# EDGAR Filing Document

**Accession Number:** 0001097077
**File Stem:** 0001193125-25-173308
**Filing Date:** 2025-8
**Character Count:** 706277
**Document Hash:** 9f965fb4da45ee8c079de8d0cec9dd32
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-173308.hdr.sgml**: 20250805

**ACCESSION NUMBER**: 0001193125-25-173308

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 33

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250805

**DATE AS OF CHANGE**: 20250805

**EFFECTIVENESS DATE**: 20250805

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK LARGE CAP SERIES FUNDS, INC.
- **CENTRAL INDEX KEY:** 0001097077

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09637
- **FILM NUMBER:** 251183973

**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:** MERRILL LYNCH LARGE CAP SERIES FUNDS INC
- **DATE OF NAME CHANGE:** 19991018

## Series and Classes Contracts Data

### BlackRock Advantage Large Cap Core Fund (Series ID: S000001973)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000005171 | Investor A    |  |
| C000005173 | Investor C    |  |
| C000005174 | Institutional |  |
| C000005175 | Class R       |  |
| C000198228 | Class K       |  |

### BlackRock Advantage Large Cap Value Fund (Series ID: S000001975)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000005181 | Investor A    |  |
| C000005183 | Investor C    |  |
| C000005184 | Institutional |  |
| C000005185 | Class R       |  |
| C000198229 | Class K       |  |

### BlackRock Event Driven Equity Fund (Series ID: S000018499)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000051319 | Investor A    |  |
| C000051320 | Investor C    |  |
| C000051321 | Institutional |  |

?xml version='1.0' encoding='ASCII'? BLACKROCK LARGE CAP SERIES FUNDS, INC.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

#### FORM N-CSR

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

811-09637

Name of Fund:

BlackRock Large Cap Series Funds, Inc.

BlackRock Advantage Large Cap Core Fund

BlackRock Advantage Large Cap Value Fund

BlackRock Event Driven Equity Fund

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Large Cap Series Funds, Inc., 50 Hudson Yards, New York, NY 10001

Registrant's telephone number, including area code:

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

Date of fiscal year end:

05/31/2025

Date of reporting period:

05/31/2025

Item 1 — Reports to Stockholders

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

![TSR - Blackrock Fund Logo](g867700images_27941.jpg)

### BlackRock Event Driven Equity Fund

### Institutional Shares \| BILPX

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

------

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

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| Institutional Shares | $120 | 1.16% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Institutional Shares returned 6.37%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index, returned 13.73% and the ICE BofA 3-Month U.S. Treasury Bill Index returned 4.76%. 

What contributed to performance?

The Fund utilizes total return swaps to gain exposure to merger arbitrage situations across hard catalyst (primarily publicly announced mergers), soft catalyst (companies undergoing meaningful corporate events), and credit opportunities.

The largest contributor to performance was a soft catalyst investment in Arconic. Since its separation from Arconic, anchor position Howmet Aerospace reported strong results driven by margin enhancement, market share gain initiatives and de-risked organic capital deployment plans. A soft catalyst investment in General Electric's separation also contributed as GE Vernova announced multiple major gas turbine orders and GE Aerospace reported strong earnings along with several large engine orders. A hard catalyst investment in the Novo Nordisk / Catalent merger, which closed in December 2024, contributed as well. The transaction bolstered Novo Holdings' successful record of life sciences investing and secures important contract manufacturing capacity for Novo Nordisk's obesity and diabetes medications. The Fund's cash position had no material impact on performance.

What detracted from performance?

The largest detractor was soft catalyst positioning in managed healthcare due to underperformance by anchor positions Cigna and Elevance. The managed healthcare industry faced challenges due to mismatched cost utilization, pricing and benefits along with elevated regulatory scrutiny. Despite this, with multiple avenues of near- and medium-term earnings, the outlook remained constructive. Soft catalyst positioning in beauty company Coty also detracted. Industry deceleration in key geographies and product areas, from which Coty is largely insulated, overshadowed the company's progress in product introductions, portfolio management, deleveraging, and margin enhancement. Lastly, soft catalyst positioning in Olin detracted as the materials and ammunition company has faced ongoing supply chain challenges as well as weaker-than-expected performance in certain end markets.

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

#### Fund performance
Cumulative performance: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g867700chartimages_10117600.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Institutional Shares | 6.37% | 3.99% | 4.27% |
| Russell 1000<sup>®</sup> Index | 13.73 | 15.66 | 12.58 |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.76 | 2.70 | 1.94 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$4572826636 |
| Number of Portfolio Holdings | &nbsp;&nbsp;267 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$49425578 |
| Portfolio Turnover Rate | &nbsp;&nbsp;81% |

---

On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE BofA 3-Month U.S. Treasury Bill Index (the "Index"). Index data prior to March 1, 2021 is for the Index's standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index's new standard pricing time of 4pm. The change of the Index's standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023.

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

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

**Sector allocation**

---

| | | | |
|:---|:---|:---|:---|
|  | *Percent of Total Investments<sup>(a)</sup>* | *Percent of Total Investments<sup>(a)</sup>* | *Percent of Total Investments<sup>(a)</sup>* |
| *Sector<sup>(b)</sup>* | *Long* | *Short* | *Total* |
| Investment Companies | 7.8% | 8.4% | 16.2% |
| Industrials | 12.1% | 1.7% | 13.8% |
| Energy | 5.7% | 6.1% | 11.8% |
| Information Technology | 9.9% | 1.9% | 11.8% |
| Materials | 8.8% | 2.6% | 11.4% |
| Health Care | 8.2% | 0.2% | 8.4% |
| Consumer Discretionary | 7.0% | 0.1% | 7.1% |
| Consumer Staples | 7.0% | —% | 7.0% |
| Communication Services | 5.1% | 1.4% | 6.5% |
| Financials | 3.0% | 1.7% | 4.7% |
| Real Estate | 1.2% | —% | 1.2% |
| Utilities | 0.1% | —% | 0.1% |
|  | 75.9 | 24.1 | 100.0 |

---

---

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

---

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

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

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

![TSR - Blackrock Footer Logo](g867700images_27939.jpg)

BlackRock Event Driven Equity Fund

Institutional Shares \| BILPX

Annual Shareholder Report — May 31, 2025

BILPX-05/25-AR

![TSR - Blackrock Fund Logo](g867700images_27941.jpg)

### BlackRock Event Driven Equity Fund

### Investor A Shares \| BALPX

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

------

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

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| Investor A Shares | $142 | 1.38% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Investor A Shares returned 6.12%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index, returned 13.73% and the ICE BofA 3-Month U.S. Treasury Bill Index returned 4.76%. 

What contributed to performance?

The Fund utilizes total return swaps to gain exposure to merger arbitrage situations across hard catalyst (primarily publicly announced mergers), soft catalyst (companies undergoing meaningful corporate events), and credit opportunities.

The largest contributor to performance was a soft catalyst investment in Arconic. Since its separation from Arconic, anchor position Howmet Aerospace reported strong results driven by margin enhancement, market share gain initiatives and de-risked organic capital deployment plans. A soft catalyst investment in General Electric's separation also contributed as GE Vernova announced multiple major gas turbine orders and GE Aerospace reported strong earnings along with several large engine orders. A hard catalyst investment in the Novo Nordisk / Catalent merger, which closed in December 2024, contributed as well. The transaction bolstered Novo Holdings' successful record of life sciences investing and secures important contract manufacturing capacity for Novo Nordisk's obesity and diabetes medications. The Fund's cash position had no material impact on performance.

What detracted from performance?

The largest detractor was soft catalyst positioning in managed healthcare due to underperformance by anchor positions Cigna and Elevance. The managed healthcare industry faced challenges due to mismatched cost utilization, pricing and benefits along with elevated regulatory scrutiny. Despite this, with multiple avenues of near- and medium-term earnings, the outlook remained constructive. Soft catalyst positioning in beauty company Coty also detracted. Industry deceleration in key geographies and product areas, from which Coty is largely insulated, overshadowed the company's progress in product introductions, portfolio management, deleveraging, and margin enhancement. Lastly, soft catalyst positioning in Olin detracted as the materials and ammunition company has faced ongoing supply chain challenges as well as weaker-than-expected performance in certain end markets.

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

#### Fund performance
Cumulative performance: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g867700chartimages_10117644.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Investor A Shares | 6.12% | 3.74% | 4.02% |
| Investor A Shares (with sales charge) | 0.55 | 2.63 | 3.46 |
| Russell 1000<sup>®</sup> Index | 13.73 | 15.66 | 12.58 |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.76 | 2.70 | 1.94 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$4572826636 |
| Number of Portfolio Holdings | &nbsp;&nbsp;267 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$49425578 |
| Portfolio Turnover Rate | &nbsp;&nbsp;81% |

---

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

On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE BofA 3-Month U.S. Treasury Bill Index (the "Index"). Index data prior to March 1, 2021 is for the Index's standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index's new standard pricing time of 4pm. The change of the Index's standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023.

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

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

**Sector allocation**

---

| | | | |
|:---|:---|:---|:---|
|  | *Percent of Total Investments<sup>(a)</sup>* | *Percent of Total Investments<sup>(a)</sup>* | *Percent of Total Investments<sup>(a)</sup>* |
| *Sector<sup>(b)</sup>* | *Long* | *Short* | *Total* |
| Investment Companies | 7.8% | 8.4% | 16.2% |
| Industrials | 12.1% | 1.7% | 13.8% |
| Energy | 5.7% | 6.1% | 11.8% |
| Information Technology | 9.9% | 1.9% | 11.8% |
| Materials | 8.8% | 2.6% | 11.4% |
| Health Care | 8.2% | 0.2% | 8.4% |
| Consumer Discretionary | 7.0% | 0.1% | 7.1% |
| Consumer Staples | 7.0% | —% | 7.0% |
| Communication Services | 5.1% | 1.4% | 6.5% |
| Financials | 3.0% | 1.7% | 4.7% |
| Real Estate | 1.2% | —% | 1.2% |
| Utilities | 0.1% | —% | 0.1% |
|  | 75.9 | 24.1 | 100.0 |

---

---

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

---

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

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

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

![TSR - Blackrock Footer Logo](g867700images_27939.jpg)

BlackRock Event Driven Equity Fund

Investor A Shares \| BALPX

Annual Shareholder Report — May 31, 2025

BALPX-05/25-AR

![TSR - Blackrock Fund Logo](g867700images_27941.jpg)

### BlackRock Event Driven Equity Fund

### Investor C Shares \| BCLPX

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

------

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

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| Investor C Shares | $220 | 2.14% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Investor C Shares returned 5.47%. 

* For the same period, the Fund's benchmark, the Russell 1000<sup>®</sup> Index, returned 13.73% and the ICE BofA 3-Month U.S. Treasury Bill Index returned 4.76%. 

What contributed to performance?

The Fund utilizes total return swaps to gain exposure to merger arbitrage situations across hard catalyst (primarily publicly announced mergers), soft catalyst (companies undergoing meaningful corporate events), and credit opportunities.

The largest contributor to performance was a soft catalyst investment in Arconic. Since its separation from Arconic, anchor position Howmet Aerospace reported strong results driven by margin enhancement, market share gain initiatives and de-risked organic capital deployment plans. A soft catalyst investment in General Electric's separation also contributed as GE Vernova announced multiple major gas turbine orders and GE Aerospace reported strong earnings along with several large engine orders. A hard catalyst investment in the Novo Nordisk / Catalent merger, which closed in December 2024, contributed as well. The transaction bolstered Novo Holdings' successful record of life sciences investing and secures important contract manufacturing capacity for Novo Nordisk's obesity and diabetes medications. The Fund's cash position had no material impact on performance.

What detracted from performance?

The largest detractor was soft catalyst positioning in managed healthcare due to underperformance by anchor positions Cigna and Elevance. The managed healthcare industry faced challenges due to mismatched cost utilization, pricing and benefits along with elevated regulatory scrutiny. Despite this, with multiple avenues of near- and medium-term earnings, the outlook remained constructive. Soft catalyst positioning in beauty company Coty also detracted. Industry deceleration in key geographies and product areas, from which Coty is largely insulated, overshadowed the company's progress in product introductions, portfolio management, deleveraging, and margin enhancement. Lastly, soft catalyst positioning in Olin detracted as the materials and ammunition company has faced ongoing supply chain challenges as well as weaker-than-expected performance in certain end markets.

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

#### Fund performance
Cumulative performance: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g867700chartimages_10117688.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Investor C Shares | 5.47% | 2.98% | 3.41% |
| Investor C Shares (with sales charge) | 4.47 | 2.98 | 3.41 |
| Russell 1000<sup>®</sup> Index | 13.73 | 15.66 | 12.58 |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.76 | 2.70 | 1.94 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$4572826636 |
| Number of Portfolio Holdings | &nbsp;&nbsp;267 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$49425578 |
| Portfolio Turnover Rate | &nbsp;&nbsp;81% |

---

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

On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE BofA 3-Month U.S. Treasury Bill Index (the "Index"). Index data prior to March 1, 2021 is for the Index's standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index's new standard pricing time of 4pm. The change of the Index's standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023.

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

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

**Sector allocation**

---

| | | | |
|:---|:---|:---|:---|
|  | *Percent of Total Investments<sup>(a)</sup>* | *Percent of Total Investments<sup>(a)</sup>* | *Percent of Total Investments<sup>(a)</sup>* |
| *Sector<sup>(b)</sup>* | *Long* | *Short* | *Total* |
| Investment Companies | 7.8% | 8.4% | 16.2% |
| Industrials | 12.1% | 1.7% | 13.8% |
| Energy | 5.7% | 6.1% | 11.8% |
| Information Technology | 9.9% | 1.9% | 11.8% |
| Materials | 8.8% | 2.6% | 11.4% |
| Health Care | 8.2% | 0.2% | 8.4% |
| Consumer Discretionary | 7.0% | 0.1% | 7.1% |
| Consumer Staples | 7.0% | —% | 7.0% |
| Communication Services | 5.1% | 1.4% | 6.5% |
| Financials | 3.0% | 1.7% | 4.7% |
| Real Estate | 1.2% | —% | 1.2% |
| Utilities | 0.1% | —% | 0.1% |
|  | 75.9 | 24.1 | 100.0 |

---

---

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

---

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

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

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

![TSR - Blackrock Footer Logo](g867700images_27939.jpg)

BlackRock Event Driven Equity Fund

Investor C Shares \| BCLPX

Annual Shareholder Report — May 31, 2025

BCLPX-05/25-AR

![TSR - Blackrock Fund Logo](g867700images_27941.jpg)

### BlackRock Advantage Large Cap Core Fund

### Institutional Shares \| MALRX

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

------

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

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| Institutional Shares | $51 | 0.48% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Institutional Shares returned 12.62%. 

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

What contributed to performance?

Text-based insights gauging sentiment from broker reports and analyzing online search trends supported successful positioning within the industrials sector, helping to identify improving order backlogs as supply chain pressures eased. In addition, a fundamental quality measure that focuses on company management contributed within both financials and information technology, driving positioning in banks benefiting from a steadier interest rate backdrop and technology stocks attracting investors amid increased spending on artificial intelligence. Finally, fundamental measures that evaluate research spending relative to assets together with text-based forecasts of sales growth proved additive across innovation-oriented companies, reflecting investors' preference for firms reinvesting for future expansion during the market's recovery.

What detracted from performance?

Traditional valuation measures evaluating company sales relative to enterprise value struggled, as weaker commodity prices pressured these valuation-driven stocks. Within energy, macro insights designed to benefit from reversals in short-term sentiment swings underperformed after sharp moves in oil prices. Lastly, traditional measures looking at company balance sheets also detracted within energy.

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

#### Fund performance
Cumulative performance: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g867700chartimages_10117820.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Institutional Shares | 12.62% | 15.26% | 12.16% |
| Russell 1000<sup>®</sup> Index | 13.73 | 15.66 | 12.58 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$3022000048 |
| Number of Portfolio Holdings | &nbsp;&nbsp;99 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$11102904 |
| Portfolio Turnover Rate | &nbsp;&nbsp;117% |

---

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

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

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

**Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Information Technology | 30.6% |
| Financials | 13.6% |
| Health Care | 11.9% |
| Consumer Discretionary | 11.1% |
| Communication Services | 9.3% |
| Industrials | 8.1% |
| Consumer Staples | 5.9% |
| Energy | 3.4% |
| Real Estate | 2.8% |
| Utilities | 1.2% |
| Materials | 1.0% |
| Short-Term Securities | 1.0% |
| Other Assets Less Liabilities | 0.1% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| Microsoft Corp. | 6.9% |
| NVIDIA Corp. | 5.9% |
| Apple Inc. | 5.7% |
| Amazon.com, Inc. | 4.1% |
| Meta Platforms, Inc., Class A | 2.9% |
| Alphabet, Inc., Class A | 2.6% |
| Broadcom, Inc. | 2.1% |
| Home Depot, Inc. (The) | 1.8% |
| Walmart, Inc. | 1.8% |
| Bank of America Corp. | 1.7% |

---

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

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

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©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](g867700images_27939.jpg)

BlackRock Advantage Large Cap Core Fund

Institutional Shares \| MALRX

Annual Shareholder Report — May 31, 2025

MALRX-05/25-AR

![TSR - Blackrock Fund Logo](g867700images_27941.jpg)

### BlackRock Advantage Large Cap Core Fund

### Investor A Shares \| MDLRX

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

------

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

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| Investor A Shares | $78 | 0.73% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Investor A Shares returned 12.34%. 

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

What contributed to performance?

Text-based insights gauging sentiment from broker reports and analyzing online search trends supported successful positioning within the industrials sector, helping to identify improving order backlogs as supply chain pressures eased. In addition, a fundamental quality measure that focuses on company management contributed within both financials and information technology, driving positioning in banks benefiting from a steadier interest rate backdrop and technology stocks attracting investors amid increased spending on artificial intelligence. Finally, fundamental measures that evaluate research spending relative to assets together with text-based forecasts of sales growth proved additive across innovation-oriented companies, reflecting investors' preference for firms reinvesting for future expansion during the market's recovery.

What detracted from performance?

Traditional valuation measures evaluating company sales relative to enterprise value struggled, as weaker commodity prices pressured these valuation-driven stocks. Within energy, macro insights designed to benefit from reversals in short-term sentiment swings underperformed after sharp moves in oil prices. Lastly, traditional measures looking at company balance sheets also detracted within energy.

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

#### Fund performance
Cumulative performance: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g867700chartimages_10117864.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Investor A Shares | 12.34% | 14.98% | 11.87% |
| Investor A Shares (with sales charge) | 6.44 | 13.74 | 11.27 |
| Russell 1000<sup>®</sup> Index | 13.73 | 15.66 | 12.58 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$3022000048 |
| Number of Portfolio Holdings | &nbsp;&nbsp;99 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$11102904 |
| Portfolio Turnover Rate | &nbsp;&nbsp;117% |

---

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

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

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

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

**Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Information Technology | 30.6% |
| Financials | 13.6% |
| Health Care | 11.9% |
| Consumer Discretionary | 11.1% |
| Communication Services | 9.3% |
| Industrials | 8.1% |
| Consumer Staples | 5.9% |
| Energy | 3.4% |
| Real Estate | 2.8% |
| Utilities | 1.2% |
| Materials | 1.0% |
| Short-Term Securities | 1.0% |
| Other Assets Less Liabilities | 0.1% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| Microsoft Corp. | 6.9% |
| NVIDIA Corp. | 5.9% |
| Apple Inc. | 5.7% |
| Amazon.com, Inc. | 4.1% |
| Meta Platforms, Inc., Class A | 2.9% |
| Alphabet, Inc., Class A | 2.6% |
| Broadcom, Inc. | 2.1% |
| Home Depot, Inc. (The) | 1.8% |
| Walmart, Inc. | 1.8% |
| Bank of America Corp. | 1.7% |

---

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

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

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©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](g867700images_27939.jpg)

BlackRock Advantage Large Cap Core Fund

Investor A Shares \| MDLRX

Annual Shareholder Report — May 31, 2025

MDLRX-05/25-AR

![TSR - Blackrock Fund Logo](g867700images_27941.jpg)

### BlackRock Advantage Large Cap Core Fund

### Investor C Shares \| MCLRX

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

------

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

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| Investor C Shares | $157 | 1.48% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Investor C Shares returned 11.52%. 

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

What contributed to performance?

Text-based insights gauging sentiment from broker reports and analyzing online search trends supported successful positioning within the industrials sector, helping to identify improving order backlogs as supply chain pressures eased. In addition, a fundamental quality measure that focuses on company management contributed within both financials and information technology, driving positioning in banks benefiting from a steadier interest rate backdrop and technology stocks attracting investors amid increased spending on artificial intelligence. Finally, fundamental measures that evaluate research spending relative to assets together with text-based forecasts of sales growth proved additive across innovation-oriented companies, reflecting investors' preference for firms reinvesting for future expansion during the market's recovery.

What detracted from performance?

Traditional valuation measures evaluating company sales relative to enterprise value struggled, as weaker commodity prices pressured these valuation-driven stocks. Within energy, macro insights designed to benefit from reversals in short-term sentiment swings underperformed after sharp moves in oil prices. Lastly, traditional measures looking at company balance sheets also detracted within energy.

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

#### Fund performance
Cumulative performance: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g867700chartimages_10117908.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Investor C Shares | 11.52% | 14.12% | 11.18% |
| Investor C Shares (with sales charge) | 10.59 | 14.12 | 11.18 |
| Russell 1000<sup>®</sup> Index | 13.73 | 15.66 | 12.58 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$3022000048 |
| Number of Portfolio Holdings | &nbsp;&nbsp;99 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$11102904 |
| Portfolio Turnover Rate | &nbsp;&nbsp;117% |

---

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

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

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

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

**Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Information Technology | 30.6% |
| Financials | 13.6% |
| Health Care | 11.9% |
| Consumer Discretionary | 11.1% |
| Communication Services | 9.3% |
| Industrials | 8.1% |
| Consumer Staples | 5.9% |
| Energy | 3.4% |
| Real Estate | 2.8% |
| Utilities | 1.2% |
| Materials | 1.0% |
| Short-Term Securities | 1.0% |
| Other Assets Less Liabilities | 0.1% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| Microsoft Corp. | 6.9% |
| NVIDIA Corp. | 5.9% |
| Apple Inc. | 5.7% |
| Amazon.com, Inc. | 4.1% |
| Meta Platforms, Inc., Class A | 2.9% |
| Alphabet, Inc., Class A | 2.6% |
| Broadcom, Inc. | 2.1% |
| Home Depot, Inc. (The) | 1.8% |
| Walmart, Inc. | 1.8% |
| Bank of America Corp. | 1.7% |

---

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

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

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©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](g867700images_27939.jpg)

BlackRock Advantage Large Cap Core Fund

Investor C Shares \| MCLRX

Annual Shareholder Report — May 31, 2025

MCLRX-05/25-AR

![TSR - Blackrock Fund Logo](g867700images_27941.jpg)

### BlackRock Advantage Large Cap Core Fund

### Class K Shares \| MLRKX

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

------

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

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| Class K Shares | $46 | 0.43% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Class K Shares returned 12.73%. 

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

What contributed to performance?

Text-based insights gauging sentiment from broker reports and analyzing online search trends supported successful positioning within the industrials sector, helping to identify improving order backlogs as supply chain pressures eased. In addition, a fundamental quality measure that focuses on company management contributed within both financials and information technology, driving positioning in banks benefiting from a steadier interest rate backdrop and technology stocks attracting investors amid increased spending on artificial intelligence. Finally, fundamental measures that evaluate research spending relative to assets together with text-based forecasts of sales growth proved additive across innovation-oriented companies, reflecting investors' preference for firms reinvesting for future expansion during the market's recovery.

What detracted from performance?

Traditional valuation measures evaluating company sales relative to enterprise value struggled, as weaker commodity prices pressured these valuation-driven stocks. Within energy, macro insights designed to benefit from reversals in short-term sentiment swings underperformed after sharp moves in oil prices. Lastly, traditional measures looking at company balance sheets also detracted within energy.

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

#### Fund performance
Cumulative performance: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g867700chartimages_10117732.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Class K Shares | 12.73% | 15.32% | 12.20% |
| Russell 1000<sup>®</sup> Index | 13.73 | 15.66 | 12.58 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$3022000048 |
| Number of Portfolio Holdings | &nbsp;&nbsp;99 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$11102904 |
| Portfolio Turnover Rate | &nbsp;&nbsp;117% |

---

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

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

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

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

**Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Information Technology | 30.6% |
| Financials | 13.6% |
| Health Care | 11.9% |
| Consumer Discretionary | 11.1% |
| Communication Services | 9.3% |
| Industrials | 8.1% |
| Consumer Staples | 5.9% |
| Energy | 3.4% |
| Real Estate | 2.8% |
| Utilities | 1.2% |
| Materials | 1.0% |
| Short-Term Securities | 1.0% |
| Other Assets Less Liabilities | 0.1% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| Microsoft Corp. | 6.9% |
| NVIDIA Corp. | 5.9% |
| Apple Inc. | 5.7% |
| Amazon.com, Inc. | 4.1% |
| Meta Platforms, Inc., Class A | 2.9% |
| Alphabet, Inc., Class A | 2.6% |
| Broadcom, Inc. | 2.1% |
| Home Depot, Inc. (The) | 1.8% |
| Walmart, Inc. | 1.8% |
| Bank of America Corp. | 1.7% |

---

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

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

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©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](g867700images_27939.jpg)

BlackRock Advantage Large Cap Core Fund

Class K Shares \| MLRKX

Annual Shareholder Report — May 31, 2025

MLRKX-05/25-AR

![TSR - Blackrock Fund Logo](g867700images_27941.jpg)

### BlackRock Advantage Large Cap Core Fund

### Class R Shares \| MRLRX

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

------

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

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| Class R Shares | $104 | 0.98% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Class R Shares returned 12.08%. 

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

What contributed to performance?

Text-based insights gauging sentiment from broker reports and analyzing online search trends supported successful positioning within the industrials sector, helping to identify improving order backlogs as supply chain pressures eased. In addition, a fundamental quality measure that focuses on company management contributed within both financials and information technology, driving positioning in banks benefiting from a steadier interest rate backdrop and technology stocks attracting investors amid increased spending on artificial intelligence. Finally, fundamental measures that evaluate research spending relative to assets together with text-based forecasts of sales growth proved additive across innovation-oriented companies, reflecting investors' preference for firms reinvesting for future expansion during the market's recovery.

What detracted from performance?

Traditional valuation measures evaluating company sales relative to enterprise value struggled, as weaker commodity prices pressured these valuation-driven stocks. Within energy, macro insights designed to benefit from reversals in short-term sentiment swings underperformed after sharp moves in oil prices. Lastly, traditional measures looking at company balance sheets also detracted within energy.

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

#### Fund performance
Cumulative performance: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g867700chartimages_10117776.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Class R Shares | 12.08% | 14.69% | 11.58% |
| Russell 1000<sup>®</sup> Index | 13.73 | 15.66 | 12.58 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$3022000048 |
| Number of Portfolio Holdings | &nbsp;&nbsp;99 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$11102904 |
| Portfolio Turnover Rate | &nbsp;&nbsp;117% |

---

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

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

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

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

**Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Information Technology | 30.6% |
| Financials | 13.6% |
| Health Care | 11.9% |
| Consumer Discretionary | 11.1% |
| Communication Services | 9.3% |
| Industrials | 8.1% |
| Consumer Staples | 5.9% |
| Energy | 3.4% |
| Real Estate | 2.8% |
| Utilities | 1.2% |
| Materials | 1.0% |
| Short-Term Securities | 1.0% |
| Other Assets Less Liabilities | 0.1% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| Microsoft Corp. | 6.9% |
| NVIDIA Corp. | 5.9% |
| Apple Inc. | 5.7% |
| Amazon.com, Inc. | 4.1% |
| Meta Platforms, Inc., Class A | 2.9% |
| Alphabet, Inc., Class A | 2.6% |
| Broadcom, Inc. | 2.1% |
| Home Depot, Inc. (The) | 1.8% |
| Walmart, Inc. | 1.8% |
| Bank of America Corp. | 1.7% |

---

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

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

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©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](g867700images_27939.jpg)

BlackRock Advantage Large Cap Core Fund

Class R Shares \| MRLRX

Annual Shareholder Report — May 31, 2025

MRLRX-05/25-AR

![TSR - Blackrock Fund Logo](g867700images_27941.jpg)

### BlackRock Advantage Large Cap Value Fund

### Institutional Shares \| MALVX

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

------

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

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| Institutional Shares | $56 | 0.54% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Institutional Shares returned 8.89%. 

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

What contributed to performance?

Fundamental quality measures with a preference for founder-led companies drove gains in financials, which was the Fund's strongest contributor in sector terms, as solid credit demand and stable funding costs underpinned earnings momentum for these holdings. Text-based insights gauging sentiment from broker reports and analyzing online search trends supported successful positioning within industrials, helping to identify improving order backlogs as supply chain pressures eased. Industry-level macro insights that track activity in private market transactions proved additive within consumer discretionary, aligning the portfolio with steady consumer spending and renewed appetite for discretionary goods.

What detracted from performance?

Fundamental valuation measures evaluating company sales relative to enterprise value struggled, as weaker commodity prices pressured these stocks. Within energy, sentiment insights tracking retail trading flows underperformed amid sharp moves in oil prices. Lastly, macro thematic insights designed to block out short-term market noise struggled in information technology, missing much of the sector's artificial intelligence-related advance.

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

#### Fund performance
Cumulative performance: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g867700chartimages_10118040.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Institutional Shares | 8.89% | 13.54% | 9.17% |
| Russell 1000<sup>®</sup> Index | 13.73 | 15.66 | 12.58 |
| Russell 1000<sup>®</sup> Value Index | 8.91 | 13.02 | 8.60 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$625022929 |
| Number of Portfolio Holdings | &nbsp;&nbsp;270 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$2431623 |
| Portfolio Turnover Rate | &nbsp;&nbsp;120% |

---

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

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

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

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

**Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Financials | 23.2% |
| Health Care | 14.5% |
| Industrials | 14.2% |
| Information Technology | 10.2% |
| Consumer Staples | 8.2% |
| Consumer Discretionary | 6.3% |
| Energy | 6.0% |
| Real Estate | 4.8% |
| Communication Services | 4.8% |
| Utilities | 3.4% |
| Materials | 3.3% |
| Short-Term Securities | 1.1% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| JPMorgan Chase & Co. | 2.9% |
| Berkshire Hathaway, Inc., Class B | 2.7% |
| Walmart, Inc. | 2.6% |
| Bank of America Corp. | 2.3% |
| Morgan Stanley | 1.6% |
| Philip Morris International, Inc. | 1.6% |
| Medtronic PLC | 1.5% |
| Pfizer, Inc. | 1.5% |
| Charles Schwab Corp. (The) | 1.4% |
| PNC Financial Services Group, Inc. (The) | 1.4% |

---

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

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

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

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

![TSR - Blackrock Footer Logo](g867700images_27939.jpg)

BlackRock Advantage Large Cap Value Fund

Institutional Shares \| MALVX

Annual Shareholder Report — May 31, 2025

MALVX-05/25-AR

![TSR - Blackrock Fund Logo](g867700images_27941.jpg)

### BlackRock Advantage Large Cap Value Fund

### Investor A Shares \| MDLVX

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

------

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

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| Investor A Shares | $82 | 0.79% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Investor A Shares returned 8.63%. 

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

What contributed to performance?

Fundamental quality measures with a preference for founder-led companies drove gains in financials, which was the Fund's strongest contributor in sector terms, as solid credit demand and stable funding costs underpinned earnings momentum for these holdings. Text-based insights gauging sentiment from broker reports and analyzing online search trends supported successful positioning within industrials, helping to identify improving order backlogs as supply chain pressures eased. Industry-level macro insights that track activity in private market transactions proved additive within consumer discretionary, aligning the portfolio with steady consumer spending and renewed appetite for discretionary goods.

What detracted from performance?

Fundamental valuation measures evaluating company sales relative to enterprise value struggled, as weaker commodity prices pressured these stocks. Within energy, sentiment insights tracking retail trading flows underperformed amid sharp moves in oil prices. Lastly, macro thematic insights designed to block out short-term market noise struggled in information technology, missing much of the sector's artificial intelligence-related advance.

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

#### Fund performance
Cumulative performance: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g867700chartimages_10118084.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Investor A Shares | 8.63% | 13.25% | 8.89% |
| Investor A Shares (with sales charge) | 2.92 | 12.04 | 8.30 |
| Russell 1000<sup>®</sup> Index | 13.73 | 15.66 | 12.58 |
| Russell 1000<sup>®</sup> Value Index | 8.91 | 13.02 | 8.60 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$625022929 |
| Number of Portfolio Holdings | &nbsp;&nbsp;270 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$2431623 |
| Portfolio Turnover Rate | &nbsp;&nbsp;120% |

---

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

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

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

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

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

**Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Financials | 23.2% |
| Health Care | 14.5% |
| Industrials | 14.2% |
| Information Technology | 10.2% |
| Consumer Staples | 8.2% |
| Consumer Discretionary | 6.3% |
| Energy | 6.0% |
| Real Estate | 4.8% |
| Communication Services | 4.8% |
| Utilities | 3.4% |
| Materials | 3.3% |
| Short-Term Securities | 1.1% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| JPMorgan Chase & Co. | 2.9% |
| Berkshire Hathaway, Inc., Class B | 2.7% |
| Walmart, Inc. | 2.6% |
| Bank of America Corp. | 2.3% |
| Morgan Stanley | 1.6% |
| Philip Morris International, Inc. | 1.6% |
| Medtronic PLC | 1.5% |
| Pfizer, Inc. | 1.5% |
| Charles Schwab Corp. (The) | 1.4% |
| PNC Financial Services Group, Inc. (The) | 1.4% |

---

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

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

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

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

![TSR - Blackrock Footer Logo](g867700images_27939.jpg)

BlackRock Advantage Large Cap Value Fund

Investor A Shares \| MDLVX

Annual Shareholder Report — May 31, 2025

MDLVX-05/25-AR

![TSR - Blackrock Fund Logo](g867700images_27941.jpg)

### BlackRock Advantage Large Cap Value Fund

### Investor C Shares \| MCLVX

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

------

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

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| Investor C Shares | $160 | 1.54% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Investor C Shares returned 7.80%. 

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

What contributed to performance?

Fundamental quality measures with a preference for founder-led companies drove gains in financials, which was the Fund's strongest contributor in sector terms, as solid credit demand and stable funding costs underpinned earnings momentum for these holdings. Text-based insights gauging sentiment from broker reports and analyzing online search trends supported successful positioning within industrials, helping to identify improving order backlogs as supply chain pressures eased. Industry-level macro insights that track activity in private market transactions proved additive within consumer discretionary, aligning the portfolio with steady consumer spending and renewed appetite for discretionary goods.

What detracted from performance?

Fundamental valuation measures evaluating company sales relative to enterprise value struggled, as weaker commodity prices pressured these stocks. Within energy, sentiment insights tracking retail trading flows underperformed amid sharp moves in oil prices. Lastly, macro thematic insights designed to block out short-term market noise struggled in information technology, missing much of the sector's artificial intelligence-related advance.

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

#### Fund performance
Cumulative performance: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g867700chartimages_10118128.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Investor C Shares | 7.80% | 12.41% | 8.23% |
| Investor C Shares (with sales charge) | 6.86 | 12.41 | 8.23 |
| Russell 1000<sup>®</sup> Index | 13.73 | 15.66 | 12.58 |
| Russell 1000<sup>®</sup> Value Index | 8.91 | 13.02 | 8.60 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$625022929 |
| Number of Portfolio Holdings | &nbsp;&nbsp;270 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$2431623 |
| Portfolio Turnover Rate | &nbsp;&nbsp;120% |

---

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

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

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

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

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

**Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Financials | 23.2% |
| Health Care | 14.5% |
| Industrials | 14.2% |
| Information Technology | 10.2% |
| Consumer Staples | 8.2% |
| Consumer Discretionary | 6.3% |
| Energy | 6.0% |
| Real Estate | 4.8% |
| Communication Services | 4.8% |
| Utilities | 3.4% |
| Materials | 3.3% |
| Short-Term Securities | 1.1% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| JPMorgan Chase & Co. | 2.9% |
| Berkshire Hathaway, Inc., Class B | 2.7% |
| Walmart, Inc. | 2.6% |
| Bank of America Corp. | 2.3% |
| Morgan Stanley | 1.6% |
| Philip Morris International, Inc. | 1.6% |
| Medtronic PLC | 1.5% |
| Pfizer, Inc. | 1.5% |
| Charles Schwab Corp. (The) | 1.4% |
| PNC Financial Services Group, Inc. (The) | 1.4% |

---

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

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

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

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

![TSR - Blackrock Footer Logo](g867700images_27939.jpg)

BlackRock Advantage Large Cap Value Fund

Investor C Shares \| MCLVX

Annual Shareholder Report — May 31, 2025

MCLVX-05/25-AR

![TSR - Blackrock Fund Logo](g867700images_27941.jpg)

### BlackRock Advantage Large Cap Value Fund

### Class K Shares \| MLVKX

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

------

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

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| Class K Shares | $51 | 0.49% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Class K Shares returned 8.94%. 

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

What contributed to performance?

Fundamental quality measures with a preference for founder-led companies drove gains in financials, which was the Fund's strongest contributor in sector terms, as solid credit demand and stable funding costs underpinned earnings momentum for these holdings. Text-based insights gauging sentiment from broker reports and analyzing online search trends supported successful positioning within industrials, helping to identify improving order backlogs as supply chain pressures eased. Industry-level macro insights that track activity in private market transactions proved additive within consumer discretionary, aligning the portfolio with steady consumer spending and renewed appetite for discretionary goods.

What detracted from performance?

Fundamental valuation measures evaluating company sales relative to enterprise value struggled, as weaker commodity prices pressured these stocks. Within energy, sentiment insights tracking retail trading flows underperformed amid sharp moves in oil prices. Lastly, macro thematic insights designed to block out short-term market noise struggled in information technology, missing much of the sector's artificial intelligence-related advance.

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

#### Fund performance
Cumulative performance: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g867700chartimages_10117952.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Class K Shares | 8.94% | 13.59% | 9.21% |
| Russell 1000<sup>®</sup> Index | 13.73 | 15.66 | 12.58 |
| Russell 1000<sup>®</sup> Value Index | 8.91 | 13.02 | 8.60 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$625022929 |
| Number of Portfolio Holdings | &nbsp;&nbsp;270 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$2431623 |
| Portfolio Turnover Rate | &nbsp;&nbsp;120% |

---

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

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

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

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

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

**Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Financials | 23.2% |
| Health Care | 14.5% |
| Industrials | 14.2% |
| Information Technology | 10.2% |
| Consumer Staples | 8.2% |
| Consumer Discretionary | 6.3% |
| Energy | 6.0% |
| Real Estate | 4.8% |
| Communication Services | 4.8% |
| Utilities | 3.4% |
| Materials | 3.3% |
| Short-Term Securities | 1.1% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| JPMorgan Chase & Co. | 2.9% |
| Berkshire Hathaway, Inc., Class B | 2.7% |
| Walmart, Inc. | 2.6% |
| Bank of America Corp. | 2.3% |
| Morgan Stanley | 1.6% |
| Philip Morris International, Inc. | 1.6% |
| Medtronic PLC | 1.5% |
| Pfizer, Inc. | 1.5% |
| Charles Schwab Corp. (The) | 1.4% |
| PNC Financial Services Group, Inc. (The) | 1.4% |

---

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

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

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

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

![TSR - Blackrock Footer Logo](g867700images_27939.jpg)

BlackRock Advantage Large Cap Value Fund

Class K Shares \| MLVKX

Annual Shareholder Report — May 31, 2025

MLVKX-05/25-AR

![TSR - Blackrock Fund Logo](g867700images_27941.jpg)

### BlackRock Advantage Large Cap Value Fund

### Class R Shares \| MRLVX

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

------

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

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
| Class R Shares | $108 | 1.04% |

---

How did the Fund perform last year?

* For the reporting period ended May 31, 2025, the Fund's Class R Shares returned 8.31%. 

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

What contributed to performance?

Fundamental quality measures with a preference for founder-led companies drove gains in financials, which was the Fund's strongest contributor in sector terms, as solid credit demand and stable funding costs underpinned earnings momentum for these holdings. Text-based insights gauging sentiment from broker reports and analyzing online search trends supported successful positioning within industrials, helping to identify improving order backlogs as supply chain pressures eased. Industry-level macro insights that track activity in private market transactions proved additive within consumer discretionary, aligning the portfolio with steady consumer spending and renewed appetite for discretionary goods.

What detracted from performance?

Fundamental valuation measures evaluating company sales relative to enterprise value struggled, as weaker commodity prices pressured these stocks. Within energy, sentiment insights tracking retail trading flows underperformed amid sharp moves in oil prices. Lastly, macro thematic insights designed to block out short-term market noise struggled in information technology, missing much of the sector's artificial intelligence-related advance.

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

#### Fund performance
Cumulative performance: June 1, 2015 through May 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g867700chartimages_10117996.jpg)

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

Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | *1 Year* | *5 Years* | *10 Years* |
| Class R Shares | 8.31% | 12.96% | 8.61% |
| Russell 1000<sup>®</sup> Index | 13.73 | 15.66 | 12.58 |
| Russell 1000<sup>®</sup> Value Index | 8.91 | 13.02 | 8.60 |

---

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$625022929 |
| Number of Portfolio Holdings | &nbsp;&nbsp;270 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$2431623 |
| Portfolio Turnover Rate | &nbsp;&nbsp;120% |

---

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

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

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

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

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

**Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br>Net Assets* |
| Financials | 23.2% |
| Health Care | 14.5% |
| Industrials | 14.2% |
| Information Technology | 10.2% |
| Consumer Staples | 8.2% |
| Consumer Discretionary | 6.3% |
| Energy | 6.0% |
| Real Estate | 4.8% |
| Communication Services | 4.8% |
| Utilities | 3.4% |
| Materials | 3.3% |
| Short-Term Securities | 1.1% |

---

**Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br>Net Assets* |
| JPMorgan Chase & Co. | 2.9% |
| Berkshire Hathaway, Inc., Class B | 2.7% |
| Walmart, Inc. | 2.6% |
| Bank of America Corp. | 2.3% |
| Morgan Stanley | 1.6% |
| Philip Morris International, Inc. | 1.6% |
| Medtronic PLC | 1.5% |
| Pfizer, Inc. | 1.5% |
| Charles Schwab Corp. (The) | 1.4% |
| PNC Financial Services Group, Inc. (The) | 1.4% |

---

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

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

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

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

![TSR - Blackrock Footer Logo](g867700images_27939.jpg)

BlackRock Advantage Large Cap Value Fund

Class R Shares \| MRLVX

Annual Shareholder Report — May 31, 2025

MRLVX-05/25-AR

------

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

---

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

---

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

Neil A. Cotty

Henry R. Keizer

Kenneth L. Urish

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

Item 4 – Principal Accountant Fees and Services

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **(a) Audit Fees** | **(a) Audit Fees** | (b) Audit-Related<br> **Fees<sup>1</sup>** | (b) Audit-Related<br> **Fees<sup>1</sup>** | **(c) Tax Fees<sup>2</sup>** | **(c) Tax Fees<sup>2</sup>** | **(d) All Other Fees** | **(d) All Other Fees** |
| &nbsp;&nbsp;&nbsp;**Entity Name** | **<u>Current</u> <br><u>Fiscal</u>**<br> **<u>Year</u>** <br> **<u>End</u>** | **<u>Previous</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Current</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Current</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Current</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** |
| &nbsp;&nbsp;&nbsp;BlackRock Advantage Large Cap Core Fund | $31365 | $29913 | $0 | $0 | $19300 | $19288 | $388 | $407 |
| &nbsp;&nbsp;&nbsp;BlackRock Advantage Large Cap Value Fund | $31365 | $29913 | $0 | $0 | $15300 | $15288 | $388 | $407 |
| &nbsp;&nbsp;&nbsp;BlackRock Event Driven Equity Fund | $41820 | $39884 | $0 | $0 | $29000 | $28960 | $388 | $407 |

---

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

---

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

---

#### 2

------

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Entity Name** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Current Fiscal Year</u>** <br> **<u>End</u>** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Previous Fiscal</u>** <br> **<u>Year End</u>** |
| &nbsp;&nbsp;&nbsp;BlackRock Advantage Large Cap Core Fund | $19688 | $19695 |
| &nbsp;&nbsp;&nbsp;BlackRock Advantage Large Cap Value Fund | $15688 | $15695 |
| &nbsp;&nbsp;&nbsp;BlackRock Event Driven Equity Fund | $29388 | $29367 |

---

#### 3

------

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

---

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

---

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

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

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

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

Item 5 – Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

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

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

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

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

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

#### 4

------

---

| | |
|:---|:---|
| ![LOGO](g34788g42l24.jpg)  | **MAY 31, 2025** |

---

**2025 Annual Financial Statements**<br> **and Additional Information**<br>

#### BlackRock Event Driven Equity Fund
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

------

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
|  [Derivative Financial Instruments](#fin534788_1) | 3 |
|  [Schedule of Investments](#fin534788_2) | 4 |
|  [Statement of Assets and Liabilities](#fin534788_3) | 14 |
|  [Statement of Operations](#fin534788_4) | 16 |
|  [Statements of Changes in Net Assets](#fin534788_5) | 17 |
|  [Financial Highlights](#fin534788_6) | 18 |
|  [Notes to Financial Statements](#fin534788_7) | 21 |
|  [Report of Independent Registered Public Accounting Firm](#fin534788_8) | 32 |
|  [Important Tax Information](#fin534788_9) | 33 |
|  [Disclosure of Investment Advisory Agreement](#fin534788_10) | 34 |
|  [Additional Information](#fin534788_11) | 37 |
|  [Glossary of Terms Used in these Financial Statements](#fin534788_12) | 39 |

---

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

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

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<br> May 31, 2025 | **BlackRock Event Driven Equity Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> *Shares* | *Value* | *Value* |
|  **Common Stocks** |  |  |  |
| **Aerospace & Defense — 4.1%** |  |  |  |
|  ATI, Inc.<sup>(a)</sup> | 158316 | $| &nbsp;&nbsp;&nbsp;&nbsp;12608286 |
|  Bombardier, Inc., Class B<sup>(a)</sup> | 20000 |  | 1399643 |
|  General Electric Co. | 100787 |  | 24784531 |
|  Howmet Aerospace, Inc. | 364626 |  | 61946311 |
|  RTX Corp | 133979 |  | 18285454 |
|  Standard Aero, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2297572 |  | 67387787 |
|  |  |  | 186412012 |
| **Biotechnology — 0.7%** |  |  |  |
|  SpringWorks Therapeutics, Inc.<sup>(a)</sup> | 650684 |  | 30393450 |
| **Chemicals — 2.9%** |  |  |  |
|  Air Products & Chemicals, Inc. | 124055 |  | 34600180 |
|  Corteva, Inc. | 359006 |  | 25417625 |
|  Dow, Inc. | 111264 |  | 3086463 |
|  DuPont de Nemours, Inc. | 788640 |  | 52681152 |
|  Olin Corp. | 904078 |  | 17548154 |
|  |  |  | 133333574 |
| **Commercial Services & Supplies — 1.2%** | **Commercial Services & Supplies — 1.2%** |  |  |
|  GFL Environmental, Inc. | 1046894 |  | 52794864 |
| **Communications Equipment — 1.9%** |  |  |  |
|  Juniper Networks, Inc. | 2379048 |  | 85479195 |
| **Construction Materials — 0.9%** |  |  |  |
|  CRH PLC | 464378 |  | 42332699 |
| **Consumer Staples Distribution & Retail — 0.3%** | **Consumer Staples Distribution & Retail — 0.3%** |  |  |
|  Walgreens Boots Alliance, Inc. | 1248985 |  | 14051081 |
| **Diversified Telecommunication Services — 1.8%** | **Diversified Telecommunication Services — 1.8%** |  |  |
|  Frontier Communications Parent, Inc.<sup>(a)</sup> | 2261493 |  | 81933891 |
| **Electrical Equipment — 0.9%** |  |  |  |
|  GE Vernova, Inc. | 84584 |  | 40006540 |
| **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** |
|  Keysight Technologies, Inc.<sup>(a)</sup> | 80561 |  | 12651300 |
| **Entertainment — 0.5%** |  |  |  |
|  Netflix, Inc.<sup>(a)</sup> | 19381 |  | 23397325 |
| **Food Products — 4.6%** |  |  |  |
|  Kellanova | 2556877 |  | 211274747 |
| **Health Care Equipment & Supplies — 0.8%** | **Health Care Equipment & Supplies — 0.8%** |  |  |
|  Envista Holdings Corp.<sup>(a)</sup> | 1993843 |  | 36427512 |
|  Neogen Corp.<sup>(a)</sup> | 79727 |  | 467200 |
|  |  |  | 36894712 |
| **Health Care Providers & Services — 2.4%** | **Health Care Providers & Services — 2.4%** |  |  |
|  Brookdale Senior Living, Inc.<sup>(a)</sup> | 3294570 |  | 21447651 |
|  Cigna Group (The) | 137584 |  | 43564598 |
|  Elevance Health, Inc. | 2228 |  | 855196 |
|  Hinge Health, Inc., Class A<sup>(a)</sup> | 40247 |  | 1563193 |
|  Humana, Inc. | 92472 |  | 21557997 |
|  UnitedHealth Group, Inc. | 69242 |  | 20904852 |
|  |  |  | 109893487 |
| **Health Care REITs — 1.2%** | **Health Care REITs — 1.2%** |  |  |
|  Ventas, Inc. | 175356 |  | 11271884 |
|  Welltower, Inc. | 282715 |  | 43617270 |
|  |  |  | 54889154 |
| **Hotels, Restaurants & Leisure — 0.7%** | **Hotels, Restaurants & Leisure — 0.7%** |  |  |
|  Caesars Entertainment, Inc.<sup>(a)</sup> | 1044516 |  | 28076590 |
|  Cava Group, Inc.<sup>(a)</sup> | 55234 |  | 4488867 |
|  |  |  | 32565457 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> *Shares* | *Value* |
| **Industrial Conglomerates — 0.3%** | **Industrial Conglomerates — 0.3%** | **Industrial Conglomerates — 0.3%** | **Industrial Conglomerates — 0.3%** |
|  Honeywell International, Inc. |  | 59002 | $&nbsp;&nbsp;&nbsp;&nbsp;13373983 |
| **Interactive Media & Services — 0.5%** | **Interactive Media & Services — 0.5%** | **Interactive Media & Services — 0.5%** | **Interactive Media & Services — 0.5%** |
|  Meta Platforms, Inc., Class A |  | 34331 | 22228979 |
| **IT Services — 0.6%** |  |  |  |
|  Cloudflare, Inc., Class A<sup>(a)</sup> |  | 80443 | 13344689 |
|  Shopify, Inc., Class A<sup>(a)</sup> |  | 91877 | 9851052 |
|  Snowflake, Inc., Class A<sup>(a)</sup> |  | 30622 | 6298027 |
|  |  |  | 29493768 |
| **Life Sciences Tools & Services — 1.3%** | **Life Sciences Tools & Services — 1.3%** | **Life Sciences Tools & Services — 1.3%** | **Life Sciences Tools & Services — 1.3%** |
|  Danaher Corp |  | 317296 | 60254510 |
| **Metals & Mining — 2.4%** |  |  |  |
|  United States Steel Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2059497 | 110842129 |
| **Personal Care Products — 1.9%** | **Personal Care Products — 1.9%** | **Personal Care Products — 1.9%** | **Personal Care Products — 1.9%** |
|  Coty, Inc., Class A<sup>(a)(b)</sup> |  | 10569183 | 52106072 |
|  Kenvue, Inc. |  | 1465949 | 34992203 |
|  |  |  | 87098275 |
| **Professional Services — 0.6%** |  |  |  |
|  Dun & Bradstreet Holdings, Inc. |  | 985936 | 8883283 |
|  UL Solutions, Inc., Class A |  | 274553 | 19630540 |
|  |  |  | 28513823 |
| **Semiconductors & Semiconductor Equipment — 1.8%** | **Semiconductors & Semiconductor Equipment — 1.8%** | **Semiconductors & Semiconductor Equipment — 1.8%** | **Semiconductors & Semiconductor Equipment — 1.8%** |
|  Broadcom, Inc. |  | 101684 | 24614646 |
|  GLOBALFOUNDRIES, Inc.<sup>(a)</sup> |  | 490641 | 17564948 |
|  Lattice Semiconductor Corp.<sup>(a)</sup> |  | 145314 | 6530411 |
|  NXP Semiconductors NV |  | 168973 | 32295809 |
|  |  |  | 81005814 |
| **Software — 2.4%** |  |  |  |
|  Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> |  | 44969 | 21197038 |
|  DoubleVerify Holdings, Inc.<sup>(a)</sup> |  | 1763534 | 24230957 |
|  Elastic NV<sup>(a)</sup> |  | 89439 | 7232932 |
|  Five9, Inc.<sup>(a)</sup> |  | 67385 | 1786376 |
|  Informatica, Inc., Class A<sup>(a)</sup> |  | 700340 | 16815163 |
|  SailPoint, Inc.<sup>(a)</sup> |  | 17095 | 301214 |
|  Salesforce, Inc. |  | 36719 | 9744121 |
|  ServiceNow, Inc.<sup>(a)</sup> |  | 14219 | 14376689 |
|  ServiceTitan, Inc., Class A<sup>(a)</sup> |  | 30 | 3320 |
|  Unity Software, Inc.<sup>(a)</sup> |  | 78818 | 2055573 |
|  Workday, Inc., Class A<sup>(a)</sup> |  | 33437 | 8282679 |
|  Zoom Communications, Inc., Class A<sup>(a)</sup> | Zoom Communications, Inc., Class A<sup>(a)</sup> | 56314 | 4575513 |
|  |  |  | 110601575 |
| **Specialty Retail — 0.5%** |  |  |  |
|  Bath & Body Works, Inc. |  | 148357 | 4171799 |
|  Carvana Co., Class A<sup>(a)</sup> |  | 52367 | 17132388 |
|  |  |  | 21304187 |
| **Textiles, Apparel & Luxury Goods — 1.5%** | **Textiles, Apparel & Luxury Goods — 1.5%** | **Textiles, Apparel & Luxury Goods — 1.5%** | **Textiles, Apparel & Luxury Goods — 1.5%** |
|  Skechers U.S.A., Inc., Class A<sup>(a)</sup> |  | 1101104 | 68312492 |
|  **Total Common Stocks — 39.0%<br>(Cost: $1,523,539,239)** |  |  | 1781333023 |
|  |  | *Par*<br> *(000)* |  |
|  **Corporate Bonds** |  |  |  |
| **Aerospace & Defense — 0.7%** |  |  |  |
|  Bombardier, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/15/28<sup>(c)</sup> | USD | 5291 | 5287540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 11/15/30<sup>(c)</sup> |  | 6147 | 6597624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/01/32<sup>(c)</sup> |  | 7000 | 7159005 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Event Driven Equity Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **Aerospace & Defense (continued)** |  |  |  |
|  Spirit AeroSystems, Inc., 9.75%, 11/15/30<sup>(c)</sup> | USD | 7000 | $&nbsp;&nbsp;&nbsp;&nbsp;7729854 |
|  TransDigm, Inc., 4.63%, 01/15/29 |  | 3670 | 3554302 |
|  |  |  | 30328325 |
| **Consumer Finance — 0.3%** |  |  |  |
|  Ford Motor Credit Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/13/25 |  | 4412 | 4377027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 01/08/26 |  | 4412 | 4376753 |
|  SoFi Technologies, Inc., 0.00%, 10/15/26<sup>(c)(d)(e)</sup> | SoFi Technologies, Inc., 0.00%, 10/15/26<sup>(c)(d)(e)</sup> | 4126 | 4196308 |
|  |  |  | 12950088 |
| **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** |  |
|  Walgreens Boots Alliance, Inc., 3.45%, 06/01/26 . | Walgreens Boots Alliance, Inc., 3.45%, 06/01/26 . | 2800 | 2738112 |
| **Diversified Consumer Services — 0.5%** | **Diversified Consumer Services — 0.5%** | **Diversified Consumer Services — 0.5%** |  |
|  Sotheby's, 7.38%, 10/15/27<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20957 | 20636513 |
| **Electric Utilities — 0.1%** |  |  |  |
|  Southern Co. (The), 06/15/28<sup>(c)(d)(f)</sup> |  | 4494 | 4480518 |
| **Financial Services — 0.3%** |  |  |  |
|  Block, Inc., 0.25%, 11/01/27<sup>(d)</sup> |  | 6053 | 5378091 |
|  Coinbase Global, Inc., 3.63%, 10/01/31<sup>(c)</sup> |  | 4000 | 3481284 |
|  Shift4 Payments, Inc., 0.00%, 12/15/25<sup>(d)(e)</sup> |  | 2448 | 3013488 |
|  |  |  | 11872863 |
| **Ground Transportation — 0.1%** |  |  |  |
|  Uber Technologies, Inc., Series 2028, 0.88%, 12/01/28<sup>(d)</sup> |  | 3306 | 4403592 |
| **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** |  |
|  Merit Medical Systems, Inc., 3.00%, 02/01/29<sup>(c)(d)</sup> |  | 2650 | 3363758 |
| **Health Care Providers & Services — 1.2%** | **Health Care Providers & Services — 1.2%** | **Health Care Providers & Services — 1.2%** |  |
|  Brookdale Senior Living, Inc., 3.50%, 10/15/29<sup>(c)(d)</sup> |  | 8391 | 8244158 |
|  CHS/Community Health Systems, Inc., 5.63%, 03/15/27<sup>(c)</sup> |  | 7497 | 7387106 |
|  LifePoint Health, Inc., 11.00%, 10/15/30<sup>(c)</sup> |  | 10266 | 11285835 |
|  Tenet Healthcare Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 02/01/27 |  | 13500 | 13509598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/29 |  | 13767 | 13219532 |
|  |  |  | 53646229 |
| **Health Care REITs — 0.0%** |  |  |  |
|  MPT Operating Partnership LP/MPT Finance Corp., 8.50%, 02/15/32<sup>(c)</sup> |  | 1313 | 1345883 |
| **Hotels, Restaurants & Leisure — 0.3%** | **Hotels, Restaurants & Leisure — 0.3%** | **Hotels, Restaurants & Leisure — 0.3%** |  |
|  Caesars Entertainment, Inc., 8.13%, 07/01/27<sup>(c)</sup> | Caesars Entertainment, Inc., 8.13%, 07/01/27<sup>(c)</sup> | 3775 | 3780545 |
|  DoorDash, Inc., 05/15/30<sup>(c)(d)(f)</sup> |  | 1961 | 1962824 |
|  Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 4.63%, 01/15/29<sup>(c)</sup> |  | 9500 | 8909940 |
|  |  |  | 14653309 |
| **IT Services — 0.2%** |  |  |  |
|  Akamai Technologies, Inc., 05/15/33<sup>(c)(d)(f)</sup> |  | 3223 | 3229446 |
|  Boost Newco Borrower LLC, 7.50%, 01/15/31<sup>(c)</sup> | Boost Newco Borrower LLC, 7.50%, 01/15/31<sup>(c)</sup> | 6600 | 6983189 |
|  |  |  | 10212635 |
| **Machinery — 0.0%** |  |  |  |
|  Middleby Corp. (The), 1.00%, 09/01/25<sup>(d)</sup> |  | 1989 | 2284764 |
| **Media — 1.2%** |  |  |  |
|  CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/26<sup>(c)</sup> |  | 20588 | 20536913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 03/01/31<sup>(c)</sup> |  | 9722 | 10062270 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **Media (continued)** |  |  |  |
|  DISH Network Corp., 11.75%, 11/15/27<sup>(c)</sup> | USD | 17400 | $&nbsp;&nbsp;&nbsp;&nbsp;17951772 |
|  Spotify U.S.A., Inc., 0.00%, 03/15/26<sup>(d)(e)</sup> |  | 5784 | 7826330 |
|  |  |  | 56377285 |
| **Passenger Airlines — 0.3%** |  |  |  |
|  JetBlue Airways Corp., 0.50%, 04/01/26<sup>(d)</sup> |  | 1196 | 1142193 |
|  Latam Airlines Group SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.38%, 10/15/29<sup>(c)</sup> |  | 7000 | 7848750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 04/15/30<sup>(c)</sup> |  | 7000 | 7001750 |
|  |  |  | 15992693 |
| **Personal Care Products — 0.4%** |  |  |  |
|  Coty, Inc., 5.00%, 04/15/26<sup>(c)</sup> |  | 16418 | 16363500 |
|  Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC, 6.63%, 07/15/30<sup>(c)</sup> |  | 4152 | 4237710 |
|  |  |  | 20601210 |
| **Software — 0.6%** |  |  |  |
|  Bentley Systems, Inc., 0.13%, 01/15/26<sup>(d)</sup> |  | 3616 | 3558144 |
|  Box, Inc., 0.00%, 01/15/26<sup>(d)(e)</sup> |  | 2399 | 3521732 |
|  Cloud Software Group, Inc., 6.50%, 03/31/29<sup>(c)</sup> | Cloud Software Group, Inc., 6.50%, 03/31/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20809 | 20785588 |
|  |  |  | 27865464 |
|  **Total Corporate Bonds — 6.4%<br>(Cost: $283,202,669)** |  |  | 293753241 |
|  **Floating Rate Loan Interests<sup>(g)</sup>** | **Floating Rate Loan Interests<sup>(g)</sup>** | **Floating Rate Loan Interests<sup>(g)</sup>** |  |
| **Aerospace & Defense — 0.3%** |  |  |  |
|  Transdigm, Inc., Tranche I Term Loan, (3 mo. CME Term SOFR US at 0.00% Floor + 2.75%), 7.05%, 08/24/28 |  | 14850 | 14888313 |
| **Building Products — 0.2%** |  |  |  |
|  MI Windows & Doors LLC, Term B-2 Loan, (1 mo. CME Term SOFR US at 0.00% Floor + 3.00%), 7.33%, 03/28/31 |  | 6965 | 6944226 |
| **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** |  |
|  Lumen Technologies, Inc., Term B-2 Loan, 6.79%, 04/15/30<sup>(h)</sup> |  | 7000 | 6923210 |
| **Electric Utilities — 0.1%** |  |  |  |
|  Talen Energy Supply LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024-1 Incremental Term B Loan, (3 mo. CME Term SOFR US at 0.00% Floor + 2.50%), 6.81%, 12/13/31 |  | 797 | 796875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Initial Term B Loan, (3 mo. CME Term SOFR US at 0.50% Floor + 2.50%), 6.81%, 05/17/30 |  | 2985 | 2986213 |
|  |  |  | 3783088 |
| **Health Care Equipment & Supplies — 1.3%** | **Health Care Equipment & Supplies — 1.3%** | **Health Care Equipment & Supplies — 1.3%** |  |
|  Medline Borrower LP, Third Amendment Incremental Term Loan, (1 mo. CME Term SOFR US at 0.50% Floor + 2.25%), 6.58%, 10/23/28 |  | 60685 | 60614835 |
| **Hotels, Restaurants & Leisure — 0.6%** | **Hotels, Restaurants & Leisure — 0.6%** | **Hotels, Restaurants & Leisure — 0.6%** |  |
|  Carnival Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Repricing Term Loan (2027), (1 mo. CME Term SOFR US at 0.75% Floor + 2.00%), 6.33%, 08/09/27 |  | 8752 | 8743586 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Event Driven Equity Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |  |
|  Carnival Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 Repricing Term Loan (2028), (1 mo. CME Term SOFR US at 0.75% Floor + 2.00%), 6.33%, 10/18/28 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12625 | $&nbsp;&nbsp;&nbsp;&nbsp;12606379 |
|  Fertitta Entertainment LLC, Initial B Term Loan, (1 mo. CME Term SOFR US at 0.50% Floor + 3.50%), 7.83%, 01/27/29 |  | 6964 | 6919114 |
|  |  |  | 28269079 |
| **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** |  |
|  NorthPole Newco S.a.r.l., Tranche B-1 Term Loan, (3 mo. PRIME at 0.00% Floor + 7.00%), 14.50%, 03/18/26<sup>(a)(i)(j)</sup> |  | 4201 | 210049 |
| **Machinery — 0.1%** |  |  |  |
|  TK Elevator U.S. Newco, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Facility B (USD), (3 mo. CME Term SOFR US at 0.50% Floor + 3.00%), 7.24%, 04/30/30 |  | 2592 | 2595667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Facility B (USD), (3 mo. CME Term SOFR US at 0.50% Floor + 3.00%), 7.24%, 04/30/30 |  | 2406 | 2410280 |
|  |  |  | 5005947 |
| **Metals & Mining — 0.3%** |  |  |  |
|  Arsenal AIC Parent LLC, 2025 Refinancing Term B Loan, (1 mo. CME Term SOFR US at 0.00% Floor + 2.75%), 7.08%, 08/18/30 |  | 14762 | 14696048 |
| **Software — 0.8%** |  |  |  |
|  Cloud Software Group, Inc., Seventh Amendment Tranche B-1 Term Loan, (3 mo. CME Term SOFR US at 0.50% Floor + 3.50%), 7.80%, 03/29/29 |  | 36935 | 36819523 |
| **Specialty Retail — 0.1%** |  |  |  |
|  Restoration Hardware, Inc., Initial Term Loan, (1 mo. CME Term SOFR US at 0.50% Floor + 2.50%), 6.94%, 10/20/28 |  | 2985 | 2836056 |
|  Torrid LLC, Closing Date Term Loan, (6 mo. CME Term SOFR US at 0.00% Floor + 5.50%), 10.18%, 06/14/28 |  | 4099 | 3771244 |
|  |  |  | 6607300 |
|  **Total Floating Rate Loan Interests — 4.0%<br>(Cost: $189,659,722)** | **Total Floating Rate Loan Interests — 4.0%<br>(Cost: $189,659,722)** | **Total Floating Rate Loan Interests — 4.0%<br>(Cost: $189,659,722)** | 184761618 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> *Shares* |  |
|  **Investment Companies** |  |  |  |
| **Equity Funds — 0.0%** |  |  |  |
|  Altaba, Inc. Escrow<sup>(a)</sup> |  | 445570 | 623798 |
| **Fixed-Income Funds — 8.1%** | **Fixed-Income Funds — 8.1%** |  |  |
|  iShares iBoxx $ High Yield Corporate Bond ETF<sup>(b)(k)</sup> |  | 2622927 | 208706301 |
|  SPDR Bloomberg High Yield Bond ETF<sup>(b)</sup> |  | 1690000 | 162087900 |
|  |  |  | 370794201 |
|  **Total Investment Companies — 8.1%<br>(Cost: $356,858,406)** | **Total Investment Companies — 8.1%<br>(Cost: $356,858,406)** | **Total Investment Companies — 8.1%<br>(Cost: $356,858,406)** | 371417999 |
|  **Preferred Securities** |  |  |  |
| **Preferred Stocks — 0.7%** |  |  |  |
| **Aerospace & Defense — 0.4%** | **Aerospace & Defense — 0.4%** |  |  |
|  Boeing Co. (The), 6.00%<sup>(d)</sup> |  | 275600 | 18553392 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> *Shares* | *Value* |
| **Software — 0.0%** |  |  |
|  DataRobot, Inc., Series F, (Acquired 10/27/20,cost $2,186,006)<sup>(a)(j)(l)</sup> | 166337 | $685309 |
| **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** |  |
|  WESCO International, Inc., Series A, 10.63%<sup>(m)</sup> | 492129 | 12559132 |
|  **Total Preferred Securities — 0.7%<br>(Cost: $28,884,392)** | **Total Preferred Securities — 0.7%<br>(Cost: $28,884,392)** | 31797833 |
|  **Rights** |  |  |
| **Biotechnology — 0.0%** |  |  |
|  Gracell Biotechnologies, Inc., CVR<sup>(a)</sup> | 291020 | 14551 |
|  **Total Rights — 0.0%<br>(Cost: $—)** | **Total Rights — 0.0%<br>(Cost: $—)** | 14551 |
|  **Total Long-Term Investments — 58.2%<br>(Cost: $2,382,144,428)** | **Total Long-Term Investments — 58.2%<br>(Cost: $2,382,144,428)** | 2663078265 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 47.9%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.46%<sup>(k)(n)(o)</sup> | 264546214 | 264652033 |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.20%<sup>(k)(n)</sup> | 1924822615 | 1924822615 |
|  **Total Short-Term Securities — 47.9%<br>(Cost: $2,189,468,741)** | **Total Short-Term Securities — 47.9%<br>(Cost: $2,189,468,741)** | 2189474648 |
|  **Total Investments — 106.1%<br>(Cost: $4,571,613,169)** | **Total Investments — 106.1%<br>(Cost: $4,571,613,169)** | 4852552913 |
|  **Liabilities in Excess of Other Assets — (6.1)%** | **Liabilities in Excess of Other Assets — (6.1)%** | (279726277) |
|  **Net Assets — 100.0%** |  | $4572826636 |

---

<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> Convertible security.

<sup>(e)</sup> Zero-coupon bond.

<sup>(f)</sup> When-issued security.

<sup>(g)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

<sup>(h)</sup> Represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.

<sup>(i)</sup> Issuer filed for bankruptcy and/or is in default.

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

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

<sup>(l)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $685,309, representing less than 0.05% of its net assets as of period end, and an original cost of $2,186,006. 

<sup>(m)</sup> Perpetual security with no stated maturity date.

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

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Event Driven Equity Fund** |

---

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

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended May 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated*<br> *Issuer* | *Value at<br>05/31/24* | *Purchases at<br>Cost* | *Proceeds from<br>Sales* | *Net*<br> *Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>05/31/25* | *Shares<br>Held at<br>05/31/25* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $62953070 | $201681563 <sup>(a)</sup> | $— | $11179 | $6221 | $264652033 | 264546214 | $494603 <sup>(b)</sup> | $— |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares | 3278697596 |  | (1353874981)<sup>(a)</sup> |  |  | 1924822615 | 1924822615 | 127142501 |  |
|  iShares iBoxx $ High Yield Corporate Bond ETF | 202306360 |  |  |  | 6399941 | 208706301 | 2622927 | 12131856 |  |
|  |  |  |  | $11179 | $6406162 | $2398180949 |  | $139768960 | $— |

---

<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 | 214 | 06/20/25 | $22131 | $2926080 |
|  Short Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NASDAQ 100 E-Mini Index | 29 | 06/20/25 | 12399 | (929179) |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 E-Mini Index | 335 | 06/20/25 | 99093 | (6149344) |
|  |  |  |  | (7078523) |
|  |  |  |  | $(4152443) |

---

#### 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> |  |  |  |  |  |  |  |  |
|  ANSYS, Inc. | JPMorgan Chase Bank N.A. | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65739158 | 02/09/26 | 0.20% | 1D OBFR01 | Monthly | $(713509) |
|  AZEK Co., Inc. (The) | Barclays Bank PLC |  | 32987623 | 06/29/26 | 0.20% | 1D OBFR01 | Monthly | 389246 |
|  AZEK Co., Inc. (The) | Citibank N.A. |  | 52560056 | 06/29/26 | 0.20% | 1D OBFR01 | Monthly | (274575) |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Event Driven Equity Fund** |

---

#### Equity Swap Contracts (continued)

#### &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) |  |  |  |  |  |  |  |  |
|  AZEK Co., Inc. (The) | JPMorgan Chase Bank N.A. | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23773008 | 06/29/26 | 0.20% | 1D OBFR01 | Monthly | $(176344) |
|  ChampionX Corp. | JPMorgan Chase Bank N.A. |  | 5302353 | 02/09/26 | 0.20% | 1D OBFR01 | Monthly | (189066) |
|  Covestro AG | SG Americas Securities, LLC |  | 97090491 | 08/12/25 | 0.26% | 1D ESTR | Monthly | 483840 |
|  Deliveroo PLC | BNP Paribas SA |  | 13625949 | 07/22/26 | 0.25% | 1D SONIA | Monthly | 94374 |
|  Deliveroo PLC | SG Americas Securities, LLC |  | 3946529 | 07/22/26 | 0.25% | 1D SONIA | Monthly | 12097 |
|  Direct Line Insurance Group PLC | BNP Paribas SA |  | 32672601 | 07/22/26 | 0.25% | 1D SONIA | Monthly | 680404 |
|  Direct Line Insurance Group PLC | SG Americas Securities, LLC |  | 94678816 | 07/22/26 | 0.25% | 1D SONIA | Monthly | 2906143 |
|  Elevance Health, Inc. | Citibank N.A. |  | 15827201 | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | (27579) |
|  Elevance Health, Inc. | Morgan Stanley & Co. International PLC |  | 15821817 | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | (27569) |
|  Foot Locker, Inc. | JPMorgan Chase Bank N.A. |  | 13620332 | 02/09/26 | 0.20% | 1D OBFR01 | Monthly | (40304) |
|  General Electric Co. | Morgan Stanley & Co. International PLC |  | 15823003 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly | 1074703 |
|  Hess Corp. | Citibank N.A. |  | 90833402 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly | 1515986 |
|  Hess Corp. | JPMorgan Chase Bank N.A. |  | 129034068 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly | 1291524 |
|  Hess Corp. | UBS AG |  | 44070941 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly | 341065 |
|  Interpublic Group of Cos., Inc. (The) | Goldman Sachs Bank USA |  | 45646380 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | (2211620) |
|  iShares U.S. Real Estate ETF | Citibank N.A. |  | 28840 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly | 751 |
|  Just Eat Takeaway.com NV | HSBC Bank PLC |  | 7118232 | 02/10/28 | 0.26% | 1D ESTR | Monthly | 71512 |
|  Just Eat Takeaway.com NV | SG Americas Securities, LLC |  | 75019045 | 02/10/28 | 0.26% | 1D ESTR | Monthly | 753665 |
|  Liberty Broadband Corp., Class C | Citibank N.A. |  | 6610432 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly | (213460) |
|  Liberty Broadband Corp., Class C, NVS | JPMorgan Chase Bank N.A. |  | 7547436 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly | 16127 |
|  Mr. Cooper Group, Inc. | Merrill Lynch International |  | 1283870 | 02/15/28 |  | 1D OBFR01 | Monthly | (1782) |
|  Spirit AeroSystems Holdings, Inc., Class A | JPMorgan Chase Bank N.A. |  | 38725406 | 02/09/26 | 0.20% | 1D OBFR01 | Monthly | 977163 |
|  Total long positions of equity swaps |  |  |  |  |  |  |  | 6732792 |
|  Short Contracts<sup>(b)</sup> |  |  |  |  |  |  |  |  |
|  3M Co. | Morgan Stanley & Co. International PLC |  | (3373195) | 11/06/26 | (0.15)% | 1D FEDL01 | Monthly | 32205 |
|  Advanced Micro Devices, Inc. | Citibank N.A. |  | (5079043) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | (918) |
|  Advanced Micro Devices, Inc. | Morgan Stanley & Co. International PLC |  | (346965) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | (63) |
|  Akamai Technologies, Inc. | JPMorgan Chase Bank N.A. |  | (1922805) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly | 28427 |
|  Albemarle Corp. | Barclays Bank PLC |  | (1547961) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | 56939 |
|  Analog Devices, Inc. | Citibank N.A. |  | (4674752) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | (45219) |
|  Analog Devices, Inc. | Morgan Stanley & Co. International PLC |  | (1138488) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | (11013) |
|  Applied Materials, Inc. | Citibank N.A. |  | (3895499) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | 91490 |
|  Applied Materials, Inc. | Morgan Stanley & Co. International PLC |  | (611421) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | 14360 |
|  ASML Holding NV, Registered Shares | Citibank N.A. |  | (2942801) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | 15614 |
|  ASML Holding NV, Registered Shares | Morgan Stanley & Co. International PLC |  | (514046) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | 2727 |
|  Avery Dennison Corp. | Barclays Bank PLC |  | (3084722) | 12/23/25 | (0.20)% | 1D OBFR01 | Monthly | 42695 |
|  Aviva PLC | BNP Paribas SA |  | (18760476) | 07/22/26 | (0.25)% | 1D SONIA | Monthly | (830609) |
|  Aviva PLC | SG Americas Securities, LLC |  | (54307220) | 07/22/26 | (0.25)% | 1D SONIA | Monthly | (3011276) |
|  Ball Corp. | Barclays Bank PLC |  | (1677358) | 01/23/26 | 0.20% | 1D OBFR01 | Monthly | (7840) |
|  Bentley Systems, Inc., Class B | JPMorgan Chase Bank N.A. |  | (530649) | 02/09/26 | (0.15)% | 1D OBFR01 | Monthly | (7555) |
|  Block, Inc., Class A | JPMorgan Chase Bank N.A. |  | (81687) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | (11988) |
|  Boeing Co. (The) | JPMorgan Chase Bank N.A. |  | (18324986) | 02/09/26 | (0.15)% | 1D OBFR01 | Monthly | (1493147) |
|  Box, Inc., Class A | JPMorgan Chase Bank N.A. |  | (2625338) | 02/09/26 | (0.15)% | 1D OBFR01 | Monthly | (505061) |
|  Caterpillar, Inc. | Morgan Stanley & Co. International PLC |  | (1953430) | 11/06/26 | (0.15)% | 1D FEDL01 | Monthly | (16072) |
|  Celanese Corp. | Barclays Bank PLC |  | (1175013) | 12/23/25 | (0.20)% | 1D OBFR01 | Monthly | 17720 |
|  Charter Communications, Inc., Class A | Citibank N.A. |  | (6597823) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | 219858 |
|  Charter Communications, Inc., Class A | JPMorgan Chase Bank N.A. |  | (7695922) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | 154904 |
|  Chevron Corp. | Citibank N.A. |  | (96878057) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | (1009669) |
|  Chevron Corp. | JPMorgan Chase Bank N.A. |  | (138484539) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | 343584 |
|  Chevron Corp. | UBS AG |  | (47069843) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | 479 |
|  Consumer Staples Select Sector SPDR Fund | JPMorgan Chase Bank N.A. |  | (27515066) | 02/09/26 | (0.15)% | 1D OBFR01 | Monthly | (490254) |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Event Driven Equity Fund** |

---

#### Equity Swap Contracts (continued)

#### &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)* |
|  Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |  |  |  |  |  |  |  |
|  Cummins, Inc. | Morgan Stanley & Co. International PLC | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2229039) | 11/06/26 | (0.15)% | 1D FEDL01 | Monthly | $2147 |
|  Deere & Co. | Morgan Stanley & Co. International PLC |  | (2573609) | 11/06/26 | (0.15)% | 1D FEDL01 | Monthly | 46866 |
|  Dick's Sporting Goods, Inc. | JPMorgan Chase Bank N.A. |  | (4829212) | 02/09/26 | (0.15)% | 1D OBFR01 | Monthly | 11602 |
|  DoorDash, Inc., Class A | JPMorgan Chase Bank N.A. |  | (852859) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly | (15959) |
|  Eastman Chemical Co. | Barclays Bank PLC |  | (2443083) | 01/23/26 | (0.15)% | 1D OBFR01 | Monthly | 90259 |
|  Ecolab, Inc. | Barclays Bank PLC |  | (3478275) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | (75189) |
|  Emerson Electric Co. | Morgan Stanley & Co. International PLC |  | (3357736) | 11/06/26 | (0.15)% | 1D FEDL01 | Monthly | (58084) |
|  FedEx Corp. | Morgan Stanley & Co. International PLC |  | (1578714) | 11/06/26 | (0.15)% | 1D FEDL01 | Monthly | 5123 |
|  FMC Corp. | Barclays Bank PLC |  | (817005) | 12/23/25 |  | 1D OBFR01 | Monthly | (51952) |
|  Freeport-McMoRan, Inc. | Barclays Bank PLC |  | (7369786) | 12/23/25 |  | 1D OBFR01 | Monthly | (130043) |
|  Illinois Tool Works, Inc. | Morgan Stanley & Co. International PLC |  | (1891364) | 11/06/26 | (0.15)% | 1D FEDL01 | Monthly | (2860) |
|  Industrial Select Sector SPDR Fund | JPMorgan Chase Bank N.A. |  | (43794282) | 02/09/26 |  | 1D OBFR01 | Monthly | (2105067) |
|  International Paper Co. | Barclays Bank PLC |  | (2676303) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | 42307 |
|  iShares Russell 2000 ETF | JPMorgan Chase Bank N.A. |  | (27106965) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly | (487664) |
|  iShares Russell 2000 ETF | Morgan Stanley & Co. International PLC |  | (2851099) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly | (26238) |
|  iShares U.S. Home Construction ETF | Morgan Stanley & Co. International PLC |  | (8613974) | 11/06/26 | (0.78)% | 1D FEDL01 | Monthly | 56196 |
|  iShares U.S. Real Estate ETF | Morgan Stanley & Co. International PLC |  | (5333642) | 02/24/28 | 0.20% | 1D OBFR01 | Monthly | (126043) |
|  James Hardie Industries PLC, ADR | Barclays Bank PLC |  | (15802155) | 06/29/26 | (1.00)% | 1D OBFR01 | Monthly | (439460) |
|  James Hardie Industries PLC, ADR | Citibank N.A. |  | (25945088) | 06/29/26 | (1.00)% | 1D OBFR01 | Monthly | 502304 |
|  James Hardie Industries PLC, ADR | JPMorgan Chase Bank N.A. |  | (11837248) | 06/29/26 | (1.00)% | 1D OBFR01 | Monthly | 354822 |
|  KLA Corp. | Citibank N.A. |  | (6518462) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | 90281 |
|  KLA Corp. | Morgan Stanley & Co. International PLC |  | (874961) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | 12118 |
|  Lam Research Corp. | Citibank N.A. |  | (5626299) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | 120622 |
|  Lam Research Corp. | Morgan Stanley & Co. International PLC |  | (672534) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | 14418 |
|  Linde PLC | Barclays Bank PLC |  | (1553718) | 12/23/25 | 0.10% | 1D OBFR01 | Monthly | (27638) |
|  LyondellBasell Industries NV, Class A | Barclays Bank PLC |  | (2142551) | 02/24/28 | 0.20% | 1D OBFR01 | Monthly | (2657) |
|  Martin Marietta Materials, Inc. | Barclays Bank PLC |  | (5397570) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly | 149851 |
|  Martin Marietta Materials, Inc. | Morgan Stanley & Co. International PLC |  | (5873592) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly | 154979 |
|  Materials Select Sector SPDR Fund | JPMorgan Chase Bank N.A. |  | (21377491) | 02/09/26 | 0.33% | 1D OBFR01 | Monthly | (506936) |
|  Merit Medical Systems, Inc. | JPMorgan Chase Bank N.A. |  | (2228808) | 02/09/26 | (0.15)% | 1D OBFR01 | Monthly | 24587 |
|  Mettler-Toledo International, Inc. | Citibank N.A. |  | (4148672) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | (71287) |
|  Mettler-Toledo International, Inc. | Morgan Stanley & Co. International PLC |  | (311264) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | (5348) |
|  Microchip Technology, Inc. | Citibank N.A. |  | (1326849) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | 229 |
|  Microchip Technology, Inc. | Morgan Stanley & Co. International PLC |  | (606506) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | 104 |
|  Micron Technology, Inc. | Citibank N.A. |  | (2152451) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | 8398 |
|  Micron Technology, Inc. | Morgan Stanley & Co. International PLC |  | (718622) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | 2804 |
|  Middleby Corp. (The) | Morgan Stanley & Co. International PLC |  | (1809569) | 11/06/26 | (0.15)% | 1D FEDL01 | Monthly | 13047 |
|  MKS, Inc. | Citibank N.A. |  | (291173) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | 9261 |
|  MKS, Inc. | Morgan Stanley & Co. International PLC |  | (307811) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | 9790 |
|  Monolithic Power Systems, Inc. | Citibank N.A. |  | (1273147) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | 19508 |
|  Monolithic Power Systems, Inc. | Morgan Stanley & Co. International PLC |  | (455079) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | 6973 |
|  Mosaic Co. (The) | Barclays Bank PLC |  | (4808377) | 02/24/28 | 0.20% | 1D OBFR01 | Monthly | (143562) |
|  Newmont Corp. | Barclays Bank PLC |  | (1870174) | 01/23/26 | (0.15)% | 1D OBFR01 | Monthly | (2599) |
|  Nucor Corp. | Barclays Bank PLC |  | (5677338) | 02/15/28 | 0.20% | 1D OBFR01 | Monthly | 58640 |
|  Omnicom Group, Inc. | Goldman Sachs Bank USA |  | (47574825) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly | 1777274 |
|  ON Semiconductor Corp. | Citibank N.A. |  | (769128) | 02/24/28 | (0.14)% | 1D OBFR01 | Monthly | 4911 |
|  ON Semiconductor Corp. | Morgan Stanley & Co. International PLC |  | (262748) | 02/24/28 | (0.14)% | 1D OBFR01 | Monthly | 1678 |
|  Parker-Hannifin Corp. | Morgan Stanley & Co. International PLC |  | (2425622) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | (27121) |
|  PPG Industries, Inc. | Barclays Bank PLC |  | (2631717) | 12/23/25 |  | 1D OBFR01 | Monthly | 9524 |
|  Qorvo, Inc. | Citibank N.A. |  | (537266) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | 565 |
|  Qorvo, Inc. | Morgan Stanley & Co. International PLC |  | (303715) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | 319 |
|  Republic Services, Inc. | JPMorgan Chase Bank N.A. |  | (16419876) | 01/23/26 | (0.15)% | 1D OBFR01 | Monthly | (524214) |
|  Rocket Cos., Inc., Class A | Merrill Lynch International |  | (1387065) | 02/15/28 |  | 1D OBFR01 | Monthly | 2172 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Event Driven Equity Fund** |

---

#### Equity Swap Contracts (continued)

#### &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)* |
|  Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |  |  |  |  |  |  |  |
|  Rockwell Automation, Inc. | Morgan Stanley & Co. International PLC | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2164622) | 02/15/28 | 0.20% | 1D OBFR01 | Monthly | $(65370) |
|  Schlumberger NV | JPMorgan Chase Bank N.A. |  | (5358690) | 01/23/26 | (0.15)% | 1D OBFR01 | Monthly | 198297 |
|  Sealed Air Corp. | Barclays Bank PLC |  | (1858753) | 12/23/25 | (0.20)% | 1D OBFR01 | Monthly | 3614 |
|  Shift4 Payments, Inc., Class A | Morgan Stanley & Co. International PLC |  | (2088877) | 11/06/26 | (0.28)% | 1D FEDL01 | Monthly | (160584) |
|  Skyworks Solutions, Inc. | Citibank N.A. |  | (681788) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | 12888 |
|  Skyworks Solutions, Inc. | Morgan Stanley & Co. International PLC |  | (456003) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | 8620 |
|  Smurfit WestRock PLC | Barclays Bank PLC |  | (2733667) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | 67832 |
|  SoFi Technologies, Inc. | JPMorgan Chase Bank N.A. |  | (840932) | 02/09/26 | (0.15)% | 1D OBFR01 | Monthly | 8418 |
|  Solventum Corp. | Morgan Stanley & Co. International PLC |  | (140452) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | (831) |
|  Southern Co. (The) | JPMorgan Chase Bank N.A. |  | (1159861) | 02/09/26 | (0.15)% | 1D OBFR01 | Monthly | 10561 |
|  SPDR S&P 500 ETF Trust | Barclays Bank PLC |  | (7032648) | 12/23/25 | 0.35% | 1D OBFR01 | Monthly | (75984) |
|  SPDR S&P 500 ETF Trust | JPMorgan Chase Bank N.A. |  | (234546183) | 12/23/25 | 0.35% | 1D OBFR01 | Monthly | (9628074) |
|  Spotify Technology SA | JPMorgan Chase Bank N.A. |  | (5810023) | 02/09/26 | (0.15)% | 1D OBFR01 | Monthly | (91099) |
|  Stanley Black & Decker, Inc. | Morgan Stanley & Co. International PLC |  | (680914) | 11/06/26 | (0.15)% | 1D FEDL01 | Monthly | 9340 |
|  Sylvamo Corp. | Barclays Bank PLC |  | (239869) | 12/23/25 | (0.20)% | 1D OBFR01 | Monthly | 11515 |
|  Synopsys, Inc. | JPMorgan Chase Bank N.A. |  | (32855399) | 02/09/26 | (0.15)% | 1D OBFR01 | Monthly | 1391523 |
|  Taiwan Semiconductor Manufacturing Co. Ltd., ADR | Citibank N.A. |  | (4895921) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | 71621 |
|  Taiwan Semiconductor Manufacturing Co. Ltd., ADR | Morgan Stanley & Co. International PLC |  | (1116321) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | 16330 |
|  Teradyne, Inc. | Citibank N.A. |  | (784978) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | (1100) |
|  Teradyne, Inc. | Morgan Stanley & Co. International PLC |  | (410110) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | (575) |
|  Texas Instruments, Inc. | Citibank N.A. |  | (1712716) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | (25091) |
|  Texas Instruments, Inc. | Morgan Stanley & Co. International PLC |  | (1087027) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | (15924) |
|  Uber Technologies, Inc. | JPMorgan Chase Bank N.A. |  | (3246239) | 02/09/26 | (0.15)% | 1D OBFR01 | Monthly | (52160) |
|  Union Pacific Corp. | Morgan Stanley & Co. International PLC |  | (2103001) | 11/06/26 | (0.15)% | 1D FEDL01 | Monthly | 11418 |
|  United Parcel Service, Inc., Class B | Morgan Stanley & Co. International PLC |  | (1476950) | 11/06/26 | (0.15)% | 1D FEDL01 | Monthly | (8682) |
|  VanEck Semiconductor ETF | JPMorgan Chase Bank N.A. |  | (6120937) | 02/09/26 |  | 1D OBFR01 | Monthly | (490888) |
|  Vulcan Materials Co. | Barclays Bank PLC |  | (4674507) | 12/23/25 |  | 1D OBFR01 | Monthly | 104170 |
|  Vulcan Materials Co. | Morgan Stanley & Co. International PLC |  | (6592821) | 12/23/25 |  | 1D OBFR01 | Monthly | 139692 |
|  Waste Management, Inc. | JPMorgan Chase Bank N.A. |  | (13982671) | 02/09/26 | (0.15)% | 1D OBFR01 | Monthly | (470228) |
|  Waters Corp. | Citibank N.A. |  | (52617) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | (118) |
|  Waters Corp. | Morgan Stanley & Co. International PLC |  | (185381) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly | (415) |
|  Total short positions of equity swaps | Total short positions of equity swaps |  |  |  |  |  |  | (16667208) |
|  Total long and short positions of equity swaps | Total long and short positions of equity swaps |  |  |  |  |  |  | (9934416) |
|  Net dividends and financing fees | Net dividends and financing fees |  |  |  |  |  |  | (3275723) |
|  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 |  |  |  |  | $(13210139) |

---

<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

---

| | | | |
|:---|:---|:---|:---|
|  | *Swap*<br> *Premiums*<br> *Paid* | *Unrealized*<br> *Appreciation* | *Unrealized*<br> *Depreciation* |
|  OTC Swaps | $– $– $| 17299119 | $(30509258) |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Event Driven Equity Fund** |

---

#### 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** | **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $2926080 | $— | $— | $— | $2926080 |
|  Swaps — OTC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC swaps; |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap premiums paid |  |  | 17299119 |  |  |  | 17299119 |
|  | $— | $— | $20225199 | $— | $— | $— | $20225199 |
|  **Liabilities — Derivative Financial Instruments** | **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts<sup>(a)</sup> | $— | $— | $7078523 | $— | $— | $— | $7078523 |
|  Swaps — OTC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC swaps; |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap premiums received |  |  | 30509258 |  |  |  | 30509258 |
|  | $— | $— | $37587781 | $— | $— | $— | $37587781 |

---

<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 Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $6044701 | $— | $— | $— | $6044701 |
|  Swaps |  |  | (50161017) |  |  |  | (50161017) |
|  | $— | $— | $(44116316) | $— | $— | $— | $(44116316) |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(587932) | $— | $— | $— | $(587932) |
|  Swaps |  |  | 35670116 |  |  |  | 35670116 |
|  | $— | $— | $35082184 | $— | $— | $— | $35082184 |

---

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $5532703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 143278579 |
|  Equity swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — long | 1304762670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — short | 1061010719 |

---

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 O F I N V E S T M E N T S 11

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Event Driven Equity Fund** |

---

#### Derivative Financial Instruments – Offsetting as of Period End
The Fund's derivative assets and liabilities (by type) were as follows:

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
|  Derivative Financial Instruments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | $131478 | $103790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps — OTC<sup>(a)</sup> | 17299119 | 30509258 |
|  Total derivative assets and liabilities in the Statement of Assets and Liabilities | $17430597 | $30613048 |
|  Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | (131478) | (3379513) |
|  Total derivative assets and liabilities subject to an MNA | $17299119 | $27233535 |

---

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

The following tables present the Fund's derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative*<br> *Assets*<br> *Subject to*<br> *an MNA by*<br> *Counterparty* | *Derivatives*<br> *Available*<br> *for Offset<sup>(a)</sup>* | *Non-*<br> *Cash*<br> *Collateral*<br> *Received<sup>(b)</sup>* | *Cash*<br> *Collateral*<br> *Received<sup>(b)</sup>* | *Net*<br> *Amount of*<br> *Derivative*<br> *Assets<sup>(c)</sup>* |
|  Barclays Bank PLC | $1044312 | $(956924) | $– $|  | $87388 |
|  BNP Paribas S.A. | 774778 | (774778) | – |  |  |
|  Citibank N.A. | 2684286 | (1669015) | – |  | 1015271 |
|  Goldman Sachs Bank USA | 1777274 | (1777274) | – |  |  |
|  HSBC Bank PLC | 71512 |  | – |  | 71512 |
|  JPMorgan Chase Bank N.A. | 4811539 | (4811539) | – |  |  |
|  Merrill Lynch International | 2172 | (1781) | – |  | 391 |
|  Morgan Stanley & Co. International PLC | 1635957 | (552792) | – |  | 1083165 |
|  SG Americas Securities LLC | 4155745 | (3011276) | – | (700000) | 444469 |
|  UBS AG | 341544 |  | – |  | 341544 |
|  | $17299119 | $(13555379) | $– $| &nbsp;&nbsp;&nbsp;&nbsp;(700000) | $3043740 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *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>(d)</sup>* |
|  Barclays Bank PLC | $956924 | $(956924) | $– $|  | $— |
|  BNP Paribas S.A. | 830609 | (774778) | – | (55831) |  |
|  Citibank N.A. | 1669015 | (1669015) | – |  |  |
|  Goldman Sachs Bank USA | 2211619 | (1777274) | – |  | 434345 |
|  JPMorgan Chase Bank N.A. | 17999519 | (4811539) | – | (13187980) |  |
|  Merrill Lynch International | 1781 | (1781) | – |  |  |
|  Morgan Stanley & Co. International PLC | 552792 | (552792) | – |  |  |
|  SG Americas Securities LLC | 3011276 | (3011276) | – |  |  |
|  | $27233535 | $(13555379) | $– $| (13243811) | $&nbsp;&nbsp;&nbsp;&nbsp;434345 |

---

<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. 

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Event Driven Equity Fund** |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $1781333023 | $— | $— | $1781333023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 293753241 |  | 293753241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floating Rate Loan Interests |  | 184551569 | 210049 | 184761618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Funds |  | 623798 |  | 623798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed-Income Funds | 370794201 |  |  | 370794201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities | 31112524 |  | 685309 | 31797833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights |  | 14551 |  | 14551 |
| &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 | 2189474648 |  |  | 2189474648 |
|  | $4372714396 | $478943159 | $895358 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4852552913 |
|  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 | $2926080 | $17299119 | $— | $20225199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | (7078523) | (30509258) |  | (37587781) |
|  | $(4152443) | $(13210139) | $— | $(17362582) |

---

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

*See notes to financial statements.* 

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

------

Statement of Assets and Liabilities

May 31, 2025

---

| | |
|:---|:---|
|  | BlackRock Event<br>Driven Equity<br> Fund |
|  **ASSETS** |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup> | $2454371964 |
|  Investments, at value — affiliated<sup>(c)</sup> | 2398180949 |
|  Cash pledged: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral — OTC derivatives | 74511877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 7018000 |
|  Foreign currency, at value<sup>(d)</sup> | 4895423 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 59300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 60445232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 6384279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 1012978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 7237944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 4565537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 131478 |
|  Unrealized appreciation on OTC swaps | 17299119 |
|  Prepaid expenses | 49175 |
|  Total assets | 5036163255 |
|  **LIABILITIES** |  |
|  Bank overdraft | 15512617 |
|  Cash received: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral — OTC derivatives | 700000 |
|  Collateral on securities loaned | 264642981 |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 30621159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 109655153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 6435202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 4029006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' and Officer's fees | 13006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 1045378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other affiliate fees | 6232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 28884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution fees | 33953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 103790 |
|  Unrealized depreciation on OTC swaps | 30509258 |
|  Total liabilities | 463336619 |
|  **Commitments and contingent liabilities** |  |
|  NET ASSETS | $4572826636 |
|  **NET ASSETS CONSIST OF:** |  |
|  Paid-in capital | $4213544898 |
|  Accumulated earnings | 359281738 |
|  NET ASSETS | $4572826636 |
|  <sup>(a)</sup> Investments, at cost — unaffiliated | $2182374818 |
|  <sup>(b)</sup> Securities loaned, at value | $259138122 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $2389238351 |
|  <sup>(d)</sup> Foreign currency, at cost | $4848310 |

---

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

------

Statement of Assets and Liabilities (continued)

May 31, 2025

---

| | |
|:---|:---|
|  | BlackRock Event<br>Driven Equity<br> Fund |
|  **NET ASSET VALUE** |  |
| **Institutional** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $4449363410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 426076478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $10.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 3650000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 |
| **Investor A** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $103399210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 10420877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $9.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 200000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 |
| **Investor C** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $20064016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 2318099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $8.66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 |

---

*See notes to financial statements.*

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

------

Statement of Operations

Year Ended May 31, 2025

---

| | |
|:---|:---|
|  | BlackRock Event<br>Driven Equity<br>Fund |
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $21529160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 139274357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 34314072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 494603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | (38874) |
|  Total investment income | 195573318 |
|  EXPENSES |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 53698493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent — class specific | 4877909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution — class specific | 504462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services | 297538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration | 169639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 90806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors and Officer | 46892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | 42083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and postage | 32196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 61196 |
|  Total expenses excluding interest expense | 59821214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 13284 |
|  Total expenses | 59834498 |
|  Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fees waived and/or reimbursed by the Manager | (4272915) |
|  Total expenses after fees waived and/or reimbursed | 55561583 |
|  Net investment income | 140011735 |
|  **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 | 165968311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 11179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 6044701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (53953) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | (50161017) |
|  | 121809221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (14118143) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 6406162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (587932) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 112834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 35670116 |
|  | 27483037 |
|  Net realized and unrealized gain | 149292258 |
|  NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289303993 |

---

*See notes to financial statements.* 

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

------

Statements of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
|  | BlackRock Event Driven Equity Fund | BlackRock Event Driven Equity Fund |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 |
|  *INCREASE (DECREASE) IN NET ASSETS* | *INCREASE (DECREASE) IN NET ASSETS* |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $140011735 | $201794283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 121809221 | 87864478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 27483037 | 128763864 |
|  Net increase in net assets resulting from operations | 289303993 | 418422625 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | (94413645) | (105987983) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A | (1963039) | (2341360) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C | (311693) | (589421) |
|  Decrease in net assets resulting from distributions to shareholders | (96688377) | (108918764) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |
|  Net decrease in net assets derived from capital share transactions | (836994612) | (2121865219) |
|  *NET ASSETS* |  |  |
|  Total decrease in net assets | (644378996) | (1812361358) |
|  Beginning of year | 5217205632 | 7029566990 |
|  End of year | $4572826636 | $5217205632 |

---

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

*See notes to financial statements.* 

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

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Event Driven Equity Fund | BlackRock Event Driven Equity Fund | BlackRock Event Driven Equity Fund | BlackRock Event Driven Equity Fund | BlackRock Event Driven Equity Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $10.02 | $9.52 | $9.83 | $10.31 | $9.70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup> | 0.30 | 0.34 | 0.17 | (0.08) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.33 | 0.36 | (0.23) | (0.14) | 0.98 |
|  Net increase (decrease) from investment operations | 0.63 | 0.70 | (0.06) | (0.22) | 0.91 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.16) | (0.20) | (0.11) | (0.04) | (0.00)<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.05) |  | (0.14) | (0.22) | (0.30) |
|  Total distributions | (0.21) | (0.20) | (0.25) | (0.26) | (0.30) |
|  **Net asset value, end of year** | $10.44 | $10.02 | $9.52 | $9.83 | $10.31 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |
|  Based on net asset value | 6.37% | 7.35% | (0.65)% | (2.12)% | 9.60% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |
|  Total expenses | 1.24% | 1.23% | 1.20% | 1.20% | 1.23% |
|  Total expenses after fees waived and/or reimbursed | 1.16% | 1.15% | 1.13% | 1.16% | 1.18% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense | 1.15% | 1.15% | 1.13% | 1.16% | 1.18% |
|  Net investment income (loss) | 2.95% | 3.46% | 1.78% | (0.77)% | (0.73)% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $4449363 | $5077733 | $6828961 | $8598511 | $7695420 |
|  Portfolio turnover rate<sup>(f)</sup> | 81% | 32% | 33% | 37% | 64% |

---

<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, assumes the reinvestment of distributions.

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

<sup>(f)</sup> Excludes underlying investments in equity swaps.

*See notes to financial statements.* 

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

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Event Driven Equity Fund (continued) | BlackRock Event Driven Equity Fund (continued) | BlackRock Event Driven Equity Fund (continued) | BlackRock Event Driven Equity Fund (continued) | BlackRock Event Driven Equity Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $9.53 | $9.07 | $9.39 | $9.86 | $9.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup> | 0.26 | 0.30 | 0.14 | (0.10) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.32 | 0.34 | (0.22) | (0.13) | 0.93 |
|  Net increase (decrease) from investment operations | 0.58 | 0.64 | (0.08) | (0.23) | 0.84 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.14) | (0.18) | (0.10) | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.05) |  | (0.14) | (0.22) | (0.29) |
|  Total distributions | (0.19) | (0.18) | (0.24) | (0.24) | (0.29) |
|  **Net asset value, end of year** | $9.92 | $9.53 | $9.07 | $9.39 | $9.86 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |
|  Based on net asset value | 6.12% | 7.11% | (0.94)% | (2.33)% | 9.24% |
|  **Ratios to Average Net Assets<sup>(d)</sup>** |  |  |  |  |  |
|  Total expenses | 1.47% | 1.46% | 1.44% | 1.46% | 1.48% |
|  Total expenses after fees waived and/or reimbursed | 1.38% | 1.37% | 1.37% | 1.43% | 1.43% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense | 1.38% | 1.37% | 1.37% | 1.43% | 1.42% |
|  Net investment income (loss) | 2.71% | 3.24% | 1.50% | (1.03)% | (0.97)% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $103399 | $110916 | $156434 | $221644 | $222327 |
|  Portfolio turnover rate<sup>(e)</sup> | 81% | 32% | 33% | 37% | 64% |

---

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

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

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

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

<sup>(e)</sup> 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 19

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Event Driven Equity Fund (continued) | BlackRock Event Driven Equity Fund (continued) | BlackRock Event Driven Equity Fund (continued) | BlackRock Event Driven Equity Fund (continued) | BlackRock Event Driven Equity Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $8.32 | $7.97 | $8.29 | $8.75 | $8.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup> | 0.17 | 0.20 | 0.06 | (0.15) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.28 | 0.29 | (0.18) | (0.12) | 0.82 |
|  Net increase (decrease) from investment operations | 0.45 | 0.49 | (0.12) | (0.27) | 0.68 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.06) | (0.14) | (0.06) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.05) |  | (0.14) | (0.19) | (0.26) |
|  Total distributions | (0.11) | (0.14) | (0.20) | (0.19) | (0.26) |
|  **Net asset value, end of year** | $8.66 | $8.32 | $7.97 | $8.29 | $8.75 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |
|  Based on net asset value | 5.47% | 6.20% | (1.52)% | (3.17)% | 8.45% |
|  **Ratios to Average Net Assets<sup>(d)</sup>** |  |  |  |  |  |
|  Total expenses | 2.23% | 2.23% | 2.20% | 2.20% | 2.23% |
|  Total expenses after fees waived and/or reimbursed | 2.14% | 2.14% | 2.13% | 2.16% | 2.17% |
|  Net investment income (loss) | 2.01% | 2.46% | 0.74% | (1.77)% | (1.72)% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $20064 | $28557 | $44172 | $68083 | $75615 |
|  Portfolio turnover rate<sup>(e)</sup> | 81% | 32% | 33% | 37% | 64% |

---

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

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

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

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

<sup>(e)</sup> Excludes underlying investments in equity swaps.

*See notes to financial statements.* 

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

------

Notes to Financial Statements

*1. ORGANIZATION* 

BlackRock Large Cap Series Funds, Inc. (the "Corporation") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Corporation is organized as a Maryland corporation. BlackRock Event Driven Equity Fund (the "Fund") is a series of the Corporation. The Fund is classified as diversified.

The Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional 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 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.

*2. SIGNIFICANT ACCOUNTING POLICIES* 

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Fund is informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. 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. For convertible securities, premiums attributable to the debt instrument are amortized, but premiums attributable to the conversion feature are not amortized.

**Foreign Currency Translation:** The Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

The Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statement of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. The Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

**Foreign Taxes:** The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of May 31, 2025, if any, are disclosed in the Statement of Assets and Liabilities.

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

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

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 21

------

Notes to Financial Statements (continued)

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

**Distributions:** Distributions paid by the Fund are recorded on the ex-dividend dates. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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

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

The Fund has an arrangement with its custodian whereby credits are earned on uninvested cash balances. For financial reporting purposes, custodian credits, if any, are included in interest income in the Statement of Operations.

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

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

*3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS* 

**Investment Valuation Policies:** The Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Directors of the Fund (the "Board") has approved the designation of the Fund's Manager as the valuation designee for the Fund. The Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager's policies and procedures as reflecting fair value. The Manager has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of the Fund's assets and liabilities:

· 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. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a third-party pricing service. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

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

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

· Interest rate, credit default, inflation and currency swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate market data and discounted cash flows. Total return and equity swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using models that incorporate market trades and fair value of the underlying reference instruments.

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

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager's policies and procedures as reflecting fair value ("Fair Valued

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

------

Notes to Financial Statements (continued)

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 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* 

**Zero-Coupon Bonds:** Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

**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

N O T E S T O F I N A N C I A L S T A T E M E N T S 23

------

Notes to Financial Statements (continued)

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.

**Floating Rate Loan Interests:** Floating rate loan interests are typically issued to companies (the "borrower") by banks, other financial institutions, or privately and publicly offered corporations (the "lender"). Floating rate loan interests are generally non-investment grade, often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged or in bankruptcy proceedings. In addition, transactions in floating rate loan interests may settle on a delayed basis, which may result in proceeds from the sale not being readily available for a fund to make additional investments or meet its redemption obligations. Floating rate loan interests may include fully funded term loans or revolving lines of credit. Floating rate loan interests are typically senior in the corporate capital structure of the borrower. Floating rate loan interests generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. Since the rates reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the NAV of a fund to the extent that it invests in floating rate loan interests. The base lending rates are generally the lending rate offered by one or more European banks, such as the Secured Overnight Financing Rate ("SOFR"), the prime rate offered by one or more U.S. banks or the certificate of deposit rate. Floating rate loan interests may involve foreign borrowers, and investments may be denominated in foreign currencies. These investments are treated as investments in debt securities for purposes of a fund's investment policies.

When a fund purchases a floating rate loan interest, it may receive a facility fee and when it sells a floating rate loan interest, it may pay a facility fee. On an ongoing basis, a fund may receive a commitment fee based on the undrawn portion of the underlying line of credit amount of a floating rate loan interest. Facility and commitment fees are typically amortized to income over the term of the loan or term of the commitment, respectively. Consent and amendment fees are recorded to income as earned. Prepayment penalty fees, which may be received by a fund upon the prepayment of a floating rate loan interest by a borrower, are recorded as realized gains. A fund may invest in multiple series or tranches of a loan. A different series or tranche may have varying terms and carry different associated risks.

Floating rate loan interests are usually freely callable at the borrower's option. A fund may invest in such loans in the form of participations in loans ("Participations") or assignments ("Assignments") of all or a portion of loans from third parties. Participations typically will result in a fund having a contractual relationship only with the lender, not with the borrower. A fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the Participation and only upon receipt by the lender of the payments from the borrower. In connection with purchasing Participations, a fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of offset against the borrower. A fund may not benefit directly from any collateral supporting the loan in which it has purchased the Participation. As a result, a fund assumes the credit risk of both the borrower and the lender that is selling the Participation. A fund's investment in loan participation interests involves the risk of insolvency of the financial intermediaries who are parties to the transactions. In the event of the insolvency of the lender selling the Participation, a fund may be treated as a general creditor of the lender and may not benefit from any offset between the lender and the borrower. Assignments typically result in a fund having a direct contractual relationship with the borrower, and a fund may enforce compliance by the borrower with the terms of the loan agreement.

In connection with floating rate loan interests, the Fund may also enter into unfunded floating rate loan interests ("commitments"). In connection with these commitments, the fund earns a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which is included in interest income in the Statement of Operations, is recognized ratably over the commitment period. Unfunded floating rate loan interests are marked-to-market daily, and any unrealized appreciation (depreciation) is included in the Statement of Assets and Liabilities and Statement of Operations. As of period end, the Fund had no unfunded floating rate loan interests.

**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.

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

------

Notes to Financial Statements (continued)

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* |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | $106071199 | $(106071199) | $– | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 18698950 | (18698950) | – |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 22481304 | (22481304) | – |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SG Americas Securities LLC | 25884121 | (25884121) | – |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | 68976316 | (68976316) | – |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Securities LLC | 17026232 | (17026232) | – |  |
|  | $259138122 | $(259138122) | $– | $— |

---

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund's Statement of Assets and Liabilities. 

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

*5. DERIVATIVE FINANCIAL INSTRUMENTS* 

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

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

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

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

**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

N O T E S T O F I N A N C I A L S T A T E M E N T S 25

------

Notes to Financial Statements (continued)

margin receivable (or payable) on centrally cleared swaps in the Statement of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statement of Operations, including those at termination.

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

Equity swaps are designed to function as direct economic investments in long or short equity positions. This means that the Fund will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid. Equity swaps incur interest charges and credits ("financing fees") related to the notional value of the position. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread.

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

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

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

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

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

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

**Investment Advisory:** The Corporation, on behalf of the Fund, entered into an Investment Advisory Agreement with the Manager, the Fund's investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. ("BlackRock"), to provide investment advisory and administrative services. The Manager is responsible for the management of the Fund's portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of the Fund.

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 | 1.20% |
|  $1 billion - $3 billion | 1.13 |
|  $3 billion - $5 billion | 1.08 |
|  $5 billion - $10 billion | 1.04 |
|  Greater than $10 billion | 1.02 |

---

**Service and Distribution Fees:** The Corporation, on behalf of the Fund, entered into a Distribution Agreement and Distribution Plans with BlackRock Investments, LLC ("BRIL"), an affiliate of the Manager. Pursuant to the Distribution Plans 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% |

---

26 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements (continued)

BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing and distribution services to the Fund. The ongoing service and/or distribution fee compensates BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to shareholders.

For the year ended May 31, 2025, the following table shows the class specific service and distribution fees borne directly by each share class of the Fund:

---

| | | | |
|:---|:---|:---|:---|
|  | *Investor A* | *Investor C* | *Total* |
|  Service and distribution — class specific | $261085 | $243377 | $504462 |

---

**Transfer Agent:** Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Fund with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the year ended May 31, 2025, the Fund did not pay any amounts to affiliates in return for these services.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Institutional* | *Investor A* | *Investor C* | *Total* |
|  Reimbursed amounts | $5793 | $1649 | $268 | $7710 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Institutional* | *Investor A* | *Investor C* | *Total* |
|  Transfer agent — class specific | $4770035 | $86707 | $21167 | $4877909 |

---

**Other Fees:** For the year ended May 31, 2025, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of the Fund's Investor A Shares for a total of $1,094.

For the year ended May 31, 2025, affiliates received CDSCs as follows:

---

| | |
|:---|:---|
| *Share Class* | *Amounts* |
|  Investor A | $3713 |
|  Investor C | 433 |

---

**Expense Limitations, Waivers and Reimbursements:** The Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Fund pays to the Manager indirectly through its investment in affiliated money market funds (the "affiliated money market fund waiver") through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the directors who are not "interested persons" of the Corporation, as defined in the 1940 Act ("Independent Directors"), or by a vote of a majority of the outstanding voting securities of the Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the year ended May 31, 2025, the amount waived and/or reimbursed was $2,041,457.

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the Fund's assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of the Fund. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the year ended May 31, 2025, the Manager waived $2,231,458 in investment advisory fees pursuant to this arrangement.

The Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, tax expense, acquired fund fees and expenses, and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of the Fund's business ("expense limitation"). The expense limitations as a percentage of average daily net assets are as follows:

---

| | |
|:---|:---|
| *Share Class* | *Expense<br>Limitations* |
|  Institutional | 1.38% |
|  Investor A | 1.65 |
|  Investor C | 2.39 |

---

The Manager has agreed not to reduce or discontinue these contractual expense limitations through June 30, 2026, unless approved by the Board, including a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of the Fund. For the year ended May 31, 2025, there were no fees waived and/or reimbursed by the Manager pursuant to this agreement.

**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

N O T E S T O F I N A N C I A L S T A T E M E N T S 27

------

Notes to Financial Statements (continued)

income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been reinvested may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, the money market fund will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. The money market fund will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If the money market fund cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

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

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

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds specified thresholds, the Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 84% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2025, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeded a specified threshold, the Fund would retain for the remainder of that calendar year securities lending income in an amount equal to 81% of securities lending income (which excluded collateral investment fees), and this amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by the Fund is shown as securities lending income — affiliated — net in the Statement of Operations. For the year ended May 31, 2025, the Fund paid BIM $115,723 for securities lending agent services.

**Interfund Lending:** Prior to March 3, 2025, in accordance with an exemptive order (the "Order") from the SEC, the Fund could participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the Fund's investment policies and restrictions. Effective March 3, 2025, the Interfund Lending Program was not renewed but remains available for renewal in the future.

During the period ended March 3, 2025, the Fund did not participate in the Interfund Lending Program.

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

*7. PURCHASES AND SALES* 

For the year ended May 31, 2025, purchases and sales of investments, excluding short-term securities, were $2,277,901,661 and $1,674,471,001, respectively.

*8. INCOME TAX INFORMATION* 

It is the Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund's U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on the Fund's state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Fund as of May 31, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund's financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Fund's NAV.

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

------

Notes to Financial Statements (continued)

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | *Year Ended<br>05/31/25* | *Year Ended<br>05/31/24* |
|  Ordinary income | $73592729 | $108918764 |
|  Long-term capital gains | 23095648 |  |
|  | $96688377 | $108918764 |

---

As of May 31, 2025, the tax components of accumulated earnings (loss) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Undistributed<br>Ordinary Income* | *Net Unrealized<br>Gains (Losses)<sup>(a)</sup>* | *Qualified Late-Year<br>Capital Losses<sup>(b)</sup>* | *Total* |
|  Event Driven Equity | $119681318 | $258061533 | $(18461113) | $359281738 |

---

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

<sup>(b)</sup> The Fund has elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

During the year ended May 31, 2025, the Fund utilized the following amount of its capital loss carryforward:

---

| | |
|:---|:---|
| *Fund Name* | *Utilized* |
|  Event Driven Equity | $30501071 |

---

As of May 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Tax Cost* | *Gross<br>Unrealized<br>Appreciation* | *Gross<br>Unrealized<br>Depreciation* | *Net Unrealized<br>Appreciation<br>(Depreciation)* |
|  Event Driven Equity | $4594234304 | $&nbsp;&nbsp;&nbsp;&nbsp;377500268 | $(119181659) | $258318609 |

---

*9. BANK BORROWINGS* 

The Corporation, 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 SOFR (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2026 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the year ended May 31, 2025, the Fund did not borrow under the credit agreement.

*10. PRINCIPAL RISKS* 

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

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

**Market Risk:** The Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force the Fund to reinvest in lower yielding securities. The Fund may also be exposed to reinvestment risk, which is the risk that income from the Fund's portfolio will decline if the Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below the Fund portfolio's current earnings rate.

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. The

N O T E S T O F I N A N C I A L S T A T E M E N T S 29

------

Notes to Financial Statements (continued)

Fund may invest in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause the Fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

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

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

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

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

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

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

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

*11. CAPITAL SHARE TRANSACTIONS* 

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended 05/31/25 | Year Ended 05/31/25 | Year Ended 05/31/24 | Year Ended 05/31/24 |
| *Share Class* | *Shares* | *Amount* | *Shares* | *Amount* |
|  Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 100302619 | $1019733194 | 149124389 | $1483263785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 6220141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61952607 | 7212614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71837632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (187125828) | (1897635278) | (366682410) | (3607330595) |
|  | (80603068) | $(815949477) | (210345407) | $(2052229178) |

---

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

------

Notes to Financial Statements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended 05/31/25 | Year Ended 05/31/25 | Year Ended 05/31/24 | Year Ended 05/31/24 |
| *Share Class* | *Shares* | *Amount* | *Shares* | *Amount* |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 2902288 | $28114139 | 3330305 | $31634186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 196841 | 1864083 | 235504 | 2232574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (4316365) | (41648340) | (9169431) | (86194633) |
|  | (1217236) | $(11670118) | (5603622) | $(52327873) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 102611 | $862547 | 249207 | $2097217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 37202 | 308409 | 70215 | 583485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (1252737) | (10545973) | (2431865) | (19988870) |
|  | (1112924) | $(9375017) | (2112443) | $(17308168) |
|  | (82933228) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(836994612) | (218061472) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2121865219) |

---

*12. SUBSEQUENT EVENTS* 

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

N O T E S T O F I N A N C I A L S T A T E M E N T S 31

------

Report of Independent Registered Public Accounting Firm

To the Shareholders of BlackRock Event Driven Equity Fund and the Board of Directors of BlackRock Large Cap Series Funds, Inc.:

#### Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of BlackRock Event Driven Equity Fund of BlackRock Large Cap Series Funds, Inc. (the "Fund"), including the schedule of investments, as of May 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of May 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of May 31, 2025, by correspondence with custodians or counterparties; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

July 22, 2025

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

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

------

Important Tax Information (unaudited)

The following amount, or maximum amount allowable by law, is hereby designated as qualified dividend income for individuals for the fiscal year ended May 31, 2025:

---

| | |
|:---|:---|
| *Fund Name* | *Qualified Dividend<br>Income* |
|  BlackRock Event Driven Equity Fund | $9090956 |

---

The following amount, or maximum amount allowable by law, is hereby designated as qualified business income for individuals for the fiscal year ended May 31, 2025:

---

| | |
|:---|:---|
| *Fund Name* | *Qualified Business<br>Income* |
|  BlackRock Event Driven Equity Fund | $247092 |

---

The Fund hereby designates the following amount, or maximum amount allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended May 31, 2025:

---

| | |
|:---|:---|
| *Fund Name* | *20% Rate<br>Long-Term<br>Capital Gain<br>Dividends* |
|  BlackRock Event Driven Equity Fund | $23095648 |

---

The Fund hereby designates the following amount, or maximum amount allowable by law, of distributions from direct federal obligation interest for the fiscal year ended May 31, 2025:

---

| | |
|:---|:---|
| *Fund Name* | *Federal Obligation<br>Interest* |
|  BlackRock Event Driven Equity Fund | $48102311 |

---

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

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended May 31, 2025 qualified for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| *Fund Name* | *Dividends-Received<br>Deduction* |
|  BlackRock Event Driven Equity Fund | 4.97% |

---

The Fund hereby designates the following amount, or maximum amount allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended May 31, 2025:

---

| | |
|:---|:---|
| *Fund Name* | *Interest Dividends* |
|  BlackRock Event Driven Equity Fund | $123266792 |

---

The Fund hereby designates the following amount, or maximum amount allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended May 31, 2025:

---

| | |
|:---|:---|
| *Fund Name* | *Interest-Related<br>Dividends* |
|  BlackRock Event Driven Equity Fund | $120954273 |

---

I M P O R T A N T T A X I N F O R M A T I O N 33

------

Disclosure of Investment Advisory Agreement

The Board of Directors (the "Board" the members of which are referred to as "Board Members") of BlackRock Large Cap Series Funds, Inc. (the "Company") met on April 22, 2025 (the "April Meeting") and May 20-21, 2025 (the "May Meeting") to consider the approval to continue the investment advisory agreement (the "Agreement") between the Company, on behalf of BlackRock Event Driven Equity Fund (the "Fund"), and BlackRock Advisors, LLC (the "Manager" or "BlackRock"), the Fund's investment advisor.

#### The Approval Process
Consistent with the requirements of the Investment Company Act of 1940 (the "1940 Act"), the Board considers the approval of the continuation of the Agreement for the Fund on an annual basis. The Board Members who are not "interested persons" of the Company, as defined in the 1940 Act, are considered independent Board Members (the "Independent Board Members"). The Board's consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock's various services to the Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, as well as numerous ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also held the April Meeting to consider specific information regarding the renewal of the Agreement. In considering the renewal of the Agreement, the Board assessed, among other things, the nature, extent and quality of the services provided to the Fund by BlackRock, BlackRock's personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock's management.

During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreement, including the services and support provided by BlackRock to the Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management's and portfolio managers' investment performance analyses, and the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by the Fund for services; (c) Fund operating expenses and how BlackRock allocates expenses to the Fund; (d) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of the Fund's investment objective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock's and the Fund's adherence to applicable compliance policies and procedures; (f) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as applicable; (g) BlackRock's and other service providers' internal controls and risk and compliance oversight mechanisms; (h) BlackRock's implementation of the proxy voting policies approved by the Board; (i) the use of brokerage commissions and execution quality of portfolio transactions; (j) BlackRock's implementation of the Fund's valuation and liquidity procedures; (k) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, exchange-traded fund ("ETF"), closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to the Fund; (l) BlackRock's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage; and (m) periodic updates on BlackRock's business.

Prior to and in preparation for the April Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreement. The Independent Board Members continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the April Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), based on either a Lipper classification or Morningstar category, regarding the Fund's fees and expenses as compared with a peer group of funds as determined by Broadridge ("Expense Peers") and the investment performance of the Fund as compared with a peer group of funds ("Performance Peers"); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge's methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreement and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, ETFs, closed-end funds, open-end funds, and separately managed accounts, under similar investment mandates, as well as the performance of such other products, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with the Fund; (g) a summary of aggregate amounts paid by the Fund to BlackRock; (h) sales and redemption data regarding the Fund's shares; and (i) various additional information requested by the Board as appropriate regarding BlackRock's and the Fund's operations.

At the April Meeting, the Board reviewed materials relating to its consideration of the Agreement and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the May Meeting, and such responses were reviewed by the Board Members.

At the May Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of the Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with the Fund; (d) the Fund's fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock's relationship with the Fund; and (g) other factors deemed relevant by the Board Members.

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock's services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock's personnel to engage in open, candid discussions with the Board. The Board evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

34 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Disclosure of Investment Advisory Agreement (continued)

*A. Nature, Extent and Quality of the Services Provided by BlackRock* 

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of the Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of mutual funds, relevant benchmarks, and performance metrics, as applicable. The Board met with BlackRock's senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by the Fund's portfolio management team discussing the Fund's performance, investment strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the experience of the Fund's portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of certain trading, portfolio management, operations and/or information systems owned by BlackRock; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock's overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock's Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock's compensation structure with respect to the Fund's portfolio management team and BlackRock's ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to the Fund. BlackRock and its affiliates provide the Fund with certain administrative, shareholder and other services (in addition to any such services provided to the Fund by third parties) and officers and other personnel as are necessary for the operations of the Fund. In particular, BlackRock and its affiliates provide the Fund with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of third-party service providers including, among others, the Fund's custodian, fund accountant, transfer agent, and auditor; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of the Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing the Fund's distribution partners, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock's fund administration, shareholder services, and legal and compliance departments and considered BlackRock's policies and procedures for assuring compliance with applicable laws and regulations. The Board also considered the operation of BlackRock's business continuity plans.

*B. The Investment Performance of the Fund* 

The Board, including the Independent Board Members, reviewed and considered the performance history of the Fund throughout the year and at the April Meeting. The Board was provided with Fund performance reporting and analysis, relative to applicable performance metrics, by BlackRock throughout the year and at the April meeting. In preparation for the April Meeting, the Board was also provided with reports independently prepared by Broadridge, which included an analysis of the Fund's performance as of December 31, 2024, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of the Fund as compared to its Performance Peers. The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of the Fund throughout the year.

In evaluating performance, the Board focused particular attention on funds with less favorable performance records. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.

The Board noted that for the one-, three- and five-year periods reported, the Fund ranked in the fourth, second and third quartiles, respectively, against its Performance Peers. The Board and BlackRock reviewed the Fund's underperformance relative to its Performance Peers during the applicable period. The Board was informed that the Fund's underperformance in the one-year period was attributed to lower M&A volumes and increased regulation over the last two years. Additionally, BlackRock noted that peer comparisons are particularly challenging for the Fund given the broad composition of the Event Driven Morningstar category.

*C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with the Fund* 

The Board, including the Independent Board Members, reviewed the Fund's contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared the Fund's total expense ratio, as well as its actual management fee rate, to those of its Expense Peers. The total expense ratio represents a fund's total net operating expenses, including any 12b-1 or non-12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered that the fee and expense information in the Broadridge report for the Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Board also noted that while it found the expense comparison provided by Broadridge generally useful, it recognized that the comparison is subject to Broadridge's defined peer selection criteria and methodology. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board reviewed BlackRock's profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to the Fund. The Board reviewed BlackRock's estimated profitability with respect to the Fund and other funds the Board currently

D I S C L O S U R E O F I N V E S T M E N T A D V I S O R Y A G R E E M E N T 35

------

Disclosure of Investment Advisory Agreement (continued)

oversees for the year ended December 31, 2024 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock's estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock's assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized the limitations of calculating and comparing profitability at the individual fund level.

The Board received and reviewed statements relating to BlackRock's financial condition. The Board reviewed BlackRock's overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of BlackRock's technology business, BlackRock's expense management, and the relative product mix. The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available.

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreement and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock's commitment of time and resources, assumption of risk, and liability profile in servicing the Fund, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, ETF, closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable.

The Board noted that the Fund's contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio ranked in the third and first quartiles, respectively, relative to the Fund's Expense Peers. The Board considered information provided by BlackRock in response to follow-up questions from the Board regarding the Fund's management fees relative to its Expense Peers. The Board also noted that the Fund has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the size of the Fund increases above certain contractually specified levels. The Board additionally noted that the breakpoints can, conversely, adjust the advisory fee rate upward as the size of the Fund decreases below certain contractually specified levels. The Board further noted that BlackRock and the Board have contractually agreed to a cap on the Fund's total expenses as a percentage of the Fund's average daily net assets on a class-by-class basis.

*D. Economies of Scale* 

The Board, including the Independent Board Members, considered the extent to which any economies of scale might benefit the Fund in a variety of ways as the assets of the Fund increase. The Board considered multiple factors, including the advisory fee rate and breakpoints, unitary fee structure, fee waivers, and/or expense caps, as applicable. The Board considered the Fund's asset levels and whether the current fee schedule was appropriate.

*E. Other Factors Deemed Relevant by the Board Members* 

The Board, including the Independent Board Members, also took into account other ancillary or "fall-out" benefits that BlackRock or its affiliates may derive from BlackRock's respective relationships with the Fund, both tangible and intangible, such as BlackRock's ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock's profile in the investment advisory community, and the engagement of BlackRock's affiliates as service providers to the Fund, including for administrative, distribution, securities lending and cash management services. With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The Board also considered BlackRock's overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreement, the Board also received information regarding BlackRock's brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board noted the competitive nature of the mutual fund marketplace, and that shareholders are able to redeem their Fund shares if they believe that the Fund's fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

#### Conclusion
At the May Meeting, in a continuation of the discussions that occurred during the April Meeting, and as a culmination of the Board's year-long deliberative process, the Board, including the Independent Board Members, unanimously approved the continuation of the Agreement between the Manager and the Company, on behalf of the Fund, for a one-year term ending June 30, 2026. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreement were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at its decision to approve the Agreement, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.

36 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

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 is paid by the Corporation, on behalf of the Fund.

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

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

To enroll in electronic delivery:

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

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

2. Select "Access Your Account"

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

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

#### Shareholder Privileges

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

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

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

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

A D D I T I O N A L I N F O R M A T I O N 37

------

Additional Information (continued)

#### Fund and Service Providers

#### Investment Adviser
BlackRock Advisors, LLC

Wilmington, DE 19809

#### Accounting Agent and Transfer Agent
BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

#### Custodian
The Bank of New York Mellon

New York, NY 10286

#### Distributor
BlackRock Investments, LLC

New York, NY 10001

#### Independent Registered Public Accounting Firm
Deloitte & Touche LLP

Boston, MA 02110

#### Legal Counsel
Sidley Austin LLP

New York, NY 10019

#### Address of the Corporation
100 Bellevue Parkway

Wilmington, DE 19809

38 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Glossary of Terms Used in these Financial Statements

#### Currency Abbreviation

---

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

---

---

| | |
|:---|:---|
| Portfolio Abbreviation | Portfolio Abbreviation |
| 1D ESTR | EUR - 1D Euro Short-Term Rate |
| 1D FEDL01 | USD - 1D Overnight Fed Funds Effective Rate |
| 1D OBFR01 | USD - 1D Overnight Bank Funding Rate |
| 1D SONIA | GBP - 1D Sterling Overnight Index Average |
| ADR | American Depositary Receipt |
| CME | Chicago Mercantile Exchange |
| CVR | Contingent Value Rights |
| ETF | Exchange-Traded Fund |
| LP | Limited Partnership |
| NVS | Non-Voting Shares |
| OTC | Over-the-Counter |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |
| SPDR | Standard & Poor's Depository Receipt |

---

&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 39

------

### 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.

---

| | |
|:---|:---|
| <br> ![LOGO](g34788g42l24.jpg)  | ![LOGO](g34788bclogo.jpg) |

---

------

---

| | |
|:---|:---|
| ![LOGO](g34788g42l24.jpg)  | **MAY 31, 2025** |

---

**2025 Annual Financial Statements**<br> **and Additional Information**<br>

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

· BlackRock Advantage Large Cap Growth Fund

· BlackRock Advantage Small Cap Core Fund

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

· BlackRock Advantage Large Cap Value Fund

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

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

------

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
|  [Derivative Financial Instruments](#fin1034788_1) | 3 |
|  [Schedules of Investments](#fin1034788_2) | 4 |
|  [Statements of Assets and Liabilities](#fin1034788_3) | 36 |
|  [Statements of Operations](#fin1034788_4) | 38 |
|  [Statements of Changes in Net Assets](#fin1034788_5) | 40 |
|  [Financial Highlights](#fin1034788_6) | 43 |
|  [Notes to Financial Statements](#fin1034788_7) | 67 |
|  [Report of Independent Registered Public Accounting Firm](#fin1034788_8) | 82 |
|  [Important Tax Information](#fin1034788_9) | 83 |
|  [Disclosure of Investment Advisory Agreements](#fin1034788_10) | 85 |
|  [Additional Information](#fin1034788_11) | 89 |
|  [Glossary of Terms Used in these Financial Statements](#fin1034788_12) | 91 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments<br> May 31, 2025 | **BlackRock Advantage International Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 6.0%** | **Australia — 6.0%** | **Australia — 6.0%** |
|  AGL Energy Ltd. | 441915 | $2892890 |
|  ANZ Group Holdings Ltd. | 773667 | 14477811 |
|  Aristocrat Leisure Ltd. | 541252 | 21748871 |
|  ASX Ltd. | 565 | 25960 |
|  Aurizon Holdings Ltd. | 971668 | 1847792 |
|  BHP Group Ltd. | 1148996 | 28225100 |
|  Commonwealth Bank of Australia | 554747 | 62946523 |
|  Computershare Ltd. | 195095 | 5051166 |
|  Evolution Mining Ltd. | 1379070 | 7918115 |
|  Glencore PLC | 7714532 | 29353368 |
|  Insurance Australia Group Ltd. | 507953 | 2829160 |
|  JB Hi-Fi Ltd. | 51744 | 3594741 |
|  Macquarie Group Ltd. | 135750 | 18726782 |
|  National Australia Bank Ltd. | 6370 | 155887 |
|  Northern Star Resources Ltd. | 1431815 | 19470851 |
|  Pro Medicus Ltd. | 19775 | 3585170 |
|  Qantas Airways Ltd. | 922783 | 6306434 |
|  QBE Insurance Group Ltd. | 163104 | 2436475 |
|  REA Group Ltd. | 43104 | 6658078 |
|  Rio Tinto PLC | 77160 | 4566486 |
|  Rocketboots Ltd.<sup>(a)(b)</sup> | 1389 | 79 |
|  Santos Ltd. | 2432096 | 10330043 |
|  SEEK Ltd. | 185772 | 2909420 |
|  Sonic Healthcare Ltd. | 542798 | 9336260 |
|  South32 Ltd. | 2624789 | 5175117 |
|  Technology One Ltd. | 106147 | 2810335 |
|  Transurban Group | 1154853 | 10554297 |
|  Wesfarmers Ltd. | 192034 | 10275056 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294208267 |
| **Austria — 0.1%** |  |  |
|  BAWAG Group AG<sup>(c)</sup> | 49147 | 6123238 |
| **Belgium — 0.4%** |  |  |
|  Ageas SA/NV | 132604 | 8658873 |
|  Anheuser-Busch InBev SA/NV | 169731 | 11985225 |
|  |  | 20644098 |
| **Brazil — 0.1%** |  |  |
|  Yara International ASA | 74745 | 2681572 |
| **China — 0.6%** |  |  |
|  BOC Hong Kong Holdings Ltd. | 643500 | 2706248 |
|  Prosus NV, Class N | 453852 | 23313561 |
|  Yangzijiang Shipbuilding Holdings Ltd. | 1043900 | 1710235 |
|  |  | 27730044 |
| **Denmark — 1.7%** |  |  |
|  AP Moller - Maersk A/S, Class A | 364 | 650138 |
|  Danske Bank A/S | 89506 | 3429844 |
|  Demant A/S<sup>(a)</sup> | 49093 | 1928067 |
|  Genmab A/S<sup>(a)</sup> | 27418 | 5784092 |
|  GN Store Nord AS<sup>(a)</sup> | 223800 | 3286881 |
|  Novo Nordisk A/S, Class B | 778941 | 55342075 |
|  Pandora A/S | 18303 | 3345668 |
|  Tryg A/S | 75296 | 1934546 |
|  Vestas Wind Systems A/S | 440734 | 6970324 |
|  |  | 82671635 |
| **Finland — 0.3%** |  |  |
|  Nokia Oyj | 178431 | 928608 |
|  Nordea Bank Abp | 614850 | 8914155 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Finland (continued)** |  |  |
|  Sampo Oyj, A Shares | 134154 | $1431715 |
|  Wartsila Oyj Abp | 248856 | 4989546 |
|  |  | 16264024 |
| **France — 10.5%** |  |  |
|  Air Liquide SA | 104038 | 21557602 |
|  Amundi SA<sup>(c)</sup> | 22961 | 1874606 |
|  AXA SA | 843845 | 39775119 |
|  BioMerieux | 715 | 95878 |
|  BNP Paribas SA | 343157 | 30051804 |
|  Bouygues SA | 22447 | 978771 |
|  Bureau Veritas SA | 663050 | 22657946 |
|  Capgemini SE | 66824 | 11097003 |
|  Carrefour SA | 442515 | 6617530 |
|  Credit Agricole SA | 933698 | 17095245 |
|  Danone SA | 309696 | 26478176 |
|  Dassault Systemes SE | 401606 | 15059600 |
|  Eiffage SA | 39689 | 5459055 |
|  Engie SA | 1365050 | 29461892 |
|  FDJ UNITED, Class A<sup>(c)</sup> | 36768 | 1349351 |
|  Gaztransport Et Technigaz SA | 15714 | 2920107 |
|  Hermes International SCA | 10580 | 29174499 |
|  Ipsen SA | 37816 | 4452455 |
|  L'Oreal SA | 15741 | 6662623 |
|  LVMH Moet Hennessy Louis Vuitton SE | 100600 | 54566120 |
|  Orange SA | 2127684 | 31756570 |
|  Safran SA | 201801 | 59684077 |
|  Sanofi SA | 359965 | 35651277 |
|  SPIE SA | 10943 | 556264 |
|  Thales SA | 11430 | 3500683 |
|  TotalEnergies SE | 540432 | 31814238 |
|  Valeo SE | 395844 | 4169084 |
|  Vallourec SACA | 5667 | 95942 |
|  Veolia Environnement SA | 333803 | 11488371 |
|  Vinci SA | 24937 | 3563140 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509665028 |
| **Germany — 10.9%** |  |  |
|  adidas AG, Class N | 164795 | 41102063 |
|  Allianz SE, Registered Shares | 124082 | 49212594 |
|  CTS Eventim AG & Co. KGaA | 5230 | 634381 |
|  Deutsche Bank AG, Registered Shares | 1056021 | 29246639 |
|  Deutsche Telekom AG, Registered Shares | 1523016 | 57674236 |
|  E.ON SE, Class N | 1883381 | 33008332 |
|  Fresenius Medical Care AG | 70726 | 4017563 |
|  GEA Group AG | 49142 | 3291365 |
|  Henkel AG & Co. KGaA | 18917 | 1388982 |
|  Henkel AG & Co. KGaA, Preference Shares, NVS | 134686 | 10791724 |
|  Hugo Boss AG | 82407 | 3818419 |
|  Infineon Technologies AG, Class N | 25806 | 1003330 |
|  Mercedes-Benz Group AG, Class N | 339872 | 20323575 |
|  Merck KGaA | 48109 | 6304149 |
|  Nemetschek SE | 31534 | 4383889 |
|  Porsche Automobil Holding SE, Preference Shares, NVS | 13259 | 530092 |
|  Rational AG | 3377 | 2776677 |
|  Rheinmetall AG | 14951 | 32043992 |
|  SAP SE | 442543 | 133878183 |
|  Scout24 SE<sup>(c)</sup> | 41427 | 5644611 |
|  Siemens AG, Registered Shares | 213549 | 51363510 |
|  Siemens Energy AG<sup>(a)</sup> | 262764 | 25678755 |
|  Siemens Healthineers AG<sup>(c)</sup> | 227010 | 12015053 |
|  |  | 530132114 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Advantage International Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Hong Kong — 1.7%** |  |  |
|  AIA Group Ltd. | 4516200 | $37593427 |
|  CK Infrastructure Holdings Ltd. | 74000 | 478189 |
|  CLP Holdings Ltd. | 562500 | 4763478 |
|  Henderson Land Development Co. Ltd. | 4000 | 12483 |
|  Jardine Matheson Holdings Ltd. | 36800 | 1641518 |
|  Link REIT | 1512600 | 8005040 |
|  Sun Hung Kai Properties Ltd. | 561500 | 6031449 |
|  Swire Pacific Ltd., Class A | 210000 | 1788875 |
|  Techtronic Industries Co. Ltd. | 1224500 | 13638880 |
|  WH Group Ltd.<sup>(c)</sup> | 10605000 | 9754029 |
|  Wharf Real Estate Investment Co. Ltd. | 102000 | 254344 |
|  |  | 83961712 |
| **India — 0.0%** |  |  |
|  AceVector Ltd. (Acquired 05/07/14, cost $804,375)<sup>(a)(d)(e)</sup> | 172800 | 60074 |
| **Ireland — 0.1%** |  |  |
|  Kerry Group PLC, Class A | 61674 | 6741869 |
| **Israel — 0.7%** |  |  |
|  Bank Hapoalim BM | 322925 | 5417512 |
|  Bank Leumi Le-Israel BM | 385454 | 6220574 |
|  Elbit Systems Ltd. | 1097 | 440806 |
|  Israel Discount Bank Ltd., Class A | 316253 | 2693331 |
|  Mizrahi Tefahot Bank Ltd. | 107511 | 6161782 |
|  Nice Ltd.<sup>(a)</sup> | 87713 | 14855746 |
|  Nova Ltd.<sup>(a)(b)</sup> | 1177 | 247576 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36037327 |
| **Italy — 2.7%** |  |  |
|  A2A SpA | 2541610 | 6599248 |
|  Amplifon SpA | 360919 | 8296353 |
|  Banca Monte dei Paschi di Siena SpA | 1155080 | 9546489 |
|  BPER Banca SPA | 258670 | 2297682 |
|  Buzzi SpA | 27639 | 1421952 |
|  Coca-Cola HBC AG | 95392 | 4971124 |
|  Enel SpA | 4061234 | 37330901 |
|  Eni SpA | 141056 | 2080160 |
|  Ferrari NV | 1278 | 611696 |
|  FinecoBank Banca Fineco SpA | 83189 | 1799042 |
|  Generali | 252853 | 9203918 |
|  Infrastrutture Wireless Italiane SpA<sup>(c)</sup> | 131976 | 1549398 |
|  Intesa Sanpaolo SpA | 3933615 | 21960313 |
|  Italgas SpA | 408040 | 3356961 |
|  Leonardo SpA | 78116 | 4832235 |
|  MFE-MediaForEurope NV, Class A | 23 | 85 |
|  MFE-MediaForEurope NV, Class B | 2 | 10 |
|  Moncler SpA | 27326 | 1710639 |
|  Nexi SpA<sup>(c)</sup> | 685811 | 4126550 |
|  Recordati Industria Chimica e Farmaceutica SpA | 80493 | 4830463 |
|  Saipem SpA | 864217 | 2143234 |
|  Snam SpA | 163314 | 977107 |
|  Unipol Assicurazioni SpA | 93248 | 1825025 |
|  |  | 131470585 |
| **Japan — 23.0%** |  |  |
|  Aeon Co. Ltd. | 271400 | 8343695 |
|  AGC, Inc. | 74100 | 2197990 |
|  Ajinomoto Co., Inc. | 72600 | 1814991 |
|  Amada Co. Ltd. | 622700 | 6362813 |
|  Asahi Group Holdings Ltd. | 334200 | 4404764 |
|  Asahi Intecc Co. Ltd. | 190600 | 2955601 |
|  Asahi Kasei Corp. | 620400 | 4359501 |
|  Astellas Pharma, Inc. | 1502800 | 14844105 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Japan (continued)** |  |  |
|  Brother Industries Ltd. | 127500 | $2175949 |
|  Canon, Inc. | 851800 | 26021645 |
|  Capcom Co. Ltd. | 4300 | 127566 |
|  Central Japan Railway Co. | 265500 | 5800037 |
|  Chubu Electric Power Co., Inc. | 404700 | 4957230 |
|  Chugai Pharmaceutical Co. Ltd. | 235400 | 12307070 |
|  Concordia Financial Group Ltd. | 41000 | 262836 |
|  Cosmo Energy Holdings Co. Ltd. | 2900 | 122320 |
|  Dai Nippon Printing Co. Ltd. | 81200 | 1197436 |
|  Dai-ichi Life Holdings, Inc. | 896800 | 6999968 |
|  Daikin Industries Ltd. | 136500 | 15531057 |
|  Daito Trust Construction Co. Ltd. | 79900 | 9000242 |
|  Daiwa House Industry Co. Ltd. | 243400 | 8206459 |
|  Daiwa Securities Group, Inc. | 333200 | 2253887 |
|  Denso Corp. | 794400 | 10725074 |
|  Dentsu Group, Inc. | 13300 | 287271 |
|  DMG Mori Co. Ltd. | 63200 | 1350429 |
|  East Japan Railway Co. | 50900 | 1066752 |
|  ENEOS Holdings, Inc. | 1918500 | 9090044 |
|  FANUC Corp. | 529600 | 14134634 |
|  Fast Retailing Co. Ltd. | 43400 | 14456082 |
|  Fuji Electric Co. Ltd. | 19300 | 852517 |
|  Fujitsu Ltd. | 429100 | 9827415 |
|  Fukuoka Financial Group, Inc. | 8500 | 233059 |
|  Hamamatsu Photonics KK | 35900 | 385190 |
|  Hitachi Ltd. | 1411200 | 39316497 |
|  Horiba Ltd. | 9300 | 661720 |
|  Hoya Corp. | 30900 | 3648301 |
|  Hulic Co. Ltd. | 383300 | 3880974 |
|  Inpex Corp. | 612500 | 8190207 |
|  J Front Retailing Co. Ltd. | 224100 | 3138545 |
|  Japan Exchange Group, Inc. | 217400 | 2381274 |
|  Japan Post Bank Co. Ltd. | 399500 | 4308451 |
|  Japan Post Holdings Co. Ltd. | 483300 | 4735599 |
|  Japan Post Insurance Co. Ltd. | 44000 | 967834 |
|  Kakaku.com, Inc. | 242200 | 4130771 |
|  Kansai Electric Power Co., Inc. (The) | 955000 | 10835563 |
|  Kao Corp. | 10200 | 465644 |
|  KDDI Corp. | 64600 | 1118259 |
|  Keyence Corp. | 46200 | 19337950 |
|  Kirin Holdings Co. Ltd. | 152200 | 2183503 |
|  Komatsu Ltd. | 43700 | 1328095 |
|  Kuraray Co. Ltd. | 12600 | 159534 |
|  Kyocera Corp. | 503500 | 6121860 |
|  Kyushu Electric Power Co., Inc. | 419900 | 3606265 |
|  Kyushu Railway Co. | 5000 | 134237 |
|  LY Corp. | 2211700 | 7975132 |
|  Marubeni Corp. | 98900 | 2004633 |
|  Mazda Motor Corp. | 962000 | 6034375 |
|  McDonald's Holdings Co. Japan Ltd. | 128300 | 5440719 |
|  MISUMI Group, Inc. | 30400 | 400974 |
|  Mitsubishi Chemical Group Corp. | 1376800 | 7328749 |
|  Mitsubishi Electric Corp. | 286500 | 5717680 |
|  Mitsubishi Estate Co. Ltd. | 63900 | 1161318 |
|  Mitsubishi HC Capital, Inc. | 437500 | 3212520 |
|  Mitsubishi UFJ Financial Group, Inc. | 4048400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56630287 |
|  Mitsui & Co. Ltd. | 932200 | 19465417 |
|  Mitsui Fudosan Co. Ltd. | 1225900 | 11741042 |
|  Mizuho Financial Group, Inc. | 676500 | 18812292 |
|  MS&AD Insurance Group Holdings, Inc. | 391300 | 9320170 |
|  Murata Manufacturing Co. Ltd. | 1709300 | 24799960 |
|  NEC Corp. | 673000 | 17567544 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Advantage International Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Japan (continued)** |  |  |
|  NH Foods Ltd. | 400 | $14064 |
|  Nippon Express Holdings, Inc. | 115200 | 2137324 |
|  Nippon Telegraph & Telephone Corp. | 27467600 | 30582237 |
|  Nissan Chemical Corp. | 123700 | 3718740 |
|  Nomura Holdings, Inc. | 3516300 | 21487659 |
|  Nomura Real Estate Holdings, Inc. | 1051100 | 6154851 |
|  Nomura Research Institute Ltd. | 205200 | 7910048 |
|  Obayashi Corp. | 368400 | 5558570 |
|  Obic Co. Ltd. | 130200 | 4751721 |
|  Olympus Corp. | 655300 | 8396355 |
|  Ono Pharmaceutical Co. Ltd. | 269600 | 2935480 |
|  ORIX Corp. | 756000 | 16021040 |
|  Osaka Gas Co. Ltd. | 15200 | 386998 |
|  Otsuka Corp. | 168500 | 3463534 |
|  Otsuka Holdings Co. Ltd. | 150800 | 7666669 |
|  Pan Pacific International Holdings Corp. | 115400 | 3779072 |
|  Panasonic Holdings Corp. | 1717800 | 19688511 |
|  Rakuten Group, Inc.<sup>(a)</sup> | 468100 | 2576374 |
|  Recruit Holdings Co. Ltd. | 682400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40643906 |
|  Resona Holdings, Inc. | 474800 | 4208198 |
|  Rohto Pharmaceutical Co. Ltd. | 18600 | 262112 |
|  Sanwa Holdings Corp. | 24200 | 833140 |
|  SBI Holdings, Inc. | 2600 | 78743 |
|  Secom Co. Ltd. | 184700 | 6725694 |
|  Sega Sammy Holdings, Inc. | 35700 | 673368 |
|  Sekisui House Ltd. | 224000 | 5079677 |
|  Shimadzu Corp. | 28600 | 690553 |
|  Shimizu Corp. | 501300 | 5511470 |
|  Shin-Etsu Chemical Co. Ltd. | 1212600 | 38718525 |
|  Shionogi & Co. Ltd. | 495400 | 8271959 |
|  Skylark Holdings Co. Ltd. | 182300 | 4025478 |
|  SMC Corp. | 32500 | 12186263 |
|  SoftBank Corp. | 10529600 | 16179344 |
|  SoftBank Group Corp. | 155300 | 8112618 |
|  Sojitz Corp. | 200300 | 4940193 |
|  Sompo Holdings, Inc. | 228100 | 6902615 |
|  Sony Group Corp. | 1949500 | 52180183 |
|  Sumitomo Chemical Co. Ltd. | 1684300 | 4038866 |
|  Sumitomo Corp. | 503300 | 12817326 |
|  Sumitomo Mitsui Financial Group, Inc. | 2161700 | 55536103 |
|  Sumitomo Mitsui Trust Group, Inc. | 300800 | 8139560 |
|  Sysmex Corp. | 43600 | 731617 |
|  T&D Holdings, Inc. | 112100 | 2564583 |
|  Takashimaya Co. Ltd. | 190900 | 1521585 |
|  Takeda Pharmaceutical Co. Ltd. | 1019500 | 30610591 |
|  TDK Corp. | 814600 | 8920050 |
|  Terumo Corp. | 453600 | 8326653 |
|  Tohoku Electric Power Co., Inc. | 528000 | 3668978 |
|  Tokio Marine Holdings, Inc. | 458300 | 19382575 |
|  Tokyo Electron Ltd. | 190700 | 30009511 |
|  Tokyo Gas Co. Ltd. | 233900 | 7843280 |
|  Tokyo Tatemono Co. Ltd. | 178600 | 3163307 |
|  Tokyu Fudosan Holdings Corp. | 609900 | 4443733 |
|  Tosoh Corp. | 42300 | 626020 |
|  TOTO Ltd. | 4900 | 125327 |
|  Toyota Motor Corp. | 1273200 | 24239447 |
|  Toyota Tsusho Corp. | 522100 | 11033736 |
|  Unicharm Corp. | 64800 | 515453 |
|  West Japan Railway Co. | 6500 | 140077 |
|  ZOZO, Inc. | 600 | 6501 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122777689 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Luxembourg — 0.0%** |  |  |
|  SES SA | 9 | $51 |
| **Mexico — 0.1%** |  |  |
|  Fresnillo PLC | 276151 | 4342248 |
| **Netherlands — 4.4%** |  |  |
|  Adyen NV<sup>(a)(c)</sup> | 4477 | 8580078 |
|  Aegon Ltd. | 279513 | 2001238 |
|  Argenx SE<sup>(a)</sup> | 11593 | 6651745 |
|  ASM International NV | 9426 | 5130064 |
|  ASML Holding NV | 143446 | 105682437 |
|  ASR Nederland NV | 71481 | 4583595 |
|  Euronext NV<sup>(c)</sup> | 29595 | 4823369 |
|  Heineken NV | 39580 | 3531032 |
|  ING Groep NV | 1416055 | 30080060 |
|  Koninklijke Ahold Delhaize NV | 330006 | 13927580 |
|  NN Group NV | 140383 | 8833124 |
|  Wolters Kluwer NV, Class C | 103797 | 18406292 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212230614 |
| **New Zealand — 1.0%** |  |  |
|  Xero Ltd.<sup>(a)</sup> | 425351 | 50526807 |
| **Norway — 0.6%** |  |  |
|  Aker BP ASA | 239716 | 5515966 |
|  DNB Bank ASA | 71491 | 1912084 |
|  Gjensidige Forsikring ASA | 199 | 5038 |
|  Kongsberg Gruppen ASA | 89576 | 15776145 |
|  Mowi ASA | 93554 | 1746892 |
|  Salmar ASA | 20184 | 899712 |
|  Telenor ASA | 174787 | 2683687 |
|  Var Energi ASA | 866539 | 2514314 |
|  |  | 31053838 |
| **Portugal — 0.0%** |  |  |
|  EDP SA | 61680 | 246187 |
|  Jeronimo Martins SGPS SA | 1674 | 42195 |
|  |  | 288382 |
| **Singapore — 1.7%** |  |  |
|  DBS Group Holdings Ltd. | 840560 | 29001409 |
|  Singapore Technologies Engineering Ltd. | 699800 | 4230811 |
|  Singapore Telecommunications Ltd. | 13453700 | 39720006 |
|  STMicroelectronics NV | 277571 | 6968330 |
|  United Overseas Bank Ltd. | 171900 | 4722051 |
|  |  | 84642607 |
| **Spain — 1.9%** |  |  |
|  ACS Actividades de Construccion y Servicios SA | 85762 | 5633381 |
|  Banco Bilbao Vizcaya Argentaria SA | 106335 | 1596296 |
|  Banco Santander SA | 3497514 | 27901959 |
|  Bankinter SA | 799189 | 10282105 |
|  Endesa SA | 178578 | 5457151 |
|  Industria de Diseno Textil SA | 409235 | 22170421 |
|  Telefonica SA | 3193032 | 17102436 |
|  |  | 90143749 |
| **Sweden — 2.6%** |  |  |
|  AddTech AB, B Shares | 62743 | 2156275 |
|  Alfa Laval AB | 166309 | 7075524 |
|  Assa Abloy AB, Class B | 504218 | 16004176 |
|  Atlas Copco AB, B Shares | 536733 | 7640811 |
|  Atlas Copco AB, Class A | 1351912 | 21715545 |
|  Evolution AB<sup>(c)</sup> | 106222 | 7286025 |
|  Getinge AB, B Shares | 81927 | 1581396 |
|  Hexagon AB, B Shares | 588172 | 5929642 |
|  Industrivarden AB, A Shares | 20151 | 730538 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Advantage International Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Sweden (continued)** |  |  |
|  Investment AB Latour, B Shares | 10819 | $285324 |
|  Lifco AB, B Shares | 71 | 2891 |
|  Sandvik AB | 411775 | 8988084 |
|  Securitas AB, B Shares | 65164 | 963684 |
|  Skanska AB, B Shares | 71387 | 1698320 |
|  Swedbank AB, A Shares | 388978 | 10532496 |
|  Swedish Orphan Biovitrum AB<sup>(a)</sup> | 111218 | 3399678 |
|  Tele2 AB, B Shares | 140923 | 2108517 |
|  Telefonaktiebolaget LM Ericsson, B Shares | 2381227 | 20270356 |
|  Trelleborg AB, B Shares | 9445 | 345645 |
|  Volvo AB, B Shares | 223371 | 6189308 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124904235 |
| **Switzerland — 5.6%** |  |  |
|  ABB Ltd., Registered Shares | 1156503 | 65513231 |
|  Accelleron Industries AG | 76961 | 4444332 |
|  Belimo Holding AG, Registered Shares | 6504 | 6293303 |
|  Chocoladefabriken Lindt & Spruengli AG, NVS | 475 | 7648267 |
|  Chocoladefabriken Lindt & Spruengli AG, Registered Shares | 16 | 2513761 |
|  Cie Financiere Richemont SA, Registered Shares | 1163 | 219466 |
|  Clariant AG, Registered Shares | 129832 | 1464224 |
|  DSM-Firmenich AG | 13389 | 1490450 |
|  Flughafen Zurich AG, Registered Shares | 17220 | 4778142 |
|  Givaudan SA, Registered Shares | 6908 | 34740966 |
|  Helvetia Holding AG, Registered Shares | 19571 | 4639097 |
|  Kuehne + Nagel International AG, Registered Shares | 4557 | 1025401 |
|  Logitech International SA, Registered Shares | 163159 | 13595343 |
|  Medmix AG<sup>(c)</sup> | 2 | 26 |
|  Nestlé SA, Registered Shares | 303344 | 32317402 |
|  Schindler Holding AG, NVS | 5747 | 2047901 |
|  Schindler Holding AG, Registered Shares | 5502 | 1892139 |
|  SGS SA, Registered Shares | 167304 | 17473789 |
|  Sonova Holding AG, Registered Shares | 6102 | 1916655 |
|  UBS Group AG, Registered Shares | 1024214 | 32672980 |
|  Zurich Insurance Group AG, Class N | 49799 | 34930900 |
|  |  | 271617775 |
| **United Kingdom — 14.0%** |  |  |
|  3i Group PLC | 1138 | 62505 |
|  Admiral Group PLC | 17999 | 813034 |
|  Ashtead Group PLC | 13477 | 789153 |
|  AstraZeneca PLC | 505339 | 74024111 |
|  BAE Systems PLC | 1515458 | 38856156 |
|  Barclays PLC | 8904488 | 39433150 |
|  Barratt Redrow PLC | 358314 | 2227102 |
|  Beazley PLC | 31514 | 401587 |
|  Berkeley Group Holdings PLC | 57306 | 3250424 |
|  British American Tobacco PLC | 144707 | 6514479 |
|  Burberry Group PLC | 12499 | 174854 |
|  Centrica PLC | 1358611 | 2905130 |
|  CK Hutchison Holdings Ltd. | 3970500 | 22201907 |
|  Close Brothers Group PLC<sup>(a)</sup> | 15 | 67 |
|  Compass Group PLC | 296525 | 10426669 |
|  ConvaTec Group PLC<sup>(c)</sup> | 440162 | 1721446 |
|  Direct Line Insurance Group PLC | 257173 | 1034271 |
|  Drax Group PLC | 25801 | 230572 |
|  Experian PLC | 718678 | 35793976 |
|  Halma PLC | 37078 | 1453609 |
|  HSBC Holdings PLC | 4861955 | 57278833 |
|  IG Group Holdings PLC | 351196 | 5312468 |
|  IMI PLC | 69544 | 1865626 |
|  Imperial Brands PLC | 725850 | 27527641 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **United Kingdom (continued)** |  |  |
|  Informa PLC | 712619 | $7555979 |
|  InterContinental Hotels Group PLC | 21428 | 2455394 |
|  International Consolidated Airlines Group SA | 2959786 | 13023686 |
|  Intertek Group PLC | 244011 | 15755446 |
|  J Sainsbury PLC | 1728579 | 6648131 |
|  Lloyds Banking Group PLC | 39904 | 41564 |
|  London Stock Exchange Group PLC | 300095 | 45661524 |
|  NatWest Group PLC | 4492705 | 31902041 |
|  Next PLC | 10714 | 1859383 |
|  RELX PLC | 398631 | 21452001 |
|  Rightmove PLC | 164652 | 1659094 |
|  Rolls-Royce Holdings PLC | 4127061 | 48026536 |
|  Sage Group PLC (The) | 1179599 | 19399999 |
|  Shell PLC | 1984553 | 65480186 |
|  Smith & Nephew PLC | 262802 | 3813570 |
|  Smiths Group PLC | 435576 | 12661173 |
|  Standard Chartered PLC | 306745 | 4785610 |
|  Taylor Wimpey PLC | 74879 | 120712 |
|  Tesco PLC | 1444078 | 7556326 |
|  Unilever PLC | 383002 | 24374766 |
|  Vodafone Group PLC | 14595705 | 15136691 |
|  Weir Group PLC (The) | 1459 | 47759 |
|  |  | 683716341 |
| **United States — 7.2%** |  |  |
|  BP PLC | 4174414 | 20296417 |
|  Carnival PLC<sup>(a)</sup> | 75846 | 1578971 |
|  CSL Ltd. | 110926 | 17700481 |
|  GSK PLC | 1960509 | 39825677 |
|  Holcim AG | 270126 | 29932714 |
|  James Hardie Industries PLC<sup>(a)</sup> | 35473 | 816126 |
|  Novartis AG, Registered Shares | 933817 | 107789679 |
|  QIAGEN NV | 31514 | 1422514 |
|  Roche Holding AG, NVS | 281762 | 91276037 |
|  Roche Holding AG | 9008 | 3077983 |
|  Schneider Electric SE | 116601 | 29419806 |
|  Stellantis NV | 526952 | 5371473 |
|  Tenaris SA | 242309 | 4058067 |
|  |  | 352565945 |
|  **Total Long-Term Investments — 97.9%<br>(Cost: $4,092,285,006)** | **Total Long-Term Investments — 97.9%<br>(Cost: $4,092,285,006)** | 4777201868 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 2.9%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.46%<sup>(f)(g)(h)</sup> | 25902614 | 25912976 |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.20%<sup>(f)(g)</sup> | 115902006 | 115902006 |
|  **Total Short-Term Securities — 2.9%<br>(Cost: $141,814,982)** | **Total Short-Term Securities — 2.9%<br>(Cost: $141,814,982)** | 141814982 |
|  **Total Investments — 100.8%<br>(Cost: $4,234,099,988)** | **Total Investments — 100.8%<br>(Cost: $4,234,099,988)** | 4919016850 |
|  **Liabilities in Excess of Other Assets — (0.8)%** | **Liabilities in Excess of Other Assets — (0.8)%** | (38387790) |
|  **Net Assets — 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4880629060 |

---

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

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

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

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Advantage International Fund** |

---

<sup>(e)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $60,074, representing less than 0.05% of its net assets as of period end, and an original cost of $804,375. 

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

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

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

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended May 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>05/31/24* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>05/31/25* | *Shares*<br> *Held at<br>05/31/25* | *Income* | *Capital Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $760404 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25152140 <sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– $| 25912976 | 25902614 | $2129 <sup>(b)</sup> | $— |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares | 60864854 | 55037152 <sup>(a)</sup> |  |  | – | 115902006 | 115902006 | 3205953 |  |
|  |  |  |  | $432 | $– $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141814982 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3208082 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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

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

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

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount (000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI EAFE Index | 540 | 06/20/25 | $70322 | $151235 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $151235 | $— | $— | $— | $151235 |

---

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Advantage International Fund** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $4218085 | $— | $— | $— | $4218085 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(51293) | $— | $— | $— | $(51293) |

---

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $76771305 |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | $26039 | $294182228 | $— | $294208267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austria |  | 6123238 |  | 6123238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium |  | 20644098 |  | 20644098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil |  | 2681572 |  | 2681572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China |  | 27730044 |  | 27730044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark | 1934546 | 80737089 |  | 82671635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland |  | 16264024 |  | 16264024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 509665028 |  | 509665028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 530132114 |  | 530132114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 83961712 |  | 83961712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India |  |  | 60074 | 60074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland |  | 6741869 |  | 6741869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel |  | 36037327 |  | 36037327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 131470585 |  | 131470585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 1412031 | 1121365658 |  | 1122777689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luxembourg |  | 51 |  | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico |  | 4342248 |  | 4342248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 212230614 |  | 212230614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Zealand |  | 50526807 |  | 50526807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norway | 904750 | 30149088 |  | 31053838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portugal |  | 288382 |  | 288382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore |  | 84642607 |  | 84642607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 90143749 |  | 90143749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden | 2891 | 124901344 |  | 124904235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 271617775 |  | 271617775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 683716341 |  | 683716341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States |  | 352565945 |  | 352565945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 141814982 |  |  | 141814982 |
|  | $146095239 | $4772861537 | $60074 | $4919016850 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Advantage International Fund** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $151235 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $151235 |

---

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

*See notes to financial statements.* 

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

------

---

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** |
|  HEICO Corp., Class A | 673 | $158720 |
|  Lockheed Martin Corp. | 4145 | 1999465 |
|  |  | 2158185 |
| **Air Freight & Logistics — 0.2%** |  |  |
|  FedEx Corp. | 14917 | 3253398 |
| **Automobile Components — 0.0%** |  |  |
|  BorgWarner, Inc. | 18677 | 618022 |
| **Automobiles — 3.2%** |  |  |
|  Tesla, Inc.<sup>(a)</sup> | 128759 | 44609843 |
| **Banks — 0.1%** |  |  |
|  Bank of America Corp. | 26415 | 1165694 |
| **Beverages — 0.1%** |  |  |
|  Monster Beverage Corp.<sup>(a)</sup> | 5260 | 336377 |
|  PepsiCo, Inc. | 4148 | 545255 |
|  |  | 881632 |
| **Biotechnology — 1.7%** |  |  |
|  AbbVie, Inc. | 50421 | 9383852 |
|  Amgen, Inc. | 3344 | 963674 |
|  BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 6504 | 377687 |
|  Gilead Sciences, Inc. | 31142 | 3428111 |
|  Incyte Corp.<sup>(a)</sup> | 3123 | 203183 |
|  Natera, Inc.<sup>(a)</sup> | 28757 | 4535842 |
|  Regeneron Pharmaceuticals, Inc. | 5212 | 2555339 |
|  Sarepta Therapeutics, Inc.<sup>(a)</sup> | 28869 | 1085475 |
|  United Therapeutics Corp.<sup>(a)</sup> | 3318 | 1057944 |
|  |  | 23591107 |
| **Broadline Retail — 5.4%** |  |  |
|  Amazon.com, Inc.<sup>(a)</sup> | 338901 | 69478094 |
|  Coupang, Inc., Class A<sup>(a)</sup> | 75800 | 2126190 |
|  MercadoLibre, Inc.<sup>(a)</sup> | 1905 | 4883067 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76487351 |
| **Capital Markets — 3.7%** |  |  |
|  Blackstone, Inc., Class A | 46509 | 6453589 |
|  Charles Schwab Corp. (The) | 135938 | 12008763 |
|  Intercontinental Exchange, Inc. | 22398 | 4027160 |
|  Moody's Corp. | 20818 | 9978484 |
|  Morgan Stanley | 85921 | 11000466 |
|  S&P Global, Inc. | 17385 | 8916071 |
|  |  | 52384533 |
| **Chemicals — 0.0%** |  |  |
|  Cabot Corp. | 1 | 75 |
| **Commercial Services & Supplies — 0.9%** |  |  |
|  Cintas Corp. | 52089 | 11798159 |
|  Waste Connections, Inc. | 4292 | 845910 |
|  |  | 12644069 |
| **Communications Equipment — 0.9%** |  |  |
|  Arista Networks, Inc.<sup>(a)</sup> | 55409 | 4800636 |
|  Ciena Corp.<sup>(a)</sup> | 5036 | 403182 |
|  Cisco Systems, Inc. | 20040 | 1263321 |
|  Motorola Solutions, Inc. | 13544 | 5625907 |
|  |  | 12093046 |
| **Construction & Engineering — 0.6%** |  |  |
|  Comfort Systems U.S.A., Inc. | 12894 | 6166298 |
|  MasTec, Inc.<sup>(a)</sup> | 12250 | 1910142 |
|  |  | 8076440 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Consumer Finance — 0.2%** |  |  |
|  American Express Co. | 11674 | $3432740 |
| **Consumer Staples Distribution & Retail — 3.1%** |  |  |
|  Costco Wholesale Corp. | 30938 | 32181089 |
|  Sprouts Farmers Market, Inc.<sup>(a)</sup> | 3874 | 669660 |
|  Walmart, Inc. | 115212 | 11373728 |
|  |  | 44224477 |
| **Containers & Packaging — 0.1%** |  |  |
|  Packaging Corp. of America | 4410 | 851880 |
| **Electric Utilities — 0.1%** |  |  |
|  Entergy Corp. | 9073 | 755599 |
| **Electrical Equipment — 0.1%** |  |  |
|  Eaton Corp. PLC | 4786 | 1532477 |
| **Electronic Equipment, Instruments & Components — 2.1%** |  |  |
|  Amphenol Corp., Class A | 89416 | 8041181 |
|  Badger Meter, Inc. | 3154 | 782886 |
|  Corning, Inc. | 160049 | 7936830 |
|  Flex Ltd.<sup>(a)</sup> | 207070 | 8759061 |
|  Keysight Technologies, Inc.<sup>(a)</sup> | 15097 | 2370833 |
|  Trimble, Inc.<sup>(a)</sup> | 8440 | 601518 |
|  Zebra Technologies Corp., Class A<sup>(a)</sup> | 2802 | 811935 |
|  |  | 29304244 |
| **Entertainment — 2.2%** |  |  |
|  Netflix, Inc.<sup>(a)</sup> | 22462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27116800 |
|  ROBLOX Corp., Class A<sup>(a)</sup> | 26830 | 2333673 |
|  Spotify Technology SA<sup>(a)</sup> | 426 | 283350 |
|  Walt Disney Co. (The) | 15174 | 1715269 |
|  |  | 31449092 |
| **Financial Services — 3.1%** |  |  |
|  Mastercard, Inc., Class A | 29766 | 17430969 |
|  Remitly Global, Inc.<sup>(a)</sup> | 15341 | 327684 |
|  Toast, Inc., Class A<sup>(a)</sup> | 7017 | 295977 |
|  Visa, Inc., Class A | 69868 | 25515095 |
|  |  | 43569725 |
| **Ground Transportation — 0.8%** |  |  |
|  Uber Technologies, Inc.<sup>(a)</sup> | 131854 | 11096833 |
| **Health Care Equipment & Supplies — 1.4%** |  |  |
|  Boston Scientific Corp.<sup>(a)</sup> | 93517 | 9843599 |
|  Edwards Lifesciences Corp.<sup>(a)</sup> | 4477 | 350191 |
|  Intuitive Surgical, Inc.<sup>(a)</sup> | 5308 | 2931821 |
|  Medtronic PLC | 75661 | 6278350 |
|  |  | 19403961 |
| **Health Care Providers & Services — 1.1%** |  |  |
|  Cardinal Health, Inc. | 72395 | 11180684 |
|  Cencora, Inc. | 4889 | 1423872 |
|  UnitedHealth Group, Inc. | 9068 | 2737720 |
|  |  | 15342276 |
| **Health Care Technology — 0.1%** |  |  |
|  Veeva Systems, Inc., Class A<sup>(a)</sup> | 6662 | 1863361 |
| **Hotels, Restaurants & Leisure — 1.9%** |  |  |
|  Airbnb, Inc., Class A<sup>(a)</sup> | 8304 | 1071216 |
|  Booking Holdings, Inc. | 3126 | 17252175 |
|  Brinker International, Inc.<sup>(a)</sup> | 2837 | 489751 |
|  Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 6885 | 344801 |
|  DoorDash, Inc., Class A<sup>(a)</sup> | 26419 | 5512325 |
|  Dutch Bros, Inc., Class A<sup>(a)</sup> | 7721 | 557456 |

---

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

------

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Hotels, Restaurants & Leisure (continued)** |  |  |  |
|  Flutter Entertainment PLC<sup>(a)</sup> | 5363 | $| 1355230 |
|  Yum! Brands, Inc. | 6366 |  | 916322 |
|  |  |  | 27499276 |
| **Household Durables — 0.4%** |  |  |  |
|  Garmin Ltd. | 21132 |  | 4289162 |
|  Taylor Morrison Home Corp., Class A<sup>(a)</sup> | 7861 |  | 442417 |
|  Toll Brothers, Inc. | 8685 |  | 905411 |
|  |  |  | 5636990 |
| **Industrial Conglomerates — 0.0%** |  |  |  |
|  Honeywell International, Inc. | 19 |  | 4307 |
| **Insurance — 0.7%** |  |  |  |
|  Aon PLC, Class A | 625 |  | 232550 |
|  Progressive Corp. (The) | 24354 |  | 6939185 |
|  Travelers Cos., Inc. (The) | 12336 |  | 3401035 |
|  |  |  | 10572770 |
| **Interactive Media & Services — 10.0%** |  |  |  |
|  Alphabet, Inc., Class A | 175791 |  | 30190346 |
|  Alphabet, Inc., Class C, NVS | 227676 |  | 39353797 |
|  Meta Platforms, Inc., Class A | 105399 |  | 68244798 |
|  Pinterest, Inc., Class A<sup>(a)</sup> | 87497 |  | 2722032 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140510973 |
| **IT Services — 0.7%** |  |  |  |
|  Accenture PLC, Class A | 2478 |  | 785080 |
|  GoDaddy, Inc., Class A<sup>(a)</sup> | 18941 |  | 3450103 |
|  MongoDB, Inc., Class A<sup>(a)</sup> | 3887 |  | 733982 |
|  Snowflake, Inc., Class A<sup>(a)</sup> | 17751 |  | 3650848 |
|  VeriSign, Inc. | 5859 |  | 1596402 |
|  |  |  | 10216415 |
| **Machinery — 0.8%** |  |  |  |
|  Flowserve Corp. | 6117 |  | 305300 |
|  Parker-Hannifin Corp. | 16302 |  | 10835939 |
|  |  |  | 11141239 |
| **Media — 0.1%** |  |  |  |
|  Fox Corp., Class A, NVS | 14231 |  | 781851 |
|  Trade Desk, Inc. (The), Class A<sup>(a)</sup> | 4652 |  | 349924 |
|  |  |  | 1131775 |
| **Oil, Gas & Consumable Fuels — 0.4%** |  |  |  |
|  Targa Resources Corp. | 33567 |  | 5301236 |
| **Passenger Airlines — 0.0%** |  |  |  |
|  Alaska Air Group, Inc.<sup>(a)</sup> | 6905 |  | 351672 |
| **Pharmaceuticals — 3.7%** |  |  |  |
|  Bristol-Myers Squibb Co. | 93507 |  | 4514518 |
|  Eli Lilly & Co. | 44147 |  | 32565917 |
|  Merck & Co., Inc. | 170350 |  | 13089694 |
|  Pfizer, Inc. | 64743 |  | 1520813 |
|  |  |  | 51690942 |
| **Retail REITs — 0.0%** |  |  |  |
|  Simon Property Group, Inc. | 3153 |  | 514160 |
| **Semiconductors & Semiconductor Equipment — 18.0%** | **Semiconductors & Semiconductor Equipment — 18.0%** | **Semiconductors & Semiconductor Equipment — 18.0%** | **Semiconductors & Semiconductor Equipment — 18.0%** |
|  Advanced Micro Devices, Inc.<sup>(a)</sup> | 230305 |  | 25501673 |
|  Analog Devices, Inc. | 4498 |  | 962482 |
|  Applied Materials, Inc. | 35187 |  | 5515562 |
|  Broadcom, Inc. | 294303 |  | 71241927 |
|  Credo Technology Group Holding Ltd.<sup>(a)</sup> | 11909 |  | 725973 |
|  KLA Corp. | 6081 |  | 4602587 |
|  Lam Research Corp. | 156274 |  | 12625377 |
|  Marvell Technology, Inc. | 99063 |  | 5962602 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
|  NVIDIA Corp. | 787659 | $106436361 |
|  Onto Innovation, Inc.<sup>(a)</sup> | 4160 | 382470 |
|  QUALCOMM, Inc. | 87622 | 12722714 |
|  Rambus, Inc.<sup>(a)</sup> | 35996 | 1924706 |
|  Texas Instruments, Inc. | 25205 | 4608734 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253213168 |
| **Software — 19.3%** |  |  |
|  Adobe, Inc.<sup>(a)</sup> | 36880 | 15308519 |
|  AppLovin Corp., Class A<sup>(a)</sup> | 4312 | 1694616 |
|  Atlassian Corp., Class A<sup>(a)</sup> | 21687 | 4502872 |
|  Autodesk, Inc.<sup>(a)</sup> | 30964 | 9169060 |
|  Cadence Design Systems, Inc.<sup>(a)</sup> | 8194 | 2352252 |
|  Datadog, Inc., Class A<sup>(a)</sup> | 15137 | 1784350 |
|  Dynatrace, Inc.<sup>(a)</sup> | 28023 | 1513522 |
|  Elastic NV<sup>(a)</sup> | 70520 | 5702952 |
|  Fair Isaac Corp.<sup>(a)</sup> | 2514 | 4339868 |
|  Fortinet, Inc.<sup>(a)</sup> | 55908 | 5690316 |
|  FreedomPay, Inc.<sup>(a)(b)</sup> | 43051 | 762864 |
|  Intuit, Inc. | 16697 | 12580689 |
|  Microsoft Corp. | 284678 | 131054364 |
|  Nutanix, Inc., Class A<sup>(a)</sup> | 1883 | 144407 |
|  Oracle Corp. | 86482 | 14315365 |
|  Palantir Technologies, Inc., Class A<sup>(a)</sup> | 107477 | 14163319 |
|  Palo Alto Networks, Inc.<sup>(a)</sup> | 22926 | 4411421 |
|  Rubrik, Inc., Class A<sup>(a)</sup> | 6475 | 617391 |
|  SailPoint, Inc.<sup>(a)</sup> | 15903 | 280211 |
|  Salesforce, Inc. | 85542 | 22700281 |
|  ServiceNow, Inc.<sup>(a)</sup> | 13612 | 13762957 |
|  Workday, Inc., Class A<sup>(a)</sup> | 19916 | 4933392 |
|  |  | 271784988 |
| **Specialized REITs — 0.4%** |  |  |
|  Equinix, Inc. | 6608 | 5873323 |
| **Specialty Retail — 2.6%** |  |  |
|  AutoNation, Inc.<sup>(a)</sup> | 2601 | 478194 |
|  Bath & Body Works, Inc. | 34626 | 973683 |
|  Home Depot, Inc. (The) | 60997 | 22464585 |
|  Lithia Motors, Inc., Class A | 2593 | 821748 |
|  O'Reilly Automotive, Inc.<sup>(a)</sup> | 2660 | 3637550 |
|  TJX Cos., Inc. (The) | 64010 | 8122869 |
|  |  | 36498629 |
| **Technology Hardware, Storage & Peripherals — 7.9%** |  |  |
|  Apple Inc. | 543111 | 109083845 |
|  Dell Technologies, Inc., Class C | 4401 | 489699 |
|  NetApp, Inc. | 25044 | 2483363 |
|  |  | 112056907 |
| **Textiles, Apparel & Luxury Goods — 0.4%** |  |  |
|  Ralph Lauren Corp., Class A | 21953 | 6076810 |
| **Tobacco — 0.3%** |  |  |
|  Philip Morris International, Inc. | 24122 | 4356192 |
| **Total Long-Term Investments — 99.0%** |  |  |
|  (Cost: $880,481,157) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1395221832 |

---

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

------

---

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 0.9%** |  |  |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.20%<sup>(c)(d)</sup> | 13188787 | $13188787 |
|  **Total Short-Term Securities — 0.9%<br>(Cost: $13,188,787)** | **Total Short-Term Securities — 0.9%<br>(Cost: $13,188,787)** | 13188787 |
|  **Total Investments — 99.9%<br>(Cost: $893,669,944)** | **Total Investments — 99.9%<br>(Cost: $893,669,944)** | 1408410619 |
|  **Other Assets Less Liabilities — 0.1%** | **Other Assets Less Liabilities — 0.1%** | 918045 |
|  **Net Assets — 100.0%** |  | $1409328664 |

---

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

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

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

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

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended May 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>05/31/24* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>05/31/25* | *Shares<br>Held at<br>05/31/25* | *Income* | *Capital Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares<sup>(a)</sup> | $— | $— | $(558)<sup>(b)</sup> | $558 | $— | $— |  | $4414 <sup>(c)</sup> | $— |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares | 11949669 | 1239118 <sup>(b)</sup> |  |  |  | 13188787 | 13188787 | 599711 |  |
|  |  |  |  | $558 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $13188787 |  | $604125 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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

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

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

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

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

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount (000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NASDAQ 100 E-Mini Index | 30 | 06/20/25 | $12826 | $337761 |

---

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

------

---

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

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $337761 | $— | $— | $— | $337761 |

---

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $1885971 | $— | $— | $— | $1885971 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $49016 | $— | $— | $— | $49016 |

---

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $14066205 |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $1394458968 | $— | $762864 | $1395221832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 13188787 |  |  | 13188787 |
|  | $1407647755 | $— | $762864 | $1408410619 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $337761 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $337761 |

---

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

*See notes to financial statements.* 

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

------

---

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 2.0%** | **Aerospace & Defense — 2.0%** | **Aerospace & Defense — 2.0%** |
|  AAR Corp.<sup>(a)(b)</sup> | 31916 | $1959962 |
|  AeroVironment, Inc.<sup>(a)</sup> | 8628 | 1536043 |
|  AerSale Corp.<sup>(a)</sup> | 89207 | 525429 |
|  Archer Aviation, Inc., Class A<sup>(a)(b)</sup> | 381646 | 3850808 |
|  Astronics Corp.<sup>(a)(b)</sup> | 52245 | 1631089 |
|  ATI, Inc.<sup>(a)</sup> | 70896 | 5646157 |
|  BWX Technologies, Inc. | 19621 | 2464398 |
|  Ducommun, Inc.<sup>(a)</sup> | 154435 | 10869135 |
|  Huntington Ingalls Industries, Inc. | 4164 | 928822 |
|  Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 96570 | 3562467 |
|  Leonardo DRS, Inc. | 154150 | 6520545 |
|  Loar Holdings, Inc.<sup>(a)</sup> | 3295 | 286830 |
|  Mercury Systems, Inc.<sup>(a)(b)</sup> | 72723 | 3581608 |
|  Moog, Inc., Class A | 108472 | 20100946 |
|  Rocket Lab Corp.<sup>(a)(b)</sup> | 280682 | 7519471 |
|  Triumph Group, Inc.<sup>(a)</sup> | 30470 | 785821 |
|  V2X, Inc.<sup>(a)</sup> | 132179 | 5985065 |
|  |  | 77754596 |
| **Air Freight & Logistics — 0.0%** |  |  |
|  Hub Group, Inc., Class A | 17210 | 580149 |
| **Automobile Components — 1.3%** |  |  |
|  Adient PLC<sup>(a)</sup> | 607236 | 9466809 |
|  BorgWarner, Inc. | 148744 | 4921939 |
|  Cooper-Standard Holdings, Inc.<sup>(a)(b)</sup> | 84671 | 1950820 |
|  Dana, Inc. | 256976 | 4273511 |
|  Dorman Products, Inc.<sup>(a)</sup> | 56176 | 7264119 |
|  Gentex Corp. | 61536 | 1327331 |
|  Goodyear Tire & Rubber Co. (The)<sup>(a)</sup> | 280488 | 3200368 |
|  Modine Manufacturing Co.<sup>(a)(b)</sup> | 87520 | 7946816 |
|  Patrick Industries, Inc. | 32780 | 2814491 |
|  Standard Motor Products, Inc. | 242966 | 7361870 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50528074 |
| **Automobiles — 0.1%** |  |  |
|  Winnebago Industries, Inc. | 94977 | 3222570 |
| **Banks — 9.3%** |  |  |
|  1st Source Corp. | 136372 | 8258688 |
|  Amalgamated Financial Corp. | 413540 | 12497179 |
|  Ameris Bancorp | 104060 | 6396568 |
|  Atlantic Union Bankshares Corp. | 30440 | 913809 |
|  Axos Financial, Inc.<sup>(a)(b)</sup> | 86245 | 5997477 |
|  Bank of Marin Bancorp | 78657 | 1676181 |
|  Bank7 Corp. | 25017 | 966157 |
|  BankUnited, Inc. | 7346 | 249617 |
|  Business First Bancshares, Inc. | 44303 | 1053968 |
|  Byline Bancorp, Inc. | 80008 | 2069807 |
|  Capital City Bank Group, Inc. | 189096 | 7136483 |
|  Capitol Federal Financial, Inc. | 177089 | 1011178 |
|  Chemung Financial Corp. | 64486 | 3022459 |
|  Coastal Financial Corp.<sup>(a)(b)</sup> | 27974 | 2458635 |
|  Colony Bankcorp, Inc. | 231482 | 3539360 |
|  Commerce Bancshares, Inc. | 23170 | 1459942 |
|  Community Trust Bancorp, Inc. | 74263 | 3791126 |
|  Community West Bancshares | 13381 | 238182 |
|  ConnectOne Bancorp, Inc. | 365401 | 8393261 |
|  Customers Bancorp, Inc.<sup>(a)(b)</sup> | 12336 | 628643 |
|  Dime Community Bancshares, Inc. | 54468 | 1397649 |
|  Eagle Bancorp, Inc. | 39561 | 696274 |
|  Enterprise Bancorp, Inc. | 20550 | 792202 |
|  Enterprise Financial Services Corp. | 269264 | 14254836 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Banks (continued)** |  |  |
|  FB Financial Corp. | 276073 | $12050586 |
|  Financial Institutions, Inc. | 65265 | 1685142 |
|  First Bank | 46314 | 672942 |
|  First Busey Corp. | 121790 | 2693995 |
|  First Business Financial Services, Inc. | 132135 | 6444224 |
|  First Community Bankshares, Inc. | 66415 | 2497204 |
|  First Financial Bankshares, Inc. | 363744 | 12825613 |
|  First Financial Corp. | 122131 | 6331271 |
|  First Financial Northwest, Inc.<sup>(a)</sup> | 10701 | 5993 |
|  First Hawaiian, Inc. | 611846 | 14610882 |
|  First Horizon Corp. | 340664 | 6772400 |
|  First Internet Bancorp | 65815 | 1596014 |
|  First Interstate BancSystem, Inc., Class A | 290405 | 7884496 |
|  First of Long Island Corp. (The) | 76556 | 908720 |
|  First United Corp. | 26985 | 810899 |
|  Flushing Financial Corp. | 117281 | 1410890 |
|  FNB Corp. | 232320 | 3222278 |
|  Hancock Whitney Corp. | 284613 | 15559793 |
|  HarborOne Bancorp, Inc. | 59920 | 681890 |
|  HBT Financial, Inc. | 166191 | 3888869 |
|  Heritage Commerce Corp. | 699732 | 6479518 |
|  Heritage Financial Corp. | 34073 | 796627 |
|  HomeTrust Bancshares, Inc. | 127297 | 4594149 |
|  Horizon Bancorp, Inc. | 573666 | 8513203 |
|  Independent Bank Corp. | 193705 | 6107519 |
|  Kearny Financial Corp. | 854925 | 5155198 |
|  Live Oak Bancshares, Inc. | 19295 | 529648 |
|  Mercantile Bank Corp. | 60420 | 2668147 |
|  Metropolitan Bank Holding Corp.<sup>(a)</sup> | 25640 | 1658139 |
|  Mid Penn Bancorp, Inc. | 67240 | 1791946 |
|  Midland States Bancorp, Inc. | 328994 | 5553419 |
|  MidWestOne Financial Group, Inc. | 16809 | 483259 |
|  National Bank Holdings Corp., Class A | 55340 | 2000541 |
|  Nicolet Bankshares, Inc. | 30970 | 3798161 |
|  Northeast Bank | 7045 | 590582 |
|  Northfield Bancorp, Inc. | 402954 | 4706503 |
|  Northrim BanCorp, Inc. | 110281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10101740 |
|  OceanFirst Financial Corp. | 964066 | 16205949 |
|  Origin Bancorp, Inc. | 86711 | 2955978 |
|  Park National Corp. | 15134 | 2460183 |
|  Peapack-Gladstone Financial Corp. | 111946 | 3069559 |
|  Peoples Bancorp, Inc. | 68957 | 2021819 |
|  Primis Financial Corp. | 48162 | 456094 |
|  Prosperity Bancshares, Inc. | 107549 | 7490788 |
|  Provident Financial Services, Inc. | 481474 | 8040616 |
|  Republic Bancorp, Inc., Class A | 32707 | 2241738 |
|  Riverview Bancorp, Inc. | 201450 | 1120062 |
|  ServisFirst Bancshares, Inc. | 80202 | 5969435 |
|  Shore Bancshares, Inc. | 227981 | 3303445 |
|  Sierra Bancorp | 84265 | 2306333 |
|  SmartFinancial, Inc. | 42735 | 1358118 |
|  South Plains Financial, Inc. | 83040 | 2986949 |
|  Southern First Bancshares, Inc.<sup>(a)</sup> | 51115 | 1843718 |
|  Southside Bancshares, Inc. | 28544 | 804655 |
|  SouthState Corp. | 18446 | 1619559 |
|  Stellar Bancorp, Inc. | 23175 | 623871 |
|  Tompkins Financial Corp. | 9058 | 556161 |
|  United Bankshares, Inc. | 93880 | 3392823 |
|  United Community Banks, Inc. | 60563 | 1740581 |
|  Unity Bancorp, Inc. | 5184 | 229159 |
|  Univest Financial Corp. | 185388 | 5472654 |
|  Valley National Bancorp | 787143 | 6911116 |

---

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

------

---

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Banks (continued)** |  |  |
|  Veritex Holdings, Inc. | 61981 | $1499940 |
|  Washington Trust Bancorp, Inc. | 270137 | 7471989 |
|  WesBanco, Inc. | 603348 | 18571051 |
|  |  | 369706424 |
| **Beverages — 0.2%** |  |  |
|  Boston Beer Co., Inc. (The), Class A<sup>(a)</sup> | 35909 | 8253684 |
|  Vita Coco Co., Inc. (The)<sup>(a)</sup> | 15472 | 550648 |
|  |  | 8804332 |
| **Biotechnology — 8.2%** |  |  |
|  4D Molecular Therapeutics, Inc.<sup>(a)</sup> | 152112 | 550645 |
|  ACADIA Pharmaceuticals, Inc.<sup>(a)</sup> | 364442 | 7861014 |
|  ADMA Biologics, Inc.<sup>(a)</sup> | 318088 | 6310866 |
|  Agios Pharmaceuticals, Inc.<sup>(a)</sup> | 106644 | 3422206 |
|  Akero Therapeutics, Inc.<sup>(a)</sup> | 50773 | 2520879 |
|  Alector, Inc.<sup>(a)</sup> | 675745 | 898741 |
|  Alkermes PLC<sup>(a)</sup> | 147564 | 4516934 |
|  Allogene Therapeutics, Inc.<sup>(a)(b)</sup> | 328343 | 384161 |
|  Amicus Therapeutics, Inc.<sup>(a)</sup> | 1329994 | 8073064 |
|  AnaptysBio, Inc.<sup>(a)(b)</sup> | 35268 | 784008 |
|  Apellis Pharmaceuticals, Inc.<sup>(a)</sup> | 55114 | 933080 |
|  Arcellx, Inc.<sup>(a)</sup> | 5843 | 362617 |
|  Arcturus Therapeutics Holdings, Inc.<sup>(a)</sup> | 145301 | 1820621 |
|  Arcus Biosciences, Inc.<sup>(a)</sup> | 194127 | 1733554 |
|  Ardelyx, Inc.<sup>(a)</sup> | 891265 | 3270943 |
|  Arrowhead Pharmaceuticals, Inc.<sup>(a)</sup> | 182405 | 2931248 |
|  ARS Pharmaceuticals, Inc.<sup>(a)</sup> | 65 | 938 |
|  Atossa Therapeutics, Inc.<sup>(a)(b)</sup> | 246842 | 191821 |
|  Avidity Biosciences, Inc.<sup>(a)(b)</sup> | 53432 | 1655323 |
|  Beam Therapeutics, Inc.<sup>(a)(b)</sup> | 48372 | 765729 |
|  BioCryst Pharmaceuticals, Inc.<sup>(a)</sup> | 945485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10163964 |
|  BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 49379 | 2867438 |
|  Blueprint Medicines Corp.<sup>(a)</sup> | 87253 | 8843092 |
|  Bridgebio Pharma, Inc.<sup>(a)</sup> | 193003 | 6610353 |
|  CareDx, Inc.<sup>(a)(b)</sup> | 172643 | 2933205 |
|  Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | 445060 | 11108698 |
|  Celldex Therapeutics, Inc.<sup>(a)</sup> | 147560 | 2918737 |
|  Coherus Biosciences, Inc.<sup>(a)(b)</sup> | 1000977 | 779761 |
|  Crinetics Pharmaceuticals, Inc.<sup>(a)</sup> | 55309 | 1687478 |
|  Cytokinetics, Inc.<sup>(a)</sup> | 182759 | 5669184 |
|  Day One Biopharmaceuticals, Inc.<sup>(a)</sup> | 454562 | 2900106 |
|  Denali Therapeutics, Inc.<sup>(a)</sup> | 303411 | 4017162 |
|  Dyne Therapeutics, Inc.<sup>(a)</sup> | 137334 | 1642515 |
|  Emergent BioSolutions, Inc.<sup>(a)</sup> | 155130 | 980422 |
|  Enanta Pharmaceuticals, Inc.<sup>(a)</sup> | 109547 | 649614 |
|  Exact Sciences Corp.<sup>(a)</sup> | 13664 | 769010 |
|  Exelixis, Inc.<sup>(a)</sup> | 50414 | 2169819 |
|  Fate Therapeutics, Inc.<sup>(a)</sup> | 955562 | 1156230 |
|  Halozyme Therapeutics, Inc.<sup>(a)</sup> | 136222 | 7637968 |
|  Ideaya Biosciences, Inc.<sup>(a)</sup> | 476569 | 9478957 |
|  Incyte Corp.<sup>(a)</sup> | 45614 | 2967647 |
|  Insmed, Inc.<sup>(a)</sup> | 216381 | 15088247 |
|  Intellia Therapeutics, Inc.<sup>(a)(b)</sup> | 555833 | 3818573 |
|  Ionis Pharmaceuticals, Inc.<sup>(a)</sup> | 212444 | 7118998 |
|  Iovance Biotherapeutics, Inc.<sup>(a)(b)</sup> | 566319 | 991058 |
|  iTeos Therapeutics, Inc.<sup>(a)</sup> | 599276 | 6004745 |
|  Karyopharm Therapeutics, Inc.<sup>(a)(b)</sup> | 46617 | 195791 |
|  Kiniksa Pharmaceuticals International PLC<sup>(a)</sup> | 181843 | 4975224 |
|  Kodiak Sciences, Inc.<sup>(a)</sup> | 529224 | 1799362 |
|  Krystal Biotech, Inc.<sup>(a)</sup> | 18777 | 2365151 |
|  Kura Oncology, Inc.<sup>(a)</sup> | 445472 | 2534736 |
|  Kymera Therapeutics, Inc.<sup>(a)(b)</sup> | 74783 | 2216568 |
|  Madrigal Pharmaceuticals, Inc.<sup>(a)</sup> | 19809 | 5452625 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Biotechnology (continued)** |  |  |
|  MannKind Corp.<sup>(a)</sup> | 347972 | $1444084 |
|  MiMedx Group, Inc.<sup>(a)</sup> | 518363 | 3333074 |
|  Mirum Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 34867 | 1550187 |
|  Moderna, Inc.<sup>(a)(b)</sup> | 264569 | 7026953 |
|  Myriad Genetics, Inc.<sup>(a)</sup> | 213608 | 895017 |
|  Natera, Inc.<sup>(a)</sup> | 40682 | 6416772 |
|  Nurix Therapeutics, Inc.<sup>(a)</sup> | 143350 | 1523810 |
|  Olema Pharmaceuticals, Inc.<sup>(a)</sup> | 151119 | 797908 |
|  ORIC Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 67007 | 547447 |
|  PMV Pharmaceuticals, Inc.<sup>(a)</sup> | 280445 | 246287 |
|  Protagonist Therapeutics, Inc.<sup>(a)</sup> | 12819 | 608518 |
|  Prothena Corp. PLC<sup>(a)</sup> | 68410 | 314002 |
|  PTC Therapeutics, Inc.<sup>(a)</sup> | 184370 | 8945632 |
|  Puma Biotechnology, Inc.<sup>(a)</sup> | 222482 | 729741 |
|  Recursion Pharmaceuticals, Inc., Class A<sup>(a)(b)</sup> | 316374 | 1322443 |
|  REGENXBIO, Inc.<sup>(a)</sup> | 580895 | 5140921 |
|  Relay Therapeutics, Inc.<sup>(a)</sup> | 1078888 | 3236664 |
|  Replimune Group, Inc.<sup>(a)</sup> | 132862 | 1193101 |
|  Revolution Medicines, Inc.<sup>(a)(b)</sup> | 180855 | 7125687 |
|  Rhythm Pharmaceuticals, Inc.<sup>(a)</sup> | 21905 | 1343434 |
|  Rigel Pharmaceuticals, Inc.<sup>(a)</sup> | 72295 | 1388064 |
|  Sangamo Therapeutics, Inc.<sup>(a)(b)</sup> | 627426 | 291753 |
|  Sarepta Therapeutics, Inc.<sup>(a)</sup> | 166655 | 6266228 |
|  Scholar Rock Holding Corp.<sup>(a)(b)</sup> | 115743 | 3357704 |
|  SpringWorks Therapeutics, Inc.<sup>(a)</sup> | 53265 | 2488008 |
|  Summit Therapeutics, Inc.<sup>(a)(b)</sup> | 38623 | 703518 |
|  Syndax Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 579260 | 6105400 |
|  TG Therapeutics, Inc.<sup>(a)</sup> | 417412 | 14655335 |
|  Tourmaline Bio, Inc.<sup>(a)</sup> | 19876 | 331532 |
|  Travere Therapeutics, Inc.<sup>(a)</sup> | 308317 | 4630921 |
|  Twist Bioscience Corp.<sup>(a)</sup> | 303708 | 8898644 |
|  Ultragenyx Pharmaceutical, Inc.<sup>(a)</sup> | 175692 | 5978799 |
|  Vanda Pharmaceuticals, Inc.<sup>(a)</sup> | 1051878 | 4565150 |
|  Vaxcyte, Inc.<sup>(a)</sup> | 133328 | 4331827 |
|  Vera Therapeutics, Inc., Class A<sup>(a)</sup> | 16009 | 303371 |
|  Veracyte, Inc.<sup>(a)</sup> | 312827 | 8324326 |
|  Verve Therapeutics, Inc.<sup>(a)</sup> | 407716 | 1814336 |
|  Viking Therapeutics, Inc.<sup>(a)(b)</sup> | 141061 | 3780435 |
|  Vir Biotechnology, Inc.<sup>(a)</sup> | 400463 | 1978287 |
|  Voyager Therapeutics, Inc.<sup>(a)</sup> | 114859 | 314714 |
|  Xencor, Inc.<sup>(a)</sup> | 285341 | 2282728 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326033592 |
| **Broadline Retail — 0.0%** |  |  |
|  Kohl's Corp. | 62199 | 505678 |
|  Macy's, Inc. | 27650 | 328758 |
|  |  | 834436 |
| **Building Products — 1.2%** |  |  |
|  American Woodmark Corp.<sup>(a)</sup> | 48085 | 2710551 |
|  Apogee Enterprises, Inc. | 30085 | 1162785 |
|  Armstrong World Industries, Inc. | 2140 | 333048 |
|  Gibraltar Industries, Inc.<sup>(a)</sup> | 166884 | 9776065 |
|  Griffon Corp. | 163046 | 11209413 |
|  JELD-WEN Holding, Inc.<sup>(a)</sup> | 218094 | 796043 |
|  Resideo Technologies, Inc.<sup>(a)</sup> | 707968 | 14654938 |
|  Zurn Elkay Water Solutions Corp. | 194757 | 7048256 |
|  |  | 47691099 |
| **Capital Markets — 3.0%** |  |  |
|  Acadian Asset Management, Inc. | 207584 | 6250354 |
|  Etoro Group Ltd., Class A<sup>(a)(b)</sup> | 82952 | 4910758 |
|  Evercore, Inc., Class A | 76923 | 17806905 |
|  Federated Hermes, Inc., Class B | 161694 | 6823487 |

---

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

------

---

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Capital Markets (continued)** |  |  |
|  Houlihan Lokey, Inc., Class A | 151721 | $26502624 |
|  Invesco Ltd. | 609675 | 8815901 |
|  Piper Sandler Cos | 41404 | 10411036 |
|  PJT Partners, Inc., Class A | 132053 | 19895105 |
|  SEI Investments Co. | 32411 | 2763362 |
|  Victory Capital Holdings, Inc., Class A | 79165 | 4909022 |
|  Virtu Financial, Inc., Class A | 165518 | 6652168 |
|  Virtus Investment Partners, Inc. | 8601 | 1468191 |
|  |  | 117208913 |
| **Chemicals — 0.5%** |  |  |
|  Balchem Corp. | 21331 | 3555878 |
|  Huntsman Corp. | 157807 | 1757970 |
|  Minerals Technologies, Inc. | 58460 | 3319359 |
|  Mosaic Co. (The) | 80304 | 2902186 |
|  Rayonier Advanced Materials, Inc.<sup>(a)</sup> | 228018 | 877869 |
|  Tronox Holdings PLC | 1404753 | 7978997 |
|  |  | 20392259 |
| **Commercial Services & Supplies — 0.9%** |  |  |
|  ABM Industries, Inc. | 37566 | 1977850 |
|  ACV Auctions, Inc., Class A<sup>(a)</sup> | 116108 | 1901849 |
|  BrightView Holdings, Inc.<sup>(a)</sup> | 59079 | 920451 |
|  CoreCivic, Inc.<sup>(a)</sup> | 437208 | 9601088 |
|  GEO Group, Inc. (The)<sup>(a)</sup> | 305150 | 8281771 |
|  Healthcare Services Group, Inc.<sup>(a)</sup> | 381881 | 5384522 |
|  Steelcase, Inc., Class A | 372736 | 3842908 |
|  Tetra Tech, Inc. | 104082 | 3636625 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35547064 |
| **Communications Equipment — 1.1%** |  |  |
|  ADTRAN Holdings, Inc.<sup>(a)</sup> | 301908 | 2424321 |
|  Calix, Inc.<sup>(a)</sup> | 350303 | 16198011 |
|  Ciena Corp.<sup>(a)</sup> | 169534 | 13572892 |
|  CommScope Holding Co., Inc.<sup>(a)</sup> | 546094 | 3298408 |
|  NETGEAR, Inc.<sup>(a)</sup> | 227819 | 6681931 |
|  |  | 42175563 |
| **Construction & Engineering — 2.8%** |  |  |
|  Argan, Inc. | 11327 | 2382068 |
|  Comfort Systems U.S.A., Inc. | 48589 | 23236718 |
|  Dycom Industries, Inc.<sup>(a)</sup> | 48149 | 11070418 |
|  Fluor Corp.<sup>(a)</sup> | 244265 | 10156539 |
|  MasTec, Inc.<sup>(a)</sup> | 165769 | 25848360 |
|  Matrix Service Co.<sup>(a)</sup> | 67511 | 824984 |
|  Primoris Services Corp. | 365289 | 26340990 |
|  Sterling Infrastructure, Inc.<sup>(a)</sup> | 18408 | 3460888 |
|  Tutor Perini Corp.<sup>(a)</sup> | 237875 | 8772830 |
|  |  | 112093795 |
| **Construction Materials — 0.0%** |  |  |
|  United States Lime & Minerals, Inc. | 6416 | 659436 |
| **Consumer Finance — 2.0%** |  |  |
|  Encore Capital Group, Inc.<sup>(a)</sup> | 89188 | 3380225 |
|  Enova International, Inc.<sup>(a)</sup> | 269085 | 24936107 |
|  EZCORP, Inc., Class A, NVS<sup>(a)</sup> | 835862 | 11242344 |
|  FirstCash Holdings, Inc. | 90545 | 11581611 |
|  LendingClub Corp.<sup>(a)</sup> | 43213 | 433427 |
|  LendingTree, Inc.<sup>(a)</sup> | 53719 | 1881239 |
|  OneMain Holdings, Inc. | 213782 | 11082459 |
|  PRA Group, Inc.<sup>(a)</sup> | 322453 | 4575608 |
|  Regional Management Corp. | 120656 | 3191351 |
|  Upstart Holdings, Inc.<sup>(a)</sup> | 122336 | 5770589 |
|  |  | 78074960 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Consumer Staples Distribution & Retail — 1.9%** | **Consumer Staples Distribution & Retail — 1.9%** | **Consumer Staples Distribution & Retail — 1.9%** |
|  Andersons, Inc. (The) | 20976 | $744858 |
|  SpartanNash Co. | 67087 | 1305513 |
|  Sprouts Farmers Market, Inc.<sup>(a)</sup> | 366710 | 63389490 |
|  United Natural Foods, Inc.<sup>(a)</sup> | 323444 | 9887683 |
|  |  | 75327544 |
| **Containers & Packaging — 0.3%** |  |  |
|  Crown Holdings, Inc. | 107140 | 10553290 |
| **Distributors — 0.0%** |  |  |
|  GigaCloud Technology, Inc., Class A<sup>(a)</sup> | 30033 | 527379 |
| **Diversified Consumer Services — 1.4%** |  |  |
|  American Public Education, Inc.<sup>(a)</sup> | 76163 | 2243000 |
|  Bright Horizons Family Solutions, Inc.<sup>(a)</sup> | 134967 | 17437736 |
|  Coursera, Inc.<sup>(a)</sup> | 468065 | 4142375 |
|  Frontdoor, Inc.<sup>(a)</sup> | 33934 | 1866709 |
|  Laureate Education, Inc., Class A<sup>(a)</sup> | 781118 | 17575155 |
|  OneSpaWorld Holdings Ltd. | 56889 | 1072927 |
|  Strategic Education, Inc. | 20691 | 1887640 |
|  Stride, Inc.<sup>(a)</sup> | 61753 | 9348787 |
|  |  | 55574329 |
| **Diversified REITs — 0.2%** |  |  |
|  Alexander & Baldwin, Inc. | 227796 | 4079826 |
|  American Assets Trust, Inc. | 177486 | 3539071 |
|  Armada Hoffler Properties, Inc. | 157179 | 1093966 |
|  Essential Properties Realty Trust, Inc. | 34219 | 1112118 |
|  |  | 9824981 |
| **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** |  |
|  ATN International, Inc. | 17082 | 242735 |
|  Bandwidth, Inc., Class A<sup>(a)</sup> | 244526 | 3428255 |
|  Frontier Communications Parent, Inc.<sup>(a)</sup> | 18594 | 673661 |
|  IDT Corp., Class B | 100493 | 6189364 |
|  Iridium Communications, Inc. | 135361 | 3438169 |
|  Lumen Technologies, Inc.<sup>(a)</sup> | 1023014 | 4010215 |
|  |  | 17982399 |
| **Electric Utilities — 0.3%** |  |  |
|  Genie Energy Ltd., Class B | 46164 | 975907 |
|  TXNM Energy, Inc. | 199145 | 11289530 |
|  |  | 12265437 |
| **Electrical Equipment — 1.1%** |  |  |
|  Allient, Inc. | 36219 | 1101058 |
|  American Superconductor Corp.<sup>(a)(b)</sup> | 147398 | 4165467 |
|  Bloom Energy Corp., Class A<sup>(a)(b)</sup> | 441106 | 8147228 |
|  EnerSys | 6249 | 522604 |
|  Generac Holdings, Inc.<sup>(a)</sup> | 9935 | 1213362 |
|  NEXTracker, Inc., Class A<sup>(a)</sup> | 390773 | 22152921 |
|  NuScale Power Corp., Class A<sup>(a)</sup> | 64954 | 2077878 |
|  Sensata Technologies Holding PLC | 48335 | 1259610 |
|  Sunrun, Inc.<sup>(a)</sup> | 285531 | 2138627 |
|  Vicor Corp.<sup>(a)</sup> | 23078 | 1007124 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43785879 |
| **Electronic Equipment, Instruments & Components — 2.9%** | **Electronic Equipment, Instruments & Components — 2.9%** | **Electronic Equipment, Instruments & Components — 2.9%** |
|  Badger Meter, Inc. | 56228 | 13956914 |
|  Benchmark Electronics, Inc. | 210011 | 7669602 |
|  Cognex Corp. | 16503 | 494595 |
|  Fabrinet<sup>(a)(b)</sup> | 70181 | 16343050 |
|  FARO Technologies, Inc.<sup>(a)</sup> | 21592 | 914853 |
|  Flex Ltd.<sup>(a)</sup> | 190451 | 8056077 |
|  Insight Enterprises, Inc.<sup>(a)</sup> | 93060 | 12134094 |
|  Itron, Inc.<sup>(a)</sup> | 9089 | 1050688 |
|  Kimball Electronics, Inc.<sup>(a)</sup> | 57220 | 1035682 |

---

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

------

---

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
|  Methode Electronics, Inc. | 222217 | $1766625 |
|  OSI Systems, Inc.<sup>(a)</sup> | 17909 | 3924041 |
|  PC Connection, Inc. | 179903 | 11765656 |
|  Plexus Corp.<sup>(a)</sup> | 63605 | 8348792 |
|  Rogers Corp.<sup>(a)</sup> | 29889 | 1989711 |
|  Sanmina Corp.<sup>(a)</sup> | 111616 | 9452759 |
|  ScanSource, Inc.<sup>(a)</sup> | 76134 | 3074291 |
|  TTM Technologies, Inc.<sup>(a)</sup> | 502030 | 14990616 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116968046 |
| **Energy Equipment & Services — 1.8%** |  |  |
|  Archrock, Inc. | 401216 | 9990278 |
|  Borr Drilling Ltd.<sup>(b)</sup> | 259795 | 454641 |
|  ChampionX Corp. | 158778 | 3821787 |
|  Expro Group Holdings NV<sup>(a)</sup> | 100792 | 838589 |
|  Helix Energy Solutions Group, Inc.<sup>(a)</sup> | 259034 | 1603421 |
|  Liberty Energy, Inc., Class A | 386548 | 4480091 |
|  Noble Corp. PLC | 325663 | 8066673 |
|  NOV, Inc. | 391942 | 4703304 |
|  Oceaneering International, Inc.<sup>(a)</sup> | 337904 | 6443829 |
|  Oil States International, Inc.<sup>(a)</sup> | 519767 | 2260987 |
|  Patterson-UTI Energy, Inc. | 627722 | 3465025 |
|  ProPetro Holding Corp.<sup>(a)</sup> | 807404 | 4359982 |
|  RPC, Inc. | 119973 | 532680 |
|  Seadrill Ltd.<sup>(a)</sup> | 43839 | 1017065 |
|  Tidewater, Inc.<sup>(a)(b)</sup> | 162051 | 6435045 |
|  Transocean Ltd.<sup>(a)(b)</sup> | 5154160 | 12833858 |
|  |  | 71307255 |
| **Entertainment — 0.3%** |  |  |
|  Eros Media World PLC, Class A<sup>(a)</sup> | 23977 |  |
|  Eventbrite, Inc., Class A<sup>(a)</sup> | 325945 | 769230 |
|  Marcus Corp. (The) | 132950 | 2456916 |
|  Roku, Inc., Class A<sup>(a)(b)</sup> | 143632 | 10407575 |
|  |  | 13633721 |
| **Financial Services — 2.2%** |  |  |
|  Affirm Holdings, Inc., Class A<sup>(a)</sup> | 28842 | 1496900 |
|  Alerus Financial Corp. | 26018 | 546638 |
|  Banco Latinoamericano de Comercio Exterior SA, Class E | 152262 | 6245787 |
|  Essent Group Ltd. | 259755 | 15065790 |
|  EVERTEC, Inc. | 20714 | 750468 |
|  Mr. Cooper Group, Inc.<sup>(a)</sup> | 17323 | 2243848 |
|  NMI Holdings, Inc., Class A<sup>(a)</sup> | 480877 | 19100434 |
|  Pagseguro Digital Ltd., Class A | 514711 | 4586075 |
|  Remitly Global, Inc.<sup>(a)(b)</sup> | 1073838 | 22937180 |
|  Repay Holdings Corp., Class A<sup>(a)</sup> | 298309 | 1434866 |
|  StoneCo Ltd., Class A<sup>(a)(b)</sup> | 844029 | 11520996 |
|  Velocity Financial, Inc.<sup>(a)</sup> | 168858 | 2828372 |
|  |  | 88757354 |
| **Food Products — 0.7%** |  |  |
|  Cal-Maine Foods, Inc. | 113501 | 10888151 |
|  Fresh Del Monte Produce, Inc. | 45773 | 1616702 |
|  John B. Sanfilippo & Son, Inc. | 30037 | 1866499 |
|  Lancaster Colony Corp. | 53652 | 8981345 |
|  SunOpta, Inc.<sup>(a)</sup> | 497139 | 3102147 |
|  Vital Farms, Inc.<sup>(a)</sup> | 87852 | 2797208 |
|  |  | 29252052 |
| **Gas Utilities — 0.9%** |  |  |
|  Brookfield Infrastructure Corp., Class A | 139111 | 5504622 |
|  New Jersey Resources Corp. | 549356 | 25209947 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Gas Utilities (continued)** |  |  |
|  ONE Gas, Inc. | 19020 | $1421935 |
|  Southwest Gas Holdings, Inc. | 51120 | 3671950 |
|  |  | 35808454 |
| **Ground Transportation — 0.5%** |  |  |
|  ArcBest Corp. | 35305 | 2213270 |
|  Covenant Logistics Group, Inc., Class A | 271794 | 6169724 |
|  Lyft, Inc., Class A<sup>(a)</sup> | 594498 | 9060149 |
|  Saia, Inc.<sup>(a)</sup> | 4565 | 1207032 |
|  |  | 18650175 |
| **Health Care Equipment & Supplies — 1.6%** |  |  |
|  Accuray, Inc.<sup>(a)</sup> | 337460 | 516314 |
|  AngioDynamics, Inc.<sup>(a)</sup> | 247368 | 2523154 |
|  Cerus Corp.<sup>(a)</sup> | 413481 | 525121 |
|  DENTSPLY SIRONA, Inc. | 105313 | 1682902 |
|  Envista Holdings Corp.<sup>(a)</sup> | 135252 | 2471054 |
|  Haemonetics Corp.<sup>(a)</sup> | 65190 | 4414015 |
|  iRadimed Corp. | 61356 | 3551285 |
|  iRhythm Technologies, Inc.<sup>(a)</sup> | 45249 | 6357484 |
|  Lantheus Holdings, Inc.<sup>(a)</sup> | 62476 | 4720687 |
|  LeMaitre Vascular, Inc. | 80172 | 6590138 |
|  LivaNova PLC<sup>(a)</sup> | 39349 | 1701844 |
|  NeuroPace, Inc.<sup>(a)</sup> | 156537 | 2069419 |
|  Novocure Ltd.<sup>(a)</sup> | 390489 | 7462245 |
|  Omnicell, Inc.<sup>(a)</sup> | 164738 | 5003093 |
|  OraSure Technologies, Inc.<sup>(a)</sup> | 489954 | 1411067 |
|  RxSight, Inc.<sup>(a)</sup> | 55131 | 842953 |
|  SI-BONE, Inc.<sup>(a)</sup> | 88798 | 1678282 |
|  Surmodics, Inc.<sup>(a)</sup> | 21487 | 623553 |
|  Tactile Systems Technology, Inc.<sup>(a)</sup> | 107268 | 1059808 |
|  Tandem Diabetes Care, Inc.<sup>(a)</sup> | 47901 | 949398 |
|  TransMedics Group, Inc.<sup>(a)</sup> | 51538 | 6551511 |
|  Varex Imaging Corp.<sup>(a)</sup> | 203096 | 1557746 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64263073 |
| **Health Care Providers & Services — 4.0%** |  |  |
|  Acadia Healthcare Co., Inc.<sup>(a)</sup> | 99312 | 2248424 |
|  AdaptHealth Corp.<sup>(a)</sup> | 61795 | 554919 |
|  Addus HomeCare Corp.<sup>(a)</sup> | 37160 | 4121416 |
|  agilon health, Inc.<sup>(a)</sup> | 464987 | 1032271 |
|  Alignment Healthcare, Inc.<sup>(a)</sup> | 564197 | 8671708 |
|  Aveanna Healthcare Holdings, Inc.<sup>(a)</sup> | 139722 | 744718 |
|  BrightSpring Health Services, Inc.<sup>(a)(b)</sup> | 178789 | 4256966 |
|  Brookdale Senior Living, Inc.<sup>(a)</sup> | 316264 | 2058879 |
|  Castle Biosciences, Inc.<sup>(a)</sup> | 218932 | 3496344 |
|  Concentra Group Holdings Parent, Inc. | 129429 | 2799549 |
|  CorVel Corp.<sup>(a)</sup> | 92221 | 10261431 |
|  Cross Country Healthcare, Inc.<sup>(a)</sup> | 50417 | 664496 |
|  Encompass Health Corp. | 25443 | 3076059 |
|  Enhabit, Inc.<sup>(a)</sup> | 63325 | 664912 |
|  Ensign Group, Inc. (The) | 82447 | 12141145 |
|  Fulgent Genetics, Inc.<sup>(a)</sup> | 21751 | 450681 |
|  Guardant Health, Inc.<sup>(a)</sup> | 217303 | 8826848 |
|  HealthEquity, Inc.<sup>(a)</sup> | 37453 | 3768146 |
|  Hims & Hers Health, Inc., Class A<sup>(a)</sup> | 335621 | 18982724 |
|  LifeStance Health Group, Inc.<sup>(a)</sup> | 442774 | 2630077 |
|  NeoGenomics, Inc.<sup>(a)</sup> | 98578 | 717648 |
|  Option Care Health, Inc.<sup>(a)</sup> | 47101 | 1539261 |
|  Pediatrix Medical Group, Inc.<sup>(a)</sup> | 106195 | 1502659 |
|  Pennant Group, Inc. (The)<sup>(a)</sup> | 21445 | 615686 |
|  Privia Health Group, Inc.<sup>(a)</sup> | 807946 | 18388851 |
|  Progyny, Inc.<sup>(a)</sup> | 726881 | 15627941 |
|  RadNet, Inc.<sup>(a)(b)</sup> | 56407 | 3242838 |

---

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

------

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
|  Select Medical Holdings Corp. | 923444 | $| 14119459 |
|  Universal Health Services, Inc., Class B | 39625 |  | 7542619 |
|  Viemed Healthcare, Inc.<sup>(a)</sup> | 356962 |  | 2373797 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157122472 |
| **Health Care REITs — 0.2%** |  |  |  |
|  Alexandria Real Estate Equities, Inc. | 24062 |  | 1688912 |
|  CareTrust REIT, Inc. | 253094 |  | 7278983 |
|  PACS Group, Inc.<sup>(a)</sup> | 44767 |  | 444089 |
|  |  |  | 9411984 |
| **Health Care Technology — 0.4%** |  |  |  |
|  Doximity, Inc., Class A<sup>(a)</sup> | 91985 |  | 4791499 |
|  Evolent Health, Inc., Class A<sup>(a)</sup> | 91039 |  | 678240 |
|  Health Catalyst, Inc.<sup>(a)</sup> | 263871 |  | 1002710 |
|  Phreesia, Inc.<sup>(a)</sup> | 345003 |  | 8449123 |
|  Teladoc Health, Inc.<sup>(a)</sup> | 244916 |  | 1694819 |
|  |  |  | 16616391 |
| **Hotel & Resort REITs — 0.7%** |  |  |  |
|  Apple Hospitality REIT, Inc. | 71357 |  | 827028 |
|  Braemar Hotels & Resorts, Inc. | 1940560 |  | 4424477 |
|  Chatham Lodging Trust | 942339 |  | 6718877 |
|  DiamondRock Hospitality Co. | 316980 |  | 2421727 |
|  RLJ Lodging Trust | 1475788 |  | 10773252 |
|  Summit Hotel Properties, Inc. | 267357 |  | 1171024 |
|  |  |  | 26336385 |
| **Hotels, Restaurants & Leisure — 1.6%** |  |  |  |
|  Accel Entertainment, Inc., Class A<sup>(a)</sup> | 214105 |  | 2402258 |
|  Brinker International, Inc.<sup>(a)</sup> | 112206 |  | 19370122 |
|  Dutch Bros, Inc., Class A<sup>(a)</sup> | 52979 |  | 3825084 |
|  El Pollo Loco Holdings, Inc.<sup>(a)</sup> | 169143 |  | 1776002 |
|  Everi Holdings, Inc.<sup>(a)</sup> | 126747 |  | 1788400 |
|  Life Time Group Holdings, Inc.<sup>(a)(b)</sup> | 400192 |  | 11445491 |
|  Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 104952 |  | 1852403 |
|  Rush Street Interactive, Inc., Class A<sup>(a)(b)</sup> | 266106 |  | 3376885 |
|  Shake Shack, Inc., Class A<sup>(a)</sup> | 81527 |  | 10581389 |
|  Super Group SGHC Ltd. | 137722 |  | 1203690 |
|  Texas Roadhouse, Inc. | 24419 |  | 4766833 |
|  |  |  | 62388557 |
| **Household Durables — 1.7%** |  |  |  |
|  Beazer Homes U.S.A., Inc.<sup>(a)</sup> | 25107 |  | 515196 |
|  Century Communities, Inc. | 191198 |  | 9917440 |
|  Champion Homes, Inc.<sup>(a)</sup> | 33185 |  | 2170299 |
|  Ethan Allen Interiors, Inc. | 41074 |  | 1073263 |
|  LGI Homes, Inc.<sup>(a)</sup> | 20351 |  | 1019585 |
|  M/I Homes, Inc.<sup>(a)</sup> | 206979 |  | 22066031 |
|  Newell Brands, Inc. | 498399 |  | 2641515 |
|  Taylor Morrison Home Corp., Class A<sup>(a)</sup> | 240813 |  | 13552956 |
|  Tri Pointe Homes, Inc.<sup>(a)</sup> | 449254 |  | 13244008 |
|  |  |  | 66200293 |
| **Household Products — 0.4%** |  |  |  |
|  Central Garden & Pet Co.<sup>(a)</sup> | 18562 |  | 669346 |
|  Central Garden & Pet Co., Class A, NVS<sup>(a)</sup> | 238368 |  | 7620625 |
|  WD-40 Co. | 26968 |  | 6570214 |
|  |  |  | 14860185 |
| **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** |
|  Spruce Power Holding Corp.<sup>(a)</sup> | 110 |  | 218 |
| **Industrial REITs — 0.5%** |  |  |  |
|  Americold Realty Trust, Inc. | 269571 |  | 4466792 |
|  First Industrial Realty Trust, Inc. | 326966 |  | 16161929 |
|  |  |  | 20628721 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Insurance — 1.7%** |  |  |
|  Ambac Financial Group, Inc.<sup>(a)</sup> | 234025 | $1832416 |
|  AMERISAFE, Inc. | 148336 | 7041510 |
|  Crawford & Co., Class A, NVS | 53932 | 560354 |
|  Donegal Group, Inc., Class A | 109797 | 2217899 |
|  eHealth, Inc.<sup>(a)</sup> | 184051 | 754609 |
|  Globe Life, Inc. | 56940 | 6939278 |
|  Goosehead Insurance, Inc., Class A | 6149 | 665691 |
|  Hanover Insurance Group, Inc. (The) | 35778 | 6296213 |
|  Heritage Insurance Holdings, Inc.<sup>(a)</sup> | 28973 | 708969 |
|  Mercury General Corp. | 53734 | 3464768 |
|  Oscar Health, Inc., Class A<sup>(a)(b)</sup> | 470039 | 6486538 |
|  Palomar Holdings, Inc.<sup>(a)</sup> | 51029 | 8749943 |
|  Reinsurance Group of America, Inc. | 15985 | 3249591 |
|  Root, Inc., Class A<sup>(a)</sup> | 2062 | 270101 |
|  Selectquote, Inc.<sup>(a)</sup> | 291706 | 633002 |
|  Stewart Information Services Corp. | 145727 | 8793167 |
|  Tiptree, Inc. | 34434 | 763746 |
|  United Fire Group, Inc. | 72134 | 2052212 |
|  Universal Insurance Holdings, Inc. | 174437 | 4734220 |
|  |  | 66214227 |
| **Interactive Media & Services — 1.3%** |  |  |
|  EverQuote, Inc., Class A<sup>(a)</sup> | 310473 | 7156403 |
|  Grindr, Inc.<sup>(a)(b)</sup> | 435171 | 10626876 |
|  MediaAlpha, Inc., Class A<sup>(a)</sup> | 424843 | 4333399 |
|  Nextdoor Holdings, Inc., Class A<sup>(a)</sup> | 548142 | 838657 |
|  QuinStreet, Inc.<sup>(a)</sup> | 476018 | 7268795 |
|  Shutterstock, Inc. | 118416 | 2184775 |
|  TrueCar, Inc.<sup>(a)</sup> | 272299 | 394833 |
|  Yelp, Inc.<sup>(a)</sup> | 343505 | 13111586 |
|  ZipRecruiter, Inc., Class A<sup>(a)(b)</sup> | 921834 | 5503349 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51418673 |
| **IT Services — 0.3%** |  |  |
|  ASGN, Inc.<sup>(a)</sup> | 38426 | 2029277 |
|  Backblaze, Inc., Class A<sup>(a)</sup> | 55947 | 318898 |
|  Fastly, Inc., Class A<sup>(a)</sup> | 174446 | 1269967 |
|  Grid Dynamics Holdings, Inc., Class A<sup>(a)</sup> | 55305 | 692972 |
|  Hackett Group, Inc. (The) | 177075 | 4341879 |
|  Kyndryl Holdings, Inc.<sup>(a)</sup> | 8267 | 322744 |
|  Unisys Corp.<sup>(a)</sup> | 188302 | 898200 |
|  |  | 9873937 |
| **Leisure Products — 0.1%** |  |  |
|  Mattel, Inc.<sup>(a)</sup> | 68058 | 1289018 |
|  Peloton Interactive, Inc., Class A<sup>(a)(b)</sup> | 519116 | 3685724 |
|  |  | 4974742 |
| **Life Sciences Tools & Services — 0.4%** |  |  |
|  10X Genomics, Inc., Class A<sup>(a)</sup> | 154448 | 1471889 |
|  AbCellera Biologics, Inc.<sup>(a)(b)</sup> | 349412 | 705812 |
|  Adaptive Biotechnologies Corp.<sup>(a)</sup> | 780484 | 7430208 |
|  Codexis, Inc.<sup>(a)</sup> | 532849 | 1225553 |
|  CryoPort, Inc.<sup>(a)</sup> | 110838 | 666136 |
|  Harvard Bioscience, Inc.<sup>(a)</sup> | 307 | 143 |
|  MaxCyte, Inc.<sup>(a)</sup> | 402595 | 958176 |
|  Personalis, Inc.<sup>(a)</sup> | 614931 | 2847131 |
|  Seer, Inc., Class A<sup>(a)(b)</sup> | 314668 | 604163 |
|  |  | 15909211 |
| **Machinery — 2.7%** |  |  |
|  Alamo Group, Inc. | 8612 | 1705521 |
|  Atmus Filtration Technologies, Inc. | 294570 | 10610411 |
|  Chart Industries, Inc.<sup>(a)</sup> | 21779 | 3416254 |
|  Energy Recovery, Inc.<sup>(a)</sup> | 268442 | 3385054 |

---

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

------

---

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Machinery (continued)** |  |  |
|  Enpro, Inc. | 6928 | $1282650 |
|  Federal Signal Corp. | 20628 | 1940476 |
|  Flowserve Corp. | 345520 | 17244903 |
|  Greenbrier Cos., Inc. (The) | 81449 | 3670906 |
|  ITT, Inc. | 55984 | 8427831 |
|  Manitowoc Co., Inc. (The)<sup>(a)</sup> | 451065 | 4740693 |
|  Miller Industries, Inc. | 11905 | 539654 |
|  Mueller Industries, Inc. | 154602 | 12038858 |
|  Shyft Group, Inc. (The) | 191324 | 2006989 |
|  SPX Technologies, Inc.<sup>(a)</sup> | 85392 | 12987269 |
|  Watts Water Technologies, Inc., Class A | 45554 | 11029535 |
|  Worthington Enterprises, Inc. | 188307 | 11093165 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106120169 |
| **Marine Transportation — 0.3%** |  |  |
|  Genco Shipping & Trading Ltd. | 288280 | 3816827 |
|  Matson, Inc. | 78998 | 8914924 |
|  |  | 12731751 |
| **Media — 0.7%** |  |  |
|  Entravision Communications Corp., Class A | 307587 | 636705 |
|  EW Scripps Co. (The), Class A<sup>(a)</sup> | 185240 | 411233 |
|  Gambling.com Group Ltd.<sup>(a)(b)</sup> | 72573 | 855636 |
|  Gray Media, Inc. | 196087 | 778465 |
|  Integral Ad Science Holding Corp.<sup>(a)</sup> | 293680 | 2390555 |
|  Magnite, Inc.<sup>(a)</sup> | 128036 | 2094669 |
|  New York Times Co. (The), Class A | 193754 | 11067229 |
|  Paramount Global, Class B, NVS | 74259 | 898534 |
|  PubMatic, Inc., Class A<sup>(a)(b)</sup> | 83552 | 977558 |
|  TEGNA, Inc. | 115061 | 1923820 |
|  Thryv Holdings, Inc.<sup>(a)(b)</sup> | 289149 | 3845682 |
|  Townsquare Media, Inc., Class A | 77 | 531 |
|  |  | 25880617 |
| **Metals & Mining — 2.8%** |  |  |
|  Alcoa Corp. | 193450 | 5178656 |
|  Alpha Metallurgical Resources, Inc.<sup>(a)</sup> | 102077 | 11436707 |
|  Carpenter Technology Corp. | 70515 | 16571025 |
|  Century Aluminum Co.<sup>(a)</sup> | 444078 | 6878768 |
|  Cleveland-Cliffs, Inc.<sup>(a)(b)</sup> | 1425968 | 8313393 |
|  Coeur Mining, Inc.<sup>(a)</sup> | 1026698 | 8295720 |
|  Compass Minerals International, Inc.<sup>(a)</sup> | 196914 | 3782718 |
|  Constellium SE, Class A<sup>(a)</sup> | 305718 | 3711416 |
|  Hecla Mining Co. | 426612 | 2192786 |
|  i-80 Gold Corp.<sup>(a)</sup> | 531838 | 267568 |
|  Kaiser Aluminum Corp. | 136850 | 9933941 |
|  Materion Corp. | 59849 | 4634108 |
|  Novagold Resources, Inc.<sup>(a)</sup> | 669832 | 2397998 |
|  Olympic Steel, Inc. | 248329 | 7362955 |
|  Piedmont Lithium, Inc.<sup>(a)(b)</sup> | 100433 | 620676 |
|  Radius Recycling, Inc., Class A | 112398 | 3328105 |
|  Ramaco Resources, Inc., Class A | 359819 | 3252764 |
|  Ramaco Resources, Inc., Class B | 3320 | 24738 |
|  Ryerson Holding Corp. | 136607 | 2835961 |
|  SSR Mining, Inc.<sup>(a)</sup> | 39390 | 465984 |
|  SunCoke Energy, Inc. | 889097 | 7237250 |
|  Tredegar Corp.<sup>(a)</sup> | 72228 | 605271 |
|  |  | 109328508 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** |  |  |
|  TPG RE Finance Trust, Inc. | 185925 | 1427904 |
| **Multi-Utilities — 1.1%** |  |  |
|  Avista Corp. | 332586 | 12807887 |
|  Black Hills Corp. | 163286 | 9547332 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Multi-Utilities (continued)** |  |  |
|  Northwestern Energy Group, Inc. | 332618 | $18403754 |
|  Unitil Corp. | 19169 | 1051036 |
|  |  | 41810009 |
| **Office REITs — 0.3%** |  |  |
|  Brandywine Realty Trust | 134887 | 570572 |
|  COPT Defense Properties | 335676 | 9214306 |
|  Piedmont Office Realty Trust, Inc., Class A | 260872 | 1857409 |
|  |  | 11642287 |
| **Oil, Gas & Consumable Fuels — 2.3%** |  |  |
|  Antero Resources Corp.<sup>(a)</sup> | 28830 | 1079683 |
|  California Resources Corp. | 132627 | 5858135 |
|  Chord Energy Corp. | 123159 | 11084310 |
|  Civitas Resources, Inc. | 112232 | 3071790 |
|  Delek U.S. Holdings, Inc. | 39615 | 762589 |
|  Dorian LPG Ltd. | 44632 | 955571 |
|  Encore Energy Corp.<sup>(a)(b)</sup> | 198939 | 399867 |
|  Energy Fuels, Inc.<sup>(a)(b)</sup> | 150462 | 735759 |
|  Evolution Petroleum Corp. | 217373 | 976005 |
|  HF Sinclair Corp. | 10715 | 387133 |
|  International Seaways, Inc. | 47341 | 1753984 |
|  Matador Resources Co. | 221331 | 9519446 |
|  Murphy Oil Corp. | 342375 | 7165909 |
|  Par Pacific Holdings, Inc.<sup>(a)</sup> | 534679 | 11543720 |
|  PBF Energy, Inc., Class A | 408286 | 7777848 |
|  Plains GP Holdings LP, Class A | 457206 | 8046826 |
|  REX American Resources Corp.<sup>(a)</sup> | 66805 | 2815163 |
|  Scorpio Tankers, Inc. | 93225 | 3704761 |
|  SM Energy Co. | 582009 | 13630651 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91269150 |
| **Passenger Airlines — 0.9%** |  |  |
|  Alaska Air Group, Inc.<sup>(a)</sup> | 238153 | 12129132 |
|  SkyWest, Inc.<sup>(a)</sup> | 208854 | 21188238 |
|  Sun Country Airlines Holdings, Inc.<sup>(a)</sup> | 216387 | 2505762 |
|  |  | 35823132 |
| **Personal Care Products — 0.3%** |  |  |
|  BellRing Brands, Inc.<sup>(a)</sup> | 199055 | 12530512 |
| **Pharmaceuticals — 2.2%** |  |  |
|  Arvinas, Inc.<sup>(a)</sup> | 236760 | 1704672 |
|  Atea Pharmaceuticals, Inc.<sup>(a)</sup> | 672825 | 1998290 |
|  Axsome Therapeutics, Inc.<sup>(a)</sup> | 81973 | 8620281 |
|  Collegium Pharmaceutical, Inc.<sup>(a)(b)</sup> | 154253 | 4494932 |
|  Corcept Therapeutics, Inc.<sup>(a)</sup> | 198814 | 15420014 |
|  Edgewise Therapeutics, Inc.<sup>(a)(b)</sup> | 136794 | 1953418 |
|  Evolus, Inc.<sup>(a)</sup> | 64865 | 596109 |
|  Fulcrum Therapeutics, Inc.<sup>(a)</sup> | 129124 | 887728 |
|  Harmony Biosciences Holdings, Inc.<sup>(a)</sup> | 180598 | 6230631 |
|  Nektar Therapeutics<sup>(a)</sup> | 1008152 | 730406 |
|  Nuvation Bio, Inc., Class A<sup>(a)(b)</sup> | 605107 | 1282827 |
|  Pacira BioSciences, Inc.<sup>(a)</sup> | 271207 | 7007989 |
|  Phibro Animal Health Corp., Class A | 56214 | 1372746 |
|  Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | 110413 | 9459082 |
|  Rafael Holdings, Inc., Class B<sup>(a)</sup> | 220 | 315 |
|  Scilex Holding Co.<sup>(a)(b)</sup> | 12289 | 62920 |
|  Supernus Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 382726 | 12132414 |
|  Tarsus Pharmaceuticals, Inc.<sup>(a)</sup> | 155744 | 6689205 |
|  Theravance Biopharma, Inc.<sup>(a)</sup> | 158859 | 1455148 |
|  Trevi Therapeutics, Inc.<sup>(a)</sup> | 793269 | 5164181 |
|  Xeris Biopharma Holdings, Inc.<sup>(a)</sup> | 191086 | 943965 |
|  |  | 88207273 |

---

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

------

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Professional Services — 2.7%** |  |  |  |
|  CACI International, Inc., Class A<sup>(a)(b)</sup> | 21524 | $| 9212272 |
|  Conduent, Inc.<sup>(a)</sup> | 338144 |  | 757443 |
|  CRA International, Inc. | 11595 |  | 2203630 |
|  CSG Systems International, Inc. | 12139 |  | 801902 |
|  ExlService Holdings, Inc.<sup>(a)</sup> | 648434 |  | 29821480 |
|  Franklin Covey Co.<sup>(a)</sup> | 81480 |  | 1905002 |
|  Heidrick & Struggles International, Inc. | 17174 |  | 749817 |
|  Huron Consulting Group, Inc.<sup>(a)</sup> | 2432 |  | 347363 |
|  IBEX Holdings Ltd.<sup>(a)</sup> | 65456 |  | 1884478 |
|  ICF International, Inc. | 84050 |  | 7221576 |
|  KBR, Inc. | 51470 |  | 2686219 |
|  Kelly Services, Inc., Class A, NVS | 122273 |  | 1433040 |
|  Kforce, Inc. | 32807 |  | 1338526 |
|  Legalzoom.com, Inc.<sup>(a)</sup> | 630164 |  | 5753397 |
|  ManpowerGroup, Inc. | 476036 |  | 19969710 |
|  Maximus, Inc. | 60429 |  | 4381707 |
|  NV5 Global, Inc.<sup>(a)</sup> | 269234 |  | 5950071 |
|  Parsons Corp.<sup>(a)</sup> | 24490 |  | 1587932 |
|  Resources Connection, Inc. | 152234 |  | 793900 |
|  ShiftPixy, Inc.<sup>(a)(c)</sup> | 1 |  |  |
|  TriNet Group, Inc. | 66976 |  | 5573073 |
|  Willdan Group, Inc.<sup>(a)</sup> | 25965 |  | 1403408 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105775946 |
| **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** |
|  Anywhere Real Estate, Inc.<sup>(a)</sup> | 400144 |  | 1396503 |
|  Compass, Inc., Class A<sup>(a)</sup> | 367601 |  | 2172522 |
|  Forestar Group, Inc.<sup>(a)</sup> | 39635 |  | 759010 |
|  FRP Holdings, Inc.<sup>(a)</sup> | 58636 |  | 1590208 |
|  RMR Group, Inc. (The), Class A | 184320 |  | 2783232 |
|  St. Joe Co. (The) | 206970 |  | 9253629 |
|  |  |  | 17955104 |
| **Residential REITs — 0.2%** |  |  |  |
|  Bluerock Homes Trust, Inc., Class A | 77 |  | 795 |
|  Elme Communities | 96372 |  | 1547734 |
|  NexPoint Residential Trust, Inc. | 131189 |  | 4460426 |
|  Veris Residential, Inc. | 228450 |  | 3472440 |
|  |  |  | 9481395 |
| **Retail REITs — 1.8%** |  |  |  |
|  Agree Realty Corp. | 165715 |  | 12478339 |
|  Brixmor Property Group, Inc. | 731266 |  | 18581469 |
|  NETSTREIT Corp. | 294598 |  | 4743028 |
|  NNN REIT, Inc. | 479068 |  | 20005880 |
|  Saul Centers, Inc. | 10171 |  | 342559 |
|  Tanger, Inc. | 334921 |  | 9980646 |
|  Urban Edge Properties | 380042 |  | 6901563 |
|  |  |  | 73033484 |
| **Semiconductors & Semiconductor Equipment — 2.5%** | **Semiconductors & Semiconductor Equipment — 2.5%** | **Semiconductors & Semiconductor Equipment — 2.5%** | **Semiconductors & Semiconductor Equipment — 2.5%** |
|  ACM Research, Inc., Class A<sup>(a)</sup> | 99537 |  | 2244559 |
|  Ambarella, Inc.<sup>(a)</sup> | 167584 |  | 8821622 |
|  Axcelis Technologies, Inc.<sup>(a)(b)</sup> | 63314 |  | 3567111 |
|  Credo Technology Group Holding Ltd.<sup>(a)</sup> | 345664 |  | 21071677 |
|  Diodes, Inc.<sup>(a)</sup> | 108094 |  | 4799374 |
|  Ichor Holdings Ltd.<sup>(a)</sup> | 62663 |  | 988822 |
|  Impinj, Inc.<sup>(a)</sup> | 33660 |  | 3840269 |
|  inTEST Corp.<sup>(a)</sup> | 35226 |  | 213117 |
|  Lattice Semiconductor Corp.<sup>(a)(b)</sup> | 40368 |  | 1814138 |
|  MaxLinear, Inc.<sup>(a)</sup> | 248564 |  | 2831144 |
|  Onto Innovation, Inc.<sup>(a)</sup> | 63492 |  | 5837455 |
|  Power Integrations, Inc. | 70741 |  | 3517950 |
|  Rambus, Inc.<sup>(a)</sup> | 228506 |  | 12218216 |
|  Semtech Corp.<sup>(a)</sup> | 117384 |  | 4381945 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
|  Silicon Laboratories, Inc.<sup>(a)</sup> | 15791 | $1903289 |
|  SiTime Corp.<sup>(a)</sup> | 57102 | 11195989 |
|  Synaptics, Inc.<sup>(a)</sup> | 173746 | 10209315 |
|  |  | 99455992 |
| **Software — 6.7%** |  |  |
|  8x8, Inc.<sup>(a)</sup> | 662356 | 1086264 |
|  ACI Worldwide, Inc.<sup>(a)</sup> | 318282 | 14723725 |
|  Alarm.com Holdings, Inc.<sup>(a)</sup> | 266771 | 15312655 |
|  Amplitude, Inc., Class A<sup>(a)</sup> | 370075 | 4585229 |
|  Asana, Inc., Class A<sup>(a)</sup> | 241448 | 4324334 |
|  Aurora Innovation, Inc., Class A<sup>(a)</sup> | 925002 | 5605512 |
|  Bit Digital, Inc.<sup>(a)(b)</sup> | 830901 | 1960926 |
|  Box, Inc., Class A<sup>(a)(b)</sup> | 302760 | 11450383 |
|  Braze, Inc., Class A<sup>(a)</sup> | 154016 | 5667789 |
|  C3.ai, Inc., Class A<sup>(a)(b)</sup> | 157645 | 4191781 |
|  Cleanspark, Inc.<sup>(a)(b)</sup> | 116248 | 1003220 |
|  Clear Secure, Inc., Class A | 70773 | 1751632 |
|  Clearwater Analytics Holdings, Inc., Class A<sup>(a)</sup> | 539126 | 12453811 |
|  Commvault Systems, Inc.<sup>(a)</sup> | 30451 | 5577101 |
|  Confluent, Inc., Class A<sup>(a)</sup> | 166784 | 3841036 |
|  Domo, Inc., Class B<sup>(a)</sup> | 258816 | 3286963 |
|  D-Wave Quantum, Inc.<sup>(a)(b)</sup> | 146463 | 2391741 |
|  Elastic NV<sup>(a)</sup> | 293160 | 23707849 |
|  Five9, Inc.<sup>(a)</sup> | 133027 | 3526546 |
|  Freshworks, Inc., Class A<sup>(a)</sup> | 418817 | 6395336 |
|  Gitlab, Inc., Class A<sup>(a)(b)</sup> | 89352 | 4066409 |
|  Intapp, Inc.<sup>(a)</sup> | 25046 | 1380536 |
|  InterDigital, Inc. | 36927 | 8022760 |
|  JFrog Ltd.<sup>(a)</sup> | 66547 | 2857528 |
|  LiveRamp Holdings, Inc.<sup>(a)</sup> | 299203 | 9748034 |
|  MARA Holdings, Inc.<sup>(a)</sup> | 97682 | 1379270 |
|  Olo, Inc., Class A<sup>(a)</sup> | 322297 | 2807207 |
|  Ooma, Inc.<sup>(a)</sup> | 442886 | 6045394 |
|  Pagaya Technologies Ltd., Class A<sup>(a)(b)</sup> | 130978 | 2153278 |
|  PROS Holdings, Inc.<sup>(a)</sup> | 276052 | 4855755 |
|  Q2 Holdings, Inc.<sup>(a)</sup> | 110250 | 9649080 |
|  Qualys, Inc.<sup>(a)</sup> | 111533 | 15452897 |
|  Rapid7, Inc.<sup>(a)</sup> | 46394 | 1064742 |
|  RingCentral, Inc., Class A<sup>(a)(b)</sup> | 296580 | 7690319 |
|  Riot Platforms, Inc.<sup>(a)(b)</sup> | 143455 | 1157682 |
|  Rubrik, Inc., Class A<sup>(a)</sup> | 12837 | 1224008 |
|  SEMrush Holdings, Inc., Class A<sup>(a)</sup> | 210729 | 2073573 |
|  Tenable Holdings, Inc.<sup>(a)</sup> | 239614 | 7720363 |
|  Upland Software, Inc.<sup>(a)</sup> | 146742 | 316963 |
|  Varonis Systems, Inc.<sup>(a)</sup> | 223950 | 10677936 |
|  Verint Systems, Inc.<sup>(a)</sup> | 247205 | 4335976 |
|  Workiva, Inc., Class A<sup>(a)</sup> | 243108 | 16358737 |
|  Zeta Global Holdings Corp., Class A<sup>(a)</sup> | 813568 | 10690283 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264572563 |
| **Specialized REITs — 1.5%** |  |  |
|  CubeSmart | 1180106 | 50461332 |
|  Four Corners Property Trust, Inc. | 287172 | 7928819 |
|  |  | 58390151 |
| **Specialty Retail — 3.7%** |  |  |
|  1-800-Flowers.com, Inc., Class A<sup>(a)(b)</sup> | 207688 | 1021825 |
|  Abercrombie & Fitch Co., Class A<sup>(a)</sup> | 94198 | 7393601 |
|  America's Car-Mart, Inc.<sup>(a)</sup> | 20752 | 1032619 |
|  Asbury Automotive Group, Inc.<sup>(a)(b)</sup> | 13505 | 3077925 |
|  AutoNation, Inc.<sup>(a)</sup> | 4693 | 862808 |
|  Bath & Body Works, Inc. | 190502 | 5356916 |
|  Boot Barn Holdings, Inc.<sup>(a)</sup> | 61641 | 9881669 |

---

S C H E D U L E S O F I N V E S T M E N T S 21

------

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Specialty Retail (continued)** |  |  |  |
|  Camping World Holdings, Inc., Class A | 17754 | $| 288680 |
|  CarParts.com, Inc.<sup>(a)</sup> | 170354 |  | 149554 |
|  Carvana Co., Class A<sup>(a)</sup> | 11323 |  | 3704433 |
|  Chewy, Inc., Class A<sup>(a)</sup> | 79162 |  | 3582080 |
|  Conn's, Inc.<sup>(a)(b)</sup> | 224237 |  |  |
|  Five Below, Inc.<sup>(a)</sup> | 93483 |  | 10897313 |
|  Floor & Decor Holdings, Inc., Class A<sup>(a)</sup> | 11768 |  | 843648 |
|  Foot Locker, Inc.<sup>(a)</sup> | 130258 |  | 3094930 |
|  Gap, Inc. (The) | 67625 |  | 1508714 |
|  Genesco, Inc.<sup>(a)</sup> | 31923 |  | 693687 |
|  Group 1 Automotive, Inc. | 35262 |  | 14948267 |
|  Haverty Furniture Cos., Inc. | 116853 |  | 2449239 |
|  Lands' End, Inc.<sup>(a)</sup> | 77609 |  | 653468 |
|  Lithia Motors, Inc., Class A | 12960 |  | 4107154 |
|  Lulu's Fashion Lounge Holdings, Inc.<sup>(a)</sup> | 163 |  | 67 |
|  National Vision Holdings, Inc.<sup>(a)</sup> | 300608 |  | 5955044 |
|  Penske Automotive Group, Inc. | 32187 |  | 5284462 |
|  Petco Health & Wellness Co., Inc.<sup>(a)</sup> | 317613 |  | 1165640 |
|  RealReal, Inc. (The)<sup>(a)(b)</sup> | 201719 |  | 1139712 |
|  Revolve Group, Inc., Class A<sup>(a)</sup> | 433306 |  | 8926104 |
|  RH<sup>(a)</sup> | 28064 |  | 5082671 |
|  Sonic Automotive, Inc., Class A | 61615 |  | 4308737 |
|  Stitch Fix, Inc., Class A<sup>(a)</sup> | 969841 |  | 4286697 |
|  Upbound Group, Inc. | 246505 |  | 5654825 |
|  Urban Outfitters, Inc.<sup>(a)</sup> | 94469 |  | 6603383 |
|  Victoria's Secret & Co.<sup>(a)</sup> | 144050 |  | 3055300 |
|  Warby Parker, Inc., Class A<sup>(a)</sup> | 329599 |  | 6977611 |
|  Wayfair, Inc., Class A<sup>(a)</sup> | 151744 |  | 6257923 |
|  Winmark Corp. | 9709 |  | 4124577 |
|  Zumiez, Inc.<sup>(a)</sup> | 262529 |  | 3278987 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147650270 |
| **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** |
|  IonQ, Inc.<sup>(a)(b)</sup> | 208342 |  | 8404516 |
| **Textiles, Apparel & Luxury Goods — 0.6%** |  |  |  |
|  G-III Apparel Group Ltd.<sup>(a)</sup> | 351465 |  | 10210058 |
|  Ralph Lauren Corp., Class A | 33926 |  | 9391056 |
|  Unifi, Inc.<sup>(a)</sup> | 38167 |  | 191598 |
|  VF Corp. | 333140 |  | 4150925 |
|  |  |  | 23943637 |
| **Tobacco — 0.1%** |  |  |  |
|  Turning Point Brands, Inc. | 74735 |  | 5554305 |
| **Trading Companies & Distributors — 2.0%** |  |  |  |
|  BlueLinx Holdings, Inc.<sup>(a)</sup> | 62208 |  | 4162959 |
|  Boise Cascade Co. | 222862 |  | 19362251 |
|  DNOW, Inc.<sup>(a)</sup> | 853808 |  | 12311911 |
|  FTAI Aviation Ltd. | 157071 |  | 18400868 |
|  GATX Corp. | 17540 |  | 2793070 |
|  Global Industrial Co. | 15408 |  | 401378 |
|  H&E Equipment Services, Inc. | 33707 |  | 3190031 |
|  Herc Holdings, Inc. | 37306 |  | 4625944 |
|  McGrath RentCorp | 39022 |  | 4385292 |
|  MRC Global, Inc.<sup>(a)</sup> | 78017 |  | 968191 |
|  Rush Enterprises, Inc., Class A | 152554 |  | 7574306 |
|  Xometry, Inc., Class A<sup>(a)(b)</sup> | 52356 |  | 1735601 |
|  |  |  | 79911802 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Water Utilities — 0.1%** |  |  |
|  California Water Service Group | 49237 | $2326448 |
|  H2O America | 61042 | 3203484 |
|  |  | 5529932 |
| **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
|  Spok Holdings, Inc. | 25508 | 413230 |
|  Telephone & Data Systems, Inc. | 97056 | 3334844 |
|  |  | 3748074 |
|  **Total Common Stocks — 98.8%<br>(Cost: $3,792,858,361)** | **Total Common Stocks — 98.8%<br>(Cost: $3,792,858,361)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3917923109 |
| **Rights** |  |  |
| **Biotechnology — 0.0%** |  |  |
|  Albireo Pharma Inc., CVR<sup>(a)(b)(c)</sup> | 28456 | 99596 |
|  Chinook Therapeutics, Inc., CVR<sup>(a)(c)</sup> | 35990 | 5758 |
|  Flexion Therapeutics, Inc., CVR<sup>(a)(c)</sup> | 73745 | 20649 |
|  Jounce Therapeutics, Inc., CVR<sup>(a)</sup> | 10334 | 90 |
|  Poseida Therapeutics, Inc., CVR<sup>(a)(c)</sup> | 104999 | 145949 |
|  |  | 272042 |
| **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** |
|  Surface Oncology, Inc., CVR<sup>(a)</sup> | 58721 | 5515 |
| **Paper & Forest Products — 0.0%** |  |  |
|  Resolute Forest Products, Inc., CVR<sup>(a)(c)</sup> | 72036 | 77079 |
|  **Total Rights — 0.0%<br>(Cost: $—)** | **Total Rights — 0.0%<br>(Cost: $—)** | 354636 |
|  **Total Long-Term Investments — 98.8%<br>(Cost: $3,792,858,361)** | **Total Long-Term Investments — 98.8%<br>(Cost: $3,792,858,361)** | 3918277745 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 4.2%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.46%<sup>(d)(e)(f)</sup> | 126783679 | 126834392 |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.20%<sup>(d)(e)</sup> | 41068103 | 41068103 |
|  **Total Short-Term Securities — 4.2%<br>(Cost: $167,892,974)** | **Total Short-Term Securities — 4.2%<br>(Cost: $167,892,974)** | 167902495 |
|  **Total Investments — 103.0%<br>(Cost: $3,960,751,335)** | **Total Investments — 103.0%<br>(Cost: $3,960,751,335)** | 4086180240 |
|  **Liabilities in Excess of Other Assets — (3.0)%** | **Liabilities in Excess of Other Assets — (3.0)%** | (119023340) |
|  **Net Assets — 100.0%** |  | $3967156900 |

---

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

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

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

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

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

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

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

------

---

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

---

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended May 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>05/31/24* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>05/31/25* | *Shares<br>Held at<br>05/31/25* | *Income* | *Capital Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $153856296 | $— | $(27035366)<sup>(a)</sup> | $3941 | $9521 | $126834392 | 126783679 | $432236 <sup>(b)</sup> | $— |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares | 34625874 | 6442229 <sup>(a)</sup> |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 41068103 | 41068103 | 1916253 |  |
|  |  |  |  | $3941 | $9521 | $167902495 |  | $2348489 | $— |

---

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

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

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

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

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount (000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Russell 2000 E-Mini Index | 447 | 06/20/25 | $46227 | $262930 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $262930 | $— | $— | $— | $262930 |

---

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(3406621) | $— | $— | $— | $(3406621) |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $291006 | $— | $— | $— | $291006 |

---

S C H E D U L E S O F I N V E S T M E N T S 23

------

---

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

---

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $45380018 |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $77754596 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $77754596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Freight & Logistics | 580149 |  |  | 580149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobile Components | 50528074 |  |  | 50528074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 3222570 |  |  | 3222570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks | 369700431 | 5993 |  | 369706424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beverages | 8804332 |  |  | 8804332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 326033592 |  |  | 326033592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 834436 |  |  | 834436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Building Products | 47691099 |  |  | 47691099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 117208913 |  |  | 117208913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 20392259 |  |  | 20392259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 35547064 |  |  | 35547064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 42175563 |  |  | 42175563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | 112093795 |  |  | 112093795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | 659436 |  |  | 659436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | 78074960 |  |  | 78074960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 75327544 |  |  | 75327544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | 10553290 |  |  | 10553290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributors | 527379 |  |  | 527379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Consumer Services | 55574329 |  |  | 55574329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified REITs | 9824981 |  |  | 9824981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | 17982399 |  |  | 17982399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 12265437 |  |  | 12265437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 43785879 |  |  | 43785879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 116968046 |  |  | 116968046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | 71307255 |  |  | 71307255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 13633721 |  |  | 13633721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 88757354 |  |  | 88757354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food Products | 29252052 |  |  | 29252052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas Utilities | 35808454 |  |  | 35808454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | 18650175 |  |  | 18650175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 64263073 |  |  | 64263073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 157122472 |  |  | 157122472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care REITs | 9411984 |  |  | 9411984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Technology | 16616391 |  |  | 16616391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotel & Resort REITs | 26336385 |  |  | 26336385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 62388557 |  |  | 62388557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Durables | 66200293 |  |  | 66200293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Products | 14860185 |  |  | 14860185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independent Power and Renewable Electricity Producers | 218 |  |  | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial REITs | 20628721 |  |  | 20628721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance | 66214227 |  |  | 66214227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 51418673 |  |  | 51418673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services | 9873937 |  |  | 9873937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leisure Products | 4974742 |  |  | 4974742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 15909211 |  |  | 15909211 |

---

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

------

---

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

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery | $106120169 | $— | $— | $106120169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marine Transportation | 12731751 |  |  | 12731751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Media | 25880617 |  |  | 25880617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 109328508 |  |  | 109328508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage Real Estate Investment Trusts (REITs) | 1427904 |  |  | 1427904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | 41810009 |  |  | 41810009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Office REITs | 11642287 |  |  | 11642287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 91269150 |  |  | 91269150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Passenger Airlines | 35823132 |  |  | 35823132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personal Care Products | 12530512 |  |  | 12530512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 88207273 |  |  | 88207273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 105775946 |  |  | 105775946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | 17955104 |  |  | 17955104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential REITs | 9481395 |  |  | 9481395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retail REITs | 73033484 |  |  | 73033484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 99455992 |  |  | 99455992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | 264572563 |  |  | 264572563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialized REITs | 58390151 |  |  | 58390151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 147650270 |  |  | 147650270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 8404516 |  |  | 8404516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 23943637 |  |  | 23943637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco | 5554305 |  |  | 5554305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | 79911802 |  |  | 79911802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Water Utilities | 5529932 |  |  | 5529932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | 3748074 |  |  | 3748074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights |  | 5605 | 349031 | 354636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 167902495 |  |  | 167902495 |
|  | $4085819611 | $11598 | $349031 | $4086180240 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $262930 | $— | $— | $262930 |

---

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

*See notes to financial statements.* 

S C H E D U L E S O F I N V E S T M E N T S 25

------

---

| | |
|:---|:---|
| Schedule of Investments<br> May 31, 2025 | **BlackRock Advantage Large Cap Core Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 1.3%** | **Aerospace & Defense — 1.3%** | **Aerospace & Defense — 1.3%** |
|  Lockheed Martin Corp. | 79093 | $38152881 |
| **Air Freight & Logistics — 1.1%** |  |  |
|  Expeditors International of Washington, Inc. | 140820 | 15874639 |
|  FedEx Corp. | 78452 | 17110381 |
|  |  | 32985020 |
| **Automobile Components — 0.7%** |  |  |
|  BorgWarner, Inc. | 682630 | 22588227 |
| **Automobiles — 1.4%** |  |  |
|  Tesla, Inc.<sup>(a)</sup> | 125189 | 43372981 |
| **Banks — 4.0%** |  |  |
|  Bank of America Corp. | 1177229 | 51951116 |
|  JPMorgan Chase & Co. | 139667 | 36872088 |
|  PNC Financial Services Group, Inc. (The) | 177544 | 30858922 |
|  |  | 119682126 |
| **Beverages — 0.3%** |  |  |
|  Coca-Cola Co. (The) | 136751 | 9859747 |
| **Biotechnology — 3.1%** |  |  |
|  AbbVie, Inc. | 157245 | 29264867 |
|  Biogen, Inc.<sup>(a)</sup> | 116447 | 15113656 |
|  BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 224253 | 13022372 |
|  Natera, Inc.<sup>(a)</sup> | 65187 | 10281946 |
|  Regeneron Pharmaceuticals, Inc. | 31539 | 15462941 |
|  United Therapeutics Corp.<sup>(a)</sup> | 28410 | 9058528 |
|  |  | 92204310 |
| **Broadline Retail — 4.1%** |  |  |
|  Amazon.com, Inc.<sup>(a)</sup> | 611201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125302317 |
| **Capital Markets — 5.9%** |  |  |
|  Charles Schwab Corp. (The) | 494968 | 43725473 |
|  CME Group, Inc., Class A | 54344 | 15705416 |
|  Intercontinental Exchange, Inc. | 138489 | 24900322 |
|  Invesco Ltd. | 637615 | 9219913 |
|  Moody's Corp. | 82202 | 39401063 |
|  Morgan Stanley | 346441 | 44354841 |
|  |  | 177307028 |
| **Commercial Services & Supplies — 1.1%** |  |  |
|  Cintas Corp. | 149560 | 33875340 |
| **Communications Equipment — 0.6%** |  |  |
|  Motorola Solutions, Inc. | 46704 | 19399908 |
| **Construction & Engineering — 1.1%** |  |  |
|  Comfort Systems U.S.A., Inc. | 29219 | 13973403 |
|  MasTec, Inc.<sup>(a)</sup> | 126485 | 19722806 |
|  |  | 33696209 |
| **Consumer Staples Distribution & Retail — 3.4%** | **Consumer Staples Distribution & Retail — 3.4%** | **Consumer Staples Distribution & Retail — 3.4%** |
|  Costco Wholesale Corp. | 45709 | 47545588 |
|  Walmart, Inc. | 555398 | 54828890 |
|  |  | 102374478 |
| **Containers & Packaging — 0.7%** |  |  |
|  Packaging Corp. of America | 106569 | 20585934 |
| **Electric Utilities — 1.2%** |  |  |
|  Entergy Corp. | 435074 | 36232963 |
| **Electrical Equipment — 0.8%** |  |  |
|  Eaton Corp. PLC | 70804 | 22671441 |
| **Electronic Equipment, Instruments & Components — 1.5%** | **Electronic Equipment, Instruments & Components — 1.5%** | **Electronic Equipment, Instruments & Components — 1.5%** |
|  Amphenol Corp., Class A | 222426 | 20002770 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
|  Corning, Inc. | 429565 | $21302128 |
|  Flex Ltd.<sup>(a)</sup> | 118582 | 5016019 |
|  |  | 46320917 |
| **Energy Equipment & Services — 0.4%** |  |  |
|  Halliburton Co. | 605675 | 11865173 |
| **Entertainment — 1.5%** |  |  |
|  Netflix, Inc.<sup>(a)</sup> | 24164 | 29171506 |
|  Walt Disney Co. (The) | 153750 | 17379900 |
|  |  | 46551406 |
| **Financial Services — 2.0%** |  |  |
|  Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 39217 | 19763799 |
|  Mastercard, Inc., Class A | 25406 | 14877754 |
|  Visa, Inc., Class A | 69395 | 25342360 |
|  |  | 59983913 |
| **Ground Transportation — 0.7%** |  |  |
|  Uber Technologies, Inc.<sup>(a)</sup> | 243720 | 20511475 |
| **Health Care Equipment & Supplies — 2.6%** |  |  |
|  Boston Scientific Corp.<sup>(a)</sup> | 342133 | 36012920 |
|  Medtronic PLC | 513571 | 42616121 |
|  |  | 78629041 |
| **Health Care Providers & Services — 2.3%** |  |  |
|  Cardinal Health, Inc. | 249074 | 38466988 |
|  Centene Corp.<sup>(a)</sup> | 175665 | 9914533 |
|  UnitedHealth Group, Inc. | 70309 | 21226990 |
|  |  | 69608511 |
| **Health Care REITs — 0.9%** |  |  |
|  Ventas, Inc. | 433410 | 27859595 |
| **Hotel & Resort REITs — 0.0%** |  |  |
|  RLJ Lodging Trust | 51 | 372 |
| **Hotels, Restaurants & Leisure — 1.6%** |  |  |
|  Booking Holdings, Inc. | 5149 | 28416971 |
|  DoorDash, Inc., Class A<sup>(a)</sup> | 27960 | 5833854 |
|  Yum! Brands, Inc. | 99965 | 14388962 |
|  |  | 48639787 |
| **Household Durables — 0.6%** |  |  |
|  DR Horton, Inc. | 67715 | 7994433 |
|  Toll Brothers, Inc. | 110265 | 11495126 |
|  |  | 19489559 |
| **Household Products — 0.9%** |  |  |
|  Colgate-Palmolive Co. | 296578 | 27563959 |
| **Insurance — 1.8%** |  |  |
|  Progressive Corp. (The) | 49375 | 14068419 |
|  Travelers Cos., Inc. (The) | 142155 | 39192133 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53260552 |
| **Interactive Media & Services — 7.0%** |  |  |
|  Alphabet, Inc., Class A | 452007 | 77627682 |
|  Alphabet, Inc., Class C, NVS | 267858 | 46299255 |
|  Meta Platforms, Inc., Class A | 136799 | 88575985 |
|  |  | 212502922 |
| **Machinery — 1.7%** |  |  |
|  Flowserve Corp. | 455469 | 22732458 |
|  Parker-Hannifin Corp. | 44459 | 29551897 |
|  |  | 52284355 |

---

26 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Advantage Large Cap Core Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Media — 0.8%** |  |  |  |
|  Comcast Corp., Class A | 644038 | $| 22264394 |
|  Fox Corp., Class B | 7459 |  | 375038 |
|  |  |  | 22639432 |
| **Metals & Mining — 0.4%** |  |  |  |
|  Nucor Corp. | 98373 |  | 10758071 |
| **Oil, Gas & Consumable Fuels — 3.0%** |  |  |  |
|  Cheniere Energy, Inc. | 105730 |  | 25056953 |
|  Devon Energy Corp. | 849337 |  | 25700938 |
|  Targa Resources Corp. | 95324 |  | 15054519 |
|  Williams Cos., Inc. (The) | 395242 |  | 23916093 |
|  |  |  | 89728503 |
| **Passenger Airlines — 0.4%** |  |  |  |
|  Delta Air Lines, Inc. | 225874 |  | 10930043 |
| **Pharmaceuticals — 3.9%** |  |  |  |
|  Bristol-Myers Squibb Co. | 448848 |  | 21670381 |
|  Eli Lilly & Co. | 45893 |  | 33853889 |
|  Merck & Co., Inc. | 359658 |  | 27636121 |
|  Pfizer, Inc. | 1520287 |  | 35711542 |
|  |  |  | 118871933 |
| **Retail REITs — 0.8%** |  |  |  |
|  Simon Property Group, Inc. | 140481 |  | 22908237 |
| **Semiconductors & Semiconductor Equipment — 10.9%** | **Semiconductors & Semiconductor Equipment — 10.9%** | **Semiconductors & Semiconductor Equipment — 10.9%** | **Semiconductors & Semiconductor Equipment — 10.9%** |
|  Advanced Micro Devices, Inc.<sup>(a)</sup> | 155532 |  | 17222058 |
|  Broadcom, Inc. | 258416 |  | 62554761 |
|  Lam Research Corp. | 343050 |  | 27715010 |
|  Marvell Technology, Inc. | 264220 |  | 15903402 |
|  NVIDIA Corp. | 1314340 |  | 177606764 |
|  QUALCOMM, Inc. | 126182 |  | 18321626 |
|  Texas Instruments, Inc. | 57183 |  | 10455912 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329779533 |
| **Software — 11.8%** |  |  |  |
|  Adobe, Inc.<sup>(a)</sup> | 58598 |  | 24323444 |
|  Autodesk, Inc.<sup>(a)</sup> | 110061 |  | 32591263 |
|  Elastic NV<sup>(a)</sup> | 162441 |  | 13136604 |
|  Fair Isaac Corp.<sup>(a)</sup> | 5276 |  | 9107853 |
|  InterDigital, Inc. | 6 |  | 1304 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Software (continued)** |  |  |
|  Intuit, Inc. | 16370 | $12334304 |
|  Microsoft Corp. | 455217 | 209563698 |
|  Palantir Technologies, Inc., Class A<sup>(a)</sup> | 120612 | 15894249 |
|  SailPoint, Inc.<sup>(a)</sup> | 35225 | 620665 |
|  Salesforce, Inc. | 114255 | 30319849 |
|  ServiceNow, Inc.<sup>(a)</sup> | 8202 | 8292960 |
|  |  | 356186193 |
| **Specialized REITs — 1.1%** |  |  |
|  Equinix, Inc. | 38542 | 34256901 |
| **Specialty Retail — 1.8%** |  |  |
|  Home Depot, Inc. (The) | 151366 | 55746584 |
| **Technology Hardware, Storage & Peripherals — 5.7%** | **Technology Hardware, Storage & Peripherals — 5.7%** | **Technology Hardware, Storage & Peripherals — 5.7%** |
|  Apple Inc. | 864300 | 173594655 |
| **Textiles, Apparel & Luxury Goods — 0.7%** |  |  |
|  Ralph Lauren Corp., Class A | 76378 | 21142194 |
| **Tobacco — 1.3%** |  |  |
|  Philip Morris International, Inc. | 213753 | 38601654 |
|  **Total Long-Term Investments — 98.9%<br>(Cost: $2,059,256,417)** | **Total Long-Term Investments — 98.9%<br>(Cost: $2,059,256,417)** | 2990506380 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 1.0%** |  |  |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.20%<sup>(b)(c)</sup> | 29457388 | 29457388 |
|  **Total Short-Term Securities — 1.0%<br>(Cost: $29,457,388)** | **Total Short-Term Securities — 1.0%<br>(Cost: $29,457,388)** | 29457388 |
|  **Total Investments — 99.9%<br>(Cost: $2,088,713,805)** | **Total Investments — 99.9%<br>(Cost: $2,088,713,805)** | 3019963768 |
|  **Other Assets Less Liabilities — 0.1%** | **Other Assets Less Liabilities — 0.1%** | 2036280 |
|  **Net Assets — 100.0%** |  | $3022000048 |

---

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

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

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

S C H E D U L E S O F I N V E S T M E N T S 27

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Advantage Large Cap Core Fund** |

---

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended May 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>05/31/24* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>05/31/25* | *Shares<br>Held at<br>05/31/25* | *Income* | *Capital Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares<sup>(a)</sup> | $7654832 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(7649662)<sup>(b)</sup> | $(5350) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | $13820 <sup>(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares | 25852986 | 3604402 <sup>(b)</sup> |  |  |  | 29457388 | 29457388 | 1296740 |  |
|  |  |  |  | $(5350) | $180 | $29457388 |  | $1310560 | $— |

---

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

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

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

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

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

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount (000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 E-Mini Index | 103 | 06/20/25 | $30467 | $2224979 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $2224979 | $— | $— | $— | $2224979 |

---

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $214457 | $— | $— | $— | $214457 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $1423821 | $— | $— | $— | $1423821 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Advantage Large Cap Core Fund** |

---

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $31917228 |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $2990506380 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $2990506380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 29457388 |  |  | 29457388 |
|  | $3019963768 | $— | $— | $3019963768 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $2224979 | $— | $— | $2224979 |

---

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

*See notes to financial statements.* 

S C H E D U L E S O F I N V E S T M E N T S 29

------

---

| | |
|:---|:---|
| Schedule of Investments <br> May 31, 2025 | **BlackRock Advantage Large Cap Value Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 3.1%** | **Aerospace & Defense — 3.1%** | **Aerospace & Defense — 3.1%** |
|  Curtiss-Wright Corp. | 744 | $327442 |
|  General Dynamics Corp. | 7978 | 2221793 |
|  General Electric Co. | 7238 | 1779896 |
|  HEICO Corp., Class A | 11415 | 2692114 |
|  Lockheed Martin Corp. | 12626 | 6090530 |
|  Northrop Grumman Corp. | 2256 | 1093641 |
|  RTX Corp. | 38989 | 5321219 |
|  |  | 19526635 |
| **Air Freight & Logistics — 1.5%** |  |  |
|  Expeditors International of Washington, Inc. | 15819 | 1783276 |
|  FedEx Corp. | 18503 | 4035504 |
|  United Parcel Service, Inc., Class B | 38613 | 3766312 |
|  |  | 9585092 |
| **Automobile Components — 0.5%** |  |  |
|  BorgWarner, Inc. | 101684 | 3364724 |
| **Automobiles — 0.3%** |  |  |
|  General Motors Co. | 43319 | 2149056 |
| **Banks — 8.2%** |  |  |
|  Bank of America Corp. | 326388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14403503 |
|  Citigroup, Inc. | 108579 | 8178170 |
|  Citizens Financial Group, Inc. | 36060 | 1455021 |
|  FNB Corp. | 21898 | 303725 |
|  Huntington Bancshares, Inc. | 26192 | 409381 |
|  JPMorgan Chase & Co. | 67756 | 17887584 |
|  PNC Financial Services Group, Inc. (The) | 49147 | 8542240 |
|  |  | 51179624 |
| **Beverages — 0.8%** |  |  |
|  Coca-Cola Co. (The) | 51524 | 3714880 |
|  Keurig Dr. Pepper, Inc. | 41494 | 1397103 |
|  |  | 5111983 |
| **Biotechnology — 3.7%** |  |  |
|  AbbVie, Inc. | 26684 | 4966159 |
|  Amgen, Inc. | 1148 | 330831 |
|  Biogen, Inc.<sup>(a)</sup> | 28671 | 3721209 |
|  BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 43333 | 2516347 |
|  Gilead Sciences, Inc. | 42217 | 4647247 |
|  Incyte Corp.<sup>(a)</sup> | 11777 | 766212 |
|  Ionis Pharmaceuticals, Inc.<sup>(a)</sup> | 6426 | 215335 |
|  Moderna, Inc.<sup>(a)</sup> | 3602 | 95669 |
|  Natera, Inc.<sup>(a)</sup> | 6886 | 1086129 |
|  Regeneron Pharmaceuticals, Inc. | 5623 | 2756845 |
|  Sarepta Therapeutics, Inc.<sup>(a)</sup> | 10939 | 411306 |
|  Ultragenyx Pharmaceutical, Inc.<sup>(a)</sup> | 9552 | 325055 |
|  United Therapeutics Corp.<sup>(a)</sup> | 3880 | 1237138 |
|  |  | 23075482 |
| **Broadline Retail — 0.2%** |  |  |
|  Amazon.com, Inc.<sup>(a)</sup> | 5498 | 1127145 |
| **Building Products — 0.5%** |  |  |
|  Allegion PLC | 603 | 86048 |
|  Armstrong World Industries, Inc. | 3069 | 477629 |
|  Johnson Controls International PLC | 11216 | 1136966 |
|  Owens Corning | 2371 | 317595 |
|  Trane Technologies PLC | 3141 | 1351478 |
|  |  | 3369716 |
| **Capital Markets — 7.5%** |  |  |
|  Blackstone, Inc., Class A | 478 | 66327 |
|  Cboe Global Markets, Inc. | 2450 | 561344 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Capital Markets (continued)** |  |  |
|  Charles Schwab Corp. (The) | 98536 | $8704670 |
|  CME Group, Inc., Class A | 16087 | 4649143 |
|  Etoro Group Ltd., Class A<sup>(a)(b)</sup> | 10210 | 604432 |
|  Evercore, Inc., Class A | 737 | 170608 |
|  Interactive Brokers Group, Inc., Class A | 2619 | 549152 |
|  Intercontinental Exchange, Inc. | 38804 | 6976959 |
|  Invesco Ltd. | 171774 | 2483852 |
|  Janus Henderson Group PLC | 3361 | 122105 |
|  Moody's Corp. | 5395 | 2585932 |
|  Morgan Stanley | 79046 | 10120260 |
|  Nasdaq, Inc. | 27868 | 2328093 |
|  S&P Global, Inc. | 11526 | 5911224 |
|  XP, Inc., Class A | 37180 | 719805 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46553906 |
| **Chemicals — 1.3%** |  |  |
|  DuPont de Nemours, Inc. | 42122 | 2813750 |
|  Ecolab, Inc. | 3177 | 843875 |
|  Huntsman Corp. | 93393 | 1040398 |
|  LyondellBasell Industries NV, Class A | 28673 | 1619738 |
|  Mosaic Co. (The) | 32858 | 1187488 |
|  Scotts Miracle-Gro Co. (The) | 9074 | 540447 |
|  |  | 8045696 |
| **Commercial Services & Supplies — 1.4%** |  |  |
|  Cintas Corp. | 27422 | 6211083 |
|  Waste Connections, Inc. | 12818 | 2526300 |
|  Waste Management, Inc. | 1161 | 279766 |
|  |  | 9017149 |
| **Communications Equipment — 1.3%** |  |  |
|  Cisco Systems, Inc. | 61843 | 3898583 |
|  Juniper Networks, Inc. | 8123 | 291859 |
|  Motorola Solutions, Inc. | 9678 | 4020048 |
|  |  | 8210490 |
| **Construction & Engineering — 1.0%** |  |  |
|  AECOM | 6107 | 670854 |
|  Comfort Systems U.S.A., Inc. | 3726 | 1781885 |
|  EMCOR Group, Inc. | 747 | 352479 |
|  MasTec, Inc.<sup>(a)</sup> | 20359 | 3174579 |
|  |  | 5979797 |
| **Construction Materials — 0.0%** |  |  |
|  CRH PLC | 974 | 88790 |
| **Consumer Finance — 0.8%** |  |  |
|  American Express Co. | 13498 | 3969087 |
|  OneMain Holdings, Inc. | 13846 | 717777 |
|  |  | 4686864 |
| **Consumer Staples Distribution & Retail — 3.6%** |  |  |
|  Costco Wholesale Corp. | 4508 | 4689131 |
|  Sprouts Farmers Market, Inc.<sup>(a)</sup> | 2486 | 429730 |
|  Target Corp. | 12788 | 1202200 |
|  Walmart, Inc. | 163917 | 16181886 |
|  |  | 22502947 |
| **Containers & Packaging — 1.0%** |  |  |
|  Crown Holdings, Inc. | 21834 | 2150649 |
|  Packaging Corp. of America | 22140 | 4276784 |
|  |  | 6427433 |
| **Diversified Consumer Services — 0.1%** |  |  |
|  Bright Horizons Family Solutions, Inc.<sup>(a)</sup> | 4767 | 615896 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Advantage Large Cap Value Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Diversified Telecommunication Services — 1.4%** | **Diversified Telecommunication Services — 1.4%** | **Diversified Telecommunication Services — 1.4%** |
|  AT&T Inc. | 106472 | $2959921 |
|  Verizon Communications, Inc. | 130181 | 5722757 |
|  |  | 8682678 |
| **Electric Utilities — 2.3%** |  |  |
|  Duke Energy Corp. | 2731 | 321493 |
|  Edison International | 9992 | 556055 |
|  Entergy Corp. | 86681 | 7218794 |
|  Exelon Corp. | 43696 | 1914759 |
|  IDACORP, Inc. | 8747 | 1040456 |
|  NextEra Energy, Inc. | 11563 | 816810 |
|  OGE Energy Corp. | 45170 | 2008710 |
|  PG&E Corp. | 33653 | 568062 |
|  |  | 14445139 |
| **Electrical Equipment — 1.7%** |  |  |
|  AMETEK, Inc. | 13432 | 2400836 |
|  Eaton Corp. PLC | 20559 | 6582992 |
|  GE Vernova, Inc. | 3818 | 1805837 |
|  |  | 10789665 |
| **Electronic Equipment, Instruments & Components — 1.9%** | **Electronic Equipment, Instruments & Components — 1.9%** | **Electronic Equipment, Instruments & Components — 1.9%** |
|  Amphenol Corp., Class A | 31941 | 2872454 |
|  Badger Meter, Inc. | 635 | 157620 |
|  Corning, Inc. | 84579 | 4194273 |
|  Flex Ltd.<sup>(a)</sup> | 62080 | 2625984 |
|  Insight Enterprises, Inc.<sup>(a)</sup> | 1427 | 186067 |
|  Keysight Technologies, Inc.<sup>(a)</sup> | 2784 | 437199 |
|  TE Connectivity PLC | 2407 | 385288 |
|  Trimble, Inc.<sup>(a)</sup> | 6313 | 449927 |
|  Zebra Technologies Corp., Class A<sup>(a)</sup> | 1409 | 408286 |
|  |  | 11717098 |
| **Energy Equipment & Services — 0.5%** |  |  |
|  Halliburton Co. | 149025 | 2919400 |
|  TechnipFMC PLC | 14155 | 440928 |
|  |  | 3360328 |
| **Entertainment — 0.9%** |  |  |
|  Take-Two Interactive Software, Inc.<sup>(a)</sup> | 786 | 177856 |
|  Walt Disney Co. (The) | 46123 | 5213744 |
|  |  | 5391600 |
| **Financial Services — 2.8%** |  |  |
|  Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 33218 | 16740543 |
|  Remitly Global, Inc.<sup>(a)(b)</sup> | 48934 | 1045230 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17785773 |
| **Food Products — 0.2%** |  |  |
|  Ingredion, Inc. | 9827 | 1367132 |
|  Kellanova | 1612 | 133200 |
|  |  | 1500332 |
| **Ground Transportation — 0.6%** |  |  |
|  Knight-Swift Transportation Holdings, Inc. | 53470 | 2369791 |
|  Uber Technologies, Inc.<sup>(a)</sup> | 9237 | 777386 |
|  Union Pacific Corp. | 2555 | 566341 |
|  |  | 3713518 |
| **Health Care Equipment & Supplies — 2.7%** |  |  |
|  Boston Scientific Corp.<sup>(a)</sup> | 50518 | 5317525 |
|  Edwards Lifesciences Corp.<sup>(a)</sup> | 26690 | 2087692 |
|  Medtronic PLC | 115619 | 9594064 |
|  |  | 16999281 |
| **Health Care Providers & Services — 3.7%** |  |  |
|  Acadia Healthcare Co., Inc.<sup>(a)</sup> | 19585 | 443404 |
|  Cardinal Health, Inc. | 44739 | 6909491 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Health Care Providers & Services (continued)** |  |  |
|  Centene Corp.<sup>(a)</sup> | 45286 | $2555942 |
|  Cigna Group (The) | 3977 | 1259277 |
|  CVS Health Corp. | 13647 | 873954 |
|  Elevance Health, Inc. | 3250 | 1247480 |
|  Encompass Health Corp. | 10897 | 1317447 |
|  McKesson Corp. | 442 | 318023 |
|  Tenet Healthcare Corp.<sup>(a)</sup> | 3506 | 591708 |
|  UnitedHealth Group, Inc. | 22404 | 6763992 |
|  Universal Health Services, Inc., Class B | 2733 | 520227 |
|  |  | 22800945 |
| **Health Care REITs — 0.6%** |  |  |
|  Ventas, Inc. | 53484 | 3437951 |
|  Welltower, Inc. | 3745 | 577779 |
|  |  | 4015730 |
| **Health Care Technology — 0.1%** |  |  |
|  Veeva Systems, Inc., Class A<sup>(a)</sup> | 1612 | 450876 |
| **Hotels, Restaurants & Leisure — 1.4%** |  |  |
|  Booking Holdings, Inc. | 724 | 3995705 |
|  Brinker International, Inc.<sup>(a)</sup> | 1317 | 227354 |
|  Flutter Entertainment PLC<sup>(a)</sup> | 890 | 224903 |
|  McDonald's Corp. | 5612 | 1761326 |
|  Texas Roadhouse, Inc. | 2612 | 509889 |
|  Yum! Brands, Inc. | 15883 | 2286199 |
|  |  | 9005376 |
| **Household Durables — 1.0%** |  |  |
|  DR Horton, Inc. | 13205 | 1558982 |
|  Garmin Ltd. | 10498 | 2130779 |
|  NVR, Inc.<sup>(a)</sup> | 122 | 868143 |
|  Taylor Morrison Home Corp., Class A<sup>(a)</sup> | 2884 | 162312 |
|  Toll Brothers, Inc. | 12127 | 1264240 |
|  |  | 5984456 |
| **Household Products — 1.9%** |  |  |
|  Colgate-Palmolive Co. | 59283 | 5509762 |
|  Procter & Gamble Co. (The) | 38449 | 6532101 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12041863 |
| **Industrial Conglomerates — 0.6%** |  |  |
|  Honeywell International, Inc. | 16395 | 3716255 |
| **Insurance — 4.0%** |  |  |
|  Allstate Corp. (The) | 21585 | 4530044 |
|  Aon PLC, Class A | 6848 | 2548004 |
|  Brown & Brown, Inc. | 1443 | 162915 |
|  CNA Financial Corp. | 8583 | 411212 |
|  First American Financial Corp. | 2484 | 138632 |
|  Globe Life, Inc. | 13190 | 1607465 |
|  Hanover Insurance Group, Inc. (The) | 4538 | 798597 |
|  Hartford Insurance Group, Inc. (The) | 6981 | 906413 |
|  Progressive Corp. (The) | 4899 | 1395872 |
|  Reinsurance Group of America, Inc. | 4370 | 888377 |
|  Travelers Cos., Inc. (The) | 30146 | 8311252 |
|  Unum Group | 38655 | 3158500 |
|  |  | 24857283 |
| **Interactive Media & Services — 0.8%** |  |  |
|  Alphabet, Inc., Class A | 19101 | 3280406 |
|  Meta Platforms, Inc., Class A | 1495 | 967997 |
|  Pinterest, Inc., Class A<sup>(a)</sup> | 16854 | 524328 |
|  |  | 4772731 |
| **IT Services — 1.2%** |  |  |
|  Accenture PLC, Class A | 17485 | 5539598 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Advantage Large Cap Value Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **IT Services (continued)** |  |  |
|  GoDaddy, Inc., Class A<sup>(a)</sup> | 306 | $55738 |
|  International Business Machines Corp. | 912 | 236263 |
|  MongoDB, Inc., Class A<sup>(a)</sup> | 585 | 110465 |
|  VeriSign, Inc. | 6415 | 1747895 |
|  |  | 7689959 |
| **Life Sciences Tools & Services — 1.0%** |  |  |
|  Agilent Technologies, Inc. | 4023 | 450254 |
|  Danaher Corp. | 8465 | 1607504 |
|  Thermo Fisher Scientific, Inc. | 9592 | 3863849 |
|  |  | 5921607 |
| **Machinery — 2.9%** |  |  |
|  Caterpillar, Inc. | 2088 | 726687 |
|  Crane Co. | 1465 | 251101 |
|  Cummins, Inc. | 9628 | 3095209 |
|  Flowserve Corp. | 45377 | 2264766 |
|  Illinois Tool Works, Inc. | 4049 | 992329 |
|  Parker-Hannifin Corp. | 11345 | 7541022 |
|  Pentair PLC | 29483 | 2924124 |
|  Westinghouse Air Brake Technologies Corp. | 1988 | 402212 |
|  |  | 18197450 |
| **Media — 1.5%** |  |  |
|  Comcast Corp., Class A | 184510 | 6378511 |
|  Fox Corp., Class A, NVS | 42298 | 2323852 |
|  Fox Corp., Class B | 3318 | 166829 |
|  New York Times Co. (The), Class A | 11440 | 653453 |
|  |  | 9522645 |
| **Metals & Mining — 1.0%** |  |  |
|  Alcoa Corp. | 7024 | 188032 |
|  Freeport-McMoRan, Inc. | 26295 | 1011832 |
|  Newmont Corp. | 43184 | 2276661 |
|  Nucor Corp. | 19601 | 2143565 |
|  Reliance, Inc. | 1014 | 296919 |
|  |  | 5917009 |
| **Multi-Utilities — 1.1%** |  |  |
|  CMS Energy Corp. | 10312 | 724212 |
|  Consolidated Edison, Inc. | 31436 | 3284748 |
|  NiSource, Inc. | 76143 | 3010694 |
|  |  | 7019654 |
| **Oil, Gas & Consumable Fuels — 5.4%** |  |  |
|  Antero Resources Corp.<sup>(a)</sup> | 29195 | 1093353 |
|  Cheniere Energy, Inc. | 14298 | 3388483 |
|  Chevron Corp. | 43316 | 5921297 |
|  Chord Energy Corp. | 4637 | 417330 |
|  Civitas Resources, Inc. | 12601 | 344889 |
|  ConocoPhillips | 33290 | 2841302 |
|  Devon Energy Corp. | 179100 | 5419566 |
|  EOG Resources, Inc. | 1502 | 163072 |
|  EQT Corp. | 5384 | 296820 |
|  Exxon Mobil Corp. | 66384 | 6791083 |
|  Marathon Petroleum Corp. | 867 | 139362 |
|  Ovintiv, Inc. | 20267 | 725964 |
|  Targa Resources Corp. | 14593 | 2304672 |
|  Valero Energy Corp. | 3311 | 427020 |
|  Williams Cos., Inc. (The) | 61271 | 3707508 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33981721 |
| **Passenger Airlines — 0.5%** |  |  |
|  Alaska Air Group, Inc.<sup>(a)</sup> | 9878 | 503086 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Passenger Airlines (continued)** |  |  |  |
|  American Airlines Group, Inc.<sup>(a)</sup> | 34247 | $| 390758 |
|  Delta Air Lines, Inc. | 41781 |  | 2021783 |
|  |  |  | 2915627 |
| **Pharmaceuticals — 3.4%** |  |  |  |
|  Bristol-Myers Squibb Co. | 115636 |  | 5582906 |
|  Johnson & Johnson | 31306 |  | 4859004 |
|  Merck & Co., Inc. | 24206 |  | 1859989 |
|  Pfizer, Inc. | 388277 |  | 9120627 |
|  |  |  | 21422526 |
| **Professional Services — 0.2%** |  |  |  |
|  Booz Allen Hamilton Holding Corp., Class A | 5064 |  | 538050 |
|  CACI International, Inc., Class A<sup>(a)</sup> | 1330 |  | 569240 |
|  Dun & Bradstreet Holdings, Inc. | 7527 |  | 67818 |
|  UL Solutions, Inc., Class A | 1406 |  | 100529 |
|  |  |  | 1275637 |
| **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |
|  Zillow Group, Inc., Class A<sup>(a)</sup> | 1147 |  | 75897 |
| **Retail REITs — 1.8%** |  |  |  |
|  Brixmor Property Group, Inc. | 11297 |  | 287057 |
|  Kimco Realty Corp. | 189495 |  | 4028663 |
|  NNN REIT, Inc. | 38967 |  | 1627262 |
|  Simon Property Group, Inc. | 33939 |  | 5534433 |
|  |  |  | 11477415 |
| **Semiconductors & Semiconductor Equipment — 2.9%** | **Semiconductors & Semiconductor Equipment — 2.9%** | **Semiconductors & Semiconductor Equipment — 2.9%** | **Semiconductors & Semiconductor Equipment — 2.9%** |
|  Advanced Micro Devices, Inc.<sup>(a)</sup> | 12230 |  | 1354228 |
|  Analog Devices, Inc. | 3295 |  | 705064 |
|  Credo Technology Group Holding Ltd.<sup>(a)</sup> | 7628 |  | 465003 |
|  Intel Corp. | 72971 |  | 1426583 |
|  Lam Research Corp. | 20144 |  | 1627434 |
|  Marvell Technology, Inc. | 48681 |  | 2930109 |
|  Micron Technology, Inc. | 5999 |  | 566666 |
|  NVIDIA Corp. | 5421 |  | 732540 |
|  Onto Innovation, Inc.<sup>(a)</sup> | 2872 |  | 264052 |
|  QUALCOMM, Inc. | 25205 |  | 3659766 |
|  Rambus, Inc.<sup>(a)</sup> | 3788 |  | 202544 |
|  Texas Instruments, Inc. | 22757 |  | 4161117 |
|  |  |  | 18095106 |
| **Software — 2.4%** |  |  |  |
|  Adobe, Inc.<sup>(a)</sup> | 7093 |  | 2944233 |
|  Atlassian Corp., Class A<sup>(a)</sup> | 1335 |  | 277186 |
|  Autodesk, Inc.<sup>(a)</sup> | 10181 |  | 3014798 |
|  Datadog, Inc., Class A<sup>(a)</sup> | 722 |  | 85109 |
|  Elastic NV<sup>(a)</sup> | 25392 |  | 2053451 |
|  Fair Isaac Corp.<sup>(a)</sup> | 380 |  | 655987 |
|  Fortinet, Inc.<sup>(a)</sup> | 5054 |  | 514396 |
|  Microsoft Corp. | 6077 |  | 2797608 |
|  Rubrik, Inc., Class A<sup>(a)</sup> | 3920 |  | 373772 |
|  SailPoint, Inc.<sup>(a)</sup> | 6892 |  | 121437 |
|  Salesforce, Inc. | 6972 |  | 1850160 |
|  Tenable Holdings, Inc.<sup>(a)</sup> | 1769 |  | 56997 |
|  Workday, Inc., Class A<sup>(a)</sup> | 266 |  | 65891 |
|  Workiva, Inc., Class A<sup>(a)</sup> | 983 |  | 66146 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14877171 |
| **Specialized REITs — 2.4%** |  |  |  |
|  CubeSmart | 72370 |  | 3094541 |
|  Digital Realty Trust, Inc. | 10714 |  | 1837665 |
|  Equinix, Inc. | 8303 |  | 7379873 |
|  Extra Space Storage, Inc. | 5018 |  | 758471 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Advantage Large Cap Value Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Specialized REITs (continued)** |  |  |  |
|  Iron Mountain, Inc. | 16900 | $| 1668199 |
|  Public Storage | 220 |  | 67850 |
|  |  |  | 14806599 |
| **Specialty Retail — 2.4%** |  |  |  |
|  AutoNation, Inc.<sup>(a)</sup> | 2820 |  | 518457 |
|  Bath & Body Works, Inc. | 33951 |  | 954702 |
|  Five Below, Inc.<sup>(a)</sup> | 1562 |  | 182082 |
|  Home Depot, Inc. (The) | 16295 |  | 6001286 |
|  Lithia Motors, Inc., Class A | 5106 |  | 1618143 |
|  O'Reilly Automotive, Inc.<sup>(a)</sup> | 670 |  | 916225 |
|  Penske Automotive Group, Inc. | 4273 |  | 701541 |
|  TJX Cos., Inc. (The) | 29590 |  | 3754971 |
|  Urban Outfitters, Inc.<sup>(a)</sup> | 4988 |  | 348661 |
|  |  |  | 14996068 |
| **Technology Hardware, Storage & Peripherals — 0.5%** | **Technology Hardware, Storage & Peripherals — 0.5%** | **Technology Hardware, Storage & Peripherals — 0.5%** | **Technology Hardware, Storage & Peripherals — 0.5%** |
|  Apple Inc. | 14627 |  | 2937833 |
| **Textiles, Apparel & Luxury Goods — 0.4%** |  |  |  |
|  Ralph Lauren Corp., Class A | 7962 |  | 2203961 |
|  Under Armour, Inc., Class C, NVS<sup>(a)</sup> | 4747 |  | 29906 |
|  VF Corp. | 8883 |  | 110682 |
|  |  |  | 2344549 |
| **Tobacco — 1.6%** |  |  |  |
|  Philip Morris International, Inc. | 55270 |  | 9981209 |
| **Trading Companies & Distributors — 0.1%** |  |  |  |
|  Air Lease Corp., Class A | 7377 |  | 424989 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** |
|  T-Mobile U.S., Inc. | 7370 | $1785014 |
|  **Total Long-Term Investments — 98.9%<br>(Cost: $558,521,336)** | **Total Long-Term Investments — 98.9%<br>(Cost: $558,521,336)** | 618315037 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 1.1%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.46%<sup>(c)(d)(e)</sup> | 957462 | 957844 |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.20%<sup>(c)(d)</sup> | 5901960 | 5901960 |
|  **Total Short-Term Securities — 1.1%<br>(Cost: $6,859,804)** | **Total Short-Term Securities — 1.1%<br>(Cost: $6,859,804)** | 6859804 |
|  **Total Investments — 100.0%<br>(Cost: $565,381,140)** | **Total Investments — 100.0%<br>(Cost: $565,381,140)** | 625174841 |
|  **Liabilities in Excess of Other Assets — (0.0)%** |  | (151912) |
|  **Net Assets — 100.0%** |  | $625022929 |

---

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

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

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

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

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

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended May 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>05/31/24* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>05/31/25* | *Shares<br>Held at<br>05/31/25* | *Income* | *Capital Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $3324253 | $— | (2366659)<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $957844 | 957462 | $4168 <sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares | 5735335 | 166625 <sup>(a)</sup> |  |  |  | 5901960 | 5901960 | 275693 |  |
|  |  |  |  | $250 | $— | $6859804 |  | $279861 | $— |

---

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

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

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

S C H E D U L E S O F I N V E S T M E N T S 33

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Advantage Large Cap Value Fund** |

---

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

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount (000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 E-Mini Index | 25 | 06/20/25 | $7395 | $591660 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $591660 | $— | $— | $— | $591660 |

---

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $163175 | $— | $— | $— | $163175 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $408415 | $— | $— | $— | $408415 |

---

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $6930059 |

---

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

34 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> May 31, 2025 | **BlackRock Advantage Large Cap Value Fund** |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $618315037 | $— | $— | $618315037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 6859804 |  |  | 6859804 |
|  | $625174841 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $625174841 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $591660 | $— | $— | $591660 |

---

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

*See notes to financial statements.* 

S C H E D U L E S O F I N V E S T M E N T S 35

------

Statements of Assets and Liabilities

May 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock<br>Advantage<br>International<br>Fund | BlackRock<br>Advantage<br>Large Cap<br>Growth Fund | BlackRock<br>Advantage<br>Small Cap<br>Core Fund | BlackRock<br>Advantage<br>Large Cap<br>Core Fund | BlackRock<br>Advantage<br>Large Cap<br>Value Fund |
|  **ASSETS** |  |  |  |  |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup> | $4777201868 | $1395221832 | $3918277745 | $2990506380 | $618315037 |
|  Investments, at value — affiliated<sup>(c)</sup> | 141814982 | 13188787 | 167902495 | 29457388 | 6859804 |
|  Cash | 194736 |  |  | 369395 | 72697 |
|  Cash pledged: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 4691000 | 1155000 | 4210000 | 2551000 | 532006 |
|  Foreign currency, at value<sup>(d)</sup> | 634280 | 83203 |  |  |  |
|  Receivables: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 48341560 | 6564721 | 14496459 | 14384409 | 2826688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 787 |  | 30146 |  | 1593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 21937614 | 465238 | 8511948 | 827608 | 266793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 25125350 | 608725 | 2291850 | 2033325 | 824002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 324037 | 48206 | 147144 | 99675 | 20236 |
| &nbsp;&nbsp;&nbsp;&nbsp; From the Manager | 167325 | 73135 | 158750 | 134125 | 27626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 8961 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax claims | 289254 |  |  |  |  |
|  Prepaid expenses | 110525 | 38223 | 88620 | 41819 | 38909 |
|  Total assets | 5020842279 | 1417447070 | 4116115157 | 3040405124 | 629785391 |
|  **LIABILITIES** |  |  |  |  |  |
|  Bank overdraft |  |  | 244202 |  |  |
|  Collateral on securities loaned | 25912628 |  | 126824535 |  | 957845 |
|  Payables: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 103889276 | 6165383 | 15545525 | 14433799 | 2824509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 143414 | 46829 | 124007 | 95461 | 22188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 7592254 | 856351 | 3576342 | 1720161 | 472524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1510640 | 572237 | 1301493 | 895471 | 176924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' and Officer's fees | 1531 | 1504 | 4642 | 6795 | 1492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 939354 | 284617 | 746597 | 745656 | 179997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other affiliate fees | 21582 |  | 8283 | 76192 | 5133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 96184 | 15792 | 17933 | 18565 | 18590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees |  |  | 200033 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution fees | 106356 | 151025 | 146423 | 370615 | 95409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts |  | 24668 | 218242 | 42361 | 7851 |
|  Total liabilities | 140213219 | 8118406 | 148958257 | 18405076 | 4762462 |
|  **Commitments and contingent liabilities** |  |  |  |  |  |
|  NET ASSETS | $4880629060 | $1409328664 | $3967156900 | $3022000048 | $625022929 |
|  **NET ASSETS CONSIST OF:** |  |  |  |  |  |
|  Paid-in capital | $4095568876 | $867144437 | $3890551398 | $1968150913 | $534093003 |
|  Accumulated earnings | 785060184 | 542184227 | 76605502 | 1053849135 | 90929926 |
|  NET ASSETS | $4880629060 | $1409328664 | $3967156900 | $3022000048 | $625022929 |
|  <sup>(a) </sup>Investments, at cost — unaffiliated | $4092285006 | $880481157 | $3792858361 | $2059256417 | $558521336 |
|  <sup>(b) </sup>Securities loaned, at value | $245130 | $— | $121520739 | $— | $912326 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $141814982 | $13188787 | $167892974 | $29457388 | $6859804 |
|  <sup>(d) </sup>Foreign currency, at cost | $634440 | $85016 | $— | $— | $— |

---

36 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Statements of Assets and Liabilities (continued)

May 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock<br>Advantage<br>International<br>Fund | BlackRock<br>Advantage<br>Large Cap<br>Growth Fund | BlackRock<br>Advantage<br>Small Cap<br>Core Fund | BlackRock<br>Advantage<br>Large Cap<br>Core Fund | BlackRock<br>Advantage<br>Large Cap<br>Value Fund |
|  **NET ASSET VALUE** |  |  |  |  |  |
| **Institutional** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $3263049741 | $769318544 | $2171665052 | $1256680723 | $206774756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 147932606 | 30309360 | 125831237 | 56936478 | 6690518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $22.06 | $25.38 | $17.26 | $22.07 | $30.91 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited | Unlimited | 400 million | 400 million |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 | $0.001 | $0.001 | $0.10 | $0.10 |
| **Investor A** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $375898291 | $598516747 | $660533373 | $1582287889 | $386921191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 17271624 | 25459490 | 38571123 | 76581879 | 12959052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $21.76 | $23.51 | $17.13 | $20.66 | $29.86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited | Unlimited | 300 million | 400 million |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 | $0.001 | $0.001 | $0.10 | $0.10 |
| **Investor C** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $17104174 | $31033668 | $10474138 | $44961442 | $13867173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 813755 | 1768517 | 634925 | 2871772 | 522121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $21.02 | $17.55 | $16.50 | $15.66 | $26.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited | Unlimited | 400 million | 400 million |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 | $0.001 | $0.001 | $0.10 | $0.10 |
| **Class K** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1185947146 | $8167502 | $1124484337 | $122087754 | $12115969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 53746215 | 321705 | 65091274 | 5528952 | 391959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $22.07 | $25.39 | $17.28 | $22.08 | $30.91 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited | Unlimited | 2 billion | 2 billion |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 | $0.001 | $0.001 | $0.10 | $0.10 |
| **Class R** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $38629708 | $2292203 | $N/A | $15982240 | $5343840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 1778234 | 91705 | N/A | 873040 | 190690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $21.72 | $25.00 | $N/A | $18.31 | $28.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited | N/A | 200 million | 200 million |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 | $0.001 | $N/A | $0.10 | $0.10 |

---

*See notes to financial statements.* 

S T A T E M E N T S O F A S S E T S A N D L I A B I L I T I E S 37

------

Statements of Operations

Year Ended May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | BlackRock<br>Advantage<br>International<br>Fund | BlackRock<br>Advantage<br>Large Cap<br>Growth Fund | BlackRock<br>Advantage<br>Small Cap<br>Core Fund |
|  **INVESTMENT INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $104757741 | $8734470 | $47940986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 3205953 | 599711 | 1916253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 2129 | 4414 | 432236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income | 45770 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | (8078379) | (369) | (17599) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax claims | 1598812 |  |  |
|  Total investment income | 101532026 | 9338226 | 50271876 |
|  EXPENSES |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 11669011 | 7456125 | 16647373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent — class specific | 2413181 | 1426861 | 2469985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution — class specific | 1050255 | 1797972 | 1477172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration | 1034571 | 534453 | 1454914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration — class specific | 541125 | 265047 | 782516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | 365253 | 35231 | 110929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 192292 | 46423 | 92871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services | 185481 | 109042 | 250743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration | 141117 | 88164 | 121447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and postage | 44336 | 44150 | 46261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors and Officer | 23980 | 15917 | 35088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 4666 | 38271 | 79054 |
|  Total expenses excluding interest expense | 17665268 | 11857656 | 23568353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 13372 | 134 |  |
|  Total expenses | 17678640 | 11857790 | 23568353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees waived by the Manager — class specific | (541125) | (265047) | (782516) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees waived and/or reimbursed by the Manager | (1326807) | (814156) | (1224648) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees waived and/or reimbursed by the Manager — class specific | (1333119) | (765763) | (1101886) |
|  Total expenses after fees waived and/or reimbursed | 14477589 | 10012824 | 20459303 |
|  Net investment income (loss) | 87054437 | (674598) | 29812573 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | 104320742 | 196893782 | 213559565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 432 | 558 | 3941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 4218085 | 1885971 | (3406621) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (266126) |  |  |
|  | 108273133 | 198780311 | 210156885 |
|  Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | 390635886 | 21439492 | (246140766) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated |  |  | 9521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (51293) | 49016 | 291006 |
|  Foreign currency translations | 905745 | 3694 |  |
|  | 391490338 | 21492202 | (245840239) |
|  Net realized and unrealized gain (loss) | 499763471 | 220272513 | (35683354) |
|  NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $586817908 | $219597915 | $(5870781) |

---

*See notes to financial statements.* 

38 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Statements of Operations (continued)

Year Ended May 31, 2025

---

| | | |
|:---|:---|:---|
|  | BlackRock<br>Advantage<br>Large Cap<br>Core Fund | BlackRock<br>Advantage<br>Large Cap<br>Value Fund |
|  **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $37136310 | $12919393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 1296740 | 275693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 13820 | 4168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld |  | 2782 |
|  Total investment income | 38446870 | 13202036 |
|  EXPENSES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 12845518 | 3133340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution — class specific | 4560349 | 1171592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent — class specific | 2866587 | 562828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration | 1133326 | 268283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration — class specific | 597751 | 127913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services | 200017 | 71503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 119447 | 100014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration | 103741 | 87146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | 82636 | 112697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and postage | 43591 | 25066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors and Officer | 31295 | 11621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 32912 | 25659 |
|  Total expenses excluding interest expense | 22617170 | 5697662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 125 | 6 |
|  Total expenses | 22617295 | 5697668 |
|  Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees waived |  | (34) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees waived by the Manager — class specific | (597751) | (127913) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fees waived and/or reimbursed by the Manager | (1742614) | (701717) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees waived and/or reimbursed — class specific | (1402364) | (247287) |
|  Total expenses after fees waived and/or reimbursed | 18874566 | 4620717 |
|  Net investment income | 19572304 | 8581319 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | 316860653 | 68435906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (5350) | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 214457 | 163175 |
|  | 317069760 | 68599331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | 8464880 | (24480500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 180 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1423821 | 408415 |
|  | 9888881 | (24072085) |
|  Net realized and unrealized gain | 326958641 | 44527246 |
|  NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $346530945 | $53108565 |

---

*See notes to financial statements.* 

S T A T E M E N T S O F O P E R A T I O N S 39

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock Advantage<br>International Fund | BlackRock Advantage<br>International Fund | BlackRock Advantage Large Cap<br>Growth Fund | BlackRock Advantage Large Cap<br>Growth Fund |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 |
|  *INCREASE (DECREASE) IN NET ASSETS* | *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $87054437 | $38108647 | $(674598) | $949147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 108273133 | 65371744 | 198780311 | 132674713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 391490338 | 174630396 | 21492202 | 180428268 |
|  Net increase in net assets resulting from operations | 586817908 | 278110787 | 219597915 | 314052128 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | (49388009) | (24298025) | (132790887) | (5262541) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A | (8409706) | (6057012) | (120993971) | (3948921) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C | (372491) | (149273) | (8241941) | (262948) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | (8955985) | (6005547) | (1426523) | (47549) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (1035538) | (612167) | (312822) | (4973) |
|  Decrease in net assets resulting from distributions to shareholders | (68161729) | (37122024) | (263766144) | (9526932) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | 2614586897 | 288550165 | 226835987 | (30979579) |
|  *NET ASSETS* |  |  |  |  |
|  Total increase in net assets | 3133243076 | 529538928 | 182667758 | 273545617 |
|  Beginning of year | 1747385984 | 1217847056 | 1226660906 | 953115289 |
|  End of year | $4880629060 | $1747385984 | $1409328664 | $1226660906 |

---

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

*See notes to financial statements.* 

40 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Small Cap<br>Core Fund | BlackRock Advantage Small Cap<br>Core Fund | BlackRock Advantage Large Cap<br>Core Fund | BlackRock Advantage Large Cap<br>Core Fund |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 |
|  *INCREASE (DECREASE) IN NET ASSETS* | *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $29812573 | $29437447 | $19572304 | $23908759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 210156885 | 121265322 | 317069760 | 328751562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (245840239) | 624106586 | 9888881 | 410087805 |
|  Net increase (decrease) in net assets resulting from operations | (5870781) | 774809355 | 346530945 | 762748126 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | (17000404) | (22210384) | (167464480) | (14370753) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A | (3015910) | (2752160) | (224692388) | (11658748) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C | (2514) | (22398) | (8195750) | (186649) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | (9840648) | (10886458) | (6036630) | (323379) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  | (2468740) | (100028) |
|  Decrease in net assets resulting from distributions to shareholders | (29859476) | (35871400) | (408857988) | (26639557) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | 488089617 | (666316198) | 237104096 | (714144215) |
|  *NET ASSETS* |  |  |  |  |
|  Total increase in net assets | 452359360 | 72621757 | 174777053 | 21964354 |
|  Beginning of year | 3514797540 | 3442175783 | 2847222995 | 2825258641 |
|  End of year | $3967156900 | $3514797540 | $3022000048 | $2847222995 |

---

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

*See notes to financial statements.* 

S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S 41

------

Statements of Changes in Net Assets (continued)

---

| | | |
|:---|:---|:---|
|  | BlackRock Advantage Large Cap<br>Value Fund | BlackRock Advantage Large Cap<br>Value Fund |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 |
|  *INCREASE (DECREASE) IN NET ASSETS* | *INCREASE (DECREASE) IN NET ASSETS* |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $8581319 | $9006911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 68599331 | 62624250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (24072085) | 58748318 |
|  Net increase in net assets resulting from operations | 53108565 | 130379479 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | (27004307) | (5038560) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A | (53574227) | (10006852) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C | (2016357) | (338418) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | (1566110) | (421604) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (1067189) | (185940) |
|  Decrease in net assets resulting from distributions to shareholders | (85228190) | (15991374) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | 35641259 | (35263026) |
|  *NET ASSETS* |  |  |
|  Total increase in net assets | 3521634 | 79125079 |
|  Beginning of year | 621501295 | 542376216 |
|  End of year | $625022929 | $621501295 |

---

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

*See notes to financial statements.* 

42 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage International Fund | BlackRock Advantage International Fund | BlackRock Advantage International Fund | BlackRock Advantage International Fund | BlackRock Advantage International Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $19.59 | $16.73 | $16.48 | $19.89 | $14.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.64 | 0.49 | 0.48 | 0.46 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.49 | 2.86 | 0.29 | (2.28) | 5.30 |
|  Net increase (decrease) from investment operations | 3.13 | 3.35 | 0.77 | (1.82) | 5.68 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.53) | (0.49) | (0.52) | (0.62) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.13) |  |  | (0.97) |  |
|  Total distributions | (0.66) | (0.49) | (0.52) | (1.59) | (0.31) |
|  **Net asset value, end of year** | $22.06 | $19.59 | $16.73 | $16.48 | $19.89 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |
|  Based on net asset value | 16.48% | 20.40% | 5.10% | (9.93)% | 39.57% |
|  **Ratios to Average Net Assets<sup>(d)</sup>** |  |  |  |  |  |
|  Total expenses | 0.63% | 0.70% | 0.68% | 0.73% | 0.78% |
|  Total expenses after fees waived and/or reimbursed | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
|  Net investment income | 3.19% | 2.73% | 3.08% | 2.51% | 2.21% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $3263050 | $1183511 | $771698 | $710116 | $616649 |
|  Portfolio turnover rate | 113% | 128% | 128% | 132% | 247% |

---

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

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

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 43

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $19.34 | $16.52 | $16.28 | $19.65 | $14.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.49 | 0.42 | 0.44 | 0.35 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.54 | 2.85 | 0.28 | (2.19) | 5.24 |
|  Net increase (decrease) from investment operations | 3.03 | 3.27 | 0.72 | (1.84) | 5.57 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.48) | (0.45) | (0.48) | (0.56) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.13) |  |  | (0.97) |  |
|  Total distributions | (0.61) | (0.45) | (0.48) | (1.53) | (0.27) |
|  **Net asset value, end of year** | $21.76 | $19.34 | $16.52 | $16.28 | $19.65 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |
|  Based on net asset value | 16.14% | 20.11% | 4.82% | (10.13)% | 39.21% |
|  **Ratios to Average Net Assets<sup>(d)</sup>** |  |  |  |  |  |
|  Total expenses | 0.89% | 0.92% | 1.00% | 1.02% | 1.05% |
|  Total expenses after fees waived and/or reimbursed | 0.76% | 0.75% | 0.75% | 0.75% | 0.75% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense and professional fees for foreign withholding tax claims | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
|  Net investment income | 2.50% | 2.38% | 2.82% | 1.93% | 1.95% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $375898 | $264866 | $230879 | $240255 | $456083 |
|  Portfolio turnover rate | 113% | 128% | 128% | 132% | 247% |

---

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

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

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

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

*See notes to financial statements.* 

44 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $18.70 | $16.03 | $15.81 | $19.12 | $13.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.31 | 0.36 | 0.32 | 0.22 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.49 | 2.67 | 0.27 | (2.15) | 5.14 |
|  Net increase (decrease) from investment operations | 2.80 | 3.03 | 0.59 | (1.93) | 5.30 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.35) | (0.36) | (0.37) | (0.41) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.13) |  |  | (0.97) |  |
|  Total distributions | (0.48) | (0.36) | (0.37) | (1.38) | (0.13) |
|  **Net asset value, end of year** | $21.02 | $18.70 | $16.03 | $15.81 | $19.12 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |
|  Based on net asset value | 15.32% | 19.21% | 4.04% | (10.83)% | 38.21% |
|  **Ratios to Average Net Assets<sup>(d)</sup>** |  |  |  |  |  |
|  Total expenses | 1.86% | 1.73% | 1.78% | 1.83% | 1.88% |
|  Total expenses after fees waived and/or reimbursed | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
|  Net investment income | 1.62% | 2.09% | 2.10% | 1.27% | 0.98% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $17104 | $14765 | $2598 | $2356 | $3664 |
|  Portfolio turnover rate | 113% | 128% | 128% | 132% | 247% |

---

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

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

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 45

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $19.59 | $16.73 | $16.48 | $19.89 | $14.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.75 | 0.48 | 0.52 | 0.46 | 0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.40 | 2.88 | 0.26 | (2.28) | 5.23 |
|  Net increase (decrease) from investment operations | 3.15 | 3.36 | 0.78 | (1.82) | 5.69 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.54) | (0.50) | (0.53) | (0.62) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.13) |  |  | (0.97) |  |
|  Total distributions | (0.67) | (0.50) | (0.53) | (1.59) | (0.32) |
|  **Net asset value, end of year** | $22.07 | $19.59 | $16.73 | $16.48 | $19.89 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |
|  Based on net asset value | 16.58% | 20.45% | 5.16% | (9.89)% | 39.64% |
|  **Ratios to Average Net Assets<sup>(d)</sup>** |  |  |  |  |  |
|  Total expenses | 0.52% | 0.56% | 0.57% | 0.61% | 0.63% |
|  Total expenses after fees waived and/or reimbursed | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
|  Net investment income | 3.74% | 2.71% | 3.28% | 2.55% | 2.65% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $1185947 | $249178 | $193748 | $103329 | $103454 |
|  Portfolio turnover rate | 113% | 128% | 128% | 132% | 247% |

---

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

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

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

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

*See notes to financial statements.* 

46 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) |
|  | Class R | Class R | Class R | Class R | Class R |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $19.30 | $16.53 | $16.29 | $19.68 | $14.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.41 | 0.40 | 0.45 | 0.33 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.57 | 2.82 | 0.23 | (2.23) | 5.26 |
|  Net increase (decrease) from investment operations | 2.98 | 3.22 | 0.68 | (1.90) | 5.54 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.43) | (0.45) | (0.44) | (0.52) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.13) |  |  | (0.97) |  |
|  Total distributions | (0.56) | (0.45) | (0.44) | (1.49) | (0.22) |
|  **Net asset value, end of year** | $21.72 | $19.30 | $16.53 | $16.29 | $19.68 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |
|  Based on net asset value | 15.90% | 19.81% | 4.54% | (10.42)% | 38.91% |
|  **Ratios to Average Net Assets<sup>(d)</sup>** |  |  |  |  |  |
|  Total expenses | 1.36% | 1.32% | 1.33% | 1.35% | 1.36% |
|  Total expenses after fees waived and/or reimbursed | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
|  Net investment income | 2.09% | 2.26% | 2.75% | 1.81% | 1.67% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $38630 | $35066 | $18925 | $2753 | $3416 |
|  Portfolio turnover rate | 113% | 128% | 128% | 132% | 247% |

---

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

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

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 47

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Growth Fund | BlackRock Advantage Large Cap Growth Fund | BlackRock Advantage Large Cap Growth Fund | BlackRock Advantage Large Cap Growth Fund | BlackRock Advantage Large Cap Growth Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $26.17 | $19.76 | $18.77 | $23.33 | $18.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.02 | 0.05 | 0.09 | 0.03 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 4.52 | 6.58 | 0.96 | (1.25) | 6.59 |
|  Net increase (decrease) from investment operations | 4.54 | 6.63 | 1.05 | (1.22) | 6.63 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.01) | (0.06) | (0.06) |  | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (5.32) | (0.16) |  | (3.34) | (1.46) |
|  Total distributions | (5.33) | (0.22) | (0.06) | (3.34) | (1.53) |
|  **Net asset value, end of year** | $25.38 | $26.17 | $19.76 | $18.77 | $23.33 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |
|  Based on net asset value | 17.86% | 33.74 %<sup>(d)</sup> | 5.62% | (7.80)% | 37.54% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |
|  Total expenses | 0.76% | 0.80% | 0.75% | 0.75% | 0.83% |
|  Total expenses after fees waived and/or reimbursed | 0.62% | 0.62% | 0.61% | 0.61% | 0.62% |
|  Net investment income | 0.08% | 0.22% | 0.50% | 0.15% | 0.21% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $769319 | $639878 | $499742 | $432076 | $125061 |
|  Portfolio turnover rate | 149% | 128% | 130% | 130% | 134% |

---

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

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

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

<sup>(d)</sup> Includes a payment received from an affiliate, which had no impact on the Fund's total return. 

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

*See notes to financial statements.* 

48 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $24.58 | $18.57 | $17.67 | $22.13 | $17.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup> | (0.04) | (0.01) | 0.04 | (0.03) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 4.24 | 6.19 | 0.89 | (1.16) | 6.27 |
|  Net increase (decrease) from investment operations | 4.20 | 6.18 | 0.93 | (1.19) | 6.26 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  | (0.01) | (0.03) |  | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (5.27) | (0.16) |  | (3.27) | (1.46) |
|  Total distributions | (5.27) | (0.17) | (0.03) | (3.27) | (1.48) |
|  **Net asset value, end of year** | $23.51 | $24.58 | $18.57 | $17.67 | $22.13 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |
|  Based on net asset value | 17.58% | 33.45 %<sup>(d)</sup> | 5.28% | (8.05)% | 37.28% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |
|  Total expenses | 1.00% | 1.01% | 1.06% | 1.07% | 1.08% |
|  Total expenses after fees waived and/or reimbursed | 0.87% | 0.87% | 0.87% | 0.87% | 0.87% |
|  Net investment income (loss) | (0.17)% | (0.03)% | 0.24% | (0.16)% | (0.04)% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $598517 | $548827 | $441983 | $452791 | $909344 |
|  Portfolio turnover rate | 149% | 128% | 130% | 130% | 134% |

---

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

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

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

<sup>(d)</sup> Includes a payment received from an affiliate, which had no impact on the Fund's total return. 

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 49

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $19.52 | $14.88 | $14.24 | $18.42 | $14.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.17) | (0.14) | (0.07) | (0.16) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.34 | 4.94 | 0.71 | (0.87) | 5.27 |
|  Net increase (decrease) from investment operations | 3.17 | 4.80 | 0.64 | (1.03) | 5.14 |
|  Distributions from net realized gain<sup>(b)</sup> | (5.14) | (0.16) |  | (3.15) | (1.39) |
|  **Net asset value, end of year** | $17.55 | $19.52 | $14.88 | $14.24 | $18.42 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |
|  Based on net asset value | 16.71% | 32.46 %<sup>(d)</sup> | 4.50% | (8.74)% | 36.25% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |
|  Total expenses | 1.92% | 1.83% | 1.87% | 1.83% | 1.84% |
|  Total expenses after fees waived and/or reimbursed | 1.62% | 1.62% | 1.62% | 1.62% | 1.62% |
|  Net investment loss | (0.91)% | (0.79)% | (0.51)% | (0.89)% | (0.78)% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $31034 | $30540 | $8372 | $10162 | $12989 |
|  Portfolio turnover rate | 149% | 128% | 130% | 130% | 134% |

---

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

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

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

<sup>(d)</sup> Includes a payment received from an affiliate, which had no impact on the Fund's total return. 

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

*See notes to financial statements.* 

50 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $26.17 | $19.76 | $18.77 | $23.33 | $18.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.03 | 0.06 | 0.10 | 0.04 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 4.54 | 6.58 | 0.95 | (1.25) | 6.59 |
|  Net increase (decrease) from investment operations | 4.57 | 6.64 | 1.05 | (1.21) | 6.64 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.02) | (0.07) | (0.06) |  | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (5.33) | (0.16) |  | (3.35) | (1.46) |
|  Total distributions | (5.35) | (0.23) | (0.06) | (3.35) | (1.54) |
|  **Net asset value, end of year** | $25.39 | $26.17 | $19.76 | $18.77 | $23.33 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |
|  Based on net asset value | 17.96% | 33.81 %<sup>(d)</sup> | 5.63% | (7.76)% | 37.60% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |
|  Total expenses | 0.66% | 0.67% | 0.69% | 0.69% | 0.69% |
|  Total expenses after fees waived and/or reimbursed | 0.57% | 0.57% | 0.57% | 0.57% | 0.57% |
|  Net investment income | 0.13% | 0.27% | 0.53% | 0.18% | 0.25% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $8168 | $5855 | $2489 | $2177 | $1152 |
|  Portfolio turnover rate | 149% | 128% | 130% | 130% | 134% |

---

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

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

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

<sup>(d)</sup> Includes a payment received from an affiliate, which had no impact on the Fund's total return. 

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 51

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) |
|  | Class R | Class R | Class R | Class R | Class R |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $25.86 | $19.57 | $18.64 | $23.17 | $18.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.10) | (0.06) | (0.00)<sup>(b)</sup> | (0.09) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 4.46 | 6.51 | 0.94 | (1.25) | 6.55 |
|  Net increase (decrease) from investment operations | 4.36 | 6.45 | 0.94 | (1.34) | 6.49 |
|  **Distributions<sup>(c)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  |  | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (5.22) | (0.16) |  | (3.19) | (1.42) |
|  Total distributions | (5.22) | (0.16) | (0.01) | (3.19) | (1.42) |
|  **Net asset value, end of year** | $25.00 | $25.86 | $19.57 | $18.64 | $23.17 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |
|  Based on net asset value | 17.29% | 33.12 %<sup>(e)</sup> | 5.03% | (8.28)% | 36.93% |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |
|  Total expenses | 1.37% | 1.40% | 1.42% | 1.50% | 1.36% |
|  Total expenses after fees waived and/or reimbursed | 1.12% | 1.12% | 1.12% | 1.12% | 1.12% |
|  Net investment loss | (0.41)% | (0.28)% | (0.03)% | (0.39)% | (0.30)% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $2292 | $1561 | $530 | $349 | $577 |
|  Portfolio turnover rate | 149% | 128% | 130% | 130% | 134% |

---

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

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

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

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

<sup>(e)</sup> Includes a payment received from an affiliate, which had no impact on the Fund's total return. 

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

*See notes to financial statements.* 

52 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Small Cap Core Fund | BlackRock Advantage Small Cap Core Fund | BlackRock Advantage Small Cap Core Fund | BlackRock Advantage Small Cap Core Fund | BlackRock Advantage Small Cap Core Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $17.35 | $14.06 | $15.35 | $20.72 | $13.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.14 | 0.14 | 0.14 | 0.13 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.09) | 3.31 | (1.02) | (3.28) | 7.97 |
|  Net increase (decrease) from investment operations | 0.05 | 3.45 | (0.88) | (3.15) | 8.09 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.14) | (0.16) | (0.12) | (0.14) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  | (0.29) | (2.08) | (0.36) |
|  Total distributions | (0.14) | (0.16) | (0.41) | (2.22) | (0.46) |
|  **Net asset value, end of year** | $17.26 | $17.35 | $14.06 | $15.35 | $20.72 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |
|  Based on net asset value | 0.21% | 24.68% | (5.75)% | (16.89)% | 62.61% |
|  **Ratios to Average Net Assets<sup>(d)</sup>** |  |  |  |  |  |
|  Total expenses | 0.57% | 0.57% | 0.59% | 0.59% | 0.60% |
|  Total expenses after fees waived and/or reimbursed | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
|  Net investment income | 0.78% | 0.86% | 0.93% | 0.69% | 0.65% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $2171665 | $2020581 | $2152757 | $2501959 | $2802145 |
|  Portfolio turnover rate | 88% | 75% | 93% | 81% | 63% |

---

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

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

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 53

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $17.23 | $13.96 | $15.24 | $20.58 | $13.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.09 | 0.09 | 0.10 | 0.08 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.09) | 3.30 | (1.01) | (3.25) | 7.91 |
|  Net increase (decrease) from investment operations | 0.00 | 3.39 | (0.91) | (3.17) | 7.99 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.10) | (0.12) | (0.08) | (0.09) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  | (0.29) | (2.08) | (0.36) |
|  Total distributions | (0.10) | (0.12) | (0.37) | (2.17) | (0.43) |
|  **Net asset value, end of year** | $17.13 | $17.23 | $13.96 | $15.24 | $20.58 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |
|  Based on net asset value | (0.06)% | 24.42% | (5.98)% | (17.08)% | 62.05% |
|  **Ratios to Average Net Assets<sup>(d)</sup>** |  |  |  |  |  |
|  Total expenses | 0.91% | 0.93% | 0.93% | 0.92% | 0.95% |
|  Total expenses after fees waived and/or reimbursed | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
|  Net investment income | 0.52% | 0.59% | 0.67% | 0.44% | 0.45% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $660533 | $382878 | $315694 | $358594 | $530664 |
|  Portfolio turnover rate | 88% | 75% | 93% | 81% | 63% |

---

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

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

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

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

*See notes to financial statements.* 

54 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $16.64 | $13.50 | $14.80 | $20.08 | $12.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup> | (0.04) | (0.03) | (0.01) | (0.05) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.10) | 3.20 | (0.98) | (3.18) | 7.74 |
|  Net increase (decrease) from investment operations | (0.14) | 3.17 | (0.99) | (3.23) | 7.69 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  | (0.03) | (0.02) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  | (0.29) | (2.05) | (0.35) |
|  Total distributions |  | (0.03) | (0.31) | (2.05) | (0.35) |
|  **Net asset value, end of year** | $16.50 | $16.64 | $13.50 | $14.80 | $20.08 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |
|  Based on net asset value | (0.82)% | 23.55% | (6.70)% | (17.74)% | 60.90% |
|  **Ratios to Average Net Assets<sup>(d)</sup>** |  |  |  |  |  |
|  Total expenses | 1.65% | 1.71% | 1.69% | 1.64% | 1.70% |
|  Total expenses after fees waived and/or reimbursed | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
|  Net investment loss | (0.21)% | (0.18)% | (0.07)% | (0.30)% | (0.32)% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $10474 | $11679 | $9276 | $10969 | $12880 |
|  Portfolio turnover rate | 88% | 75% | 93% | 81% | 63% |

---

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

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

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 55

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $17.37 | $14.07 | $15.36 | $20.73 | $13.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.15 | 0.14 | 0.14 | 0.13 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.09) | 3.33 | (1.02) | (3.27) | 7.97 |
|  Net increase (decrease) from investment operations | 0.06 | 3.47 | (0.88) | (3.14) | 8.10 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.15) | (0.17) | (0.12) | (0.15) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  | (0.29) | (2.08) | (0.36) |
|  Total distributions | (0.15) | (0.17) | (0.41) | (2.23) | (0.47) |
|  **Net asset value, end of year** | $17.28 | $17.37 | $14.07 | $15.36 | $20.73 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |
|  Based on net asset value | 0.25% | 24.80% | (5.70)% | (16.84)% | 62.63% |
|  **Ratios to Average Net Assets<sup>(d)</sup>** |  |  |  |  |  |
|  Total expenses | 0.51% | 0.51% | 0.51% | 0.51% | 0.52% |
|  Total expenses after fees waived and/or reimbursed | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
|  Net investment income | 0.84% | 0.89% | 0.97% | 0.73% | 0.71% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $1124484 | $1099659 | $964449 | $967682 | $920752 |
|  Portfolio turnover rate | 88% | 75% | 93% | 81% | 63% |

---

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

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

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

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

*See notes to financial statements.* 

56 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Core Fund | BlackRock Advantage Large Cap Core Fund | BlackRock Advantage Large Cap Core Fund | BlackRock Advantage Large Cap Core Fund | BlackRock Advantage Large Cap Core Fund | BlackRock Advantage Large Cap Core Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Period from<br>10/01/21<br>to 05/31/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $22.42 | $17.36 | $18.39 | $23.32 | $18.78 | $16.87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.18 | 0.19 | 0.20 | 0.13 | 0.19 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.57 | 5.06 | (0.18) | (0.87) | 5.31 | 2.41 |
|  Net increase (decrease) from investment operations | 2.75 | 5.25 | 0.02 | (0.74) | 5.50 | 2.63 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.18) | (0.19) | (0.20) | (0.19) | (0.22) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (2.92) |  | (0.85) | (4.00) | (0.74) | (0.43) |
|  Total distributions | (3.10) | (0.19) | (1.05) | (4.19) | (0.96) | (0.72) |
|  **Net asset value, end of period** | $22.07 | $22.42 | $17.36 | $18.39 | $23.32 | $18.78 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 12.62% | 30.47% | 0.63% | (5.20)%<sup>(d)</sup> | 30.31% | 15.96% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.60% | 0.63% | 0.63% | 0.61 %<sup>(f)(g)</sup> | 0.68 %<sup>(h)</sup> | 0.84 %<sup>(i)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.48% | 0.48% | 0.48% | 0.48 %<sup>(f)(g)</sup> | 0.48 %<sup>(h)</sup> | 0.48 %<sup>(i)</sup> |
|  Net investment income | 0.81% | 0.95% | 1.17% | 0.92 %<sup>(f)(g)</sup> | 0.87 %<sup>(h)</sup> | 1.29 %<sup>(i)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $1256681 | $1193777 | $1479014 | $1547621 | $1721850 | $1399612 |
|  Portfolio turnover rate | 117% | 116% | 105% | 73 %<sup>(j)</sup> | 111 %<sup>(j)</sup> | 99 %<sup>(j)</sup> |

---

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

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

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

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

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

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

<sup>(g)</sup> From October 1, 2021 through April 25, 2022, the Fund invested in the Master Advantage Large Cap Core Portfolio (the "Master Portfolio") as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.01%. 

<sup>(h)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(i)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.01%. 

<sup>(j)</sup> Portfolio turnover rate includes transactions from the Master Portfolio prior to April 25, 2022.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 57

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Period from<br>10/01/21<br>to 05/31/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $21.17 | $16.40 | $17.44 | $22.30 | $18.00 | $16.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.12 | 0.13 | 0.15 | 0.09 | 0.13 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.42 | 4.79 | (0.19) | (0.82) | 5.08 | 2.31 |
|  Net increase (decrease) from investment operations | 2.54 | 4.92 | (0.04) | (0.73) | 5.21 | 2.48 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.13) | (0.15) | (0.15) | (0.13) | (0.17) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (2.92) |  | (0.85) | (4.00) | (0.74) | (0.43) |
|  Total distributions | (3.05) | (0.15) | (1.00) | (4.13) | (0.91) | (0.68) |
|  **Net asset value, end of period** | $20.66 | $21.17 | $16.40 | $17.44 | $22.30 | $18.00 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 12.34% | 30.18% | 0.34% | (5.37)%<sup>(d)</sup> | 30.01% | 15.66% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.86% | 0.88% | 0.90% | 0.86 %<sup>(f)(g)</sup> | 0.93 %<sup>(h)</sup> | 1.09 %<sup>(i)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.73% | 0.73% | 0.73% | 0.73 %<sup>(f)(g)</sup> | 0.73 %<sup>(h)</sup> | 0.73 %<sup>(i)</sup> |
|  Net investment income | 0.56% | 0.70% | 0.92% | 0.67 %<sup>(f)(g)</sup> | 0.62 %<sup>(h)</sup> | 1.04 %<sup>(i)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $1582288 | $1547821 | $1271384 | $1382899 | $1519185 | $1325195 |
|  Portfolio turnover rate | 117% | 116% | 105% | 73 %<sup>(j)</sup> | 111 %<sup>(j)</sup> | 99 %<sup>(j)</sup> |

---

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

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

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

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

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

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

<sup>(g)</sup> From October 1, 2021 through April 25, 2022, the Fund invested in the Master Advantage Large Cap Core Portfolio (the "Master Portfolio") as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.01%. 

<sup>(h)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(i)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.01%. 

<sup>(j)</sup> Portfolio turnover rate includes transactions from the Master Portfolio prior to April 25, 2022.

*See notes to financial statements.* 

58 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Period from<br>10/01/21<br>to 05/31/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $16.73 | $13.01 | $14.06 | $18.68 | $15.14 | $13.72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup> | (0.03) | (0.01) | 0.02 | (0.01) | (0.02) | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.91 | 3.80 | (0.16) | (0.61) | 4.28 | 1.95 |
|  Net increase (decrease) from investment operations | 1.88 | 3.79 | (0.14) | (0.62) | 4.26 | 1.99 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.03) | (0.07) | (0.06) | (0.00)<sup>(c)</sup> |  | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (2.92) |  | (0.85) | (4.00) | (0.72) | (0.43) |
|  Total distributions | (2.95) | (0.07) | (0.91) | (4.00) | (0.72) | (0.57) |
|  **Net asset value, end of period** | $15.66 | $16.73 | $13.01 | $14.06 | $18.68 | $15.14 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 11.52% | 29.21% | (0.42)% | (5.81)%<sup>(e)</sup> | 29.03% | 14.80% |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |  |
|  Total expenses | 1.68% | 1.69% | 1.72% | 1.69 %<sup>(g)(h)</sup> | 1.69 %<sup>(i)</sup> | 1.87 %<sup>(j)</sup> |
|  Total expenses after fees waived and/or reimbursed | 1.48% | 1.48% | 1.48% | 1.48 %<sup>(g)(h)</sup> | 1.48 %<sup>(i)</sup> | 1.48 %<sup>(j)</sup> |
|  Net investment income (loss) | (0.19)% | (0.05)% | 0.17% | (0.08)%<sup>(g)(h)</sup> | (0.13)%<sup>(i)</sup> | 0.32 %<sup>(j)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $44961 | $44928 | $31813 | $38506 | $42561 | $31921 |
|  Portfolio turnover rate | 117% | 116% | 105% | 73 %<sup>(k)</sup> | 111 %<sup>(k)</sup> | 99 %<sup>(k)</sup> |

---

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

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

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

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

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

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

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

<sup>(h)</sup> From October 1, 2021 through April 25, 2022, the Fund invested in the Master Advantage Large Cap Core Portfolio (the "Master Portfolio") as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.01%. 

<sup>(i)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(j)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.01%. 

<sup>(k)</sup> Portfolio turnover rate includes transactions from the Master Portfolio prior to April 25, 2022.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 59

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Period from<br>10/01/21<br>to 05/31/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $22.42 | $17.36 | $18.40 | $23.34 | $18.79 | $16.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.19 | 0.20 | 0.21 | 0.13 | 0.20 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.59 | 5.06 | (0.19) | (0.87) | 5.32 | 2.42 |
|  Net increase (decrease) from investment operations | 2.78 | 5.26 | 0.02 | (0.74) | 5.52 | 2.64 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.20) | (0.20) | (0.21) | (0.20) | (0.23) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (2.92) |  | (0.85) | (4.00) | (0.74) | (0.43) |
|  Total distributions | (3.12) | (0.20) | (1.06) | (4.20) | (0.97) | (0.73) |
|  **Net asset value, end of period** | $22.08 | $22.42 | $17.36 | $18.40 | $23.34 | $18.79 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 12.73% | 30.53% | 0.63% | (5.18)%<sup>(d)</sup> | 30.42% | 16.01% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.51% | 0.52% | 0.54% | 0.51 %<sup>(f)(g)</sup> | 0.55 %<sup>(h)</sup> | 0.70 %<sup>(i)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.43% | 0.43% | 0.43% | 0.43 %<sup>(f)(g)</sup> | 0.43 %<sup>(h)</sup> | 0.43 %<sup>(i)</sup> |
|  Net investment income | 0.85% | 1.01% | 1.22% | 0.98 %<sup>(f)(g)</sup> | 0.91 %<sup>(h)</sup> | 1.30 %<sup>(i)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $122088 | $41460 | $31568 | $61965 | $56736 | $34078 |
|  Portfolio turnover rate | 117% | 116% | 105% | 73 %<sup>(j)</sup> | 111 %<sup>(j)</sup> | 99 %<sup>(j)</sup> |

---

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

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

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

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

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

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

<sup>(g)</sup> From October 1, 2021 through April 25, 2022, the Fund invested in the Master Advantage Large Cap Core Portfolio (the "Master Portfolio") as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.01%. 

<sup>(h)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(i)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.01%. 

<sup>(j)</sup> Portfolio turnover rate includes transactions from the Master Portfolio prior to April 25, 2022.

*See notes to financial statements.* 

60 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) |
|  | Class R | Class R | Class R | Class R | Class R | Class R |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Period from<br>10/01/21<br>to 05/31/22 | Year Ended<br>09/30/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $19.07 | $14.80 | $15.84 | $20.60 | $16.66 | $15.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.06 | 0.07 | 0.10 | 0.05 | 0.07 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.18 | 4.32 | (0.17) | (0.72) | 4.70 | 2.13 |
|  Net increase (decrease) from investment operations | 2.24 | 4.39 | (0.07) | (0.67) | 4.77 | 2.26 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.08) | (0.12) | (0.12) | (0.09) | (0.09) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (2.92) |  | (0.85) | (4.00) | (0.74) | (0.43) |
|  Total distributions | (3.00) | (0.12) | (0.97) | (4.09) | (0.83) | (0.63) |
|  **Net asset value, end of period** | $18.31 | $19.07 | $14.80 | $15.84 | $20.60 | $16.66 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 12.08% | 29.82% | 0.14% | (5.55)%<sup>(d)</sup> | 29.67% | 15.38% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 1.21% | 1.22% | 1.24% | 1.23 %<sup>(f)(g)</sup> | 1.26 %<sup>(h)</sup> | 1.37 %<sup>(i)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.98% | 0.98% | 0.98% | 0.98 %<sup>(f)(g)</sup> | 0.98 %<sup>(h)</sup> | 0.98 %<sup>(i)</sup> |
|  Net investment income | 0.31% | 0.44% | 0.68% | 0.42 %<sup>(f)(g)</sup> | 0.37 %<sup>(h)</sup> | 0.83 %<sup>(i)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $15982 | $19237 | $11479 | $13967 | $14399 | $12416 |
|  Portfolio turnover rate | 117% | 116% | 105% | 73 %<sup>(j)</sup> | 111 %<sup>(j)</sup> | 99 %<sup>(j)</sup> |

---

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

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

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

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

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

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

<sup>(g)</sup> From October 1, 2021 through April 25, 2022, the Fund invested in the Master Advantage Large Cap Core Portfolio (the "Master Portfolio") as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.01%. 

<sup>(h)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(i)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.01%. 

<sup>(j)</sup> Portfolio turnover rate includes transactions from the Master Portfolio prior to April 25, 2022.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 61

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Value Fund | BlackRock Advantage Large Cap Value Fund | BlackRock Advantage Large Cap Value Fund | BlackRock Advantage Large Cap Value Fund | BlackRock Advantage Large Cap Value Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $32.45 | $26.63 | $29.79 | $35.07 | $24.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.48 | 0.51 | 0.47 | 0.45 | 0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.31 | 6.16 | (2.02) | (0.21) | 10.36 |
|  Net increase (decrease) from investment operations | 2.79 | 6.67 | (1.55) | 0.24 | 10.82 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.49) | (0.50) | (0.47) | (0.47) | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (3.84) | (0.35) | (1.14) | (5.05) |  |
|  Total distributions | (4.33) | (0.85) | (1.61) | (5.52) | (0.49) |
|  **Net asset value, end of year** | $30.91 | $32.45 | $26.63 | $29.79 | $35.07 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |
|  Based on net asset value | 8.89% | 25.48% | (4.97)% | 0.63% | 44.37% |
|  **Ratios to Average Net Assets<sup>(d)</sup>** |  |  |  |  |  |
|  Total expenses | 0.71% | 0.71% | 0.70% | 0.70% | 0.84 %<sup>(e)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.54% | 0.54% | 0.54% | 0.54% | 0.54 %<sup>(e)</sup> |
|  Net investment income | 1.52% | 1.73% | 1.72% | 1.41% | 1.58 %<sup>(e)</sup> |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $206775 | $193379 | $164434 | $186903 | $194452 |
|  Portfolio turnover rate | 120% | 118% | 116% | 136% | 126 %<sup>(f)</sup> |

---

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

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

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

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

<sup>(e)</sup> From June 1, 2020 through February 28, 2021, the Fund invested in the Master Advantage Large Cap Value Portfolio (the "Master Portfolio") as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.03%. 

<sup>(f)</sup> Portfolio turnover rate includes transactions from the Master Portfolio prior to March 1, 2021.

*See notes to financial statements.* 

62 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $31.48 | $25.86 | $28.98 | $34.26 | $24.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.39 | 0.43 | 0.39 | 0.36 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.24 | 5.97 | (1.97) | (0.20) | 10.13 |
|  Net increase (decrease) from investment operations | 2.63 | 6.40 | (1.58) | 0.16 | 10.51 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.41) | (0.43) | (0.40) | (0.39) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (3.84) | (0.35) | (1.14) | (5.05) |  |
|  Total distributions | (4.25) | (0.78) | (1.54) | (5.44) | (0.43) |
|  **Net asset value, end of year** | $29.86 | $31.48 | $25.86 | $28.98 | $34.26 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |
|  Based on net asset value | 8.63% | 25.15% | (5.22)% | 0.40% | 44.01% |
|  **Ratios to Average Net Assets<sup>(d)</sup>** |  |  |  |  |  |
|  Total expenses | 0.96% | 0.96% | 0.97% | 0.97% | 1.10 %<sup>(e)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.79% | 0.79% | 0.79% | 0.79% | 0.79 %<sup>(e)</sup> |
|  Net investment income | 1.28% | 1.48% | 1.47% | 1.16% | 1.33 %<sup>(e)</sup> |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $386921 | $393788 | $345671 | $394334 | $405607 |
|  Portfolio turnover rate | 120% | 118% | 116% | 136% | 126 %<sup>(f)</sup> |

---

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

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

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

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

<sup>(e)</sup> From June 1, 2020 through February 28, 2021, the Fund invested in the Master Advantage Large Cap Value Portfolio (the "Master Portfolio") as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.03%. 

<sup>(f)</sup> Portfolio turnover rate includes transactions from the Master Portfolio prior to March 1, 2021.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 63

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $28.44 | $23.43 | $26.40 | $31.69 | $22.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.14 | 0.19 | 0.17 | 0.12 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.02 | 5.40 | (1.78) | (0.19) | 9.37 |
|  Net increase (decrease) from investment operations | 2.16 | 5.59 | (1.61) | (0.07) | 9.53 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.20) | (0.23) | (0.22) | (0.17) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (3.84) | (0.35) | (1.14) | (5.05) |  |
|  Total distributions | (4.04) | (0.58) | (1.36) | (5.22) | (0.15) |
|  **Net asset value, end of year** | $26.56 | $28.44 | $23.43 | $26.40 | $31.69 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |
|  Based on net asset value | 7.80% | 24.21% | (5.89)% | (0.38)% | 42.99% |
|  **Ratios to Average Net Assets<sup>(d)</sup>** |  |  |  |  |  |
|  Total expenses | 1.75% | 1.76% | 1.74% | 1.73% | 1.85 %<sup>(e)</sup> |
|  Total expenses after fees waived and/or reimbursed | 1.54% | 1.54% | 1.54% | 1.54% | 1.54 %<sup>(e)</sup> |
|  Net investment income | 0.53% | 0.73% | 0.72% | 0.41% | 0.63 %<sup>(e)</sup> |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $13867 | $14553 | $14894 | $18099 | $20880 |
|  Portfolio turnover rate | 120% | 118% | 116% | 136% | 126 %<sup>(f)</sup> |

---

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

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

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

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

<sup>(e)</sup> From June 1, 2020 through February 28, 2021, the Fund invested in the Master Advantage Large Cap Value Portfolio (the "Master Portfolio") as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.03%. 

<sup>(f)</sup> Portfolio turnover rate includes transactions from the Master Portfolio prior to March 1, 2021.

*See notes to financial statements.* 

64 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $32.45 | $26.64 | $29.80 | $35.08 | $24.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.50 | 0.53 | 0.48 | 0.47 | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.31 | 6.14 | (2.01) | (0.22) | 10.38 |
|  Net increase (decrease) from investment operations | 2.81 | 6.67 | (1.53) | 0.25 | 10.85 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.51) | (0.51) | (0.49) | (0.48) | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (3.84) | (0.35) | (1.14) | (5.05) |  |
|  Total distributions | (4.35) | (0.86) | (1.63) | (5.53) | (0.51) |
|  **Net asset value, end of year** | $30.91 | $32.45 | $26.64 | $29.80 | $35.08 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |
|  Based on net asset value | 8.94% | 25.49% | (4.91)% | 0.69% | 44.48% |
|  **Ratios to Average Net Assets<sup>(d)</sup>** |  |  |  |  |  |
|  Total expenses | 0.63% | 0.62% | 0.63% | 0.63% | 0.74 %<sup>(e)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.49% | 0.49% | 0.49% | 0.49% | 0.49 %<sup>(e)</sup> |
|  Net investment income | 1.57% | 1.80% | 1.77% | 1.47% | 1.62 %<sup>(e)</sup> |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $12116 | $12053 | $10451 | $10210 | $8258 |
|  Portfolio turnover rate | 120% | 118% | 116% | 136% | 126 %<sup>(f)</sup> |

---

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

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

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

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

<sup>(e)</sup> From June 1, 2020 through February 28, 2021, the Fund invested in the Master Advantage Large Cap Value Portfolio (the "Master Portfolio") as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.03%. 

<sup>(f)</sup> Portfolio turnover rate includes transactions from the Master Portfolio prior to March 1, 2021.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 65

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) |
|  | Class R | Class R | Class R | Class R | Class R |
|  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of year** | $29.80 | $24.52 | $27.56 | $32.84 | $23.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.30 | 0.34 | 0.31 | 0.27 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.10 | 5.65 | (1.87) | (0.19) | 9.71 |
|  Net increase (decrease) from investment operations | 2.40 | 5.99 | (1.56) | 0.08 | 10.00 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.34) | (0.36) | (0.34) | (0.31) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (3.84) | (0.35) | (1.14) | (5.05) |  |
|  Total distributions | (4.18) | (0.71) | (1.48) | (5.36) | (0.34) |
|  **Net asset value, end of year** | $28.02 | $29.80 | $24.52 | $27.56 | $32.84 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |
|  Based on net asset value | 8.31% | 24.84% | (5.43)% | 0.14% | 43.63% |
|  **Ratios to Average Net Assets<sup>(d)</sup>** |  |  |  |  |  |
|  Total expenses | 1.33% | 1.35% | 1.36% | 1.35% | 1.41 %<sup>(e)</sup> |
|  Total expenses after fees waived and/or reimbursed | 1.04% | 1.04% | 1.04% | 1.04% | 1.04 %<sup>(e)</sup> |
|  Net investment income | 1.03% | 1.23% | 1.22% | 0.91% | 1.11 %<sup>(e)</sup> |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $5344 | $7729 | $6925 | $8440 | $9015 |
|  Portfolio turnover rate | 120% | 118% | 116% | 136% | 126 %<sup>(f)</sup> |

---

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

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

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

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

<sup>(e)</sup> From June 1, 2020 through February 28, 2021, the Fund invested in the Master Advantage Large Cap Value Portfolio (the "Master Portfolio") as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.03%. 

<sup>(f)</sup> Portfolio turnover rate includes transactions from the Master Portfolio prior to March 1, 2021.

*See notes to financial statements.* 

66 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements

*1. ORGANIZATION* 

BlackRock Funds<sup>SM</sup> (the "Trust") and BlackRock Large Cap Series Funds, Inc. (the "Corporation") are each registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as open-end management investment companies. The Trust is organized as a Massachusetts business trust. The Corporation is organized as a Maryland corporation. BlackRock Advantage International Fund, BlackRock Advantage Large Cap Growth Fund and BlackRock Small Cap Core Fund are series of the Trust. BlackRock Advantage Large Cap Core Fund and BlackRock Advantage Large Cap Value Fund are series of the Corporation. The following are referred to herein collectively as the "Funds" or individually as a "Fund":

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Herein Referred To As* | *Diversification Classification* |
|  BlackRock Advantage International Fund | Advantage International | Diversified |
|  BlackRock Advantage Large Cap Growth Fund | Advantage Large Cap Growth | Diversified |
|  BlackRock Advantage Small Cap Core Fund | Advantage Small Cap Core | Diversified |
|  BlackRock Advantage Large Cap Core Fund | Advantage Large Cap Core | Diversified |
|  BlackRock Advantage Large Cap Value Fund | Advantage Large Cap Value | Diversified |

---

Each Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional and Class K Shares are sold only to certain eligible investors. Investor A, Investor C and Class R Shares bear certain expenses related to shareholder servicing of such shares, and Investor C and Class R Shares also bear certain expenses related to the distribution of such shares. Investor A and Investor C Shares are generally available through financial intermediaries. Class R Shares are sold only to certain employer-sponsored retirement plans. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures (except that Investor C shareholders may vote on material changes to the Investor A Shares distribution and service plan).

---

| | | | |
|:---|:---|:---|:---|
| *Share Class* | *Initial Sales Charge* | *CDSC* | *Conversion Privilege* |
|  Institutional, Class K and Class R Shares | No | No |  |
|  Investor A Shares | Yes | No <sup>(a)</sup> |  |
|  Investor C Shares | No | Yes <sup>(b)</sup> | To Investor A Shares after approximately 8 years |

---

<sup>(a)</sup> Investor A Shares may be subject to a contingent deferred sales charge ("CDSC") for certain redemptions where no initial sales charge was paid at the time of purchase. <sup></sup>

<sup>(b)</sup> A CDSC of 1.00% is assessed on certain redemptions of Investor C Shares made within one year after purchase. 

The Board of Directors of the Corporation and the Board of Trustees of the Trust are collectively referred to throughout this report as the "Board", and the directors/trustees thereof are collectively referred to throughout this report as "Directors."

The Funds, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the "Manager") or its affiliates, are included in a complex of funds referred to as the BlackRock Multi-Asset Complex.

*2. SIGNIFICANT ACCOUNTING POLICIES* 

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Funds are informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

**Foreign Currency Translation:** Each Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

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

N O T E S T O F I N A N C I A L S T A T E M E N T S 67

------

Notes to Financial Statements (continued)

invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of May 31, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

Consistent with U.S. GAAP accrual requirements for uncertain tax positions, each Fund recognizes tax reclaims when the Fund determines that it is more likely than not that each Fund will sustain its position that it is due the reclaim.

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

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

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

**Distributions:** Distributions paid by the Funds are recorded on the ex-dividend dates. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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

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

The Funds have an arrangement with their custodian whereby credits are earned on uninvested cash balances. For financial reporting purposes, custodian credits, if any, are included in interest income in the Statements of Operations.

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

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

*3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS* 

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of each Fund has approved the designation of each Fund's Manager as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager's policies and procedures as reflecting fair value. The Manager has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of each Fund's assets and liabilities:

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

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

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

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

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not

68 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements (continued)

available, the investment will be valued by the Valuation Committee in accordance with the Manager's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

*4. SECURITIES AND OTHER INVESTMENTS* 

**Securities Lending:** Certain Funds may lend their securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. During the term of the loan, the Funds are entitled to all distributions made on or in respect of the loaned securities, but do not

N O T E S T O F I N A N C I A L S T A T E M E N T S 69

------

Notes to Financial Statements (continued)

receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC ("BIM"), if any, is disclosed in the Schedules of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are disclosed in the Funds' Schedules of Investments. The market value of any securities on loan and the value of related collateral, if any, are shown separately in the Statements of Assets and Liabilities as a component of investments at value – unaffiliated and collateral on securities loaned, respectively.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA"), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the Funds' securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  *Fund Name/Counterparty* | *Securities<br>Loaned at Value* | *Cash Collateral<br>Received <br><sup>(a)</sup>* | *Non-Cash Collateral<br>Received, at Fair Value* | *<br><sup>(a)</sup>* | *Net<br>Amount* |
|  Advantage International |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | $78 | $(78) | $— |  | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 245052 | (245052) |  |  |  |
|  | $245130 | $(245130) | $— |  | $— |
|  Advantage Small Cap Core |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | $205174 | $(205174) | $— |  | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 3695191 | (3695191) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 4404054 | (4404054) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 14448734 | (14448734) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 36119465 | (36119465) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies LLC | 229870 | (229870) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 43242110 | (43242110) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Financial Services LLC | 2434983 | (2434983) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SG Americas Securities LLC | 336841 | (336841) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | 15074648 | (15074648) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | 1329669 | (1329669) |  |  |  |
|  | $121520739 | $(121520739) | $— |  | $— |
|  Advantage Large Cap Value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | $598334 | $(598334) | $— |  | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; National Financial Services LLC | 313992 | (313992) |  |  |  |
|  | $912326 | $(912326) | $— |  | $— |

---

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Funds' Statements of Assets and Liabilities. 

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

70 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements (continued)

*5. DERIVATIVE FINANCIAL INSTRUMENTS* 

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

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

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

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

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

**Investment Advisory:** The Trust, on behalf of Advantage International, Advantage Large Cap Growth and Advantage Small Cap Core, and the Corporation, on behalf of Advantage Large Cap Core and Advantage Large Cap Value, entered into an Investment Advisory Agreement with the Manager, the Funds' investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. ("BlackRock"), to provide investment advisory services. The Manager is responsible for the management of each Fund's portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Investment Advisory Fees* | *Investment Advisory Fees* | *Investment Advisory Fees* | *Investment Advisory Fees* | *Investment Advisory Fees* |
| *Average Daily Net Assets* | *Advantage<br>International* | *Advantage Large<br>Cap Growth* | *Advantage Small<br>Cap Core* | *Advantage Large<br>Cap Core* | *Advantage Large<br>Cap Value* |
|  First $1 billion | 0.45% | 0.57% | 0.45% | 0.45% | 0.49% |
|  $1 billion - $3 billion | 0.42 | 0.54 | 0.42 | 0.42 | 0.46 |
|  $3 billion - $5 billion | 0.41 | 0.51 | 0.41 | 0.41 | 0.44 |
|  $5 billion - $10 billion | 0.39 | 0.50 | 0.39 | 0.39 | 0.43 |
|  Greater than $10 billion | 0.38 | 0.48 | 0.38 | 0.38 | 0.42 |

---

**Service and Distribution Fees:** The Trust, on behalf of Advantage International, Advantage Large Cap Growth and Advantage Small Cap Core, and the Corporation, on behalf of Advantage Large Cap Core and Advantage Large Cap Value, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC ("BRIL"), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, each Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of each Fund as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *Advantage International* | *Advantage International* | *Advantage Large Cap Growth* | *Advantage Large Cap Growth* | *Advantage Small Cap Core* | *Advantage Small Cap Core* |
| *Share Class* | *Service Fees* | *Distribution Fees* | *Service Fees* | *Distribution Fees* | *Service Fees* | *Distribution Fees* |
|  Investor A | 0.25% | N/A | 0.25% | N/A | 0.25% | N/A |
|  Investor C | 0.25 | 0.75% | 0.25 | 0.75% | 0.25% | 0.75% |
|  Class R | 0.25 | 0.25 | 0.25 | 0.25 | N/A | N/A |
|  |  |  | *Advantage Large Cap Core* | *Advantage Large Cap Core* | *Advantage Large Cap Value* | *Advantage Large Cap Value* |
| *Share Class* |  |  | *Service Fees* | *Distribution Fees* | *Service Fees* | *Distribution Fees* |
|  Investor A |  |  | 0.25% | N/A | 0.25% | N/A |
|  Investor C |  |  | 0.25 | 0.75% | 0.25 | 0.75% |
|  Class R |  |  | 0.25 | 0.25 | 0.25 | 0.25 |

---

BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing and distribution services to the Funds. The ongoing service and/or distribution fee compensates BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to shareholders.

N O T E S T O F I N A N C I A L S T A T E M E N T S 71

------

Notes to Financial Statements (continued)

For the year ended May 31, 2025, the following table shows the class specific service and distribution fees borne directly by each share class of each Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Investor A* | *Investor C* | *Class R* | *Total* |
|  Advantage International | $723707 | $148936 | $177612 | $1050255 |
|  Advantage Large Cap Growth | 1470050 | 319070 | 8852 | 1797972 |
|  Advantage Small Cap Core | 1356687 | 120485 |  | 1477172 |
|  Advantage Large Cap Core | 4007589 | 469262 | 83498 | 4560349 |
|  Advantage Large Cap Value | 994462 | 143582 | 33548 | 1171592 |

---

**Administration:** The Trust, on behalf of Advantage International, Advantage Large Cap Growth and Advantage Small Cap Core, and the Corporation, on behalf of Advantage Large Cap Core and Advantage Large Cap Value, entered into an Administration Agreement with the Manager, an indirect, wholly-owned subsidiary of BlackRock, to provide administrative services. For these services, the Manager receives an administration fee computed daily and payable monthly, based on a percentage of the average daily net assets of each Fund. The administration fee, which is shown as administration in the Statements of Operations, is paid at the annual rates below.

---

| | |
|:---|:---|
| *Average Daily Net Assets* | *Administration Fees* |
|  First $500 million | 0.0425% |
|  $500 million - $1 billion | 0.0400 |
|  $1 billion - $2 billion | 0.0375 |
|  $2 billion - $4 billion | 0.0350 |
|  $4 billion - $13 billion | 0.0325 |
|  Greater than $13 billion | 0.0300 |

---

In addition, the Manager charges each of the share classes an administration fee, which is shown as administration — class specific in the Statements of Operations, at an annual rate of 0.02% of the average daily net assets of each respective class.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Class R* | *Total* |
|  Advantage International | $362312 | $57927 | $2982 | $110791 | $7113 | $541125 |
|  Advantage Large Cap Growth | 139060 | 117772 | 6389 | 1472 | 354 | 265047 |
|  Advantage Small Cap Core | 434876 | 108550 | 2414 | 236676 |  | 782516 |
|  Advantage Large Cap Core | 249629 | 321135 | 9398 | 14259 | 3330 | 597751 |
|  Advantage Large Cap Value | 41630 | 79687 | 2877 | 2373 | 1346 | 127913 |

---

**Transfer Agent:** Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the year ended May 31, 2025, the Funds paid the following amounts to affiliates of BlackRock in return for these services, which are included in transfer agent — class specific in the Statements of Operations:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Institutional* | *Total* |
|  Advantage International | $729479 | $729479 |
|  Advantage Large Cap Growth | 598144 | 598144 |
|  Advantage Small Cap Core | 273936 | 273936 |
|  Advantage Large Cap Core | 541295 | 541295 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Class R* | *Total* |
|  Advantage International | $8905 | $15722 | $1819 | $691 | $4497 | $31634 |
|  Advantage Large Cap Growth | 2274 | 96390 | 5737 | 118 | 67 | 104586 |
|  Advantage Small Cap Core | 4434 | 15572 | 1525 | 1465 |  | 22996 |
|  Advantage Large Cap Core | 17597 | 119796 | 2446 | 69 | 194 | 140102 |
|  Advantage Large Cap Value | 727 | 24237 | 1885 | 55 | 111 | 27015 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Class R* | *Total* |
|  Advantage International | $1898294 | $338614 | $49694 | $8568 | $118011 | $2413181 |
|  Advantage Large Cap Growth | 744554 | 591567 | 86204 | 723 | 3813 | 1426861 |
|  Advantage Small Cap Core | 1537261 | 867353 | 18227 | 47144 |  | 2469985 |
|  Advantage Large Cap Core | 1152464 | 1598581 | 80148 | 1938 | 33456 | 2866587 |
|  Advantage Large Cap Value | 183092 | 345442 | 18852 | 847 | 14595 | 562828 |

---

72 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements (continued)

**Other Fees:** For the year ended May 31, 2025, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of each Fund's Investor A Shares as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Amounts* |
|  Advantage International | $6682 |
|  Advantage Large Cap Growth | 25653 |
|  Advantage Small Cap Core | 14702 |
|  Advantage Large Cap Core | 32631 |
|  Advantage Large Cap Value | 8603 |

---

For the year ended May 31, 2025, affiliates received CDSCs as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Share Class* | *Advantage<br>International* | *Advantage<br>Large Cap<br>Growth* | *Advantage<br>Small Cap<br>Core* | *Advantage<br>Large Cap<br>Core* | *Advantage<br>Large Cap<br>Value* |
|  Investor A | $626 | $1103 | $2855 | $11172 | $479 |
|  Investor C | 161 | 790 | 3582 | 1980 | 3770 |

---

**Expense Limitations, Waivers and Reimbursements:** With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the "affiliated money market fund waiver") through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the Directors who are not "interested persons" of the Trust or the Corporation, as defined in the 1940 Act ("Independent Directors"), or by a vote of a majority of the outstanding voting securities of a Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the year ended May 31, 2025, the amounts waived were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Amounts Waived* |
|  Advantage International | $53364 |
|  Advantage Large Cap Growth | 9750 |
|  Advantage Small Cap Core | 31107 |
|  Advantage Large Cap Core | 20841 |
|  Advantage Large Cap Value | 4461 |

---

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of each Fund's assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of a Fund. For the year ended May 31, 2025, there were no fees waived and/or reimbursed by the Manager pursuant to this arrangement.

With respect to each Fund, the Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, tax expense, acquired fund fees and expenses, and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of each Fund's business ("expense limitation"). The expense limitations as a percentage of average daily net assets are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Class R* |
|  Advantage International | 0.50% | 0.75% | 1.50% | 0.45% | 1.00% |
|  Advantage Large Cap Growth | 0.62 | 0.87 | 1.62 | 0.57 | 1.12 |
|  Advantage Small Cap Core | 0.50 | 0.75 | 1.50 | 0.45 | N/A |
|  Advantage Large Cap Core | 0.48 | 0.73 | 1.48 | 0.43 | 0.98 |
|  Advantage Large Cap Value | 0.54 | 0.79 | 1.54 | 0.49 | 1.04 |

---

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2026 (June 30, 2035 with respect to Advantage Large Cap Growth Class R Shares), unless approved by the Board, including a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of a Fund.

For the year ended May 31, 2025, the Manager waived and/or reimbursed investment advisory fees, which is included in fees waived and/or reimbursed by the Manager in the Statements of Operations, as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Amounts Waived* |
|  Advantage International | $1273443 |
|  Advantage Large Cap Growth | 804406 |
|  Advantage Small Cap Core | 1193541 |
|  Advantage Large Cap Core | 1721773 |
|  Advantage Large Cap Value | 697256 |

---

Advantage Large Cap Value also had a waiver of administration fees, which are included in Administration fees waived in the Statements of Operations. For the year ended May 31, 2025, the amount was $34.

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 (continued)

In addition, these amounts waived and/or reimbursed by the Manager are included in administration fees waived by the Manager — class specific, transfer agent fees waived and/or reimbursed by the Manager — class specific, service and distribution fees waived and service distribution fees reimbursed respectively, in the Statements of Operations. For the year ended May 31, 2025, class specific expense waivers and/or reimbursements were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *Administration Fees Waived by the Manager - Class Specific* | *Administration Fees Waived by the Manager - Class Specific* | *Administration Fees Waived by the Manager - Class Specific* | *Administration Fees Waived by the Manager - Class Specific* | *Administration Fees Waived by the Manager - Class Specific* | *Administration Fees Waived by the Manager - Class Specific* |
| *Fund Name* | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Class R* | *Total* |
|  Advantage International | $362312 | $57927 | $2982 | $110791 | $7113 | $541125 |
|  Advantage Large Cap Growth | 139060 | 117772 | 6389 | 1472 | 354 | 265047 |
|  Advantage Small Cap Core | 434876 | 108550 | 2414 | 236676 |  | 782516 |
|  Advantage Large Cap Core | 249629 | 321135 | 9398 | 14259 | 3330 | 597751 |
|  Advantage Large Cap Value | 41630 | 79687 | 2877 | 2373 | 1346 | 127913 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *Transfer Agent Fees Waived and/or*<br> *Reimbursed by the Manager - Class Specific* | *Transfer Agent Fees Waived and/or*<br> *Reimbursed by the Manager - Class Specific* | *Transfer Agent Fees Waived and/or*<br> *Reimbursed by the Manager - Class Specific* | *Transfer Agent Fees Waived and/or*<br> *Reimbursed by the Manager - Class Specific* | *Transfer Agent Fees Waived and/or*<br> *Reimbursed by the Manager - Class Specific* | *Transfer Agent Fees Waived and/or*<br> *Reimbursed by the Manager - Class Specific* |
| *Fund Name* | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Class R* | *Total* |
|  Advantage International | $989309 | $193211 | $42026 | $8568 | $100005 | $1333119 |
|  Advantage Large Cap Growth | 396897 | 295344 | 69876 | 723 | 2923 | 765763 |
|  Advantage Small Cap Core | 449820 | 592883 | 12039 | 47144 |  | 1101886 |
|  Advantage Large Cap Core | 528499 | 790514 | 56023 | 1938 | 25390 | 1402364 |
|  Advantage Large Cap Value | 79010 | 144858 | 11420 | 847 | 11152 | 247287 |

---

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

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

Pursuant to the current securities lending agreement, each Fund (except Advantage International) retains 81% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Pursuant to the current securities lending agreement, Advantage International retains 82% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds specified thresholds, each Fund (except Advantage International), pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 84% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Advantage International, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 85% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2025, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeded a specified threshold, each Fund (except Advantage International) would retain for the remainder of that calendar year securities lending income in an amount equal to 81% of securities lending income (which excluded collateral investment fees), and this amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in the Statements of Operations. For the year ended May 31, 2025, each Fund paid BIM the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *Fund Name* | *Amounts* |
|  Advantage International | $466 |
|  Advantage Large Cap Growth | 1014 |
|  Advantage Small Cap Core | 100497 |
|  Advantage Large Cap Core | 3272 |

---

74 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements (continued)

---

| | |
|:---|:---|
| *Fund Name* | *Amounts* |
|  Advantage Large Cap Value | $985 |

---

**Interfund Lending:** Prior to March 3, 2025, in accordance with an exemptive order (the "Order") from the SEC, each Fund other than Advantage Large Cap Growth could participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund's investment policies and restrictions. Effective March 3, 2025, the Interfund Lending Program was not renewed but remains available for renewal in the future.

During the period ended March 3, 2025, the Funds did not participate in the Interfund Lending Program.

**Directors and Officers:** Certain directors and/or officers of the Corporation and the Trust are directors and/or officers of BlackRock or its affiliates. The Funds reimburse the Manager for a portion of the compensation paid to the Corporation's/Trust's Chief Compliance Officer, which is included in Directors and Officer in the Statements of Operations.

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

---

| | | | |
|:---|:---|:---|:---|
| *Fund Name* | *Purchases* | *Sales* | *Net Realized<br>Gain* |
|  Advantage International | $623319073 | $448077469 | $14457252 |
|  Advantage Large Cap Growth | 499100019 | 499557726 | 41278317 |
|  Advantage Small Cap Core | 74749660 | 122314378 | 14181301 |
|  Advantage Large Cap Core | 343169678 | 388265947 | 48195744 |
|  Advantage Large Cap Value | 68762369 | 85285447 | 8008408 |

---

*7. PURCHASES AND SALES* 

For the year ended May 31, 2025, purchases and sales of investments, excluding short-term securities, were as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Purchases* | *Sales* |
|  Advantage International | $5639388426 | $3058004971 |
|  Advantage Large Cap Growth | 1953866009 | 1989314086 |
|  Advantage Small Cap Core | 3871936784 | 3401818458 |
|  Advantage Large Cap Core | 3463132134 | 3615443295 |
|  Advantage Large Cap Value | 762648597 | 802864164 |

---

*8. INCOME TAX INFORMATION* 

It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund's U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on each Fund's state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Funds as of May 31, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Funds' NAV.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAVs per share. As of period end, permanent differences attributable to distributions in connection with fund share redemptions were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Paid-in capital* | *Accumulated earnings (loss)* |
|  Advantage Large Cap Value | $3450328 | $(3450328) |

---

N O T E S T O F I N A N C I A L S T A T E M E N T S 75

------

Notes to Financial Statements (continued)

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Year Ended<br>05/31/25* | *Year Ended<br>05/31/24* |
|  Advantage International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $52333022 | $37122024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long term capital gains | 15828707 |  |
|  | $68161729 | $37122024 |
|  Advantage Large Cap Growth |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $79903303 | $1571523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long term capital gains | 183862841 | 7955409 |
|  | $263766144 | $9526932 |
|  Advantage Small Cap Core |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $29859476 | $35871400 |
|  Advantage Large Cap Core |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $166740762 | $26639557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long term capital gains | 242117226 |  |
|  | $408857988 | $26639557 |
|  Advantage Large Cap Value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $57636023 | $8914549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long term capital gains | 27592167 | 7076825 |
|  | $85228190 | $15991374 |

---

As of May 31, 2025, the tax components of accumulated earnings (loss) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Undistributed<br>Ordinary Income* | *Undistributed Long-Term<br>Capital Gains* | *Net Unrealized<br>Gains (Losses)<sup>(a)</sup>* | *Total* |
|  Advantage International | $123499477 | $36696200 | $624864507 | $785060184 |
|  Advantage Large Cap Growth | 21433081 | 29563233 | 491187913 | 542184227 |
|  Advantage Small Cap Core | 7356801 | 6922566 | 62326135 | 76605502 |
|  Advantage Large Cap Core | 17827530 | 134512190 | 901509415 | 1053849135 |
|  Advantage Large Cap Value | 9802910 | 24797933 | 56329083 | 90929926 |

---

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

During the year ended May 31, 2025, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

---

| | |
|:---|:---|
| *Fund Name* | *Utilized* |
|  Advantage International | $36663284 |
|  Advantage Small Cap Core | 203707240 |

---

As of May 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Tax Cost* | *Gross Unrealized<br>Appreciation* | *Gross Unrealized<br>Depreciation* | *Net Unrealized<br>Appreciation*<br> *(Depreciation)* |
|  Advantage International | $4295261005 | $653268635 | $(29512790) | $623755845 |
|  Advantage Large Cap Growth | 917220893 | 512954652 | (21764926) | 491189726 |
|  Advantage Small Cap Core | 4023854106 | 535751912 | (473425778) | 62326134 |
|  Advantage Large Cap Core | 2118454353 | 975973345 | (74463930) | 901509415 |
|  Advantage Large Cap Value | 568831801 | 87061453 | (30718413) | 56343040 |

---

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

The Trust, on behalf of Advantage International, Advantage Large Cap Growth and Advantage Small Cap Core, and the Corporation, on behalf of Advantage Large Cap Core and Advantage Large Cap Value, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds

76 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements (continued)

rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate ("SOFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2026 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the year ended May 31, 2025, the Funds did not borrow under the credit agreement.

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

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

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

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

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

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

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

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

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

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the income from, or the value or liquidity of, the Fund's portfolio. Investment percentages in specific sectors are presented in the Schedules of Investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate,

N O T E S T O F I N A N C I A L S T A T E M E N T S 77

------

Notes to Financial Statements (continued)

it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

Advantage International invests a significant portion of its assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Fund's investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be, significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

Advantage International invests a significant portion of its assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Fund's investments.

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

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

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended 05/31/25 | Year Ended 05/31/25 | Year Ended 05/31/24 | Year Ended 05/31/24 |
| *Fund Name/Share Class* | *Shares* | *Amount* | *Shares* | *Amount* |
|  Advantage International |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 109283830 | $2200589185 | 23297357 | $414287683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 2331042 | 45153839 | 1383179 | 24124489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (24097125) | (486562846) | (10399113) | (186487678) |
|  | 87517747 | $1759180178 | 14281423 | $251924494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 5614729 | $110909359 | 1964803 | $34539277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 402643 | 7702303 | 319591 | 5512362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2442734) | (47715668) | (2564768) | (44937995) |
|  | 3574638 | $70895994 | (280374) | $(4886356) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 205037 | $3909116 | 759644 | $12470746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 20101 | 372401 | 8965 | 149273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (200918) | (3828891) | (141151) | (2420929) |
|  | 24220 | $452626 | 627458 | $10199090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 51396214 | $991005728 | 2590705 | $46132287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 462357 | 8955985 | 344221 | 6005317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (10829822) | (215078714) | (1798410) | (32102894) |
|  | 41028749 | $784882999 | 1136516 | $20034710 |

---

78 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended 05/31/25 | Year Ended 05/31/25 | Year Ended 05/31/24 | Year Ended 05/31/24 |
| *Fund Name/Share Class* | *Shares* | *Amount* | *Shares* | *Amount* |
|  Advantage International (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 487845 | $9494280 | 1017841 | $17350290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 54195 | 1035538 | 35544 | 612167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (580304) | (11354718) | (381525) | (6684230) |
|  | (38264) | $(824900) | 671860 | $11278227 |
|  | 132107090 | $2614586897 | 16436883 | $288550165 |
|  Advantage Large Cap Growth |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 5564680 | $137365853 | 3274605 | $74950123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 4987362 | 129647525 | 235499 | 5243158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (4696936) | (123889192) | (4350268) | (97770614) |
|  | 5855106 | $143124186 | (840164) | $(17577333) |
|  Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 1369989 | $32838557 | 985440 | $21327952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 4866084 | 117659241 | 183148 | 3842876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (3106423) | (74148286) | (2634857) | (56679531) |
|  | 3129650 | $76349512 | (1466269) | $(31508703) |
|  Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 292255 | $5317763 | 1314696 | $20739576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 447907 | 8228042 | 15709 | 263290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (536328) | (9470996) | (328177) | (5811599) |
|  | 203834 | $4074809 | 1002228 | $15191267 |
|  Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 105078 | $2703814 | 138788 | $3023950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 52367 | 1361231 | 2010 | 44757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (59441) | (1535411) | (43058) | (985582) |
|  | 98004 | $2529634 | 97740 | $2083125 |
|  Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 34108 | $825804 | 36480 | $901709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 12194 | 312822 | 225 | 4973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (14981) | (380780) | (3405) | (74617) |
|  | 31321 | $757846 | 33300 | $832065 |
|  | 9317915 | $226835987 | (1173165) | $(30979579) |
|  Advantage Small Cap Core |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 36255072 | $653384270 | 21347099 | $333503755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 877781 | 16960194 | 1441914 | 22168806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (27741700) | (495346481) | (59497255) | (936471823) |
|  | 9391153 | $174997983 | (36708242) | $(580799262) |
|  Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 26250441 | $458810007 | 4034735 | $63459431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 155609 | 3014256 | 180437 | 2751052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (10062007) | (180510807) | (4608184) | (72025154) |
|  | 16344043 | $281313456 | (393012) | $(5814671) |

---

N O T E S T O F I N A N C I A L S T A T E M E N T S 79

------

Notes to Financial Statements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended 05/31/25 | Year Ended 05/31/25 | Year Ended 05/31/24 | Year Ended 05/31/24 |
| *Fund Name/Share Class* | *Shares* | *Amount* | *Shares* | *Amount* |
|  Advantage Small Cap Core (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 192135 | $3354087 | 207623 | $3184439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 133 | 2511 | 1527 | 22365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (259412) | (4353432) | (194068) | (2922880) |
|  | (67144) | $(996834) | 15082 | $283924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 14776571 | $264820724 | 10206738 | $162561113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 508877 | 9825285 | 706613 | 10874632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (13506537) | (241870997) | (16148319) | (253421934) |
|  | 1778911 | $32775012 | (5234968) | $(79986189) |
|  | 27446963 | $488089617 | (42321140) | $(666316198) |
|  Advantage Large Cap Core |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 4901286 | $108928769 | 4253897 | $85531661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 6824168 | 152053419 | 692648 | 13247256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (8046068) | (178761785) | (36907101) | (738281082) |
|  | 3679386 | $82220403 | (31960556) | $(639502165) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 3492799 | $72667388 | 4162870 | $77141036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 10131144 | 211932648 | 603551 | 10921227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (10172908) | (212016675) | (9152406) | (171310982) |
|  | 3451035 | $72583361 | (4385985) | $(83248719) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 499466 | $7992470 | 1011189 | $14414272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 499829 | 8029473 | 12705 | 182763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (813790) | (12914239) | (782761) | (11561228) |
|  | 185505 | $3107704 | 241133 | $3035807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 4218196 | $93555579 | 766994 | $15907891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 269362 | 6007448 | 16885 | 323379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (807452) | (17528032) | (753056) | (14656265) |
|  | 3680106 | $82034995 | 30823 | $1575005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 156730 | $2856469 | 346800 | $5958058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 132563 | 2468740 | 6126 | 100028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (425172) | (8167576) | (119768) | (2062229) |
|  | (135879) | $(2842367) | 233158 | $3995857 |
|  | 10860153 | $237104096 | (35841427) | $(714144215) |
|  Advantage Large Cap Value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1450247 | $45574832 | 927476 | $27481322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 764805 | 23946218 | 156585 | 4498448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1483999) | (46611031) | (1298843) | (37668127) |
|  | 731053 | $22910019 | (214782) | $(5688357) |

---

80 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended 05/31/25 | Year Ended 05/31/25 | Year Ended 05/31/24 | Year Ended 05/31/24 |
| *Fund Name/Share Class* | *Shares* | *Amount* | *Shares* | *Amount* |
|  Advantage Large Cap Value (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 704352 | $21472423 | 633902 | $18495637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 1599849 | 48484401 | 323626 | 9028137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1852410) | (56231657) | (1815261) | (52151342) |
|  | 451791 | $13725167 | (857733) | $(24627568) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 101045 | $2742000 | 59407 | $1538116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 71958 | 1952910 | 13191 | 333274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (162600) | (4396509) | (196611) | (5153312) |
|  | 10403 | $298401 | (124013) | $(3281922) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 99111 | $3088303 | 193424 | $5568726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 50029 | 1566111 | 14682 | 421603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (128551) | (4045979) | (229117) | (7039729) |
|  | 20589 | $608435 | (21011) | $(1049400) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 18803 | $536038 | 24923 | $685611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 37342 | 1065365 | 7025 | 185628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (124836) | (3502166) | (55037) | (1487018) |
|  | (68691) | $(1900763) | (23089) | $(615779) |
|  | 1145145 | $35641259 | (1240628) | $(35263026) |

---

As of May 31, 2025, shares owned by BlackRock Financial Management, Inc., an affiliate of the Funds, were as follows:

---

| | | |
|:---|:---|:---|
| *Share Class* | *Advantage<br>Large Cap<br>Growth* | *Advantage<br>Large Cap<br>Growth* |
|  Class K |  | 12217 |

---

**12.**  ***FOREIGN WITHHOLDINGS TAX CLAIMS*** 

The Internal Revenue Service ("IRS") has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which Advantage International is able to pass through to shareholders as a foreign tax credit in the current year, the Fund will be able to offset the prior years' withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.

Certain of the outstanding foreign tax reclaims are not deemed by the Fund to meet the recognition criteria under U.S. GAAP as of May 31, 2025 and have not been recorded in the applicable Fund's net asset value. The recognition by the Fund of these amounts would have a positive impact on the applicable Fund's performance. If a Fund receives a tax refund that has not been previously recorded, investors in the Fund at the time the claim is successful will benefit from any resulting increase in the Fund's NAV. Investors who sold their shares prior to such time will not benefit from such NAV increase.

**13.**  ***SUBSEQUENT EVENTS*** 

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

N O T E S T O F I N A N C I A L S T A T E M E N T S 81

------

Report of Independent Registered Public Accounting Firm

To the Shareholders of BlackRock Advantage International Fund, BlackRock Advantage Large Cap Growth Fund and BlackRock Advantage Small Cap Core Fund and the Board of Trustees of BlackRock Funds<sup>SM</sup>, and to the Shareholders of BlackRock Advantage Large Cap Core Fund and BlackRock Advantage Large Cap Value Fund and the Board of Directors of BlackRock Large Cap Series Funds, Inc.:

#### Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of BlackRock Advantage International Fund, BlackRock Advantage Large Cap Growth Fund, and BlackRock Advantage Small Cap Core Fund of BlackRock Funds<sup>SM</sup>, and BlackRock Advantage Large Cap Core Fund and BlackRock Advantage Large Cap Value Fund of BlackRock Large Cap Series Funds, Inc. (the "Funds"), including the schedules of investments, as of May 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for the periods indicated in the table below, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of May 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Fund | Financial Highlights |
| &nbsp;&nbsp;&nbsp; BlackRock Advantage International Fund, BlackRock Advantage Large Cap Growth Fund, BlackRock Advantage Large Cap Value Fund, BlackRock Advantage Small Cap Core Fund | For each of the five years in the period ended May 31, 2025 |
| &nbsp;&nbsp;&nbsp; BlackRock Advantage Large Cap Core Fund | For each of the three years in the period ended May 31, 2025, for the period from October 1, 2021 through May 31, 2022, and for each of the two years in the period ended September 30, 2021 |

---

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of May 31, 2025, by correspondence with custodians or counterparties; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

July 22, 2025

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

82 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended May 31, 2025:

---

| | |
|:---|:---|
| *Fund Name* | *Qualified Dividend<br>Income* |
|  Advantage International | $90455486 |
|  Advantage Large Cap Growth | 8375591 |
|  Advantage Small Cap Core | 38421070 |
|  Advantage Large Cap Core | 35961936 |
|  Advantage Large Cap Value | 10917401 |

---

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended May 31, 2025:

---

| | |
|:---|:---|
| *Fund Name* | *Qualified Business<br>Income* |
|  Advantage Large Cap Growth | $45895 |
|  Advantage Large Cap Core | 1202951 |
|  Advantage Large Cap Value | 602162 |

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended May 31, 2025:

---

| | |
|:---|:---|
| *Fund Name* | *20% Rate<br>Long-Term<br>Capital Gain<br>Dividends* |
|  Advantage International | $15828707 |
|  Advantage Large Cap Growth | 183862841 |
|  Advantage Large Cap Core | 242117226 |
|  Advantage Large Cap Value | 29838821 |

---

The Fund intends to pass through to its shareholders the following amount, or maximum amount allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended May 31, 2025:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Foreign Source<br>Income Earned* | *Foreign Taxes<br>Paid* |
|  Advantage International | $90749739 | $8078379 |

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended May 31, 2025:

---

| | |
|:---|:---|
| *Fund Name* | *Federal Obligation<br>Interest* |
|  Advantage International | $1380159 |
|  Advantage Small Cap Core | 568598 |
|  Advantage Large Cap Core | 327494 |
|  Advantage Large Cap Value | 88901 |

---

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

The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended May 31, 2025 qualified for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| *Fund Name* | *Dividends-Received <br>Deduction* |
|  Advantage Large Cap Growth | 14.24% |
|  Advantage Small Cap Core | 100.00 |
|  Advantage Large Cap Core | 31.68 |
|  Advantage Large Cap Value | 36.65 |

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended May 31, 2025:

---

| | |
|:---|:---|
| *Fund Name* | *Interest Dividends* |
|  Advantage International | $2769038 |
|  Advantage Small Cap Core | 1146368 |
|  Advantage Large Cap Core | 660016 |
|  Advantage Large Cap Value | 179194 |

---

I M P O R T A N T T A X I N F O R M A T I O N 83

------

Important Tax Information (unaudited) (continued)

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends and qualified short-term capital gains eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended May 31, 2025:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Interest-Related<br>Dividends* | *Qualified<br>Short-Term<br>Capital Gains* |
|  Advantage International | $2782019 | $— |
|  Advantage Large Cap Growth |  | 79576383 |
|  Advantage Small Cap Core | 1146368 |  |
|  Advantage Large Cap Core | 660137 | 146283074 |
|  Advantage Large Cap Value | 179200 | 48937302 |

---

84 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Disclosure of Investment Advisory Agreements

The Board of Trustees of BlackRock Funds (the "Trust") met on April 22, 2025 and May 20-21, 2025 to consider the approval to continue the investment advisory agreement (the "Trust Advisory Agreement") between the Trust, on behalf of BlackRock Advantage International Fund ("Advantage International Fund"), BlackRock Advantage Large Cap Growth Fund ("Advantage Large Cap Growth Fund") and BlackRock Advantage Small Cap Core Fund ("Advantage Small Cap Core Fund"), and BlackRock Advisors, LLC (the "Manager" or "BlackRock"), each Fund's investment advisor.

The Board of Directors of BlackRock Large Cap Series Funds, Inc. (the "Corporation") met on April 22, 2025 and May 20-21, 2025 to consider the approval to continue the investment advisory agreement (the "Corporation Advisory Agreement") between the Corporation, on behalf of BlackRock Advantage Large Cap Value Fund ("Advantage Large Cap Value Fund") and BlackRock Advantage Large Cap Core Fund ("Advantage Large Cap Core Fund"), and the Manager, each Fund's investment advisor.

Advantage International Fund, Advantage Large Cap Growth Fund, Advantage Small Cap Core Fund, Advantage Large Cap Value Fund and Advantage Large Cap Core Fund are referred to herein individually as a "Fund" or collectively as the "Funds." The Trust Advisory Agreement and the Corporation Advisory Agreement are referred to herein individually as an "Agreement" or collectively as the "Agreements." For simplicity: (a) the Board of Trustees of the Trust and the Board of Directors of the Corporation are referred to herein individually as the "Board" and collectively as the "Boards" and the members are referred to as "Board Members"; and (b) the meetings held on April 22, 2025 are referred to as the "April Meeting" and the meetings held on May 20-21, 2025 are referred to as the "May Meeting."

#### The Approval Process
Consistent with the requirements of the Investment Company Act of 1940 (the "1940 Act"), the Boards consider the approval of the continuation of the pertinent Agreement for each Fund on an annual basis. The Board Members who are not "interested persons" of the Trust or the Corporation, as defined in the 1940 Act, are considered independent Board Members (the "Independent Board Members"). Each Board's consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock's various services to the pertinent Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Boards had four quarterly meetings per year, as well as numerous ad hoc meetings and executive sessions throughout the year, as needed. The committees of each Board similarly met throughout the year. The Boards also held the April Meeting to consider specific information regarding the renewal of the Agreements. In considering the renewal of the Agreements, the Boards assessed, among other things, the nature, extent and quality of the services provided to the Fund by BlackRock, BlackRock's personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock's management.

During the year, the Boards, acting directly and through their committees, considered information that was relevant to their annual consideration of the renewal of the pertinent Agreement, including the services and support provided by BlackRock to the Funds and their shareholders. BlackRock also furnished additional information to the Boards in response to specific questions from the Boards. Among the matters the Boards considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management's and portfolio managers' investment performance analyses, and the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by the Fund for services; (c) Fund operating expenses and how BlackRock allocates expenses to the Fund; (d) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of the Fund's investment objective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock's and each Fund's adherence to applicable compliance policies and procedures; (f) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as applicable; (g) BlackRock's and other service providers' internal controls and risk and compliance oversight mechanisms; (h) BlackRock's implementation of the proxy voting policies approved by the Board; (i) the use of brokerage commissions and execution quality of portfolio transactions; (j) BlackRock's implementation of each Fund's valuation and liquidity procedures; (k) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, exchange-traded fund ("ETF"), closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to the Fund; (l) BlackRock's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage; and (m) periodic updates on BlackRock's business.

Prior to and in preparation for the April Meeting, the Boards received and reviewed materials specifically relating to the renewal of the pertinent Agreement. The Independent Board Members continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist their deliberations. The materials provided in connection with the April Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), based on either a Lipper classification or Morningstar category, regarding each Fund's fees and expenses as compared with a peer group of funds as determined by Broadridge ("Expense Peers") and the investment performance of each Fund as compared with a peer group of funds ("Performance Peers"); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge's methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, ETFs, closed-end funds, open-end funds, and separately managed accounts, under similar investment mandates, as well as the performance of such other products, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with the Funds; (g) a summary of aggregate amounts paid by each Fund to BlackRock; (h) sales and redemption data regarding each Fund's shares; and (i) various additional information requested by the Boards as appropriate regarding BlackRock's and the Funds' operations.

At the April Meeting, each Board reviewed materials relating to its consideration of the pertinent Agreement and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the May Meeting, and such responses were reviewed by the Board Members.

At the May Meeting, each Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated

D I S C L O S U R E O F I N V E S T M E N T A D V I S O R Y A G R E E M E N T S 85

------

Disclosure of Investment Advisory Agreements (continued)

profits realized by BlackRock and its affiliates from their relationship with the Funds; (d) each Fund's fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock's relationship with the Funds; and (g) other factors deemed relevant by the Board Members.

Each Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock's services related to the valuation and pricing of Fund portfolio holdings. Each Board noted the willingness of BlackRock's personnel to engage in open, candid discussions with the Board. Each Board evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide more information about some of the primary factors that were relevant to each Board's decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

*A. Nature, Extent and Quality of the Services Provided by BlackRock* 

Each Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of the applicable Fund. Throughout the year, each Board compared each Fund's performance to the performance of a comparable group of mutual funds, relevant benchmarks, and performance metrics, as applicable. The Boards met with BlackRock's senior management personnel responsible for investment activities, including the senior investment officers. Each Board also reviewed the materials provided by each Fund's portfolio management team discussing the Fund's performance, investment strategies and outlook.

Each Board considered, among other factors, with respect to BlackRock: the experience of each Fund's portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of certain trading, portfolio management, operations and/or information systems owned by BlackRock; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Boards also considered BlackRock's overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock's Risk & Quantitative Analysis Group. Each Board engaged in a review of BlackRock's compensation structure with respect to each Fund's portfolio management team and BlackRock's ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Boards considered the nature and quality of the administrative and other non-investment advisory services provided to each Fund. BlackRock and its affiliates provide the Funds with certain administrative, shareholder and other services (in addition to any such services provided to the Funds by third-parties) and officers and other personnel as are necessary for the operations of the Funds. In particular, BlackRock and its affiliates provide the Funds with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of third-party service providers including, among others, each Fund's custodian, fund accountant, transfer agent, and auditor; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of the Funds, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing each Fund's distribution partners, and shareholder call center and other services. The Boards reviewed the structure and duties of BlackRock's fund administration, shareholder services, and legal and compliance departments and considered BlackRock's policies and procedures for assuring compliance with applicable laws and regulations. Each Board also considered the operation of BlackRock's business continuity plans.

*B. The Investment Performance of the Funds* 

Each Board, including the Independent Board Members, reviewed and considered the performance history of each Fund throughout the year and at the April Meeting. Each Board was provided with Fund performance reporting and analysis, relative to applicable performance metrics, by BlackRock throughout the year and at the April meeting. In preparation for the April Meeting, the Boards were also provided with reports independently prepared by Broadridge, which included an analysis of each Fund's performance as of December 31, 2024, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, with respect to each Fund, the applicable Board received and reviewed information regarding the investment performance of the Fund as compared to its Performance Peers. Each Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of each Fund throughout the year.

In evaluating performance, the Boards focused particular attention on funds with less favorable performance records. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Boards recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.

The Board of the Trust noted that for each of the one-, three- and five-year periods reported, Advantage International Fund ranked in the first quartile against its Performance Peers.

The Board of the Corporation noted that for the one-, three- and five-year periods reported, Advantage Large Cap Core Fund ranked in the first, second and second quartiles, respectively, against its Performance Peers.

The Board of the Trust noted that for each of the one-, three- and five-year periods reported, Advantage Large Cap Growth Fund ranked in the second quartile against its Performance Peers.

86 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Disclosure of Investment Advisory Agreements (continued)

The Board of the Corporation noted that for the one-, three- and five-year periods reported, Advantage Large Cap Value Fund ranked in the second, third and second quartiles, respectively, against its Performance Peers. The Board and BlackRock reviewed the Fund's underperformance relative to its Performance Peers during the applicable period.

The Board of the Trust noted that for the one-, three- and five-year periods reported, Advantage Small Cap Core Fund ranked in the second, third and third quartiles, respectively, against its Performance Peers. The Board and BlackRock reviewed the Fund's underperformance relative to its Performance Peers during the applicable periods.

*C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with the Funds* 

Each Board, including the Independent Board Members, reviewed each Fund's contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. Each Board also compared each Fund's total expense ratio, as well as its actual management fee rate, to those of its Expense Peers. The total expense ratio represents a fund's total net operating expenses, including any 12b-1 or non-12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Boards considered that the fee and expense information in the Broadridge report for the Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Board also noted that while it found the expense comparison provided by Broadridge generally useful, it recognized that the comparison is subject to Broadridge's defined peer selection criteria and methodology. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Boards reviewed BlackRock's profitability methodology and were also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Boards reviewed BlackRock's estimated profitability with respect to each Fund and other funds the Boards currently oversee for the year ended December 31, 2024 compared to available aggregate estimated profitability data provided for the prior two years. The Boards reviewed BlackRock's estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Boards reviewed BlackRock's assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Boards recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Boards thus recognized the limitations of calculating and comparing profitability at the individual fund level.

The Boards received and reviewed statements relating to BlackRock's financial condition. The Boards reviewed BlackRock's overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Boards considered the differences between BlackRock and these other firms, including the contribution of BlackRock's technology business, BlackRock's expense management, and the relative product mix. The Boards noted that, in general, individual fund or product line profitability of other advisors is not publicly available.

Each Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Boards further considered factors including but not limited to BlackRock's commitment of time and resources, assumption of risk, and liability profile in servicing the Funds, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, ETF, closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable.

The applicable Board noted that each of Advantage International Fund's, Advantage Small Cap Core Fund's and Advantage Large Cap Core Fund's contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Fund's Expense Peers.

The Board of the Trust noted that Advantage Large Cap Growth Fund's contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio ranked in the second and first quartiles, respectively, relative to the Fund's Expense Peers.

The Board of the Corporation noted that Advantage Large Cap Value Fund's contractual management fee rate ranked in the third quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Fund's Expense Peers.

The Boards also noted that each Fund has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the size of the pertinent Fund increases above certain contractually specified levels. The Boards additionally noted that the breakpoints can, conversely, adjust the advisory fee rate upward as the size of the pertinent Fund decreases below certain contractually specified levels. The Boards further noted that BlackRock and the applicable Board have contractually agreed to a cap on each Fund's total expenses as a percentage of the Fund's average daily net assets on a class-by-class basis.

*D. Economies of Scale* 

Each Board, including the Independent Board Members, considered the extent to which any economies of scale might benefit the Funds in a variety of ways as the assets of the Funds increase. Each Board considered multiple factors, including the advisory fee rate and breakpoints, unitary fee structure, fee waivers, and/or expense caps, as applicable. Each Board considered each Fund's asset levels and whether the current fee schedule was appropriate.

*E. Other Factors Deemed Relevant by the Board Members* 

Each Board, including the Independent Board Members, also took into account other ancillary or "fall-out" benefits that BlackRock or its affiliates may derive from BlackRock's respective relationships with the applicable Fund, both tangible and intangible, such as BlackRock's ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock's profile in the investment advisory community, and the engagement of BlackRock's affiliates as service providers to the Funds, including for administrative, distribution, securities lending and cash management services. With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The

D I S C L O S U R E O F I N V E S T M E N T A D V I S O R Y A G R E E M E N T S 87

------

Disclosure of Investment Advisory Agreements (continued)

Board also considered BlackRock's overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the pertinent Agreements, the Boards also received information regarding BlackRock's brokerage and soft dollar practices. The Boards received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Boards noted the competitive nature of the mutual fund marketplace, and that shareholders are able to redeem their Fund shares if they believe that the pertinent Fund's fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

#### Conclusion
At the May Meeting, in a continuation of the discussions that occurred during the April Meeting, and as a culmination of the Board of the Trust's year-long deliberative process, the Board of the Trust, including the Independent Board Members, unanimously approved the continuation of the Trust Advisory Agreement between the Manager and the Trust, on behalf of each of Advantage International Fund, Advantage Large Cap Growth Fund and Advantage Small Cap Core Fund, for a one-year term ending June 30, 2026.

At the May Meeting, in a continuation of the discussions that occurred during the April Meeting, and as a culmination of the Board of the Corporation's year-long deliberative process, the Board of the Corporation, including the Independent Board Members, unanimously approved the continuation of the Corporation Advisory Agreement between the Manager and the Corporation, on behalf of each of Advantage Large Cap Value Fund and Advantage Large Cap Core Fund, for a one-year term ending June 30, 2026.

Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Boards, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreements, the Boards did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.

88 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Additional Information

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

#### Proxy Results
Not applicable.

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

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

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

To enroll in electronic delivery:

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

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

2. Select "Access Your Account"

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

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

#### Shareholder Privileges

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

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

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

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

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

------

Additional Information (continued)

#### Fund and Service Providers

---

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

---

90 2 0 2 5 B L A C K R O C K A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Glossary of Terms Used in these Financial Statements

#### Portfolio Abbreviation

---

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

---

G L O S S A R Y O F T E R M S U S E D I N T H E S E F I N A N C I A L S T A T E M E N T S 91

------

### Want to know more?
blackrock.com \| 800-441-7762

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

---

| | |
|:---|:---|
| ![LOGO](g34788g42l24.jpg)  | ![LOGO](g34788bclogo.jpg) |

---

------

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

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

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

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7

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

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

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

---

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

---

Item 16 – Controls and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

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

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

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

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

(a)(3) [Section 302 Certifications are attached.](d867700dex99cert.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.](d867700dex99906cert.htm)

#### 5

------

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

BlackRock Large Cap Series Funds, Inc.

---

| | |
|:---|:---|
| By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Large Cap Series Funds, Inc. |

---

Date: July 22, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Large Cap Series Funds, Inc. |

---

Date: July 22, 2025

---

| | |
|:---|:---|
| By: | /s/ Trent Walker  |
|  | Trent Walker |
|  | Chief Financial Officer (principal financial officer) of |
|  | BlackRock Large Cap Series Funds, Inc. |

---

Date: July 22, 2025

#### 6

## Ex-99.Cert

**EX-99. CERT** 

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

**SARBANES-OXLEY ACT OF 2002** 

I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Large Cap Series Funds, Inc., certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Large Cap Series Funds, Inc.;

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

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

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

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

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

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

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

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

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

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

Date: July 22, 2025

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

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Large Cap Series Funds, Inc.

------

**EX-99. CERT** 

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

**SARBANES-OXLEY ACT OF 2002** 

I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock Large Cap Series Funds, Inc., certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Large Cap Series Funds, Inc.;

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

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

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

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

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

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

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

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

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

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

Date: July 22, 2025

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

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Large Cap Series Funds, Inc.

## Exhibit 99.906

Exhibit 99.906CERT

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

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

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Large Cap Series Funds, Inc. (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended May 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: July 22, 2025

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

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Large Cap Series Funds, Inc.

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Large Cap Series Funds, Inc. (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended May 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: July 22, 2025

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

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Large Cap Series Funds, Inc.

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