Strategies<br>Fund |
|  | Six Months<br>Ended<br>11/30/25<br>(unaudited) | Year Ended<br>05/31/25 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $9168676 | $16708537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 35271972 | 49664607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 60670442 | (35348510) |
|  Net increase in net assets resulting from operations | 105111090 | 31024634 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | (7234300) | (14805329) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A | (1267352) | (2746975) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C | (180881) | (394674) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | (1972740) | (3688020) |
|  Decrease in net assets resulting from distributions to shareholders | (10655273) | (21634998) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | 94451779 | (67563123) |
|  *NET ASSETS* |  |  |
|  Total increase (decrease) in net assets | 188907596 | (58173487) |
|  Beginning of period | 621905258 | 680078745 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810812854 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621905258 |

---

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

*See notes to consolidated financial statements.* 

C O N S O L I D A T E D S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S 19

------

Consolidated Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Commodity Strategies Fund | BlackRock Commodity Strategies Fund | BlackRock Commodity Strategies Fund | BlackRock Commodity Strategies Fund | BlackRock Commodity Strategies Fund | BlackRock Commodity Strategies Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months<br>Ended<br>11/30/25<br>(unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of period** | $9.02 | $8.86 | $8.62 | $11.33 | $9.22 | $6.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.13 | 0.23 | 0.28 | 0.22 | 0.09 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.32 | 0.23 | 0.73 | (2.08) | 2.27 | 2.88 |
|  Net increase (decrease) from investment operations | 1.45 | 0.46 | 1.01 | (1.86) | 2.36 | 2.95 |
|  Distributions from net investment income<sup>(b)</sup> | (0.15) | (0.30) | (0.77) | (0.85) | (0.25) | (0.06) |
|  **Net asset value, end of period** | $10.32 | $9.02 | $8.86 | $8.62 | $11.33 | $9.22 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 16.32 %<sup>(d)</sup> | 5.40% | 12.30% | (16.46)% | 26.31% | 46.93% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.90 %<sup>(f)</sup> | 0.87% | 0.87% | 0.83% | 0.82% | 0.90% |
|  Total expenses after fees waived and/or reimbursed | 0.74 %<sup>(f)</sup> | 0.72% | 0.72% | 0.72% | 0.72% | 0.72% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense | 0.72 %<sup>(f)</sup> | 0.72% | 0.72% | 0.72% | 0.72% | 0.72% |
|  Net investment income | 2.67 %<sup>(f)</sup> | 2.69% | 3.35% | 2.37% | 0.95% | 0.90% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559546 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415455 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463551 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837334 | $2061348 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862528 |
|  Portfolio turnover rate | 37% | 106% | 53% | 78% | 91 %<sup>(g)</sup> | 58% |

---

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

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

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

<sup>(d)</sup> 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> Portfolio turnover rate excludes in-kind transactions.

*See notes to consolidated financial statements.* 

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

------

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Commodity Strategies Fund (continued) | BlackRock Commodity Strategies Fund (continued) | BlackRock Commodity Strategies Fund (continued) | BlackRock Commodity Strategies Fund (continued) | BlackRock Commodity Strategies Fund (continued) | BlackRock Commodity Strategies Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months<br>Ended<br>11/30/25<br>(unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of period** | $8.92 | $8.77 | $8.53 | $11.23 | $9.14 | $6.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.12 | 0.21 | 0.26 | 0.20 | 0.07 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.30 | 0.22 | 0.73 | (2.07) | 2.25 | 2.86 |
|  Net increase (decrease) from investment operations | 1.42 | 0.43 | 0.99 | (1.87) | 2.32 | 2.91 |
|  Distributions from net investment income<sup>(b)</sup> | (0.14) | (0.28) | (0.75) | (0.83) | (0.23) | (0.05) |
|  **Net asset value, end of period** | $10.20 | $8.92 | $8.77 | $8.53 | $11.23 | $9.14 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 16.15 %<sup>(d)</sup> | 5.06% | 12.12% | (16.76)% | 26.06% | 46.53% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 1.17 %<sup>(f)</sup> | 1.14% | 1.12% | 1.07% | 1.13% | 1.18% |
|  Total expenses after fees waived and/or reimbursed | 0.99 %<sup>(f)</sup> | 0.97% | 0.97% | 0.97% | 0.97% | 0.97% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense | 0.97 %<sup>(f)</sup> | 0.97% | 0.97% | 0.97% | 0.97% | 0.97% |
|  Net investment income | 2.42 %<sup>(f)</sup> | 2.44% | 3.10% | 2.15% | 0.68% | 0.62% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105654 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80092 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92118 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120674 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236887 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127923 |
|  Portfolio turnover rate | 37% | 106% | 53% | 78% | 91 %<sup>(g)</sup> | 58% |

---

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

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

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

<sup>(d)</sup> 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> Portfolio turnover rate excludes in-kind transactions.

*See notes to consolidated financial statements.* 

C O N S O L I D A T E D F I N A N C I A L H I G H L I G H T S 21

------

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Commodity Strategies Fund (continued) | BlackRock Commodity Strategies Fund (continued) | BlackRock Commodity Strategies Fund (continued) | BlackRock Commodity Strategies Fund (continued) | BlackRock Commodity Strategies Fund (continued) | BlackRock Commodity Strategies Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Six Months<br>Ended<br>11/30/25<br>(unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of period** | $8.47 | $8.34 | $8.13 | $10.75 | $8.78 | $6.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup> | 0.08 | 0.14 | 0.19 | 0.13 | (0.00)<sup>(b)</sup> | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.24 | 0.20 | 0.69 | (1.98) | 2.15 | 2.75 |
|  Net increase (decrease) from investment operations | 1.32 | 0.34 | 0.88 | (1.85) | 2.15 | 2.74 |
|  Distributions from net investment income<sup>(c)</sup> | (0.12) | (0.21) | (0.67) | (0.77) | (0.18) | (0.00)<sup>(b)</sup> |
|  **Net asset value, end of period** | $9.67 | $8.47 | $8.34 | $8.13 | $10.75 | $8.78 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 15.70 %<sup>(e)</sup> | 4.25% | 11.29% | (17.34)% | 25.06% | 45.48% |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |  |
|  Total expenses | 1.90 %<sup>(g)</sup> | 1.88% | 1.86% | 1.80% | 1.81% | 1.96% |
|  Total expenses after fees waived and/or reimbursed | 1.74 %<sup>(g)</sup> | 1.72% | 1.72% | 1.72% | 1.72% | 1.72% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense | 1.72 %<sup>(g)</sup> | 1.72% | 1.72% | 1.72% | 1.72% | 1.72% |
|  Net investment income (loss) | 1.68 %<sup>(g)</sup> | 1.69% | 2.34% | 1.49% | (0.04)% | (0.15)% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14696 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13518 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16586 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29758 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42138 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16246 |
|  Portfolio turnover rate | 37% | 106% | 53% | 78% | 91 %<sup>(h)</sup> | 58% |

---

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

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

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

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

<sup>(e)</sup> 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 rate excludes in-kind transactions.

*See notes to consolidated financial statements.* 

22 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Commodity Strategies Fund (continued) | BlackRock Commodity Strategies Fund (continued) | BlackRock Commodity Strategies Fund (continued) | BlackRock Commodity Strategies Fund (continued) | BlackRock Commodity Strategies Fund (continued) | BlackRock Commodity Strategies Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months<br>Ended<br>11/30/25<br>(unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of period** | $9.03 | $8.87 | $8.62 | $11.34 | $9.22 | $6.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.13 | 0.24 | 0.29 | 0.23 | 0.10 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.32 | 0.22 | 0.74 | (2.09) | 2.27 | 2.89 |
|  Net increase (decrease) from investment operations | 1.45 | 0.46 | 1.03 | (1.86) | 2.37 | 2.95 |
|  Distributions from net investment income<sup>(b)</sup> | (0.16) | (0.30) | (0.78) | (0.86) | (0.25) | (0.07) |
|  **Net asset value, end of period** | $10.32 | $9.03 | $8.87 | $8.62 | $11.34 | $9.22 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 16.21 %<sup>(d)</sup> | 5.45% | 12.49% | (16.48)% | 26.47% | 46.76% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.78 %<sup>(f)</sup> | 0.76% | 0.77% | 0.72% | 0.72% | 0.80% |
|  Total expenses after fees waived and/or reimbursed | 0.69 %<sup>(f)</sup> | 0.67% | 0.67% | 0.67% | 0.67% | 0.67% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense | 0.67 %<sup>(f)</sup> | 0.67% | 0.67% | 0.67% | 0.67% | 0.67% |
|  Net investment income | 2.73 %<sup>(f)</sup> | 2.73% | 3.40% | 2.42% | 1.02% | 0.76% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130917 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112840 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107825 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138079 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312639 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197360 |
|  Portfolio turnover rate | 37% | 106% | 53% | 78% | 91 %<sup>(g)</sup> | 58% |

---

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

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

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

<sup>(d)</sup> 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> Portfolio turnover rate excludes in-kind transactions.

*See notes to consolidated financial statements.* 

C O N S O L I D A T E D F I N A N C I A L H I G H L I G H T S 23

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Notes to Consolidated Financial Statements (unaudited)

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

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

The Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional and Class K Shares are sold only to certain eligible investors. Investor A and Investor C Shares bear certain expenses related to shareholder servicing of such shares, and Investor C Shares also bear certain expenses related to the distribution of such shares. Investor A and Investor C Shares are generally available through financial intermediaries. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures (except that Investor C shareholders may vote on material changes to the Investor A Shares distribution and service plan).

---

| | | | |
|:---|:---|:---|:---|
| Share Class | Initial Sales Charge | CDSC | Conversion Privilege |
|  Institutional and Class K Shares | No | No |  |
|  Investor A Shares | Yes | No <sup>(a)</sup> |  |
|  Investor C Shares | No | Yes <sup>(b)</sup> | To Investor A Shares after approximately 8 years |

---

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

<sup>(b)</sup> A CDSC of 1.00% is assessed on certain redemptions of Investor C Shares made within one year after purchase. 

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

**Basis of Consolidation:** The accompanying consolidated financial statements of the Fund include the accounts of BlackRock Cayman Commodity Strategies Fund, Ltd. (the "Cayman Subsidiary"), which is a wholly-owned subsidiary of the Fund and primarily invests in commodity-related instruments and other derivatives. The Cayman Subsidiary enables the Fund to hold these commodity-related instruments and satisfy regulated investment company tax requirements. The Fund may invest up to 25% of its total assets in the Cayman Subsidiary. The net assets of the Cayman Subsidiary as of period end were $18,478,123, which is 2.28% of the Fund's consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The Cayman Subsidiary is subject to the same investment policies and restrictions that apply to the Fund, except that the Cayman Subsidiary may invest without limitation in commodity-related instruments.

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

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

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Fund is informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

**Foreign Currency Translation:** The Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

The Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Consolidated Statement of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. The Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

**Foreign Taxes:** The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Consolidated Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of November 30, 2025, if any, are disclosed in the Consolidated Statement of Assets and Liabilities.

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Notes to Consolidated Financial Statements (unaudited) (continued)

Consistent with U.S. GAAP accrual requirements for uncertain tax positions, the Fund recognizes tax reclaims when the Fund determines that it is more likely than not that the Fund will sustain its position that it is due the reclaim.

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

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

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

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

Net income and realized gains from investments held by the Cayman Subsidiary are treated as ordinary income for tax purposes. If a net loss is realized by the Cayman Subsidiary in any taxable year, the loss will generally not be available to offset the Fund's ordinary income and/or capital gains for that year.

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

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

The Fund has an arrangement with its custodian whereby credits are earned on uninvested cash balances. For financial reporting purposes, custodian credits, if any, are included in interest income in the Consolidated Statement of Operations.

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

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

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

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

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

• Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price provided by independent dealers or third-party pricing services. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

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

N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S 25

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Notes to Consolidated Financial Statements (unaudited) (continued)

• Interest rate, credit default, inflation and currency swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate market data and discounted cash flows. Total return and equity swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using models that incorporate market trades and fair value of the underlying reference instruments.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Notes to Consolidated Financial Statements (unaudited) (continued)

not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

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

**Securities Lending:** The Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities, but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC ("BIM"), if any, is disclosed in the Consolidated Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are disclosed in the Fund's Consolidated Schedule of Investments. The market value of any securities on loan and the value of related collateral, if any, are shown separately in the Consolidated Statement of Assets and Liabilities as a component of investments at value – unaffiliated and collateral on securities loaned, respectively.

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Securities<br>Loaned at Value | Cash<br>Collateral Received<br><sup>(a)</sup> |  | Net<br>Amount | <br><sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | $1341 | $(1341) | $– | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 1340418 | (1331865) | – | 8553 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 1279343 | (1279343) | – |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SG Americas Securities LLC | 15540 | (15540) | – |  |  |
|  | $2636642 | $(2628089) | $– | $8553 |  |

---

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

<sup>(b)</sup> The market value of the loaned securities is determined as of November 30, 2025. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty. 

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

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

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

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

N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S 27

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

In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the "CCP") and the CCP becomes the Fund's counterparty on the swap. The Fund is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated in the Consolidated Schedule of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Consolidated Statement of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Consolidated Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract ("variation margin"). Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Consolidated Statement of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Consolidated Statement of Operations, including those at termination.

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

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

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

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

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

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

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

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

**Investment Advisory:** The Trust, on behalf of the Fund, entered into an Investment Advisory Agreement with the Manager, the Fund's investment adviser and an indirect, majority-owned subsidiary of BlackRock, Inc. ("BlackRock"), to provide investment advisory services. The Manager is responsible for the management of the Fund's portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of the Fund.

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Notes to Consolidated Financial Statements (unaudited) (continued)

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

---

| | |
|:---|:---|
| Average Daily Net Assets | Investment Advisory Fees |
|  First $1 billion | 0.62% |
|  $1 billion - $3 billion | 0.58 |
|  $3 billion - $5 billion | 0.56 |
|  $5 billion - $10 billion | 0.54 |
|  Greater than $10 billion | 0.53 |

---

The Manager provides investment management and other services to the Cayman Subsidiary. The Manager does not receive separate compensation from the Cayman Subsidiary for providing investment management or administrative services. However, the Fund pays the Manager based on the Fund's net assets, which includes the assets of the Cayman Subsidiary.

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

**Service and Distribution Fees:** The Trust, on behalf of the Fund, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC ("BRIL"), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, the Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of the Fund as follows:

---

| | | |
|:---|:---|:---|
| Share Class | Service Fees | Distribution Fees |
|  Investor A | 0.25% | N/A |
|  Investor C | 0.25 | 0.75% |

---

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

For the six months ended November 30, 2025, the following table shows the class specific service and distribution fees borne directly by each share class of the Fund:

---

| | | | |
|:---|:---|:---|:---|
|  | Investor A | Investor C | Total |
|  Service and distribution — class specific | $111257 | $69991 | $181248 |

---

**Administration:** The Trust, on behalf of the Fund, entered into an Administration Agreement with the Manager, an indirect, majority-owned subsidiary of BlackRock, to provide administrative services. For these services, the Manager receives an administration fee computed daily and payable monthly, based on a percentage of the average daily net assets of the Fund. The administration fee, which is shown as administration in the Consolidated Statement of Operations, is paid at the annual rates below.

---

| | |
|:---|:---|
| Average Daily Net Assets | Administration Fees |
|  First $500 million | 0.0425% |
|  $500 million - $1 billion | 0.0400 |
|  $1 billion - $2 billion | 0.0375 |
|  $2 billion - $4 billion | 0.0350 |
|  $4 billion - $13 billion | 0.0325 |
|  Greater than $13 billion | 0.0300 |

---

In addition, the Manager charges each of the share classes an administration fee, which is shown as administration — class specific in the Consolidated Statement of Operations, at an annual rate of 0.02% of the average daily net assets of each respective class.

For the six months ended November 30, 2025, the Fund paid the following to the Manager in return for these services, which are included in administration — class specific in the Consolidated Statement of Operations:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Institutional | Investor A | Investor C | Class K | Total |
|  Administration — class specific | $47222 | $8887 | $1400 | $12137 | $69646 |

---

**Transfer Agent:** Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Fund with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the six months ended November 30, 2025, the Fund did not pay any amounts to affiliates in return for these services.

The Manager maintains a call center that is responsible for providing certain shareholder services to the Fund. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the six months ended November 30, 2025, the Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Consolidated Statement of Operations:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Institutional | Investor A | Investor C | Class K | Total |
|  Reimbursed amounts | $271 | $1466 | $286 | $252 | $2275 |

---

N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S 29

------

Notes to Consolidated Financial Statements (unaudited) (continued)

For the six months ended November 30, 2025, the following table shows the class specific transfer agent fees borne directly by each share class of the Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Institutional | Investor A | Investor C | Class K | Total |
|  Transfer agent — class specific | $310926 | $67617 | $9413 | $10767 | $398723 |

---

**Other Fees:** For the six months ended November 30, 2025, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of the Fund's Investor A Shares for a total of $2,037.

For the six months ended November 30, 2025, affiliates received CDSCs of $199 for Investor A Shares.

**Expense Limitations, Waivers and Reimbursements:** The Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Fund pays to the Manager indirectly through its investment in affiliated money market funds (the "affiliated money market fund waiver") through June 30, 2027. The contractual agreement may be terminated upon 90 days' notice by a majority of the trustees who are not "interested persons" of the Trust, as defined in the 1940 Act ("Independent Trustees"), or by a vote of a majority of the outstanding voting securities of the Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. This amount is included in fees waived and/or reimbursed by the Manager in the Consolidated Statement of Operations. For the six months ended November 30, 2025, the amount waived was $2,858.

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the Fund's assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2027. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Fund. For the six months ended November 30, 2025, there were no fees waived by the Manager pursuant to this arrangement.

The Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, tax expense, acquired fund fees and expenses, and certain other fund expenses ("expense limitation"). The expense limitations as a percentage of average daily net assets are as follows:

---

| | | | |
|:---|:---|:---|:---|
| Institutional | Investor A | Investor C | Class K |
|  0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72% | 0.67% |

---

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2027, unless approved by the Board, including a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Fund. For the six months ended November 30, 2025, the Manager waived and/or reimbursed investment advisory fees of $202,424, which is included in fees waived and/or reimbursed by the Manager in the Consolidated Statement of Operations.

In addition, these amounts waived and/or reimbursed by the Manager are included in administration fees waived by the Manager — class specific and transfer agent fees waived and/or reimbursed by the Manager — class specific, respectively, in the Consolidated Statement of Operations. For the six months ended November 30, 2025, class specific expense waivers and/or reimbursements were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Institutional | Investor A | Investor C | Class K | Total |
|  Administration fees waived by the Manager — class specific | $47222 | $8887 | $1400 | $12137 | $69646 |
|  Transfer agent fees waived and/or reimbursed by the Manager — class specific | 192725 | 45578 | 5940 | 10767 | 255010 |

---

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

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

Pursuant to the current securities lending agreement, the Fund retains 82% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

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

------

Notes to Consolidated Financial Statements (unaudited) (continued)

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds specified thresholds, the Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 85% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by the Fund is shown as securities lending income — affiliated — net in the Consolidated Statement of Operations. For the six months ended November 30, 2025, the Fund paid BIM $9,895 for securities lending agent services.

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

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

For the six months ended November 30, 2025, purchases and sales of investments, excluding short-term securities, were $162,290,653 and $126,245,171, respectively.

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

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

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

Management has analyzed tax laws and regulations and their application to the Fund as of November 30, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund's consolidated financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Fund's NAV.

As of May 31, 2025, the Fund had non-expiring capital loss carryforwards as follows:

---

| | |
|:---|:---|
|  *Fund Name* | Non-Expiring Capital<br>Loss Carryforwards<sup>(a)</sup> |
|  BlackRock Commodity Strategies Fund | $(189409453) |

---

<sup>(a)</sup> Amounts available to offset future realized capital gains. 

As of November 30, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name | Tax Cost | Gross Unrealized<br>Appreciation | Gross Unrealized<br>Depreciation | Net Unrealized<br>Appreciation<br>(Depreciation) |
|  BlackRock Commodity Strategies Fund | $688745671 | $134781263 | $(19300086) | $115481177 |

---

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

The Trust, on behalf of the Fund, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Fund may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Fund, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate ("SOFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2026 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended November 30, 2025, the Fund did not borrow under the credit agreement.

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

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as

N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S 31

------

Notes to Consolidated Financial Statements (unaudited) (continued)

war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments. The Fund's prospectus provides details of the risks to which the Fund is subject.

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

**Market Risk:** The Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force the Fund to reinvest in lower yielding securities. The Fund may also be exposed to reinvestment risk, which is the risk that income from the Fund's portfolio will decline if the Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below the Fund portfolio's current earnings rate.

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

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

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

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

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

The Fund invests a significant portion of its assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the income from, or the value or liquidity of, the Fund's portfolio. Investment percentages in specific sectors are presented in the Consolidated Schedule of Investments.

The Fund invests a significant portion of its assets in fixed-income securities and/or uses derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Fund may be subject to a greater risk of rising interest rates during a period of historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Fund's performance.

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

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

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

------

Notes to Consolidated Financial Statements (unaudited) (continued)

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

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended 11/30/25 | Six Months Ended 11/30/25 | Year Ended 05/31/25 | Year Ended 05/31/25 |
| Share Class | Shares | Amount | Shares | Amount |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 12341386 | $120002160 | 13046937 | $113453641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 780459 | 7195829 | 1695838 | 14501014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (4943096) | (47229552) | (20988453) | (182164245) |
|  | 8178749 | $79968437 | (6245678) | $(54209590) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 2357631 | $22719993 | 1234555 | $10669009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 137035 | 1249758 | 319621 | 2707750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1114025) | (10511637) | (3082856) | (26596176) |
|  | 1380641 | $13458114 | (1528680) | $(13219417) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 90371 | $827685 | 128087 | $1055437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 20765 | 180236 | 48741 | 393494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (187257) | (1688187) | (570677) | (4633882) |
|  | (76121) | $(680266) | (393849) | $(3184951) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1896977 | $18293802 | 3597413 | $31456261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 213963 | 1972740 | 430520 | 3684290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1931816) | (18561048) | (3684835) | (32089716) |
|  | 179124 | $1705494 | 343098 | $3050835 |
|  | 9662393 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94451779 | (7825109) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67563123) |

---

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

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

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

------

Additional Information

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

#### Proxy Results
Not applicable.

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

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

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

To enroll in electronic delivery:

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

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

2. Select "Access Your Account"

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

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

#### Shareholder Privileges

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

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

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

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

34 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Additional Information (continued)

#### Fund and Service Providers

---

| | |
|:---|:---|
| Investment Adviser and Administrator | Independent Registered Public Accounting Firm |
| BlackRock Advisors, LLC | Deloitte & Touche LLP |
| Wilmington, DE 19809 | Boston, MA 02110 |
| Sub-Adviser | Distributor |
| BlackRock International Limited | BlackRock Investments, LLC |
| Edinburgh, EH3 8BL | New York, NY 10001 |
| United Kingdom |  |
|  | Legal Counsel |
| Accounting Agent and Transfer Agent | Ropes & Gray LLP |
| BNY Mellon Investment Servicing (US) Inc. | New York, NY 10036 |
| Wilmington, DE 19809 |  |
|  | Address of the Trust |
| Custodian | 100 Bellevue Parkway |
| The Bank of New York Mellon | Wilmington, DE 19809 |
| New York, NY 10286 |  |

---

A D D I T I O N A L I N F O R M A T I O N 35

------

Glossary of Terms Used in these Financial Statements

---

| | |
|:---|:---|
| Currency Abbreviation | Currency Abbreviation |
| USD | United States Dollar |
| Portfolio Abbreviation | Portfolio Abbreviation |
| ADR | American Depositary Receipt |
| BCOMRAGT | Bloomberg Roll Select Agriculture Subindex Total Return<sup>SM</sup> |
| BCOMRENT | Bloomberg Roll Select Energy Subindex Total Return<sup>SM</sup> |
| BCOMRINT | Bloomberg Roll Select Industrial Metals Subindex Total Return<sup>SM</sup> |
| BCOMRLIT | Bloomberg Roll Select Livestock Subindex Total Return<sup>SM</sup> |
| BCOMRPRT | Bloomberg Roll Select Precious Metals Subindex Total Return<sup>SM</sup> |
| CVR | Contingent Value Rights |
| OTC | Over-the-Counter |

---

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

36 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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### Want to know more?
blackrock.com \| 800-441-7762

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

---

| | |
|:---|:---|
| ![LOGO](g77860g42l24.jpg)  | ![LOGO](g77860dsp040.gif) |

---

------

---

| | |
|:---|:---|
| ![LOGO](g17396dsp001.jpg)  | **NOVEMBER 30, 2025** |

---

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

#### BlackRock Capital Appreciation Fund, Inc.

#### BlackRock Funds<sup>SM</sup>
• BlackRock Energy Opportunities Fund

• BlackRock Health Sciences Opportunities Portfolio

• BlackRock High Equity Income Fund

• BlackRock Mid-Cap Growth Equity Portfolio

• BlackRock Technology Opportunities Fund

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

------

**Table of Contents**

---

| | | |
|:---|:---|:---|
|  | **Page** | **Page** |
|  [Schedules of Investments](#fin17396_1) |  | 3 |
|  [Statements of Assets and Liabilities](#fin17396_2) |  | 24 |
|  [Statements of Operations](#fin17396_3) |  | 28 |
|  [Statements of Changes in Net Assets](#fin17396_4) |  | 30 |
|  [Financial Highlights](#fin17396_5) |  | 33 |
|  [Notes to Financial Statements](#fin17396_6) |  | 63 |
|  [Additional Information](#fin17396_7) |  | 79 |
|  [Glossary of Terms Used in these Financial Statements](#fin17396_8) |  | 81 |

---

2.0 ------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> November 30, 2025 | **BlackRock Capital Appreciation Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Common Stocks** |  |  |  |
| **Aerospace & Defense** — **3.2%** |  |  |  |
|  Axon Enterprise, Inc.<sup>(a)</sup> | 96673 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52216954 |
|  Howmet Aerospace, Inc. | 260670 |  | 53330475 |
|  TransDigm Group, Inc. | 10592 |  | 14406921 |
|  |  |  | 119954350 |
| **Automobiles** — **4.4%** |  |  |  |
|  Ferrari NV | 102832 |  | 40299861 |
|  Tesla, Inc.<sup>(a)</sup> | 296070 |  | 127360432 |
|  |  |  | 167660293 |
| **Broadline Retail** — **8.5%** |  |  |  |
|  Amazon.com, Inc.<sup>(a)</sup> | 1394451 |  | 325213862 |
| **Capital Markets** — **2.4%** |  |  |  |
|  KKR & Co., Inc., Class A | 604062 |  | 73882823 |
|  S&P Global, Inc. | 32602 |  | 16262856 |
|  |  |  | 90145679 |
| **Chemicals** — **0.2%** |  |  |  |
|  Sherwin-Williams Co. (The) | 22507 |  | 7735431 |
| **Communications Equipment** — **2.1%** |  |  |  |
|  Arista Networks, Inc.<sup>(a)</sup> | 611177 |  | 79868610 |
| **Electrical Equipment** — **2.2%** |  |  |  |
|  Vertiv Holdings Co., Class A | 471127 |  | 84675656 |
| **Electronic Equipment, Instruments & Components** — **1.4%** | **Electronic Equipment, Instruments & Components** — **1.4%** | **Electronic Equipment, Instruments & Components** — **1.4%** | **Electronic Equipment, Instruments & Components** — **1.4%** |
|  Amphenol Corp., Class A | 380796 |  | 53654156 |
| **Entertainment** — **2.0%** |  |  |  |
|  Netflix, Inc.<sup>(a)</sup> | 693469 |  | 74603395 |
| **Financial Services** — **4.8%** |  |  |  |
|  Adyen NV<sup>(a)(b)</sup> | 27911 |  | 43623808 |
|  Visa, Inc., Class A | 420497 |  | 140631017 |
|  |  |  | 184254825 |
| **Health Care Equipment & Supplies** — **2.8%** |  |  |  |
|  Boston Scientific Corp.<sup>(a)</sup> | 359988 |  | 36567581 |
|  Intuitive Surgical, Inc.<sup>(a)</sup> | 125202 |  | 71800843 |
|  |  |  | 108368424 |
| **Interactive Media & Services** — **10.5%** |  |  |  |
|  Alphabet, Inc., Class A | 590989 |  | 189222858 |
|  Meta Platforms, Inc., Class A | 329635 |  | 213586998 |
|  |  |  | 402809856 |
| **IT Services** — **2.2%** |  |  |  |
|  Shopify, Inc., Class A<sup>(a)</sup> | 252930 |  | 40124815 |
|  Snowflake, Inc., Class A<sup>(a)</sup> | 174099 |  | 43740633 |
|  |  |  | 83865448 |
| **Life Sciences Tools & Services** — **0.8%** |  |  |  |
|  Danaher Corp. | 135284 |  | 30679706 |
| **Pharmaceuticals** — **3.5%** |  |  |  |
|  Eli Lilly & Co. | 125320 |  | 134777900 |
| **Real Estate Management & Development** — **0.9%** |  |  |  |
|  CoStar Group, Inc.<sup>(a)</sup> | 515831 |  | 35489173 |
| **Semiconductors & Semiconductor Equipment** — **24.7%** | **Semiconductors & Semiconductor Equipment** — **24.7%** | **Semiconductors & Semiconductor Equipment** — **24.7%** | **Semiconductors & Semiconductor Equipment** — **24.7%** |
|  Advanced Micro Devices, Inc.<sup>(a)</sup> | 355756 |  | 77387603 |
|  ASM International NV | 30478 |  | 16859777 |
|  Broadcom, Inc. | 528000 |  | 212762880 |
|  Intel Corp.<sup>(a)</sup> | 2049758 |  | 83138184 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
|  Lam Research Corp. | 389141 | $60705996 |
|  NVIDIA Corp. | 2797031 | 495074487 |
|  |  | 945928927 |
| **Software** — **14.0%** |  |  |
|  AppLovin Corp., Class A<sup>(a)</sup> | 70128 | 42040333 |
|  BitMine Immersion Technologies, Inc.<sup>(a)</sup> | 645281 | 21371707 |
|  Cadence Design Systems, Inc.<sup>(a)</sup> | 49067 | 15301053 |
|  Intuit, Inc. | 34665 | 21980383 |
|  Microsoft Corp. | 688279 | 338640151 |
|  Oracle Corp. | 283297 | 57211829 |
|  Palantir Technologies, Inc., Class A<sup>(a)</sup> | 233917 | 39403319 |
|  |  | 535948775 |
| **Technology Hardware, Storage & Peripherals** — **6.0%** | **Technology Hardware, Storage & Peripherals** — **6.0%** | **Technology Hardware, Storage & Peripherals** — **6.0%** |
|  Apple Inc. | 825480 | 230185098 |
|  **Total Common Stocks** — **96.6%<br>(Cost: $1,758,371,157)** |  | 3695819564 |
| **Preferred Securities** |  |  |
| **Preferred Stocks** — **3.3%** |  |  |
| **Interactive Media & Services** — **1.1%** |  |  |
|  Bytedance Ltd., Series E-1, (Acquired 11/11/20,<br>cost $19,426,516)<sup>(a)(c)(d)</sup> | 177291 | 41347807 |
| **Software** — **2.2%** |  |  |
|  Databricks, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, (Acquired 03/27/25,<br>cost $34,703,225)<sup>(a)(c)(d)</sup> | 375170 | 66892811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, (Acquired 01/21/25,<br>cost $10,208,947)<sup>(a)(c)(d)</sup> | 110367 | 19678436 |
|  |  | 86571247 |
|  **Total Preferred Securities** — **3.3%<br>(Cost: $64,338,688)** |  | 127919054 |
|  **Total Long-Term Investments** — **99.9%<br>(Cost: $1,822,709,845)** |  | 3823738618 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds** — **0.2%** |  |  |
|  BlackRock Liquidity Funds, T-Fund, Institutional<br>Shares, 3.86%<sup>(e)(f)</sup> | 6696251 | 6696251 |
|  **Total Short-Term Securities** — **0.2%<br>(Cost: $6,696,251)** |  | 6696251 |
|  **Total Investments** — **100.1%<br>(Cost: $1,829,406,096)** |  | 3830434869 |
|  **Liabilities in Excess of Other Assets** — **(0.1)%** | **Liabilities in Excess of Other Assets** — **(0.1)%** | (5607125) |
|  **Net Assets** — **100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3824827744 |

---

<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 $127,919,054, representing 3.3% of its net assets as of period end, and an original cost of $64,338,688. 

<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 3

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock Capital Appreciation Fund, Inc.** |

---

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended November 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Issuer | Value at<br>05/31/25 | Purchases<br>at Cost | Proceeds<br>from Sales | *Net<br>Realized<br>Gain*<br> *(Loss)* | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>11/30/25 | Shares<br>Held at<br>11/30/25 | Income | Capital<br>Gain<br>Distributions<br>from<br>Underlying<br>Funds |
|  BlackRock Cash Funds: Institutional,<br>SL Agency Shares<sup>(a)</sup> | $19432275 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19445939)<sup>(b)</sup> | $13664 | $— | $— | $— | $18102 <sup>(c)</sup> | $— |
|  BlackRock Liquidity Funds,<br>T-Fund,<br>Institutional Shares | 5447738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1248513 <sup>(b)</sup> |  |  |  | 6696251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6696251 | 133066 |  |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13664 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6696251 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151168 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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

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

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

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

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $119954350 | $— | $— | $119954350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 167660293 |  |  | 167660293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 325213862 |  |  | 325213862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 90145679 |  |  | 90145679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 7735431 |  |  | 7735431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 79868610 |  |  | 79868610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 84675656 |  |  | 84675656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 53654156 |  |  | 53654156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 74603395 |  |  | 74603395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 140631017 | 43623808 |  | 184254825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 108368424 |  |  | 108368424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 402809856 |  |  | 402809856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services | 83865448 |  |  | 83865448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 30679706 |  |  | 30679706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 134777900 |  |  | 134777900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | 35489173 |  |  | 35489173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 929069150 | 16859777 |  | 945928927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | 535948775 |  |  | 535948775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 230185098 |  |  | 230185098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities |  |  | 127919054 | 127919054 |
| &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 | 6696251 |  |  | 6696251 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3642032230 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60483585 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127919054 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3830434869 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock Capital Appreciation Fund, Inc.** |

---

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 period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

---

| | |
|:---|:---|
|  | Preferred<br>Securities |
|  **Assets** |  |
|  Opening Balance, as of May 31, 2025 | $89765134 |
|  Transfers into Level 3 |  |
|  Transfers out of Level 3 |  |
|  Accrued discounts/premiums |  |
|  Net realized gain (loss) |  |
|  Net change in unrealized appreciation (depreciation)<sup>(a)(b)</sup> | 38153920 |
|  Purchases |  |
|  Sales |  |
|  Closing Balance, as of November 30, 2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127919054 |
|  Net change in unrealized appreciation (depreciation) on investments still held at November 30, 2025<sup>(b)</sup> | $38153920 |

---

<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, 2025, 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 Valuation Committee to determine the value of certain of the Fund's Level 3 financial instruments as of period end.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Value | Valuation Approach | Unobservable<br>Inputs | Range of<br>Unobservable Inputs<br>Utilized<sup>(a)</sup> | Weighted Average of<br>Unobservable Inputs<br>Based on Fair Value |
|  **Assets** |  |  |  |  |  |
|  Preferred Securities | $127919054 | Market | Revenue Multiple | 1.35x - 22.00x | 15.33x |

---

<sup>(a)</sup> A significant change in unobservable input could result in a correlated or inverse change in value.

*See notes to financial statements.* 

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> November 30, 2025 | **BlackRock Energy Opportunities Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Consumer Staples Distribution & Retail — 1.0%** | **Consumer Staples Distribution & Retail — 1.0%** | **Consumer Staples Distribution & Retail — 1.0%** |
|  Alimentation Couche-Tard, Inc. | 47900 | $2608458 |
| **Energy Equipment & Services — 2.8%** | **Energy Equipment & Services — 2.8%** | **Energy Equipment & Services — 2.8%** |
|  Poseidon Concepts Corp.<sup>(a)(b)</sup> | 35081 | 1 |
|  Subsea 7 SA | 33700 | 650025 |
|  TechnipFMC PLC | 138866 | 6285075 |
|  Tecnicas Reunidas SA<sup>(b)</sup> | 23150 | 766329 |
|  |  | 7701430 |
| **Oil, Gas & Consumable Fuels — 94.0%** |  |  |
|  ARC Resources Ltd. | 142530 | 2541663 |
|  California Resources Corp. | 29066 | 1388773 |
|  Cameco Corp. (CAD) | 47749 | 4230422 |
|  Canadian Natural Resources Ltd. | 289838 | 9791586 |
|  Cheniere Energy, Inc. | 41349 | 8619613 |
|  Chevron Corp. | 165149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24958968 |
|  ConocoPhillips | 97093 | 8611178 |
|  EOG Resources, Inc. | 76340 | 8233269 |
|  EQT Corp. | 67713 | 4121013 |
|  Exxon Mobil Corp. | 455571 | 52809790 |
|  Galp Energia SGPS SA, Class B | 138871 | 2791764 |
|  Gazprom PJSC<sup>(a)(b)</sup> | 639500 | 82 |
|  Gaztransport Et Technigaz SA | 19575 | 3913087 |
|  HF Sinclair Corp. | 63726 | 3371743 |
|  Kinder Morgan, Inc. | 327891 | 8957982 |
|  Kosmos Energy Ltd.<sup>(b)(c)</sup> | 664916 | 744706 |
|  Pembina Pipeline Corp. | 129574 | 5049163 |
|  Permian Resources Corp., Class A | 430556 | 6238756 |
|  Repsol SA | 192000 | 3557637 |
|  Shell PLC | 749805 | 27556027 |
|  Suncor Energy, Inc. | 192770 | 8632543 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Oil, Gas & Consumable Fuels (continued)** |  |  |
|  Targa Resources Corp. | 45260 | $7934531 |
|  TC Energy Corp. | 189556 | 10367287 |
|  TotalEnergies SE | 291551 | 19180206 |
|  Valero Energy Corp. | 54348 | 9606553 |
|  Williams Cos., Inc. (The) | 186934 | 11389889 |
|  |  | 254598231 |
|  **Total Long-Term Investments — 97.8%<br>(Cost: $178,299,808)** |  | 264908119 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 2.2%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency<br>Shares, 4.11%<sup>(d)(e)(f)</sup> | 789953 | 790347 |
|  BlackRock Liquidity Funds, T-Fund, Institutional<br>Shares, 3.86%<sup>(d)(e)</sup> | 5050101 | 5050101 |
|  **Total Short-Term Securities — 2.2%<br>(Cost: $5,840,448)** |  | 5840448 |
|  **Total Investments — 100.0%<br>(Cost: $184,140,256)** |  | 270748567 |
|  **Other Assets Less Liabilities — 0.0%** | **Other Assets Less Liabilities — 0.0%** | 128902 |
|  **Net Assets — 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270877469 |

---

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

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Issuer | Value at<br>05/31/25 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain<br>(Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at 11/30/25 | Shares<br>Held at<br>11/30/25 | Income | Capital<br>Gain<br>Distributions<br>from<br>Underlying<br>Funds |
|  BlackRock Cash Funds: Institutional, SL<br>Agency Shares | $— | $790355 <sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(8) | $– $| 790347 | 789953 | $243 <sup>(b)</sup> | $— |
|  BlackRock Liquidity Funds, T-Fund,<br>Institutional Shares | 1948783 | 3101318 <sup>(a)</sup> |  |  | – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5050101 | 5050101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66062 |  |
|  |  |  |  | $(8) | $– $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5840448 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66305 | $— |

---

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

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

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock Energy Opportunities Fund** |

---

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | $2608458 | $— | $— | $2608458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | 6285075 | 1416354 | 1 | 7701430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 197599428 | 56998721 | 82 | 254598231 |
| &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 | 5840448 |  |  | 5840448 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212333409 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58415075 | $83 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270748567 |

---

*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 7

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> November 30, 2025 | **BlackRock Health Sciences Opportunities Portfolio**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
| **Biotechnology — 26.6%** |  |  |
|  4D Molecular Therapeutics, Inc.<sup>(a)</sup> | 129009 | $1504245 |
|  AbbVie, Inc. | 1182770 | &nbsp;&nbsp;&nbsp;&nbsp;269316729 |
|  Allogene Therapeutics, Inc.<sup>(a)(b)</sup> | 1235040 | 1803158 |
|  Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 295219 | 133211669 |
|  Amgen, Inc. | 670330 | 231572202 |
|  Apogee Therapeutics, Inc.<sup>(a)</sup> | 207345 | 14922620 |
|  Arcellx, Inc.<sup>(a)</sup> | 186729 | 13577066 |
|  Arcus Biosciences, Inc.<sup>(a)</sup> | 465407 | 12147123 |
|  Argenx SE, ADR<sup>(a)</sup> | 72459 | 66081159 |
|  Ascendis Pharma A/S, ADR<sup>(a)(b)</sup> | 32926 | 6991178 |
|  Autolus Therapeutics PLC, ADR<sup>(a)(b)</sup> | 744753 | 1050102 |
|  Avidity Biosciences, Inc.<sup>(a)</sup> | 101637 | 7287373 |
|  Beam Therapeutics, Inc.<sup>(a)(b)</sup> | 171649 | 4347869 |
|  Biogen, Inc.<sup>(a)</sup> | 330978 | 60267784 |
|  Biohaven Ltd.<sup>(a)</sup> | 356386 | 3574552 |
|  BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 329622 | 18435758 |
|  BioNTech SE, ADR<sup>(a)</sup> | 42829 | 4417811 |
|  Bridgebio Oncology Therapeutics, Inc. (Acquired<br>08/08/25, cost $2,242,992)<sup>(a)(c)</sup> | 209287 | 2576323 |
|  BridgeBio Oncology Therapeutics, Inc.<sup>(a)(b)</sup> | 688356 | 8473662 |
|  Bridgebio Pharma, Inc.<sup>(a)</sup> | 209311 | 15072485 |
|  Bright Minds Biosciences, Inc.<sup>(a)</sup> | 2001 | 140070 |
|  CG oncology, Inc.<sup>(a)</sup> | 60803 | 2726407 |
|  Cytokinetics, Inc.<sup>(a)</sup> | 251375 | 17126179 |
|  Denali Therapeutics, Inc.<sup>(a)</sup> | 234300 | 4561821 |
|  Disc Medicine, Inc.<sup>(a)</sup> | 88432 | 8256012 |
|  Dyne Therapeutics, Inc.<sup>(a)</sup> | 284975 | 6240952 |
|  Enanta Pharmaceuticals, Inc.<sup>(a)</sup> | 502656 | 7097503 |
|  Exact Sciences Corp.<sup>(a)</sup> | 559938 | 56716120 |
|  Exelixis, Inc.<sup>(a)</sup> | 236668 | 10453626 |
|  Gilead Sciences, Inc. | 1585265 | 199489748 |
|  Incyte Corp.<sup>(a)</sup> | 404753 | 42280498 |
|  Insmed, Inc.<sup>(a)</sup> | 326291 | 67793481 |
|  Ionis Pharmaceuticals, Inc.<sup>(a)</sup> | 173690 | 14369374 |
|  Kailera Therapeutics, Inc., Series B (Acquired<br>10/31/25, cost $5,992,000)<sup>(a)(c)(d)</sup> | 428000 | 5992000 |
|  Kartos Therapeutics, Inc., Series C (Acquired<br>08/22/23, cost $6,974,988)<sup>(a)(c)(d)</sup> | 1233856 | 7008302 |
|  Kymera Therapeutics, Inc.<sup>(a)(b)</sup> | 55346 | 3756886 |
|  Legend Biotech Corp., ADR<sup>(a)</sup> | 126380 | 3501990 |
|  Merus NV<sup>(a)</sup> | 206777 | 19879541 |
|  Moderna, Inc.<sup>(a)</sup> | 572943 | 14885059 |
|  Natera, Inc.<sup>(a)</sup> | 133100 | 31785611 |
|  Neurocrine Biosciences, Inc.<sup>(a)</sup> | 80426 | 12237620 |
|  Nuvalent, Inc., Class A<sup>(a)</sup> | 322681 | 35285167 |
|  Olema Pharmaceuticals, Inc.<sup>(a)</sup> | 259430 | 7347058 |
|  Oruka Therapeutics, Inc.<sup>(a)</sup> | 189022 | 5689562 |
|  Protagonist Therapeutics, Inc.<sup>(a)</sup> | 378430 | 34058700 |
|  PTC Therapeutics, Inc.<sup>(a)</sup> | 145525 | 12513695 |
|  Regeneron Pharmaceuticals, Inc. | 99733 | 77810689 |
|  REGENXBIO, Inc.<sup>(a)</sup> | 219311 | 2936574 |
|  Rhythm Pharmaceuticals, Inc.<sup>(a)</sup> | 550460 | 60049681 |
|  Roivant Sciences Ltd.<sup>(a)</sup> | 478695 | 9961643 |
|  Scholar Rock Holding Corp.<sup>(a)</sup> | 231108 | 10182618 |
|  Stoke Therapeutics, Inc.<sup>(a)</sup> | 483398 | 14941832 |
|  Summit Therapeutics, Inc.<sup>(a)(b)</sup> | 397896 | 7118359 |
|  TScan Therapeutics, Inc.<sup>(a)</sup> | 568707 | 631265 |
|  uniQure NV<sup>(a)</sup> | 122925 | 3381667 |
|  United Therapeutics Corp.<sup>(a)</sup> | 41636 | 20235096 |
|  Upstream Bio, Inc.<sup>(a)</sup> | 197564 | 5650330 |
|  Vaxcyte, Inc.<sup>(a)</sup> | 89436 | 4436920 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Biotechnology (continued)** |  |  |
|  Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 143095 | $62047423 |
|  Viking Therapeutics, Inc.<sup>(a)(b)</sup> | 107335 | 3951001 |
|  Vir Biotechnology, Inc.<sup>(a)</sup> | 228276 | 1465532 |
|  Vor BioPharma, Inc.<sup>(a)</sup> | 117570 | 979358 |
|  Voyager Therapeutics, Inc.<sup>(a)</sup> | 379198 | 1550920 |
|  Zealand Pharma A/S<sup>(a)</sup> | 75695 | 6083731 |
|  |  | 1801238489 |
| **Health Care Equipment & Supplies — 22.3%** |  |  |
|  Abbott Laboratories | 2647853 | 341308252 |
|  Alcon AG | 66973 | 5311629 |
|  Boston Scientific Corp.<sup>(a)</sup> | 1836479 | 186549537 |
|  Cooper Cos., Inc. (The)<sup>(a)(b)</sup> | 299483 | 23338710 |
|  Dexcom, Inc.<sup>(a)</sup> | 678143 | 43041736 |
|  Edwards Lifesciences Corp.<sup>(a)</sup> | 1748026 | 151501413 |
|  GE HealthCare Technologies, Inc. | 231768 | 18539122 |
|  Glaukos Corp.<sup>(a)</sup> | 89037 | 9463743 |
|  Hologic, Inc.<sup>(a)</sup> | 141365 | 10598134 |
|  IDEXX Laboratories, Inc.<sup>(a)</sup> | 76237 | 57397313 |
|  Insulet Corp.<sup>(a)</sup> | 91564 | 29958825 |
|  Intuitive Surgical, Inc.<sup>(a)</sup> | 325960 | 186931541 |
|  Medtronic PLC | 2169337 | 228496266 |
|  Novocure Ltd.<sup>(a)</sup> | 586731 | 7516024 |
|  Nyxoah SA<sup>(a)(b)</sup> | 344664 | 1654387 |
|  Orchestra BioMed Holdings, Inc.<sup>(a)</sup> | 210594 | 1120360 |
|  Penumbra, Inc.<sup>(a)</sup> | 136101 | 39900730 |
|  STERIS PLC | 66341 | 17665282 |
|  Stryker Corp. | 410154 | 152240962 |
|  |  | 1512533966 |
| **Health Care Providers & Services — 11.1%** |  |  |
|  Cencora, Inc. | 298082 | 109971392 |
|  Centene Corp.<sup>(a)</sup> | 557433 | 21929414 |
|  CVS Health Corp. | 367062 | 29497102 |
|  Elevance Health, Inc. | 90524 | 30620648 |
|  Exo Imaging, Inc. (Acquired 06/24/21, cost<br>$11,178,821)<sup>(a)(c)(d)</sup> | 19083 | 7061 |
|  Guardant Health, Inc.<sup>(a)</sup> | 343956 | 37291709 |
|  HCA Healthcare, Inc. | 128427 | 65278160 |
|  Humana, Inc. | 80397 | 19759171 |
|  Labcorp Holdings, Inc. | 129346 | 34765618 |
|  McKesson Corp. | 132195 | 116479658 |
|  Quest Diagnostics, Inc. | 108254 | 20479492 |
|  Tenet Healthcare Corp.<sup>(a)</sup> | 111596 | 24198477 |
|  UnitedHealth Group, Inc. | 736018 | 242716656 |
|  |  | 752994558 |
| **Health Care Technology — 0.4%** |  |  |
|  Carbon Health Technologies, Inc. (Acquired<br>07/09/21, cost $18,064,000)<sup>(a)(c)(d)</sup> | 2720277 | 27203 |
|  Veeva Systems, Inc., Class A<sup>(a)</sup> | 101554 | 24402410 |
|  |  | 24429613 |
| **Life Sciences Tools & Services — 10.3%** |  |  |
|  Agilent Technologies, Inc. | 406802 | 62444107 |
|  Bio-Rad Laboratories, Inc., Class A<sup>(a)</sup> | 25295 | 8217333 |
|  Bio-Techne Corp. | 198125 | 12781044 |
|  Bruker Corp. | 482169 | 23534669 |
|  Charles River Laboratories International, Inc.<sup>(a)</sup> | 57394 | 10224167 |
|  Danaher Corp. | 674518 | 152967192 |
|  Illumina, Inc.<sup>(a)</sup> | 149093 | 19598275 |
|  IQVIA Holdings, Inc.<sup>(a)</sup> | 224389 | 51611714 |
|  Mettler-Toledo International, Inc.<sup>(a)</sup> | 4693 | 6930247 |
|  Repligen Corp.<sup>(a)</sup> | 139542 | 23864473 |
|  Thermo Fisher Scientific, Inc. | 424384 | 250738799 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock Health Sciences Opportunities Portfolio**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Life Sciences Tools & Services (continued)** |  |  |  |
|  Waters Corp.<sup>(a)</sup> | 112688 | $| 45460593 |
|  West Pharmaceutical Services, Inc. | 116000 |  | 32161000 |
|  |  |  | 700533613 |
| **Pharmaceuticals — 28.2%** | **Pharmaceuticals — 28.2%** | **Pharmaceuticals — 28.2%** | **Pharmaceuticals — 28.2%** |
|  AstraZeneca PLC | 459512 |  | 85197647 |
|  Bristol-Myers Squibb Co. | 1399228 |  | 68842018 |
|  Daiichi Sankyo Co. Ltd. | 688300 |  | 16964523 |
|  Edgewise Therapeutics, Inc.<sup>(a)</sup> | 261711 |  | 6814954 |
|  Elanco Animal Health, Inc.<sup>(a)</sup> | 493714 |  | 11488725 |
|  Eli Lilly & Co. | 687214 |  | 739078041 |
|  Galderma Group AG | 156652 |  | 31274157 |
|  Johnson & Johnson | 2746550 |  | 568316126 |
|  LB Pharmaceuticals, Inc.<sup>(a)</sup> | 579919 |  | 10316759 |
|  Maze Therapeutics, Inc.<sup>(a)</sup> | 6131 |  | 231445 |
|  MBX Biosciences, Inc.<sup>(a)</sup> | 340569 |  | 11746225 |
|  Merck & Co., Inc. | 1335501 |  | 140000570 |
|  Pfizer, Inc. | 1210275 |  | 31152478 |
|  Roche Holding AG, NVS | 214550 |  | 82194831 |
|  Terns Pharmaceuticals, Inc.<sup>(a)</sup> | 256540 |  | 7211339 |
|  Teva Pharmaceutical Industries Ltd., ADR<sup>(a)(b)</sup> | 2733003 |  | 73490451 |
|  UCB SA | 92407 |  | 25829029 |
|  Ventyx Biosciences, Inc.<sup>(a)</sup> | 603440 |  | 6034400 |
|  |  |  | 1916183718 |
|  **Total Common Stocks — 98.9%<br>(Cost: $3,507,666,898)** |  |  | 6707913957 |
|  | *Par<br>(000)* |  |  |
|  **Other Interests<sup>(a)(c)(d)(e)</sup>** |  |  |  |
|  Afferent Pharmaceuticals, Inc., Series C (Acquired<br>06/30/15, cost $0) | USD 3,421 |  | 34 |
|  Affinivax Inc. (Acquired 08/19/22, cost $0) | 123 |  | 1256490 |
|  **Total Other Interests — 0.0%<br>(Cost: $0)** |  |  | 1256524 |
|  | *Shares* |  |  |
|  **Preferred Securities** |  |  |  |
| **Preferred Stocks — 0.6%** |  |  |  |
| **Biotechnology — 0.4%** |  |  |  |
|  Adarx Pharmaceuticals, Inc., Series C, (Acquired<br>08/02/23, cost $6,399,994)<sup>(a)(c)(d)</sup> | 769230 |  | 9615375 |
|  Cellarity, Inc., Series B, (Acquired 01/15/21, cost $5,149,998)<sup>(a)(c)(d)</sup> | 858333 |  | 2025666 |
|  Genesis Therapeutics, Inc., Series B, (Acquired<br>08/10/23, cost $4,207,998)<sup>(a)(c)(d)</sup> | 823870 |  | 4564240 |
|  Goldfinch Bio, Inc., Series B, (Acquired 06/26/20,<br>cost $4,152,184)<sup>(a)(c)(d)</sup> | 3518800 |  | 1407520 |
|  Kartos Therapeutics, Inc., Series D, (Acquired<br>02/19/25, cost $1,919,018)<sup>(a)(c)(d)</sup> | 339469 |  | 1928184 |
|  Laronde, Inc., Series B, (Acquired 07/28/21, cost $10,822,560)<sup>(a)(c)(d)</sup> | 386520 |  | 9392436 |
|  |  |  | 28933421 |
| **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** |
|  Swift Health Systems, Inc., Series D, (Acquired<br>08/27/21, cost $5,270,016)<sup>(a)(c)(d)</sup> | 1700 |  | 3791 |

---

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Health Care Providers & Services — 0.1% |  |  |
|  Exo Imaging, Inc., (Acquired 07/24/24, cost<br>$577,098)<sup>(a)(c)(d)</sup> | 890877 | $659249 |
|  Quanta Dialysis Technologies Ltd., Series D,<br>(Acquired 06/18/21, cost $9,727,321)<sup>(a)(c)(d)</sup> | 80024425 | 5508273 |
|  |  | 6167522 |
| Pharmaceuticals — 0.1% | Pharmaceuticals — 0.1% | Pharmaceuticals — 0.1% |
|  Insitro, Series C, (Acquired 03/10/21, cost<br>$10,839,964)<sup>(a)(c)(d)</sup> | 592636 | 5932286 |
|  **Total Preferred Securities — 0.6%<br>(Cost: $59,066,151)** |  | 41037020 |
|  **Rights** |  |  |
| Biotechnology — 0.0% |  |  |
|  Blueprint Medicines Corp., CVR<sup>(a)(d)</sup> | 204909 | 200811 |
|  Korro Bio, Inc., CVR<sup>(a)(d)</sup> | 428010 | 4 |
|  Mirati Therapeutics, Inc., CVR<sup>(a)(b)(d)</sup> | 228510 | 178238 |
|  |  | 379053 |
| Health Care Equipment & Supplies — 0.0% | Health Care Equipment & Supplies — 0.0% | Health Care Equipment & Supplies — 0.0% |
|  ABIOMED, Inc., CVR<sup>(a)(d)</sup> | 243643 | 562815 |
|  **Total Rights — 0.0%<br>(Cost: $—)** |  | 941868 |
|  **Warrants<sup>(a)</sup>** |  |  |
| Pharmaceuticals — 0.0% |  |  |
|  Nuvation Bio, Inc., (Issued/Exercisable 08/17/20,<br>1 Share for 1 Warrant, Expires 07/07/27, Strike<br>Price USD 11.50) | 77354 | 24591 |
|  **Total Warrants — 0.0%<br>(Cost: $167,140)** |  | 24591 |
|  **Total Long-Term Investments — 99.5%<br>(Cost: $3,566,900,189)** |  | 6751173960 |
|  **Short-Term Securities** |  |  |
| Money Market Funds — 1.0% |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency<br>Shares, 4.11%<sup>(f)(g)(h)</sup> | 33085381 | 33101923 |
|  BlackRock Liquidity Funds, T-Fund, Institutional<br>Shares, 3.86%<sup>(f)(g)</sup> | 38774941 | 38774941 |
|  **Total Short-Term Securities — 1.0%<br>(Cost: $71,872,709)** |  | 71876864 |
|  **Total Investments — 100.5%<br>(Cost: $3,638,772,898)** |  | 6823050824 |
|  **Liabilities in Excess of Other Assets — (0.5)%** | **Liabilities in Excess of Other Assets — (0.5)%** | (35626166) |
|  **Net Assets — 100.0%** |  | $6787424658 |

---

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

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

<sup>(c)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $57,904,433, representing 0.9% of its net assets as of period end, and an original cost of $103,518,952. 

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

<sup>(e)</sup> Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.

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

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

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock Health Sciences Opportunities Portfolio** |

---

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended November 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Issuer | Value at<br>05/31/25 | Purchases<br>at Cost | Proceeds<br>from Sales | *Net<br>Realized<br>Gain*<br> *(Loss)* | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>11/30/25 | Shares<br>Held at<br>11/30/25 | Income | Capital<br>Gain<br>Distributions<br>from<br>Underlying<br>Funds |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $53001569 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(19902184)<sup>(a)</sup> | $934 | $1604 | $33101923 | 33085381 | $355284 <sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares | 332559809 |  | (293784868)<sup>(a)</sup> |  |  | 38774941 | 38774941 | 1241410 |  |
|  |  |  |  | $934 | $1604 | $71876864 |  | $1596694 | $— |

---

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

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

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

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | $1779578133 | $8660054 | $13000302 | $1801238489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 1512533966 |  |  | 1512533966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 752987497 |  | 7061 | 752994558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Technology | 24402410 |  | 27203 | 24429613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 700533613 |  |  | 700533613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 1674723531 | 241460187 |  | 1916183718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Interests |  |  | 1256524 | 1256524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities |  |  | 41037020 | 41037020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights |  |  | 941868 | 941868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants | 24591 |  |  | 24591 |
| &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 | 71876864 |  |  | 71876864 |
|  | $6516660605 | $250120241 | $56269978 | $6823050824 |

---

*See notes to financial statements.* 

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> November 30, 2025 | **BlackRock High Equity Income Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
| **Aerospace & Defense — 1.7%** |  |  |
|  Airbus SE | 13986 | $3289401 |
|  Boeing Co. (The)<sup>(a)</sup> | 57704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10906056 |
|  L3Harris Technologies, Inc. | 20648 | 5754391 |
|  Lockheed Martin Corp. | 11710 | 5361541 |
|  RTX Corp. | 16906 | 2957028 |
|  Textron, Inc. | 67700 | 5629932 |
|  |  | 33898349 |
| **Air Freight & Logistics — 0.3%** |  |  |
|  FedEx Corp. | 20460 | 5640413 |
| **Automobile Components — 0.3%** |  |  |
|  Aptiv PLC<sup>(a)</sup> | 84045 | 6517690 |
| **Automobiles — 0.4%** |  |  |
|  General Motors Co. | 96415 | 7088431 |
| **Banks — 6.2%** |  |  |
|  Bank of America Corp. | 143614 | 7704891 |
|  Citigroup, Inc. | 500720 | 51874592 |
|  Citizens Financial Group, Inc. | 114110 | 6173351 |
|  First Citizens BancShares, Inc., Class A | 15412 | 28942041 |
|  Flagstar Bank NA<sup>(b)</sup> | 436591 | 5343874 |
|  Wells Fargo & Co. | 258965 | 22232145 |
|  |  | 122270894 |
| **Beverages — 1.0%** |  |  |
|  Keurig Dr. Pepper, Inc. | 512825 | 14307817 |
|  PepsiCo, Inc. | 31870 | 4740344 |
|  |  | 19048161 |
| **Broadline Retail — 2.5%** |  |  |
|  Amazon.com, Inc.<sup>(a)</sup> | 170031 | 39654630 |
|  PDD Holdings, Inc., ADR<sup>(a)</sup> | 85256 | 9896516 |
|  |  | 49551146 |
| **Building Products — 0.9%** |  |  |
|  Fortune Brands Innovations, Inc. | 327501 | 16908877 |
| **Capital Markets — 1.9%** |  |  |
|  Carlyle Group, Inc. (The) | 142761 | 7784757 |
|  Charles Schwab Corp. (The) | 86887 | 8057031 |
|  Intercontinental Exchange, Inc. | 136712 | 21504798 |
|  |  | 37346586 |
| **Chemicals — 1.9%** |  |  |
|  Air Products & Chemicals, Inc. | 39049 | 10193741 |
|  Axalta Coating Systems Ltd.<sup>(a)</sup> | 166390 | 5013331 |
|  LyondellBasell Industries NV, Class A | 226750 | 11108483 |
|  PPG Industries, Inc. | 106374 | 10641655 |
|  |  | 36957210 |
| **Commercial Services & Supplies — 0.8%** |  |  |
|  Rentokil Initial PLC | 2731974 | 15039773 |
| **Communications Equipment — 0.9%** |  |  |
|  Cisco Systems, Inc. | 229228 | 17636802 |
| **Consumer Staples Distribution & Retail — 1.6%** |  |  |
|  Dollar General Corp. | 227901 | 24952881 |
|  Sysco Corp. | 96640 | 7363968 |
|  |  | 32316849 |
| **Containers & Packaging — 1.1%** |  |  |
|  Crown Holdings, Inc. | 62340 | 6036382 |
|  Sealed Air Corp. | 358859 | 15412994 |
|  |  | 21449376 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Diversified Telecommunication Services — 0.4%** |  |  |
|  Verizon Communications, Inc. | 207449 | $8528228 |
| **Electric Utilities — 1.6%** |  |  |
|  American Electric Power Co., Inc. | 5 | 619 |
|  Evergy, Inc. | 150939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11720413 |
|  Exelon Corp. | 313877 | 14789884 |
|  PG&E Corp. | 302962 | 4883748 |
|  |  | 31394664 |
| **Electronic Equipment, Instruments & Components — 1.1%** | **Electronic Equipment, Instruments & Components — 1.1%** |  |
|  CDW Corp. | 98980 | 14274895 |
|  Ralliant Corp. | 136053 | 6716937 |
|  |  | 20991832 |
| **Entertainment — 0.1%** |  |  |
|  Walt Disney Co. (The) | 25391 | 2652598 |
| **Financial Services — 1.7%** |  |  |
|  Fidelity National Information Services, Inc. | 347718 | 22869413 |
|  Global Payments, Inc. | 70233 | 5320852 |
|  Voya Financial, Inc. | 84704 | 5954691 |
|  |  | 34144956 |
| **Food Products — 1.2%** |  |  |
|  Campbell's Co. (The) | 257150 | 7837932 |
|  Kraft Heinz Co. (The) | 384291 | 9803263 |
|  Lamb Weston Holdings, Inc. | 119624 | 7064994 |
|  |  | 24706189 |
| **Ground Transportation — 0.7%** |  |  |
|  Canadian National Railway Co. | 62630 | 6005972 |
|  CSX Corp. | 94160 | 3329498 |
|  Union Pacific Corp. | 19696 | 4566124 |
|  |  | 13901594 |
| **Health Care Equipment & Supplies — 3.6%** |  |  |
|  Baxter International, Inc. | 1181638 | 22143896 |
|  Becton Dickinson & Co. | 124409 | 24137834 |
|  Medtronic PLC | 245258 | 25833025 |
|  |  | 72114755 |
| **Health Care Providers & Services — 3.2%** |  |  |
|  Cardinal Health, Inc. | 85491 | 18146320 |
|  Centene Corp.<sup>(a)</sup> | 127408 | 5012231 |
|  CVS Health Corp. | 302779 | 24331320 |
|  Elevance Health, Inc. | 46317 | 15667188 |
|  Labcorp Holdings, Inc. | 9 | 2419 |
|  |  | 63159478 |
| **Health Care REITs — 0.4%** |  |  |
|  Healthcare Realty Trust, Inc. | 391993 | 7146032 |
| **Hotels, Restaurants & Leisure — 0.3%** |  |  |
|  Sodexo SA | 127780 | 6758345 |
| **Household Products — 0.7%** |  |  |
|  Henkel AG & Co. KGaA, NVS | 181398 | 14631139 |
| **Industrial REITs — 0.9%** |  |  |
|  Rexford Industrial Realty, Inc. | 245411 | 10211552 |
|  STAG Industrial, Inc. | 177493 | 6971925 |
|  |  | 17183477 |
| **Insurance — 1.0%** |  |  |
|  American International Group, Inc. | 112655 | 8579805 |
|  Fidelity National Financial, Inc., Class A | 199183 | 11837445 |
|  Willis Towers Watson PLC | 912 | 292752 |
|  |  | 20710002 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock High Equity Income Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Interactive Media & Services — 1.9%** |  |  |
|  Alphabet, Inc., Class C, NVS | 79951 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25593914 |
|  Meta Platforms, Inc., Class A | 18208 | 11797874 |
|  |  | 37391788 |
| **IT Services — 0.3%** |  |  |
|  Cognizant Technology Solutions Corp., Class A | 82686 | 6425529 |
| **Leisure Products — 0.5%** |  |  |
|  Hasbro, Inc. | 109787 | 9068406 |
| **Machinery — 1.0%** |  |  |
|  CNH Industrial NV | 709436 | 6689981 |
|  Fortive Corp. | 136945 | 7323819 |
|  Middleby Corp. (The)<sup>(a)</sup> | 50520 | 5971464 |
|  |  | 19985264 |
| **Media — 1.4%** |  |  |
|  Comcast Corp., Class A | 423776 | 11310582 |
|  WPP PLC | 3973763 | 15978888 |
|  |  | 27289470 |
| **Metals & Mining — 1.2%** |  |  |
|  Barrick Mining Corp. | 163483 | 6758387 |
|  Teck Resources Ltd., Class B | 385908 | 16551594 |
|  |  | 23309981 |
| **Multi-Utilities — 0.7%** |  |  |
|  Dominion Energy, Inc. | 225810 | 14174094 |
| **Oil, Gas & Consumable Fuels — 3.2%** |  |  |
|  BP PLC | 4089109 | 24557744 |
|  Kosmos Energy Ltd.<sup>(a)</sup> | 5063403 | 5671011 |
|  Shell PLC | 446919 | 16424687 |
|  Tourmaline Oil Corp. | 348556 | 15988007 |
|  |  | 62641449 |
| **Pharmaceuticals — 2.0%** |  |  |
|  Bayer AG, Registered Shares | 301457 | 10665157 |
|  Bristol-Myers Squibb Co. | 176295 | 8673714 |
|  Sanofi SA | 198590 | 19806862 |
|  |  | 39145733 |
| **Professional Services — 2.4%** |  |  |
|  Maximus, Inc. | 239040 | 20578954 |
|  SS&C Technologies Holdings, Inc. | 318696 | 27388734 |
|  |  | 47967688 |
| **Residential REITs — 0.4%** |  |  |
|  AvalonBay Communities, Inc. | 44927 | 8174018 |
| **Semiconductors & Semiconductor Equipment — 0.5%** |  |  |
|  NVIDIA Corp. | 26770 | 4738290 |
|  STMicroelectronics NV, NY Shares, ADR | 214213 | 4924757 |
|  |  | 9663047 |
| **Software — 1.6%** |  |  |
|  Microsoft Corp. | 40331 | 19843256 |
|  Workday, Inc., Class A<sup>(a)</sup> | 56460 | 12173905 |
|  |  | 32017161 |
| **Specialized REITs — 0.2%** |  |  |
|  Crown Castle, Inc. | 54853 | 5006982 |
| **Technology Hardware, Storage & Peripherals — 4.1%** |  |  |
|  Hewlett Packard Enterprise Co. | 691568 | 15124592 |
|  HP, Inc. | 208841 | 5099897 |
|  Samsung Electronics Co. Ltd., Registered Shares,<br>GDR | 25366 | 44005052 |
|  Western Digital Corp. | 100196 | 16365013 |
|  |  | 80594554 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Textiles, Apparel & Luxury Goods — 0.5%** |  |  |  |
|  Swatch Group AG (The) | 45724 | $| 9249134 |
| **Tobacco — 0.7%** |  |  |  |
|  British American Tobacco PLC | 224266 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13167829 |
| **Trading Companies & Distributors — 1.4%** |  |  |  |
|  WESCO International, Inc. | 103052 |  | 27557135 |
| **Wireless Telecommunication Services — 0.1%** |  |  |  |
|  Rogers Communications, Inc., Class B, NVS | 67702 |  | 2648502 |
|  **Total Common Stocks — 62.5%<br>(Cost: $1,027,903,192)** |  |  | 1235171610 |
|  | *Par<br>(000)* |  |  |
|  **Equity-Linked Notes** |  |  |  |
| **Aerospace & Defense — 1.7%** | **Aerospace & Defense — 1.7%** | **Aerospace & Defense — 1.7%** | **Aerospace & Defense — 1.7%** |
|  Goldman Sachs & Co. LLC (L3Harris Technologies,<br>Inc.) 17.19% 12/15/25 | USD 28,600 |  | 8039667 |
|  JP Morgan Securities LLC (Boeing Co. (The))<br>26.43% 01/12/26 | 40100 |  | 7703533 |
|  Morgan Stanley & Co. LLC (Textron, Inc.)<br>Series 000k 12.23% 01/22/26 | 50000 |  | 4146000 |
|  Nomura Securities International, Inc. (Lockheed<br>Martin Corp.) 21.50% 12/04/25 | 8200 |  | 3734345 |
|  RBC Capital Markets LLC (Airbus SE) 18.75%<br>01/08/26 | EUR 16,500 |  | 3926429 |
|  Toronto-Dominion Bank (RTX Corp.) 20.64%<br>01/15/26 | USD 36,200 |  | 6399957 |
|  |  |  | 33949931 |
| **Air Freight & Logistics — 0.2%** |  |  |  |
|  BNP Paribas Securities Corporation (FedEx Corp.)<br>22.17% 01/22/26 | 15000 |  | 4125750 |
| **Automobile Components — 0.2%** |  |  |  |
|  BNP Paribas Securities Corporation (Aptiv PLC)<br>26.51% 01/12/26 | 58800 |  | 4630061 |
| **Automobiles — 0.3%** |  |  |  |
|  Mizuho Securities USA LLC (General Motors Co.)<br>24.02% 12/08/25 | 108700 |  | 6611901 |
| **Banks — 2.3%** |  |  |  |
|  Goldman Sachs & Co. LLC (Wells Fargo & Co.)<br>22.87% 01/22/26 | 191400 |  | 16298093 |
|  Morgan Stanley & Co. LLC (Flagstar Bank NA)<br>25.37% 01/12/26 | 404600 |  | 4627280 |
|  RBC Capital Markets LLC (Citizens Financial Group,<br>Inc.) 20.41% 01/15/26 | 84200 |  | 4418384 |
|  Toronto-Dominion Bank (First Citizens BancShares,<br>Inc.) 19.62% 12/18/25 | 10700 |  | 19484167 |
|  |  |  | 44827924 |
| **Beverages — 0.4%** |  |  |  |
|  JP Morgan Securities LLC (Keurig Dr. Pepper, Inc.)<br>Series DM03 21.92% 12/04/25 | 185600 |  | 5176299 |
|  Mizuho Securities USA LLC (PepsiCo, Inc.) 22.77% 12/26/25 | 22900 |  | 3357868 |
|  |  |  | 8534167 |
| **Broadline Retail — 1.1%** |  |  |  |
|  SG Americas Securities LLC (Amazon.com, Inc.)<br>24.04% 12/22/25 | 95900 |  | 22308715 |
| **Building Products — 0.6%** |  |  |  |
|  Morgan Stanley & Co. LLC (Fortune Brands<br>Innovations, Inc.) Series 000X 34.84% 01/12/26 | 226600 |  | 11381623 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock High Equity Income Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Capital Markets — 1.2%** |  |  |
|  Citigroup Global Markets, Inc. (Charles Schwab<br>Corp. (The)) 21.91% 01/15/26 | USD 62,700 | $5901580 |
|  Nomura Securities International, Inc. (Carlyle Group,<br>Inc. (The)) 30.51% 12/04/25 | 100700 | 5507242 |
|  RBC Capital Markets LLC (Intercontinental<br>Exchange, Inc.) 20.93% 01/22/26 | 77700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12020716 |
|  |  | 23429538 |
| **Chemicals — 0.9%** |  |  |
|  Citigroup Global Markets, Inc. (PPG Industries, Inc.)<br>22.30% 12/18/25 | 73800 | 7473369 |
|  Goldman Sachs & Co. LLC (Axalta Coating Systems<br>Ltd.) 17.94% 12/18/25 | 115600 | 3462436 |
|  Mizuho Securities USA LLC (Air Products &<br>Chemicals, Inc.) 18.02% 01/15/26 | 28700 | 7330944 |
|  |  | 18266749 |
| **Commercial Services & Supplies — 0.5%** |  |  |
|  JP Morgan Securities LLC (Rentokil Initial PLC)<br>13.22% 12/11/25 | GBP 1,930,300 | 10623696 |
| **Communications Equipment — 0.6%** |  |  |
|  JP Morgan Securities LLC (Cisco Systems, Inc.)<br>Series MXWT 17.71% 12/22/25 | USD 159,200 | 12116177 |
| **Consumer Staples Distribution & Retail — 1.0%** |  |  |
|  Nomura Securities International, Inc. (Sysco Corp.)<br>13.36% 12/08/25 | 49600 | 3783545 |
|  SG Americas Securities LLC (Dollar General Corp.)<br>35.23% 12/26/25 | 143200 | 15398517 |
|  |  | 19182062 |
| **Containers & Packaging — 0.5%** |  |  |
|  BMO Capital Markets Corp. (Sealed Air Corp.)<br>21.73% 01/22/26 | 122900 | 5274469 |
|  JP Morgan Securities LLC (Crown Holdings, Inc.)<br>Series BSKj 14.50% 12/15/25 | 43200 | 4203383 |
|  |  | 9477852 |
| **Diversified Telecommunication Services — 0.3%** |  |  |
|  BNP Paribas Securities Corporation (Verizon Communications, Inc.) 21.09% 01/22/26 | 153200 | 6241368 |
| **Electric Utilities — 1.2%** |  |  |
|  BNP Paribas Securities Corporation (Evergy, Inc.)<br>17.77% 01/15/26 | 80300 | 6234881 |
|  Nomura Securities International, Inc. (American<br>Electric Power Co., Inc.) 18.55% 01/22/26 | 36500 | 4415774 |
|  Nomura Securities International, Inc. (Exelon Corp.)<br>19.86% 12/04/25 | 221700 | 10461414 |
|  Toronto-Dominion Bank (PG&E Corp.) 19.21%<br>12/15/25 | 210600 | 3398262 |
|  |  | 24510331 |
| **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** |  |
|  BMO Capital Markets Corp. (CDW Corp.) 27.00%<br>01/12/26 | 39500 | 5495801 |
| **Entertainment — 0.1%** |  |  |
|  JP Morgan Securities LLC (Walt Disney Co. (The))<br>Series DM02 25.28% 12/04/25 | 17800 | 1867964 |
| **Financial Services — 1.4%** |  |  |
|  Morgan Stanley & Co. LLC (Fidelity National<br>Information Services, Inc.) 26.10% 12/26/25 | 251200 | 16603027 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Financial Services (continued)** |  |  |
|  Morgan Stanley & Co. LLC (Voya Financial, Inc.)<br>21.49% 01/20/26 | USD 124,300 | $8772431 |
|  SG Americas Securities LLC (Global Payments,<br>Inc.) 41.25% 12/22/25 | 39600 | 3057641 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28433099 |
| **Food Products — 0.9%** |  |  |
|  Mizuho Securities USA LLC (Campbell's Co. (The))<br>30.72% 01/15/26 | 190000 | 5752827 |
|  Toronto-Dominion Bank (Kraft Heinz Co. (The))<br>26.72% 12/15/25 | 216800 | 5537089 |
|  UBS Securities LLC (Lamb Weston Holdings, Inc.)<br>25.60% 12/08/25 | 106900 | 6325066 |
|  |  | 17614982 |
| **Ground Transportation — 0.3%** |  |  |
|  Citigroup Global Markets, Inc. (CSX Corp.) 20.15%<br>01/12/26 | 67900 | 2385756 |
|  Mizuho Securities USA LLC (Union Pacific Corp.)<br>17.77% 01/20/26 | 14500 | 3260527 |
|  |  | 5646283 |
| **Health Care Equipment & Supplies — 2.3%** |  |  |
|  Morgan Stanley & Co. LLC (Baxter International,<br>Inc.) Series 000l 20.65% 01/22/26 | 708900 | 13228074 |
|  Nomura Securities International, Inc. (Medtronic<br>PLC) 16.18% 12/08/25 | 173200 | 16962799 |
|  SG Americas Securities LLC (Becton Dickinson &<br>Co.) 20.81% 12/22/25 | 79400 | 14834338 |
|  |  | 45025211 |
| **Health Care Providers & Services — 2.3%** |  |  |
|  JP Morgan Securities LLC (Cardinal Health, Inc.)<br>Series MXWU 19.08% 12/22/25 | 76100 | 14957262 |
|  Mizuho Securities USA LLC (Elevance Health, Inc.)<br>23.90% 12/15/25 | 31400 | 10552698 |
|  RBC Capital Markets LLC (Centene Corp.) 31.51%<br>01/12/26 | 76400 | 2843334 |
|  RBC Capital Markets LLC (CVS Health Corp.)<br>23.75% 01/22/26 | 223700 | 17545330 |
|  |  | 45898624 |
| **Health Care REITs — 0.3%** |  |  |
|  Morgan Stanley & Co. LLC (Healthcare Realty Trust, Inc.) 24.38% 01/20/26 | 289600 | 5329246 |
| **Hotels, Restaurants & Leisure — 0.2%** |  |  |
|  JP Morgan Securities LLC (Sodexo SA) 18.81%<br>12/11/25 | EUR 66,400 | 3539536 |
| **Household Products — 0.5%** |  |  |
|  RBC Capital Markets LLC (Henkel AG & Co. KGaA)<br>15.01% 01/08/26 | 126000 | 10213151 |
| **Industrial REITs — 0.6%** |  |  |
|  JP Morgan Securities LLC (STAG Industrial, Inc.)<br>Series 000U 18.77% 12/08/25 | USD 125,400 | 4818434 |
|  Morgan Stanley & Co. LLC (Rexford Industrial<br>Realty, Inc.) 23.68% 01/20/26 | 181300 | 7516678 |
|  |  | 12335112 |
| **Insurance — 1.2%** |  |  |
|  Barclays Capital, Inc. (Fidelity National Financial,<br>Inc.) 23.01% 01/22/26 | 102700 | 5983622 |
|  Goldman Sachs & Co. LLC (Willis Towers Watson<br>PLC) 14.62% 12/15/25 | 24400 | 7881757 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock High Equity Income Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Insurance (continued)** |  |  |
|  RBC Capital Markets LLC (Fidelity National<br>Financial, Inc.) 17.49% 01/20/26 | USD 44,400 | $2606707 |
|  SG Americas Securities LLC (American International Group, Inc.) 18.77% 12/26/25 | 81300 | 6225235 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22697321 |
| **Interactive Media & Services — 1.3%** |  |  |
|  BNP Paribas Securities Corporation (Alphabet, Inc.) 25.56% 01/15/26 | 57700 | 17420351 |
|  Mizuho Securities USA LLC (Meta Platforms, Inc.) 17.07% 01/20/26 | 13300 | 8338734 |
|  |  | 25759085 |
| **IT Services — 0.2%** |  |  |
|  Nomura Securities International, Inc. (Cognizant Technology Solutions Corp.) 24.31% 01/12/26 | 58300 | 4336214 |
| **Leisure Products — 0.3%** |  |  |
|  SG Americas Securities LLC (Hasbro, Inc.) 24.59% 12/26/25 | 79300 | 6464040 |
| **Machinery — 0.6%** |  |  |
|  Morgan Stanley & Co. LLC (Fortive Corp.)<br>Series 000m 13.63% 01/22/26 | 101100 | 5376832 |
|  SG Americas Securities LLC (Middleby Corp. (The)) 23.83% 12/26/25 | 36400 | 4308032 |
|  UBS Securities LLC (CNH Industrial NV) 18.50% 12/04/25 | 292300 | 2761424 |
|  |  | 12446288 |
| **Media — 0.3%** |  |  |
|  BNP Paribas Securities Corporation (Comcast Corp.) 33.78% 01/12/26 | 242000 | 6492383 |
| **Metals & Mining — 0.2%** |  |  |
|  Mizuho Securities USA LLC (Barrick Mining Corp.) 34.67% 01/12/26 | 120700 | 4791455 |
| **Multi-Utilities — 0.4%** |  |  |
|  RBC Capital Markets LLC (Dominion Energy, Inc.) 18.81% 01/20/26 | 121500 | 7560172 |
| **Oil, Gas & Consumable Fuels — 1.6%** |  |  |
|  Barclays Capital, Inc. (BP PLC) 23.11% 12/11/25 | GBP 2,945,700 | 17022184 |
|  Barclays Capital, Inc. (Shell PLC) 12.42% 01/08/26 | 370900 | 13702831 |
|  |  | 30725015 |
| **Pharmaceuticals — 1.4%** |  |  |
|  Barclays Capital, Inc. (Sanofi SA) 17.96% 12/11/25 | EUR 140,300 | 13953248 |
|  JP Morgan Securities LLC (Bayer AG)<br>Series DMUM 35.57% 01/08/26 | 209400 | 6899468 |
|  Mizuho Securities USA LLC (Bristol-Myers Squibb Co.) 33.87% 01/15/26 | USD 130,200 | 6261936 |
|  |  | 27114652 |
| **Professional Services — 1.3%** |  |  |
|  Barclays Capital, Inc. (SS&C Technologies Holdings, Inc.) 21.27% 01/22/26 | 117600 | 9887331 |
|  Goldman Sachs & Co. LLC (Maximus, Inc.) 18.77% 12/15/25 | 58900 | 5085937 |
|  SG Americas Securities LLC (SS&C Technologies Holdings, Inc.) 17.15% 12/26/25 | 117800 | 10101355 |
|  |  | 25074623 |
| **Residential REITs — 0.3%** |  |  |
|  Citigroup Global Markets, Inc. (AvalonBay<br>Communities, Inc.) 19.44% 01/15/26 | 32400 | 5836138 |

---

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000) | Value |
| Semiconductors & Semiconductor Equipment — 0.2% | Semiconductors & Semiconductor Equipment — 0.2% |  |
|  Citigroup Global Markets, Inc. (STMicroelectronics NV) 24.20% 12/18/25 | USD 86,400 | $2008978 |
|  Mizuho Securities USA LLC (NVIDIA Corp.) 31.87% 12/08/25 | 15300 | 2713137 |
|  |  | 4722115 |
| Software — 1.1% |  |  |
|  Citigroup Global Markets, Inc. (Microsoft Corp.) 19.50% 12/18/25 | 28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13947515 |
|  JP Morgan Securities LLC (Workday, Inc.)<br>Series BSKi 23.08% 12/15/25 | 31600 | 6898942 |
|  |  | 20846457 |
| Specialized REITs — 0.2% |  |  |
|  UBS Securities LLC (Crown Castle, Inc.) 17.40% 12/04/25 | 38600 | 3529048 |
| Technology Hardware, Storage & Peripherals — 1.8% | Technology Hardware, Storage & Peripherals — 1.8% |  |
|  Goldman Sachs & Co. LLC (Western Digital Corp.) 43.49% 12/18/25 | 115300 | 15974046 |
|  Mizuho Securities USA LLC (Hewlett Packard Enterprise Co.) 30.27% 01/20/26 | 414800 | 8869042 |
|  UBS Securities LLC (HP, Inc.) 23.50% 12/04/25 | 403000 | 9865408 |
|  |  | 34708496 |
| Textiles, Apparel & Luxury Goods — 0.4% |  |  |
|  Royal Bank of Canada (Swatch Group AG (The)) 22.56% 01/08/26 | CHF 40,300 | 8201765 |
| Tobacco — 0.4% |  |  |
|  Barclays Capital, Inc. (British American Tobacco PLC) 21.63% 01/08/26 | GBP 155,900 | 8574119 |
| Trading Companies & Distributors — 0.7% |  |  |
|  RBC Capital Markets LLC (WESCO International, Inc.) 24.84% 01/20/26 | USD 50,100 | 12987444 |
| Wireless Telecommunication Services — 0.1% | Wireless Telecommunication Services — 0.1% |  |
|  Goldman Sachs & Co. LLC (Rogers<br>Communications, Inc.) 18.36% 12/15/25 | 47000 | 1830535 |
|  **Total Equity-Linked Notes — 36.2%<br>(Cost: $712,435,244)** |  | 716314219 |
|  **Total Long-Term Investments — 98.7%<br>(Cost: $1,740,338,436)** |  | 1951485829 |
|  | Shares |  |
|  **Short-Term Securities** |  |  |
| Money Market Funds — 3.6% |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.11%<sup>(c)(d)(e)</sup> | 1381209 | 1381900 |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares, 3.86%<sup>(c)(d)</sup> | 70347502 | 70347502 |
|  **Total Short-Term Securities — 3.6%<br>(Cost: $71,729,402)** |  | 71729402 |
|  **Total Investments — 102.3%<br>(Cost: $1,812,067,838)** |  | 2023215231 |
|  **Liabilities in Excess of Other Assets — (2.3)%** | **Liabilities in Excess of Other Assets — (2.3)%** | (45776357) |
|  **Net Assets — 100.0%** |  | $1977438874 |

---

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

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

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

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

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock High Equity Income Fund** |

---

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended November 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Issuer | Value at<br>05/31/25 | Purchases<br>at Cost | Proceeds<br>from Sales | *Net<br>Realized<br>Gain*<br> *(Loss)* | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>11/30/25 | Shares<br>Held at<br>11/30/25 | Income | *Capital<br>Gain<br>Distributions*<br> *from*<br> *Underlying*<br> *Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $6296800 | $— | $(4915167)<sup>(a)</sup> | $267 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $1381900 | 1381209 | $5859 <sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares | 83051080 |  | (12703578)<sup>(a)</sup> |  |  | 70347502 | 70347502 | 1460380 |  |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267 | $— | $71729402 |  | $1466239 | $— |

---

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

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

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

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $30608948 | $3289401 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $33898349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Freight & Logistics | 5640413 |  |  | 5640413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobile Components | 6517690 |  |  | 6517690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 7088431 |  |  | 7088431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks | &nbsp;&nbsp;&nbsp;&nbsp;122270894 |  |  | 122270894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beverages | 19048161 |  |  | 19048161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 49551146 |  |  | 49551146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Building Products | 16908877 |  |  | 16908877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 37346586 |  |  | 37346586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 36957210 |  |  | 36957210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies |  | 15039773 |  | 15039773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 17636802 |  |  | 17636802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 32316849 |  |  | 32316849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | 21449376 |  |  | 21449376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | 8528228 |  |  | 8528228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 31394664 |  |  | 31394664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 20991832 |  |  | 20991832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 2652598 |  |  | 2652598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 34144956 |  |  | 34144956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food Products | 24706189 |  |  | 24706189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | 13901594 |  |  | 13901594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 72114755 |  |  | 72114755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 63159478 |  |  | 63159478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care REITs | 7146032 |  |  | 7146032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure |  | 6758345 |  | 6758345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Products |  | &nbsp;&nbsp;&nbsp;&nbsp;14631139 |  | 14631139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial REITs | 17183477 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17183477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance | 20710002 |  |  | 20710002 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock High Equity Income Fund** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | $37391788 | $— | $— | $37391788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services | 6425529 |  |  | 6425529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leisure Products | 9068406 |  |  | 9068406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery | 19985264 |  |  | 19985264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Media | 11310582 | 15978888 |  | 27289470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 23309981 |  |  | 23309981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | 14174094 |  |  | 14174094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 21659018 | 40982431 |  | 62641449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 8673714 | 30472019 |  | 39145733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 47967688 |  |  | 47967688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential REITs | 8174018 |  |  | 8174018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 9663047 |  |  | 9663047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | 32017161 |  |  | 32017161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialized REITs | 5006982 |  |  | 5006982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 36589502 | 44005052 |  | 80594554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods |  | 9249134 |  | 9249134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco |  | 13167829 |  | 13167829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | 27557135 |  |  | 27557135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | 2648502 |  |  | 2648502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity-Linked Notes |  | 716314219 |  | 716314219 |
| &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 | 71729402 |  |  | 71729402 |
|  | $1113327001 | $909888230 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $2023215231 |

---

*See notes to financial statements.* 

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> November 30, 2025 | **BlackRock Mid-Cap Growth Equity Portfolio**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 13.5%** | **Aerospace & Defense — 13.5%** | **Aerospace & Defense — 13.5%** |
|  Axon Enterprise, Inc.<sup>(a)</sup> | 403798 | $218107452 |
|  BWX Technologies, Inc. | 601614 | 107616712 |
|  HEICO Corp.<sup>(b)</sup> | 612756 | 194188504 |
|  Howmet Aerospace, Inc.<sup>(b)</sup> | 1612095 | 329818516 |
|  Loar Holdings, Inc.<sup>(a)</sup> | 973693 | 66649286 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;916380470 |
| **Automobiles — 1.6%** |  |  |
|  Ferrari NV | 270954 | 106186873 |
| **Biotechnology — 2.6%** |  |  |
|  Natera, Inc.<sup>(a)</sup> | 736956 | 175992462 |
| **Broadline Retail — 2.0%** |  |  |
|  Coupang, Inc., Class A<sup>(a)</sup> | 4796748 | 135076424 |
| **Capital Markets — 7.9%** |  |  |
|  Ares Management Corp., Class A | 1108058 | 173798897 |
|  Robinhood Markets, Inc., Class A<sup>(a)</sup> | 1138638 | 146303596 |
|  TPG, Inc., Class A | 2305699 | 136220697 |
|  Tradeweb Markets, Inc., Class A | 750302 | 81677876 |
|  |  | 538001066 |
| **Commercial Services & Supplies — 1.7%** |  |  |
|  Copart, Inc.<sup>(a)</sup> | 80715 | 3146271 |
|  Rollins, Inc. | 1835829 | 112866767 |
|  |  | 116013038 |
| **Communications Equipment — 3.6%** |  |  |
|  Ciena Corp.<sup>(a)</sup> | 365993 | 74739431 |
|  Lumentum Holdings, Inc.<sup>(a)(b)</sup> | 520872 | 169366739 |
|  |  | 244106170 |
| **Construction & Engineering — 3.8%** |  |  |
|  Comfort Systems U.S.A., Inc. | 200899 | 196266269 |
|  Quanta Services, Inc. | 139263 | 64740583 |
|  |  | 261006852 |
| **Consumer Finance — 0.1%** |  |  |
|  Figure Technology Solutions, Inc., Class A<sup>(a)(b)</sup> | 229550 | 8318892 |
| **Electric Utilities — 2.0%** |  |  |
|  NRG Energy, Inc. | 810569 | 137383340 |
| **Electrical Equipment — 4.4%** |  |  |
|  Vertiv Holdings Co., Class A | 1662753 | 298846597 |
| **Electronic Equipment, Instruments & Components — 5.1%** | **Electronic Equipment, Instruments & Components — 5.1%** |  |
|  Celestica, Inc.<sup>(a)</sup> | 429374 | 147880699 |
|  Corning, Inc. | 926016 | 77970547 |
|  Fabrinet<sup>(a)</sup> | 53769 | 24702016 |
|  Teledyne Technologies, Inc.<sup>(a)</sup> | 93420 | 46665159 |
|  Trimble, Inc.<sup>(a)</sup> | 560873 | 45666280 |
|  |  | 342884701 |
| **Entertainment — 5.9%** |  |  |
|  Liberty Media Corp. - Liberty Formula One, Class C, NVS<sup>(a)</sup> | 1432511 | 137492406 |
|  Live Nation Entertainment, Inc.<sup>(a)(b)</sup> | 750859 | 98700415 |
|  ROBLOX Corp., Class A<sup>(a)</sup> | 1328522 | 126249446 |
|  Take-Two Interactive Software, Inc.<sup>(a)</sup> | 165114 | 40629602 |
|  |  | 403071869 |
| **Financial Services — 2.4%** |  |  |
|  Affirm Holdings, Inc., Class A<sup>(a)</sup> | 2279491 | 161729886 |
| **Health Care Equipment & Supplies — 7.3%** |  |  |
|  Dexcom, Inc.<sup>(a)</sup> | 2551218 | 161925806 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Health Care Equipment & Supplies (continued)** |  |  |  |
|  IDEXX Laboratories, Inc.<sup>(a)</sup> | 257343 | $| 193748398 |
|  Masimo Corp.<sup>(a)(b)</sup> | 1005786 |  | 143254100 |
|  |  |  | 498928304 |
| **Health Care Providers & Services — 2.6%** |  |  |  |
|  Cencora, Inc. | 479035 |  | 176730382 |
| **Health Care Technology — 0.2%** |  |  |  |
|  Doximity, Inc., Class A<sup>(a)</sup> | 283049 |  | 14560041 |
| **Hotels, Restaurants & Leisure — 1.8%** |  |  |  |
|  Planet Fitness, Inc., Class A<sup>(a)</sup> | 906132 |  | 101459600 |
|  Wingstop, Inc.<sup>(b)</sup> | 67581 |  | 17890718 |
|  |  |  | 119350318 |
| **Independent Power and Renewable Electricity Producers — 1.7%** | **Independent Power and Renewable Electricity Producers — 1.7%** | **Independent Power and Renewable Electricity Producers — 1.7%** | **Independent Power and Renewable Electricity Producers — 1.7%** |
|  Vistra Corp. | 654029 |  | 116979627 |
| **IT Services — 5.2%** |  |  |  |
|  Cloudflare, Inc., Class A<sup>(a)</sup> | 838024 |  | 167780785 |
|  MongoDB, Inc., Class A<sup>(a)</sup> | 196237 |  | 65223292 |
|  Snowflake, Inc., Class A<sup>(a)</sup> | 452006 |  | 113561988 |
|  Wix.com Ltd.<sup>(a)</sup> | 79833 |  | 7640816 |
|  |  |  | 354206881 |
| **Life Sciences Tools & Services — 1.3%** |  |  |  |
|  Repligen Corp.<sup>(a)</sup> | 469930 |  | 80367429 |
|  Waters Corp.<sup>(a)(b)</sup> | 7275 |  | 2934880 |
|  West Pharmaceutical Services, Inc. | 11719 |  | 3249093 |
|  |  |  | 86551402 |
| **Oil, Gas & Consumable Fuels — 0.2%** |  |  |  |
|  Expand Energy Corp. | 107449 |  | 13101257 |
| **Professional Services — 0.9%** |  |  |  |
|  Verisk Analytics, Inc. | 261130 |  | 58772529 |
| **Real Estate Management & Development — 1.6%** |  |  |  |
|  CoStar Group, Inc.<sup>(a)</sup> | 1566190 |  | 107753872 |
| **Semiconductors & Semiconductor Equipment — 6.5%** |  |  |  |
|  ASM International NV | 98789 |  | 54647958 |
|  Lattice Semiconductor Corp.<sup>(a)(b)</sup> | 969723 |  | 68084252 |
|  MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | 74645 |  | 13062129 |
|  Monolithic Power Systems, Inc. | 150690 |  | 139865937 |
|  Teradyne, Inc. | 373761 |  | 67983388 |
|  Tower Semiconductor Ltd.<sup>(a)</sup> | 916407 |  | 99072761 |
|  |  |  | 442716425 |
| **Software — 7.0%** |  |  |  |
|  AppLovin Corp., Class A<sup>(a)</sup> | 150221 |  | 90054485 |
|  Bentley Systems, Inc., Class B | 1609403 |  | 67530550 |
|  BitMine Immersion Technologies, Inc.<sup>(a)(b)</sup> | 3374559 |  | 111765394 |
|  Cadence Design Systems, Inc.<sup>(a)</sup> | 21460 |  | 6692086 |
|  Guidewire Software, Inc.<sup>(a)</sup> | 506675 |  | 109431667 |
|  Nutanix, Inc., Class A<sup>(a)</sup> | 1102188 |  | 52684586 |
|  Tyler Technologies, Inc.<sup>(a)</sup> | 79191 |  | 37189678 |
|  |  |  | 475348446 |
| **Specialty Retail — 4.6%** |  |  |  |
|  Carvana Co., Class A<sup>(a)(b)</sup> | 720783 |  | 269933233 |
|  Floor & Decor Holdings, Inc., Class A<sup>(a)(b)</sup> | 629948 |  | 40077292 |
|  |  |  | 310010525 |
| **Trading Companies & Distributors — 1.2%** |  |  |  |
|  Fastenal Co. | 2087623 |  | 84339969 |
|  **Total Common Stocks — 98.7%<br>(Cost: $4,765,460,455)** |  |  | 6704348618 |

---

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, 2025 | **BlackRock Mid-Cap Growth Equity Portfolio**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* |
|  **Other Interests<sup>(a)(c)(d)</sup>** |  |  |  |
|  GCI Liberty, Inc., Class A | USD | 1529 | $15 |
|  **Total Other Interests — 0.0%<br>(Cost: $0)** |  |  | 15 |
|  **Total Long-Term Investments — 98.7%<br>(Cost: $4,765,460,455)** | **Total Long-Term Investments — 98.7%<br>(Cost: $4,765,460,455)** | **Total Long-Term Investments — 98.7%<br>(Cost: $4,765,460,455)** | 6704348633 |
|  | *Shares* | *Shares* |  |
|  **Short-Term Securities** |  |  |  |
| **Money Market Funds — 2.9%** |  |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.11%<sup>(e)(f)(g)</sup> |  | 102942913 | 102994385 |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares, 3.86%<sup>(e)(f)</sup> |  | 90585742 | 90585742 |
|  **Total Short-Term Securities — 2.9%<br>(Cost: $193,572,515)** |  |  | 193580127 |
|  **Total Investments — 101.6%<br>(Cost: $4,959,032,970)** |  |  | 6897928760 |
|  **Liabilities in Excess of Other Assets — (1.6)%** | **Liabilities in Excess of Other Assets — (1.6)%** | **Liabilities in Excess of Other Assets — (1.6)%** | (108800922) |
|  **Net Assets — 100.0%** |  |  | $6789127838 |

---

<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> Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.

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

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

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

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended November 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Issuer | Value at<br>05/31/25 | Purchases at<br>Cost | Proceeds from<br>Sales | *Net<br>Realized<br>Gain*<br> *(Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | Value at<br>11/30/25 | Shares Held<br>at 11/30/25 | Income | *Capital<br>Gain<br>Distributions<br>from*<br> *Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $351344459 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(248369904)<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40517 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20687) | $102994385 | 102942913 | $210558 <sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  BlackRock Liquidity Funds,<br>T-Fund, Institutional Shares | 186976 | 90398766 <sup>(a)</sup> |  |  |  | 90585742 | 90585742 | 359871 |  |
|  |  |  |  | $40517 | $(20687) | $193580127 |  | $570429 | $— |

---

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

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

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock Mid-Cap Growth Equity Portfolio** |

---

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $916380470 | $— | $— | $916380470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 106186873 |  |  | 106186873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 175992462 |  |  | 175992462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 135076424 |  |  | 135076424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 538001066 |  |  | 538001066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 116013038 |  |  | 116013038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 244106170 |  |  | 244106170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | 261006852 |  |  | 261006852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | 8318892 |  |  | 8318892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 137383340 |  |  | 137383340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 298846597 |  |  | 298846597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 342884701 |  |  | 342884701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 403071869 |  |  | 403071869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 161729886 |  |  | 161729886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 498928304 |  |  | 498928304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 176730382 |  |  | 176730382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Technology | 14560041 |  |  | 14560041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 119350318 |  |  | 119350318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independent Power and Renewable Electricity Producers | 116979627 |  |  | 116979627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services | 354206881 |  |  | 354206881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 86551402 |  |  | 86551402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 13101257 |  |  | 13101257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 58772529 |  |  | 58772529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | 107753872 |  |  | 107753872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 388068467 | 54647958 |  | 442716425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | 475348446 |  |  | 475348446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 310010525 |  |  | 310010525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | 84339969 |  |  | 84339969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Interests |  |  | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 193580127 |  |  | 193580127 |
|  | $6843280787 | $54647958 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | $6897928760 |

---

*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 19

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> November 30, 2025 | **BlackRock Technology Opportunities Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
| **Aerospace & Defense — 0.9%** |  |  |
|  AeroVironment, Inc.<sup>(a)</sup> | 88741 | $24799560 |
|  Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 457567 | 34820849 |
|  |  | 59620409 |
| **Automobiles — 1.5%** |  |  |
|  Tesla, Inc.<sup>(a)</sup> | 232616 | 100064425 |
| **Broadline Retail — 2.5%** |  |  |
|  Amazon.com, Inc.<sup>(a)</sup> | 452646 | 105566100 |
|  MercadoLibre, Inc.<sup>(a)</sup> | 33201 | 68785168 |
|  |  | 174351268 |
| **Capital Markets — 1.7%** |  |  |
|  CME Group, Inc., Class A | 184959 | 52058560 |
|  Futu Holdings Ltd., ADR | 218701 | 37104812 |
|  Robinhood Markets, Inc., Class A<sup>(a)</sup> | 200533 | 25766485 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114929857 |
| **Communications Equipment — 1.5%** |  |  |
|  Arista Networks, Inc.<sup>(a)</sup> | 554428 | 72452651 |
|  Cisco Systems, Inc | 394276 | 30335596 |
|  |  | 102788247 |
| **Diversified Consumer Services — 0.2%** |  |  |
|  Stubhub Holdings, Inc., Class A<sup>(a)(b)</sup> | 1286755 | 15093636 |
|  Think & Learn Private Ltd. (Acquired 09/30/20, cost $3,427,642)<sup>(a)(c)(d)</sup> | 2241 |  |
|  |  | 15093636 |
| **Electrical Equipment — 1.6%** |  |  |
|  Siemens Energy AG<sup>(a)</sup> | 503933 | 67477803 |
|  Vertiv Holdings Co., Class A | 247236 | 44435726 |
|  |  | 111913529 |
| **Electronic Equipment, Instruments & Components — 1.9%** | **Electronic Equipment, Instruments & Components — 1.9%** |  |
|  Amphenol Corp., Class A | 430707 | 60686616 |
|  Flex Ltd.<sup>(a)</sup> | 1203714 | 71151535 |
|  |  | 131838151 |
| **Entertainment — 3.7%** |  |  |
|  Netflix, Inc.<sup>(a)</sup> | 375272 | 40371762 |
|  Nintendo Co. Ltd. | 532700 | 45150002 |
|  Spotify Technology SA<sup>(a)</sup> | 153671 | 92028952 |
|  Take-Two Interactive Software, Inc.<sup>(a)</sup> | 318326 | 78330479 |
|  |  | 255881195 |
| **Financial Services — 0.4%** |  |  |
|  Klarna Group PLC<sup>(a)(b)</sup> | 535139 | 16840824 |
|  Klarna Group PLC<sup>(a)</sup> | 307200 | 9667584 |
|  |  | 26508408 |
| **Hotels, Restaurants & Leisure — 0.5%** |  |  |
|  DoorDash, Inc., Class A<sup>(a)</sup> | 171476 | 34015694 |
| **Interactive Media & Services — 8.2%** |  |  |
|  Alphabet, Inc., Class A | 798361 | 255619225 |
|  Meta Platforms, Inc., Class A | 405833 | 262959492 |
|  Tencent Holdings Ltd. | 508700 | 40193172 |
|  |  | 558771889 |
| **IT Services — 5.1%** |  |  |
|  Farmer's Business Network, Inc.<sup>(a)(c)</sup> | 194200 | 200026 |
|  International Business Machines Corp. | 116972 | 36095220 |
|  Shopify, Inc., Class A<sup>(a)</sup> | 555340 | 88099137 |
|  Snowflake, Inc., Class A<sup>(a)</sup> | 899699 | 226040377 |
|  |  | 350434760 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Semiconductors & Semiconductor Equipment — 38.8%** | **Semiconductors & Semiconductor Equipment — 38.8%** |  |
|  Advanced Micro Devices, Inc.<sup>(a)</sup> | 706349 | $153652098 |
|  Advantest Corp. | 1373200 | 182718727 |
|  Astera Labs, Inc.<sup>(a)</sup> | 204146 | 32167285 |
|  Broadcom, Inc. | 1680805 | 677297183 |
|  Intel Corp.<sup>(a)</sup> | 2013053 | 81649430 |
|  Lam Research Corp. | 1113395 | 173689620 |
|  Monolithic Power Systems, Inc. | 123527 | 114654056 |
|  NVIDIA Corp.<sup>(b)</sup> | 5367091 | 949975107 |
|  SambaNova Systems, Inc. (Acquired 10/22/25, cost $3,000,000)<sup>(a)(c)(d)</sup> | 3000000 | 3060000 |
|  SK hynix, Inc | 193247 | 69997785 |
|  Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 750080 | 218655821 |
|  |  | 2657517112 |
| **Software — 20.0%** |  |  |
|  AppLovin Corp., Class A<sup>(a)</sup> | 222919 | 133635482 |
|  Autodesk, Inc.<sup>(a)</sup> | 161350 | 48943909 |
|  Cadence Design Systems, Inc.<sup>(a)</sup> | 245489 | 76553290 |
|  Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 187567 | 95501614 |
|  Databricks, Inc. (Acquired 07/24/20, cost $5,122,891)<sup>(a)(c)(d)</sup> | 319983 | 57052969 |
|  Figma, Inc., Class A<sup>(a)(b)</sup> | 285756 | 10278643 |
|  Guidewire Software, Inc.<sup>(a)</sup> | 159736 | 34499781 |
|  Microsoft Corp. | 1095795 | 539142098 |
|  Oracle Corp. | 903639 | 182489896 |
|  Palantir Technologies, Inc., Class A<sup>(a)</sup> | 218340 | 36779373 |
|  Palo Alto Networks, Inc.<sup>(a)</sup> | 405472 | 77092391 |
|  Rubrik, Inc., Class A<sup>(a)</sup> | 511390 | 35449555 |
|  Samsara, Inc., Class A<sup>(a)</sup> | 957894 | 36428709 |
|  SAP SE | 17905 | 4322447 |
|  Unqork, Inc. (Acquired 03/05/21, cost $4,093,769)<sup>(a)(c)(d)</sup> | 149520 | 734143 |
|  |  | 1368904300 |
| **Specialty Retail — 0.0%** |  |  |
|  AceVector Ltd. (Acquired 05/07/14, cost $1,414,399)<sup>(a)(c)(d)</sup> | 304000 | 103930 |
| **Technology Hardware, Storage & Peripherals — 7.1%** |  |  |
|  Apple Inc. | 1525435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425367550 |
|  Samsung Electronics Co. Ltd. | 937089 | 64361953 |
|  |  | 489729503 |
| **Wireless Telecommunication Services — 1.8%** |  |  |
|  SoftBank Group Corp. | 1165100 | 125319284 |
|  **Total Common Stocks — 97.4%<br>(Cost: $3,179,228,812)** |  | 6677785597 |
|  **Preferred Securities** |  |  |
| **Preferred Stocks — 2.7%** |  |  |
| **Diversified Consumer Services — 0.0%** |  |  |
|  Think & Learn Private Ltd., Series F, (Acquired 09/30/20, cost $6,867,746)<sup>(a)(c)(d)</sup> | 2371 |  |
| **Interactive Media & Services — 0.3%** |  |  |
|  Bytedance Ltd., Series E-1, (Acquired 11/11/20, cost $10,748,384)<sup>(a)(c)(d)</sup> | 94889 | 22130013 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock Technology Opportunities Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Semiconductors & Semiconductor Equipment — 0.4%** | **Semiconductors & Semiconductor Equipment — 0.4%** |  |
|  PsiQuantum Corp., Series C, (Acquired 09/09/19,cost $2,698,454)<sup>(a)(c)(d)</sup> | 581814 | $23144561 |
|  SambaNova Systems, Inc., Series C, (Acquired 02/20/20, cost $9,804,574)<sup>(a)(c)(d)</sup> | 184153 | 4141601 |
|  |  | 27286162 |
| **Software — 2.0%** |  |  |
|  Anthropic PBC, Series F, (Acquired 08/18/25,<br>cost $35,749,947)<sup>(a)(c)(d)</sup> | 253604 | 51572909 |
|  Databricks, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, (Acquired 10/22/19, cost $3,700,005)<sup>(a)(c)(d)</sup> | 258450 | 46081635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, (Acquired 02/01/21, cost $12,500,003)<sup>(a)(c)(d)</sup> | 211425 | 37697078 |
|  Unqork, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, (Acquired 03/05/21, cost $194,941)<sup>(a)(c)(d)</sup> | 7120 | 37238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, (Acquired 03/05/21, cost $314,315)<sup>(a)(c)(d)</sup> | 11480 | 67617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, (Acquired 09/18/20, cost $8,323,340)<sup>(a)(c)(d)</sup> | 304000 | 2362080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Seed, (Acquired 03/05/21, cost $489,544)<sup>(a)(c)(d)</sup> | 17880 | 89042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Seed A, (Acquired 03/05/21, cost $180,704)<sup>(a)(c)(d)</sup> | 6600 | 32736 |
|  |  | 137940335 |
|  **Total Preferred Securities — 2.7%<br>(Cost: $91,571,957)** |  | 187356510 |
|  **Warrants<sup>(a)(c)</sup>** |  |  |
| **Software — 0.0%** |  |  |
|  Constellation Software, Inc., (Issued/Exercisable 08/22/23,<br>1 Share for 1 Warrant, Expires 03/31/40,<br>Strike Price CAD 0.00) | 22107 |  |
|  **Total Warrants — 0.0%<br>(Cost: $0)** | **Total Warrants — 0.0%<br>(Cost: $0)** |  |
|  **Total Long-Term Investments — 100.1%<br>(Cost: $3,270,800,769)** | **Total Long-Term Investments — 100.1%<br>(Cost: $3,270,800,769)** | 6865142107 |

---

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
|  **Short-Term Securities** |  |  |
| Money Market Funds — 0.9% |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.11%<sup>(e)(f)(g)</sup> | 64855157 | $64887584 |
|  **Total Short-Term Securities — 0.9%<br>(Cost: $64,887,542)** | **Total Short-Term Securities — 0.9%<br>(Cost: $64,887,542)** | 64887584 |
|  **Total Investments — 101.0%<br>(Cost: $3,335,688,311)** | **Total Investments — 101.0%<br>(Cost: $3,335,688,311)** | 6930029691 |
|  **Liabilities in Excess of Other Assets — (1.0)%** | **Liabilities in Excess of Other Assets — (1.0)%** | (71439831) |
|  **Net Assets — 100.0%** |  | $6858589860 |

---

<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 $248,307,552, representing 3.6% of its net assets as of period end, and an original cost of $108,630,658. 

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

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

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

S C H E D U L E S O F I N V E S T M E N T S 21

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock Technology Opportunities Fund** |

---

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended November 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Issuer | Value at<br>05/31/25 | Purchases<br>at Cost | Proceeds<br>from Sales | *Net<br>Realized<br>Gain*<br> *(Loss)* | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>11/30/25 | Shares<br>Held at<br>11/30/25 | Income | *Capital<br>Gain<br>Distributions<br>from*<br> *Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $8833200 | $56054867 <sup>(a)</sup> | $— | $(525) | $42 | $64887584 | 64855157 | $627562 <sup>(b)</sup> | $— |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares<sup>(c)</sup> | 153923002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (153923002)<sup>(a)</sup> |  |  |  |  | 817780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  |  | $(525) | $42 | $64887584 |  | $1445342 | $— |

---

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

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

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

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

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $59620409 | $— | $— | $59620409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 100064425 |  |  | 100064425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 174351268 |  |  | 174351268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 114929857 |  |  | 114929857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 102788247 |  |  | 102788247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Consumer Services | 15093636 |  |  | 15093636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 44435726 | 67477803 |  | 111913529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 131838151 |  |  | 131838151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 210731193 | 45150002 |  | 255881195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 16840824 | 9667584 |  | 26508408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 34015694 |  |  | 34015694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 518578717 | 40193172 |  | 558771889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services | 350234734 |  | 200026 | 350434760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 2401740600 | 252716512 | 3060000 | 2657517112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | 1306794741 | 4322447 | 57787112 | 1368904300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail |  |  | 103930 | 103930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 425367550 | 64361953 |  | 489729503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services |  | 125319284 |  | 125319284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities |  |  | 187356510 | 187356510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 64887584 |  |  | 64887584 |
|  | $6072313356 | $609208757 | $248507578 | $6930029691 |

---

22 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **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 period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Common<br>Stocks | Preferred<br>Stocks | Warrants | Total |
|  **Assets** |  |  |  |  |
|  Opening Balance, as of May 31, 2025 | $44662809 | $100074838 | $— <sup>(c)</sup> | $144737647 |
|  Transfers into Level 3 |  |  |  |  |
|  Transfers out of Level 3 |  |  |  |  |
|  Accrued discounts/premiums |  |  |  |  |
|  Net realized gain (loss) |  |  |  |  |
|  Net change in unrealized appreciation (depreciation)<sup>(a)(b)</sup> | 24505431 | 51531723 |  | 76037154 |
|  Purchases | 3000000 | 35749949 |  | 38749949 |
|  Sales | (11017172) |  |  | (11017172) |
|  Closing Balance, as of November 30, 2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61151068 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187356510 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248507578 |
|  Net change in unrealized appreciation (depreciation) on investments still held at November 30, 2025<sup>(b)</sup> | $24986755 | $51531723 | $— | $76518478 |

---

<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, 2025, is generally due to investments no longer held or categorized as Level 3 at period end.

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

The following table summarizes the valuation approaches used and unobservable inputs utilized by the Valuation Committee to determine the value of certain of the Fund's Level 3 financial instruments as of period end.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Value | Valuation Approach | Unobservable<br>Inputs | Range of<br>Unobservable Inputs<br>Utilized<sup>(a)</sup> | Weighted Average of<br>Unobservable Inputs<br>Based on Fair Value |
|  **Assets** |  |  |  |  |  |
|  Common Stocks | $61151068 | Market | Revenue Multiple | 1.00x - 22.00x | 21.68x |
|  |  |  | Volatility | 70% |  |
|  |  |  | Time to Exit | 3.0 years |  |
|  |  | Income | Discount Rate | 17% |  |
|  Preferred Stocks | 187356510 | Market | Revenue Multiple | 1.35x - 22.00x | 21.16x |
|  |  |  | Volatility | 70% - 90% | 73% |
|  |  |  | Time to Exit | 3.0 - 4.0 years | 3.8 years |
|  |  |  | Market Adjustment Multiple | 1.20x |  |
|  | 248507578 |  |  |  |  |

---

<sup>(a)</sup> A significant change in unobservable input could result in a correlated or inverse change in value.

*See notes to financial statements.* 

S C H E D U L E S O F I N V E S T M E N T S 23

------

Statements of Assets and Liabilities (unaudited)

November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| , | BlackRock<br>Capital<br>Appreciation<br>Fund,<br>Inc. | BlackRock<br>Energy<br>Opportunities<br>Fund | BlackRock<br>Health<br>Sciences<br>Opportunities<br>Portfolio |
|  **ASSETS** |  |  |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup> | $3823738618 | $264908119 | $6751173960 |
|  Investments, at value — affiliated<sup>(c)</sup> | 6696251 | 5840448 | 71876864 |
|  Cash |  | 39685 | 3719 |
|  Foreign currency, at value<sup>(d)</sup> |  | 23760 |  |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 12384320 |  | 4279504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated |  | 32 | 65975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 682047 | 53142 | 1559331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 1436453 | 1256410 | 7978378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 16382 | 12339 | 115030 |
| &nbsp;&nbsp;&nbsp;&nbsp; From the Manager | 77860 | 12259 |  |
|  Prepaid expenses | 70122 | 22020 | 84624 |
|  Total assets | 3845102053 | 272168214 | 6837137385 |
|  **LIABILITIES** |  |  |  |
|  Collateral on securities loaned |  | 790347 | 33085390 |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 15698310 |  | 6201072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees |  | 9420 | 297212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 1468727 | 65952 | 3883436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense |  | 5571 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1883437 | 165955 | 3629955 |
| &nbsp;&nbsp;&nbsp;&nbsp; IRS compliance fee for foreign withholding tax claims |  | 24335 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' and Officer's fees | 2906 | 1022 | 8865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 126565 | 67154 | 360655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other affiliate fees | 26911 | 6495 | 89393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 21822 | 1302 | 23089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution fees | 507110 | 45941 | 726508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 538521 | 107251 | 1407152 |
|  Total liabilities | 20274309 | 1290745 | 49712727 |
|  **Commitments and contingent liabilities** |  |  |  |
|  NET ASSETS | $3824827744 | $270877469 | $6787424658 |
|  **NET ASSETS CONSIST OF:** |  |  |  |
|  Paid-in capital | $1234710323 | $452657109 | $3243410446 |
|  Accumulated earnings (loss) | 2590117421 | (181779640) | 3544014212 |
|  NET ASSETS | $3824827744 | $270877469 | $6787424658 |
|  <sup>(a) </sup>Investments, at cost — unaffiliated | $1822709845 | $178299808 | $3566900189 |
|  <sup>(b) </sup>Securities loaned, at value | $— | $737258 | $32612787 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $6696251 | $5840448 | $71872709 |
|  <sup>(d) </sup>Foreign currency, at cost | $— | $23744 | $— |

---

24 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Statements of Assets and Liabilities (unaudited) (continued)

November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| , | BlackRock<br>Capital<br>Appreciation<br>Fund,<br>Inc. | BlackRock<br>Energy<br>Opportunities<br>Fund | BlackRock<br>Health<br>Sciences<br>Opportunities<br>Portfolio |
|  **NET ASSET VALUE** |  |  |  |
| **Institutional** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $881727844 | $94328888 | $3373667952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 19207471 | 6454727 | 44913716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $45.91 | $14.61 | $75.11 |
| &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 | $N/A | $24615475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | N/A | N/A | 353455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $N/A | $N/A | $69.64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | N/A | N/A | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $N/A | $N/A | $0.001 |
| **Investor A** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $2264105997 | $161297853 | $2471394152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 58422397 | 11404956 | 35692238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $38.75 | $14.14 | $69.24 |
| &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 | $39642214 | $15250728 | $174913617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 2370935 | 1124205 | 3233506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $16.72 | $13.57 | $54.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 300 million | Unlimited | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 | $0.001 | $0.001 |
| **Class K** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $613172176 | $N/A | $510580681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 13152761 | N/A | 6778703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $46.62 | $N/A | $75.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 300 million | N/A | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 | $N/A | $0.001 |
| **Class R** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $26179513 | $N/A | $232252781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 1065461 | N/A | 3499224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $24.57 | $N/A | $66.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 500 million | N/A | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 | $N/A | $0.001 |

---

*See notes to financial statements.* 

S T A T E M E N T S O F A S S E T S A N D L I A B I L I T I E S 25

------

Statements of Assets and Liabilities (unaudited) (continued)

November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | BlackRock<br>High Equity Income<br>Fund | 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> | $1951485829 | $6704348633 | $6865142107 |
|  Investments, at value — affiliated<sup>(c)</sup> | 71729402 | 193580127 | 64887584 |
|  Cash | 158867 | 3218 |  |
|  Foreign currency, at value<sup>(d)</sup> | 4066898 | 4134 | 2480 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 469953 | 13132480 | 63748101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 982 | 23033 | 227164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 1442320 | 3736363 | 4559183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 1687084 | 2683583 | 1699771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 278157 | 78204 | 34078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 5494598 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From the Manager | 91809 | 85236 | 4857 |
|  Prepaid expenses | 94423 | 79965 | 82682 |
|  Total assets | 2037000322 | 6917754976 | 7000388007 |
|  **LIABILITIES** |  |  |  |
|  Bank overdraft |  |  | 93102 |
|  Collateral on securities loaned | 1381900 | 102768977 | 64888067 |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 50147091 | 6409729 | 55966252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 62461 | 233405 | 242172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 5854780 | 13061042 | 13444606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income dividend distributions | 367102 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1139295 | 3610750 | 4265318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' and Officer's fees | 2183 | 16477 | 5586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 91624 | 308957 | 455637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other affiliate fees | 7009 | 30282 | 29483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 18738 | 16916 | 12518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution fees | 113853 | 416756 | 810779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 375412 | 1753847 | 1584627 |
|  Total liabilities | 59561448 | 128627138 | 141798147 |
|  **Commitments and contingent liabilities** |  |  |  |
|  NET ASSETS | $1977438874 | $6789127838 | $6858589860 |
|  **NET ASSETS CONSIST OF:** |  |  |  |
|  Paid-in capital | $1890207390 | $3886425667 | $2857831493 |
|  Accumulated earnings | 87231484 | 2902702171 | 4000758367 |
|  NET ASSETS | $1977438874 | $6789127838 | $6858589860 |
|  <sup>(a) </sup>Investments, at cost — unaffiliated | $1740338436 | $4765460455 | $3270800769 |
|  <sup>(b) </sup>Securities loaned, at value | $1353156 | $101055940 | $62788752 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $71729402 | $193572515 | $64887542 |
|  <sup>(d) </sup>Foreign currency, at cost | $4066898 | $4141 | $2480 |

---

26 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Statements of Assets and Liabilities (unaudited) (continued)

November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | BlackRock<br>High Equity Income<br>Fund | 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 | $1462501064 | $3059994013 | $3448366151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 49247187 | 72087830 | 41288443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $29.70 | $42.45 | $83.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 | $0.001 | $0.001 |
| **Service** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $N/A | $21467856 | $56785189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | N/A | 573747 | 740420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $N/A | $37.42 | $76.69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | N/A | Unlimited | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $N/A | $0.001 | $0.001 |
| **Investor A** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $305305479 | $1388030455 | $2476921153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 12289093 | 39020524 | 33194895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $24.84 | $35.57 | $74.62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 | $0.001 | $0.001 |
| **Investor C** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $64037213 | $127960858 | $317606450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 4153143 | 5020603 | 5604869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $15.42 | $25.49 | $56.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 | $0.001 | $0.001 |
| **Class K** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $145595118 | $2138956558 | $501158876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 4905520 | 50013297 | 5974590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $29.68 | $42.77 | $83.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 | $0.001 | $0.001 |
| **Class R** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $N/A | $52718098 | $57752041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | N/A | 1534783 | 777733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $N/A | $34.35 | $74.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | N/A | Unlimited | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $N/A | $0.001 | $0.001 |

---

*See notes to financial statements.* 

S T A T E M E N T S O F A S S E T S A N D L I A B I L I T I E S 27

------

Statements of Operations (unaudited)

Six Months Ended November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | BlackRock<br>Capital<br>Appreciation<br>Fund,<br>Inc. | BlackRock<br>Energy<br>Opportunities<br>Fund | BlackRock<br>Health<br>Sciences<br>Opportunities<br>Portfolio |
|  **INVESTMENT INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $10123111<sup>(a)</sup> | $5041280 | $41319322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 133066 | 66062 | 1241410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 18102 | 243 | 355284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | (120006) | (162974) | (22448) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax claims |  | 155534 | 244869 |
| &nbsp;&nbsp;&nbsp;&nbsp; IRS compliance fee for foreign withholding tax claims |  | (924) |  |
|  Total investment income | 10154273 | 5099221 | 43138437 |
|  EXPENSES |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 11753830 | 1022109 | 21455322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution — class specific | 3102376 | 282000 | 4302185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent — class specific | 1464941 | 249528 | 3429991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services | 122481 | 25747 | 191297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 97292 | 72892 | 63092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration | 63183 | 32306 | 78923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | 18870 | 11573 | 42958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and postage | 18364 | 17147 | 31082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors and Officer | 15168 | 4500 | 25070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration |  | 57920 | 1122903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration — class specific |  | 27266 | 633781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 23457 | 5723 | 94596 |
|  Total expenses excluding interest expense | 16679962 | 1808711 | 31471200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 25913 | 167 | 1778 |
|  Total expenses | 16705875 | 1808878 | 31472978 |
|  Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees waived by the Manager — class specific |  | (27264) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fees waived and/or reimbursed by the Manager | (287066) | (1657) | (22900) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees waived and/or reimbursed by the Manager — class specific | (666377) | (101162) |  |
|  Total expenses after fees waived and/or reimbursed | 15752432 | 1678795 | 31450078 |
|  Net investment income (loss) | (5598159) | 3420426 | 11688359 |
|  **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 | 608540105 | 6675285 | 409285590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 13664 | (8) | 934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 19841 | 13000 | 66025 |
|  | 608573610 | 6688277 | 409352549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (130880846) | 21201607 | 868626062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated |  |  | 1604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (1720) | 1133 | (43399) |
|  | (130882566) | 21202740 | 868584267 |
|  Net realized and unrealized gain | 477691044 | 27891017 | 1277936816 |
|  NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $472092885 | $31311443 | $1289625175 |

---

<sup>(a)</sup> Includes $3,538,530 related to a special distribution from TransDigm Group, Inc. 

*See notes to financial statements.* 

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

------

Statements of Operations (unaudited) (continued)

Six Months Ended November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | BlackRock<br>High Equity Income<br>Fund | BlackRock<br>Mid-Cap<br>Growth<br>Equity<br> Portfolio | BlackRock<br>Technology<br>Opportunities<br>Fund |
|  **INVESTMENT INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $82758137 | $14128500 | $12457112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 1460380 | 359871 | 817780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 5859 | 210558 | 627562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | (119914) | (42013) | (400504) |
|  Total investment income | 84104462 | 14656916 | 13501950 |
|  EXPENSES |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 7444574 | 25029888 | 25481633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent — class specific | 959551 | 3989190 | 3609221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution — class specific | 692848 | 2759773 | 4794775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration | 373763 | 1366128 | 1193865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration — class specific | 189289 | 783463 | 677053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services | 70011 | 232189 | 203196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration | 59650 | 92629 | 94732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 57005 | 67835 | 89102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | 46203 | 70194 | 60268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and postage | 22098 | 33146 | 29221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees and Officer | 9568 | 32018 | 26426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 57948 | 44008 | 41965 |
|  Total expenses excluding interest expense | 9982508 | 34500461 | 36301457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 37540 | 219519 | 73968 |
|  Total expenses | 10020048 | 34719980 | 36375425 |
|  Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees waived by the Manager — class specific | (189289) | (514088) | (534841) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fees waived and/or reimbursed by the Manager | (563318) | (6454) | (15115) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees waived and/or reimbursed by the Manager — class specific | (528417) | (957133) | (71084) |
|  Total expenses after fees waived and/or reimbursed | 8739024 | 33242305 | 35754385 |
|  Net investment income (loss) | 75365438 | (18585389) | (22252435) |
|  **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 | 67465444 | 1180722714 | 466327823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 267 | 40517 | (525) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 117320 | 81991 | 183410 |
|  | 67583031 | 1180845222 | 466510708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | 51647716 | (923639469) | 783510486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated |  | (20687) | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 13108 | (12464) | (96320) |
|  | 51660824 | (923672620) | 783414208 |
|  Net realized and unrealized gain | 119243855 | 257172602 | 1249924916 |
|  NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $194609293 | $238587213 | $1227672481 |

---

*See notes to financial statements.* 

S T A T E M E N T S O F O P E R A T I O N S 29

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock Capital Appreciation Fund, Inc. | BlackRock Capital Appreciation Fund, Inc. | BlackRock Energy Opportunities Fund | BlackRock Energy Opportunities Fund |
|  | Six Months<br>Ended<br>11/30/25<br>(unaudited) | Year Ended<br>05/31/25 | Six Months<br>Ended<br>11/30/25<br>(unaudited) | Year Ended<br>05/31/25 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(5598159) | $(15204941) | $3420426 | $6935562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 608573610 | 443890364 | 6688277 | 25279796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (130882566) | 69779680 | 21202740 | (58215317) |
|  Net increase (decrease) in net assets resulting from operations | 472092885 | 498465103 | 31311443 | (25999959) |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | (56777168) | (88121130) | (1112512) | (2737473) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A | (172783856) | (271930786) | (1693461) | (4137028) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C | (6461885) | (9645989) | (119619) | (292886) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | (38696734) | (57998828) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (2902689) | (4429049) |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (277622332) | (432125782) | (2925592) | (7167387) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | 37678483 | 41389125 | (22186722) | (45440730) |
|  *NET ASSETS* |  |  |  |  |
|  Total increase (decrease) in net assets | 232149036 | 107728446 | 6199129 | (78608076) |
|  Beginning of period | 3592678708 | 3484950262 | 264678340 | 343286416 |
|  End of period | $3824827744 | $3592678708 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270877469 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264678340 |

---

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

*See notes to financial statements.* 

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

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock Health Sciences Opportunities<br>Portfolio | BlackRock Health Sciences Opportunities<br>Portfolio | BlackRock High Equity Income Fund | BlackRock High Equity Income Fund |
|  | Six Months<br>Ended<br>11/30/25<br>(unaudited) | Year Ended<br>05/31/25 | Six Months<br>Ended<br>11/30/25<br>(unaudited) | Year Ended<br>05/31/25 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $11688359 | $21004149 | $75365438 | $154155909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 409352549 | 746952152 | 67583031 | (49444267) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 868584267 | (1158936090) | 51660824 | (42763900) |
|  Net increase (decrease) in net assets resulting from operations | 1289625175 | (390979789) | 194609293 | 61947742 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | (184399906) | (326473190) | (54976465) | (109099595) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service | (1498750) | (2429838) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A | (141301438) | (229221310) | (11636743) | (23182826) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C | (14268105) | (27918920) | (2214435) | (4360427) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | (25428837) | (39451171) | (6182239) | (17164484) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (13563609) | (20274657) |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (380460645) | (645769086) | (75009882) | (153807332) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | (568165585) | (830958717) | 62668783 | (145700990) |
|  *NET ASSETS* |  |  |  |  |
|  Total increase (decrease) in net assets | 340998945 | (1867707592) | 182268194 | (237560580) |
|  Beginning of period | 6446425713 | 8314133305 | 1795170680 | 2032731260 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6787424658 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6446425713 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1977438874 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1795170680 |

---

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

*See notes to financial statements.* 

S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S 31

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock Mid-Cap Growth Equity<br>Portfolio | BlackRock Mid-Cap Growth Equity<br>Portfolio | BlackRock Technology Opportunities Fund | BlackRock Technology Opportunities Fund |
|  | Six Months<br>Ended<br>11/30/25<br>(unaudited) | Year Ended<br>05/31/25 | Six Months<br>Ended<br>11/30/25<br>(unaudited) | Year Ended<br>05/31/25 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss | $(18585389) | $(54905916) | $(22252435) | $(35070317) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 1180845222 | 1464042948 | 466510708 | 1049988989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (923672620) | (444199583) | 783414208 | (174279967) |
|  Net increase in net assets resulting from operations | 238587213 | 964937449 | 1227672481 | 840638705 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | (139959897) |  | (184380512) | (119062757) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service | (1839659) |  | (3201441) | (2282496) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A | (69049809) |  | (140275242) | (91250925) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C | (9163788) |  | (24105547) | (16449865) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | (112980650) |  | (28783252) | (13171916) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (3527951) |  | (3344498) | (2124025) |
|  Decrease in net assets resulting from distributions to shareholders | (336521754) |  | (384090492) | (244341984) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | (1762741757) | (3982272835) | (41842694) | 124995870 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase (decrease) in net assets | (1860676298) | (3017335386) | 801739295 | 721292591 |
|  Beginning of period | 8649804136 | 11667139522 | 6056850565 | 5335557974 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6789127838 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8649804136 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6858589860 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6056850565 |

---

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

*See notes to financial statements.* 

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

------

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> 11/30/25(unaudited)  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $43.25 | $41.93 | $31.69 | $31.98 | $43.32 | $38.32 | $30.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup> | (0.03)<sup>(b)</sup> | (0.11)<sup>(c)</sup> | (0.06) | 0.00 <sup>(d)</sup> | (0.09) | (0.06) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 5.73 | 6.18 | 11.51 | 1.82 | (6.14) | 7.06 | 10.81 |
|  Net increase (decrease) from investment operations | 5.70 | 6.07 | 11.45 | 1.82 | (6.23) | 7.00 | 10.74 |
|  Distributions from net realized gain<sup>(e)</sup> | (3.04) | (4.75) | (1.21) | (2.11) | (5.11) | (2.00) | (2.94) |
|  **Net asset value, end of period** | $45.91 | $43.25 | $41.93 | $31.69 | $31.98 | $43.32 | $38.32 |
|  **Total Return<sup>(f)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 13.49 %<sup>(g)</sup> | 15.03% | 37.03% | 6.81% | (17.30)% | 18.72 %<sup>(g)</sup> | 38.17% |
|  **Ratios to Average Net Assets<sup>(h)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 0.73 %<sup>(i)</sup> | 0.73% | 0.75% | 0.73% | 0.70% | 0.72 %<sup>(i)</sup> | 0.75% |
|  Total expenses after fees waived and/or reimbursed | 0.67 %<sup>(i)</sup> | 0.70% | 0.74% | 0.73% | 0.70% | 0.72 %<sup>(i)</sup> | 0.75% |
|  Net investment income (loss) | (0.14)%<sup>(i)</sup> | (0.27)% | (0.17)% | 0.01% | (0.21)% | (0.21)%<sup>(i)</sup> | (0.22)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $881728 | $838015 | $784361 | $678965 | $943275 | $1072833 | $911484 |
|  Portfolio turnover rate | 34% | 29% | 21% | 43% | 55% | 25% | 42% |

---

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

<sup>(b)</sup> Includes a one-time special distribution from TransDigm Group, Inc. Excluding such special distribution, the net investment income would have been $(0.07) per share and (0.32)% of average net assets. 

<sup>(c)</sup> Includes a one-time special distribution from TransDigm Group, Inc. Excluding such special distribution, the net investment income would have been $(0.16) per share and (0.38)% of average net assets. 

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

<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 33

------

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> 11/30/25(unaudited)  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $37.00 | $36.54 | $27.77 | $28.38 | $39.00 | $34.74 | $27.99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.07)<sup>(b)</sup> | (0.19)<sup>(c)</sup> | (0.13) | (0.07) | (0.18) | (0.11) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 4.86 | 5.36 | 10.04 | 1.57 | (5.39) | 6.37 | 9.83 |
|  Net increase (decrease) from investment operations | 4.79 | 5.17 | 9.91 | 1.50 | (5.57) | 6.26 | 9.69 |
|  Distributions from net realized gain<sup>(d)</sup> | (3.04) | (4.71) | (1.14) | (2.11) | (5.05) | (2.00) | (2.94) |
|  **Net asset value, end of period** | $38.75 | $37.00 | $36.54 | $27.77 | $28.38 | $39.00 | $34.74 |
|  **Total Return<sup>(e)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 13.30 %<sup>(f)</sup> | 14.76% | 36.66% | 6.53% | (17.51)% | 18.51 %<sup>(f)</sup> | 37.84% |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 0.97 %<sup>(h)</sup> | 0.97% | 1.00% | 1.00% | 0.97% | 0.97 %<sup>(h)</sup> | 1.01% |
|  Total expenses after fees waived and/or reimbursed | 0.92 %<sup>(h)</sup> | 0.95% | 0.99% | 1.00% | 0.97% | 0.97 %<sup>(h)</sup> | 1.01% |
|  Net investment loss | (0.39)%<sup>(h)</sup> | (0.52)% | (0.42)% | (0.27)% | (0.48)% | (0.46)%<sup>(h)</sup> | (0.48)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $2264106 | $2132549 | $2117888 | $1723973 | $1871340 | $2551211 | $2195906 |
|  Portfolio turnover rate | 34% | 29% | 21% | 43% | 55% | 25% | 42% |

---

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

<sup>(b)</sup> Includes a one-time special distribution from TransDigm Group, Inc. Excluding such special distribution, the net investment income would have been $(0.11) per share and (0.57)% of average net assets. 

<sup>(c)</sup> Includes a one-time special distribution from TransDigm Group, Inc. Excluding such special distribution, the net investment income would have been $(0.23) per share and (0.62)% of average net assets. 

<sup>(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.* 

34 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

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> 11/30/25(unaudited)  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $17.63 | $19.74 | $15.52 | $17.01 | $25.27 | $23.27 | $19.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.10)<sup>(b)</sup> | (0.24)<sup>(c)</sup> | (0.22) | (0.16) | (0.29) | (0.20) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.23 | 2.80 | 5.50 | 0.78 | (3.05) | 4.20 | 6.65 |
|  Net increase (decrease) from investment operations | 2.13 | 2.56 | 5.28 | 0.62 | (3.34) | 4.00 | 6.40 |
|  Distributions from net realized gain<sup>(d)</sup> | (3.04) | (4.67) | (1.06) | (2.11) | (4.92) | (2.00) | (2.94) |
|  **Net asset value, end of period** | $16.72 | $17.63 | $19.74 | $15.52 | $17.01 | $25.27 | $23.27 |
|  **Total Return<sup>(e)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 12.78 %<sup>(f)</sup> | 13.94% | 35.61% | 5.62% | (18.18)% | 17.89 %<sup>(f)</sup> | 36.73% |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 1.81 %<sup>(h)</sup> | 1.80% | 1.84% | 1.84% | 1.76% | 1.77 %<sup>(h)</sup> | 1.79% |
|  Total expenses after fees waived and/or reimbursed | 1.67 %<sup>(h)</sup> | 1.74% | 1.83% | 1.84% | 1.76% | 1.77 %<sup>(h)</sup> | 1.79% |
|  Net investment loss | (1.14)%<sup>(h)</sup> | (1.31)% | (1.26)% | (1.11)% | (1.28)% | (1.27)%<sup>(h)</sup> | (1.26)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $39642 | $38410 | $40228 | $39581 | $48332 | $72075 | $89336 |
|  Portfolio turnover rate | 34% | 29% | 21% | 43% | 55% | 25% | 42% |

---

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

<sup>(b)</sup> Includes a one-time special distribution from TransDigm Group, Inc. Excluding such special distribution, the net investment income would have been $(0.11) per share and (1.33)% of average net assets. 

<sup>(c)</sup> Includes a one-time special distribution from TransDigm Group, Inc. Excluding such special distribution, the net investment income would have been $(0.25) per share and (1.41)% of average net assets. 

<sup>(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.* 

F I N A N C I A L H I G H L I G H T S 35

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock 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> 11/30/25(unaudited)  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $43.87 | $42.46 | $32.08 | $32.32 | $43.71 | $38.63 | $30.71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup> | (0.02)<sup>(b)</sup> | (0.09)<sup>(c)</sup> | (0.03) | 0.02 | (0.06) | (0.03) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 5.81 | 6.26 | 11.65 | 1.85 | (6.20) | 7.11 | 10.90 |
|  Net increase (decrease) from investment operations | 5.79 | 6.17 | 11.62 | 1.87 | (6.26) | 7.08 | 10.86 |
|  Distributions from net realized gain<sup>(d)</sup> | (3.04) | (4.76) | (1.24) | (2.11) | (5.13) | (2.00) | (2.94) |
|  **Net asset value, end of period** | $46.62 | $43.87 | $42.46 | $32.08 | $32.32 | $43.71 | $38.63 |
|  **Total Return<sup>(e)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 13.51 %<sup>(f)</sup> | 15.10% | 37.14% | 6.90% | (17.22)% | 18.78 %<sup>(f)</sup> | 38.33% |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 0.64 %<sup>(h)</sup> | 0.65% | 0.65% | 0.65% | 0.64% | 0.63 %<sup>(h)</sup> | 0.64% |
|  Total expenses after fees waived and/or reimbursed | 0.62 %<sup>(h)</sup> | 0.63% | 0.65% | 0.65% | 0.63% | 0.63 %<sup>(h)</sup> | 0.64% |
|  Net investment income (loss) | (0.09)%<sup>(h)</sup> | (0.21)% | (0.08)% | 0.08% | (0.15)% | (0.13)%<sup>(h)</sup> | (0.11)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $613172 | $560119 | $517123 | $645860 | $646115 | $845106 | $682107 |
|  Portfolio turnover rate | 34% | 29% | 21% | 43% | 55% | 25% | 42% |

---

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

<sup>(b)</sup> Includes a one-time special distribution from TransDigm Group, Inc. Excluding such special distribution, the net investment income would have been $(0.06) per share and (0.27)% of average net assets. 

<sup>(c)</sup> Includes a one-time special distribution from TransDigm Group, Inc. Excluding such special distribution, the net investment income would have been $(0.13) per share and (0.31)% of average net assets. 

<sup>(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.* 

36 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

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 |
|  | Six Months<br>Ended<br> 11/30/25(unaudited)  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $24.52 | $25.70 | $19.86 | $21.02 | $30.12 | $27.30 | $22.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.08)<sup>(b)</sup> | (0.21)<sup>(c)</sup> | (0.17) | (0.11) | (0.23) | (0.15) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.17 | 3.71 | 7.10 | 1.06 | (3.88) | 4.97 | 7.76 |
|  Net increase (decrease) from investment operations | 3.09 | 3.50 | 6.93 | 0.95 | (4.11) | 4.82 | 7.59 |
|  Distributions from net realized gain<sup>(d)</sup> | (3.04) | (4.68) | (1.09) | (2.11) | (4.99) | (2.00) | (2.94) |
|  **Net asset value, end of period** | $24.57 | $24.52 | $25.70 | $19.86 | $21.02 | $30.12 | $27.30 |
|  **Total Return<sup>(e)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 13.13 %<sup>(f)</sup> | 14.46% | 36.14% | 6.17% | (17.82)% | 18.26 %<sup>(f)</sup> | 37.45% |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 1.33 %<sup>(h)</sup> | 1.33% | 1.36% | 1.37% | 1.33% | 1.30 %<sup>(h)</sup> | 1.28% |
|  Total expenses after fees waived and/or reimbursed | 1.17 %<sup>(h)</sup> | 1.26% | 1.35% | 1.36% | 1.33% | 1.30 %<sup>(h)</sup> | 1.28% |
|  Net investment loss | (0.64)%<sup>(h)</sup> | (0.84)% | (0.78)% | (0.63)% | (0.85)% | (0.80)%<sup>(h)</sup> | (0.75)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $26180 | $23586 | $25350 | $23731 | $24371 | $36933 | $37741 |
|  Portfolio turnover rate | 34% | 29% | 21% | 43% | 55% | 25% | 42% |

---

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

<sup>(b)</sup> Includes a one-time special distribution from TransDigm Group, Inc. Excluding such special distribution, the net investment income would have been $(0.10) per share and (0.82)% of average net assets. 

<sup>(c)</sup> Includes a one-time special distribution from TransDigm Group, Inc. Excluding such special distribution, the net investment income would have been $(0.23) per share and (0.95)% of average net assets. 

<sup>(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 37

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Energy Opportunities Fund | BlackRock Energy Opportunities Fund | BlackRock Energy Opportunities Fund | BlackRock Energy Opportunities Fund | BlackRock Energy Opportunities Fund | BlackRock Energy Opportunities Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months<br>Ended<br> 11/30/25(unaudited)  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of period** | $13.16 | $14.60 | $11.94 | $13.73 | $8.55 | $6.64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.20 | 0.35 | 0.35 | 0.42 | 0.32 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.41 | (1.44) | 2.75 | (1.88) | 5.11 | 1.90 |
|  Net increase (decrease) from investment operations | 1.61 | (1.09) | 3.10 | (1.46) | 5.43 | 2.16 |
|  Distributions from net investment income<sup>(b)</sup> | (0.16) | (0.35) | (0.44) | (0.33) | (0.25) | (0.25) |
|  **Net asset value, end of period** | $14.61 | $13.16 | $14.60 | $11.94 | $13.73 | $8.55 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 12.34 %<sup>(d)</sup> | (7.60)% | 26.56% | (10.59)% | 65.17% | 33.50% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 1.09 %<sup>(f)</sup> | 1.04% | 1.07% | 1.03% | 1.11% | 1.33% |
|  Total expenses after fees waived and/or reimbursed | 0.92 %<sup>(f)</sup> | 0.92% | 0.91% | 0.91% | 0.91% | 0.91% |
|  Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding tax claims | 0.91 %<sup>(f)</sup> | 0.91% | 0.91% | 0.91% | 0.91% | 0.91% |
|  Net investment income | 2.82 %<sup>(f)</sup> | 2.54% | 2.59% | 3.28% | 3.05% | 3.75% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $94329 | $89899 | $116190 | $153530 | $128580 | $52377 |
|  Portfolio turnover rate | 10% | 66% | 35% | 77% | 75% | 79% |

---

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

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

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

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

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

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

*See notes to financial statements.* 

38 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Energy Opportunities Fund (continued) | BlackRock Energy Opportunities Fund (continued) | BlackRock Energy Opportunities Fund (continued) | BlackRock Energy Opportunities Fund (continued) | BlackRock Energy Opportunities Fund (continued) | BlackRock Energy Opportunities Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months<br>Ended<br> 11/30/25(unaudited)  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of period** | $12.74 | $14.15 | $11.58 | $13.33 | $8.31 | $6.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.16 | 0.29 | 0.29 | 0.37 | 0.27 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.38 | (1.40) | 2.67 | (1.84) | 4.97 | 1.84 |
|  Net increase (decrease) from investment operations | 1.54 | (1.11) | 2.96 | (1.47) | 5.24 | 2.07 |
|  Distributions from net investment income<sup>(b)</sup> | (0.14) | (0.30) | (0.39) | (0.28) | (0.22) | (0.22) |
|  **Net asset value, end of period** | $14.14 | $12.74 | $14.15 | $11.58 | $13.33 | $8.31 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 12.16 %<sup>(d)</sup> | (8.00)% | 26.06% | (10.97)% | 64.51% | 33.00% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 1.38 %<sup>(f)(g)</sup> | 1.31% | 1.36% | 1.33% | 1.43% | 1.73% |
|  Total expenses after fees waived and/or reimbursed | 1.33 %<sup>(f)</sup> | 1.30% | 1.32% | 1.32% | 1.32% | 1.32% |
|  Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding tax claims | 1.32 %<sup>(f)</sup> | 1.29% | 1.32% | 1.32% | 1.32% | 1.32% |
|  Net investment income | 2.41 %<sup>(f)</sup> | 2.17% | 2.22% | 2.94% | 2.66% | 3.30% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $161298 | $159042 | $209291 | $204035 | $232979 | $103858 |
|  Portfolio turnover rate | 10% | 66% | 35% | 77% | 75% | 79% |

---

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

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

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

<sup>(d)</sup> 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> Certain professional costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 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 39

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Energy Opportunities Fund (continued) | BlackRock Energy Opportunities Fund (continued) | BlackRock Energy Opportunities Fund (continued) | BlackRock Energy Opportunities Fund (continued) | BlackRock Energy Opportunities Fund (continued) | BlackRock Energy Opportunities Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Six Months<br>Ended<br> 11/30/25(unaudited)  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of period** | $12.23 | $13.61 | $11.14 | $12.83 | $8.01 | $6.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.11 | 0.19 | 0.19 | 0.27 | 0.19 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.33 | (1.36) | 2.57 | (1.76) | 4.79 | 1.77 |
|  Net increase (decrease) from investment operations | 1.44 | (1.17) | 2.76 | (1.49) | 4.98 | 1.94 |
|  Distributions from net investment income<sup>(b)</sup> | (0.10) | (0.21) | (0.29) | (0.20) | (0.16) | (0.17) |
|  **Net asset value, end of period** | $13.57 | $12.23 | $13.61 | $11.14 | $12.83 | $8.01 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 11.80 %<sup>(d)</sup> | (8.68)% | 25.20% | (11.57)% | 63.37% | 31.89% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 2.09 %<sup>(f)(g)</sup> | 2.01% | 2.10% | 2.05% | 2.16% | 2.53% |
|  Total expenses after fees waived and/or reimbursed | 2.05 %<sup>(f)</sup> | 2.00% | 2.04% | 2.03% | 2.04% | 2.04% |
|  Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding tax claims | 2.04 %<sup>(f)</sup> | 1.99% | 2.04% | 2.03% | 2.04% | 2.04% |
|  Net investment income | 1.69 %<sup>(f)</sup> | 1.51% | 1.49% | 2.22% | 1.92% | 2.60% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $15251 | $15737 | $17804 | $19054 | $26559 | $10699 |
|  Portfolio turnover rate | 10% | 66% | 35% | 77% | 75% | 79% |

---

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

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

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

<sup>(d)</sup> 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> Certain professional costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 2.10%. 

*See notes to financial statements.* 

40 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlight

(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>11/30/25<br> (unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $65.10 | $74.83 | $68.47 | $72.10 | $81.77 | $75.37 | $61.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.17 | 0.29 | 0.32 | 0.34 | 0.24 | 0.13 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 13.68 | (4.19) | 8.71 | 1.07 | (2.75) | 9.66 | 16.26 |
|  Net increase (decrease) from investment operations | 13.85 | (3.90) | 9.03 | 1.41 | (2.51) | 9.79 | 16.45 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  | (0.25) | (0.33) | (0.38) | (0.16) | (0.13) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (3.84) | (5.58) | (2.34) | (4.66) | (7.00) | (3.26) | (2.31) |
|  Total distributions | (3.84) | (5.83) | (2.67) | (5.04) | (7.16) | (3.39) | (2.63) |
|  **Net asset value, end of period** | $75.11 | $65.10 | $74.83 | $68.47 | $72.10 | $81.77 | $75.37 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 22.53 %<sup>(d)</sup> | (5.77)% | 13.57% | 2.25% | (3.55)%<sup>(e)</sup> | 13.37 %<sup>(d)</sup> | 27.34 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 0.86 %<sup>(h)</sup> | 0.84% | 0.84% | 0.84% | 0.85% | 0.84 %<sup>(h)</sup> | 0.85% |
|  Total expenses after fees waived and/or reimbursed | 0.86 %<sup>(h)</sup> | 0.84% | 0.84% | 0.84% | 0.85% | 0.84 %<sup>(h)</sup> | 0.85% |
|  Net investment income | 0.50 %<sup>(h)</sup> | 0.40% | 0.45% | 0.49% | 0.31% | 0.24 %<sup>(h)</sup> | 0.28% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $3373668 | $3295418 | $4374721 | $4436816 | $5062514 | $5990131 | $5133191 |
|  Portfolio turnover rate | 23% | 43% | 27% | 29% | 51% | 19% | 28% |

---

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

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

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

<sup>(d)</sup> 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 41

------

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<br>Ended<br>11/30/25<br> (unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $60.72 | $70.27 | $64.44 | $68.16 | $77.63 | $71.63 | $58.66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup> | 0.06 | 0.06 | 0.10 | 0.13 | 0.01 | (0.03) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 12.70 | (3.91) | 8.20 | 1.00 | (2.61) | 9.18 | 15.48 |
|  Net increase (decrease) from investment operations | 12.76 | (3.85) | 8.30 | 1.13 | (2.60) | 9.15 | 15.47 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  | (0.12) | (0.13) | (0.19) |  |  | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (3.84) | (5.58) | (2.34) | (4.66) | (6.87) | (3.15) | (2.31) |
|  Total distributions | (3.84) | (5.70) | (2.47) | (4.85) | (6.87) | (3.15) | (2.50) |
|  **Net asset value, end of period** | $69.64 | $60.72 | $70.27 | $64.44 | $68.16 | $77.63 | $71.63 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 22.35 %<sup>(d)</sup> | (6.08)% | 13.24% | 1.94% | (3.83)%<sup>(e)</sup> | 13.15 %<sup>(d)</sup> | 26.96 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 1.17 %<sup>(h)</sup> | 1.15% | 1.14% | 1.14% | 1.14% | 1.14 %<sup>(h)</sup> | 1.15% |
|  Total expenses after fees waived and/or reimbursed | 1.17 %<sup>(h)</sup> | 1.15% | 1.14% | 1.14% | 1.14% | 1.14 %<sup>(h)</sup> | 1.15% |
|  Net investment income (loss) | 0.20 %<sup>(h)</sup> | 0.09% | 0.15% | 0.19% | 0.02% | (0.07)%<sup>(h)</sup> | (0.02)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $24615 | $24526 | $31141 | $33055 | $36625 | $43825 | $40252 |
|  Portfolio turnover rate | 23% | 43% | 27% | 29% | 51% | 19% | 28% |

---

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

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

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

<sup>(d)</sup> 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.* 

42 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

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>11/30/25<br> (unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $60.37 | $69.88 | $64.11 | $67.84 | $77.31 | $71.37 | $58.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup> | 0.08 | 0.11 | 0.13 | 0.16 | 0.05 | (0.01) | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 12.63 | (3.89) | 8.15 | 0.99 | (2.59) | 9.15 | 15.42 |
|  Net increase (decrease) from investment operations | 12.71 | (3.78) | 8.28 | 1.15 | (2.54) | 9.14 | 15.43 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  | (0.15) | (0.17) | (0.22) |  |  | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (3.84) | (5.58) | (2.34) | (4.66) | (6.93) | (3.20) | (2.31) |
|  Total distributions | (3.84) | (5.73) | (2.51) | (4.88) | (6.93) | (3.20) | (2.51) |
|  **Net asset value, end of period** | $69.24 | $60.37 | $69.88 | $64.11 | $67.84 | $77.31 | $71.37 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 22.40 %<sup>(d)</sup> | (6.03)% | 13.28% | 1.99% | (3.78)%<sup>(e)</sup> | 13.18 %<sup>(d)</sup> | 26.99 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 1.11 %<sup>(h)</sup> | 1.09% | 1.09% | 1.09% | 1.09% | 1.10 %<sup>(h)</sup> | 1.11% |
|  Total expenses after fees waived and/or reimbursed | 1.11 %<sup>(h)</sup> | 1.09% | 1.09% | 1.09% | 1.09% | 1.10 %<sup>(h)</sup> | 1.11% |
|  Net investment income (loss) | 0.25 %<sup>(h)</sup> | 0.16% | 0.20% | 0.24% | 0.07% | (0.02)%<sup>(h)</sup> | 0.01% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $2471394 | $2287338 | $2851925 | $2865706 | $3151912 | $3496818 | $3135882 |
|  Portfolio turnover rate | 23% | 43% | 27% | 29% | 51% | 19% | 28% |

---

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

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

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

<sup>(d)</sup> 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 43

------

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> 11/30/25(unaudited)  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $48.18 | $57.16 | $53.11 | $57.24 | $66.15 | $61.38 | $50.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.13) | (0.34) | (0.31) | (0.27) | (0.43) | (0.33) | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 9.88 | (3.06) | 6.70 | 0.80 | (2.17) | 7.85 | 13.34 |
|  Net increase (decrease) from investment operations | 9.75 | (3.40) | 6.39 | 0.53 | (2.60) | 7.52 | 12.94 |
|  Distributions from net realized gain<sup>(b)</sup> | (3.84) | (5.58) | (2.34) | (4.66) | (6.31) | (2.75) | (2.30) |
|  **Net asset value, end of period** | $54.09 | $48.18 | $57.16 | $53.11 | $57.24 | $66.15 | $61.38 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 21.89 %<sup>(d)</sup> | (6.73)% | 12.42% | 1.22% | (4.50)%<sup>(e)</sup> | 12.61 %<sup>(d)</sup> | 26.09 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 1.90 %<sup>(h)</sup> | 1.85% | 1.86% | 1.85% | 1.84% | 1.84 %<sup>(h)</sup> | 1.85% |
|  Total expenses after fees waived and/or reimbursed | 1.90 %<sup>(h)</sup> | 1.85% | 1.86% | 1.85% | 1.84% | 1.84 %<sup>(h)</sup> | 1.85% |
|  Net investment loss | (0.53)%<sup>(h)</sup> | (0.61)% | (0.57)% | (0.51)% | (0.68)% | (0.77)%<sup>(h)</sup> | (0.72)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $174914 | $192391 | $311994 | $404306 | $542880 | $719525 | $773522 |
|  Portfolio turnover rate | 23% | 43% | 27% | 29% | 51% | 19% | 28% |

---

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

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

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

<sup>(d)</sup> 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.* 

44 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

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>11/30/25<br> (unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $65.23 | $74.95 | $68.58 | $72.21 | $81.91 | $75.50 | $61.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.20 | 0.36 | 0.39 | 0.40 | 0.33 | 0.18 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 13.73 | (4.21) | 8.72 | 1.08 | (2.77) | 9.68 | 16.28 |
|  Net increase (decrease) from investment operations | 13.93 | (3.85) | 9.11 | 1.48 | (2.44) | 9.86 | 16.55 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  | (0.29) | (0.40) | (0.45) | (0.26) | (0.19) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (3.84) | (5.58) | (2.34) | (4.66) | (7.00) | (3.26) | (2.31) |
|  Total distributions | (3.84) | (5.87) | (2.74) | (5.11) | (7.26) | (3.45) | (2.68) |
|  **Net asset value, end of period** | $75.32 | $65.23 | $74.95 | $68.58 | $72.21 | $81.91 | $75.50 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 22.61 %<sup>(d)</sup> | (5.71)% | 13.68% | 2.34% | (3.44)%<sup>(e)</sup> | 13.45 %<sup>(d)</sup> | 27.47 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 0.76 %<sup>(h)</sup> | 0.75% | 0.75% | 0.75% | 0.74% | 0.74 %<sup>(h)</sup> | 0.75% |
|  Total expenses after fees waived and/or reimbursed | 0.76 %<sup>(h)</sup> | 0.75% | 0.75% | 0.75% | 0.74% | 0.74 %<sup>(h)</sup> | 0.75% |
|  Net investment income | 0.60 %<sup>(h)</sup> | 0.50% | 0.54% | 0.59% | 0.42% | 0.34 %<sup>(h)</sup> | 0.39% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $&nbsp;&nbsp;&nbsp;&nbsp;510581 | $&nbsp;&nbsp;&nbsp;&nbsp;439082 | $&nbsp;&nbsp;&nbsp;&nbsp;496504 | $&nbsp;&nbsp;&nbsp;&nbsp;487287 | $&nbsp;&nbsp;&nbsp;&nbsp;436984 | $&nbsp;&nbsp;&nbsp;&nbsp;464179 | $&nbsp;&nbsp;&nbsp;&nbsp;344822 |
|  Portfolio turnover rate | 23% | 43% | 27% | 29% | 51% | 19% | 28% |

---

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

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

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

<sup>(d)</sup> 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 45

------

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>11/30/25<br> (unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $58.13 | $67.59 | $62.14 | $65.94 | $75.28 | $69.54 | $57.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.03) | (0.13) | (0.11) | (0.08) | (0.21) | (0.18) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 12.11 | (3.74) | 7.90 | 0.96 | (2.52) | 8.91 | 15.05 |
|  Net increase (decrease) from investment operations | 12.08 | (3.87) | 7.79 | 0.88 | (2.73) | 8.73 | 14.85 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  | (0.01) |  | (0.02) |  |  | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (3.84) | (5.58) | (2.34) | (4.66) | (6.61) | (2.99) | (2.31) |
|  Total distributions | (3.84) | (5.59) | (2.34) | (4.68) | (6.61) | (2.99) | (2.36) |
|  **Net asset value, end of period** | $66.37 | $58.13 | $67.59 | $62.14 | $65.94 | $75.28 | $69.54 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 22.17 %<sup>(d)</sup> | (6.36)% | 12.88% | 1.62% | (4.12)%<sup>(e)</sup> | 12.91 %<sup>(d)</sup> | 26.60 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 1.47 %<sup>(h)</sup> | 1.45% | 1.46% | 1.46% | 1.45% | 1.44 %<sup>(h)</sup> | 1.45% |
|  Total expenses after fees waived and/or reimbursed | 1.47 %<sup>(h)</sup> | 1.44% | 1.46% | 1.46% | 1.45% | 1.44 %<sup>(h)</sup> | 1.45% |
|  Net investment loss | (0.11)%<sup>(h)</sup> | (0.20)% | (0.17)% | (0.13)% | (0.29)% | (0.37)%<sup>(h)</sup> | (0.32)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $&nbsp;&nbsp;&nbsp;&nbsp;232253 | $&nbsp;&nbsp;&nbsp;&nbsp;207671 | $&nbsp;&nbsp;&nbsp;&nbsp;247848 | $&nbsp;&nbsp;&nbsp;&nbsp;242080 | $&nbsp;&nbsp;&nbsp;&nbsp;263195 | $&nbsp;&nbsp;&nbsp;&nbsp;289676 | $&nbsp;&nbsp;&nbsp;&nbsp;260488 |
|  Portfolio turnover rate | 23% | 43% | 27% | 29% | 51% | 19% | 28% |

---

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

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

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

<sup>(d)</sup> 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.* 

46 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock High Equity Income Fund | BlackRock High Equity Income Fund | BlackRock High Equity Income Fund | BlackRock High Equity Income Fund | BlackRock High Equity Income Fund | BlackRock High Equity Income Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months<br>Ended<br>11/30/25<br> (unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of period**  | $27.86 | $29.01 | $26.23 | $29.54 | $29.99 | $22.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 1.17 | 2.31 | 1.89 | 1.86 | 1.99 | 1.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.81 | (1.15) | 2.78 | (3.25) | (0.20) | 7.13 |
|  Net increase (decrease) from investment operations | 2.98 | 1.16 | 4.67 | (1.39) | 1.79 | 8.94 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (1.14) | (2.31) | (1.89) | (1.86) | (1.95) | (1.76) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  | (0.06) | (0.29) |  |
|  Total distributions | (1.14) | (2.31) | (1.89) | (1.92) | (2.24) | (1.76) |
|  **Net asset value, end of period** | $29.70 | $27.86 | $29.01 | $26.23 | $29.54 | $29.99 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 10.95 %<sup>(d)</sup> | 4.06% | 18.41% | (4.70)% | 6.28 %<sup>(e)</sup> | 40.81% |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |  |
|  Total expenses | 1.00 %<sup>(g)</sup> | 0.98% | 0.99% | 1.00% | 1.02% | 1.12% |
|  Total expenses after fees waived and/or reimbursed | 0.85 %<sup>(g)</sup> | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
|  Net investment income | 8.03 %<sup>(g)</sup> | 8.07% | 6.89% | 6.81% | 6.76% | 6.93% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $1462501 | $1294020 | $1446440 | $1475683 | $953582 | $277653 |
|  Portfolio turnover rate | 77% | 130% | 85% | 126% | 140% | 146% |

---

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

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

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

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

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

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 47

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock High Equity Income Fund (continued) | BlackRock High Equity Income Fund (continued) | BlackRock High Equity Income Fund (continued) | BlackRock High Equity Income Fund (continued) | BlackRock High Equity Income Fund (continued) | BlackRock High Equity Income Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months<br>Ended<br>11/30/25<br> (unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of period**  | $23.31 | $24.27 | $21.94 | $24.73 | $25.16 | $19.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.95 | 1.87 | 1.53 | 1.49 | 1.58 | 1.42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.51 | (0.96) | 2.32 | (2.72) | (0.14) | 6.03 |
|  Net increase (decrease) from investment operations | 2.46 | 0.91 | 3.85 | (1.23) | 1.44 | 7.45 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.93) | (1.87) | (1.52) | (1.50) | (1.58) | (1.43) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  | (0.06) | (0.29) |  |
|  Total distributions | (0.93) | (1.87) | (1.52) | (1.56) | (1.87) | (1.43) |
|  **Net asset value, end of period** | $24.84 | $23.31 | $24.27 | $21.94 | $24.73 | $25.16 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 10.77 %<sup>(d)</sup> | 3.81% | 18.14% | (4.96)% | 5.99 %<sup>(e)</sup> | 40.44% |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |  |
|  Total expenses | 1.24 %<sup>(g)</sup> | 1.22% | 1.23% | 1.24% | 1.31% | 1.40% |
|  Total expenses after fees waived and/or reimbursed | 1.10 %<sup>(g)</sup> | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% |
|  Net investment income | 7.78 %<sup>(g)</sup> | 7.83% | 6.65% | 6.54% | 6.41% | 6.64% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $&nbsp;&nbsp;&nbsp;&nbsp;305305 | $&nbsp;&nbsp;&nbsp;&nbsp;286435 | $&nbsp;&nbsp;&nbsp;&nbsp;303692 | $&nbsp;&nbsp;&nbsp;&nbsp;296254 | $&nbsp;&nbsp;&nbsp;&nbsp;293050 | $&nbsp;&nbsp;&nbsp;&nbsp;208207 |
|  Portfolio turnover rate | 77% | 130% | 85% | 126% | 140% | 146% |

---

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

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

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

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

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

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

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

*See notes to financial statements.* 

48 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock High Equity Income Fund (continued) | BlackRock High Equity Income Fund (continued) | BlackRock High Equity Income Fund (continued) | BlackRock High Equity Income Fund (continued) | BlackRock High Equity Income Fund (continued) | BlackRock High Equity Income Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Six Months<br>Ended<br>11/30/25<br> (unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of period**  | $14.46 | $15.06 | $13.62 | $15.37 | $15.75 | $11.98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.53 | 1.05 | 0.84 | 0.82 | 0.87 | 0.78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.95 | (0.60) | 1.44 | (1.68) | (0.09) | 3.78 |
|  Net increase (decrease) from investment operations | 1.48 | 0.45 | 2.28 | (0.86) | 0.78 | 4.56 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.52) | (1.05) | (0.84) | (0.83) | (0.87) | (0.79) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  | (0.06) | (0.29) |  |
|  Total distributions | (0.52) | (1.05) | (0.84) | (0.89) | (1.16) | (0.79) |
|  **Net asset value, end of period** | $15.42 | $14.46 | $15.06 | $13.62 | $15.37 | $15.75 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 10.44 %<sup>(d)</sup> | 3.01% | 17.22% | (5.63)% | 5.17 %<sup>(e)</sup> | 39.41% |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |  |
|  Total expenses | 1.97 %<sup>(g)</sup> | 1.97% | 1.98% | 1.98% | 2.04% | 2.18% |
|  Total expenses after fees waived and/or reimbursed | 1.85 %<sup>(g)</sup> | 1.85% | 1.85% | 1.85% | 1.85% | 1.85% |
|  Net investment income | 7.03 %<sup>(g)</sup> | 7.08% | 5.90% | 5.80% | 5.67% | 5.85% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $&nbsp;&nbsp;&nbsp;&nbsp;64037 | $&nbsp;&nbsp;&nbsp;&nbsp;60229 | $&nbsp;&nbsp;&nbsp;&nbsp;62685 | $&nbsp;&nbsp;&nbsp;&nbsp;59276 | $&nbsp;&nbsp;&nbsp;&nbsp;42543 | $&nbsp;&nbsp;&nbsp;&nbsp;22379 |
|  Portfolio turnover rate | 77% | 130% | 85% | 126% | 140% | 146% |

---

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

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

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

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

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

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 49

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock High Equity Income Fund (continued) | BlackRock High Equity Income Fund (continued) | BlackRock High Equity Income Fund (continued) | BlackRock High Equity Income Fund (continued) | BlackRock High Equity Income Fund (continued) | BlackRock High Equity Income Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months<br>Ended<br>11/30/25<br> (unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of period**  | $27.84 | $28.99 | $26.21 | $29.53 | $30.00 | $22.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 1.17 | 2.32 | 1.91 | 1.87 | 2.00 | 1.78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.82 | (1.15) | 2.77 | (3.25) | (0.21) | 7.19 |
|  Net increase (decrease) from investment operations | 2.99 | 1.17 | 4.68 | (1.38) | 1.79 | 8.97 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (1.15) | (2.32) | (1.90) | (1.88) | (1.97) | (1.78) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  | (0.06) | (0.29) |  |
|  Total distributions | (1.15) | (2.32) | (1.90) | (1.94) | (2.26) | (1.78) |
|  **Net asset value, end of period** | $29.68 | $27.84 | $28.99 | $26.21 | $29.53 | $30.00 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 10.99 %<sup>(d)</sup> | 4.11% | 18.48% | (4.68)% | 6.27 %<sup>(e)</sup> | 40.93% |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.89 %<sup>(g)</sup> | 0.89% | 0.88% | 0.89% | 0.98% | 1.01% |
|  Total expenses after fees waived and/or reimbursed | 0.80 %<sup>(g)</sup> | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% |
|  Net investment income | 8.07 %<sup>(g)</sup> | 8.10% | 6.94% | 6.88% | 6.76% | 6.94% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $&nbsp;&nbsp;&nbsp;&nbsp;145595 | $&nbsp;&nbsp;&nbsp;&nbsp;154487 | $&nbsp;&nbsp;&nbsp;&nbsp;219915 | $&nbsp;&nbsp;&nbsp;&nbsp;137700 | $&nbsp;&nbsp;&nbsp;&nbsp;535 | $&nbsp;&nbsp;&nbsp;&nbsp;359 |
|  Portfolio turnover rate | 77% | 130% | 85% | 126% | 140% | 146% |

---

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

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

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

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

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

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

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

*See notes to financial statements.* 

50 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

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>11/30/25<br> (unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $43.06 | $39.18 | $32.79 | $32.83 | $45.95 | $36.56 | $28.68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.09) | (0.21) | (0.14) | (0.08) | (0.23) | (0.15) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.20 | 4.09 | 6.53 | 0.04 | (10.52) | 9.54 | 8.14 |
|  Net increase (decrease) from investment operations | 1.11 | 3.88 | 6.39 | (0.04) | (10.75) | 9.39 | 8.00 |
|  Distributions from net realized gain<sup>(b)</sup> | (1.72) |  |  |  | (2.37) |  | (0.12) |
|  **Net asset value, end of period** | $42.45 | $43.06 | $39.18 | $32.79 | $32.83 | $45.95 | $36.56 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 2.50 %<sup>(d)</sup> | 9.90% | 19.49% | (0.12)% | (24.87)% | 25.68 %<sup>(d)</sup> | 27.98% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 0.86 %<sup>(f)</sup> | 0.83% | 0.85% | 0.84% | 0.81% | 0.80 %<sup>(f)</sup> | 0.85% |
|  Total expenses after fees waived and/or reimbursed | 0.81 %<sup>(f)</sup> | 0.80% | 0.80% | 0.80% | 0.80% | 0.80 %<sup>(f)</sup> | 0.80% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense | 0.80 %<sup>(f)</sup> | 0.80% | 0.80% | 0.80% | 0.80% | 0.80 %<sup>(f)</sup> | 0.80% |
|  Net investment loss | (0.43)%<sup>(f)</sup> | (0.51)% | (0.38)% | (0.25)% | (0.52)% | (0.52)%<sup>(f)</sup> | (0.43)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $3059994 | $3641577 | $5194320 | $5266832 | $7095644 | $9260191 | $6003280 |
|  Portfolio turnover rate | 47% | 87% | 48% | 46% | 28% | 22% | 35% |

---

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

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

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

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

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 51

------

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>11/30/25<br> (unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period**  | $38.19 | $34.85 | $29.23 | $29.34 | $41.34 | $32.95 | $25.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.14) | (0.28) | (0.21) | (0.14) | (0.31) | (0.20) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.09 | 3.62 | 5.83 | 0.03 | (9.39) | 8.59 | 7.34 |
|  Net increase (decrease) from investment operations | 0.95 | 3.34 | 5.62 | (0.11) | (9.70) | 8.39 | 7.15 |
|  Distributions from net realized gain<sup>(b)</sup> | (1.72) |  |  |  | (2.30) |  | (0.12) |
|  **Net asset value, end of period** | $37.42 | $38.19 | $34.85 | $29.23 | $29.34 | $41.34 | $32.95 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 2.40 %<sup>(d)</sup> | 9.58% | 19.23% | (0.38)% | (25.06)% | 25.46 %<sup>(d)</sup> | 27.68% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 1.18 %<sup>(f)</sup> | 1.14% | 1.12% | 1.10% | 1.09% | 1.10 %<sup>(f)</sup> | 1.11% |
|  Total expenses after fees waived and/or reimbursed | 1.06 %<sup>(f)</sup> | 1.05% | 1.05% | 1.05% | 1.05% | 1.05 %<sup>(f)</sup> | 1.05% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense | 1.05 %<sup>(f)</sup> | 1.05% | 1.05% | 1.05% | 1.05% | 1.05 %<sup>(f)</sup> | 1.05% |
|  Net investment loss | (0.70)%<sup>(f)</sup> | (0.76)% | (0.63)% | (0.50)% | (0.77)% | (0.78)%<sup>(f)</sup> | (0.67)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $21468 | $46071 | $59731 | $62693 | $81276 | $104997 | $83680 |
|  Portfolio turnover rate | 47% | 87% | 48% | 46% | 28% | 22% | 35% |

---

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

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

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

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

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

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

*See notes to financial statements.* 

52 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

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>11/30/25<br> (unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $36.39 | $33.20 | $27.85 | $27.96 | $39.50 | $31.48 | $24.78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.12) | (0.27) | (0.20) | (0.14) | (0.29) | (0.19) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.02 | 3.46 | 5.55 | 0.03 | (8.94) | 8.21 | 7.00 |
|  Net increase (decrease) from investment operations | 0.90 | 3.19 | 5.35 | (0.11) | (9.23) | 8.02 | 6.82 |
|  Distributions from net realized gain<sup>(b)</sup> | (1.72) |  |  |  | (2.31) |  | (0.12) |
|  **Net asset value, end of period**  | $35.57 | $36.39 | $33.20 | $27.85 | $27.96 | $39.50 | $31.48 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 2.37 %<sup>(d)</sup> | 9.61% | 19.21% | (0.39)% | (25.05)% | 25.48 %<sup>(d)</sup> | 27.61% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 1.12 %<sup>(f)</sup> | 1.11% | 1.13% | 1.13% | 1.09% | 1.09 %<sup>(f)</sup> | 1.14% |
|  Total expenses after fees waived and/or reimbursed | 1.06 %<sup>(f)</sup> | 1.05% | 1.05% | 1.05% | 1.05% | 1.05 %<sup>(f)</sup> | 1.05% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense | 1.05 %<sup>(f)</sup> | 1.05% | 1.05% | 1.05% | 1.05% | 1.05 %<sup>(f)</sup> | 1.05% |
|  Net investment loss | (0.68)%<sup>(f)</sup> | (0.76)% | (0.63)% | (0.50)% | (0.78)% | (0.78)%<sup>(f)</sup> | (0.67)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $1388030 | $1492673 | $1622438 | $1637289 | $1913190 | $2577151 | $1917773 |
|  Portfolio turnover rate | 47% | 87% | 48% | 46% | 28% | 22% | 35% |

---

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

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

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

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

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 53

------

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>11/30/25<br> (unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $26.64 | $24.48 | $20.69 | $20.93 | $30.22 | $24.20 | $19.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.19) | (0.39) | (0.32) | (0.25) | (0.43) | (0.29) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.76 | 2.55 | 4.11 | 0.01 | (6.67) | 6.31 | 5.41 |
|  Net increase (decrease) from investment operations | 0.57 | 2.16 | 3.79 | (0.24) | (7.10) | 6.02 | 5.11 |
|  Distributions from net realized gain<sup>(b)</sup> | (1.72) |  |  |  | (2.19) |  | (0.12) |
|  **Net asset value, end of period** | $25.49 | $26.64 | $24.48 | $20.69 | $20.93 | $30.22 | $24.20 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 1.99 %<sup>(d)</sup> | 8.82% | 18.32% | (1.15)% | (25.61)% | 24.88 %<sup>(d)</sup> | 26.72% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 1.85 %<sup>(f)</sup> | 1.81% | 1.84% | 1.83% | 1.78% | 1.80 %<sup>(f)</sup> | 1.84% |
|  Total expenses after fees waived and/or reimbursed | 1.81 %<sup>(f)</sup> | 1.80% | 1.80% | 1.80% | 1.78% | 1.79 %<sup>(f)</sup> | 1.80% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense | 1.80 %<sup>(f)</sup> | 1.80% | 1.80% | 1.80% | 1.78% | 1.79 %<sup>(f)</sup> | 1.80% |
|  Net investment loss | (1.43)%<sup>(f)</sup> | (1.51)% | (1.38)% | (1.25)% | (1.51)% | (1.52)%<sup>(f)</sup> | (1.42)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $127961 | $149020 | $184966 | $194849 | $243284 | $357360 | $280143 |
|  Portfolio turnover rate | 47% | 87% | 48% | 46% | 28% | 22% | 35% |

---

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

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

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

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

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

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

*See notes to financial statements.* 

54 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

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> 11/30/25(unaudited)  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $43.35 | $39.42 | $32.95 | $32.96 | $46.10 | $36.66 | $28.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.08) | (0.17) | (0.11) | (0.05) | (0.17) | (0.12) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.22 | 4.10 | 6.58 | 0.04 | (10.58) | 9.56 | 8.16 |
|  Net increase (decrease) from investment operations | 1.14 | 3.93 | 6.47 | (0.01) | (10.75) | 9.44 | 8.04 |
|  Distributions from net realized gain<sup>(b)</sup> | (1.72) |  |  |  | (2.39) |  | (0.12) |
|  **Net asset value, end of period** | $42.77 | $43.35 | $39.42 | $32.95 | $32.96 | $46.10 | $36.66 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 2.55 %<sup>(d)</sup> | 9.97% | 19.64% | (0.03)% | (24.79)% | 25.75 %<sup>(d)</sup> | 28.06% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 0.73 %<sup>(f)</sup> | 0.71% | 0.71% | 0.71% | 0.70% | 0.70 %<sup>(f)</sup> | 0.73 %<sup>(g)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.73 %<sup>(f)</sup> | 0.71% | 0.71% | 0.71% | 0.70% | 0.70 %<sup>(f)</sup> | 0.73% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense | 0.72 %<sup>(f)</sup> | 0.71% | 0.71% | 0.71% | 0.70% | 0.70 %<sup>(f)</sup> | 0.73% |
|  Net investment loss | (0.35)%<sup>(f)</sup> | (0.42)% | (0.29)% | (0.15)% | (0.40)% | (0.42)%<sup>(f)</sup> | (0.36)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $2138957 | $3245830 | $4520357 | $4233488 | $4376642 | $3674402 | $2011727 |
|  Portfolio turnover rate | 47% | 87% | 48% | 46% | 28% | 22% | 35% |

---

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

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

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

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

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

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

<sup>(g)</sup> Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratios.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 55

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock 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> 11/30/25(unaudited)  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period**  | $35.24 | $32.23 | $27.11 | $27.28 | $38.65 | $30.85 | $24.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.16) | (0.34) | (0.26) | (0.20) | (0.37) | (0.25) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.99 | 3.35 | 5.38 | 0.03 | (8.73) | 8.05 | 6.87 |
|  Net increase (decrease) from investment operations | 0.83 | 3.01 | 5.12 | (0.17) | (9.10) | 7.80 | 6.63 |
|  Distributions from net realized gain<sup>(b)</sup> | (1.72) |  |  |  | (2.27) |  | (0.12) |
|  **Net asset value, end of period** | $34.35 | $35.24 | $32.23 | $27.11 | $27.28 | $38.65 | $30.85 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 2.25 %<sup>(d)</sup> | 9.34% | 18.89% | (0.62)% | (25.24)% | 25.28 %<sup>(d)</sup> | 27.33% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 1.44 %<sup>(f)</sup> | 1.42% | 1.41% | 1.42% | 1.40% | 1.39 %<sup>(f)</sup> | 1.45% |
|  Total expenses after fees waived and/or reimbursed | 1.31 %<sup>(f)</sup> | 1.30% | 1.30% | 1.30% | 1.30% | 1.30 %<sup>(f)</sup> | 1.30% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense | 1.30 %<sup>(f)</sup> | 1.30% | 1.30% | 1.30% | 1.30% | 1.30 %<sup>(f)</sup> | 1.30% |
|  Net investment loss | (0.92)%<sup>(f)</sup> | (1.01)% | (0.88)% | (0.75)% | (1.02)% | (1.03)%<sup>(f)</sup> | (0.92)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $52718 | $74633 | $85328 | $93427 | $93527 | $98300 | $59411 |
|  Portfolio turnover rate | 47% | 87% | 48% | 46% | 28% | 22% | 35% |

---

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

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

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

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

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

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

*See notes to financial statements.* 

56 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

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> 11/30/25(unaudited)  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $73.22 | $65.44 | $47.74 | $45.31 | $64.81 | $55.33 | $32.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.21) | (0.33) | (0.23) | (0.13) | (0.30) | (0.28) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 14.91 | 10.97 | 17.93 | 2.56 | (14.51) | 12.67 | 23.43 |
|  Net increase (decrease) from investment operations | 14.70 | 10.64 | 17.70 | 2.43 | (14.81) | 12.39 | 23.21 |
|  Distributions from net realized gain<sup>(b)</sup> | (4.40) | (2.86) |  |  | (4.69) | (2.91) | (0.51) |
|  **Net asset value, end of period** | $83.52 | $73.22 | $65.44 | $47.74 | $45.31 | $64.81 | $55.33 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 20.58 %<sup>(d)</sup> | 16.22% | 37.08% | 5.36% | (25.09)% | 22.68 %<sup>(d)</sup> | 72.07% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 0.94 %<sup>(f)</sup> | 0.93% | 0.97% | 0.98% | 0.94% | 0.92 %<sup>(f)</sup> | 0.98% |
|  Total expenses after fees waived and/or reimbursed | 0.92 %<sup>(f)</sup> | 0.92% | 0.92% | 0.92% | 0.92% | 0.92 %<sup>(f)</sup> | 0.92% |
|  Net investment loss | (0.52)%<sup>(f)</sup> | (0.46)% | (0.41)% | (0.30)% | (0.48)% | (0.66)%<sup>(f)</sup> | (0.50)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $3448366 | $3071365 | $2751350 | $2316550 | $2943616 | $4958187 | $3641519 |
|  Portfolio turnover rate | 29% | 52% | 21% | 39% | 29% | 25% | 27% |

---

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

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

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

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

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 57

------

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> 11/30/25(unaudited)  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period**  | $67.65 | $60.78 | $44.45 | $42.30 | $60.86 | $52.20 | $30.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.29) | (0.47) | (0.34) | (0.21) | (0.42) | (0.37) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 13.73 | 10.20 | 16.67 | 2.36 | (13.52) | 11.94 | 22.13 |
|  Net increase (decrease) from investment operations | 13.44 | 9.73 | 16.33 | 2.15 | (13.94) | 11.57 | 21.83 |
|  Distributions from net realized gain<sup>(b)</sup> | (4.40) | (2.86) |  |  | (4.62) | (2.91) | (0.51) |
|  **Net asset value, end of period** | $76.69 | $67.65 | $60.78 | $44.45 | $42.30 | $60.86 | $52.20 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 20.40 %<sup>(d)</sup> | 15.96% | 36.74% | 5.08% | (25.28)% | 22.46 %<sup>(d)</sup> | 71.68% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 1.23 %<sup>(f)</sup> | 1.21% | 1.21% | 1.20% | 1.19% | 1.17 %<sup>(f)</sup> | 1.19% |
|  Total expenses after fees waived and/or reimbursed | 1.17 %<sup>(f)</sup> | 1.17% | 1.17% | 1.17% | 1.17% | 1.16 %<sup>(f)</sup> | 1.17% |
|  Net investment loss | (0.77)%<sup>(f)</sup> | (0.71)% | (0.67)% | (0.55)% | (0.73)% | (0.90)%<sup>(f)</sup> | (0.74)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $56785 | $50592 | $46993 | $47332 | $55439 | $83886 | $50710 |
|  Portfolio turnover rate | 29% | 52% | 21% | 39% | 29% | 25% | 27% |

---

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

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

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

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

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

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

*See notes to financial statements.* 

58 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

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> 11/30/25(unaudited)  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $65.93 | $59.29 | $43.37 | $41.27 | $59.47 | $51.06 | $30.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.28) | (0.46) | (0.33) | (0.21) | (0.41) | (0.36) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 13.37 | 9.96 | 16.25 | 2.31 | (13.19) | 11.68 | 21.64 |
|  Net increase (decrease) from investment operations | 13.09 | 9.50 | 15.92 | 2.10 | (13.60) | 11.32 | 21.35 |
|  Distributions from net realized gain<sup>(b)</sup> | (4.40) | (2.86) |  |  | (4.60) | (2.91) | (0.51) |
|  **Net asset value, end of period** | $74.62 | $65.93 | $59.29 | $43.37 | $41.27 | $59.47 | $51.06 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 20.41 %<sup>(d)</sup> | 15.96% | 36.71% | 5.09% | (25.28)% | 22.48 %<sup>(d)</sup> | 71.65% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 1.19 %<sup>(f)</sup> | 1.19% | 1.21% | 1.23% | 1.21% | 1.19 %<sup>(f)</sup> | 1.25% |
|  Total expenses after fees waived and/or reimbursed | 1.17 %<sup>(f)</sup> | 1.17% | 1.17% | 1.17% | 1.17% | 1.17 %<sup>(f)</sup> | 1.17% |
|  Net investment loss | (0.77)%<sup>(f)</sup> | (0.71)% | (0.66)% | (0.54)% | (0.73)% | (0.91)%<sup>(f)</sup> | (0.74)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $2476921 | $2116250 | $1959752 | $1572976 | $1695648 | $2524052 | $1773399 |
|  Portfolio turnover rate | 29% | 52% | 21% | 39% | 29% | 25% | 27% |

---

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

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

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

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

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 59

------

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> 11/30/25(unaudited)  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period**  | $51.21 | $46.92 | $34.58 | $33.17 | $48.77 | $42.52 | $25.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.42) | (0.73) | (0.56) | (0.40) | (0.68) | (0.54) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 10.28 | 7.88 | 12.90 | 1.81 | (10.52) | 9.70 | 18.08 |
|  Net increase (decrease) from investment operations | 9.86 | 7.15 | 12.34 | 1.41 | (11.20) | 9.16 | 17.60 |
|  Distributions from net realized gain<sup>(b)</sup> | (4.40) | (2.86) |  |  | (4.40) | (2.91) | (0.51) |
|  **Net asset value, end of period** | $56.67 | $51.21 | $46.92 | $34.58 | $33.17 | $48.77 | $42.52 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 19.94 %<sup>(d)</sup> | 15.15% | 35.68% | 4.25% | (25.81)% | 21.89 %<sup>(d)</sup> | 70.39% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 1.93 %<sup>(f)</sup> | 1.92% | 1.97% | 1.98% | 1.92% | 1.91 %<sup>(f)</sup> | 1.98% |
|  Total expenses after fees waived and/or reimbursed | 1.92 %<sup>(f)</sup> | 1.91% | 1.92% | 1.92% | 1.91% | 1.90 %<sup>(f)</sup> | 1.92% |
|  Net investment loss | (1.52)%<sup>(f)</sup> | (1.46)% | (1.42)% | (1.30)% | (1.47)% | (1.65)%<sup>(f)</sup> | (1.49)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $&nbsp;&nbsp;&nbsp;&nbsp;317606 | $&nbsp;&nbsp;&nbsp;&nbsp;288545 | $&nbsp;&nbsp;&nbsp;&nbsp;292034 | $&nbsp;&nbsp;&nbsp;&nbsp;259247 | $&nbsp;&nbsp;&nbsp;&nbsp;291802 | $&nbsp;&nbsp;&nbsp;&nbsp;427435 | $&nbsp;&nbsp;&nbsp;&nbsp;317792 |
|  Portfolio turnover rate | 29% | 52% | 21% | 39% | 29% | 25% | 27% |

---

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

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

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

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

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

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

*See notes to financial statements.* 

60 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock 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 K | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months<br>Ended<br> 11/30/25(unaudited)  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Period from<br> 12/10/19to 09/30/20<br><sup>(a)</sup>  |
|  **Net asset value, beginning of period**  | $73.49 | $65.61 | $47.83 | $45.37 | $64.89 | $55.36 | $34.59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(b)</sup> | (0.17) | (0.27) | (0.19) | (0.10) | (0.24) | (0.24) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 14.96 | 11.01 | 17.97 | 2.56 | (14.55) | 12.68 | 20.93 |
|  Net increase (decrease) from investment operations | 14.79 | 10.74 | 17.78 | 2.46 | (14.79) | 12.44 | 20.77 |
|  Distributions from net realized gain<sup>(c)</sup> | (4.40) | (2.86) |  |  | (4.73) | (2.91) |  |
|  **Net asset value, end of period** | $83.88 | $73.49 | $65.61 | $47.83 | $45.37 | $64.89 | $55.36 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 20.63 %<sup>(e)</sup> | 16.33% | 37.17% | 5.42% | (25.05)% | 22.77 %<sup>(e)</sup> | 60.05 %<sup>(e)</sup> |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 0.83 %<sup>(g)</sup> | 0.84% | 0.85% | 0.87% | 0.84% | 0.83 %<sup>(g)</sup> | 0.87 %<sup>(g)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.83 %<sup>(g)</sup> | 0.83% | 0.85% | 0.87% | 0.83% | 0.82 %<sup>(g)</sup> | 0.86 %<sup>(g)</sup> |
|  Net investment loss | (0.43)%<sup>(g)</sup> | (0.38)% | (0.34)% | (0.24)% | (0.38)% | (0.56)%<sup>(g)</sup> | (0.46)%<sup>(g)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $501159 | $479904 | $241109 | $157185 | $135879 | $122568 | $75426 |
|  Portfolio turnover rate | 29% | 52% | 21% | 39% | 29% | 25% | 27 %(h) |

---

<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 61

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Financial Highlights (continued)

(For a share outstanding throughout each period)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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> 11/30/25(unaudited)  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $65.71 | $59.25 | $43.44 | $41.44 | $59.75 | $51.37 | $30.48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.37) | (0.61) | (0.46) | (0.30) | (0.56) | (0.46) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 13.32 | 9.93 | 16.27 | 2.30 | (13.25) | 11.75 | 21.78 |
|  Net increase (decrease) from investment operations | 12.95 | 9.32 | 15.81 | 2.00 | (13.81) | 11.29 | 21.40 |
|  Distributions from net realized gain<sup>(b)</sup> | (4.40) | (2.86) |  |  | (4.50) | (2.91) | (0.51) |
|  **Net asset value, end of period** | $74.26 | $65.71 | $59.25 | $43.44 | $41.44 | $59.75 | $51.37 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 20.25 %<sup>(d)</sup> | 15.68% | 36.39% | 4.83% | (25.47)% | 22.28 %<sup>(d)</sup> | 71.20% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 1.52 %<sup>(f)</sup> | 1.53% | 1.55% | 1.58% | 1.54% | 1.50 %<sup>(f)</sup> | 1.57% |
|  Total expenses after fees waived and/or reimbursed | 1.42 %<sup>(f)</sup> | 1.42% | 1.42% | 1.42% | 1.42% | 1.42 %<sup>(f)</sup> | 1.42% |
|  Net investment loss | (1.02)%<sup>(f)</sup> | (0.96)% | (0.91)% | (0.79)% | (0.98)% | (1.17)%<sup>(f)</sup> | (0.99)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $57752 | $50196 | $44320 | $35771 | $35001 | $50186 | $38907 |
|  Portfolio turnover rate | 29% | 52% | 21% | 39% | 29% | 25% | 27% |

---

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

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

*See notes to financial statements.* 

62 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Notes to Financial Statements (unaudited)

**1.**  ***ORGANIZATION*** 

BlackRock Capital Appreciation Fund, Inc. and BlackRock Funds<sup>SM</sup> (the "Trust") are each registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as open-end management investment companies. BlackRock Capital Appreciation Fund, Inc. is organized as a Maryland corporation. The Trust is organized as a Massachusetts business trust. BlackRock Energy Opportunities Fund, BlackRock Health Sciences Opportunities Portfolio, BlackRock High Equity Income 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 | Diversification Classification |
|  BlackRock Capital Appreciation Fund, Inc. | Capital Appreciation | Diversified |
|  BlackRock Energy Opportunities Fund | Energy Opportunities | Non-Diversified |
|  BlackRock Health Sciences Opportunities Portfolio | Health Sciences Opportunities | Diversified |
|  BlackRock High Equity Income Fund | High Equity Income | Diversified |
|  BlackRock Mid-Cap Growth Equity Portfolio | Mid-Cap Growth Equity | Diversified |
|  BlackRock Technology Opportunities Fund | Technology Opportunities | Diversified |

---

Each Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional, Service and Class K Shares are sold only to certain eligible investors. Service, Investor A, Investor C and Class R Shares bear certain expenses related to shareholder servicing of such shares, and Investor C and Class R Shares also bear certain expenses related to the distribution of such shares. Investor A and Investor C Shares are generally available through financial intermediaries. Class R Shares are sold only to certain employer-sponsored retirement plans. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures (except that Investor C shareholders may vote on material changes to the Investor A Shares distribution and service plan).

---

| | | | |
|:---|:---|:---|:---|
| Share Class | Initial Sales Charge | CDSC | Conversion Privilege |
|  Institutional, Service, Class K and Class R Shares | No | No |  |
|  Investor A Shares | Yes | No <sup>(a)</sup> |  |
|  Investor C Shares | No | Yes <sup>(b)</sup> | To Investor A Shares after approximately 8 years |

---

<sup>(a)</sup> Investor A Shares may be subject to a contingent deferred sales charge ("CDSC") for certain redemptions where no initial sales charge was paid at the time of purchase.

<sup>(b)</sup> A CDSC of 1.00% is assessed on certain redemptions of Investor C Shares made within one year after purchase. 

The Board of Directors of Capital Appreciation 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 Board previously approved certain changes to Mid-Cap Growth Equity's investment strategy. The Fund normally invests at least 80% of its net assets in growth equity securities issued by U.S. mid-capitalization companies and derivatives that provide investment exposure to such securities or related market risk factors. These changes were effective on September 26, 2025.

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

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 63

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Notes to Financial Statements (unaudited) (continued)

investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

**Foreign Taxes:** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of November 30, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

Consistent with U.S. GAAP accrual requirements for uncertain tax positions, each Fund recognizes tax reclaims when the Fund determines that it is more likely than not that each Fund will sustain its position that it is due the reclaim.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

**Cash:** The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

**Distributions:** Distributions paid by the Funds, excluding High Equity Income, are recorded on the ex-dividend dates. For High Equity Income, distributions from net investment income are declared daily and paid monthly. For High Equity Income, distributions of capital gains are recorded on the ex dividend dates and made at least annually. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

**Indemnifications:** In the normal course of business, a Fund enters into contracts that contain a variety of representations that provide general indemnification. A Fund's maximum exposure under these arrangements is unknown because it involves future potential claims against a Fund, which cannot be predicted with any certainty.

**Other:** Expenses directly related to a Fund or its classes are charged to that Fund or the applicable class. Expenses directly related to the Funds and other shared expenses prorated to the Funds are allocated daily to each class based on their relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

The Funds have an arrangement with their custodian whereby credits are earned on uninvested cash balances. For financial reporting purposes, custodian credits, if any, are included in interest income in the Statements of Operations.

**Segment Reporting:** The Chief Financial Officer acts as the Funds' Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund's financial statements.

**3.**  ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*** 

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of each Fund has approved the designation of each Fund's Manager as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager's policies and procedures as reflecting fair value. The Manager has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of each Fund's assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last trade or last available bid (long positions) or ask (short positions) price.

• Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price provided by independent dealers or third-party pricing services. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread

64 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Notes to Financial Statements (unaudited) (continued)

to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's net asset value ("NAV").

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

For investments in equity or debt issued by privately held companies or funds ("Private Company" or collectively, the "Private Companies") and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) recent market transactions, including secondary market transactions, merger or acquisition activity and subsequent rounds of financing in the underlying investment or comparable issuers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) recapitalizations and other transactions across the capital structure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) market or relevant indices multiples of comparable issuers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) quoted prices for similar investments or assets in active markets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) audited or unaudited financial statements, investor communications and Private Company financial or operational metrics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) relevant market news and other public sources.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing a market approach to determine the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model ("OPM"), a probability weighted expected return model ("PWERM"), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involves a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

Private Companies are not subject to public company disclosure, timing, and reporting standards applicable to other investments held by a Fund. Certain information made available by a Private Company is as of a date that is earlier than the date a Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;

• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

• Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

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 65

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Notes to Financial Statements (unaudited) (continued)

**4.**  ***SECURITIES AND OTHER INVESTMENTS*** 

**Equity-Linked Notes:** Equity-linked notes seek to generate income and provide exposure to the performance of an underlying security, group of securities or exchange-traded funds (the "underlying reference instrument"). In an equity-linked note, a fund purchases a note from a bank or broker-dealer and in return, the issuer provides for interest payments during the term of the note. At maturity or when the security is sold, a fund will either settle by taking physical delivery of the underlying reference instrument or by receipt of a cash settlement amount equal to the value of the note at termination or maturity. The use of equity-linked notes involves the risk that the value of the note changes unfavorably due to movements in the value of the underlying reference instrument. Equity-linked notes are considered general unsecured contractual obligations of the bank or broker-dealer. A fund must rely on the creditworthiness of the issuer for its investment returns.

**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 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 Funds collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. During the term of the loan, the Funds are entitled to all distributions made on or in respect of the loaned securities, but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC ("BIM"), if any, is disclosed in the Schedules of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are disclosed in the Funds' Schedules of Investments. The market value of any securities on loan and the value of related collateral, if any, are shown separately in the Statements of Assets and Liabilities as a component of investments at value – unaffiliated and collateral on securities loaned, respectively.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA"), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the Funds' securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name/Counterparty | Securities<br>Loaned at Value | Cash<br>Collateral Received<sup>(a)</sup> | Non-Cash<br>Collateral Received,<br>at Fair Value<sup>(a)</sup> | Net<br>Amount |
|  Energy Opportunities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | $242554 | $(238223) | $— | $4331 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | 494704 | (494704) |  |  |
|  | $737258 | $(732927) | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4331 |
|  Health Sciences Opportunities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | $6337586 | $(6337586) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 721966 | (721966) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 11008644 | (11008644) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 981730 | (981730) |  |  |

---

66 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

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,<br>at Fair Value<sup>(a)</sup>* | *Net<br>Amount* |
|  Health Sciences Opportunities (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | $1368054 | $(1368054) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | 4407463 | (4407463) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | 7787344 | (7787344) |  |  |
|  | $32612787 | $(32612787) | $— | $— |
|  High Equity Income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | $1353156 | $(1353156) | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Mid-Cap Growth Equity<sup>(c)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | $52599563 | $(52599563) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 4040995 | (4040995) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 6334082 | (6334082) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Financial Services LLC | 9798516 | (9798516) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | 28282784 | (28282784) |  |  |
|  | $101055940 | $(101055940) | $— | $— |
|  Technology Opportunities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | $168326 | $(168326) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 789476 | (789476) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 2769360 | (2769360) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 46414515 | (46414515) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 12647075 | (12647075) |  |  |
|  | $62788752 | $(62788752) | $— | $— |

---

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Funds' Statements of Assets and Liabilities. 

<sup>(b)</sup> The market value of the loaned securities is determined as of November 30, 2025. 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. 

<sup>(c)</sup> Securities loaned with a value of $350,600 have been sold and are pending settlement as of November 30, 2025. 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BIM. BIM's indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

**5.**  ***INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*** 

**Investment Advisory:** Capital Appreciation and the Trust, on behalf of Energy Opportunities, Health Sciences Opportunities, High Equity Income, Mid-Cap Growth Equity and Technology Opportunities, entered into an Investment Advisory Agreement with the Manager, the Funds' investment adviser and an indirect, majority-owned subsidiary of BlackRock, Inc. ("BlackRock"), to provide investment advisory services and with respect to Capital Appreciation, administrative services. The Manager is responsible for the management of each Fund's portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.

For such services, each Fund pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of each Fund's net assets:

---

| | |
|:---|:---|
|  | Investment Advisory Fees |
| Average Daily Net Assets | Capital Appreciation |
|  First $1 billion | 0.650% |
|  $1 billion - $1.5 billion | 0.625 |
|  $1.5 billion - $5 billion | 0.600 |
|  $5 billion - $7.5 billion | 0.575 |
|  Greater than $7.5 billion | 0.550 |

---

N O T E S T O F I N A N C I A L S T A T E M E N T S 67

------

Notes to Financial Statements (unaudited) (continued)

---

| | |
|:---|:---|
|  | Investment Advisory Fees |
| *Average Daily Net Assets* | *Energy*<br> *Opportunities* |
|  First $1 billion | 0.750% |
|  $1 billion - $2 billion | 0.700 |
|  $2 billion - $3 billion | 0.675 |
|  Greater than $3 billion | 0.650 |

---

---

| | |
|:---|:---|
|  | Investment Advisory Fees |
| Average Daily Net Assets | Health Sciences Opportunities |
|  First $1 billion | 0.750% |
|  $1 billion - $2 billion | 0.700 |
|  $2 billion - $3 billion | 0.675 |
|  $3 billion - $10 billion | 0.650 |
|  Greater than $10 billion | 0.640 |

---

---

| | |
|:---|:---|
|  | Investment Advisory Fees |
| Average Daily Net Assets | 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 |

---

---

| | | |
|:---|:---|:---|
|  | Investment Advisory Fees | Investment Advisory Fees |
| Average Daily Net Assets | *High Equity*<br> *Income* | Technology Opportunities |
|  First $1 billion | 0.810% | 0.820% |
|  $1 billion - $3 billion | 0.760 | 0.770 |
|  $3 billion - $5 billion | 0.730 | 0.740 |
|  $5 billion - $10 billion | 0.700 | 0.710 |
|  Greater than $10 billion | 0.680 | 0.700 |

---

With respect to Energy Opportunities, the Manager entered into a sub-advisory agreement with BlackRock International Limited ("BIL"), an affiliate of the Manager. The Manager pays BIL, for services it provides for that portion of the Fund for which BIL acts as Sub-Adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by the Fund to the Manager.

**Service and Distribution Fees:** Capital Appreciation and the Trust, on behalf of Energy Opportunities, Health Sciences Opportunities, High Equity Income, 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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Capital Appreciation | Capital Appreciation | Energy Opportunities | Energy Opportunities | Health Sciences Opportunities | Health Sciences Opportunities |
| Share Class | Service Fees | Distribution Fees | Service Fees | Distribution Fees | Service Fees | Distribution Fees |
|  Service | N/A | N/A | N/A | N/A | 0.25% | N/A |
|  Investor A | 0.25% | N/A | 0.25% | N/A | 0.25 | N/A |
|  Investor C | 0.25 | 0.75% | 0.25 | 0.75% | 0.25 | 0.75% |
|  Class R | 0.25 | 0.25 | N/A | N/A | 0.25 | 0.25 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | High Equity Income | High Equity Income | Mid-Cap Growth Equity | Mid-Cap Growth Equity | Technology Opportunities | Technology Opportunities |
| Share Class | Service Fees | Distribution Fees | Service Fees | Distribution Fees | Service Fees | Distribution Fees |
|  Service | N/A | N/A | 0.25% | N/A | 0.25% | N/A |
|  Investor A | 0.25% | N/A | 0.25 | N/A | 0.25 | N/A |
|  Investor C | 0.25 | 0.75% | 0.25 | 0.75% | 0.25 | 0.75% |
|  Class R | N/A | N/A | 0.25 | 0.25 | 0.25 | 0.25 |

---

BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing and distribution services to the Funds. The ongoing service and/or distribution fee compensates BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to shareholders.

68 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements (unaudited) (continued)

For the six months ended November 30, 2025, the following table shows the class specific service and distribution fees borne directly by each share class of each Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fund Name | Service | Investor A | Investor C | Class R | Total |
|  Capital Appreciation | $— | $2836429 | $201519 | $64428 | $3102376 |
|  Energy Opportunities |  | 203144 | 78856 |  | 282000 |
|  Health Sciences Opportunities | 29935 | 2858256 | 882840 | 531154 | 4302185 |
|  High Equity Income |  | 376009 | 316839 |  | 692848 |
|  Mid-Cap Growth Equity | 37286 | 1853267 | 709548 | 159672 | 2759773 |
|  Technology Opportunities | 69616 | 2999450 | 1584485 | 141224 | 4794775 |

---

**Administration:** The Trust, on behalf of Energy Opportunities, Health Sciences Opportunities, High Equity Income, Mid-Cap Growth Equity and Technology Opportunities, entered into an Administration Agreement with the Manager, an indirect, majority-owned subsidiary of BlackRock, to provide administrative services. For these services, the Manager receives an administration fee computed daily and payable monthly, based on a percentage of the average daily net assets of 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, 2025, the following table shows the class specific administration fees borne directly by each share class of each Fund:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Institutional | Service | Investor A | Investor C | Class K | Class R | Total |
|  Energy Opportunities | $9437 | $— | $16251 | $1578 | $— | $— | $27266 |
|  Health Sciences Opportunities | 318146 | 2396 | 228745 | 17697 | 45547 | 21250 | 633781 |
|  High Equity Income | 137513 |  | 30059 | 6330 | 15387 |  | 189289 |
|  Mid-Cap Growth Equity | 342286 | 2990 | 148225 | 14194 | 269375 | 6393 | 783463 |
|  Technology Opportunities | 342920 | 5563 | 239626 | 31655 | 51648 | 5641 | 677053 |

---

**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, 2025, the Funds paid the following amounts to affiliates of BlackRock in return for these services, which are included in transfer agent — class specific in the Statements of Operations:

---

| | | |
|:---|:---|:---|
| Fund Name | Institutional | Total |
|  Capital Appreciation | $91311 | $91311 |

---

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, 2025, each Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statement of Operations:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Institutional | Service | Investor A | Investor C | Class K | Class R | Total |
|  Capital Appreciation | $2106 | $— | $58632 | $4601 | $1723 | $149 | $67211 |
|  Energy Opportunities | 1234 |  | 15932 | 1033 |  |  | 18199 |
|  Health Sciences Opportunities | 9415 | 286 | 51191 | 7730 | 1353 | 754 | 70729 |
|  High Equity Income | 1540 |  | 9548 | 1294 | 260 |  | 12642 |
|  Mid-Cap Growth Equity | 5100 | 167 | 89041 | 4122 | 5016 | 750 | 104196 |
|  Technology Opportunities | 9981 | 144 | 33202 | 5898 | 862 | 424 | 50511 |

---

For the six months ended November 30, 2025, the following table shows the class specific transfer agent fees borne directly by each share class of each Fund:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Institutional | Service | Investor A | Investor C | Class K | Class R | Total |
|  Capital Appreciation | $399962 | $— | $990836 | $35459 | $13788 | $24896 | $1464941 |
|  Energy Opportunities | 73826 |  | 162823 | 12879 |  |  | 249528 |
|  Health Sciences Opportunities | 1767895 | 19887 | 1258881 | 133047 | 16167 | 234114 | 3429991 |
|  High Equity Income | 772219 |  | 152765 | 28386 | 6181 |  | 959551 |
|  Mid-Cap Growth Equity | 2451659 | 31728 | 1159297 | 95141 | 179910 | 71455 | 3989190 |
|  Technology Opportunities | 1939305 | 42466 | 1405818 | 158085 | 8456 | 55091 | 3609221 |

---

N O T E S T O F I N A N C I A L S T A T E M E N T S 69

------

Notes to Financial Statements (unaudited) (continued)

**Other Fees:** For the six months ended November 30, 2025, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of each Fund's Investor A Shares as follows:

---

| | |
|:---|:---|
| Fund Name | Amounts |
|  Capital Appreciation | $18711 |
|  Energy Opportunities | 2617 |
|  Health Sciences Opportunities | 11154 |
|  High Equity Income | 19051 |
|  Mid-Cap Growth Equity | 12798 |
|  Technology Opportunities | 61198 |

---

For the six months ended November 30, 2025, affiliates received CDSCs as follows:

---

| | | |
|:---|:---|:---|
| Fund Name | Investor A | Investor C |
|  Capital Appreciation | $1373 | $2045 |
|  Energy Opportunities | 3587 | 4167 |
|  Health Sciences Opportunities | 3799 | 7025 |
|  High Equity Income | 3591 | 1017 |
|  Mid-Cap Growth Equity | 835 | 2484 |
|  Technology Opportunities | 2923 | 8539 |

---

**Expense Limitations, Waivers, Reimbursements, and Recoupments:** With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the "affiliated money market fund waiver") through June 30, 2027. The contractual agreement may be terminated upon 90 days' notice by a majority of the directors who are not "interested persons" of Capital Appreciation 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, 2025, the amounts waived were as follows:

---

| | |
|:---|:---|
| Fund Name | Fees waived and/or reimbursed<br>by the Manager |
|  Capital Appreciation | $2394 |
|  Energy Opportunities | 1207 |
|  Health Sciences Opportunities | 22900 |
|  High Equity Income | 26639 |
|  Mid-Cap Growth Equity | 6454 |
|  Technology Opportunities | 15115 |

---

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, 2027. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of a Fund. For the six months ended November 30, 2025, there were no fees waived and/or reimbursed by the Manager pursuant to this arrangement.

With respect to each Fund (except Health Sciences Opportunities), the Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, tax expense, acquired fund fees and expenses, and certain other fund expenses ("expense limitation"). The current expense limitations as a percentage of average daily net assets are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Share Class | Capital Appreciation | Energy Opportunities | High Equity Income | Mid-Cap Growth Equity | Technology Opportunities |
|  Institutional | 0.67% | 0.91% | 0.85% | 0.80% | 0.92% |
|  Service | N/A | N/A | N/A | 1.05 | 1.17 |
|  Investor A | 0.92 | 1.32 | 1.10 | 1.05 | 1.17 |
|  Investor C | 1.67 | 2.04 | 1.85 | 1.80 | 1.92 |
|  Class K | 0.62 | N/A | 0.80 | 0.75 | 0.87 |
|  Class R | 1.17 | N/A | N/A | 1.30 | 1.42 |

---

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2027 (or June 30, 2036 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, 2025, the amounts included in the Statements of Operations were as follows:

---

| | |
|:---|:---|
| Fund Name | Fees waived and/or reimbursed<br>by the Manager |
|  Capital Appreciation | $284672 |
|  Energy Opportunities | 450 |
|  High Equity Income | 536679 |

---

70 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Notes to Financial Statements (unaudited) (continued)

In addition, these amounts waived and/or reimbursed by the Manager are included in administration fees waived by the Manager — class specific and transfer agent fees waived and/or reimbursed by the Manager — class specific, respectively, in the Statement of Operations. For the six months ended November 30, 2025, class specific expense waivers and/or reimbursements were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Administration Fees Waived by the Manager - Class Specific | Administration Fees Waived by the Manager - Class Specific | Administration Fees Waived by the Manager - Class Specific | Administration Fees Waived by the Manager - Class Specific | Administration Fees Waived by the Manager - Class Specific | Administration Fees Waived by the Manager - Class Specific | Administration Fees Waived by the Manager - Class Specific |
| Fund Name | Institutional | Service | Investor A | Investor C | Class K | Class R | Total |
|  Energy Opportunities | $9438 | $— | $16251 | $1575 | $— | $— | $27264 |
|  High Equity Income | 137513 |  | 30059 | 6330 | 15387 |  | 189289 |
|  Mid-Cap Growth Equity | 342286 | 2990 | 148225 | 14194 |  | &nbsp;&nbsp;&nbsp;&nbsp;6393 | 514088 |
|  Technology Opportunities | 287692 | 5563 | 225928 | 10017 |  | 5641 | 534841 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Transfer Agent Fees Waived and/or Reimbursed by the Manager - Class Specific | Transfer Agent Fees Waived and/or Reimbursed by the Manager - Class Specific | Transfer Agent Fees Waived and/or Reimbursed by the Manager - Class Specific | Transfer Agent Fees Waived and/or Reimbursed by the Manager - Class Specific | Transfer Agent Fees Waived and/or Reimbursed by the Manager - Class Specific | Transfer Agent Fees Waived and/or Reimbursed by the Manager - Class Specific | Transfer Agent Fees Waived and/or Reimbursed by the Manager - Class Specific |
| Fund Name | Institutional | Service | Investor A | Investor C | Class K | Class R | Total |
|  Capital Appreciation | $181147 | $— | $427368 | $25571 | $13788 | $18503 | $666377 |
|  Energy Opportunities | 70982 |  | 28029 | 2151 |  |  | 101162 |
|  High Equity Income | 430262 |  | 79023 | 12951 | 6181 |  | 528417 |
|  Mid-Cap Growth Equity | 551708 | 14955 | 338200 | 16570 |  | 35700 | 957133 |
|  Technology Opportunities | 4674 | 10269 | 33586 |  |  | 22555 | 71084 |

---

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Funds are responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional, managed by the Manager or its affiliates. However, BIM has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Funds bear to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been reinvested may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, the money market fund will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. The money market fund will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If the money market fund cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BIM as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, Capital Appreciation, Health Sciences Opportunities, High Equity Income, Mid-Cap Growth Equity and Technology Opportunities each retain 81% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Pursuant to the current securities lending agreement, Energy Opportunities retains 82% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds specified thresholds, Capital Appreciation, Health Sciences Opportunities, High Equity Income, Mid-Cap Growth Equity and Technology Opportunities, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 84% of securities lending income (which excluded collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Energy Opportunities, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 85% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

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, 2025, each Fund paid BIM the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| Fund Name | Amounts |
|  Capital Appreciation | $3362 |
|  Energy Opportunities | 51 |
|  Health Sciences Opportunities | 83338 |
|  High Equity Income | 1272 |
|  Mid-Cap Growth Equity | 48671 |
|  Technology Opportunities | 147080 |

---

N O T E S T O F I N A N C I A L S T A T E M E N T S 71

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Notes to Financial Statements (unaudited) (continued)

**Directors and Officers:** Certain directors and/or officers of Capital Appreciation and the Trust are directors and/or officers of BlackRock or its affiliates. The Funds reimburse the Manager for a portion of the compensation paid to Capital Appreciation's/the Trust's Chief Compliance Officer, which is included in Directors and Officer in the Statements of Operations.

**6.**  ***PURCHASES AND SALES*** 

For the six months ended November 30, 2025, purchases and sales of investments, excluding short-term securities, were as follows:

---

| | | |
|:---|:---|:---|
| Fund Name | Purchases | Sales |
|  Capital Appreciation | $1289365735 | $1532969453 |
|  Energy Opportunities | 26982684 | 52076427 |
|  Health Sciences Opportunities | 1446289846 | 2161928185 |
|  High Equity Income | 925928058 | 1009375395 |
|  Mid-Cap Growth Equity | 3667340348 | 5910281886 |
|  Technology Opportunities | 1930104904 | 2225077504 |

---

**7.**  ***INCOME TAX INFORMATION*** 

It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund's U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on each Fund's state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Funds as of November 30, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

As of May 31, 2025, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains and qualified late-year losses as follows:

---

| | | |
|:---|:---|:---|
| Fund Name | Non-Expiring Capital<br>Loss Carryforwards | Qualified Late-Year<br>Ordinary Losses |
|  Capital Appreciation | $— | $(8738786) |
|  Energy Opportunities | (270412603) |  |
|  Health Sciences Opportunities |  | (2057509) |
|  High Equity Income | (94298012) |  |
|  Mid-Cap Growth Equity |  | (22092945) |
|  Technology Opportunities |  | (13909027) |

---

As of November 30, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name | Tax Cost | Gross Unrealized<br>Appreciation | Gross Unrealized<br>Depreciation | Net Unrealized<br>Appreciation<br>(Depreciation) |
|  Capital Appreciation | $1834554335 | $2059461606 | $(63581072) | $1995880534 |
|  Energy Opportunities | 192229281 | 83813902 | (5294616) | 78519286 |
|  Health Sciences Opportunities | 3698019661 | 3230117635 | (105086472) | 3125031163 |
|  High Equity Income | 1909645261 | 156413315 | (42843345) | 113569970 |
|  Mid-Cap Growth Equity | 5135405678 | 1912115182 | (149592100) | 1762523082 |
|  Technology Opportunities | 3359393114 | 3673928851 | (103292274) | 3570636577 |

---

**8.**  ***BANK BORROWINGS*** 

Capital Appreciation and the Trust, on behalf of each Fund, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds 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.

72 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements (unaudited) (continued)

The agreement expires in April 2026 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended November 30, 2025, the Funds did not borrow under the credit agreement.

**9.**  ***PRINCIPAL RISKS*** 

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund's prospectus provides details of the risks to which each Fund is subject.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Fund may invest in illiquid investments. An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Fund may lose value, regardless of the individual results of the securities and other instruments in which a Fund invests. A Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

The price a Fund could receive upon the sale of any particular portfolio investment may differ from a Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore a Fund's results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Fund, and a Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

**Counterparty Credit Risk:** The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds' exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

**Geographic/Asset Class Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund's portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the income from, or the value or liquidity of, the Fund's portfolio. Investment percentages in specific sectors are presented in the Schedules of Investments.

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

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)

**10.**  ***CAPITAL SHARE TRANSACTIONS*** 

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended 11/30/25 | Six Months Ended 11/30/25 | Year Ended 05/31/25 | Year Ended 05/31/25 |
| 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 | 1027727 | $46484476 | 2710540 | $112834100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 1112533 | 48873597 | 1780020 | 75331070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2307570) | (104839661) | (3821884) | (162356316) |
|  | (167310) | $(9481588) | 668676 | $25808854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 864571 | $33136079 | 2783717 | $100946288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 4305003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159801720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6895509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250959260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (4383402) | (167795892) | (10004202) | (362895783) |
|  | 786172 | $25141907 | (324976) | $(10990235) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 128951 | $2167503 | 321989 | $5772361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 398061 | 6392852 | 528664 | 9494605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (334241) | (5663229) | (710891) | (12777860) |
|  | 192771 | $2897126 | 139762 | $2489106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 439397 | $20132860 | 1314311 | $55940126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 848338 | 37835872 | 1319751 | 56569322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (902314) | (41270019) | (2046318) | (87771711) |
|  | 385421 | $16698713 | 587744 | $24737737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 81559 | $2002097 | 192144 | $4633334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 122809 | 2893393 | 180101 | 4414337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (100627) | (2473165) | (396828) | (9704008) |
|  | 103741 | $2422325 | (24583) | $(656337) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300795 | $37678483 | 1046623 | $41389125 |
|  Energy Opportunities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 538367 | $7580933 | 2415823 | $33321224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 80071 | 1108983 | 194227 | 2730593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (997386) | (14040950) | (3732110) | (50997270) |
|  | (378948) | $(5351034) | (1122060) | $(14945453) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 930681 | $12675171 | 3044257 | $40806852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 124220 | 1667025 | 292834 | 3996854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2133107) | (29039710) | (5642592) | (75268033) |
|  | (1078206) | $(14697514) | (2305501) | $(30464327) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 33528 | $444945 | 542016 | $7024241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 9185 | 118579 | 22181 | 290421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (205340) | (2701698) | (585964) | (7345612) |
|  | (162627) | $(2138174) | (21767) | $(30950) |
|  | (1619781) | $(22186722) | (3449328) | $(45440730) |

---

74 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements (unaudited) (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended 11/30/25 | Six Months Ended 11/30/25 | Year Ended 05/31/25 | Year Ended 05/31/25 |
| *Fund Name/Share Class* | *Shares* | *Amount* | *Shares* | *Amount* |
|  Health Sciences Opportunities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 2991715 | $199390547 | 7335504 | $526145787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2832247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175344421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4346692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311816395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (11534853) | (757446389) | (19519518) | (1397601173) |
|  | (5710891) | $(382711421) | (7837322) | $(559638991) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 13120 | $786768 | 30670 | $2072463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 26063 | 1497610 | 35938 | 2410205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (89658) | (5470505) | (105871) | (7186693) |
|  | (50475) | $(3186127) | (39263) | $(2704025) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 841655 | $51643241 | 2404374 | $162210046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 2379621 | 135923963 | 3310459 | 220806364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (5414699) | (329024309) | (8638584) | (575328436) |
|  | (2193423) | $(141457105) | (2923751) | $(192312026) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 59109 | $2832721 | 230855 | $12791845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 315996 | 14143978 | 514028 | 27658619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (1135042) | (54414897) | (2209489) | (119236399) |
|  | (759937) | $(37438198) | (1464606) | $(78785935) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 795964 | $53074270 | 1593956 | $115627270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 409414 | 25408212 | 547643 | 39303488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1157813) | (76731314) | (2034841) | (146170723) |
|  | 47565 | $1751168 | 106758 | $8760035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 104772 | $6180144 | 247765 | $15757043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 247376 | 13563609 | 314853 | 20274657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (425456) | (24867655) | (657216) | (42309475) |
|  | (73308) | $(5123902) | (94598) | $(6277775) |
|  | (8740469) | $(568165585) | (12252782) | $(830958717) |
|  High Equity Income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 8182875 | $237730365 | 18635786 | $524021705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 1859372 | 54310380 | 3663485 | 105083107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (7244720) | (210181371) | (25716293) | (718766553) |
|  | 2797527 | $81859374 | (3417022) | $(89661741) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 1042872 | $25278126 | 1530371 | $36595669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 469879 | 11478122 | 948580 | 22749050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1514028) | (36831568) | (2703518) | (64288164) |
|  | (1277) | $(75320) | (224567) | $(4943445) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 293221 | $4437163 | 526434 | $7784988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 146928 | 2214435 | 293234 | 4364283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversions of shares | (450898) | (6824200) | (817683) | (12073385) |
|  | (10749) | $(172602) | 1985 | $75886 |

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N O T E S T O F I N A N C I A L S T A T E M E N T S 75

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Notes to Financial Statements (unaudited) (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended 11/30/25 | Six Months Ended 11/30/25 | Year Ended 05/31/25 | Year Ended 05/31/25 |
| *Fund Name/Share Class* | *Shares* | *Amount* | *Shares* | *Amount* |
|  High Equity Income (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 564564 | $16396713 | 1473885 | $41664605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 209533 | 6112300 | 597649 | 17164290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1417222) | (41451682) | (4109180) | (110000585) |
|  | (643125) | $(18942669) | (2037646) | $(51171690) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2142376 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62668783 | (5677250) | $(145700990) |
|  Mid-Cap Growth Equity |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 7988226 | $350334057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15032152 | $611861106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 3122696 | 134931692 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (23602001) | (1024251984) | (63014035) | (2576136207) |
|  | (12491079) | $(538986235) | (47981883) | $(1964275101) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 25111 | $971391 | 127661 | $4685835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 48247 | 1839659 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (705872) | (27001681) | (635513) | (23434344) |
|  | (632514) | $(24190631) | (507852) | $(18748509) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 1328865 | $48538807 | 3606779 | $126439042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 1873990 | 67932141 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (5200146) | (189273120) | (11454473) | (398340114) |
|  | (1997291) | $(72802172) | (7847694) | $(271901072) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 55458 | $1705034 | 242076 | $6183661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 349355 | 8847854 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (978927) | (25701240) | (2201784) | (56464433) |
|  | (574114) | $(15148352) | (1959708) | $(50280772) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 3495442 | $152994358 | 14816872 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610234528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 2372647 | 103281348 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (30728310) | (1347493407) | (54628834) | (2269019642) |
|  | (24860221) | $(1091217701) | (39811962) | $(1658785114) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 115541 | $4094193 | 368272 | $12381997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 100597 | 3523900 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (799245) | (28014759) | (897697) | (30664264) |
|  | (583107) | $(20396666) | (529425) | $(18282267) |
|  | (41138326) | $(1762741757) | (98638524) | $(3982272835) |
|  Technology Opportunities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 4045944 | $325659319 | 10676855 | $750964446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 2266243 | 174817956 | 1523620 | 112641239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (6968648) | (565785233) | (12300761) | (862120690) |
|  | (656461) | $(65307958) | (100286) | $1484995 |

---

76 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Notes to Financial Statements (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended 11/30/25 | Six Months Ended 11/30/25 | Year Ended 05/31/25 | Year Ended 05/31/25 |
| *Fund Name/Share Class* | *Shares* | *Amount* | *Shares* | *Amount* |
|  Technology Opportunities (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Service |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 70920 | $5274417 | 257946 | $17247737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 45116 | 3198716 | 33359 | 2280726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (123484) | (9026339) | (316600) | (20353931) |
|  | (7448) | $(553206) | (25295) | $(825468) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 2285183 | $165650206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5044809 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324334699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 1967925 | 135747480 | 1325531 | 88320110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (3158261) | (227808033) | (7322687) | (466015973) |
|  | 1094847 | $73589653 | (952347) | $(53361164) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331428 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18267780 | 676637 | $33933803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 453386 | 23816369 | 312597 | 16233137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (814092) | (44974783) | (1579819) | (79231894) |
|  | (29278) | $(2890634) | (590585) | $(29064954) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 674734 | $54913993 | 4192619 | $299508059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 371033 | 28736481 | 177138 | 13138324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1601238) | (131114355) | (1514409) | (107269314) |
|  | (555471) | $(47463881) | 2855348 | $205377069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 98205 | $7008134 | 266788 | $17130381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 48603 | 3339536 | 31897 | 2120805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (133023) | (9564338) | (282790) | (17865794) |
|  | 13785 | $783332 | 15895 | $1385392 |
|  | (140026) | $(41842694) | 1202730 | $124995870 |

---

As of November 30, 2025, shares owned by BlackRock Financial Management, Inc., an affiliate of the Funds, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Share Class | High<br>Equity<br>Income | High<br>Equity<br>Income | Technology<br>Opportunities | Technology<br>Opportunities |
|  Class K |  | 11882 |  | 8673 |

---

**11.**  ***FOREIGN WITHHOLDINGS TAX CLAIMS*** 

The Internal Revenue Service ("IRS") has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which each of the Funds is able to pass through to shareholders as a foreign tax credit in the current year, the Funds will be able to offset the prior years' withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Funds.

Certain of the outstanding foreign tax reclaims are not deemed by the Funds to meet the recognition criteria under U.S. GAAP as of November 30, 2025 and have not been recorded in the applicable Fund's net asset value. The recognition by the Funds of these amounts would have a positive impact on the applicable Fund's performance. If a Fund receives a tax refund that has not been previously recorded, investors in the Fund at the time the claim is successful will benefit from any resulting increase in the Fund's NAV. Investors who sold their shares prior to such time will not benefit from such NAV increase.

Energy Opportunities is seeking a closing agreement with the IRS to address any prior years' U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Fund has accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the Statements of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.

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)

**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.

78 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Additional Information

#### Changes in and Disagreements with Accountants
Not applicable.

#### Proxy Results
Not applicable.

#### Remuneration Paid to Directors, Officers, and Others
Compensation to the independent directors/trustees of BlackRock Capital Appreciation Fund, Inc. and the Trust is paid by BlackRock Capital Appreciation Fund, Inc. and the Trust on behalf of the Funds.

#### General Information
Quarterly performance, shareholder reports, semi-annual and annual financial statements, current net asset value and other information regarding the Funds may be found on BlackRock's website, which can be accessed at **blackrock.com**. Any reference to BlackRock's website in this report is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock's website in this report.

#### Electronic Delivery
Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program.

To enroll in electronic delivery:

#### Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:
Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.

#### Shareholders Who Hold Accounts Directly with BlackRock:
1. Access the BlackRock website at **blackrock.com** 

2. Select "Access Your Account"

3. Next, select "eDelivery" in the "Related Resources" box and follow the sign-up instructions.

#### BlackRock's Mutual Fund Family
BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit **blackrock.com** for more information.

#### Shareholder Privileges

#### Account Information
Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit **blackrock.com** for more information.

#### Automatic Investment Plans
Investor class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.

#### Systematic Withdrawal Plans
Investor class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.

#### Retirement Plans
Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.

A D D I T I O N A L I N F O R M A T I O N 79

------

Additional Information (continued)

#### Fund and Service Providers

---

| | |
|:---|:---|
| **Investment Adviser and Administrator** | **Independent Registered Public Accounting Firm** |
| BlackRock Advisors, LLC | Deloitte & Touche LLP |
| Wilmington, DE 19809 | Boston, MA 02110 |
| **Sub-Adviser<sup>(a)</sup>** | **Distributor** |
| BlackRock International Limited | BlackRock Investments, LLC |
| Edinburgh, EH3 8BL | New York, NY 10001 |
| United Kingdom |  |
|  | **Legal Counsel** |
| **Accounting Agent and Transfer Agent** | Ropes & Gray LLP |
| BNY Mellon Investment Servicing (US) Inc. | New York, NY 10036 |
| Wilmington, DE 19809 |  |
|  | **Address of the Corporation/Trust** |
| **Custodian** | 100 Bellevue Parkway |
| The Bank of New York Mellon | Wilmington, DE 19809 |
| New York, NY 10286 |  |
|  <sup>(a)</sup> BlackRock Energy Opportunities Fund. |  |

---

80 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Glossary of Terms Used in these Financial Statements

#### Currency Abbreviation

---

| | |
|:---|:---|
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| EUR | Euro |
| GBP | British Pound |
| USD | United States Dollar |

---

#### Portfolio Abbreviation

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| CVR | Contingent Value Rights |
| GDR | Global Depositary Receipt |
| NVS | Non-Voting Shares |
| REIT | Real Estate Investment Trust |

---

G L O S S A R Y O F T E R M S U S E D I N T H E S E F I N A N C I A L S T A T E M E N T S 81

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### Want to know more?
blackrock.com \| 800-441-7762

This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless preceded or accompanied by the Funds' current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.

---

| | |
|:---|:---|
| ![LOGO](g17396dsp084a.jpg)  | ![LOGO](g17396dsp084b.jpg) |

---

------

---

| | |
|:---|:---|
| ![LOGO](g12445g42l24.jpg)  | NOVEMBER 30, 2025 |

---

**2025 Semi-Annual Financial<br>Statements and Additional<br>Information (Unaudited)**<br>

#### BlackRock Funds<sup>SM</sup>
• BlackRock U.S. Insights Long/Short Equity Fund

Not FDIC Insured • May Lose Value • No Bank Guarantee

------

**Table of Contents**

---

| | |
|:---|:---|
|  | Page |
|  [Derivative Financial Instruments](#fin12445_1) | 3 |
|  [Schedule of Investments](#fin12445_2) | 4 |
|  [Statement of Assets and Liabilities](#fin12445_3) | 18 |
|  [Statement of Operations](#fin12445_4) | 20 |
|  [Statements of Changes in Net Assets](#fin12445_5) | 21 |
|  [Financial Highlights](#fin12445_6) | 22 |
|  [Notes to Financial Statements](#fin12445_7) | 25 |
|  [Additional Information](#fin12445_8) | 34 |
|  [Glossary of Terms Used in these Financial Statements](#fin12445_9) | 36 |

---

2.0 ------

Derivative Financial Instruments

The Fund may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Fund must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Fund's successful use of a derivative financial instrument depends on the investment adviser's ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation the Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Fund's investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.

D E R I V A T I V E F I N A N C I A L I N S T R U M E N T S 3

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> November 30, 2025 | **BlackRock U.S. Insights Long/Short Equity Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> *Value* |
|  **Common Stocks** | **Common Stocks** | **Common Stocks** |
|  **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** |
|  Beta Technologies, Inc., Class A<sup>(a)</sup>  | 1224 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33379 |
|  **Consumer Finance — 0.1%** | **Consumer Finance — 0.1%** | **Consumer Finance — 0.1%** |
|  Figure Technology Solutions, Inc., Class A<sup>(a)</sup>  | 376 | 13626 |
|  **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |
|  WaterBridge Infrastructure LLC, Class A<sup>(a)</sup>  | 969 | 22093 |
|  **Financial Services — 0.1%** | **Financial Services — 0.1%** | **Financial Services — 0.1%** |
|  Klarna Group PLC<sup>(a)</sup>  | 341 | 10731 |
|  **Hotels, Restaurants & Leisure — 0.3%** | **Hotels, Restaurants & Leisure — 0.3%** | **Hotels, Restaurants & Leisure — 0.3%** |
|  Black Rock Coffee Bar, Inc., Class A<sup>(a)</sup>  | 425 | 9669 |
|  Navan, Inc., Class A<sup>(a)</sup>  | 1521 | 25385 |
|  |  | 35054 |
|  **Insurance — 0.0%** | **Insurance — 0.0%** | **Insurance — 0.0%** |
|  Neptune Insurance Holdings, Inc., Class A<sup>(a)</sup>  | 257 | 5993 |
|  **Machinery — 0.3%** | **Machinery — 0.3%** | **Machinery — 0.3%** |
|  Alliance Laundry Holdings, Inc.<sup>(a)</sup>  | 1762 | 41883 |
|  **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |
|  Netskope, Inc., Class A<sup>(a)</sup>  | 778 | 14300 |
|  Via Transportation, Inc., Class A<sup>(a)</sup>  | 266 | 9265 |
|  |  | 23565 |
|  **Total Long-Term Investments — 1.5%<br>(Cost: $201,483)** | **Total Long-Term Investments — 1.5%<br>(Cost: $201,483)** | 186324 |

---

---

| | | |
|:---|:---|:---|
| Security | *Par*<br> *(000)* | Value |
|  **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
|  **U.S. Treasury Obligations<sup>(b)</sup> — 92.5%** | **U.S. Treasury Obligations<sup>(b)</sup> — 92.5%** | **U.S. Treasury Obligations<sup>(b)</sup> — 92.5%** |
|  U.S. Treasury Bills, 3.85%, 12/11/25 | USD 12,052 | $12039193 |
|  **Total Short-Term Securities — 92.5%<br>(Cost: $12,039,445)** | **Total Short-Term Securities — 92.5%<br>(Cost: $12,039,445)** | 12039193 |
|  **Total Investments — 94.0%<br>(Cost: $12,240,928)** | **Total Investments — 94.0%<br>(Cost: $12,240,928)** | 12225517 |
|  **Other Assets Less Liabilities — 6.0%** | **Other Assets Less Liabilities — 6.0%** | 785986 |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | $13011503 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Rates are discount rates or a range of discount rates as of period end.

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended November 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Issuer | *Value at*<br> *05/31/25* | *Proceeds*<br> *from Sales* | *Net*<br> *Realized*<br> *Gain*<br> *(Loss)* | *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* | Income | *Capital*<br> *Gain*<br> *Distributions*<br> *from*<br> *Underlying*<br> *Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares<sup>(a)</sup>  | $– $– $| (10)<sup>(b)</sup> | $10 | $– $– – $| 338 <sup>(c)</sup> | $— |

---

<sup>(a)</sup> As of period end, the entity is no longer held.

<sup>(b)</sup> Represents net amount purchased (sold). 

<sup>(c)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities.

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.

#### Derivative Financial Instruments Outstanding as of Period End

#### Equity Swap Contracts

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Counterparty | Notional Amount | Notional Amount | Termination Date | Spread | Reference Rate | *Payment*<br> *Frequency* | *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  Long Contracts<sup>(a)</sup>  |  |  |  |  |  |  |  |  |
|  Adobe, Inc. | Barclays Bank PLC | USD | 34742 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | $153 |
|  Adobe, Inc. | Goldman Sachs Bank USA |  | 75091 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (1141) |
|  Advanced Micro Devices, Inc. | Goldman Sachs Bank USA |  | 59408 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (5679) |
|  Allegion PLC | Goldman Sachs Bank USA |  | 20316 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 770 |

---

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock U.S. Insights Long/Short Equity Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |

---

#### Equity Swap Contracts (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Counterparty | Notional Amount | Notional Amount | Termination Date | Spread | Reference Rate | *Payment*<br> *Frequency* | *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  Long Contracts<sup>(a)</sup> (continued) |  |  |  |  |  |  |  |  |
|  Allegion PLC | HSBC Bank PLC | USD | 42721 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | $(218) |
|  Allegion PLC | Merrill Lynch International |  | 38233 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 1448 |
|  Allstate Corp. (The) | Barclays Bank PLC |  | 6159 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 18 |
|  Allstate Corp. (The) | Merrill Lynch International |  | 115066 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 2073 |
|  Alphabet, Inc., Class A | Goldman Sachs Bank USA |  | 92917 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 11462 |
|  Alphabet, Inc., Class A | HSBC Bank PLC |  | 90801 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 9415 |
|  Alphabet, Inc., Class A | Merrill Lynch International |  | 139945 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 17264 |
|  Amazon.com, Inc. | Barclays Bank PLC |  | 60869 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 1867 |
|  Amazon.com, Inc. | Goldman Sachs Bank USA |  | 250568 | 08/19/26 | 0.20% | 1D FEDL01 | Monthly | 377 |
|  Amazon.com, Inc. | HSBC Bank PLC |  | 95137 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | (5814) |
|  Amazon.com, Inc. | Merrill Lynch International |  | 101997 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 153 |
|  American Electric Power Co., Inc. | Merrill Lynch International |  | 113946 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 46 |
|  Amphenol Corp., Class A | Goldman Sachs Bank USA |  | 84559 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 5476 |
|  Amphenol Corp., Class A | HSBC Bank PLC |  | 5690 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 368 |
|  Amphenol Corp., Class A | Merrill Lynch International |  | 102820 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 6659 |
|  Apple Inc. | Goldman Sachs Bank USA |  | 14175 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 604 |
|  Apple Inc. | HSBC Bank PLC |  | 431088 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 15072 |
|  Applied Materials, Inc. | Barclays Bank PLC |  | 60498 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 5591 |
|  Aptiv PLC | Merrill Lynch International |  | 60865 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 554 |
|  Arista Networks, Inc. | Barclays Bank PLC |  | 1955 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 136 |
|  Arista Networks, Inc. | HSBC Bank PLC |  | 60120 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | (2882) |
|  Assurant, Inc. | Goldman Sachs Bank USA |  | 2923 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 43 |
|  Assurant, Inc. | HSBC Bank PLC |  | 2713 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 25 |
|  Assurant, Inc. | Merrill Lynch International |  | 66999 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 992 |
|  AvalonBay Communities, Inc. | Barclays Bank PLC |  | 56108 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 476 |
|  AvalonBay Communities, Inc. | Goldman Sachs Bank USA |  | 2663 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 66 |
|  AvalonBay Communities, Inc. | HSBC Bank PLC |  | 18559 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 545 |
|  Axalta Coating Systems Ltd. | Goldman Sachs Bank USA |  | 120723 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 8354 |
|  Bank of America Corp. | Barclays Bank PLC |  | 3375 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 112 |
|  Bank of America Corp. | Goldman Sachs Bank USA |  | 26203 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 1105 |
|  Bank of America Corp. | HSBC Bank PLC |  | 37447 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 161 |
|  Barrick Mining Corp. | Barclays Bank PLC |  | 19335 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 880 |
|  Barrick Mining Corp. | HSBC Bank PLC |  | 101894 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 19149 |
|  Barrick Mining Corp. | Merrill Lynch International |  | 84897 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 10061 |
|  Bath & Body Works, Inc. | Barclays Bank PLC |  | 13848 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 1646 |
|  Bath & Body Works, Inc. | Goldman Sachs Bank USA |  | 44702 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (8419) |
|  Bath & Body Works, Inc. | HSBC Bank PLC |  | 3004 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | (567) |
|  Bath & Body Works, Inc. | Merrill Lynch International |  | 5384 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (1014) |
|  Baxter International, Inc. | Barclays Bank PLC |  | 19925 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 614 |
|  Baxter International, Inc. | Goldman Sachs Bank USA |  | 44230 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 2414 |
|  Baxter International, Inc. | Merrill Lynch International |  | 12706 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 694 |
|  Becton Dickinson & Co. | Merrill Lynch International |  | 65124 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 1037 |
|  Biogen, Inc. | HSBC Bank PLC |  | 469 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 77 |
|  Biogen, Inc. | Merrill Lynch International |  | 81187 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 8583 |
|  Blue Owl Capital, Inc., Class A | Goldman Sachs Bank USA |  | 90166 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 8054 |
|  Blue Owl Capital, Inc., Class A | HSBC Bank PLC |  | 6605 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 40 |
|  Boston Scientific Corp. | Barclays Bank PLC |  | 27157 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 981 |
|  Boston Scientific Corp. | Merrill Lynch International |  | 134221 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (237) |
|  BP PLC, ADR | Barclays Bank PLC |  | 193411 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 1023 |
|  BP PLC, ADR | Goldman Sachs Bank USA |  | 4161 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (46) |
|  BP PLC, ADR | HSBC Bank PLC |  | 23905 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | (657) |
|  BP PLC, ADR | Merrill Lynch International |  | 24565 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (269) |
|  Bristol-Myers Squibb Co. | Barclays Bank PLC |  | 43462 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 1310 |
|  Bristol-Myers Squibb Co. | Goldman Sachs Bank USA |  | 86411 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 4412 |
|  Bristol-Myers Squibb Co. | HSBC Bank PLC |  | 150901 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 6194 |
|  Bristol-Myers Squibb Co. | Merrill Lynch International |  | 57342 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 2928 |
|  Broadcom, Inc. | Goldman Sachs Bank USA |  | 208331 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 36668 |
|  Broadcom, Inc. | Merrill Lynch International |  | 97655 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 17188 |
|  Cadence Design Systems, Inc. | HSBC Bank PLC |  | 60525 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | (3146) |
|  Cadence Design Systems, Inc. | Merrill Lynch International |  | 127318 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 225 |

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S C H E D U L E O F I N V E S T M E N T S 5

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock U.S. Insights Long/Short Equity Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Counterparty | Notional Amount | Notional Amount | Termination Date | Spread | Reference Rate | *Payment*<br> *Frequency* | *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  Long Contracts<sup>(a)</sup> (continued) |  |  |  |  |  |  |  |  |
|  Camden Property Trust | Barclays Bank PLC | USD | 56296 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | $915 |
|  Camden Property Trust | HSBC Bank PLC |  | 3072 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 118 |
|  Camden Property Trust | Merrill Lynch International |  | 2247 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 92 |
|  Capital One Financial Corp. | Barclays Bank PLC |  | 55551 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 2721 |
|  Capital One Financial Corp. | HSBC Bank PLC |  | 17188 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | (101) |
|  Cardinal Health, Inc. | Barclays Bank PLC |  | 76454 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 384 |
|  Cardinal Health, Inc. | Goldman Sachs Bank USA |  | 3505 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 103 |
|  Cardinal Health, Inc. | HSBC Bank PLC |  | 106824 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 3552 |
|  Carvana Co., Class A | HSBC Bank PLC |  | 87016 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 14099 |
|  Carvana Co., Class A | Merrill Lynch International |  | 10340 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 1644 |
|  CDW Corp. | Barclays Bank PLC |  | 4116 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 67 |
|  CDW Corp. | Goldman Sachs Bank USA |  | 55255 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 1568 |
|  Cencora, Inc. | Barclays Bank PLC |  | 176432 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | (1559) |
|  Cencora, Inc. | Goldman Sachs Bank USA |  | 22265 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 240 |
|  Cencora, Inc. | HSBC Bank PLC |  | 44123 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 518 |
|  Charles Schwab Corp. (The) | Barclays Bank PLC |  | 63273 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 1545 |
|  Charles Schwab Corp. (The) | HSBC Bank PLC |  | 27336 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | (815) |
|  Charles Schwab Corp. (The) | Merrill Lynch International |  | 83730 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 747 |
|  Churchill Downs, Inc. | Barclays Bank PLC |  | 62546 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 1708 |
|  Churchill Downs, Inc. | Goldman Sachs Bank USA |  | 3894 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 361 |
|  Churchill Downs, Inc. | Merrill Lynch International |  | 5491 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 509 |
|  Cintas Corp. | Barclays Bank PLC |  | 63392 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 1343 |
|  Cisco Systems, Inc. | Barclays Bank PLC |  | 98273 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 902 |
|  Cisco Systems, Inc. | Goldman Sachs Bank USA |  | 8400 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (91) |
|  Cisco Systems, Inc. | Merrill Lynch International |  | 27690 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (299) |
|  Citigroup, Inc. | HSBC Bank PLC |  | 67186 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 1397 |
|  Citizens Financial Group, Inc. | HSBC Bank PLC |  | 2460 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 82 |
|  Citizens Financial Group, Inc. | Merrill Lynch International |  | 185717 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 16401 |
|  Coca-Cola Co. (The) | Barclays Bank PLC |  | 2613 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 19 |
|  Coca-Cola Co. (The) | HSBC Bank PLC |  | 68193 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 2514 |
|  Cognizant Technology Solutions Corp., Class A | Barclays Bank PLC |  | 7417 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 276 |
|  Cognizant Technology Solutions Corp., Class A | HSBC Bank PLC |  | 56336 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 3734 |
|  Cognizant Technology Solutions Corp., Class A | Merrill Lynch International |  | 2349 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 216 |
|  Colgate-Palmolive Co. | HSBC Bank PLC |  | 87416 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 2139 |
|  Comcast Corp., Class A | Goldman Sachs Bank USA |  | 62497 | 08/19/26 | 0.20% | 1D FEDL01 | Monthly | (1217) |
|  Confluent, Inc., Class A | HSBC Bank PLC |  | 72590 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | (3949) |
|  Confluent, Inc., Class A | Merrill Lynch International |  | 61884 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (1120) |
|  Corteva, Inc. | Barclays Bank PLC |  | 155220 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 4279 |
|  Corteva, Inc. | Goldman Sachs Bank USA |  | 42608 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 2395 |
|  Crown Castle, Inc. | HSBC Bank PLC |  | 70709 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | (424) |
|  Crown Holdings, Inc. | HSBC Bank PLC |  | 63654 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | (1489) |
|  Crown Holdings, Inc. | Merrill Lynch International |  | 16629 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 317 |
|  CVS Health Corp. | Goldman Sachs Bank USA |  | 60297 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 1500 |
|  Danaher Corp. | Barclays Bank PLC |  | 63100 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | (56) |
|  Danaher Corp. | Goldman Sachs Bank USA |  | 98757 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 2840 |
|  Diamondback Energy, Inc. | Goldman Sachs Bank USA |  | 61768 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 2625 |
|  Diamondback Energy, Inc. | HSBC Bank PLC |  | 16644 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 904 |
|  Dow, Inc. | Goldman Sachs Bank USA |  | 19915 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 2003 |
|  Dow, Inc. | HSBC Bank PLC |  | 45393 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 3594 |
|  Dow, Inc. | Merrill Lynch International |  | 51575 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 5188 |
|  Duolingo, Inc., Class A | Barclays Bank PLC |  | 28802 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 3163 |
|  Duolingo, Inc., Class A | Merrill Lynch International |  | 30128 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 2221 |
|  DuPont de Nemours, Inc. | Barclays Bank PLC |  | 1731 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 59 |
|  DuPont de Nemours, Inc. | Goldman Sachs Bank USA |  | 28099 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 814 |
|  DuPont de Nemours, Inc. | HSBC Bank PLC |  | 30019 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | (351) |
|  Ecolab, Inc. | Barclays Bank PLC |  | 11021 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 261 |
|  Ecolab, Inc. | Goldman Sachs Bank USA |  | 79193 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 6107 |
|  Edwards Lifesciences Corp. | Barclays Bank PLC |  | 140873 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 3259 |
|  Elastic NV | HSBC Bank PLC |  | 111752 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | (21614) |
|  Elevance Health, Inc. | Barclays Bank PLC |  | 4285 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 113 |

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6 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock U.S. Insights Long/Short Equity Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Counterparty | Notional Amount | Notional Amount | Termination Date | Spread | Reference Rate | *Payment*<br> *Frequency* | *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  Long Contracts<sup>(a)</sup> (continued) |  |  |  |  |  |  |  |  |
|  Elevance Health, Inc. | Goldman Sachs Bank USA | USD | 2316 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | $51 |
|  Elevance Health, Inc. | HSBC Bank PLC |  | 16100 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 1827 |
|  Elevance Health, Inc. | Merrill Lynch International |  | 40371 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 897 |
|  Emerson Electric Co. | Barclays Bank PLC |  | 77301 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 2861 |
|  Emerson Electric Co. | Merrill Lynch International |  | 4062 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 206 |
|  Entergy Corp. | Barclays Bank PLC |  | 122023 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 2607 |
|  Envista Holdings Corp. | Goldman Sachs Bank USA |  | 55419 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 5191 |
|  Envista Holdings Corp. | Merrill Lynch International |  | 4262 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 399 |
|  EQT Corp. | HSBC Bank PLC |  | 51573 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 1680 |
|  EQT Corp. | Merrill Lynch International |  | 69431 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 2140 |
|  Equinix, Inc. | Barclays Bank PLC |  | 3042 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | (29) |
|  Equinix, Inc. | Goldman Sachs Bank USA |  | 51274 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (1556) |
|  Equinix, Inc. | Merrill Lynch International |  | 32629 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (990) |
|  Evergy, Inc. | Barclays Bank PLC |  | 32425 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 265 |
|  Evergy, Inc. | Merrill Lynch International |  | 77351 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 532 |
|  FedEx Corp. | HSBC Bank PLC |  | 60680 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 5208 |
|  Ferrari NV | Barclays Bank PLC |  | 13737 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 372 |
|  Ferrari NV | Merrill Lynch International |  | 49862 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (1658) |
|  Fidelity National Financial, Inc., Class A | Barclays Bank PLC |  | 23945 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 540 |
|  Fidelity National Financial, Inc., Class A | HSBC Bank PLC |  | 124775 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 4188 |
|  Fidelity National Information Services, Inc. | HSBC Bank PLC |  | 22380 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 113 |
|  Fidelity National Information Services, Inc. | Merrill Lynch International |  | 58176 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 1674 |
|  First Citizens BancShares, Inc., Class A | Barclays Bank PLC |  | 38967 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 469 |
|  First Citizens BancShares, Inc., Class A | Merrill Lynch International |  | 67990 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 3369 |
|  Floor & Decor Holdings, Inc., Class A | Barclays Bank PLC |  | 49871 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 2425 |
|  Floor & Decor Holdings, Inc., Class A | Goldman Sachs Bank USA |  | 6985 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 840 |
|  Floor & Decor Holdings, Inc., Class A | Merrill Lynch International |  | 4430 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 533 |
|  Fortune Brands Innovations, Inc. | Barclays Bank PLC |  | 5563 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 530 |
|  Fortune Brands Innovations, Inc. | Merrill Lynch International |  | 52364 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 5978 |
|  Franklin Resources, Inc. | Goldman Sachs Bank USA |  | 13863 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 662 |
|  Franklin Resources, Inc. | Merrill Lynch International |  | 59247 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 2830 |
|  Freeport-McMoRan, Inc. | Barclays Bank PLC |  | 6608 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 355 |
|  Freeport-McMoRan, Inc. | Merrill Lynch International |  | 52650 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 5373 |
|  Globant SA | Goldman Sachs Bank USA |  | 126886 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 10236 |
|  Hasbro, Inc. | Goldman Sachs Bank USA |  | 15793 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 1140 |
|  Hasbro, Inc. | HSBC Bank PLC |  | 11957 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 681 |
|  Hasbro, Inc. | Merrill Lynch International |  | 95144 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 6867 |
|  Home Depot, Inc. (The) | Barclays Bank PLC |  | 6058 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 366 |
|  Home Depot, Inc. (The) | HSBC Bank PLC |  | 11483 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | (419) |
|  Home Depot, Inc. (The) | Merrill Lynch International |  | 54063 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (168) |
|  Honeywell International, Inc. | Goldman Sachs Bank USA |  | 13726 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (272) |
|  Honeywell International, Inc. | HSBC Bank PLC |  | 231755 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | (4586) |
|  HubSpot, Inc. | Barclays Bank PLC |  | 3565 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 108 |
|  HubSpot, Inc. | HSBC Bank PLC |  | 52930 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | (2607) |
|  HubSpot, Inc. | Merrill Lynch International |  | 3322 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (16) |
|  Huntington Bancshares, Inc. | Barclays Bank PLC |  | 64420 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 1579 |
|  Huntington Bancshares, Inc. | Merrill Lynch International |  | 3596 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 235 |
|  Intel Corp. | HSBC Bank PLC |  | 87649 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 14765 |
|  Intercontinental Exchange, Inc. | Barclays Bank PLC |  | 2752 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 79 |
|  Intercontinental Exchange, Inc. | Goldman Sachs Bank USA |  | 76668 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 3555 |
|  International Flavors & Fragrances, Inc. | Barclays Bank PLC |  | 8836 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 266 |
|  International Flavors & Fragrances, Inc. | Goldman Sachs Bank USA |  | 55230 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 3689 |
|  Intuit, Inc. | Barclays Bank PLC |  | 56178 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | (1647) |
|  Intuit, Inc. | HSBC Bank PLC |  | 5879 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | (173) |
|  Jackson Financial, Inc., Class A | Merrill Lynch International |  | 70140 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 5720 |
|  Keurig Dr Pepper, Inc. | Barclays Bank PLC |  | 41204 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 813 |
|  Keurig Dr Pepper, Inc. | Merrill Lynch International |  | 53273 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 1857 |
|  Keysight Technologies, Inc. | Barclays Bank PLC |  | 72312 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 8254 |
|  Keysight Technologies, Inc. | Goldman Sachs Bank USA |  | 24220 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 3097 |
|  Keysight Technologies, Inc. | HSBC Bank PLC |  | 95792 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 7538 |

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S C H E D U L E O F I N V E S T M E N T S 7

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock U.S. Insights Long/Short Equity Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Counterparty | Notional Amount | Notional Amount | Termination Date | Spread | Reference Rate | *Payment*<br> *Frequency* | *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  Long Contracts<sup>(a)</sup> (continued) |  |  |  |  |  |  |  |  |
|  Kinder Morgan, Inc. | HSBC Bank PLC | USD | 60831 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | $584 |
|  Lockheed Martin Corp. | HSBC Bank PLC |  | 90872 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 1158 |
|  Mastercard, Inc., Class A | Barclays Bank PLC |  | 56474 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 1331 |
|  Mastercard, Inc., Class A | Goldman Sachs Bank USA |  | 221719 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 5650 |
|  McKesson Corp. | Barclays Bank PLC |  | 4351 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 55 |
|  McKesson Corp. | Goldman Sachs Bank USA |  | 81247 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 2460 |
|  McKesson Corp. | HSBC Bank PLC |  | 13750 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 348 |
|  McKesson Corp. | Merrill Lynch International |  | 25657 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 777 |
|  Medtronic PLC | Barclays Bank PLC |  | 73582 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 1519 |
|  Medtronic PLC | Merrill Lynch International |  | 13383 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 1258 |
|  Merck & Co., Inc. | HSBC Bank PLC |  | 122665 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 25565 |
|  Meta Platforms, Inc., Class A | Barclays Bank PLC |  | 90731 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 5165 |
|  Meta Platforms, Inc., Class A | Goldman Sachs Bank USA |  | 101740 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 7764 |
|  Meta Platforms, Inc., Class A | HSBC Bank PLC |  | 98555 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 2526 |
|  Microchip Technology, Inc. | Goldman Sachs Bank USA |  | 6618 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 241 |
|  Microchip Technology, Inc. | HSBC Bank PLC |  | 2740 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 100 |
|  Microchip Technology, Inc. | Merrill Lynch International |  | 48908 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 1778 |
|  Micron Technology, Inc. | Goldman Sachs Bank USA |  | 123636 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (2795) |
|  Micron Technology, Inc. | Merrill Lynch International |  | 15727 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (356) |
|  Microsoft Corp. | Barclays Bank PLC |  | 119922 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 4557 |
|  Microsoft Corp. | Goldman Sachs Bank USA |  | 387215 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (11811) |
|  Microsoft Corp. | HSBC Bank PLC |  | 28336 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | (783) |
|  Microsoft Corp. | Merrill Lynch International |  | 189294 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (5774) |
|  Middleby Corp. (The) | Barclays Bank PLC |  | 2545 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 55 |
|  Middleby Corp. (The) | HSBC Bank PLC |  | 17119 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | (689) |
|  Middleby Corp. (The) | Merrill Lynch International |  | 45981 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 1536 |
|  Nasdaq, Inc. | Goldman Sachs Bank USA |  | 23053 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 1404 |
|  Nasdaq, Inc. | Merrill Lynch International |  | 35651 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 2172 |
|  Natera, Inc. | Barclays Bank PLC |  | 13838 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 13 |
|  Natera, Inc. | Goldman Sachs Bank USA |  | 17307 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 2753 |
|  Natera, Inc. | HSBC Bank PLC |  | 9712 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 1512 |
|  Natera, Inc. | Merrill Lynch International |  | 85713 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 13632 |
|  Netflix, Inc. | Barclays Bank PLC |  | 97236 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 554 |
|  Netflix, Inc. | Goldman Sachs Bank USA |  | 28786 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (707) |
|  Netflix, Inc. | Merrill Lynch International |  | 20845 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (512) |
|  Neurocrine Biosciences, Inc. | Merrill Lynch International |  | 146288 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 8763 |
|  Nice Ltd., ADR | Goldman Sachs Bank USA |  | 3988 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (488) |
|  Nice Ltd., ADR | HSBC Bank PLC |  | 54136 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | (9268) |
|  Nice Ltd., ADR | Merrill Lynch International |  | 3505 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (429) |
|  NRG Energy, Inc. | Goldman Sachs Bank USA |  | 65447 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 2518 |
|  NRG Energy, Inc. | HSBC Bank PLC |  | 2167 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 36 |
|  NVIDIA Corp. | Barclays Bank PLC |  | 437025 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | (13287) |
|  NVIDIA Corp. | Goldman Sachs Bank USA |  | 53927 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (2774) |
|  NVIDIA Corp. | Merrill Lynch International |  | 13249 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (682) |
|  Old Dominion Freight Line, Inc. | Barclays Bank PLC |  | 60210 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 1347 |
|  Performance Food Group Co. | Barclays Bank PLC |  | 38322 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 1088 |
|  Performance Food Group Co. | HSBC Bank PLC |  | 82574 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | (356) |
|  Planet Fitness, Inc., Class A | Goldman Sachs Bank USA |  | 58169 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 5542 |
|  Planet Fitness, Inc., Class A | Merrill Lynch International |  | 8076 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 769 |
|  PPG Industries, Inc. | Barclays Bank PLC |  | 90164 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 2673 |
|  Public Service Enterprise Group, Inc. | Merrill Lynch International |  | 59956 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 763 |
|  Ralph Lauren Corp., Class A | Barclays Bank PLC |  | 69296 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 3435 |
|  Range Resources Corp. | Barclays Bank PLC |  | 69692 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 2259 |
|  Republic Services, Inc. | Barclays Bank PLC |  | 105213 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 929 |
|  Republic Services, Inc. | Goldman Sachs Bank USA |  | 112458 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 3886 |
|  Robert Half, Inc. | Barclays Bank PLC |  | 12681 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | (135) |
|  Robert Half, Inc. | Goldman Sachs Bank USA |  | 22254 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 757 |
|  Robert Half, Inc. | HSBC Bank PLC |  | 11068 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 505 |
|  Robert Half, Inc. | Merrill Lynch International |  | 14356 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 489 |
|  Robinhood Markets, Inc., Class A | Barclays Bank PLC |  | 60244 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 7084 |

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8 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock U.S. Insights Long/Short Equity Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Counterparty | Notional Amount | Notional Amount | Termination Date | Spread | Reference Rate | *Payment*<br> *Frequency* | *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  Long Contracts<sup>(a)</sup> (continued) |  |  |  |  |  |  |  |  |
|  Rollins, Inc. | Goldman Sachs Bank USA | USD | 7245 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | $440 |
|  Rollins, Inc. | Merrill Lynch International |  | 76101 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 4622 |
|  RTX Corp. | Barclays Bank PLC |  | 37067 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 364 |
|  RTX Corp. | Goldman Sachs Bank USA |  | 19319 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (79) |
|  RTX Corp. | HSBC Bank PLC |  | 104912 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | (2414) |
|  S&P Global, Inc. | HSBC Bank PLC |  | 8395 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 85 |
|  S&P Global, Inc. | Merrill Lynch International |  | 77743 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 1571 |
|  Salesforce, Inc. | Goldman Sachs Bank USA |  | 9244 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (253) |
|  Salesforce, Inc. | HSBC Bank PLC |  | 6768 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | (313) |
|  Salesforce, Inc. | Merrill Lynch International |  | 43139 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (1181) |
|  Sanofi SA, ADR | Barclays Bank PLC |  | 94860 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 1409 |
|  Sanofi SA, ADR | Goldman Sachs Bank USA |  | 16880 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (619) |
|  Sanofi SA, ADR | Merrill Lynch International |  | 51314 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (1883) |
|  ServiceNow, Inc. | Goldman Sachs Bank USA |  | 57670 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (1613) |
|  ServiceNow, Inc. | Merrill Lynch International |  | 103638 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (2899) |
|  Shell PLC, ADR | Goldman Sachs Bank USA |  | 59792 | 08/19/26 | 0.20% | 1D FEDL01 | Monthly | (1293) |
|  Sherwin-Williams Co. (The) | Goldman Sachs Bank USA |  | 74839 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 3866 |
|  SiteOne Landscape Supply, Inc. | Barclays Bank PLC |  | 86482 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 3352 |
|  SiteOne Landscape Supply, Inc. | Goldman Sachs Bank USA |  | 2574 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 112 |
|  SLM Corp. | Barclays Bank PLC |  | 61585 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 2289 |
|  SLM Corp. | Merrill Lynch International |  | 4679 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 419 |
|  Snowflake, Inc., Class A | Goldman Sachs Bank USA |  | 54855 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (336) |
|  Snowflake, Inc., Class A | Merrill Lynch International |  | 3792 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (23) |
|  Spotify Technology SA | Barclays Bank PLC |  | 50893 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 1208 |
|  Spotify Technology SA | Goldman Sachs Bank USA |  | 3203 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (209) |
|  Spotify Technology SA | Merrill Lynch International |  | 3203 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (209) |
|  SS&C Technologies Holdings, Inc. | Barclays Bank PLC |  | 26981 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 434 |
|  SS&C Technologies Holdings, Inc. | Goldman Sachs Bank USA |  | 4788 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 282 |
|  SS&C Technologies Holdings, Inc. | HSBC Bank PLC |  | 83871 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 1037 |
|  SS&C Technologies Holdings, Inc. | Merrill Lynch International |  | 8928 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 526 |
|  STAG Industrial, Inc. | Goldman Sachs Bank USA |  | 51334 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 1026 |
|  STAG Industrial, Inc. | HSBC Bank PLC |  | 15144 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 136 |
|  Stanley Black & Decker, Inc. | Barclays Bank PLC |  | 42061 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 2711 |
|  Stanley Black & Decker, Inc. | Goldman Sachs Bank USA |  | 11142 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 1374 |
|  Stanley Black & Decker, Inc. | HSBC Bank PLC |  | 6590 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 347 |
|  Stanley Black & Decker, Inc. | Merrill Lynch International |  | 2101 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 259 |
|  Targa Resources Corp. | Barclays Bank PLC |  | 2888 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 93 |
|  Targa Resources Corp. | Goldman Sachs Bank USA |  | 55714 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 2314 |
|  Targa Resources Corp. | HSBC Bank PLC |  | 5593 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 192 |
|  Targa Resources Corp. | Merrill Lynch International |  | 2525 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 105 |
|  TC Energy Corp. | HSBC Bank PLC |  | 63860 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 1640 |
|  TE Connectivity PLC | Barclays Bank PLC |  | 97562 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 2623 |
|  TechnipFMC PLC | HSBC Bank PLC |  | 90892 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 3159 |
|  TechnipFMC PLC | Merrill Lynch International |  | 92639 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 5485 |
|  Texas Pacific Land Corp. | Merrill Lynch International |  | 64150 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (6243) |
|  Thermo Fisher Scientific, Inc. | Merrill Lynch International |  | 72596 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 3030 |
|  TJX Cos., Inc. (The) | Goldman Sachs Bank USA |  | 100900 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 4684 |
|  TransDigm Group, Inc. | Goldman Sachs Bank USA |  | 56102 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 1025 |
|  TransDigm Group, Inc. | HSBC Bank PLC |  | 11600 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 641 |
|  Trimble, Inc. | HSBC Bank PLC |  | 149677 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 3230 |
|  Union Pacific Corp. | Goldman Sachs Bank USA |  | 17459 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 856 |
|  Union Pacific Corp. | Merrill Lynch International |  | 284206 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 13927 |
|  UnitedHealth Group, Inc. | Barclays Bank PLC |  | 77529 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 2605 |
|  Valero Energy Corp. | HSBC Bank PLC |  | 58950 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | (796) |
|  Veeva Systems, Inc., Class A | Barclays Bank PLC |  | 1650 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 32 |
|  Veeva Systems, Inc., Class A | Goldman Sachs Bank USA |  | 13019 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (1726) |
|  Veeva Systems, Inc., Class A | Merrill Lynch International |  | 46261 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (6132) |
|  Verisk Analytics, Inc. | HSBC Bank PLC |  | 71761 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 4088 |
|  Verisk Analytics, Inc. | Merrill Lynch International |  | 30017 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 818 |
|  Verizon Communications, Inc. | Barclays Bank PLC |  | 48976 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 1096 |

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S C H E D U L E O F I N V E S T M E N T S 9

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock U.S. Insights Long/Short Equity Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Counterparty | Notional Amount | Termination Date | Spread | Reference Rate | *Payment*<br> *Frequency* | *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  Long Contracts<sup>(a)</sup> (continued) |  |  |  |  |  |  |  |
|  Verizon Communications, Inc. | Goldman Sachs Bank USA | USD 11,811 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | $29 |
|  Visa, Inc., Class A | Barclays Bank PLC | 135013 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 2107 |
|  Visa, Inc., Class A | Goldman Sachs Bank USA | 42673 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 1138 |
|  Voya Financial, Inc. | Barclays Bank PLC | 89377 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 396 |
|  Voya Financial, Inc. | Goldman Sachs Bank USA | 13932 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 339 |
|  Walmart, Inc. | HSBC Bank PLC | 18743 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 1480 |
|  Walmart, Inc. | Merrill Lynch International | 42210 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 3100 |
|  Waste Connections, Inc. | Barclays Bank PLC | 65970 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 1295 |
|  Waste Connections, Inc. | Merrill Lynch International | 111067 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 4749 |
|  WESCO International, Inc. | HSBC Bank PLC | 185801 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 4863 |
|  Western Digital Corp. | Merrill Lynch International | 77976 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 422 |
|  Williams Cos., Inc. (The) | Barclays Bank PLC | 40888 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 1032 |
|  Williams Cos., Inc. (The) | Goldman Sachs Bank USA | 1797 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 31 |
|  Williams Cos., Inc. (The) | Merrill Lynch International | 73869 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 1258 |
|  WillScot Holdings Corp., Class A | Barclays Bank PLC | 38677 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 4358 |
|  WillScot Holdings Corp., Class A | Goldman Sachs Bank USA | 2748 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 590 |
|  WillScot Holdings Corp., Class A | Merrill Lynch International | 17577 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 3773 |
|  Wingstop, Inc. | Barclays Bank PLC | 4126 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 374 |
|  Wingstop, Inc. | Goldman Sachs Bank USA | 8410 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 1385 |
|  Wingstop, Inc. | HSBC Bank PLC | 44744 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | 5025 |
|  Wingstop, Inc. | Merrill Lynch International | 4091 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | 674 |
|  Wix.com Ltd. | Merrill Lynch International | 60992 | 06/15/28 | 0.20% | 1D OBFR01 | Monthly | (13998) |
|  Zebra Technologies Corp., Class A | Barclays Bank PLC | 51884 | 07/23/26 | 0.20% | 1D OBFR01 | Monthly | 2204 |
|  Zebra Technologies Corp., Class A | HSBC Bank PLC | 17723 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly | (536) |
|  Zimmer Biomet Holdings, Inc. | Goldman Sachs Bank USA | 59300 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | 5941 |
|  Total long positions of equity swaps |  |  |  |  |  |  | 526568 |
|  Short Contracts<sup>(b)</sup>  |  |  |  |  |  |  |  |
|  AAON, Inc. | Barclays Bank PLC | (16193) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | 21 |
|  AAON, Inc. | HSBC Bank PLC | (77227) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 8986 |
|  Accenture PLC, Class A | HSBC Bank PLC | (116320) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (4180) |
|  AES Corp. (The) | Barclays Bank PLC | (70691) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (917) |
|  Akamai Technologies, Inc. | Barclays Bank PLC | (6184) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (83) |
|  Akamai Technologies, Inc. | HSBC Bank PLC | (63423) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (1747) |
|  Akamai Technologies, Inc. | Merrill Lynch International | (3242) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (70) |
|  Albemarle Corp. | Goldman Sachs Bank USA | (67089) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (7005) |
|  Alcon AG | Barclays Bank PLC | (202368) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (8121) |
|  Alcon AG | Goldman Sachs Bank USA | (34858) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (1229) |
|  Align Technology, Inc. | HSBC Bank PLC | (5944) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (385) |
|  Align Technology, Inc. | Merrill Lynch International | (53044) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (5832) |
|  Allegro MicroSystems, Inc. | Barclays Bank PLC | (2433) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (182) |
|  Allegro MicroSystems, Inc. | Goldman Sachs Bank USA | (8590) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (1125) |
|  Allegro MicroSystems, Inc. | HSBC Bank PLC | (51916) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 1712 |
|  Allegro MicroSystems, Inc. | Merrill Lynch International | (2030) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (266) |
|  Altria Group, Inc. | Barclays Bank PLC | (55094) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (1614) |
|  Altria Group, Inc. | HSBC Bank PLC | (46961) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (1191) |
|  American Express Co. | Barclays Bank PLC | (9610) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (252) |
|  American Express Co. | HSBC Bank PLC | (57021) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 405 |
|  Amgen, Inc. | Barclays Bank PLC | (35436) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (1183) |
|  Amgen, Inc. | Goldman Sachs Bank USA | (95679) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (1050) |
|  Apollo Global Management, Inc. | Barclays Bank PLC | (59196) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (796) |
|  Apollo Global Management, Inc. | Goldman Sachs Bank USA | (20516) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (1239) |
|  Ares Management Corp., Class A | Barclays Bank PLC | (17863) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (802) |
|  Ares Management Corp., Class A | HSBC Bank PLC | (3125) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (325) |
|  Ares Management Corp., Class A | Merrill Lynch International | (38214) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (3979) |
|  ARM Holdings PLC, ADR | Goldman Sachs Bank USA | (60172) | 08/18/26 | (0.35)% | 1D FEDL01 | Monthly | 2016 |
|  ARM Holdings PLC, ADR | HSBC Bank PLC | (3406) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 424 |
|  Arthur J Gallagher & Co. | Goldman Sachs Bank USA | (43823) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 1976 |
|  Arthur J Gallagher & Co. | HSBC Bank PLC | (14059) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 193 |
|  Arthur J Gallagher & Co. | Merrill Lynch International | (1556) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 70 |

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10 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock U.S. Insights Long/Short Equity Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Counterparty | Notional Amount | Notional Amount | Termination Date | Spread | Reference Rate | *Payment*<br> *Frequency* | *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  Short Contracts<sup>(b)</sup> (continued) |  |  |  |  |  |  |  |  |
|  Atmos Energy Corp. | HSBC Bank PLC | USD | (62216) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | $487 |
|  Baker Hughes Co., Class A | Merrill Lynch International |  | (92169) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (4466) |
|  Berkshire Hathaway, Inc., Class B | Barclays Bank PLC |  | (4570) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (54) |
|  Berkshire Hathaway, Inc., Class B | HSBC Bank PLC |  | (53674) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (1818) |
|  Bio-Rad Laboratories, Inc., Class A | Barclays Bank PLC |  | (71591) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (528) |
|  Bio-Rad Laboratories, Inc., Class A | Goldman Sachs Bank USA |  | (17635) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (1206) |
|  Bio-Rad Laboratories, Inc., Class A | HSBC Bank PLC |  | (34734) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (1975) |
|  Bio-Rad Laboratories, Inc., Class A | Merrill Lynch International |  | (13379) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (915) |
|  Blackstone, Inc., Class A | Barclays Bank PLC |  | (53457) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (1890) |
|  Blackstone, Inc., Class A | HSBC Bank PLC |  | (19625) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (288) |
|  Booking Holdings, Inc. | Barclays Bank PLC |  | (73131) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (590) |
|  Booking Holdings, Inc. | Merrill Lynch International |  | (14412) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (332) |
|  Brighthouse Financial, Inc. | Barclays Bank PLC |  | (4128) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (2) |
|  Brighthouse Financial, Inc. | Merrill Lynch International |  | (55646) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 59 |
|  Brown & Brown, Inc. | Barclays Bank PLC |  | (37565) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (559) |
|  Brown & Brown, Inc. | Merrill Lynch International |  | (44955) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 156 |
|  Burlington Stores, Inc. | HSBC Bank PLC |  | (61498) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 6512 |
|  BXP, Inc. | Barclays Bank PLC |  | (124432) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (2994) |
|  Carlyle Group, Inc. (The) | Goldman Sachs Bank USA |  | (3288) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (202) |
|  Carlyle Group, Inc. (The) | HSBC Bank PLC |  | (55755) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (2156) |
|  Cboe Global Markets, Inc. | Merrill Lynch International |  | (67304) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (78) |
|  CenterPoint Energy, Inc. | Barclays Bank PLC |  | (59540) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (390) |
|  CenterPoint Energy, Inc. | Goldman Sachs Bank USA |  | (12175) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 61 |
|  CenterPoint Energy, Inc. | HSBC Bank PLC |  | (6870) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (87) |
|  CF Industries Holdings, Inc. | Barclays Bank PLC |  | (56925) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (762) |
|  CH Robinson Worldwide, Inc. | Barclays Bank PLC |  | (5719) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (159) |
|  CH Robinson Worldwide, Inc. | Goldman Sachs Bank USA |  | (174468) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (7121) |
|  Clorox Co. (The) | Barclays Bank PLC |  | (10143) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (219) |
|  Clorox Co. (The) | Goldman Sachs Bank USA |  | (53743) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (3574) |
|  Clorox Co. (The) | HSBC Bank PLC |  | (31512) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (978) |
|  Coinbase Global, Inc., Class A | Barclays Bank PLC |  | (55545) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (3656) |
|  ConocoPhillips | Goldman Sachs Bank USA |  | (57224) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 19 |
|  ConocoPhillips | HSBC Bank PLC |  | (43321) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (226) |
|  Copart, Inc. | Barclays Bank PLC |  | (2879) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (5) |
|  Copart, Inc. | HSBC Bank PLC |  | (15570) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 914 |
|  Copart, Inc. | Merrill Lynch International |  | (63028) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 3584 |
|  Core & Main, Inc., Class A | Goldman Sachs Bank USA |  | (88192) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (6651) |
|  Core & Main, Inc., Class A | HSBC Bank PLC |  | (42875) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 2124 |
|  Core & Main, Inc., Class A | Merrill Lynch International |  | (30881) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (2329) |
|  Crowdstrike Holdings, Inc., Class A | Barclays Bank PLC |  | (41559) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (192) |
|  Crowdstrike Holdings, Inc., Class A | Goldman Sachs Bank USA |  | (105426) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 4103 |
|  Crowdstrike Holdings, Inc., Class A | Merrill Lynch International |  | (46621) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 1815 |
|  CSX Corp. | Barclays Bank PLC |  | (113590) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (3204) |
|  CSX Corp. | HSBC Bank PLC |  | (4144) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (28) |
|  CyberArk Software Ltd. | Barclays Bank PLC |  | (59350) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (2101) |
|  Datadog, Inc., Class A | Merrill Lynch International |  | (84362) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 9477 |
|  DaVita, Inc. | Barclays Bank PLC |  | (8962) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (14) |
|  DaVita, Inc. | Goldman Sachs Bank USA |  | (113869) | 08/19/26 | (0.15)% | 1D FEDL01 | Monthly | (2340) |
|  DaVita, Inc. | HSBC Bank PLC |  | (62488) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 255 |
|  DENTSPLY SIRONA, Inc. | Barclays Bank PLC |  | (67449) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (3834) |
|  Docusign, Inc. | Barclays Bank PLC |  | (26834) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (1392) |
|  Docusign, Inc. | Goldman Sachs Bank USA |  | (6661) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (482) |
|  Docusign, Inc. | HSBC Bank PLC |  | (56486) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 243 |
|  Dollar Tree, Inc. | Barclays Bank PLC |  | (2707) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (285) |
|  Dollar Tree, Inc. | Goldman Sachs Bank USA |  | (2903) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (200) |
|  Dollar Tree, Inc. | HSBC Bank PLC |  | (189515) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (8059) |
|  Enbridge, Inc. | Merrill Lynch International |  | (61025) | 06/15/28 |  | 1D OBFR01 | Monthly | (1316) |
|  Entegris, Inc. | Barclays Bank PLC |  | (46244) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (1969) |
|  Entegris, Inc. | Goldman Sachs Bank USA |  | (4338) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (136) |
|  Entegris, Inc. | HSBC Bank PLC |  | (6806) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (214) |

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S C H E D U L E O F I N V E S T M E N T S 11

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock U.S. Insights Long/Short Equity Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Counterparty | Notional Amount | Notional Amount | Termination Date | Spread | Reference Rate | *Payment*<br> *Frequency* | *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  Short Contracts<sup>(b)</sup> (continued) |  |  |  |  |  |  |  |  |
|  Equinor ASA, ADR | Merrill Lynch International | USD | (61963) | 06/15/28 | (2.51)% | 1D OBFR01 | Monthly | $3496 |
|  Essex Property Trust, Inc. | Goldman Sachs Bank USA |  | (2775) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (125) |
|  Essex Property Trust, Inc. | Merrill Lynch International |  | (57522) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (2583) |
|  Everest Group Ltd. | HSBC Bank PLC |  | (56521) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 2463 |
|  Everest Group Ltd. | Merrill Lynch International |  | (20501) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 387 |
|  Expand Energy Corp. | Barclays Bank PLC |  | (83333) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (3847) |
|  Expand Energy Corp. | Goldman Sachs Bank USA |  | (65743) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (2782) |
|  Expand Energy Corp. | Merrill Lynch International |  | (23747) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (1005) |
|  Expedia Group, Inc. | Merrill Lynch International |  | (90828) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (4289) |
|  Exxon Mobil Corp. | Goldman Sachs Bank USA |  | (19770) | 08/19/26 | (0.15)% | 1D FEDL01 | Monthly | 296 |
|  Exxon Mobil Corp. | HSBC Bank PLC |  | (100605) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 1957 |
|  Exxon Mobil Corp. | Merrill Lynch International |  | (36128) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 540 |
|  Fastenal Co. | Barclays Bank PLC |  | (65007) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (1330) |
|  Fastenal Co. | HSBC Bank PLC |  | (15506) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 356 |
|  Ferguson Enterprises, Inc. | Goldman Sachs Bank USA |  | (65050) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (4410) |
|  Fifth Third Bancorp | Goldman Sachs Bank USA |  | (50084) | 08/19/26 | (0.15)% | 1D FEDL01 | Monthly | (2850) |
|  Fifth Third Bancorp | HSBC Bank PLC |  | (5262) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (40) |
|  Fifth Third Bancorp | Merrill Lynch International |  | (29236) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (1664) |
|  Flagstar Bank NA | Barclays Bank PLC |  | (60329) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (4616) |
|  Flagstar Bank NA | Goldman Sachs Bank USA |  | (10441) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (1480) |
|  Flex Ltd. | Barclays Bank PLC |  | (66859) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (2536) |
|  Flex Ltd. | HSBC Bank PLC |  | (101697) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 7239 |
|  Flex Ltd. | Merrill Lynch International |  | (2291) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (14) |
|  Fortive Corp. | Barclays Bank PLC |  | (4249) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (83) |
|  Fortive Corp. | Merrill Lynch International |  | (60169) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (3525) |
|  FTAI Aviation Ltd. | Barclays Bank PLC |  | (56692) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (3769) |
|  FTAI Aviation Ltd. | Goldman Sachs Bank USA |  | (2903) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (388) |
|  FTAI Aviation Ltd. | HSBC Bank PLC |  | (5779) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (285) |
|  FTI Consulting, Inc. | HSBC Bank PLC |  | (65812) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (101) |
|  Genpact Ltd. | Barclays Bank PLC |  | (3879) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | 2 |
|  Genpact Ltd. | Goldman Sachs Bank USA |  | (74620) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (546) |
|  Genpact Ltd. | HSBC Bank PLC |  | (12219) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 58 |
|  GFL Environmental, Inc. | Goldman Sachs Bank USA |  | (91650) | 08/19/26 | (0.15)% | 1D FEDL01 | Monthly | (2655) |
|  GFL Environmental, Inc. | Merrill Lynch International |  | (37075) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (1074) |
|  Gildan Activewear, Inc. | Merrill Lynch International |  | (61571) | 06/15/28 | (0.05)% | 1D OBFR01 | Monthly | 1062 |
|  Gilead Sciences, Inc. | Barclays Bank PLC |  | (42091) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (192) |
|  Gilead Sciences, Inc. | HSBC Bank PLC |  | (16541) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (1077) |
|  GSK PLC, ADR | Goldman Sachs Bank USA |  | (149482) | 08/18/26 | (0.35)% | 1D FEDL01 | Monthly | (1038) |
|  GSK PLC, ADR | Merrill Lynch International |  | (27520) | 06/15/28 | (0.54)% | 1D OBFR01 | Monthly | (191) |
|  HCA Healthcare, Inc. | Barclays Bank PLC |  | (83674) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (1211) |
|  HCA Healthcare, Inc. | HSBC Bank PLC |  | (5971) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (637) |
|  Hexcel Corp. | Barclays Bank PLC |  | (1459) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (66) |
|  Hexcel Corp. | Goldman Sachs Bank USA |  | (2447) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (221) |
|  Hexcel Corp. | HSBC Bank PLC |  | (67742) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (8412) |
|  HF Sinclair Corp. | Barclays Bank PLC |  | (52416) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | 247 |
|  HF Sinclair Corp. | HSBC Bank PLC |  | (12562) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 552 |
|  Humana, Inc. | Barclays Bank PLC |  | (44465) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (3215) |
|  Humana, Inc. | HSBC Bank PLC |  | (7391) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (228) |
|  Humana, Inc. | Merrill Lynch International |  | (6555) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (326) |
|  ICON PLC | Barclays Bank PLC |  | (76022) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (9448) |
|  ICON PLC | HSBC Bank PLC |  | (17370) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (3165) |
|  Insulet Corp. | Goldman Sachs Bank USA |  | (8201) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 21 |
|  Insulet Corp. | Merrill Lynch International |  | (62652) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 159 |
|  International Business Machines Corp. | Merrill Lynch International |  | (62406) | 06/15/28 |  | 1D OBFR01 | Monthly | (2396) |
|  IQVIA Holdings, Inc. | Merrill Lynch International |  | (62891) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (4042) |
|  J M Smucker Co. (The) | Barclays Bank PLC |  | (26589) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | 23 |
|  J M Smucker Co. (The) | Merrill Lynch International |  | (47623) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 1055 |
|  Jabil, Inc. | HSBC Bank PLC |  | (87485) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 3411 |
|  Johnson Controls International PLC | Barclays Bank PLC |  | (5710) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (106) |
|  Johnson Controls International PLC | Goldman Sachs Bank USA |  | (9543) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 6 |

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12 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock U.S. Insights Long/Short Equity Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Counterparty | Notional Amount | Notional Amount | Termination Date | Spread | Reference Rate | *Payment*<br> *Frequency* | *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  Short Contracts<sup>(b)</sup> (continued) |  |  |  |  |  |  |  |  |
|  Johnson Controls International PLC | HSBC Bank PLC | USD | (65948) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | $3373 |
|  L3Harris Technologies, Inc. | Goldman Sachs Bank USA |  | (3165) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 99 |
|  L3Harris Technologies, Inc. | Merrill Lynch International |  | (57538) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 1800 |
|  Labcorp Holdings, Inc. | Barclays Bank PLC |  | (60491) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (791) |
|  Labcorp Holdings, Inc. | HSBC Bank PLC |  | (9662) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (283) |
|  Lattice Semiconductor Corp. | HSBC Bank PLC |  | (86306) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (4054) |
|  Lattice Semiconductor Corp. | Merrill Lynch International |  | (28766) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (3952) |
|  Lennox International, Inc. | Barclays Bank PLC |  | (4187) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (303) |
|  Lennox International, Inc. | HSBC Bank PLC |  | (4894) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (95) |
|  Lennox International, Inc. | Merrill Lynch International |  | (50588) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (4288) |
|  Liberty Media Corp. - Liberty Formula One, Class C, NVS | Barclays Bank PLC |  | (2606) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (82) |
|  Liberty Media Corp. - Liberty Formula One, Class C, NVS | Goldman Sachs Bank USA |  | (59127) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 1059 |
|  Lincoln National Corp. | Merrill Lynch International |  | (68110) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (3062) |
|  Linde PLC | Barclays Bank PLC |  | (58297) | 07/23/26 | 0.10% | 1D OBFR01 | Monthly | (379) |
|  Live Nation Entertainment, Inc. | Barclays Bank PLC |  | (52128) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (2424) |
|  Live Nation Entertainment, Inc. | HSBC Bank PLC |  | (4105) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 30 |
|  Lululemon Athletica, Inc. | Barclays Bank PLC |  | (18324) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (1567) |
|  Lululemon Athletica, Inc. | HSBC Bank PLC |  | (38840) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (3153) |
|  Lululemon Athletica, Inc. | Merrill Lynch International |  | (4925) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (601) |
|  Magna International, Inc. | Barclays Bank PLC |  | (70050) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (769) |
|  Markel Group, Inc. | Goldman Sachs Bank USA |  | (65374) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (1200) |
|  Mondelez International, Inc., Class A | Barclays Bank PLC |  | (2360) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (58) |
|  Mondelez International, Inc., Class A | HSBC Bank PLC |  | (95400) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (2239) |
|  Mondelez International, Inc., Class A | Merrill Lynch International |  | (3668) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (132) |
|  MSCI, Inc., Class A | Barclays Bank PLC |  | (51764) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (662) |
|  MSCI, Inc., Class A | Goldman Sachs Bank USA |  | (14506) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (151) |
|  MSCI, Inc., Class A | Merrill Lynch International |  | (139483) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (1448) |
|  Murphy Oil Corp. | Goldman Sachs Bank USA |  | (56296) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (4925) |
|  Murphy Oil Corp. | HSBC Bank PLC |  | (2331) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (266) |
|  Norfolk Southern Corp. | Barclays Bank PLC |  | (3114) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (99) |
|  Norfolk Southern Corp. | Goldman Sachs Bank USA |  | (45026) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (1709) |
|  Norfolk Southern Corp. | Merrill Lynch International |  | (97086) | 06/15/28 | 0.30% | 1D OBFR01 | Monthly | (3685) |
|  Northern Trust Corp. | Goldman Sachs Bank USA |  | (53138) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (3732) |
|  Northern Trust Corp. | HSBC Bank PLC |  | (59191) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (569) |
|  Novartis AG, ADR | Barclays Bank PLC |  | (6327) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (193) |
|  Novartis AG, ADR | Merrill Lynch International |  | (217584) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 1902 |
|  Occidental Petroleum Corp. | Barclays Bank PLC |  | (2030) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (28) |
|  Occidental Petroleum Corp. | Goldman Sachs Bank USA |  | (11173) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (83) |
|  Occidental Petroleum Corp. | Merrill Lynch International |  | (128280) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (954) |
|  Okta, Inc., Class A | HSBC Bank PLC |  | (58612) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 533 |
|  Omega Healthcare Investors, Inc. | Merrill Lynch International |  | (116989) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (4608) |
|  Oracle Corp. | Barclays Bank PLC |  | (44062) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (367) |
|  Oracle Corp. | HSBC Bank PLC |  | (28177) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 4549 |
|  Otis Worldwide Corp. | Barclays Bank PLC |  | (8087) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (176) |
|  Otis Worldwide Corp. | Goldman Sachs Bank USA |  | (51433) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (456) |
|  Parker-Hannifin Corp. | HSBC Bank PLC |  | (66410) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (1665) |
|  Parker-Hannifin Corp. | Merrill Lynch International |  | (3284) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (163) |
|  Paycom Software, Inc. | Barclays Bank PLC |  | (9553) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (118) |
|  Paycom Software, Inc. | HSBC Bank PLC |  | (25854) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 873 |
|  Paycom Software, Inc. | Merrill Lynch International |  | (24778) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 441 |
|  Pinterest, Inc., Class A | Barclays Bank PLC |  | (12469) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (669) |
|  Pinterest, Inc., Class A | Goldman Sachs Bank USA |  | (45017) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (1058) |
|  Procore Technologies, Inc. | Barclays Bank PLC |  | (5052) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (132) |
|  Procore Technologies, Inc. | Goldman Sachs Bank USA |  | (6535) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (131) |
|  Procore Technologies, Inc. | HSBC Bank PLC |  | (21136) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 1362 |
|  Procore Technologies, Inc. | Merrill Lynch International |  | (98750) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (1972) |
|  PTC, Inc. | Goldman Sachs Bank USA |  | (56618) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (397) |
|  PTC, Inc. | HSBC Bank PLC |  | (67979) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 789 |

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S C H E D U L E O F I N V E S T M E N T S 13

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock U.S. Insights Long/Short Equity Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Counterparty | Notional Amount | Notional Amount | Termination Date | Spread | Reference Rate | *Payment*<br> *Frequency* | *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  Short Contracts<sup>(b)</sup> (continued) |  |  |  |  |  |  |  |  |
|  PTC, Inc. | Merrill Lynch International | USD | (46862) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | $(328) |
|  QXO, Inc. | Goldman Sachs Bank USA |  | (77762) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (8115) |
|  Raymond James Financial, Inc. | HSBC Bank PLC |  | (57647) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 1919 |
|  Raymond James Financial, Inc. | Merrill Lynch International |  | (3107) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (24) |
|  Reddit, Inc., Class A | Goldman Sachs Bank USA |  | (2626) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (405) |
|  Reddit, Inc., Class A | Merrill Lynch International |  | (55515) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (8560) |
|  Rivian Automotive, Inc., Class A | Barclays Bank PLC |  | (64821) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (7221) |
|  Rivian Automotive, Inc., Class A | Goldman Sachs Bank USA |  | (3524) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (472) |
|  Rivian Automotive, Inc., Class A | HSBC Bank PLC |  | (4660) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (128) |
|  Rivian Automotive, Inc., Class A | Merrill Lynch International |  | (2959) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (396) |
|  Rocket Cos., Inc., Class A | Barclays Bank PLC |  | (22251) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (2284) |
|  Rocket Cos., Inc., Class A | Goldman Sachs Bank USA |  | (39704) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (8608) |
|  SBA Communications Corp. | Goldman Sachs Bank USA |  | (46596) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 359 |
|  SBA Communications Corp. | HSBC Bank PLC |  | (9772) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 252 |
|  SBA Communications Corp. | Merrill Lynch International |  | (5090) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 39 |
|  Shift4 Payments, Inc., Class A | Goldman Sachs Bank USA |  | (94778) | 08/18/26 | (0.37)% | 1D FEDL01 | Monthly | (8588) |
|  Simon Property Group, Inc. | Goldman Sachs Bank USA |  | (60451) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (1780) |
|  SLB Ltd. | Barclays Bank PLC |  | (22962) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (341) |
|  SLB Ltd. | Goldman Sachs Bank USA |  | (6301) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (77) |
|  SLB Ltd. | HSBC Bank PLC |  | (4245) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 77 |
|  SLB Ltd. | Merrill Lynch International |  | (33151) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (407) |
|  Snap-on, Inc. | Barclays Bank PLC |  | (57945) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (1223) |
|  Snap-on, Inc. | Merrill Lynch International |  | (2630) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (91) |
|  Solventum Corp. | Barclays Bank PLC |  | (117149) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (2641) |
|  Southern Co. (The) | Barclays Bank PLC |  | (2229) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (50) |
|  Southern Co. (The) | Goldman Sachs Bank USA |  | (57518) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (343) |
|  Starbucks Corp. | Barclays Bank PLC |  | (5917) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (268) |
|  Starbucks Corp. | Goldman Sachs Bank USA |  | (3013) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (123) |
|  Starbucks Corp. | Merrill Lynch International |  | (53896) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (2202) |
|  Stryker Corp. | Barclays Bank PLC |  | (3332) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (9) |
|  Stryker Corp. | HSBC Bank PLC |  | (56803) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (2586) |
|  Super Micro Computer, Inc. | Goldman Sachs Bank USA |  | (2933) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 22 |
|  Super Micro Computer, Inc. | HSBC Bank PLC |  | (11012) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 1737 |
|  Super Micro Computer, Inc. | Merrill Lynch International |  | (45285) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 332 |
|  T Rowe Price Group, Inc. | Barclays Bank PLC |  | (102158) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (1963) |
|  T Rowe Price Group, Inc. | HSBC Bank PLC |  | (7416) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 45 |
|  Teck Resources Ltd., Class B | Barclays Bank PLC |  | (56225) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (2449) |
|  Teck Resources Ltd., Class B | Merrill Lynch International |  | (37734) | 06/15/28 |  | 1D OBFR01 | Monthly | (2326) |
|  Thomson Reuters Corp. | Barclays Bank PLC |  | (74598) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (1650) |
|  Thomson Reuters Corp. | Merrill Lynch International |  | (116980) | 06/15/28 |  | 1D OBFR01 | Monthly | 1459 |
|  TKO Group Holdings, Inc., Class A | HSBC Bank PLC |  | (59305) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (4872) |
|  Toast, Inc., Class A | Barclays Bank PLC |  | (6093) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (129) |
|  Toast, Inc., Class A | HSBC Bank PLC |  | (75902) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 7932 |
|  Toast, Inc., Class A | Merrill Lynch International |  | (17980) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 269 |
|  TotalEnergies SE, ADR | Merrill Lynch International |  | (128005) | 06/15/28 | (0.05)% | 1D OBFR01 | Monthly | (1359) |
|  Trex Co., Inc. | Goldman Sachs Bank USA |  | (7921) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (929) |
|  Trex Co., Inc. | HSBC Bank PLC |  | (20466) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (1746) |
|  Trex Co., Inc. | Merrill Lynch International |  | (29776) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (3490) |
|  UL Solutions, Inc., Class A | Barclays Bank PLC |  | (10488) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (457) |
|  UL Solutions, Inc., Class A | Goldman Sachs Bank USA |  | (4737) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (280) |
|  UL Solutions, Inc., Class A | HSBC Bank PLC |  | (77281) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (3805) |
|  Unilever PLC, ADR | Goldman Sachs Bank USA |  | (33750) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (787) |
|  Unilever PLC, ADR | HSBC Bank PLC |  | (61601) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 223 |
|  Universal Health Services, Inc., Class B | Barclays Bank PLC |  | (35069) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (989) |
|  Universal Health Services, Inc., Class B | Goldman Sachs Bank USA |  | (47112) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (3563) |
|  Universal Health Services, Inc., Class B | HSBC Bank PLC |  | (38962) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (3673) |
|  Universal Health Services, Inc., Class B | Merrill Lynch International |  | (28992) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (2193) |
|  Vail Resorts, Inc. | Barclays Bank PLC |  | (10126) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (390) |
|  Vail Resorts, Inc. | HSBC Bank PLC |  | (49688) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | 2016 |
|  Vail Resorts, Inc. | Merrill Lynch International |  | (12167) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (31) |

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14 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock U.S. Insights Long/Short Equity Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Counterparty | Notional Amount | Notional Amount | Termination Date | Spread | Reference Rate | *Payment*<br> *Frequency* | *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  Short Contracts<sup>(b)</sup> (continued) |  |  |  |  |  |  |  |  |
|  Viatris, Inc. | Goldman Sachs Bank USA | USD | (41137) | 08/19/26 | (0.15)% | 1D FEDL01 | Monthly | $(116) |
|  Viatris, Inc. | Merrill Lynch International |  | (42139) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (119) |
|  Waste Management, Inc. | Goldman Sachs Bank USA |  | (75909) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (3613) |
|  Waste Management, Inc. | Merrill Lynch International |  | (17677) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (842) |
|  Waters Corp. | Barclays Bank PLC |  | (14383) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (140) |
|  Waters Corp. | Goldman Sachs Bank USA |  | (92605) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (6233) |
|  Waters Corp. | Merrill Lynch International |  | (4158) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (280) |
|  Western Alliance Bancorp | HSBC Bank PLC |  | (94497) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly | (2279) |
|  Westinghouse Air Brake Technologies Corp. | Goldman Sachs Bank USA |  | (2395) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (108) |
|  Westinghouse Air Brake Technologies Corp. | Merrill Lynch International |  | (59674) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (2682) |
|  Weyerhaeuser Co. | Barclays Bank PLC |  | (12863) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | (419) |
|  Weyerhaeuser Co. | Goldman Sachs Bank USA |  | (3657) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (119) |
|  Weyerhaeuser Co. | Merrill Lynch International |  | (42138) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | (1371) |
|  WW Grainger, Inc. | Goldman Sachs Bank USA |  | (132056) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (3598) |
|  Xcel Energy, Inc. | Goldman Sachs Bank USA |  | (60495) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | (595) |
|  Zscaler, Inc. | Barclays Bank PLC |  | (51024) | 07/23/26 | (0.15)% | 1D OBFR01 | Monthly | 5251 |
|  Zscaler, Inc. | Merrill Lynch International |  | (4719) | 06/15/28 | (0.15)% | 1D OBFR01 | Monthly | 695 |
|  Total short positions of equity swaps | Total short positions of equity swaps | Total short positions of equity swaps | Total short positions of equity swaps |  |  |  |  | (265851) |
|  Total long and short positions of equity swaps | Total long and short positions of equity swaps | Total long and short positions of equity swaps | Total long and short positions of equity swaps |  |  |  |  | 260717 |
|  Net dividends and financing fees | Net dividends and financing fees | Net dividends and financing fees | Net dividends and financing fees |  |  |  |  | (20144) |
|  Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees |  |  |  |  | $240573 |

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<sup>(a)</sup> The Fund receives the total return on a reference entity and pays a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying position. 

<sup>(b)</sup> The Fund pays the total return on a reference entity and receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying position. 

#### Balances Reported in the Statement of Assets and Liabilities for OTC Swaps

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| | | | |
|:---|:---|:---|:---|
|  | *Swap*<br> *Premiums*<br> *Paid* | *Unrealized*<br> *Appreciation* | *Unrealized*<br> *Depreciation* |
|  OTC Swaps | $– $– $| 805844 | $(565271) |

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#### Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts* | *Credit*<br> *Contracts* | *Equity*<br> *Contracts* | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Other*<br> *Contracts* | Total |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Swaps — OTC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC swaps;<br>Swap premiums paid | $— | $— | $805844 | $— | $— | $— | $805844 |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Swaps — OTC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC swaps;<br>Swap premiums received | $— | $— | $565271 | $— | $— | $— | $565271 |

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S C H E D U L E O F I N V E S T M E N T S 15

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock U.S. Insights Long/Short Equity Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |

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For the period ended November 30, 2025, the effect of derivative financial instruments in the Statement of Operations was as follows:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts* | *Credit*<br> *Contracts* | *Equity*<br> *Contracts* | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Other*<br> *Contracts* | Total |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(4360) | $— | $— | $— | $(4360) |
|  Swaps |  |  | 1022724 |  |  |  | 1022724 |
|  | $— | $— | $1018364 | $— | $— | $— | $1018364 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Swaps | $— | $— | $85745 | $— | $— | $— | $85745 |

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#### Average Quarterly Balances of Outstanding Derivative Financial Instruments

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| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $—<sup>(a</sup><sup>)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | —<sup>(a</sup><sup>)</sup> |
|  Equity swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — long | 18573417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — short | 12628279 |

---

<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; Swaps — OTC<sup>(a)</sup>  | $805844 | $565271 |
|  Total derivative assets and liabilities in the Statement of Assets and Liabilities | $805844 | $565271 |
|  Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") |  | (20144) |
|  Total derivative assets and liabilities subject to an MNA | $805844 | $545127 |

---

<sup>(a)</sup> Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/(received) in the Statement of Assets and Liabilities.

16 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock U.S. Insights Long/Short Equity Fund**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |

---

The following tables present the Fund's derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Counterparty | *Derivative*<br> *Assets*<br> *Subject to*<br> *an MNA by*<br> *Counterparty* | *Derivatives*<br> *Available*<br> *for Offset<sup>(a)</sup>* | *Non-*<br> *Cash*<br> *Collateral*<br> *Received<sup>(b)</sup>* | *Net*<br> *Amount of*<br> *Derivative*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Assets<sup>(c)</sup>* |
|  Barclays Bank PLC | $125301 | $(117321) | $– $| $7980 |
|  Goldman Sachs Bank USA | 197266 | (155474) | – | 41792 |
|  HSBC Bank PLC | 241955 | (133982) | – | 107973 |
|  Merrill Lynch International | 241322 | (138350) | – | 102972 |
|  | $805844 | $(545127) | $– $| $260717 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Counterparty | *Derivative*<br> *Liabilities*<br> *Subject to*<br> *an MNA by*<br> *Counterparty* | *Derivatives*<br> *Available*<br> *for Offset<sup>(a)</sup>* | *Non-*<br> *Cash*<br> *Collateral*<br> *Pledged<sup>(b)</sup>* | *Net*<br> *Amount of*<br> *Derivative*<br> *Liabilities<sup>(d)</sup>* |
|  Barclays Bank PLC | $117321 | $(117321) | $– $| $— |
|  Goldman Sachs Bank USA | 155474 | (155474) | – |  |
|  HSBC Bank PLC | 133982 | (133982) | – |  |
|  Merrill Lynch International | 138350 | (138350) | – |  |
|  | $545127 | $(545127) | $– $| $— |

---

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA. 

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount represents the net amount receivable from the counterparty in the event of default. 

<sup>(d)</sup> Net amount represents the net amount payable due to the counterparty in the event of default. 

#### Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $186324 | $— | $— | $186324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 12039193 |  | 12039193 |
|  | $186324 | $12039193 | $— | $12225517 |
|  Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $— | $805844 | $— | $805844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts |  | (565271) |  | (565271) |
|  | $— | $240573 | $— | $240573 |

---

<sup>(a)</sup> Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 17

------

Statement of Assets and Liabilities (unaudited)

November 30, 2025

---

| | |
|:---|:---|
|  | BlackRock U.S. Insights<br> Long/Short Equity<br> Fund |
|  **ASSETS** |  |
|  Investments, at value — unaffiliated<sup>(a)</sup>  | $12225517 |
|  Cash | 77319 |
|  Cash pledged: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral — OTC derivatives | 445707 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 635793 |
| &nbsp;&nbsp;&nbsp;&nbsp; From the Administrator | 2911 |
|  Unrealized appreciation on OTC swaps | 805844 |
|  Prepaid expenses | 27223 |
|  Total assets | 14220327 |
|  **LIABILITIES** |  |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 567581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' and Officer's fees | 883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 60907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 14118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution fees | 62 |
|  Unrealized depreciation on OTC swaps | 565271 |
|  Total liabilities | 1208824 |
|  **Commitments and contingent liabilities** |  |
|  NET ASSETS | $13011503 |
|  **NET ASSETS CONSIST OF:** |  |
|  Paid-in capital | $11996030 |
|  Accumulated earnings | 1015473 |
|  NET ASSETS | $13011503 |
|  <sup>(a)</sup> Investments, at cost — unaffiliated | $12240928 |

---

18 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Statement of Assets and Liabilities (unaudited) (continued)

November 30, 2025

---

| | |
|:---|:---|
|  | BlackRock U.S. Insights<br> Long/Short Equity<br> Fund |
|  **NET ASSET VALUE** |  |
|  **Institutional** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $129271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 12307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $10.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 |
|  **Investor A** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $305445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 29198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $10.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 |
|  **Class K** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $12576787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 1196339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $10.51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 |

---

*See notes to financial statements.*

S T A T E M E N T O F A S S E T S A N D L I A B I L I T I E S 19

------

Statement of Operations (unaudited)

Six Months Ended November 30, 2025

---

| | |
|:---|:---|
|  | BlackRock U.S. Insights<br> Long/Short Equity<br> Fund |
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | $243349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 338 |
|  Total investment income | 243687 |
|  EXPENSES |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 85226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 80851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration | 27423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services | 18642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and postage | 9668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees and Officer | 3600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration | 2663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration — class specific | 1253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | 975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution — class specific | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent — class specific | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 7307 |
|  Total expenses | 238246 |
|  Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees waived | (2663) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees waived by the Manager — class specific | (1242) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fees waived and/or reimbursed by the Manager | (135676) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees waived and/or reimbursed by the Manager — class specific | (169) |
|  Total expenses after fees waived and/or reimbursed | 98496 |
|  Net investment income | 145191 |
|  **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 | (17737) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (4360) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 1022724 |
|  | 1000646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (26121) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 85745 |
|  | 59642 |
|  Net realized and unrealized gain | 1060288 |
|  NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $1205479 |

---

*See notes to financial statements.*

20 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | BlackRock U.S. Insights Long/Short Equity<br>Fund | BlackRock U.S. Insights Long/Short Equity<br>Fund |
|  | Six Months<br> Ended<br> 11/30/25<br> (unaudited) | Year Ended<br> 05/31/25 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $145191 | $359900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1000646 | (1088621) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 59642 | 224934 |
|  Net increase (decrease) in net assets resulting from operations | 1205479 | (503787) |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  | (13319) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  | (45448) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (1306472) |
|  Decrease in net assets resulting from distributions to shareholders |  | (1365239) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | (21504) | 1253252 |
|  *NET ASSETS* |  |  |
|  Total increase (decrease) in net assets | 1183975 | (615774) |
|  Beginning of period | 11827528 | 12443302 |
|  End of period | $13011503 | $11827528 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.*

S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S 21

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | |
|:---|:---|:---|:---|
|  | BlackRock U.S. Insights Long/Short Equity Fund | BlackRock U.S. Insights Long/Short Equity Fund | BlackRock U.S. Insights Long/Short Equity Fund |
|  | Institutional | Institutional | Institutional |
|  | Six Months<br> Ended<br> 11/30/25<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(unaudited) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended<br> 05/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period from<br> 06/13/23<br> to 05/31/24<br><sup>(a)</sup> <br>|
|  **Net asset value, beginning of period** | $9.53 | $11.15 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.12 | 0.29 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.85 | (0.69) | 1.72 |
|  Net increase (decrease) from investment operations | 0.97 | (0.40) | 2.08 |
|  **Distributions<sup>(c)</sup>**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  | (0.94) | (0.93) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  | (0.28) |  |
|  Total distributions |  | (1.22) | (0.93) |
|  **Net asset value, end of period** | $10.50 | $9.53 | $11.15 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |
|  Based on net asset value | 10.18 %<sup>(e)</sup> | (4.16)% | 21.71 %<sup>(e)</sup> |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |
|  Total expenses | 3.81 %<sup>(g)</sup> | 4.06% | 4.85 %<sup>(g)(h)(i)</sup> |
|  Total expenses after fees waived and/or reimbursed | 1.60 %<sup>(g)</sup> | 1.61% | 1.55 %<sup>(g)(h)(i)</sup> |
|  Net investment income | 2.28 %<sup>(g)</sup> | 2.96% | 3.47 %<sup>(g)</sup> |
|  **Supplemental Data** |  |  |  |
|  Net assets, end of period (000) | $129 | $116 | $122 |
|  Portfolio turnover rate<sup>(j)</sup>  | 130% | 313% | — % |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Includes non-recurring expenses of offering and organization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 2.93% and 1.14%, respectively. 

<sup>(i)</sup> Audit, printing, offering, and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 4.94% and 1.59%, respectively. 

<sup>(j)</sup> Excludes underlying investments in equity swaps.

*See notes to financial statements.* 

22 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | |
|:---|:---|:---|:---|
|  | BlackRock U.S. Insights Long/Short Equity Fund<br>(continued) | BlackRock U.S. Insights Long/Short Equity Fund<br>(continued) | BlackRock U.S. Insights Long/Short Equity Fund<br>(continued) |
|  | Investor A | Investor A | Investor A |
|  | Six Months<br> Ended<br> 11/30/25<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(unaudited) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended<br> 05/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period from<br> 06/13/23<br> to 05/31/24<br><sup>(a)</sup> <br>|
|  **Net asset value, beginning of period** | $9.51 | $11.13 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.10 | 0.27 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.85 | (0.68) | 1.71 |
|  Net increase (decrease) from investment operations | 0.95 | (0.41) | 2.05 |
|  **Distributions<sup>(c)</sup>**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  | (0.93) | (0.92) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  | (0.28) |  |
|  Total distributions |  | (1.21) | (0.92) |
|  **Net asset value, end of period** | $10.46 | $9.51 | $11.13 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |
|  Based on net asset value | 9.99 %<sup>(e)</sup> | (4.27)% | 21.37 %<sup>(e)</sup> |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |
|  Total expenses | 4.20 %<sup>(g)</sup> | 4.20% | 4.90 %<sup>(g)(h)(i)</sup> |
|  Total expenses after fees waived and/or reimbursed | 1.86 %<sup>(g)</sup> | 1.86% | 1.80 %<sup>(g)(h)(i)</sup> |
|  Net investment income | 2.02 %<sup>(g)</sup> | 2.77% | 3.24 %<sup>(g)</sup> |
|  **Supplemental Data** |  |  |  |
|  Net assets, end of period (000) | $305 | $299 | $396 |
|  Portfolio turnover rate<sup>(j)</sup>  | 130% | 313% | — % |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Includes non-recurring expenses of offering and organization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 3.14% and 1.54%, respectively. 

<sup>(i)</sup> Audit, printing, offering, and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 4.99% and 1.83%, respectively. 

<sup>(j)</sup> Excludes underlying investments in equity swaps.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 23

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | |
|:---|:---|:---|:---|
|  | BlackRock U.S. Insights Long/Short Equity Fund<br>(continued) | BlackRock U.S. Insights Long/Short Equity Fund<br>(continued) | BlackRock U.S. Insights Long/Short Equity Fund<br>(continued) |
|  | Class K | Class K | Class K |
|  | Six Months<br> Ended<br> 11/30/25<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(unaudited) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended<br> 05/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Period from<br> 06/13/23<br> to 05/31/24<br><sup>(a)</sup> <br>|
|  **Net asset value, beginning of period** | $9.54 | $11.15 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.12 | 0.29 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.85 | (0.68) | 1.72 |
|  Net increase (decrease) from investment operations | 0.97 | (0.39) | 2.08 |
|  **Distributions<sup>(c)</sup>**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  | (0.94) | (0.93) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  | (0.28) |  |
|  Total distributions |  | (1.22) | (0.93) |
|  **Net asset value, end of period** | $10.51 | $9.54 | $11.15 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |
|  Based on net asset value | 10.17 %<sup>(e)</sup> | (4.06)% | 21.73 %<sup>(e)</sup> |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |
|  Total expenses | 3.79 %<sup>(g)</sup> | 3.92% | 4.75 %<sup>(g)(h)(i)</sup> |
|  Total expenses after fees waived and/or reimbursed | 1.56 %<sup>(g)</sup> | 1.56% | 1.52 %<sup>(g)(h)(i)</sup> |
|  Net investment income | 2.32 %<sup>(g)</sup> | 3.01% | 3.50 %<sup>(g)</sup> |
|  **Supplemental Data** |  |  |  |
|  Net assets, end of period (000) | $12577 | $11412 | $11925 |
|  Portfolio turnover rate<sup>(j)</sup>  | 130% | 313% | — % |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Includes non-recurring expenses of offering and organization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 2.84% and 1.12%, respectively. 

<sup>(i)</sup> Audit, printing, offering, and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 4.84% and 1.56%, respectively. 

<sup>(j)</sup> Excludes underlying investments in equity swaps.

*See notes to financial statements.* 

24 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Notes to Financial Statements (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1.**  ***ORGANIZATION*** 

BlackRock Funds<sup>SM</sup> (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized as a Massachusetts business trust. BlackRock U.S. Insights Long/Short Equity Fund (the "Fund") is a series of the Trust. The Fund is classified as a non-diversified fund under the 1940 Act.

The Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional and Class K Shares are sold only to certain eligible investors. Investor A Shares bear certain expenses related to shareholder servicing of such shares. Investor A Shares are generally available through financial intermediaries. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures.

---

| | | | |
|:---|:---|:---|:---|
| Share Class | Initial Sales Charge | CDSC | Conversion Privilege |
|  Institutional and Class K Shares | No | No |  |
|  Investor A Shares | Yes | No <sup>(a)</sup> |  |

---

<sup>(a)</sup> Investor A Shares may be subject to a contingent deferred sales charge ("CDSC") for certain redemptions where no initial sales charge was paid at the time of purchase.

The Fund, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the "Manager") or its affiliates, is included in a complex of funds referred to as the BlackRock Multi-Asset Complex.

On November 18, 2025, the Board of Trustees of the Trust (the "Board") approved a proposal to close the Fund to purchases and thereafter to liquidate the Fund. Accordingly, effective on December 31, 2025, the Fund no longer accepted purchase orders. On January 30, 2026 (the "Liquidation Date"), all of the assets of the Fund will be liquidated completely, the shares of any shareholders on the Liquidation Date will be redeemed at the net asset value ("NAV") per share and the Fund will be terminated as a series of the Trust.

**2.**  ***SIGNIFICANT ACCOUNTING POLICIES*** 

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Interest income, including amortization and accretion of premiums and discounts on debt securities is recognized daily on an accrual basis. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

**Foreign Currency Translation:** The Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

The Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statement of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. The Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

**Cash:** The Fund may maintain cash at its custodian which, at times may exceed United States federally insured limits. The Fund may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statement of Operations.

**Collateralization:** If required by an exchange or counterparty agreement, the Fund may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

**Distributions:** Distributions paid by the Fund are recorded on the ex-dividend dates. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

**Indemnifications:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund's maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.

**Other:** Expenses directly related to the Fund or its classes are charged to the Fund or the applicable class. Expenses directly related to the Fund and other shared expenses prorated to the Fund are allocated daily to each class based on its relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

N O T E S T O F I N A N C I A L S T A T E M E N T S 25

------

Notes to Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The Fund has an arrangement with its custodian whereby credits are earned on uninvested cash balances. For financial reporting purposes, custodian credits, if any, are included in interest income in the Statement of Operations.

**Segment Reporting:** The Chief Financial Officer acts as the Fund's Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**3.**  ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*** 

**Investment Valuation Policies:** The Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board has approved the designation of the Fund's Manager as the valuation designee for the Fund. The Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager's policies and procedures as reflecting fair value. The Manager has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of the Fund's assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last trade or last available bid (long positions) or ask (short positions) price.

• Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price provided by independent dealers or third-party pricing services. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's NAV.

• Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the contract is traded.

• Interest rate, credit default, inflation and currency swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate market data and discounted cash flows. Total return and equity swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using models that incorporate market trades and fair value of the underlying reference instruments.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Fund uses current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that the Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges that the Fund has the ability to access for identical assets or liabilities;

• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

• Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The

26 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

**4.**  ***SECURITIES AND OTHER INVESTMENTS*** 

**Securities Lending:** The Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities, but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC ("BIM"), if any, is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are disclosed in the Fund's Schedule of Investments. The market value of any securities on loan and the value of related collateral, if any, are shown separately in the Statement of Assets and Liabilities as a component of investments at value – unaffiliated and collateral on securities loaned, respectively.

Securities lending transactions are entered into by the Fund under Master Securities Lending Agreements (each, an "MSLA"), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Fund can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by BIM. BIM's indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. The Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Fund.

**5.**  ***DERIVATIVE FINANCIAL INSTRUMENTS*** 

The Fund engages in various portfolio investment strategies using derivative contracts both to increase the returns of the Fund and/or to manage its exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedule of Investments. These contracts may be transacted on an exchange or over-the-counter ("OTC").

**Futures Contracts:** Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Fund and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract's size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statement of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract ("variation margin"). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

N O T E S T O F I N A N C I A L S T A T E M E N T S 27

------

Notes to Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Swaps:** Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Fund and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract ("OTC swaps") or centrally cleared ("centrally cleared swaps").

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statement of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC swaps in the Statement of Assets and Liabilities. Payments received or paid are recorded in the Statement of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund's basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the "CCP") and the CCP becomes the Fund's counterparty on the swap. The Fund is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Statement of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker variation margin. Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statement of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statement of Operations, including those at termination.

• Equity swaps — Equity swaps are entered into to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Equity swaps are designed to function as direct economic investments in long or short equity positions. This means that a fund will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid. Equity swaps incur interest charges and credits ("financing fees") related to the notional value of the position. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

**Master Netting Arrangements:** In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

**Collateral Requirements:** For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Fund. Any additional required collateral is delivered to/pledged by the Fund on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Fund from the counterparties are not fully collateralized, the Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Fund has delivered collateral to a counterparty and stands ready to perform under the terms of its agreement with such counterparty, the Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statement of Assets and Liabilities.

**6.**  ***INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*** 

**Investment Advisory:** The Trust, on behalf of the Fund, entered into an Investment Advisory Agreement with the Manager, the Fund's investment adviser and an indirect, majority-owned subsidiary of BlackRock, Inc. ("BlackRock"), to provide investment advisory and administrative services. The Manager is responsible for the management of the Fund's portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of the Fund.

28 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Notes to Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

For such services, the Fund pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of the Fund's net assets:

---

| | |
|:---|:---|
| Average Daily Net Assets | Investment Advisory Fees |
|  First $1 billion | 1.36% |
|  $1 billion - $3 billion | 1.28 |
|  $3 billion - $5 billion | 1.22 |
|  $5 billion - $10 billion | 1.18 |
|  Greater than $10 billion | 1.15 |

---

The Manager entered into a sub-advisory agreement with BlackRock International Limited ("BIL"), an affiliate of the Manager. The Manager pays BIL for services it provides for that portion of the Fund for which BIL acts as Sub-Adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by the Fund to the Manager.

**Service and Distribution Fees:** The Trust, on behalf of the Fund, entered into a Distribution Agreement and Distribution and Service Plan with BlackRock Investments, LLC ("BRIL"), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, the Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of the Fund as follows:

---

| | | |
|:---|:---|:---|
| Share Class | Service Fees | Distribution Fees |
|  Investor A | 0.25% | N/A |

---

BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing and distribution services to the Fund. The ongoing service and/or distribution fee compensates BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to shareholders.

For the six months ended November 30, 2025, the following table shows the class specific service and distribution fees borne directly by each share class of the Fund:

---

| | |
|:---|:---|
|  | Investor A |
|  Service and distribution — class specific | $379 |

---

**Administration:** The Trust, on behalf of the Fund, entered into an Administration Agreement with the Manager, an indirect, majority-owned subsidiary of BlackRock, to provide administrative services. For these services, the Manager receives an administration fee computed daily and payable monthly, based on a percentage of the average daily net assets of the Fund. The administration fee, which is shown as administration in the Statement of Operations, is paid at the annual rates below:

---

| | |
|:---|:---|
| Average Daily Net Assets | Administration Fees |
|  First $500 million | 0.0425% |
|  $500 million - $1 billion | 0.0400 |
|  $1 billion - $2 billion | 0.0375 |
|  $2 billion - $4 billion | 0.0350 |
|  $4 billion - $13 billion | 0.0325 |
|  Greater than $13 billion | 0.0300 |

---

In addition, the Manager charges each of the share classes an administration fee, which is shown as administration — class specific in the Statement of Operations, at an annual rate of 0.02% of the average daily net assets of each respective class.

For the six months ended November 30, 2025, the Fund paid the following to the Manager in return for these services, which are included in administration — class specific in the Statement of Operations:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Institutional | Investor A | Class K | Total |
|  Administration — class specific | $12 | $30 | $1211 | $1253 |

---

**Transfer Agent:** Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Fund with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the six months ended November 30, 2025, the Fund did not pay any amounts to affiliates in return for these services.

For the six months ended November 30, 2025, the following table shows the class specific transfer agent fees borne directly by each share class of the Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Institutional | Investor A | Class K | Total |
|  Transfer agent — class specific | $15 | $232 | $12 | $259 |

---

**Expense Limitations, Waivers, Reimbursements, and Recoupments:** The Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Fund pays to the Manager indirectly through its investment in affiliated money market funds (the "affiliated money market fund waiver") through June 30, 2027. The contractual agreement may be terminated upon 90 days' notice by a majority of the trustees who are not "interested persons" of the Trust, as defined in the 1940 Act ("Independent Trustees"), or by a vote of a majority of the outstanding voting securities of the Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended November 30, 2025, there were no fees waived by the Manager pursuant to this arrangement.

N O T E S T O F I N A N C I A L S T A T E M E N T S 29

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Notes to Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the Fund's assets invested in affiliated equity and fixed-income mutual funds, and affiliated exchange-traded funds that have a contractual management fee through June 30, 2027. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Fund. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended November 30, 2025, there were no fees waived by the Manager pursuant to this arrangement.

The Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, tax expense, acquired fund fees and expenses, and certain other fund expenses ("expense limitation"). The expense limitations as a percentage of average daily net assets are as follows:

---

| | | |
|:---|:---|:---|
| Institutional | Investor A | Class K |
| 1.61% | 1.86% | 1.56% |

---

The Manager has agreed not to reduce or discontinue these contractual expense limitations through June 30, 2027, unless approved by the Board, including a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Fund. For the six months ended November 30, 2025, there were no fees waived and/or reimbursed by the Manager pursuant to this agreement.

For the six months ended November 30, 2025, the Manager waived and/or reimbursed the Fund investment advisory fees and other expenses of $135,676, which is included in fees waived and/or reimbursed by the Manager in the Statement of Operations.

The Fund also had a waiver of administration fees, which are included in Administration fees waived in the Statement of Operations. For the six months ended November 30, 2025, the amount was $2,663.

In addition, these amounts waived and/or reimbursed by the Manager are included in administration fees waived by the Manager — class specific and transfer agent fees waived and/or reimbursed by the Manager — class specific, respectively, in the Statement of Operations. For the six months ended November 30, 2025, class specific expense waivers and/or reimbursements were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Institutional | Investor A | Class K | Total |
|  Administration fees waived by the Manager — class specific | $1 | $30 | $1211 | $1242 |
|  Transfer agent fees waived and/or reimbursed by the Manager — class specific | 1 | 156 | 12 | 169 |

---

With respect to the contractual expense limitation, if during the Fund's fiscal year the operating expenses of a share class, that at any time during the prior two fiscal years received a waiver and/or reimbursement from the Manager, are less than the current expense limitation for that share class, the Manager is entitled to be reimbursed by such share class up to the lesser of: (a) the amount of fees waived and/or expenses reimbursed during those prior two fiscal years under the agreement and (b) an amount not to exceed either the current expense limitation of that share class or the expense limitation of the share class in effect at the time that the share class received the applicable waiver and/or reimbursement, provided that:

(1) the Fund, of which the share class is a part, has more than $50 million in assets for the fiscal year, and

(2) the Manager or an affiliate continues to serve as the Fund's investment adviser or administrator.

This repayment applies only to the contractual expense limitation on net expenses and does not apply to the contractual investment advisory fee waiver described above or any voluntary waivers that may be in effect from time to time. Effective June 14, 2030, the repayment arrangement between the Fund and the Manager pursuant to which the Fund may be required to repay amounts waived and/or reimbursed under the Fund's contractual caps on net expenses will be terminated.

As of November 30, 2025, the fund level and class specific waivers and/or reimbursements subject to possible future recoupment under the expense limitation agreement were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Expiring May 31, | Expiring May 31, | Expiring May 31, |
| Fund Level/Share Class | 2026 | 2027 | 2028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund Level | $207693 | $280183 | $138339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | 95 | 126 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A | 96 | 456 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | 2223 | 2399 | 1222 |

---

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional, managed by the Manager or its affiliates. However, BIM has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been reinvested may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, the money market fund will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. The money market fund will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There

30 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

is no limit to the size of a mandatory liquidity fee. If the money market fund cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. The Fund retains a portion of the securities lending income and remits the remaining portion to BIM as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, the Fund retains 81% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds specified thresholds, the Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 84% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by the Fund is shown as securities lending income — affiliated — net in the Statement of Operations. For the six months ended November 30, 2025, the Fund paid BIM $79 for securities lending agent services.

**Trustees and Officers:** Certain trustees and/or officers of the Trust are trustees and/or officers of BlackRock or its affiliates. The Fund reimburses the Manager for a portion of the compensation paid to the Trust's Chief Compliance Officer, which is included in Trustees and Officer in the Statement of Operations.

**7.**  ***PURCHASES AND SALES*** 

For the six months ended November 30, 2025, purchases and sales of investments, excluding short-term securities, were $405,097 and $261,085, respectively.

**8.**  ***INCOME TAX INFORMATION*** 

It is the Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund's U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on the Fund's state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Fund as of November 30, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund's financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Fund's NAV.

As of May 31, 2025, the Fund had qualified late-year losses as follows:

---

| | | |
|:---|:---|:---|
| Fund Name | Qualified Late-Year<br>Capital Losses<sup>(a)</sup> | Qualified Late-Year<br>Ordinary Losses<sup>(a)</sup> |
|  U.S. Insights Long/Short Equity | $(31531) | $(169163) |

---

<sup>(a)</sup> The Fund has elected to defer these qualified late-year losses and recognize such losses in the next taxable year.

As of November 30, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name | Tax Cost | Gross Unrealized<br>Appreciation | Gross Unrealized<br>Depreciation | Net Unrealized<br>Appreciation<br>(Depreciation) |
|  U.S. Insights Long/Short Equity | $12240928 | $817924 | $(592762) | $225162 |

---

**9.**  ***BANK BORROWINGS*** 

The Trust, on behalf of the Fund, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Fund may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Fund, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate ("SOFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April

N O T E S T O F I N A N C I A L S T A T E M E N T S 31

------

Notes to Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2026 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended November 30, 2025, the Fund did not borrow under the credit agreement.

**10.**  ***PRINCIPAL RISKS*** 

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments. The Fund's prospectus provides details of the risks to which the Fund is subject.

The Fund may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.

**Market Risk:** The Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force the Fund to reinvest in lower yielding securities. The Fund may also be exposed to reinvestment risk, which is the risk that income from the Fund's portfolio will decline if the Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below the Fund portfolio's current earnings rate.

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. The Fund may invest in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause the Fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

**Counterparty Credit Risk:** The Fund may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Fund manages counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Fund's exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Fund.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Fund.

**Geographic/Asset Class Risk:** A diversified portfolio, where this is appropriate and consistent with the fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Fund's portfolio are disclosed in its Schedule of Investments.

The Fund invests a significant portion of its assets in fixed-income securities and/or uses derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Fund may be subject to a greater risk of rising interest rates during a period of historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Fund's performance.

The Fund invests a significant portion of its assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Fund invests.

32 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

**11.**  ***CAPITAL SHARE TRANSACTIONS*** 

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended 11/30/25 | Six Months Ended 11/30/25 | Year Ended 05/31/25 | Year Ended 05/31/25 |
| Share Class | Shares | Amount | Shares | Amount |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 101 | $1000 |  | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  | 1291 | 12993 |
|  | 101 | $1000 | 1291 | $12993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 629 | $6224 | 3843 | $40718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  | 4483 | 45122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2890) | (28728) | (12463) | (120059) |
|  | (2261) | $(22504) | (4137) | $(34219) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  | $— | 126436 | $1274478 |
|  | (2160) | $(21504) | 123590 | $1253252 |

---

As of November 30, 2025, shares owned by BlackRock Financial Management, Inc., an affiliate of the Fund, were as follows:

---

| | |
|:---|:---|
| Share Class |  |
|  Institutional | 12206 |
|  Investor A | 12183 |
|  Class K | 1196339 |

---

**12.**  ***SUBSEQUENT EVENTS*** 

Management's evaluation of the impact of all subsequent events on the Fund's financial statements was completed through the date the financial statements were issued and the following item was noted:

On January 30, 2026, all of the assets of the Fund will be liquidated completely, the shares of any shareholders will be redeemed at the NAV per share and the Fund will be terminated.

N O T E S T O F I N A N C I A L S T A T E M E N T S 33

------

Additional Information

#### Changes in and Disagreements with Accountants
Not applicable.

#### Proxy Results
Not applicable.

#### Remuneration Paid to Trustees, Officers, and Others
Compensation to the independent directors/trustees of the Trust is paid by the Trust, on behalf of the Fund.

#### General Information
Quarterly performance, shareholder reports, semi-annual and annual financial statements, current net asset value and other information regarding the Fund may be found on BlackRock's website, which can be accessed at **blackrock.com.** Any reference to BlackRock's website in this report is intended to allow investors public access to information regarding the Fund and does not, and is not intended to, incorporate BlackRock's website in this report.

#### Electronic Delivery
Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program.

To enroll in electronic delivery:

#### Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:
Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.

#### Shareholders Who Hold Accounts Directly with BlackRock:
1. Access the BlackRock website at **blackrock.com**

2. Select "Access Your Account"

3. Next, select "eDelivery" in the "Related Resources" box and follow the sign-up instructions.

#### BlackRock's Mutual Fund Family
BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit **blackrock.com** for more information.

#### Shareholder Privileges

#### Account Information
Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit **blackrock.com** for more information**.**

#### Automatic Investment Plans
Investor class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.

#### Systematic Withdrawal Plans
Investor class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.

#### Retirement Plans
Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.

34 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Additional Information (continued)

#### Fund and Service Providers

---

| | |
|:---|:---|
| Investment Adviser and Administrator | Independent Registered Public Accounting Firm |
| BlackRock Advisors, LLC | Deloitte & Touche LLP |
| Wilmington, DE 19809 | Boston, MA 02110 |
|  <br> **Sub-Adviser** | Distributor |
| BlackRock International Limited | BlackRock Investments, LLC |
| Edinburgh, EH3 8BL | New York, NY 10001 |
| United Kingdom |  |
|  | Legal Counsel |
| Accounting Agent and Transfer Agent | Ropes & Gray LLP |
| BNY Mellon Investment Servicing (US) Inc. | New York, NY 10036 |
|  Wilmington, DE 19809 |  |
|  | Address of the Trust |
| Custodian | 100 Bellevue Parkway |
| The Bank of New York Mellon | Wilmington, DE 19809 |
| New York, NY 10286 |  |

---

A D D I T I O N A L I N F O R M A T I O N 35

------

Glossary of Terms Used in these Financial Statements

#### Currency Abbreviation
 <br> USD United States Dollar

---

| | |
|:---|:---|
| Portfolio Abbreviation | Portfolio Abbreviation |
| 1D FEDL01 | USD - 1D Overnight Fed Funds Effective Rate |
| 1D OBFR01 | USD - 1D Overnight Bank Funding Rate |
| ADR | American Depositary Receipt |
| NVS | Non-Voting Shares |
| OTC | Over-the-Counter |

---

36 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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### Want to know more?
blackrock.com \| 800-441-7762

This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless preceded or accompanied by the Fund's current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.

---

| | |
|:---|:---|
| ![LOGO](g12445g42l24.jpg)  | ![LOGO](g12445dsp040.jpg) |

---

------

Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7

Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7

Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – Not Applicable

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 13 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

---

| | |
|:---|:---|
| Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.  |

---

Item 16 – Controls and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act").

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

(a)(1) Code of Ethics – Not Applicable to this semi-annual report

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed – Not Applicable

[(a)(3) Section 302 Certifications are attached.](d57293dex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) Change in Registrant's independent public accountant – Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Section 906 Certifications are attached.](d57293dex99906cert.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 21, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Funds<sup>SM</sup> |

---

Date: January 21, 2026

---

| | |
|:---|:---|
| By: | /s/ Trent Walker  |
|  | Trent Walker |
|  | Chief Financial Officer (principal financial officer) of |
|  | BlackRock Funds<sup>SM</sup> |

---

Date: January 21, 2026

## Ex-99.Cert

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Funds<sup>SM</sup>, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Funds<sup>SM</sup>;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: January 21, 2026

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Funds<sup>SM</sup>

------

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock Funds<sup>SM</sup>, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Funds<sup>SM</sup>;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: January 21, 2026

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds<sup>SM</sup>

## Exhibit 99.906

Exhibit 99.906CERT

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and** 

**Section 906 of the Sarbanes-Oxley Act of 2002** 

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Funds<sup>SM</sup> (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended November 30, 2025 (the "Report") fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: January 21, 2026

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Funds<sup>SM</sup>

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Funds<sup>SM</sup> (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended November 30, 2025 (the "Report") fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: January 21, 2026

<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**.**