# EDGAR Filing Document

**Accession Number:** 0000887509
**File Stem:** 0001193125-26-037225
**Filing Date:** 2026-2
**Character Count:** 366765
**Document Hash:** d089137dca7a7d3a3f5dbebcb2d02cd8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-037225.hdr.sgml**: 20260204

**ACCESSION NUMBER**: 0001193125-26-037225

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260204

**DATE AS OF CHANGE**: 20260204

**EFFECTIVENESS DATE**: 20260204

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock Capital Appreciation Fund, Inc.
- **CENTRAL INDEX KEY:** 0000887509

**ORGANIZATION NAME:**
- **EIN:** 223186366
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06669
- **FILM NUMBER:** 26597256

**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:** BLACKROCK FUNDAMENTAL GROWTH FUND, INC.
- **DATE OF NAME CHANGE:** 20061002

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MERRILL LYNCH FUNDAMENTAL GROWTH FUND INC
- **DATE OF NAME CHANGE:** 19920929

## Series and Classes Contracts Data

### BLACKROCK CAPITAL APPRECIATION FUND, INC. (Series ID: S000002520)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000006952 | Investor A    |  |
| C000006954 | Investor C    |  |
| C000006955 | Institutional |  |
| C000006956 | Class R       |  |
| C000088417 | Class K       |  |

?xml version='1.0' encoding='ASCII'? BlackRock Capital Appreciation Fund, Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

#### FORM N-CSR

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

811-06669

Name of Fund:

BlackRock Capital Appreciation Fund, Inc.

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Capital Appreciation Fund, Inc., 50 Hudson Yards, New York, NY 10001

Registrant's telephone number, including area code:

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

Date of fiscal year end:

05/31/2026

Date of reporting period:

11/30/2025

Item 1 — Reports to Stockholders

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

![TSR - Blackrock Fund Logo](g57769images_30117.jpg)

### BlackRock Capital Appreciation Fund, Inc.

### Institutional Shares \| MAFGX

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

------

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

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| Institutional Shares | $36 | 0.67%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$3824827744 |
| Number of Portfolio Holdings | &nbsp;&nbsp;42 |
| Portfolio Turnover Rate | &nbsp;&nbsp;34% |

---

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

 **Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Information Technology | 52.7% |
| Communication Services | 13.6% |
| Consumer Discretionary | 12.9% |
| Financials | 7.2% |
| Health Care | 7.1% |
| Industrials | 5.3% |
| Real Estate | 0.9% |
| Materials | 0.2% |
| Short-Term Securities | 0.2% |
| Liabilities in Excess of Other Assets | (0.1)% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| NVIDIA Corp. | 12.9% |
| Microsoft Corp. | 8.9% |
| Amazon.com, Inc. | 8.5% |
| Apple Inc. | 6.0% |
| Meta Platforms, Inc., Class A | 5.6% |
| Broadcom, Inc. | 5.6% |
| Alphabet, Inc., Class A | 4.9% |
| Visa, Inc., Class A | 3.7% |
| Eli Lilly & Co. | 3.5% |
| Tesla, Inc. | 3.3% |

---

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

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©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](g57769images_30115.jpg)

BlackRock Capital Appreciation Fund, Inc.

Institutional Shares \| MAFGX

Semi-Annual Shareholder Report — November 30, 2025

MAFGX-11/25-SAR

![TSR - Blackrock Fund Logo](g57769images_30117.jpg)

### BlackRock Capital Appreciation Fund, Inc.

### Investor A Shares \| MDFGX

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

------

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

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

---

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

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$3824827744 |
| Number of Portfolio Holdings | &nbsp;&nbsp;42 |
| Portfolio Turnover Rate | &nbsp;&nbsp;34% |

---

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

 **Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Information Technology | 52.7% |
| Communication Services | 13.6% |
| Consumer Discretionary | 12.9% |
| Financials | 7.2% |
| Health Care | 7.1% |
| Industrials | 5.3% |
| Real Estate | 0.9% |
| Materials | 0.2% |
| Short-Term Securities | 0.2% |
| Liabilities in Excess of Other Assets | (0.1)% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| NVIDIA Corp. | 12.9% |
| Microsoft Corp. | 8.9% |
| Amazon.com, Inc. | 8.5% |
| Apple Inc. | 6.0% |
| Meta Platforms, Inc., Class A | 5.6% |
| Broadcom, Inc. | 5.6% |
| Alphabet, Inc., Class A | 4.9% |
| Visa, Inc., Class A | 3.7% |
| Eli Lilly & Co. | 3.5% |
| Tesla, Inc. | 3.3% |

---

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

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©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](g57769images_30115.jpg)

BlackRock Capital Appreciation Fund, Inc.

Investor A Shares \| MDFGX

Semi-Annual Shareholder Report — November 30, 2025

MDFGX-11/25-SAR

![TSR - Blackrock Fund Logo](g57769images_30117.jpg)

### BlackRock Capital Appreciation Fund, Inc.

### Investor C Shares \| MCFGX

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

------

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

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| Investor C Shares | $89 | 1.67%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$3824827744 |
| Number of Portfolio Holdings | &nbsp;&nbsp;42 |
| Portfolio Turnover Rate | &nbsp;&nbsp;34% |

---

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

 **Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Information Technology | 52.7% |
| Communication Services | 13.6% |
| Consumer Discretionary | 12.9% |
| Financials | 7.2% |
| Health Care | 7.1% |
| Industrials | 5.3% |
| Real Estate | 0.9% |
| Materials | 0.2% |
| Short-Term Securities | 0.2% |
| Liabilities in Excess of Other Assets | (0.1)% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| NVIDIA Corp. | 12.9% |
| Microsoft Corp. | 8.9% |
| Amazon.com, Inc. | 8.5% |
| Apple Inc. | 6.0% |
| Meta Platforms, Inc., Class A | 5.6% |
| Broadcom, Inc. | 5.6% |
| Alphabet, Inc., Class A | 4.9% |
| Visa, Inc., Class A | 3.7% |
| Eli Lilly & Co. | 3.5% |
| Tesla, Inc. | 3.3% |

---

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

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©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](g57769images_30115.jpg)

BlackRock Capital Appreciation Fund, Inc.

Investor C Shares \| MCFGX

Semi-Annual Shareholder Report — November 30, 2025

MCFGX-11/25-SAR

![TSR - Blackrock Fund Logo](g57769images_30117.jpg)

### BlackRock Capital Appreciation Fund, Inc.

### Class K Shares \| BFGBX

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

------

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

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| Class K Shares | $33 | 0.62%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$3824827744 |
| Number of Portfolio Holdings | &nbsp;&nbsp;42 |
| Portfolio Turnover Rate | &nbsp;&nbsp;34% |

---

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

 **Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Information Technology | 52.7% |
| Communication Services | 13.6% |
| Consumer Discretionary | 12.9% |
| Financials | 7.2% |
| Health Care | 7.1% |
| Industrials | 5.3% |
| Real Estate | 0.9% |
| Materials | 0.2% |
| Short-Term Securities | 0.2% |
| Liabilities in Excess of Other Assets | (0.1)% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| NVIDIA Corp. | 12.9% |
| Microsoft Corp. | 8.9% |
| Amazon.com, Inc. | 8.5% |
| Apple Inc. | 6.0% |
| Meta Platforms, Inc., Class A | 5.6% |
| Broadcom, Inc. | 5.6% |
| Alphabet, Inc., Class A | 4.9% |
| Visa, Inc., Class A | 3.7% |
| Eli Lilly & Co. | 3.5% |
| Tesla, Inc. | 3.3% |

---

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

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©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](g57769images_30115.jpg)

BlackRock Capital Appreciation Fund, Inc.

Class K Shares \| BFGBX

Semi-Annual Shareholder Report — November 30, 2025

BFGBX-11/25-SAR

![TSR - Blackrock Fund Logo](g57769images_30117.jpg)

### BlackRock Capital Appreciation Fund, Inc.

### Class R Shares \| MRFGX

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

------

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

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a <br> $10,000 investment** |
| Class R Shares | $63 | 1.17%(a) |

---

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

Key Fund statistics

---

| | |
|:---|:---|
| Net Assets | &nbsp;&nbsp;$3824827744 |
| Number of Portfolio Holdings | &nbsp;&nbsp;42 |
| Portfolio Turnover Rate | &nbsp;&nbsp;34% |

---

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

 **Sector allocation**

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Information Technology | 52.7% |
| Communication Services | 13.6% |
| Consumer Discretionary | 12.9% |
| Financials | 7.2% |
| Health Care | 7.1% |
| Industrials | 5.3% |
| Real Estate | 0.9% |
| Materials | 0.2% |
| Short-Term Securities | 0.2% |
| Liabilities in Excess of Other Assets | (0.1)% |

---

 **Ten largest holdings**

---

| | |
|:---|:---|
| *Security<sup>(b)</sup>* | *Percent of<br> Net Assets* |
| NVIDIA Corp. | 12.9% |
| Microsoft Corp. | 8.9% |
| Amazon.com, Inc. | 8.5% |
| Apple Inc. | 6.0% |
| Meta Platforms, Inc., Class A | 5.6% |
| Broadcom, Inc. | 5.6% |
| Alphabet, Inc., Class A | 4.9% |
| Visa, Inc., Class A | 3.7% |
| Eli Lilly & Co. | 3.5% |
| Tesla, Inc. | 3.3% |

---

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

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©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](g57769images_30115.jpg)

BlackRock Capital Appreciation Fund, Inc.

Class R Shares \| MRFGX

Semi-Annual Shareholder Report — November 30, 2025

MRFGX-11/25-SAR

------

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

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

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

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

Item 5 – Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

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

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

------

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

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

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

------

---

| | |
|:---|:---|
| ![LOGO](g17396dsp001.jpg)  | **NOVEMBER 30, 2025** |

---

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

#### BlackRock Capital Appreciation Fund, Inc.

#### BlackRock Funds<sup>SM</sup>
• BlackRock Energy Opportunities Fund

• BlackRock Health Sciences Opportunities Portfolio

• BlackRock High Equity Income Fund

• BlackRock Mid-Cap Growth Equity Portfolio

• BlackRock Technology Opportunities Fund

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

------

**Table of Contents**

---

| | | |
|:---|:---|:---|
|  | **Page** | **Page** |
|  [Schedules of Investments](#fin17396_1) |  | 3 |
|  [Statements of Assets and Liabilities](#fin17396_2) |  | 24 |
|  [Statements of Operations](#fin17396_3) |  | 28 |
|  [Statements of Changes in Net Assets](#fin17396_4) |  | 30 |
|  [Financial Highlights](#fin17396_5) |  | 33 |
|  [Notes to Financial Statements](#fin17396_6) |  | 63 |
|  [Additional Information](#fin17396_7) |  | 79 |
|  [Glossary of Terms Used in these Financial Statements](#fin17396_8) |  | 81 |

---

2.0 ------

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Common Stocks** |  |  |  |
| **Aerospace & Defense** — **3.2%** |  |  |  |
|  Axon Enterprise, Inc.<sup>(a)</sup> | 96673 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52216954 |
|  Howmet Aerospace, Inc. | 260670 |  | 53330475 |
|  TransDigm Group, Inc. | 10592 |  | 14406921 |
|  |  |  | 119954350 |
| **Automobiles** — **4.4%** |  |  |  |
|  Ferrari NV | 102832 |  | 40299861 |
|  Tesla, Inc.<sup>(a)</sup> | 296070 |  | 127360432 |
|  |  |  | 167660293 |
| **Broadline Retail** — **8.5%** |  |  |  |
|  Amazon.com, Inc.<sup>(a)</sup> | 1394451 |  | 325213862 |
| **Capital Markets** — **2.4%** |  |  |  |
|  KKR & Co., Inc., Class A | 604062 |  | 73882823 |
|  S&P Global, Inc. | 32602 |  | 16262856 |
|  |  |  | 90145679 |
| **Chemicals** — **0.2%** |  |  |  |
|  Sherwin-Williams Co. (The) | 22507 |  | 7735431 |
| **Communications Equipment** — **2.1%** |  |  |  |
|  Arista Networks, Inc.<sup>(a)</sup> | 611177 |  | 79868610 |
| **Electrical Equipment** — **2.2%** |  |  |  |
|  Vertiv Holdings Co., Class A | 471127 |  | 84675656 |
| **Electronic Equipment, Instruments & Components** — **1.4%** | **Electronic Equipment, Instruments & Components** — **1.4%** | **Electronic Equipment, Instruments & Components** — **1.4%** | **Electronic Equipment, Instruments & Components** — **1.4%** |
|  Amphenol Corp., Class A | 380796 |  | 53654156 |
| **Entertainment** — **2.0%** |  |  |  |
|  Netflix, Inc.<sup>(a)</sup> | 693469 |  | 74603395 |
| **Financial Services** — **4.8%** |  |  |  |
|  Adyen NV<sup>(a)(b)</sup> | 27911 |  | 43623808 |
|  Visa, Inc., Class A | 420497 |  | 140631017 |
|  |  |  | 184254825 |
| **Health Care Equipment & Supplies** — **2.8%** |  |  |  |
|  Boston Scientific Corp.<sup>(a)</sup> | 359988 |  | 36567581 |
|  Intuitive Surgical, Inc.<sup>(a)</sup> | 125202 |  | 71800843 |
|  |  |  | 108368424 |
| **Interactive Media & Services** — **10.5%** |  |  |  |
|  Alphabet, Inc., Class A | 590989 |  | 189222858 |
|  Meta Platforms, Inc., Class A | 329635 |  | 213586998 |
|  |  |  | 402809856 |
| **IT Services** — **2.2%** |  |  |  |
|  Shopify, Inc., Class A<sup>(a)</sup> | 252930 |  | 40124815 |
|  Snowflake, Inc., Class A<sup>(a)</sup> | 174099 |  | 43740633 |
|  |  |  | 83865448 |
| **Life Sciences Tools & Services** — **0.8%** |  |  |  |
|  Danaher Corp. | 135284 |  | 30679706 |
| **Pharmaceuticals** — **3.5%** |  |  |  |
|  Eli Lilly & Co. | 125320 |  | 134777900 |
| **Real Estate Management & Development** — **0.9%** |  |  |  |
|  CoStar Group, Inc.<sup>(a)</sup> | 515831 |  | 35489173 |
| **Semiconductors & Semiconductor Equipment** — **24.7%** | **Semiconductors & Semiconductor Equipment** — **24.7%** | **Semiconductors & Semiconductor Equipment** — **24.7%** | **Semiconductors & Semiconductor Equipment** — **24.7%** |
|  Advanced Micro Devices, Inc.<sup>(a)</sup> | 355756 |  | 77387603 |
|  ASM International NV | 30478 |  | 16859777 |
|  Broadcom, Inc. | 528000 |  | 212762880 |
|  Intel Corp.<sup>(a)</sup> | 2049758 |  | 83138184 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
|  Lam Research Corp. | 389141 | $60705996 |
|  NVIDIA Corp. | 2797031 | 495074487 |
|  |  | 945928927 |
| **Software** — **14.0%** |  |  |
|  AppLovin Corp., Class A<sup>(a)</sup> | 70128 | 42040333 |
|  BitMine Immersion Technologies, Inc.<sup>(a)</sup> | 645281 | 21371707 |
|  Cadence Design Systems, Inc.<sup>(a)</sup> | 49067 | 15301053 |
|  Intuit, Inc. | 34665 | 21980383 |
|  Microsoft Corp. | 688279 | 338640151 |
|  Oracle Corp. | 283297 | 57211829 |
|  Palantir Technologies, Inc., Class A<sup>(a)</sup> | 233917 | 39403319 |
|  |  | 535948775 |
| **Technology Hardware, Storage & Peripherals** — **6.0%** | **Technology Hardware, Storage & Peripherals** — **6.0%** | **Technology Hardware, Storage & Peripherals** — **6.0%** |
|  Apple Inc. | 825480 | 230185098 |
|  **Total Common Stocks** — **96.6%<br>(Cost: $1,758,371,157)** |  | 3695819564 |
| **Preferred Securities** |  |  |
| **Preferred Stocks** — **3.3%** |  |  |
| **Interactive Media & Services** — **1.1%** |  |  |
|  Bytedance Ltd., Series E-1, (Acquired 11/11/20,<br>cost $19,426,516)<sup>(a)(c)(d)</sup> | 177291 | 41347807 |
| **Software** — **2.2%** |  |  |
|  Databricks, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, (Acquired 03/27/25,<br>cost $34,703,225)<sup>(a)(c)(d)</sup> | 375170 | 66892811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, (Acquired 01/21/25,<br>cost $10,208,947)<sup>(a)(c)(d)</sup> | 110367 | 19678436 |
|  |  | 86571247 |
|  **Total Preferred Securities** — **3.3%<br>(Cost: $64,338,688)** |  | 127919054 |
|  **Total Long-Term Investments** — **99.9%<br>(Cost: $1,822,709,845)** |  | 3823738618 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds** — **0.2%** |  |  |
|  BlackRock Liquidity Funds, T-Fund, Institutional<br>Shares, 3.86%<sup>(e)(f)</sup> | 6696251 | 6696251 |
|  **Total Short-Term Securities** — **0.2%<br>(Cost: $6,696,251)** |  | 6696251 |
|  **Total Investments** — **100.1%<br>(Cost: $1,829,406,096)** |  | 3830434869 |
|  **Liabilities in Excess of Other Assets** — **(0.1)%** | **Liabilities in Excess of Other Assets** — **(0.1)%** | (5607125) |
|  **Net Assets** — **100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3824827744 |

---

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

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

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

<sup>(d)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $127,919,054, representing 3.3% of its net assets as of period end, and an original cost of $64,338,688. 

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

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

S C H E D U L E S O F I N V E S T M E N T S 3

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock Capital Appreciation Fund, Inc.** |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Issuer | Value at<br>05/31/25 | Purchases<br>at Cost | Proceeds<br>from Sales | *Net<br>Realized<br>Gain*<br> *(Loss)* | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>11/30/25 | Shares<br>Held at<br>11/30/25 | Income | Capital<br>Gain<br>Distributions<br>from<br>Underlying<br>Funds |
|  BlackRock Cash Funds: Institutional,<br>SL Agency Shares<sup>(a)</sup> | $19432275 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19445939)<sup>(b)</sup> | $13664 | $— | $— | $— | $18102 <sup>(c)</sup> | $— |
|  BlackRock Liquidity Funds,<br>T-Fund,<br>Institutional Shares | 5447738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1248513 <sup>(b)</sup> |  |  |  | 6696251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6696251 | 133066 |  |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13664 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6696251 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151168 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $119954350 | $— | $— | $119954350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 167660293 |  |  | 167660293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 325213862 |  |  | 325213862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 90145679 |  |  | 90145679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 7735431 |  |  | 7735431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 79868610 |  |  | 79868610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 84675656 |  |  | 84675656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 53654156 |  |  | 53654156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 74603395 |  |  | 74603395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 140631017 | 43623808 |  | 184254825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 108368424 |  |  | 108368424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 402809856 |  |  | 402809856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services | 83865448 |  |  | 83865448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 30679706 |  |  | 30679706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 134777900 |  |  | 134777900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | 35489173 |  |  | 35489173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 929069150 | 16859777 |  | 945928927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | 535948775 |  |  | 535948775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 230185098 |  |  | 230185098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities |  |  | 127919054 | 127919054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 6696251 |  |  | 6696251 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3642032230 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60483585 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127919054 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3830434869 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock Capital Appreciation Fund, Inc.** |

---

A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

---

| | |
|:---|:---|
|  | Preferred<br>Securities |
|  **Assets** |  |
|  Opening Balance, as of May 31, 2025 | $89765134 |
|  Transfers into Level 3 |  |
|  Transfers out of Level 3 |  |
|  Accrued discounts/premiums |  |
|  Net realized gain (loss) |  |
|  Net change in unrealized appreciation (depreciation)<sup>(a)(b)</sup> | 38153920 |
|  Purchases |  |
|  Sales |  |
|  Closing Balance, as of November 30, 2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127919054 |
|  Net change in unrealized appreciation (depreciation) on investments still held at November 30, 2025<sup>(b)</sup> | $38153920 |

---

<sup>(a)</sup> Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.

<sup>(b)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at November 30, 2025, is generally due to investments no longer held or categorized as Level 3 at period end.

The following table summarizes the valuation approaches used and unobservable inputs utilized by the Valuation Committee to determine the value of certain of the Fund's Level 3 financial instruments as of period end.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Value | Valuation Approach | Unobservable<br>Inputs | Range of<br>Unobservable Inputs<br>Utilized<sup>(a)</sup> | Weighted Average of<br>Unobservable Inputs<br>Based on Fair Value |
|  **Assets** |  |  |  |  |  |
|  Preferred Securities | $127919054 | Market | Revenue Multiple | 1.35x - 22.00x | 15.33x |

---

<sup>(a)</sup> A significant change in unobservable input could result in a correlated or inverse change in value.

*See notes to financial statements.* 

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

------

---

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Consumer Staples Distribution & Retail — 1.0%** | **Consumer Staples Distribution & Retail — 1.0%** | **Consumer Staples Distribution & Retail — 1.0%** |
|  Alimentation Couche-Tard, Inc. | 47900 | $2608458 |
| **Energy Equipment & Services — 2.8%** | **Energy Equipment & Services — 2.8%** | **Energy Equipment & Services — 2.8%** |
|  Poseidon Concepts Corp.<sup>(a)(b)</sup> | 35081 | 1 |
|  Subsea 7 SA | 33700 | 650025 |
|  TechnipFMC PLC | 138866 | 6285075 |
|  Tecnicas Reunidas SA<sup>(b)</sup> | 23150 | 766329 |
|  |  | 7701430 |
| **Oil, Gas & Consumable Fuels — 94.0%** |  |  |
|  ARC Resources Ltd. | 142530 | 2541663 |
|  California Resources Corp. | 29066 | 1388773 |
|  Cameco Corp. (CAD) | 47749 | 4230422 |
|  Canadian Natural Resources Ltd. | 289838 | 9791586 |
|  Cheniere Energy, Inc. | 41349 | 8619613 |
|  Chevron Corp. | 165149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24958968 |
|  ConocoPhillips | 97093 | 8611178 |
|  EOG Resources, Inc. | 76340 | 8233269 |
|  EQT Corp. | 67713 | 4121013 |
|  Exxon Mobil Corp. | 455571 | 52809790 |
|  Galp Energia SGPS SA, Class B | 138871 | 2791764 |
|  Gazprom PJSC<sup>(a)(b)</sup> | 639500 | 82 |
|  Gaztransport Et Technigaz SA | 19575 | 3913087 |
|  HF Sinclair Corp. | 63726 | 3371743 |
|  Kinder Morgan, Inc. | 327891 | 8957982 |
|  Kosmos Energy Ltd.<sup>(b)(c)</sup> | 664916 | 744706 |
|  Pembina Pipeline Corp. | 129574 | 5049163 |
|  Permian Resources Corp., Class A | 430556 | 6238756 |
|  Repsol SA | 192000 | 3557637 |
|  Shell PLC | 749805 | 27556027 |
|  Suncor Energy, Inc. | 192770 | 8632543 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Oil, Gas & Consumable Fuels (continued)** |  |  |
|  Targa Resources Corp. | 45260 | $7934531 |
|  TC Energy Corp. | 189556 | 10367287 |
|  TotalEnergies SE | 291551 | 19180206 |
|  Valero Energy Corp. | 54348 | 9606553 |
|  Williams Cos., Inc. (The) | 186934 | 11389889 |
|  |  | 254598231 |
|  **Total Long-Term Investments — 97.8%<br>(Cost: $178,299,808)** |  | 264908119 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 2.2%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency<br>Shares, 4.11%<sup>(d)(e)(f)</sup> | 789953 | 790347 |
|  BlackRock Liquidity Funds, T-Fund, Institutional<br>Shares, 3.86%<sup>(d)(e)</sup> | 5050101 | 5050101 |
|  **Total Short-Term Securities — 2.2%<br>(Cost: $5,840,448)** |  | 5840448 |
|  **Total Investments — 100.0%<br>(Cost: $184,140,256)** |  | 270748567 |
|  **Other Assets Less Liabilities — 0.0%** | **Other Assets Less Liabilities — 0.0%** | 128902 |
|  **Net Assets — 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270877469 |

---

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

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

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

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

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

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Issuer | Value at<br>05/31/25 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain<br>(Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at 11/30/25 | Shares<br>Held at<br>11/30/25 | Income | Capital<br>Gain<br>Distributions<br>from<br>Underlying<br>Funds |
|  BlackRock Cash Funds: Institutional, SL<br>Agency Shares | $— | $790355 <sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(8) | $– $| 790347 | 789953 | $243 <sup>(b)</sup> | $— |
|  BlackRock Liquidity Funds, T-Fund,<br>Institutional Shares | 1948783 | 3101318 <sup>(a)</sup> |  |  | – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5050101 | 5050101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66062 |  |
|  |  |  |  | $(8) | $– $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5840448 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66305 | $— |

---

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

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

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock Energy Opportunities Fund** |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | $2608458 | $— | $— | $2608458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | 6285075 | 1416354 | 1 | 7701430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 197599428 | 56998721 | 82 | 254598231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 5840448 |  |  | 5840448 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212333409 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58415075 | $83 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270748567 |

---

*See notes to financial statements.* 

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> November 30, 2025 | **BlackRock Health Sciences Opportunities Portfolio**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
| **Biotechnology — 26.6%** |  |  |
|  4D Molecular Therapeutics, Inc.<sup>(a)</sup> | 129009 | $1504245 |
|  AbbVie, Inc. | 1182770 | &nbsp;&nbsp;&nbsp;&nbsp;269316729 |
|  Allogene Therapeutics, Inc.<sup>(a)(b)</sup> | 1235040 | 1803158 |
|  Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 295219 | 133211669 |
|  Amgen, Inc. | 670330 | 231572202 |
|  Apogee Therapeutics, Inc.<sup>(a)</sup> | 207345 | 14922620 |
|  Arcellx, Inc.<sup>(a)</sup> | 186729 | 13577066 |
|  Arcus Biosciences, Inc.<sup>(a)</sup> | 465407 | 12147123 |
|  Argenx SE, ADR<sup>(a)</sup> | 72459 | 66081159 |
|  Ascendis Pharma A/S, ADR<sup>(a)(b)</sup> | 32926 | 6991178 |
|  Autolus Therapeutics PLC, ADR<sup>(a)(b)</sup> | 744753 | 1050102 |
|  Avidity Biosciences, Inc.<sup>(a)</sup> | 101637 | 7287373 |
|  Beam Therapeutics, Inc.<sup>(a)(b)</sup> | 171649 | 4347869 |
|  Biogen, Inc.<sup>(a)</sup> | 330978 | 60267784 |
|  Biohaven Ltd.<sup>(a)</sup> | 356386 | 3574552 |
|  BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 329622 | 18435758 |
|  BioNTech SE, ADR<sup>(a)</sup> | 42829 | 4417811 |
|  Bridgebio Oncology Therapeutics, Inc. (Acquired<br>08/08/25, cost $2,242,992)<sup>(a)(c)</sup> | 209287 | 2576323 |
|  BridgeBio Oncology Therapeutics, Inc.<sup>(a)(b)</sup> | 688356 | 8473662 |
|  Bridgebio Pharma, Inc.<sup>(a)</sup> | 209311 | 15072485 |
|  Bright Minds Biosciences, Inc.<sup>(a)</sup> | 2001 | 140070 |
|  CG oncology, Inc.<sup>(a)</sup> | 60803 | 2726407 |
|  Cytokinetics, Inc.<sup>(a)</sup> | 251375 | 17126179 |
|  Denali Therapeutics, Inc.<sup>(a)</sup> | 234300 | 4561821 |
|  Disc Medicine, Inc.<sup>(a)</sup> | 88432 | 8256012 |
|  Dyne Therapeutics, Inc.<sup>(a)</sup> | 284975 | 6240952 |
|  Enanta Pharmaceuticals, Inc.<sup>(a)</sup> | 502656 | 7097503 |
|  Exact Sciences Corp.<sup>(a)</sup> | 559938 | 56716120 |
|  Exelixis, Inc.<sup>(a)</sup> | 236668 | 10453626 |
|  Gilead Sciences, Inc. | 1585265 | 199489748 |
|  Incyte Corp.<sup>(a)</sup> | 404753 | 42280498 |
|  Insmed, Inc.<sup>(a)</sup> | 326291 | 67793481 |
|  Ionis Pharmaceuticals, Inc.<sup>(a)</sup> | 173690 | 14369374 |
|  Kailera Therapeutics, Inc., Series B (Acquired<br>10/31/25, cost $5,992,000)<sup>(a)(c)(d)</sup> | 428000 | 5992000 |
|  Kartos Therapeutics, Inc., Series C (Acquired<br>08/22/23, cost $6,974,988)<sup>(a)(c)(d)</sup> | 1233856 | 7008302 |
|  Kymera Therapeutics, Inc.<sup>(a)(b)</sup> | 55346 | 3756886 |
|  Legend Biotech Corp., ADR<sup>(a)</sup> | 126380 | 3501990 |
|  Merus NV<sup>(a)</sup> | 206777 | 19879541 |
|  Moderna, Inc.<sup>(a)</sup> | 572943 | 14885059 |
|  Natera, Inc.<sup>(a)</sup> | 133100 | 31785611 |
|  Neurocrine Biosciences, Inc.<sup>(a)</sup> | 80426 | 12237620 |
|  Nuvalent, Inc., Class A<sup>(a)</sup> | 322681 | 35285167 |
|  Olema Pharmaceuticals, Inc.<sup>(a)</sup> | 259430 | 7347058 |
|  Oruka Therapeutics, Inc.<sup>(a)</sup> | 189022 | 5689562 |
|  Protagonist Therapeutics, Inc.<sup>(a)</sup> | 378430 | 34058700 |
|  PTC Therapeutics, Inc.<sup>(a)</sup> | 145525 | 12513695 |
|  Regeneron Pharmaceuticals, Inc. | 99733 | 77810689 |
|  REGENXBIO, Inc.<sup>(a)</sup> | 219311 | 2936574 |
|  Rhythm Pharmaceuticals, Inc.<sup>(a)</sup> | 550460 | 60049681 |
|  Roivant Sciences Ltd.<sup>(a)</sup> | 478695 | 9961643 |
|  Scholar Rock Holding Corp.<sup>(a)</sup> | 231108 | 10182618 |
|  Stoke Therapeutics, Inc.<sup>(a)</sup> | 483398 | 14941832 |
|  Summit Therapeutics, Inc.<sup>(a)(b)</sup> | 397896 | 7118359 |
|  TScan Therapeutics, Inc.<sup>(a)</sup> | 568707 | 631265 |
|  uniQure NV<sup>(a)</sup> | 122925 | 3381667 |
|  United Therapeutics Corp.<sup>(a)</sup> | 41636 | 20235096 |
|  Upstream Bio, Inc.<sup>(a)</sup> | 197564 | 5650330 |
|  Vaxcyte, Inc.<sup>(a)</sup> | 89436 | 4436920 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Biotechnology (continued)** |  |  |
|  Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 143095 | $62047423 |
|  Viking Therapeutics, Inc.<sup>(a)(b)</sup> | 107335 | 3951001 |
|  Vir Biotechnology, Inc.<sup>(a)</sup> | 228276 | 1465532 |
|  Vor BioPharma, Inc.<sup>(a)</sup> | 117570 | 979358 |
|  Voyager Therapeutics, Inc.<sup>(a)</sup> | 379198 | 1550920 |
|  Zealand Pharma A/S<sup>(a)</sup> | 75695 | 6083731 |
|  |  | 1801238489 |
| **Health Care Equipment & Supplies — 22.3%** |  |  |
|  Abbott Laboratories | 2647853 | 341308252 |
|  Alcon AG | 66973 | 5311629 |
|  Boston Scientific Corp.<sup>(a)</sup> | 1836479 | 186549537 |
|  Cooper Cos., Inc. (The)<sup>(a)(b)</sup> | 299483 | 23338710 |
|  Dexcom, Inc.<sup>(a)</sup> | 678143 | 43041736 |
|  Edwards Lifesciences Corp.<sup>(a)</sup> | 1748026 | 151501413 |
|  GE HealthCare Technologies, Inc. | 231768 | 18539122 |
|  Glaukos Corp.<sup>(a)</sup> | 89037 | 9463743 |
|  Hologic, Inc.<sup>(a)</sup> | 141365 | 10598134 |
|  IDEXX Laboratories, Inc.<sup>(a)</sup> | 76237 | 57397313 |
|  Insulet Corp.<sup>(a)</sup> | 91564 | 29958825 |
|  Intuitive Surgical, Inc.<sup>(a)</sup> | 325960 | 186931541 |
|  Medtronic PLC | 2169337 | 228496266 |
|  Novocure Ltd.<sup>(a)</sup> | 586731 | 7516024 |
|  Nyxoah SA<sup>(a)(b)</sup> | 344664 | 1654387 |
|  Orchestra BioMed Holdings, Inc.<sup>(a)</sup> | 210594 | 1120360 |
|  Penumbra, Inc.<sup>(a)</sup> | 136101 | 39900730 |
|  STERIS PLC | 66341 | 17665282 |
|  Stryker Corp. | 410154 | 152240962 |
|  |  | 1512533966 |
| **Health Care Providers & Services — 11.1%** |  |  |
|  Cencora, Inc. | 298082 | 109971392 |
|  Centene Corp.<sup>(a)</sup> | 557433 | 21929414 |
|  CVS Health Corp. | 367062 | 29497102 |
|  Elevance Health, Inc. | 90524 | 30620648 |
|  Exo Imaging, Inc. (Acquired 06/24/21, cost<br>$11,178,821)<sup>(a)(c)(d)</sup> | 19083 | 7061 |
|  Guardant Health, Inc.<sup>(a)</sup> | 343956 | 37291709 |
|  HCA Healthcare, Inc. | 128427 | 65278160 |
|  Humana, Inc. | 80397 | 19759171 |
|  Labcorp Holdings, Inc. | 129346 | 34765618 |
|  McKesson Corp. | 132195 | 116479658 |
|  Quest Diagnostics, Inc. | 108254 | 20479492 |
|  Tenet Healthcare Corp.<sup>(a)</sup> | 111596 | 24198477 |
|  UnitedHealth Group, Inc. | 736018 | 242716656 |
|  |  | 752994558 |
| **Health Care Technology — 0.4%** |  |  |
|  Carbon Health Technologies, Inc. (Acquired<br>07/09/21, cost $18,064,000)<sup>(a)(c)(d)</sup> | 2720277 | 27203 |
|  Veeva Systems, Inc., Class A<sup>(a)</sup> | 101554 | 24402410 |
|  |  | 24429613 |
| **Life Sciences Tools & Services — 10.3%** |  |  |
|  Agilent Technologies, Inc. | 406802 | 62444107 |
|  Bio-Rad Laboratories, Inc., Class A<sup>(a)</sup> | 25295 | 8217333 |
|  Bio-Techne Corp. | 198125 | 12781044 |
|  Bruker Corp. | 482169 | 23534669 |
|  Charles River Laboratories International, Inc.<sup>(a)</sup> | 57394 | 10224167 |
|  Danaher Corp. | 674518 | 152967192 |
|  Illumina, Inc.<sup>(a)</sup> | 149093 | 19598275 |
|  IQVIA Holdings, Inc.<sup>(a)</sup> | 224389 | 51611714 |
|  Mettler-Toledo International, Inc.<sup>(a)</sup> | 4693 | 6930247 |
|  Repligen Corp.<sup>(a)</sup> | 139542 | 23864473 |
|  Thermo Fisher Scientific, Inc. | 424384 | 250738799 |

---

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

------

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock Health Sciences Opportunities Portfolio**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Life Sciences Tools & Services (continued)** |  |  |  |
|  Waters Corp.<sup>(a)</sup> | 112688 | $| 45460593 |
|  West Pharmaceutical Services, Inc. | 116000 |  | 32161000 |
|  |  |  | 700533613 |
| **Pharmaceuticals — 28.2%** | **Pharmaceuticals — 28.2%** | **Pharmaceuticals — 28.2%** | **Pharmaceuticals — 28.2%** |
|  AstraZeneca PLC | 459512 |  | 85197647 |
|  Bristol-Myers Squibb Co. | 1399228 |  | 68842018 |
|  Daiichi Sankyo Co. Ltd. | 688300 |  | 16964523 |
|  Edgewise Therapeutics, Inc.<sup>(a)</sup> | 261711 |  | 6814954 |
|  Elanco Animal Health, Inc.<sup>(a)</sup> | 493714 |  | 11488725 |
|  Eli Lilly & Co. | 687214 |  | 739078041 |
|  Galderma Group AG | 156652 |  | 31274157 |
|  Johnson & Johnson | 2746550 |  | 568316126 |
|  LB Pharmaceuticals, Inc.<sup>(a)</sup> | 579919 |  | 10316759 |
|  Maze Therapeutics, Inc.<sup>(a)</sup> | 6131 |  | 231445 |
|  MBX Biosciences, Inc.<sup>(a)</sup> | 340569 |  | 11746225 |
|  Merck & Co., Inc. | 1335501 |  | 140000570 |
|  Pfizer, Inc. | 1210275 |  | 31152478 |
|  Roche Holding AG, NVS | 214550 |  | 82194831 |
|  Terns Pharmaceuticals, Inc.<sup>(a)</sup> | 256540 |  | 7211339 |
|  Teva Pharmaceutical Industries Ltd., ADR<sup>(a)(b)</sup> | 2733003 |  | 73490451 |
|  UCB SA | 92407 |  | 25829029 |
|  Ventyx Biosciences, Inc.<sup>(a)</sup> | 603440 |  | 6034400 |
|  |  |  | 1916183718 |
|  **Total Common Stocks — 98.9%<br>(Cost: $3,507,666,898)** |  |  | 6707913957 |
|  | *Par<br>(000)* |  |  |
|  **Other Interests<sup>(a)(c)(d)(e)</sup>** |  |  |  |
|  Afferent Pharmaceuticals, Inc., Series C (Acquired<br>06/30/15, cost $0) | USD 3,421 |  | 34 |
|  Affinivax Inc. (Acquired 08/19/22, cost $0) | 123 |  | 1256490 |
|  **Total Other Interests — 0.0%<br>(Cost: $0)** |  |  | 1256524 |
|  | *Shares* |  |  |
|  **Preferred Securities** |  |  |  |
| **Preferred Stocks — 0.6%** |  |  |  |
| **Biotechnology — 0.4%** |  |  |  |
|  Adarx Pharmaceuticals, Inc., Series C, (Acquired<br>08/02/23, cost $6,399,994)<sup>(a)(c)(d)</sup> | 769230 |  | 9615375 |
|  Cellarity, Inc., Series B, (Acquired 01/15/21, cost $5,149,998)<sup>(a)(c)(d)</sup> | 858333 |  | 2025666 |
|  Genesis Therapeutics, Inc., Series B, (Acquired<br>08/10/23, cost $4,207,998)<sup>(a)(c)(d)</sup> | 823870 |  | 4564240 |
|  Goldfinch Bio, Inc., Series B, (Acquired 06/26/20,<br>cost $4,152,184)<sup>(a)(c)(d)</sup> | 3518800 |  | 1407520 |
|  Kartos Therapeutics, Inc., Series D, (Acquired<br>02/19/25, cost $1,919,018)<sup>(a)(c)(d)</sup> | 339469 |  | 1928184 |
|  Laronde, Inc., Series B, (Acquired 07/28/21, cost $10,822,560)<sup>(a)(c)(d)</sup> | 386520 |  | 9392436 |
|  |  |  | 28933421 |
| **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** |
|  Swift Health Systems, Inc., Series D, (Acquired<br>08/27/21, cost $5,270,016)<sup>(a)(c)(d)</sup> | 1700 |  | 3791 |

---

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Health Care Providers & Services — 0.1% |  |  |
|  Exo Imaging, Inc., (Acquired 07/24/24, cost<br>$577,098)<sup>(a)(c)(d)</sup> | 890877 | $659249 |
|  Quanta Dialysis Technologies Ltd., Series D,<br>(Acquired 06/18/21, cost $9,727,321)<sup>(a)(c)(d)</sup> | 80024425 | 5508273 |
|  |  | 6167522 |
| Pharmaceuticals — 0.1% | Pharmaceuticals — 0.1% | Pharmaceuticals — 0.1% |
|  Insitro, Series C, (Acquired 03/10/21, cost<br>$10,839,964)<sup>(a)(c)(d)</sup> | 592636 | 5932286 |
|  **Total Preferred Securities — 0.6%<br>(Cost: $59,066,151)** |  | 41037020 |
|  **Rights** |  |  |
| Biotechnology — 0.0% |  |  |
|  Blueprint Medicines Corp., CVR<sup>(a)(d)</sup> | 204909 | 200811 |
|  Korro Bio, Inc., CVR<sup>(a)(d)</sup> | 428010 | 4 |
|  Mirati Therapeutics, Inc., CVR<sup>(a)(b)(d)</sup> | 228510 | 178238 |
|  |  | 379053 |
| Health Care Equipment & Supplies — 0.0% | Health Care Equipment & Supplies — 0.0% | Health Care Equipment & Supplies — 0.0% |
|  ABIOMED, Inc., CVR<sup>(a)(d)</sup> | 243643 | 562815 |
|  **Total Rights — 0.0%<br>(Cost: $—)** |  | 941868 |
|  **Warrants<sup>(a)</sup>** |  |  |
| Pharmaceuticals — 0.0% |  |  |
|  Nuvation Bio, Inc., (Issued/Exercisable 08/17/20,<br>1 Share for 1 Warrant, Expires 07/07/27, Strike<br>Price USD 11.50) | 77354 | 24591 |
|  **Total Warrants — 0.0%<br>(Cost: $167,140)** |  | 24591 |
|  **Total Long-Term Investments — 99.5%<br>(Cost: $3,566,900,189)** |  | 6751173960 |
|  **Short-Term Securities** |  |  |
| Money Market Funds — 1.0% |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency<br>Shares, 4.11%<sup>(f)(g)(h)</sup> | 33085381 | 33101923 |
|  BlackRock Liquidity Funds, T-Fund, Institutional<br>Shares, 3.86%<sup>(f)(g)</sup> | 38774941 | 38774941 |
|  **Total Short-Term Securities — 1.0%<br>(Cost: $71,872,709)** |  | 71876864 |
|  **Total Investments — 100.5%<br>(Cost: $3,638,772,898)** |  | 6823050824 |
|  **Liabilities in Excess of Other Assets — (0.5)%** | **Liabilities in Excess of Other Assets — (0.5)%** | (35626166) |
|  **Net Assets — 100.0%** |  | $6787424658 |

---

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

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

<sup>(c)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $57,904,433, representing 0.9% of its net assets as of period end, and an original cost of $103,518,952. 

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

<sup>(e)</sup> Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.

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

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

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock Health Sciences Opportunities Portfolio** |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Issuer | Value at<br>05/31/25 | Purchases<br>at Cost | Proceeds<br>from Sales | *Net<br>Realized<br>Gain*<br> *(Loss)* | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>11/30/25 | Shares<br>Held at<br>11/30/25 | Income | Capital<br>Gain<br>Distributions<br>from<br>Underlying<br>Funds |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $53001569 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(19902184)<sup>(a)</sup> | $934 | $1604 | $33101923 | 33085381 | $355284 <sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares | 332559809 |  | (293784868)<sup>(a)</sup> |  |  | 38774941 | 38774941 | 1241410 |  |
|  |  |  |  | $934 | $1604 | $71876864 |  | $1596694 | $— |

---

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | $1779578133 | $8660054 | $13000302 | $1801238489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 1512533966 |  |  | 1512533966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 752987497 |  | 7061 | 752994558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Technology | 24402410 |  | 27203 | 24429613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 700533613 |  |  | 700533613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 1674723531 | 241460187 |  | 1916183718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Interests |  |  | 1256524 | 1256524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities |  |  | 41037020 | 41037020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights |  |  | 941868 | 941868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants | 24591 |  |  | 24591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 71876864 |  |  | 71876864 |
|  | $6516660605 | $250120241 | $56269978 | $6823050824 |

---

*See notes to financial statements.* 

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

------

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
| **Aerospace & Defense — 1.7%** |  |  |
|  Airbus SE | 13986 | $3289401 |
|  Boeing Co. (The)<sup>(a)</sup> | 57704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10906056 |
|  L3Harris Technologies, Inc. | 20648 | 5754391 |
|  Lockheed Martin Corp. | 11710 | 5361541 |
|  RTX Corp. | 16906 | 2957028 |
|  Textron, Inc. | 67700 | 5629932 |
|  |  | 33898349 |
| **Air Freight & Logistics — 0.3%** |  |  |
|  FedEx Corp. | 20460 | 5640413 |
| **Automobile Components — 0.3%** |  |  |
|  Aptiv PLC<sup>(a)</sup> | 84045 | 6517690 |
| **Automobiles — 0.4%** |  |  |
|  General Motors Co. | 96415 | 7088431 |
| **Banks — 6.2%** |  |  |
|  Bank of America Corp. | 143614 | 7704891 |
|  Citigroup, Inc. | 500720 | 51874592 |
|  Citizens Financial Group, Inc. | 114110 | 6173351 |
|  First Citizens BancShares, Inc., Class A | 15412 | 28942041 |
|  Flagstar Bank NA<sup>(b)</sup> | 436591 | 5343874 |
|  Wells Fargo & Co. | 258965 | 22232145 |
|  |  | 122270894 |
| **Beverages — 1.0%** |  |  |
|  Keurig Dr. Pepper, Inc. | 512825 | 14307817 |
|  PepsiCo, Inc. | 31870 | 4740344 |
|  |  | 19048161 |
| **Broadline Retail — 2.5%** |  |  |
|  Amazon.com, Inc.<sup>(a)</sup> | 170031 | 39654630 |
|  PDD Holdings, Inc., ADR<sup>(a)</sup> | 85256 | 9896516 |
|  |  | 49551146 |
| **Building Products — 0.9%** |  |  |
|  Fortune Brands Innovations, Inc. | 327501 | 16908877 |
| **Capital Markets — 1.9%** |  |  |
|  Carlyle Group, Inc. (The) | 142761 | 7784757 |
|  Charles Schwab Corp. (The) | 86887 | 8057031 |
|  Intercontinental Exchange, Inc. | 136712 | 21504798 |
|  |  | 37346586 |
| **Chemicals — 1.9%** |  |  |
|  Air Products & Chemicals, Inc. | 39049 | 10193741 |
|  Axalta Coating Systems Ltd.<sup>(a)</sup> | 166390 | 5013331 |
|  LyondellBasell Industries NV, Class A | 226750 | 11108483 |
|  PPG Industries, Inc. | 106374 | 10641655 |
|  |  | 36957210 |
| **Commercial Services & Supplies — 0.8%** |  |  |
|  Rentokil Initial PLC | 2731974 | 15039773 |
| **Communications Equipment — 0.9%** |  |  |
|  Cisco Systems, Inc. | 229228 | 17636802 |
| **Consumer Staples Distribution & Retail — 1.6%** |  |  |
|  Dollar General Corp. | 227901 | 24952881 |
|  Sysco Corp. | 96640 | 7363968 |
|  |  | 32316849 |
| **Containers & Packaging — 1.1%** |  |  |
|  Crown Holdings, Inc. | 62340 | 6036382 |
|  Sealed Air Corp. | 358859 | 15412994 |
|  |  | 21449376 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Diversified Telecommunication Services — 0.4%** |  |  |
|  Verizon Communications, Inc. | 207449 | $8528228 |
| **Electric Utilities — 1.6%** |  |  |
|  American Electric Power Co., Inc. | 5 | 619 |
|  Evergy, Inc. | 150939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11720413 |
|  Exelon Corp. | 313877 | 14789884 |
|  PG&E Corp. | 302962 | 4883748 |
|  |  | 31394664 |
| **Electronic Equipment, Instruments & Components — 1.1%** | **Electronic Equipment, Instruments & Components — 1.1%** |  |
|  CDW Corp. | 98980 | 14274895 |
|  Ralliant Corp. | 136053 | 6716937 |
|  |  | 20991832 |
| **Entertainment — 0.1%** |  |  |
|  Walt Disney Co. (The) | 25391 | 2652598 |
| **Financial Services — 1.7%** |  |  |
|  Fidelity National Information Services, Inc. | 347718 | 22869413 |
|  Global Payments, Inc. | 70233 | 5320852 |
|  Voya Financial, Inc. | 84704 | 5954691 |
|  |  | 34144956 |
| **Food Products — 1.2%** |  |  |
|  Campbell's Co. (The) | 257150 | 7837932 |
|  Kraft Heinz Co. (The) | 384291 | 9803263 |
|  Lamb Weston Holdings, Inc. | 119624 | 7064994 |
|  |  | 24706189 |
| **Ground Transportation — 0.7%** |  |  |
|  Canadian National Railway Co. | 62630 | 6005972 |
|  CSX Corp. | 94160 | 3329498 |
|  Union Pacific Corp. | 19696 | 4566124 |
|  |  | 13901594 |
| **Health Care Equipment & Supplies — 3.6%** |  |  |
|  Baxter International, Inc. | 1181638 | 22143896 |
|  Becton Dickinson & Co. | 124409 | 24137834 |
|  Medtronic PLC | 245258 | 25833025 |
|  |  | 72114755 |
| **Health Care Providers & Services — 3.2%** |  |  |
|  Cardinal Health, Inc. | 85491 | 18146320 |
|  Centene Corp.<sup>(a)</sup> | 127408 | 5012231 |
|  CVS Health Corp. | 302779 | 24331320 |
|  Elevance Health, Inc. | 46317 | 15667188 |
|  Labcorp Holdings, Inc. | 9 | 2419 |
|  |  | 63159478 |
| **Health Care REITs — 0.4%** |  |  |
|  Healthcare Realty Trust, Inc. | 391993 | 7146032 |
| **Hotels, Restaurants & Leisure — 0.3%** |  |  |
|  Sodexo SA | 127780 | 6758345 |
| **Household Products — 0.7%** |  |  |
|  Henkel AG & Co. KGaA, NVS | 181398 | 14631139 |
| **Industrial REITs — 0.9%** |  |  |
|  Rexford Industrial Realty, Inc. | 245411 | 10211552 |
|  STAG Industrial, Inc. | 177493 | 6971925 |
|  |  | 17183477 |
| **Insurance — 1.0%** |  |  |
|  American International Group, Inc. | 112655 | 8579805 |
|  Fidelity National Financial, Inc., Class A | 199183 | 11837445 |
|  Willis Towers Watson PLC | 912 | 292752 |
|  |  | 20710002 |

---

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

------

---

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Interactive Media & Services — 1.9%** |  |  |
|  Alphabet, Inc., Class C, NVS | 79951 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25593914 |
|  Meta Platforms, Inc., Class A | 18208 | 11797874 |
|  |  | 37391788 |
| **IT Services — 0.3%** |  |  |
|  Cognizant Technology Solutions Corp., Class A | 82686 | 6425529 |
| **Leisure Products — 0.5%** |  |  |
|  Hasbro, Inc. | 109787 | 9068406 |
| **Machinery — 1.0%** |  |  |
|  CNH Industrial NV | 709436 | 6689981 |
|  Fortive Corp. | 136945 | 7323819 |
|  Middleby Corp. (The)<sup>(a)</sup> | 50520 | 5971464 |
|  |  | 19985264 |
| **Media — 1.4%** |  |  |
|  Comcast Corp., Class A | 423776 | 11310582 |
|  WPP PLC | 3973763 | 15978888 |
|  |  | 27289470 |
| **Metals & Mining — 1.2%** |  |  |
|  Barrick Mining Corp. | 163483 | 6758387 |
|  Teck Resources Ltd., Class B | 385908 | 16551594 |
|  |  | 23309981 |
| **Multi-Utilities — 0.7%** |  |  |
|  Dominion Energy, Inc. | 225810 | 14174094 |
| **Oil, Gas & Consumable Fuels — 3.2%** |  |  |
|  BP PLC | 4089109 | 24557744 |
|  Kosmos Energy Ltd.<sup>(a)</sup> | 5063403 | 5671011 |
|  Shell PLC | 446919 | 16424687 |
|  Tourmaline Oil Corp. | 348556 | 15988007 |
|  |  | 62641449 |
| **Pharmaceuticals — 2.0%** |  |  |
|  Bayer AG, Registered Shares | 301457 | 10665157 |
|  Bristol-Myers Squibb Co. | 176295 | 8673714 |
|  Sanofi SA | 198590 | 19806862 |
|  |  | 39145733 |
| **Professional Services — 2.4%** |  |  |
|  Maximus, Inc. | 239040 | 20578954 |
|  SS&C Technologies Holdings, Inc. | 318696 | 27388734 |
|  |  | 47967688 |
| **Residential REITs — 0.4%** |  |  |
|  AvalonBay Communities, Inc. | 44927 | 8174018 |
| **Semiconductors & Semiconductor Equipment — 0.5%** |  |  |
|  NVIDIA Corp. | 26770 | 4738290 |
|  STMicroelectronics NV, NY Shares, ADR | 214213 | 4924757 |
|  |  | 9663047 |
| **Software — 1.6%** |  |  |
|  Microsoft Corp. | 40331 | 19843256 |
|  Workday, Inc., Class A<sup>(a)</sup> | 56460 | 12173905 |
|  |  | 32017161 |
| **Specialized REITs — 0.2%** |  |  |
|  Crown Castle, Inc. | 54853 | 5006982 |
| **Technology Hardware, Storage & Peripherals — 4.1%** |  |  |
|  Hewlett Packard Enterprise Co. | 691568 | 15124592 |
|  HP, Inc. | 208841 | 5099897 |
|  Samsung Electronics Co. Ltd., Registered Shares,<br>GDR | 25366 | 44005052 |
|  Western Digital Corp. | 100196 | 16365013 |
|  |  | 80594554 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Textiles, Apparel & Luxury Goods — 0.5%** |  |  |  |
|  Swatch Group AG (The) | 45724 | $| 9249134 |
| **Tobacco — 0.7%** |  |  |  |
|  British American Tobacco PLC | 224266 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13167829 |
| **Trading Companies & Distributors — 1.4%** |  |  |  |
|  WESCO International, Inc. | 103052 |  | 27557135 |
| **Wireless Telecommunication Services — 0.1%** |  |  |  |
|  Rogers Communications, Inc., Class B, NVS | 67702 |  | 2648502 |
|  **Total Common Stocks — 62.5%<br>(Cost: $1,027,903,192)** |  |  | 1235171610 |
|  | *Par<br>(000)* |  |  |
|  **Equity-Linked Notes** |  |  |  |
| **Aerospace & Defense — 1.7%** | **Aerospace & Defense — 1.7%** | **Aerospace & Defense — 1.7%** | **Aerospace & Defense — 1.7%** |
|  Goldman Sachs & Co. LLC (L3Harris Technologies,<br>Inc.) 17.19% 12/15/25 | USD 28,600 |  | 8039667 |
|  JP Morgan Securities LLC (Boeing Co. (The))<br>26.43% 01/12/26 | 40100 |  | 7703533 |
|  Morgan Stanley & Co. LLC (Textron, Inc.)<br>Series 000k 12.23% 01/22/26 | 50000 |  | 4146000 |
|  Nomura Securities International, Inc. (Lockheed<br>Martin Corp.) 21.50% 12/04/25 | 8200 |  | 3734345 |
|  RBC Capital Markets LLC (Airbus SE) 18.75%<br>01/08/26 | EUR 16,500 |  | 3926429 |
|  Toronto-Dominion Bank (RTX Corp.) 20.64%<br>01/15/26 | USD 36,200 |  | 6399957 |
|  |  |  | 33949931 |
| **Air Freight & Logistics — 0.2%** |  |  |  |
|  BNP Paribas Securities Corporation (FedEx Corp.)<br>22.17% 01/22/26 | 15000 |  | 4125750 |
| **Automobile Components — 0.2%** |  |  |  |
|  BNP Paribas Securities Corporation (Aptiv PLC)<br>26.51% 01/12/26 | 58800 |  | 4630061 |
| **Automobiles — 0.3%** |  |  |  |
|  Mizuho Securities USA LLC (General Motors Co.)<br>24.02% 12/08/25 | 108700 |  | 6611901 |
| **Banks — 2.3%** |  |  |  |
|  Goldman Sachs & Co. LLC (Wells Fargo & Co.)<br>22.87% 01/22/26 | 191400 |  | 16298093 |
|  Morgan Stanley & Co. LLC (Flagstar Bank NA)<br>25.37% 01/12/26 | 404600 |  | 4627280 |
|  RBC Capital Markets LLC (Citizens Financial Group,<br>Inc.) 20.41% 01/15/26 | 84200 |  | 4418384 |
|  Toronto-Dominion Bank (First Citizens BancShares,<br>Inc.) 19.62% 12/18/25 | 10700 |  | 19484167 |
|  |  |  | 44827924 |
| **Beverages — 0.4%** |  |  |  |
|  JP Morgan Securities LLC (Keurig Dr. Pepper, Inc.)<br>Series DM03 21.92% 12/04/25 | 185600 |  | 5176299 |
|  Mizuho Securities USA LLC (PepsiCo, Inc.) 22.77% 12/26/25 | 22900 |  | 3357868 |
|  |  |  | 8534167 |
| **Broadline Retail — 1.1%** |  |  |  |
|  SG Americas Securities LLC (Amazon.com, Inc.)<br>24.04% 12/22/25 | 95900 |  | 22308715 |
| **Building Products — 0.6%** |  |  |  |
|  Morgan Stanley & Co. LLC (Fortune Brands<br>Innovations, Inc.) Series 000X 34.84% 01/12/26 | 226600 |  | 11381623 |

---

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

------

---

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Capital Markets — 1.2%** |  |  |
|  Citigroup Global Markets, Inc. (Charles Schwab<br>Corp. (The)) 21.91% 01/15/26 | USD 62,700 | $5901580 |
|  Nomura Securities International, Inc. (Carlyle Group,<br>Inc. (The)) 30.51% 12/04/25 | 100700 | 5507242 |
|  RBC Capital Markets LLC (Intercontinental<br>Exchange, Inc.) 20.93% 01/22/26 | 77700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12020716 |
|  |  | 23429538 |
| **Chemicals — 0.9%** |  |  |
|  Citigroup Global Markets, Inc. (PPG Industries, Inc.)<br>22.30% 12/18/25 | 73800 | 7473369 |
|  Goldman Sachs & Co. LLC (Axalta Coating Systems<br>Ltd.) 17.94% 12/18/25 | 115600 | 3462436 |
|  Mizuho Securities USA LLC (Air Products &<br>Chemicals, Inc.) 18.02% 01/15/26 | 28700 | 7330944 |
|  |  | 18266749 |
| **Commercial Services & Supplies — 0.5%** |  |  |
|  JP Morgan Securities LLC (Rentokil Initial PLC)<br>13.22% 12/11/25 | GBP 1,930,300 | 10623696 |
| **Communications Equipment — 0.6%** |  |  |
|  JP Morgan Securities LLC (Cisco Systems, Inc.)<br>Series MXWT 17.71% 12/22/25 | USD 159,200 | 12116177 |
| **Consumer Staples Distribution & Retail — 1.0%** |  |  |
|  Nomura Securities International, Inc. (Sysco Corp.)<br>13.36% 12/08/25 | 49600 | 3783545 |
|  SG Americas Securities LLC (Dollar General Corp.)<br>35.23% 12/26/25 | 143200 | 15398517 |
|  |  | 19182062 |
| **Containers & Packaging — 0.5%** |  |  |
|  BMO Capital Markets Corp. (Sealed Air Corp.)<br>21.73% 01/22/26 | 122900 | 5274469 |
|  JP Morgan Securities LLC (Crown Holdings, Inc.)<br>Series BSKj 14.50% 12/15/25 | 43200 | 4203383 |
|  |  | 9477852 |
| **Diversified Telecommunication Services — 0.3%** |  |  |
|  BNP Paribas Securities Corporation (Verizon Communications, Inc.) 21.09% 01/22/26 | 153200 | 6241368 |
| **Electric Utilities — 1.2%** |  |  |
|  BNP Paribas Securities Corporation (Evergy, Inc.)<br>17.77% 01/15/26 | 80300 | 6234881 |
|  Nomura Securities International, Inc. (American<br>Electric Power Co., Inc.) 18.55% 01/22/26 | 36500 | 4415774 |
|  Nomura Securities International, Inc. (Exelon Corp.)<br>19.86% 12/04/25 | 221700 | 10461414 |
|  Toronto-Dominion Bank (PG&E Corp.) 19.21%<br>12/15/25 | 210600 | 3398262 |
|  |  | 24510331 |
| **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** |  |
|  BMO Capital Markets Corp. (CDW Corp.) 27.00%<br>01/12/26 | 39500 | 5495801 |
| **Entertainment — 0.1%** |  |  |
|  JP Morgan Securities LLC (Walt Disney Co. (The))<br>Series DM02 25.28% 12/04/25 | 17800 | 1867964 |
| **Financial Services — 1.4%** |  |  |
|  Morgan Stanley & Co. LLC (Fidelity National<br>Information Services, Inc.) 26.10% 12/26/25 | 251200 | 16603027 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Financial Services (continued)** |  |  |
|  Morgan Stanley & Co. LLC (Voya Financial, Inc.)<br>21.49% 01/20/26 | USD 124,300 | $8772431 |
|  SG Americas Securities LLC (Global Payments,<br>Inc.) 41.25% 12/22/25 | 39600 | 3057641 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28433099 |
| **Food Products — 0.9%** |  |  |
|  Mizuho Securities USA LLC (Campbell's Co. (The))<br>30.72% 01/15/26 | 190000 | 5752827 |
|  Toronto-Dominion Bank (Kraft Heinz Co. (The))<br>26.72% 12/15/25 | 216800 | 5537089 |
|  UBS Securities LLC (Lamb Weston Holdings, Inc.)<br>25.60% 12/08/25 | 106900 | 6325066 |
|  |  | 17614982 |
| **Ground Transportation — 0.3%** |  |  |
|  Citigroup Global Markets, Inc. (CSX Corp.) 20.15%<br>01/12/26 | 67900 | 2385756 |
|  Mizuho Securities USA LLC (Union Pacific Corp.)<br>17.77% 01/20/26 | 14500 | 3260527 |
|  |  | 5646283 |
| **Health Care Equipment & Supplies — 2.3%** |  |  |
|  Morgan Stanley & Co. LLC (Baxter International,<br>Inc.) Series 000l 20.65% 01/22/26 | 708900 | 13228074 |
|  Nomura Securities International, Inc. (Medtronic<br>PLC) 16.18% 12/08/25 | 173200 | 16962799 |
|  SG Americas Securities LLC (Becton Dickinson &<br>Co.) 20.81% 12/22/25 | 79400 | 14834338 |
|  |  | 45025211 |
| **Health Care Providers & Services — 2.3%** |  |  |
|  JP Morgan Securities LLC (Cardinal Health, Inc.)<br>Series MXWU 19.08% 12/22/25 | 76100 | 14957262 |
|  Mizuho Securities USA LLC (Elevance Health, Inc.)<br>23.90% 12/15/25 | 31400 | 10552698 |
|  RBC Capital Markets LLC (Centene Corp.) 31.51%<br>01/12/26 | 76400 | 2843334 |
|  RBC Capital Markets LLC (CVS Health Corp.)<br>23.75% 01/22/26 | 223700 | 17545330 |
|  |  | 45898624 |
| **Health Care REITs — 0.3%** |  |  |
|  Morgan Stanley & Co. LLC (Healthcare Realty Trust, Inc.) 24.38% 01/20/26 | 289600 | 5329246 |
| **Hotels, Restaurants & Leisure — 0.2%** |  |  |
|  JP Morgan Securities LLC (Sodexo SA) 18.81%<br>12/11/25 | EUR 66,400 | 3539536 |
| **Household Products — 0.5%** |  |  |
|  RBC Capital Markets LLC (Henkel AG & Co. KGaA)<br>15.01% 01/08/26 | 126000 | 10213151 |
| **Industrial REITs — 0.6%** |  |  |
|  JP Morgan Securities LLC (STAG Industrial, Inc.)<br>Series 000U 18.77% 12/08/25 | USD 125,400 | 4818434 |
|  Morgan Stanley & Co. LLC (Rexford Industrial<br>Realty, Inc.) 23.68% 01/20/26 | 181300 | 7516678 |
|  |  | 12335112 |
| **Insurance — 1.2%** |  |  |
|  Barclays Capital, Inc. (Fidelity National Financial,<br>Inc.) 23.01% 01/22/26 | 102700 | 5983622 |
|  Goldman Sachs & Co. LLC (Willis Towers Watson<br>PLC) 14.62% 12/15/25 | 24400 | 7881757 |

---

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

------

---

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Insurance (continued)** |  |  |
|  RBC Capital Markets LLC (Fidelity National<br>Financial, Inc.) 17.49% 01/20/26 | USD 44,400 | $2606707 |
|  SG Americas Securities LLC (American International Group, Inc.) 18.77% 12/26/25 | 81300 | 6225235 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22697321 |
| **Interactive Media & Services — 1.3%** |  |  |
|  BNP Paribas Securities Corporation (Alphabet, Inc.) 25.56% 01/15/26 | 57700 | 17420351 |
|  Mizuho Securities USA LLC (Meta Platforms, Inc.) 17.07% 01/20/26 | 13300 | 8338734 |
|  |  | 25759085 |
| **IT Services — 0.2%** |  |  |
|  Nomura Securities International, Inc. (Cognizant Technology Solutions Corp.) 24.31% 01/12/26 | 58300 | 4336214 |
| **Leisure Products — 0.3%** |  |  |
|  SG Americas Securities LLC (Hasbro, Inc.) 24.59% 12/26/25 | 79300 | 6464040 |
| **Machinery — 0.6%** |  |  |
|  Morgan Stanley & Co. LLC (Fortive Corp.)<br>Series 000m 13.63% 01/22/26 | 101100 | 5376832 |
|  SG Americas Securities LLC (Middleby Corp. (The)) 23.83% 12/26/25 | 36400 | 4308032 |
|  UBS Securities LLC (CNH Industrial NV) 18.50% 12/04/25 | 292300 | 2761424 |
|  |  | 12446288 |
| **Media — 0.3%** |  |  |
|  BNP Paribas Securities Corporation (Comcast Corp.) 33.78% 01/12/26 | 242000 | 6492383 |
| **Metals & Mining — 0.2%** |  |  |
|  Mizuho Securities USA LLC (Barrick Mining Corp.) 34.67% 01/12/26 | 120700 | 4791455 |
| **Multi-Utilities — 0.4%** |  |  |
|  RBC Capital Markets LLC (Dominion Energy, Inc.) 18.81% 01/20/26 | 121500 | 7560172 |
| **Oil, Gas & Consumable Fuels — 1.6%** |  |  |
|  Barclays Capital, Inc. (BP PLC) 23.11% 12/11/25 | GBP 2,945,700 | 17022184 |
|  Barclays Capital, Inc. (Shell PLC) 12.42% 01/08/26 | 370900 | 13702831 |
|  |  | 30725015 |
| **Pharmaceuticals — 1.4%** |  |  |
|  Barclays Capital, Inc. (Sanofi SA) 17.96% 12/11/25 | EUR 140,300 | 13953248 |
|  JP Morgan Securities LLC (Bayer AG)<br>Series DMUM 35.57% 01/08/26 | 209400 | 6899468 |
|  Mizuho Securities USA LLC (Bristol-Myers Squibb Co.) 33.87% 01/15/26 | USD 130,200 | 6261936 |
|  |  | 27114652 |
| **Professional Services — 1.3%** |  |  |
|  Barclays Capital, Inc. (SS&C Technologies Holdings, Inc.) 21.27% 01/22/26 | 117600 | 9887331 |
|  Goldman Sachs & Co. LLC (Maximus, Inc.) 18.77% 12/15/25 | 58900 | 5085937 |
|  SG Americas Securities LLC (SS&C Technologies Holdings, Inc.) 17.15% 12/26/25 | 117800 | 10101355 |
|  |  | 25074623 |
| **Residential REITs — 0.3%** |  |  |
|  Citigroup Global Markets, Inc. (AvalonBay<br>Communities, Inc.) 19.44% 01/15/26 | 32400 | 5836138 |

---

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000) | Value |
| Semiconductors & Semiconductor Equipment — 0.2% | Semiconductors & Semiconductor Equipment — 0.2% |  |
|  Citigroup Global Markets, Inc. (STMicroelectronics NV) 24.20% 12/18/25 | USD 86,400 | $2008978 |
|  Mizuho Securities USA LLC (NVIDIA Corp.) 31.87% 12/08/25 | 15300 | 2713137 |
|  |  | 4722115 |
| Software — 1.1% |  |  |
|  Citigroup Global Markets, Inc. (Microsoft Corp.) 19.50% 12/18/25 | 28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13947515 |
|  JP Morgan Securities LLC (Workday, Inc.)<br>Series BSKi 23.08% 12/15/25 | 31600 | 6898942 |
|  |  | 20846457 |
| Specialized REITs — 0.2% |  |  |
|  UBS Securities LLC (Crown Castle, Inc.) 17.40% 12/04/25 | 38600 | 3529048 |
| Technology Hardware, Storage & Peripherals — 1.8% | Technology Hardware, Storage & Peripherals — 1.8% |  |
|  Goldman Sachs & Co. LLC (Western Digital Corp.) 43.49% 12/18/25 | 115300 | 15974046 |
|  Mizuho Securities USA LLC (Hewlett Packard Enterprise Co.) 30.27% 01/20/26 | 414800 | 8869042 |
|  UBS Securities LLC (HP, Inc.) 23.50% 12/04/25 | 403000 | 9865408 |
|  |  | 34708496 |
| Textiles, Apparel & Luxury Goods — 0.4% |  |  |
|  Royal Bank of Canada (Swatch Group AG (The)) 22.56% 01/08/26 | CHF 40,300 | 8201765 |
| Tobacco — 0.4% |  |  |
|  Barclays Capital, Inc. (British American Tobacco PLC) 21.63% 01/08/26 | GBP 155,900 | 8574119 |
| Trading Companies & Distributors — 0.7% |  |  |
|  RBC Capital Markets LLC (WESCO International, Inc.) 24.84% 01/20/26 | USD 50,100 | 12987444 |
| Wireless Telecommunication Services — 0.1% | Wireless Telecommunication Services — 0.1% |  |
|  Goldman Sachs & Co. LLC (Rogers<br>Communications, Inc.) 18.36% 12/15/25 | 47000 | 1830535 |
|  **Total Equity-Linked Notes — 36.2%<br>(Cost: $712,435,244)** |  | 716314219 |
|  **Total Long-Term Investments — 98.7%<br>(Cost: $1,740,338,436)** |  | 1951485829 |
|  | Shares |  |
|  **Short-Term Securities** |  |  |
| Money Market Funds — 3.6% |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.11%<sup>(c)(d)(e)</sup> | 1381209 | 1381900 |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares, 3.86%<sup>(c)(d)</sup> | 70347502 | 70347502 |
|  **Total Short-Term Securities — 3.6%<br>(Cost: $71,729,402)** |  | 71729402 |
|  **Total Investments — 102.3%<br>(Cost: $1,812,067,838)** |  | 2023215231 |
|  **Liabilities in Excess of Other Assets — (2.3)%** | **Liabilities in Excess of Other Assets — (2.3)%** | (45776357) |
|  **Net Assets — 100.0%** |  | $1977438874 |

---

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

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

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

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

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

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

------

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock High Equity Income Fund** |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Issuer | Value at<br>05/31/25 | Purchases<br>at Cost | Proceeds<br>from Sales | *Net<br>Realized<br>Gain*<br> *(Loss)* | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>11/30/25 | Shares<br>Held at<br>11/30/25 | Income | *Capital<br>Gain<br>Distributions*<br> *from*<br> *Underlying*<br> *Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $6296800 | $— | $(4915167)<sup>(a)</sup> | $267 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $1381900 | 1381209 | $5859 <sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares | 83051080 |  | (12703578)<sup>(a)</sup> |  |  | 70347502 | 70347502 | 1460380 |  |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267 | $— | $71729402 |  | $1466239 | $— |

---

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $30608948 | $3289401 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $33898349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Freight & Logistics | 5640413 |  |  | 5640413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobile Components | 6517690 |  |  | 6517690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 7088431 |  |  | 7088431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks | &nbsp;&nbsp;&nbsp;&nbsp;122270894 |  |  | 122270894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beverages | 19048161 |  |  | 19048161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 49551146 |  |  | 49551146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Building Products | 16908877 |  |  | 16908877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 37346586 |  |  | 37346586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 36957210 |  |  | 36957210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies |  | 15039773 |  | 15039773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 17636802 |  |  | 17636802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 32316849 |  |  | 32316849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | 21449376 |  |  | 21449376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | 8528228 |  |  | 8528228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 31394664 |  |  | 31394664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 20991832 |  |  | 20991832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 2652598 |  |  | 2652598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 34144956 |  |  | 34144956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food Products | 24706189 |  |  | 24706189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | 13901594 |  |  | 13901594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 72114755 |  |  | 72114755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 63159478 |  |  | 63159478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care REITs | 7146032 |  |  | 7146032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure |  | 6758345 |  | 6758345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Products |  | &nbsp;&nbsp;&nbsp;&nbsp;14631139 |  | 14631139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial REITs | 17183477 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17183477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance | 20710002 |  |  | 20710002 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock High Equity Income Fund** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | $37391788 | $— | $— | $37391788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services | 6425529 |  |  | 6425529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leisure Products | 9068406 |  |  | 9068406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery | 19985264 |  |  | 19985264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Media | 11310582 | 15978888 |  | 27289470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 23309981 |  |  | 23309981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | 14174094 |  |  | 14174094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 21659018 | 40982431 |  | 62641449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 8673714 | 30472019 |  | 39145733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 47967688 |  |  | 47967688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential REITs | 8174018 |  |  | 8174018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 9663047 |  |  | 9663047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | 32017161 |  |  | 32017161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialized REITs | 5006982 |  |  | 5006982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 36589502 | 44005052 |  | 80594554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods |  | 9249134 |  | 9249134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco |  | 13167829 |  | 13167829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | 27557135 |  |  | 27557135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | 2648502 |  |  | 2648502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity-Linked Notes |  | 716314219 |  | 716314219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 71729402 |  |  | 71729402 |
|  | $1113327001 | $909888230 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $2023215231 |

---

*See notes to financial statements.* 

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

------

---

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 13.5%** | **Aerospace & Defense — 13.5%** | **Aerospace & Defense — 13.5%** |
|  Axon Enterprise, Inc.<sup>(a)</sup> | 403798 | $218107452 |
|  BWX Technologies, Inc. | 601614 | 107616712 |
|  HEICO Corp.<sup>(b)</sup> | 612756 | 194188504 |
|  Howmet Aerospace, Inc.<sup>(b)</sup> | 1612095 | 329818516 |
|  Loar Holdings, Inc.<sup>(a)</sup> | 973693 | 66649286 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;916380470 |
| **Automobiles — 1.6%** |  |  |
|  Ferrari NV | 270954 | 106186873 |
| **Biotechnology — 2.6%** |  |  |
|  Natera, Inc.<sup>(a)</sup> | 736956 | 175992462 |
| **Broadline Retail — 2.0%** |  |  |
|  Coupang, Inc., Class A<sup>(a)</sup> | 4796748 | 135076424 |
| **Capital Markets — 7.9%** |  |  |
|  Ares Management Corp., Class A | 1108058 | 173798897 |
|  Robinhood Markets, Inc., Class A<sup>(a)</sup> | 1138638 | 146303596 |
|  TPG, Inc., Class A | 2305699 | 136220697 |
|  Tradeweb Markets, Inc., Class A | 750302 | 81677876 |
|  |  | 538001066 |
| **Commercial Services & Supplies — 1.7%** |  |  |
|  Copart, Inc.<sup>(a)</sup> | 80715 | 3146271 |
|  Rollins, Inc. | 1835829 | 112866767 |
|  |  | 116013038 |
| **Communications Equipment — 3.6%** |  |  |
|  Ciena Corp.<sup>(a)</sup> | 365993 | 74739431 |
|  Lumentum Holdings, Inc.<sup>(a)(b)</sup> | 520872 | 169366739 |
|  |  | 244106170 |
| **Construction & Engineering — 3.8%** |  |  |
|  Comfort Systems U.S.A., Inc. | 200899 | 196266269 |
|  Quanta Services, Inc. | 139263 | 64740583 |
|  |  | 261006852 |
| **Consumer Finance — 0.1%** |  |  |
|  Figure Technology Solutions, Inc., Class A<sup>(a)(b)</sup> | 229550 | 8318892 |
| **Electric Utilities — 2.0%** |  |  |
|  NRG Energy, Inc. | 810569 | 137383340 |
| **Electrical Equipment — 4.4%** |  |  |
|  Vertiv Holdings Co., Class A | 1662753 | 298846597 |
| **Electronic Equipment, Instruments & Components — 5.1%** | **Electronic Equipment, Instruments & Components — 5.1%** |  |
|  Celestica, Inc.<sup>(a)</sup> | 429374 | 147880699 |
|  Corning, Inc. | 926016 | 77970547 |
|  Fabrinet<sup>(a)</sup> | 53769 | 24702016 |
|  Teledyne Technologies, Inc.<sup>(a)</sup> | 93420 | 46665159 |
|  Trimble, Inc.<sup>(a)</sup> | 560873 | 45666280 |
|  |  | 342884701 |
| **Entertainment — 5.9%** |  |  |
|  Liberty Media Corp. - Liberty Formula One, Class C, NVS<sup>(a)</sup> | 1432511 | 137492406 |
|  Live Nation Entertainment, Inc.<sup>(a)(b)</sup> | 750859 | 98700415 |
|  ROBLOX Corp., Class A<sup>(a)</sup> | 1328522 | 126249446 |
|  Take-Two Interactive Software, Inc.<sup>(a)</sup> | 165114 | 40629602 |
|  |  | 403071869 |
| **Financial Services — 2.4%** |  |  |
|  Affirm Holdings, Inc., Class A<sup>(a)</sup> | 2279491 | 161729886 |
| **Health Care Equipment & Supplies — 7.3%** |  |  |
|  Dexcom, Inc.<sup>(a)</sup> | 2551218 | 161925806 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Health Care Equipment & Supplies (continued)** |  |  |  |
|  IDEXX Laboratories, Inc.<sup>(a)</sup> | 257343 | $| 193748398 |
|  Masimo Corp.<sup>(a)(b)</sup> | 1005786 |  | 143254100 |
|  |  |  | 498928304 |
| **Health Care Providers & Services — 2.6%** |  |  |  |
|  Cencora, Inc. | 479035 |  | 176730382 |
| **Health Care Technology — 0.2%** |  |  |  |
|  Doximity, Inc., Class A<sup>(a)</sup> | 283049 |  | 14560041 |
| **Hotels, Restaurants & Leisure — 1.8%** |  |  |  |
|  Planet Fitness, Inc., Class A<sup>(a)</sup> | 906132 |  | 101459600 |
|  Wingstop, Inc.<sup>(b)</sup> | 67581 |  | 17890718 |
|  |  |  | 119350318 |
| **Independent Power and Renewable Electricity Producers — 1.7%** | **Independent Power and Renewable Electricity Producers — 1.7%** | **Independent Power and Renewable Electricity Producers — 1.7%** | **Independent Power and Renewable Electricity Producers — 1.7%** |
|  Vistra Corp. | 654029 |  | 116979627 |
| **IT Services — 5.2%** |  |  |  |
|  Cloudflare, Inc., Class A<sup>(a)</sup> | 838024 |  | 167780785 |
|  MongoDB, Inc., Class A<sup>(a)</sup> | 196237 |  | 65223292 |
|  Snowflake, Inc., Class A<sup>(a)</sup> | 452006 |  | 113561988 |
|  Wix.com Ltd.<sup>(a)</sup> | 79833 |  | 7640816 |
|  |  |  | 354206881 |
| **Life Sciences Tools & Services — 1.3%** |  |  |  |
|  Repligen Corp.<sup>(a)</sup> | 469930 |  | 80367429 |
|  Waters Corp.<sup>(a)(b)</sup> | 7275 |  | 2934880 |
|  West Pharmaceutical Services, Inc. | 11719 |  | 3249093 |
|  |  |  | 86551402 |
| **Oil, Gas & Consumable Fuels — 0.2%** |  |  |  |
|  Expand Energy Corp. | 107449 |  | 13101257 |
| **Professional Services — 0.9%** |  |  |  |
|  Verisk Analytics, Inc. | 261130 |  | 58772529 |
| **Real Estate Management & Development — 1.6%** |  |  |  |
|  CoStar Group, Inc.<sup>(a)</sup> | 1566190 |  | 107753872 |
| **Semiconductors & Semiconductor Equipment — 6.5%** |  |  |  |
|  ASM International NV | 98789 |  | 54647958 |
|  Lattice Semiconductor Corp.<sup>(a)(b)</sup> | 969723 |  | 68084252 |
|  MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | 74645 |  | 13062129 |
|  Monolithic Power Systems, Inc. | 150690 |  | 139865937 |
|  Teradyne, Inc. | 373761 |  | 67983388 |
|  Tower Semiconductor Ltd.<sup>(a)</sup> | 916407 |  | 99072761 |
|  |  |  | 442716425 |
| **Software — 7.0%** |  |  |  |
|  AppLovin Corp., Class A<sup>(a)</sup> | 150221 |  | 90054485 |
|  Bentley Systems, Inc., Class B | 1609403 |  | 67530550 |
|  BitMine Immersion Technologies, Inc.<sup>(a)(b)</sup> | 3374559 |  | 111765394 |
|  Cadence Design Systems, Inc.<sup>(a)</sup> | 21460 |  | 6692086 |
|  Guidewire Software, Inc.<sup>(a)</sup> | 506675 |  | 109431667 |
|  Nutanix, Inc., Class A<sup>(a)</sup> | 1102188 |  | 52684586 |
|  Tyler Technologies, Inc.<sup>(a)</sup> | 79191 |  | 37189678 |
|  |  |  | 475348446 |
| **Specialty Retail — 4.6%** |  |  |  |
|  Carvana Co., Class A<sup>(a)(b)</sup> | 720783 |  | 269933233 |
|  Floor & Decor Holdings, Inc., Class A<sup>(a)(b)</sup> | 629948 |  | 40077292 |
|  |  |  | 310010525 |
| **Trading Companies & Distributors — 1.2%** |  |  |  |
|  Fastenal Co. | 2087623 |  | 84339969 |
|  **Total Common Stocks — 98.7%<br>(Cost: $4,765,460,455)** |  |  | 6704348618 |

---

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

------

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* |
|  **Other Interests<sup>(a)(c)(d)</sup>** |  |  |  |
|  GCI Liberty, Inc., Class A | USD | 1529 | $15 |
|  **Total Other Interests — 0.0%<br>(Cost: $0)** |  |  | 15 |
|  **Total Long-Term Investments — 98.7%<br>(Cost: $4,765,460,455)** | **Total Long-Term Investments — 98.7%<br>(Cost: $4,765,460,455)** | **Total Long-Term Investments — 98.7%<br>(Cost: $4,765,460,455)** | 6704348633 |
|  | *Shares* | *Shares* |  |
|  **Short-Term Securities** |  |  |  |
| **Money Market Funds — 2.9%** |  |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.11%<sup>(e)(f)(g)</sup> |  | 102942913 | 102994385 |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares, 3.86%<sup>(e)(f)</sup> |  | 90585742 | 90585742 |
|  **Total Short-Term Securities — 2.9%<br>(Cost: $193,572,515)** |  |  | 193580127 |
|  **Total Investments — 101.6%<br>(Cost: $4,959,032,970)** |  |  | 6897928760 |
|  **Liabilities in Excess of Other Assets — (1.6)%** | **Liabilities in Excess of Other Assets — (1.6)%** | **Liabilities in Excess of Other Assets — (1.6)%** | (108800922) |
|  **Net Assets — 100.0%** |  |  | $6789127838 |

---

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

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

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

<sup>(d)</sup> Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.

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

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

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Issuer | Value at<br>05/31/25 | Purchases at<br>Cost | Proceeds from<br>Sales | *Net<br>Realized<br>Gain*<br> *(Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | Value at<br>11/30/25 | Shares Held<br>at 11/30/25 | Income | *Capital<br>Gain<br>Distributions<br>from*<br> *Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $351344459 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(248369904)<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40517 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20687) | $102994385 | 102942913 | $210558 <sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  BlackRock Liquidity Funds,<br>T-Fund, Institutional Shares | 186976 | 90398766 <sup>(a)</sup> |  |  |  | 90585742 | 90585742 | 359871 |  |
|  |  |  |  | $40517 | $(20687) | $193580127 |  | $570429 | $— |

---

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

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

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock Mid-Cap Growth Equity Portfolio** |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $916380470 | $— | $— | $916380470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 106186873 |  |  | 106186873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 175992462 |  |  | 175992462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 135076424 |  |  | 135076424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 538001066 |  |  | 538001066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 116013038 |  |  | 116013038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 244106170 |  |  | 244106170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | 261006852 |  |  | 261006852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | 8318892 |  |  | 8318892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 137383340 |  |  | 137383340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 298846597 |  |  | 298846597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 342884701 |  |  | 342884701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 403071869 |  |  | 403071869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 161729886 |  |  | 161729886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 498928304 |  |  | 498928304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 176730382 |  |  | 176730382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Technology | 14560041 |  |  | 14560041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 119350318 |  |  | 119350318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independent Power and Renewable Electricity Producers | 116979627 |  |  | 116979627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services | 354206881 |  |  | 354206881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 86551402 |  |  | 86551402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 13101257 |  |  | 13101257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 58772529 |  |  | 58772529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | 107753872 |  |  | 107753872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 388068467 | 54647958 |  | 442716425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | 475348446 |  |  | 475348446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 310010525 |  |  | 310010525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | 84339969 |  |  | 84339969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Interests |  |  | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 193580127 |  |  | 193580127 |
|  | $6843280787 | $54647958 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | $6897928760 |

---

*See notes to financial statements.* 

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

------

---

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
| **Aerospace & Defense — 0.9%** |  |  |
|  AeroVironment, Inc.<sup>(a)</sup> | 88741 | $24799560 |
|  Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 457567 | 34820849 |
|  |  | 59620409 |
| **Automobiles — 1.5%** |  |  |
|  Tesla, Inc.<sup>(a)</sup> | 232616 | 100064425 |
| **Broadline Retail — 2.5%** |  |  |
|  Amazon.com, Inc.<sup>(a)</sup> | 452646 | 105566100 |
|  MercadoLibre, Inc.<sup>(a)</sup> | 33201 | 68785168 |
|  |  | 174351268 |
| **Capital Markets — 1.7%** |  |  |
|  CME Group, Inc., Class A | 184959 | 52058560 |
|  Futu Holdings Ltd., ADR | 218701 | 37104812 |
|  Robinhood Markets, Inc., Class A<sup>(a)</sup> | 200533 | 25766485 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114929857 |
| **Communications Equipment — 1.5%** |  |  |
|  Arista Networks, Inc.<sup>(a)</sup> | 554428 | 72452651 |
|  Cisco Systems, Inc | 394276 | 30335596 |
|  |  | 102788247 |
| **Diversified Consumer Services — 0.2%** |  |  |
|  Stubhub Holdings, Inc., Class A<sup>(a)(b)</sup> | 1286755 | 15093636 |
|  Think & Learn Private Ltd. (Acquired 09/30/20, cost $3,427,642)<sup>(a)(c)(d)</sup> | 2241 |  |
|  |  | 15093636 |
| **Electrical Equipment — 1.6%** |  |  |
|  Siemens Energy AG<sup>(a)</sup> | 503933 | 67477803 |
|  Vertiv Holdings Co., Class A | 247236 | 44435726 |
|  |  | 111913529 |
| **Electronic Equipment, Instruments & Components — 1.9%** | **Electronic Equipment, Instruments & Components — 1.9%** |  |
|  Amphenol Corp., Class A | 430707 | 60686616 |
|  Flex Ltd.<sup>(a)</sup> | 1203714 | 71151535 |
|  |  | 131838151 |
| **Entertainment — 3.7%** |  |  |
|  Netflix, Inc.<sup>(a)</sup> | 375272 | 40371762 |
|  Nintendo Co. Ltd. | 532700 | 45150002 |
|  Spotify Technology SA<sup>(a)</sup> | 153671 | 92028952 |
|  Take-Two Interactive Software, Inc.<sup>(a)</sup> | 318326 | 78330479 |
|  |  | 255881195 |
| **Financial Services — 0.4%** |  |  |
|  Klarna Group PLC<sup>(a)(b)</sup> | 535139 | 16840824 |
|  Klarna Group PLC<sup>(a)</sup> | 307200 | 9667584 |
|  |  | 26508408 |
| **Hotels, Restaurants & Leisure — 0.5%** |  |  |
|  DoorDash, Inc., Class A<sup>(a)</sup> | 171476 | 34015694 |
| **Interactive Media & Services — 8.2%** |  |  |
|  Alphabet, Inc., Class A | 798361 | 255619225 |
|  Meta Platforms, Inc., Class A | 405833 | 262959492 |
|  Tencent Holdings Ltd. | 508700 | 40193172 |
|  |  | 558771889 |
| **IT Services — 5.1%** |  |  |
|  Farmer's Business Network, Inc.<sup>(a)(c)</sup> | 194200 | 200026 |
|  International Business Machines Corp. | 116972 | 36095220 |
|  Shopify, Inc., Class A<sup>(a)</sup> | 555340 | 88099137 |
|  Snowflake, Inc., Class A<sup>(a)</sup> | 899699 | 226040377 |
|  |  | 350434760 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Semiconductors & Semiconductor Equipment — 38.8%** | **Semiconductors & Semiconductor Equipment — 38.8%** |  |
|  Advanced Micro Devices, Inc.<sup>(a)</sup> | 706349 | $153652098 |
|  Advantest Corp. | 1373200 | 182718727 |
|  Astera Labs, Inc.<sup>(a)</sup> | 204146 | 32167285 |
|  Broadcom, Inc. | 1680805 | 677297183 |
|  Intel Corp.<sup>(a)</sup> | 2013053 | 81649430 |
|  Lam Research Corp. | 1113395 | 173689620 |
|  Monolithic Power Systems, Inc. | 123527 | 114654056 |
|  NVIDIA Corp.<sup>(b)</sup> | 5367091 | 949975107 |
|  SambaNova Systems, Inc. (Acquired 10/22/25, cost $3,000,000)<sup>(a)(c)(d)</sup> | 3000000 | 3060000 |
|  SK hynix, Inc | 193247 | 69997785 |
|  Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 750080 | 218655821 |
|  |  | 2657517112 |
| **Software — 20.0%** |  |  |
|  AppLovin Corp., Class A<sup>(a)</sup> | 222919 | 133635482 |
|  Autodesk, Inc.<sup>(a)</sup> | 161350 | 48943909 |
|  Cadence Design Systems, Inc.<sup>(a)</sup> | 245489 | 76553290 |
|  Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 187567 | 95501614 |
|  Databricks, Inc. (Acquired 07/24/20, cost $5,122,891)<sup>(a)(c)(d)</sup> | 319983 | 57052969 |
|  Figma, Inc., Class A<sup>(a)(b)</sup> | 285756 | 10278643 |
|  Guidewire Software, Inc.<sup>(a)</sup> | 159736 | 34499781 |
|  Microsoft Corp. | 1095795 | 539142098 |
|  Oracle Corp. | 903639 | 182489896 |
|  Palantir Technologies, Inc., Class A<sup>(a)</sup> | 218340 | 36779373 |
|  Palo Alto Networks, Inc.<sup>(a)</sup> | 405472 | 77092391 |
|  Rubrik, Inc., Class A<sup>(a)</sup> | 511390 | 35449555 |
|  Samsara, Inc., Class A<sup>(a)</sup> | 957894 | 36428709 |
|  SAP SE | 17905 | 4322447 |
|  Unqork, Inc. (Acquired 03/05/21, cost $4,093,769)<sup>(a)(c)(d)</sup> | 149520 | 734143 |
|  |  | 1368904300 |
| **Specialty Retail — 0.0%** |  |  |
|  AceVector Ltd. (Acquired 05/07/14, cost $1,414,399)<sup>(a)(c)(d)</sup> | 304000 | 103930 |
| **Technology Hardware, Storage & Peripherals — 7.1%** |  |  |
|  Apple Inc. | 1525435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425367550 |
|  Samsung Electronics Co. Ltd. | 937089 | 64361953 |
|  |  | 489729503 |
| **Wireless Telecommunication Services — 1.8%** |  |  |
|  SoftBank Group Corp. | 1165100 | 125319284 |
|  **Total Common Stocks — 97.4%<br>(Cost: $3,179,228,812)** |  | 6677785597 |
|  **Preferred Securities** |  |  |
| **Preferred Stocks — 2.7%** |  |  |
| **Diversified Consumer Services — 0.0%** |  |  |
|  Think & Learn Private Ltd., Series F, (Acquired 09/30/20, cost $6,867,746)<sup>(a)(c)(d)</sup> | 2371 |  |
| **Interactive Media & Services — 0.3%** |  |  |
|  Bytedance Ltd., Series E-1, (Acquired 11/11/20, cost $10,748,384)<sup>(a)(c)(d)</sup> | 94889 | 22130013 |

---

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

------

---

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Semiconductors & Semiconductor Equipment — 0.4%** | **Semiconductors & Semiconductor Equipment — 0.4%** |  |
|  PsiQuantum Corp., Series C, (Acquired 09/09/19,cost $2,698,454)<sup>(a)(c)(d)</sup> | 581814 | $23144561 |
|  SambaNova Systems, Inc., Series C, (Acquired 02/20/20, cost $9,804,574)<sup>(a)(c)(d)</sup> | 184153 | 4141601 |
|  |  | 27286162 |
| **Software — 2.0%** |  |  |
|  Anthropic PBC, Series F, (Acquired 08/18/25,<br>cost $35,749,947)<sup>(a)(c)(d)</sup> | 253604 | 51572909 |
|  Databricks, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, (Acquired 10/22/19, cost $3,700,005)<sup>(a)(c)(d)</sup> | 258450 | 46081635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, (Acquired 02/01/21, cost $12,500,003)<sup>(a)(c)(d)</sup> | 211425 | 37697078 |
|  Unqork, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, (Acquired 03/05/21, cost $194,941)<sup>(a)(c)(d)</sup> | 7120 | 37238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, (Acquired 03/05/21, cost $314,315)<sup>(a)(c)(d)</sup> | 11480 | 67617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, (Acquired 09/18/20, cost $8,323,340)<sup>(a)(c)(d)</sup> | 304000 | 2362080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Seed, (Acquired 03/05/21, cost $489,544)<sup>(a)(c)(d)</sup> | 17880 | 89042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Seed A, (Acquired 03/05/21, cost $180,704)<sup>(a)(c)(d)</sup> | 6600 | 32736 |
|  |  | 137940335 |
|  **Total Preferred Securities — 2.7%<br>(Cost: $91,571,957)** |  | 187356510 |
|  **Warrants<sup>(a)(c)</sup>** |  |  |
| **Software — 0.0%** |  |  |
|  Constellation Software, Inc., (Issued/Exercisable 08/22/23,<br>1 Share for 1 Warrant, Expires 03/31/40,<br>Strike Price CAD 0.00) | 22107 |  |
|  **Total Warrants — 0.0%<br>(Cost: $0)** | **Total Warrants — 0.0%<br>(Cost: $0)** |  |
|  **Total Long-Term Investments — 100.1%<br>(Cost: $3,270,800,769)** | **Total Long-Term Investments — 100.1%<br>(Cost: $3,270,800,769)** | 6865142107 |

---

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
|  **Short-Term Securities** |  |  |
| Money Market Funds — 0.9% |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.11%<sup>(e)(f)(g)</sup> | 64855157 | $64887584 |
|  **Total Short-Term Securities — 0.9%<br>(Cost: $64,887,542)** | **Total Short-Term Securities — 0.9%<br>(Cost: $64,887,542)** | 64887584 |
|  **Total Investments — 101.0%<br>(Cost: $3,335,688,311)** | **Total Investments — 101.0%<br>(Cost: $3,335,688,311)** | 6930029691 |
|  **Liabilities in Excess of Other Assets — (1.0)%** | **Liabilities in Excess of Other Assets — (1.0)%** | (71439831) |
|  **Net Assets — 100.0%** |  | $6858589860 |

---

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

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

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

<sup>(d)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $248,307,552, representing 3.6% of its net assets as of period end, and an original cost of $108,630,658. 

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

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

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock Technology Opportunities Fund** |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Issuer | Value at<br>05/31/25 | Purchases<br>at Cost | Proceeds<br>from Sales | *Net<br>Realized<br>Gain*<br> *(Loss)* | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>11/30/25 | Shares<br>Held at<br>11/30/25 | Income | *Capital<br>Gain<br>Distributions<br>from*<br> *Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $8833200 | $56054867 <sup>(a)</sup> | $— | $(525) | $42 | $64887584 | 64855157 | $627562 <sup>(b)</sup> | $— |
|  BlackRock Liquidity Funds, T-Fund, Institutional Shares<sup>(c)</sup> | 153923002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (153923002)<sup>(a)</sup> |  |  |  |  | 817780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  |  | $(525) | $42 | $64887584 |  | $1445342 | $— |

---

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $59620409 | $— | $— | $59620409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 100064425 |  |  | 100064425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 174351268 |  |  | 174351268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 114929857 |  |  | 114929857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 102788247 |  |  | 102788247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Consumer Services | 15093636 |  |  | 15093636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 44435726 | 67477803 |  | 111913529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 131838151 |  |  | 131838151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 210731193 | 45150002 |  | 255881195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 16840824 | 9667584 |  | 26508408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 34015694 |  |  | 34015694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 518578717 | 40193172 |  | 558771889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services | 350234734 |  | 200026 | 350434760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 2401740600 | 252716512 | 3060000 | 2657517112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | 1306794741 | 4322447 | 57787112 | 1368904300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail |  |  | 103930 | 103930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 425367550 | 64361953 |  | 489729503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services |  | 125319284 |  | 125319284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities |  |  | 187356510 | 187356510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 64887584 |  |  | 64887584 |
|  | $6072313356 | $609208757 | $248507578 | $6930029691 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2025 | **BlackRock Technology Opportunities Fund** |

---

A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Common<br>Stocks | Preferred<br>Stocks | Warrants | Total |
|  **Assets** |  |  |  |  |
|  Opening Balance, as of May 31, 2025 | $44662809 | $100074838 | $— <sup>(c)</sup> | $144737647 |
|  Transfers into Level 3 |  |  |  |  |
|  Transfers out of Level 3 |  |  |  |  |
|  Accrued discounts/premiums |  |  |  |  |
|  Net realized gain (loss) |  |  |  |  |
|  Net change in unrealized appreciation (depreciation)<sup>(a)(b)</sup> | 24505431 | 51531723 |  | 76037154 |
|  Purchases | 3000000 | 35749949 |  | 38749949 |
|  Sales | (11017172) |  |  | (11017172) |
|  Closing Balance, as of November 30, 2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61151068 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187356510 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248507578 |
|  Net change in unrealized appreciation (depreciation) on investments still held at November 30, 2025<sup>(b)</sup> | $24986755 | $51531723 | $— | $76518478 |

---

<sup>(a)</sup> Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.

<sup>(b)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at November 30, 2025, is generally due to investments no longer held or categorized as Level 3 at period end.

<sup>(c)</sup> Rounds to less than $1. 

The following table summarizes the valuation approaches used and unobservable inputs utilized by the Valuation Committee to determine the value of certain of the Fund's Level 3 financial instruments as of period end.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Value | Valuation Approach | Unobservable<br>Inputs | Range of<br>Unobservable Inputs<br>Utilized<sup>(a)</sup> | Weighted Average of<br>Unobservable Inputs<br>Based on Fair Value |
|  **Assets** |  |  |  |  |  |
|  Common Stocks | $61151068 | Market | Revenue Multiple | 1.00x - 22.00x | 21.68x |
|  |  |  | Volatility | 70% |  |
|  |  |  | Time to Exit | 3.0 years |  |
|  |  | Income | Discount Rate | 17% |  |
|  Preferred Stocks | 187356510 | Market | Revenue Multiple | 1.35x - 22.00x | 21.16x |
|  |  |  | Volatility | 70% - 90% | 73% |
|  |  |  | Time to Exit | 3.0 - 4.0 years | 3.8 years |
|  |  |  | Market Adjustment Multiple | 1.20x |  |
|  | 248507578 |  |  |  |  |

---

<sup>(a)</sup> A significant change in unobservable input could result in a correlated or inverse change in value.

*See notes to financial statements.* 

S C H E D U L E S O F I N V E S T M E N T S 23

------

Statements of Assets and Liabilities (unaudited)

November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| , | BlackRock<br>Capital<br>Appreciation<br>Fund,<br>Inc. | BlackRock<br>Energy<br>Opportunities<br>Fund | BlackRock<br>Health<br>Sciences<br>Opportunities<br>Portfolio |
|  **ASSETS** |  |  |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup> | $3823738618 | $264908119 | $6751173960 |
|  Investments, at value — affiliated<sup>(c)</sup> | 6696251 | 5840448 | 71876864 |
|  Cash |  | 39685 | 3719 |
|  Foreign currency, at value<sup>(d)</sup> |  | 23760 |  |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 12384320 |  | 4279504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated |  | 32 | 65975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 682047 | 53142 | 1559331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 1436453 | 1256410 | 7978378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 16382 | 12339 | 115030 |
| &nbsp;&nbsp;&nbsp;&nbsp; From the Manager | 77860 | 12259 |  |
|  Prepaid expenses | 70122 | 22020 | 84624 |
|  Total assets | 3845102053 | 272168214 | 6837137385 |
|  **LIABILITIES** |  |  |  |
|  Collateral on securities loaned |  | 790347 | 33085390 |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 15698310 |  | 6201072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees |  | 9420 | 297212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 1468727 | 65952 | 3883436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense |  | 5571 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1883437 | 165955 | 3629955 |
| &nbsp;&nbsp;&nbsp;&nbsp; IRS compliance fee for foreign withholding tax claims |  | 24335 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' and Officer's fees | 2906 | 1022 | 8865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 126565 | 67154 | 360655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other affiliate fees | 26911 | 6495 | 89393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 21822 | 1302 | 23089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution fees | 507110 | 45941 | 726508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 538521 | 107251 | 1407152 |
|  Total liabilities | 20274309 | 1290745 | 49712727 |
|  **Commitments and contingent liabilities** |  |  |  |
|  NET ASSETS | $3824827744 | $270877469 | $6787424658 |
|  **NET ASSETS CONSIST OF:** |  |  |  |
|  Paid-in capital | $1234710323 | $452657109 | $3243410446 |
|  Accumulated earnings (loss) | 2590117421 | (181779640) | 3544014212 |
|  NET ASSETS | $3824827744 | $270877469 | $6787424658 |
|  <sup>(a) </sup>Investments, at cost — unaffiliated | $1822709845 | $178299808 | $3566900189 |
|  <sup>(b) </sup>Securities loaned, at value | $— | $737258 | $32612787 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $6696251 | $5840448 | $71872709 |
|  <sup>(d) </sup>Foreign currency, at cost | $— | $23744 | $— |

---

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

------

Statements of Assets and Liabilities (unaudited) (continued)

November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| , | BlackRock<br>Capital<br>Appreciation<br>Fund,<br>Inc. | BlackRock<br>Energy<br>Opportunities<br>Fund | BlackRock<br>Health<br>Sciences<br>Opportunities<br>Portfolio |
|  **NET ASSET VALUE** |  |  |  |
| **Institutional** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $881727844 | $94328888 | $3373667952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 19207471 | 6454727 | 44913716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $45.91 | $14.61 | $75.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 300 million | Unlimited | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 | $0.001 | $0.001 |
| **Service** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $N/A | $N/A | $24615475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | N/A | N/A | 353455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $N/A | $N/A | $69.64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | N/A | N/A | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $N/A | $N/A | $0.001 |
| **Investor A** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $2264105997 | $161297853 | $2471394152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 58422397 | 11404956 | 35692238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $38.75 | $14.14 | $69.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 300 million | Unlimited | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 | $0.001 | $0.001 |
| **Investor C** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $39642214 | $15250728 | $174913617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 2370935 | 1124205 | 3233506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $16.72 | $13.57 | $54.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 300 million | Unlimited | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 | $0.001 | $0.001 |
| **Class K** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $613172176 | $N/A | $510580681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 13152761 | N/A | 6778703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $46.62 | $N/A | $75.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 300 million | N/A | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 | $N/A | $0.001 |
| **Class R** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $26179513 | $N/A | $232252781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 1065461 | N/A | 3499224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $24.57 | $N/A | $66.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 500 million | N/A | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 | $N/A | $0.001 |

---

*See notes to financial statements.* 

S T A T E M E N T S O F A S S E T S A N D L I A B I L I T I E S 25

------

Statements of Assets and Liabilities (unaudited) (continued)

November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | BlackRock<br>High Equity Income<br>Fund | BlackRock<br>Mid-Cap<br>Growth<br>Equity<br>Portfolio | BlackRock<br>Technology<br>Opportunities<br>Fund |
|  **ASSETS** |  |  |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup> | $1951485829 | $6704348633 | $6865142107 |
|  Investments, at value — affiliated<sup>(c)</sup> | 71729402 | 193580127 | 64887584 |
|  Cash | 158867 | 3218 |  |
|  Foreign currency, at value<sup>(d)</sup> | 4066898 | 4134 | 2480 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 469953 | 13132480 | 63748101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 982 | 23033 | 227164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 1442320 | 3736363 | 4559183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 1687084 | 2683583 | 1699771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 278157 | 78204 | 34078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 5494598 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From the Manager | 91809 | 85236 | 4857 |
|  Prepaid expenses | 94423 | 79965 | 82682 |
|  Total assets | 2037000322 | 6917754976 | 7000388007 |
|  **LIABILITIES** |  |  |  |
|  Bank overdraft |  |  | 93102 |
|  Collateral on securities loaned | 1381900 | 102768977 | 64888067 |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 50147091 | 6409729 | 55966252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 62461 | 233405 | 242172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 5854780 | 13061042 | 13444606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income dividend distributions | 367102 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1139295 | 3610750 | 4265318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' and Officer's fees | 2183 | 16477 | 5586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 91624 | 308957 | 455637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other affiliate fees | 7009 | 30282 | 29483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 18738 | 16916 | 12518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution fees | 113853 | 416756 | 810779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 375412 | 1753847 | 1584627 |
|  Total liabilities | 59561448 | 128627138 | 141798147 |
|  **Commitments and contingent liabilities** |  |  |  |
|  NET ASSETS | $1977438874 | $6789127838 | $6858589860 |
|  **NET ASSETS CONSIST OF:** |  |  |  |
|  Paid-in capital | $1890207390 | $3886425667 | $2857831493 |
|  Accumulated earnings | 87231484 | 2902702171 | 4000758367 |
|  NET ASSETS | $1977438874 | $6789127838 | $6858589860 |
|  <sup>(a) </sup>Investments, at cost — unaffiliated | $1740338436 | $4765460455 | $3270800769 |
|  <sup>(b) </sup>Securities loaned, at value | $1353156 | $101055940 | $62788752 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $71729402 | $193572515 | $64887542 |
|  <sup>(d) </sup>Foreign currency, at cost | $4066898 | $4141 | $2480 |

---

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

------

Statements of Assets and Liabilities (unaudited) (continued)

November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | BlackRock<br>High Equity Income<br>Fund | BlackRock<br>Mid-Cap<br>Growth<br>Equity<br>Portfolio | BlackRock<br>Technology<br>Opportunities<br>Fund |
|  **NET ASSET VALUE** |  |  |  |
| **Institutional** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1462501064 | $3059994013 | $3448366151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 49247187 | 72087830 | 41288443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $29.70 | $42.45 | $83.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 | $0.001 | $0.001 |
| **Service** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $N/A | $21467856 | $56785189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | N/A | 573747 | 740420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $N/A | $37.42 | $76.69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | N/A | Unlimited | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $N/A | $0.001 | $0.001 |
| **Investor A** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $305305479 | $1388030455 | $2476921153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 12289093 | 39020524 | 33194895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $24.84 | $35.57 | $74.62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 | $0.001 | $0.001 |
| **Investor C** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $64037213 | $127960858 | $317606450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 4153143 | 5020603 | 5604869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $15.42 | $25.49 | $56.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 | $0.001 | $0.001 |
| **Class K** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $145595118 | $2138956558 | $501158876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 4905520 | 50013297 | 5974590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $29.68 | $42.77 | $83.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 | $0.001 | $0.001 |
| **Class R** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $N/A | $52718098 | $57752041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | N/A | 1534783 | 777733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $N/A | $34.35 | $74.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | N/A | Unlimited | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $N/A | $0.001 | $0.001 |

---

*See notes to financial statements.* 

S T A T E M E N T S O F A S S E T S A N D L I A B I L I T I E S 27

------

Statements of Operations (unaudited)

Six Months Ended November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | BlackRock<br>Capital<br>Appreciation<br>Fund,<br>Inc. | BlackRock<br>Energy<br>Opportunities<br>Fund | BlackRock<br>Health<br>Sciences<br>Opportunities<br>Portfolio |
|  **INVESTMENT INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $10123111<sup>(a)</sup> | $5041280 | $41319322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 133066 | 66062 | 1241410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 18102 | 243 | 355284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | (120006) | (162974) | (22448) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax claims |  | 155534 | 244869 |
| &nbsp;&nbsp;&nbsp;&nbsp; IRS compliance fee for foreign withholding tax claims |  | (924) |  |
|  Total investment income | 10154273 | 5099221 | 43138437 |
|  EXPENSES |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 11753830 | 1022109 | 21455322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution — class specific | 3102376 | 282000 | 4302185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent — class specific | 1464941 | 249528 | 3429991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services | 122481 | 25747 | 191297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 97292 | 72892 | 63092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration | 63183 | 32306 | 78923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | 18870 | 11573 | 42958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and postage | 18364 | 17147 | 31082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors and Officer | 15168 | 4500 | 25070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration |  | 57920 | 1122903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration — class specific |  | 27266 | 633781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 23457 | 5723 | 94596 |
|  Total expenses excluding interest expense | 16679962 | 1808711 | 31471200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 25913 | 167 | 1778 |
|  Total expenses | 16705875 | 1808878 | 31472978 |
|  Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees waived by the Manager — class specific |  | (27264) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fees waived and/or reimbursed by the Manager | (287066) | (1657) | (22900) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees waived and/or reimbursed by the Manager — class specific | (666377) | (101162) |  |
|  Total expenses after fees waived and/or reimbursed | 15752432 | 1678795 | 31450078 |
|  Net investment income (loss) | (5598159) | 3420426 | 11688359 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | 608540105 | 6675285 | 409285590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 13664 | (8) | 934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 19841 | 13000 | 66025 |
|  | 608573610 | 6688277 | 409352549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (130880846) | 21201607 | 868626062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated |  |  | 1604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (1720) | 1133 | (43399) |
|  | (130882566) | 21202740 | 868584267 |
|  Net realized and unrealized gain | 477691044 | 27891017 | 1277936816 |
|  NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $472092885 | $31311443 | $1289625175 |

---

<sup>(a)</sup> Includes $3,538,530 related to a special distribution from TransDigm Group, Inc. 

*See notes to financial statements.* 

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

------

Statements of Operations (unaudited) (continued)

Six Months Ended November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | BlackRock<br>High Equity Income<br>Fund | BlackRock<br>Mid-Cap<br>Growth<br>Equity<br> Portfolio | BlackRock<br>Technology<br>Opportunities<br>Fund |
|  **INVESTMENT INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $82758137 | $14128500 | $12457112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 1460380 | 359871 | 817780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 5859 | 210558 | 627562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | (119914) | (42013) | (400504) |
|  Total investment income | 84104462 | 14656916 | 13501950 |
|  EXPENSES |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 7444574 | 25029888 | 25481633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent — class specific | 959551 | 3989190 | 3609221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution — class specific | 692848 | 2759773 | 4794775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration | 373763 | 1366128 | 1193865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration — class specific | 189289 | 783463 | 677053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services | 70011 | 232189 | 203196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration | 59650 | 92629 | 94732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 57005 | 67835 | 89102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | 46203 | 70194 | 60268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and postage | 22098 | 33146 | 29221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees and Officer | 9568 | 32018 | 26426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 57948 | 44008 | 41965 |
|  Total expenses excluding interest expense | 9982508 | 34500461 | 36301457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 37540 | 219519 | 73968 |
|  Total expenses | 10020048 | 34719980 | 36375425 |
|  Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees waived by the Manager — class specific | (189289) | (514088) | (534841) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fees waived and/or reimbursed by the Manager | (563318) | (6454) | (15115) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees waived and/or reimbursed by the Manager — class specific | (528417) | (957133) | (71084) |
|  Total expenses after fees waived and/or reimbursed | 8739024 | 33242305 | 35754385 |
|  Net investment income (loss) | 75365438 | (18585389) | (22252435) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | 67465444 | 1180722714 | 466327823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 267 | 40517 | (525) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 117320 | 81991 | 183410 |
|  | 67583031 | 1180845222 | 466510708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | 51647716 | (923639469) | 783510486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated |  | (20687) | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 13108 | (12464) | (96320) |
|  | 51660824 | (923672620) | 783414208 |
|  Net realized and unrealized gain | 119243855 | 257172602 | 1249924916 |
|  NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $194609293 | $238587213 | $1227672481 |

---

*See notes to financial statements.* 

S T A T E M E N T S O F O P E R A T I O N S 29

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock Capital Appreciation Fund, Inc. | BlackRock Capital Appreciation Fund, Inc. | BlackRock Energy Opportunities Fund | BlackRock Energy Opportunities Fund |
|  | Six Months<br>Ended<br>11/30/25<br>(unaudited) | Year Ended<br>05/31/25 | Six Months<br>Ended<br>11/30/25<br>(unaudited) | Year Ended<br>05/31/25 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(5598159) | $(15204941) | $3420426 | $6935562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 608573610 | 443890364 | 6688277 | 25279796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (130882566) | 69779680 | 21202740 | (58215317) |
|  Net increase (decrease) in net assets resulting from operations | 472092885 | 498465103 | 31311443 | (25999959) |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | (56777168) | (88121130) | (1112512) | (2737473) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A | (172783856) | (271930786) | (1693461) | (4137028) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C | (6461885) | (9645989) | (119619) | (292886) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | (38696734) | (57998828) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (2902689) | (4429049) |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (277622332) | (432125782) | (2925592) | (7167387) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | 37678483 | 41389125 | (22186722) | (45440730) |
|  *NET ASSETS* |  |  |  |  |
|  Total increase (decrease) in net assets | 232149036 | 107728446 | 6199129 | (78608076) |
|  Beginning of period | 3592678708 | 3484950262 | 264678340 | 343286416 |
|  End of period | $3824827744 | $3592678708 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270877469 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264678340 |

---

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

*See notes to financial statements.* 

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

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock Health Sciences Opportunities<br>Portfolio | BlackRock Health Sciences Opportunities<br>Portfolio | BlackRock High Equity Income Fund | BlackRock High Equity Income Fund |
|  | Six Months<br>Ended<br>11/30/25<br>(unaudited) | Year Ended<br>05/31/25 | Six Months<br>Ended<br>11/30/25<br>(unaudited) | Year Ended<br>05/31/25 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $11688359 | $21004149 | $75365438 | $154155909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 409352549 | 746952152 | 67583031 | (49444267) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 868584267 | (1158936090) | 51660824 | (42763900) |
|  Net increase (decrease) in net assets resulting from operations | 1289625175 | (390979789) | 194609293 | 61947742 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | (184399906) | (326473190) | (54976465) | (109099595) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service | (1498750) | (2429838) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A | (141301438) | (229221310) | (11636743) | (23182826) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C | (14268105) | (27918920) | (2214435) | (4360427) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | (25428837) | (39451171) | (6182239) | (17164484) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (13563609) | (20274657) |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (380460645) | (645769086) | (75009882) | (153807332) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | (568165585) | (830958717) | 62668783 | (145700990) |
|  *NET ASSETS* |  |  |  |  |
|  Total increase (decrease) in net assets | 340998945 | (1867707592) | 182268194 | (237560580) |
|  Beginning of period | 6446425713 | 8314133305 | 1795170680 | 2032731260 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6787424658 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6446425713 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1977438874 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1795170680 |

---

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

*See notes to financial statements.* 

S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S 31

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock Mid-Cap Growth Equity<br>Portfolio | BlackRock Mid-Cap Growth Equity<br>Portfolio | BlackRock Technology Opportunities Fund | BlackRock Technology Opportunities Fund |
|  | Six Months<br>Ended<br>11/30/25<br>(unaudited) | Year Ended<br>05/31/25 | Six Months<br>Ended<br>11/30/25<br>(unaudited) | Year Ended<br>05/31/25 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss | $(18585389) | $(54905916) | $(22252435) | $(35070317) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 1180845222 | 1464042948 | 466510708 | 1049988989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (923672620) | (444199583) | 783414208 | (174279967) |
|  Net increase in net assets resulting from operations | 238587213 | 964937449 | 1227672481 | 840638705 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | (139959897) |  | (184380512) | (119062757) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service | (1839659) |  | (3201441) | (2282496) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A | (69049809) |  | (140275242) | (91250925) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C | (9163788) |  | (24105547) | (16449865) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | (112980650) |  | (28783252) | (13171916) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (3527951) |  | (3344498) | (2124025) |
|  Decrease in net assets resulting from distributions to shareholders | (336521754) |  | (384090492) | (244341984) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | (1762741757) | (3982272835) | (41842694) | 124995870 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase (decrease) in net assets | (1860676298) | (3017335386) | 801739295 | 721292591 |
|  Beginning of period | 8649804136 | 11667139522 | 6056850565 | 5335557974 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6789127838 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8649804136 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6858589860 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6056850565 |

---

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

*See notes to financial statements.* 

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

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Capital Appreciation Fund, Inc. | BlackRock Capital Appreciation Fund, Inc. | BlackRock Capital Appreciation Fund, Inc. | BlackRock Capital Appreciation Fund, Inc. | BlackRock Capital Appreciation Fund, Inc. | BlackRock Capital Appreciation Fund, Inc. | BlackRock Capital Appreciation Fund, Inc. |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months<br>Ended<br> 11/30/25(unaudited)  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $43.25 | $41.93 | $31.69 | $31.98 | $43.32 | $38.32 | $30.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup> | (0.03)<sup>(b)</sup> | (0.11)<sup>(c)</sup> | (0.06) | 0.00 <sup>(d)</sup> | (0.09) | (0.06) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 5.73 | 6.18 | 11.51 | 1.82 | (6.14) | 7.06 | 10.81 |
|  Net increase (decrease) from investment operations | 5.70 | 6.07 | 11.45 | 1.82 | (6.23) | 7.00 | 10.74 |
|  Distributions from net realized gain<sup>(e)</sup> | (3.04) | (4.75) | (1.21) | (2.11) | (5.11) | (2.00) | (2.94) |
|  **Net asset value, end of period** | $45.91 | $43.25 | $41.93 | $31.69 | $31.98 | $43.32 | $38.32 |
|  **Total Return<sup>(f)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 13.49 %<sup>(g)</sup> | 15.03% | 37.03% | 6.81% | (17.30)% | 18.72 %<sup>(g)</sup> | 38.17% |
|  **Ratios to Average Net Assets<sup>(h)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 0.73 %<sup>(i)</sup> | 0.73% | 0.75% | 0.73% | 0.70% | 0.72 %<sup>(i)</sup> | 0.75% |
|  Total expenses after fees waived and/or reimbursed | 0.67 %<sup>(i)</sup> | 0.70% | 0.74% | 0.73% | 0.70% | 0.72 %<sup>(i)</sup> | 0.75% |
|  Net investment income (loss) | (0.14)%<sup>(i)</sup> | (0.27)% | (0.17)% | 0.01% | (0.21)% | (0.21)%<sup>(i)</sup> | (0.22)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $881728 | $838015 | $784361 | $678965 | $943275 | $1072833 | $911484 |
|  Portfolio turnover rate | 34% | 29% | 21% | 43% | 55% | 25% | 42% |

---

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

<sup>(b)</sup> Includes a one-time special distribution from TransDigm Group, Inc. Excluding such special distribution, the net investment income would have been $(0.07) per share and (0.32)% of average net assets. 

<sup>(c)</sup> Includes a one-time special distribution from TransDigm Group, Inc. Excluding such special distribution, the net investment income would have been $(0.16) per share and (0.38)% of average net assets. 

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

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

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

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

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 33

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Capital Appreciation Fund, Inc. (continued) | BlackRock Capital Appreciation Fund, Inc. (continued) | BlackRock Capital Appreciation Fund, Inc. (continued) | BlackRock Capital Appreciation Fund, Inc. (continued) | BlackRock Capital Appreciation Fund, Inc. (continued) | BlackRock Capital Appreciation Fund, Inc. (continued) | BlackRock Capital Appreciation Fund, Inc. (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months<br>Ended<br> 11/30/25(unaudited)  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $37.00 | $36.54 | $27.77 | $28.38 | $39.00 | $34.74 | $27.99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.07)<sup>(b)</sup> | (0.19)<sup>(c)</sup> | (0.13) | (0.07) | (0.18) | (0.11) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 4.86 | 5.36 | 10.04 | 1.57 | (5.39) | 6.37 | 9.83 |
|  Net increase (decrease) from investment operations | 4.79 | 5.17 | 9.91 | 1.50 | (5.57) | 6.26 | 9.69 |
|  Distributions from net realized gain<sup>(d)</sup> | (3.04) | (4.71) | (1.14) | (2.11) | (5.05) | (2.00) | (2.94) |
|  **Net asset value, end of period** | $38.75 | $37.00 | $36.54 | $27.77 | $28.38 | $39.00 | $34.74 |
|  **Total Return<sup>(e)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 13.30 %<sup>(f)</sup> | 14.76% | 36.66% | 6.53% | (17.51)% | 18.51 %<sup>(f)</sup> | 37.84% |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 0.97 %<sup>(h)</sup> | 0.97% | 1.00% | 1.00% | 0.97% | 0.97 %<sup>(h)</sup> | 1.01% |
|  Total expenses after fees waived and/or reimbursed | 0.92 %<sup>(h)</sup> | 0.95% | 0.99% | 1.00% | 0.97% | 0.97 %<sup>(h)</sup> | 1.01% |
|  Net investment loss | (0.39)%<sup>(h)</sup> | (0.52)% | (0.42)% | (0.27)% | (0.48)% | (0.46)%<sup>(h)</sup> | (0.48)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $2264106 | $2132549 | $2117888 | $1723973 | $1871340 | $2551211 | $2195906 |
|  Portfolio turnover rate | 34% | 29% | 21% | 43% | 55% | 25% | 42% |

---

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

<sup>(b)</sup> Includes a one-time special distribution from TransDigm Group, Inc. Excluding such special distribution, the net investment income would have been $(0.11) per share and (0.57)% of average net assets. 

<sup>(c)</sup> Includes a one-time special distribution from TransDigm Group, Inc. Excluding such special distribution, the net investment income would have been $(0.23) per share and (0.62)% of average net assets. 

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

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

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

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

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

*See notes to financial statements.* 

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

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Capital Appreciation Fund, Inc. (continued) | BlackRock Capital Appreciation Fund, Inc. (continued) | BlackRock Capital Appreciation Fund, Inc. (continued) | BlackRock Capital Appreciation Fund, Inc. (continued) | BlackRock Capital Appreciation Fund, Inc. (continued) | BlackRock Capital Appreciation Fund, Inc. (continued) | BlackRock Capital Appreciation Fund, Inc. (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Six Months<br>Ended<br> 11/30/25(unaudited)  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $17.63 | $19.74 | $15.52 | $17.01 | $25.27 | $23.27 | $19.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.10)<sup>(b)</sup> | (0.24)<sup>(c)</sup> | (0.22) | (0.16) | (0.29) | (0.20) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.23 | 2.80 | 5.50 | 0.78 | (3.05) | 4.20 | 6.65 |
|  Net increase (decrease) from investment operations | 2.13 | 2.56 | 5.28 | 0.62 | (3.34) | 4.00 | 6.40 |
|  Distributions from net realized gain<sup>(d)</sup> | (3.04) | (4.67) | (1.06) | (2.11) | (4.92) | (2.00) | (2.94) |
|  **Net asset value, end of period** | $16.72 | $17.63 | $19.74 | $15.52 | $17.01 | $25.27 | $23.27 |
|  **Total Return<sup>(e)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 12.78 %<sup>(f)</sup> | 13.94% | 35.61% | 5.62% | (18.18)% | 17.89 %<sup>(f)</sup> | 36.73% |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 1.81 %<sup>(h)</sup> | 1.80% | 1.84% | 1.84% | 1.76% | 1.77 %<sup>(h)</sup> | 1.79% |
|  Total expenses after fees waived and/or reimbursed | 1.67 %<sup>(h)</sup> | 1.74% | 1.83% | 1.84% | 1.76% | 1.77 %<sup>(h)</sup> | 1.79% |
|  Net investment loss | (1.14)%<sup>(h)</sup> | (1.31)% | (1.26)% | (1.11)% | (1.28)% | (1.27)%<sup>(h)</sup> | (1.26)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $39642 | $38410 | $40228 | $39581 | $48332 | $72075 | $89336 |
|  Portfolio turnover rate | 34% | 29% | 21% | 43% | 55% | 25% | 42% |

---

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

<sup>(b)</sup> Includes a one-time special distribution from TransDigm Group, Inc. Excluding such special distribution, the net investment income would have been $(0.11) per share and (1.33)% of average net assets. 

<sup>(c)</sup> Includes a one-time special distribution from TransDigm Group, Inc. Excluding such special distribution, the net investment income would have been $(0.25) per share and (1.41)% of average net assets. 

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

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

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

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 35

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Capital Appreciation Fund, Inc. (continued) | BlackRock Capital Appreciation Fund, Inc. (continued) | BlackRock Capital Appreciation Fund, Inc. (continued) | BlackRock Capital Appreciation Fund, Inc. (continued) | BlackRock Capital Appreciation Fund, Inc. (continued) | BlackRock Capital Appreciation Fund, Inc. (continued) | BlackRock Capital Appreciation Fund, Inc. (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months<br>Ended<br> 11/30/25(unaudited)  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $43.87 | $42.46 | $32.08 | $32.32 | $43.71 | $38.63 | $30.71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup> | (0.02)<sup>(b)</sup> | (0.09)<sup>(c)</sup> | (0.03) | 0.02 | (0.06) | (0.03) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 5.81 | 6.26 | 11.65 | 1.85 | (6.20) | 7.11 | 10.90 |
|  Net increase (decrease) from investment operations | 5.79 | 6.17 | 11.62 | 1.87 | (6.26) | 7.08 | 10.86 |
|  Distributions from net realized gain<sup>(d)</sup> | (3.04) | (4.76) | (1.24) | (2.11) | (5.13) | (2.00) | (2.94) |
|  **Net asset value, end of period** | $46.62 | $43.87 | $42.46 | $32.08 | $32.32 | $43.71 | $38.63 |
|  **Total Return<sup>(e)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 13.51 %<sup>(f)</sup> | 15.10% | 37.14% | 6.90% | (17.22)% | 18.78 %<sup>(f)</sup> | 38.33% |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 0.64 %<sup>(h)</sup> | 0.65% | 0.65% | 0.65% | 0.64% | 0.63 %<sup>(h)</sup> | 0.64% |
|  Total expenses after fees waived and/or reimbursed | 0.62 %<sup>(h)</sup> | 0.63% | 0.65% | 0.65% | 0.63% | 0.63 %<sup>(h)</sup> | 0.64% |
|  Net investment income (loss) | (0.09)%<sup>(h)</sup> | (0.21)% | (0.08)% | 0.08% | (0.15)% | (0.13)%<sup>(h)</sup> | (0.11)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $613172 | $560119 | $517123 | $645860 | $646115 | $845106 | $682107 |
|  Portfolio turnover rate | 34% | 29% | 21% | 43% | 55% | 25% | 42% |

---

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

<sup>(b)</sup> Includes a one-time special distribution from TransDigm Group, Inc. Excluding such special distribution, the net investment income would have been $(0.06) per share and (0.27)% of average net assets. 

<sup>(c)</sup> Includes a one-time special distribution from TransDigm Group, Inc. Excluding such special distribution, the net investment income would have been $(0.13) per share and (0.31)% of average net assets. 

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

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

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

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

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

*See notes to financial statements.* 

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

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Capital Appreciation Fund, Inc. (continued) | BlackRock Capital Appreciation Fund, Inc. (continued) | BlackRock Capital Appreciation Fund, Inc. (continued) | BlackRock Capital Appreciation Fund, Inc. (continued) | BlackRock Capital Appreciation Fund, Inc. (continued) | BlackRock Capital Appreciation Fund, Inc. (continued) | BlackRock Capital Appreciation Fund, Inc. (continued) |
|  | Class R | Class R | Class R | Class R | Class R | Class R | Class R |
|  | Six Months<br>Ended<br> 11/30/25(unaudited)  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $24.52 | $25.70 | $19.86 | $21.02 | $30.12 | $27.30 | $22.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.08)<sup>(b)</sup> | (0.21)<sup>(c)</sup> | (0.17) | (0.11) | (0.23) | (0.15) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.17 | 3.71 | 7.10 | 1.06 | (3.88) | 4.97 | 7.76 |
|  Net increase (decrease) from investment operations | 3.09 | 3.50 | 6.93 | 0.95 | (4.11) | 4.82 | 7.59 |
|  Distributions from net realized gain<sup>(d)</sup> | (3.04) | (4.68) | (1.09) | (2.11) | (4.99) | (2.00) | (2.94) |
|  **Net asset value, end of period** | $24.57 | $24.52 | $25.70 | $19.86 | $21.02 | $30.12 | $27.30 |
|  **Total Return<sup>(e)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 13.13 %<sup>(f)</sup> | 14.46% | 36.14% | 6.17% | (17.82)% | 18.26 %<sup>(f)</sup> | 37.45% |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 1.33 %<sup>(h)</sup> | 1.33% | 1.36% | 1.37% | 1.33% | 1.30 %<sup>(h)</sup> | 1.28% |
|  Total expenses after fees waived and/or reimbursed | 1.17 %<sup>(h)</sup> | 1.26% | 1.35% | 1.36% | 1.33% | 1.30 %<sup>(h)</sup> | 1.28% |
|  Net investment loss | (0.64)%<sup>(h)</sup> | (0.84)% | (0.78)% | (0.63)% | (0.85)% | (0.80)%<sup>(h)</sup> | (0.75)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $26180 | $23586 | $25350 | $23731 | $24371 | $36933 | $37741 |
|  Portfolio turnover rate | 34% | 29% | 21% | 43% | 55% | 25% | 42% |

---

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

<sup>(b)</sup> Includes a one-time special distribution from TransDigm Group, Inc. Excluding such special distribution, the net investment income would have been $(0.10) per share and (0.82)% of average net assets. 

<sup>(c)</sup> Includes a one-time special distribution from TransDigm Group, Inc. Excluding such special distribution, the net investment income would have been $(0.23) per share and (0.95)% of average net assets. 

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

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

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

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 37

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Energy Opportunities Fund | BlackRock Energy Opportunities Fund | BlackRock Energy Opportunities Fund | BlackRock Energy Opportunities Fund | BlackRock Energy Opportunities Fund | BlackRock Energy Opportunities Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months<br>Ended<br> 11/30/25(unaudited)  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of period** | $13.16 | $14.60 | $11.94 | $13.73 | $8.55 | $6.64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.20 | 0.35 | 0.35 | 0.42 | 0.32 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.41 | (1.44) | 2.75 | (1.88) | 5.11 | 1.90 |
|  Net increase (decrease) from investment operations | 1.61 | (1.09) | 3.10 | (1.46) | 5.43 | 2.16 |
|  Distributions from net investment income<sup>(b)</sup> | (0.16) | (0.35) | (0.44) | (0.33) | (0.25) | (0.25) |
|  **Net asset value, end of period** | $14.61 | $13.16 | $14.60 | $11.94 | $13.73 | $8.55 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 12.34 %<sup>(d)</sup> | (7.60)% | 26.56% | (10.59)% | 65.17% | 33.50% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 1.09 %<sup>(f)</sup> | 1.04% | 1.07% | 1.03% | 1.11% | 1.33% |
|  Total expenses after fees waived and/or reimbursed | 0.92 %<sup>(f)</sup> | 0.92% | 0.91% | 0.91% | 0.91% | 0.91% |
|  Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding tax claims | 0.91 %<sup>(f)</sup> | 0.91% | 0.91% | 0.91% | 0.91% | 0.91% |
|  Net investment income | 2.82 %<sup>(f)</sup> | 2.54% | 2.59% | 3.28% | 3.05% | 3.75% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $94329 | $89899 | $116190 | $153530 | $128580 | $52377 |
|  Portfolio turnover rate | 10% | 66% | 35% | 77% | 75% | 79% |

---

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

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

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

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

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

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

*See notes to financial statements.* 

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

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Energy Opportunities Fund (continued) | BlackRock Energy Opportunities Fund (continued) | BlackRock Energy Opportunities Fund (continued) | BlackRock Energy Opportunities Fund (continued) | BlackRock Energy Opportunities Fund (continued) | BlackRock Energy Opportunities Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months<br>Ended<br> 11/30/25(unaudited)  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of period** | $12.74 | $14.15 | $11.58 | $13.33 | $8.31 | $6.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.16 | 0.29 | 0.29 | 0.37 | 0.27 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.38 | (1.40) | 2.67 | (1.84) | 4.97 | 1.84 |
|  Net increase (decrease) from investment operations | 1.54 | (1.11) | 2.96 | (1.47) | 5.24 | 2.07 |
|  Distributions from net investment income<sup>(b)</sup> | (0.14) | (0.30) | (0.39) | (0.28) | (0.22) | (0.22) |
|  **Net asset value, end of period** | $14.14 | $12.74 | $14.15 | $11.58 | $13.33 | $8.31 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 12.16 %<sup>(d)</sup> | (8.00)% | 26.06% | (10.97)% | 64.51% | 33.00% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 1.38 %<sup>(f)(g)</sup> | 1.31% | 1.36% | 1.33% | 1.43% | 1.73% |
|  Total expenses after fees waived and/or reimbursed | 1.33 %<sup>(f)</sup> | 1.30% | 1.32% | 1.32% | 1.32% | 1.32% |
|  Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding tax claims | 1.32 %<sup>(f)</sup> | 1.29% | 1.32% | 1.32% | 1.32% | 1.32% |
|  Net investment income | 2.41 %<sup>(f)</sup> | 2.17% | 2.22% | 2.94% | 2.66% | 3.30% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $161298 | $159042 | $209291 | $204035 | $232979 | $103858 |
|  Portfolio turnover rate | 10% | 66% | 35% | 77% | 75% | 79% |

---

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

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

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

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

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

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

<sup>(g)</sup> Certain professional costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 1.39%. 

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 39

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Energy Opportunities Fund (continued) | BlackRock Energy Opportunities Fund (continued) | BlackRock Energy Opportunities Fund (continued) | BlackRock Energy Opportunities Fund (continued) | BlackRock Energy Opportunities Fund (continued) | BlackRock Energy Opportunities Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Six Months<br>Ended<br> 11/30/25(unaudited)  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of period** | $12.23 | $13.61 | $11.14 | $12.83 | $8.01 | $6.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.11 | 0.19 | 0.19 | 0.27 | 0.19 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.33 | (1.36) | 2.57 | (1.76) | 4.79 | 1.77 |
|  Net increase (decrease) from investment operations | 1.44 | (1.17) | 2.76 | (1.49) | 4.98 | 1.94 |
|  Distributions from net investment income<sup>(b)</sup> | (0.10) | (0.21) | (0.29) | (0.20) | (0.16) | (0.17) |
|  **Net asset value, end of period** | $13.57 | $12.23 | $13.61 | $11.14 | $12.83 | $8.01 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 11.80 %<sup>(d)</sup> | (8.68)% | 25.20% | (11.57)% | 63.37% | 31.89% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 2.09 %<sup>(f)(g)</sup> | 2.01% | 2.10% | 2.05% | 2.16% | 2.53% |
|  Total expenses after fees waived and/or reimbursed | 2.05 %<sup>(f)</sup> | 2.00% | 2.04% | 2.03% | 2.04% | 2.04% |
|  Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding tax claims | 2.04 %<sup>(f)</sup> | 1.99% | 2.04% | 2.03% | 2.04% | 2.04% |
|  Net investment income | 1.69 %<sup>(f)</sup> | 1.51% | 1.49% | 2.22% | 1.92% | 2.60% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $15251 | $15737 | $17804 | $19054 | $26559 | $10699 |
|  Portfolio turnover rate | 10% | 66% | 35% | 77% | 75% | 79% |

---

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

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

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

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

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

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

<sup>(g)</sup> Certain professional costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 2.10%. 

*See notes to financial statements.* 

40 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlight

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Health Sciences Opportunities Portfolio | BlackRock Health Sciences Opportunities Portfolio | BlackRock Health Sciences Opportunities Portfolio | BlackRock Health Sciences Opportunities Portfolio | BlackRock Health Sciences Opportunities Portfolio | BlackRock Health Sciences Opportunities Portfolio | BlackRock Health Sciences Opportunities Portfolio |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months<br>Ended<br>11/30/25<br> (unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $65.10 | $74.83 | $68.47 | $72.10 | $81.77 | $75.37 | $61.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.17 | 0.29 | 0.32 | 0.34 | 0.24 | 0.13 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 13.68 | (4.19) | 8.71 | 1.07 | (2.75) | 9.66 | 16.26 |
|  Net increase (decrease) from investment operations | 13.85 | (3.90) | 9.03 | 1.41 | (2.51) | 9.79 | 16.45 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  | (0.25) | (0.33) | (0.38) | (0.16) | (0.13) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (3.84) | (5.58) | (2.34) | (4.66) | (7.00) | (3.26) | (2.31) |
|  Total distributions | (3.84) | (5.83) | (2.67) | (5.04) | (7.16) | (3.39) | (2.63) |
|  **Net asset value, end of period** | $75.11 | $65.10 | $74.83 | $68.47 | $72.10 | $81.77 | $75.37 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 22.53 %<sup>(d)</sup> | (5.77)% | 13.57% | 2.25% | (3.55)%<sup>(e)</sup> | 13.37 %<sup>(d)</sup> | 27.34 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 0.86 %<sup>(h)</sup> | 0.84% | 0.84% | 0.84% | 0.85% | 0.84 %<sup>(h)</sup> | 0.85% |
|  Total expenses after fees waived and/or reimbursed | 0.86 %<sup>(h)</sup> | 0.84% | 0.84% | 0.84% | 0.85% | 0.84 %<sup>(h)</sup> | 0.85% |
|  Net investment income | 0.50 %<sup>(h)</sup> | 0.40% | 0.45% | 0.49% | 0.31% | 0.24 %<sup>(h)</sup> | 0.28% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $3373668 | $3295418 | $4374721 | $4436816 | $5062514 | $5990131 | $5133191 |
|  Portfolio turnover rate | 23% | 43% | 27% | 29% | 51% | 19% | 28% |

---

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

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

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

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

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

<sup>(f)</sup> Includes a payment received from an affiliate, which had no impact on the Fund's total return. 

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 41

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) |
|  | Service | Service | Service | Service | Service | Service | Service |
|  | Six Months<br>Ended<br>11/30/25<br> (unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $60.72 | $70.27 | $64.44 | $68.16 | $77.63 | $71.63 | $58.66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup> | 0.06 | 0.06 | 0.10 | 0.13 | 0.01 | (0.03) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 12.70 | (3.91) | 8.20 | 1.00 | (2.61) | 9.18 | 15.48 |
|  Net increase (decrease) from investment operations | 12.76 | (3.85) | 8.30 | 1.13 | (2.60) | 9.15 | 15.47 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  | (0.12) | (0.13) | (0.19) |  |  | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (3.84) | (5.58) | (2.34) | (4.66) | (6.87) | (3.15) | (2.31) |
|  Total distributions | (3.84) | (5.70) | (2.47) | (4.85) | (6.87) | (3.15) | (2.50) |
|  **Net asset value, end of period** | $69.64 | $60.72 | $70.27 | $64.44 | $68.16 | $77.63 | $71.63 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 22.35 %<sup>(d)</sup> | (6.08)% | 13.24% | 1.94% | (3.83)%<sup>(e)</sup> | 13.15 %<sup>(d)</sup> | 26.96 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 1.17 %<sup>(h)</sup> | 1.15% | 1.14% | 1.14% | 1.14% | 1.14 %<sup>(h)</sup> | 1.15% |
|  Total expenses after fees waived and/or reimbursed | 1.17 %<sup>(h)</sup> | 1.15% | 1.14% | 1.14% | 1.14% | 1.14 %<sup>(h)</sup> | 1.15% |
|  Net investment income (loss) | 0.20 %<sup>(h)</sup> | 0.09% | 0.15% | 0.19% | 0.02% | (0.07)%<sup>(h)</sup> | (0.02)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $24615 | $24526 | $31141 | $33055 | $36625 | $43825 | $40252 |
|  Portfolio turnover rate | 23% | 43% | 27% | 29% | 51% | 19% | 28% |

---

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

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

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

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

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

<sup>(f)</sup> Includes a payment received from an affiliate, which had no impact on the Fund's total return. 

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

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

*See notes to financial statements.* 

42 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months<br>Ended<br>11/30/25<br> (unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $60.37 | $69.88 | $64.11 | $67.84 | $77.31 | $71.37 | $58.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup> | 0.08 | 0.11 | 0.13 | 0.16 | 0.05 | (0.01) | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 12.63 | (3.89) | 8.15 | 0.99 | (2.59) | 9.15 | 15.42 |
|  Net increase (decrease) from investment operations | 12.71 | (3.78) | 8.28 | 1.15 | (2.54) | 9.14 | 15.43 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  | (0.15) | (0.17) | (0.22) |  |  | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (3.84) | (5.58) | (2.34) | (4.66) | (6.93) | (3.20) | (2.31) |
|  Total distributions | (3.84) | (5.73) | (2.51) | (4.88) | (6.93) | (3.20) | (2.51) |
|  **Net asset value, end of period** | $69.24 | $60.37 | $69.88 | $64.11 | $67.84 | $77.31 | $71.37 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 22.40 %<sup>(d)</sup> | (6.03)% | 13.28% | 1.99% | (3.78)%<sup>(e)</sup> | 13.18 %<sup>(d)</sup> | 26.99 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 1.11 %<sup>(h)</sup> | 1.09% | 1.09% | 1.09% | 1.09% | 1.10 %<sup>(h)</sup> | 1.11% |
|  Total expenses after fees waived and/or reimbursed | 1.11 %<sup>(h)</sup> | 1.09% | 1.09% | 1.09% | 1.09% | 1.10 %<sup>(h)</sup> | 1.11% |
|  Net investment income (loss) | 0.25 %<sup>(h)</sup> | 0.16% | 0.20% | 0.24% | 0.07% | (0.02)%<sup>(h)</sup> | 0.01% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $2471394 | $2287338 | $2851925 | $2865706 | $3151912 | $3496818 | $3135882 |
|  Portfolio turnover rate | 23% | 43% | 27% | 29% | 51% | 19% | 28% |

---

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

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

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

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

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

<sup>(f)</sup> Includes a payment received from an affiliate, which had no impact on the Fund's total return. 

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 43

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Six Months<br>Ended<br> 11/30/25(unaudited)  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $48.18 | $57.16 | $53.11 | $57.24 | $66.15 | $61.38 | $50.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.13) | (0.34) | (0.31) | (0.27) | (0.43) | (0.33) | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 9.88 | (3.06) | 6.70 | 0.80 | (2.17) | 7.85 | 13.34 |
|  Net increase (decrease) from investment operations | 9.75 | (3.40) | 6.39 | 0.53 | (2.60) | 7.52 | 12.94 |
|  Distributions from net realized gain<sup>(b)</sup> | (3.84) | (5.58) | (2.34) | (4.66) | (6.31) | (2.75) | (2.30) |
|  **Net asset value, end of period** | $54.09 | $48.18 | $57.16 | $53.11 | $57.24 | $66.15 | $61.38 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 21.89 %<sup>(d)</sup> | (6.73)% | 12.42% | 1.22% | (4.50)%<sup>(e)</sup> | 12.61 %<sup>(d)</sup> | 26.09 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 1.90 %<sup>(h)</sup> | 1.85% | 1.86% | 1.85% | 1.84% | 1.84 %<sup>(h)</sup> | 1.85% |
|  Total expenses after fees waived and/or reimbursed | 1.90 %<sup>(h)</sup> | 1.85% | 1.86% | 1.85% | 1.84% | 1.84 %<sup>(h)</sup> | 1.85% |
|  Net investment loss | (0.53)%<sup>(h)</sup> | (0.61)% | (0.57)% | (0.51)% | (0.68)% | (0.77)%<sup>(h)</sup> | (0.72)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $174914 | $192391 | $311994 | $404306 | $542880 | $719525 | $773522 |
|  Portfolio turnover rate | 23% | 43% | 27% | 29% | 51% | 19% | 28% |

---

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

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

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

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

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

<sup>(f)</sup> Includes a payment received from an affiliate, which had no impact on the Fund's total return. 

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

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

*See notes to financial statements.* 

44 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months<br>Ended<br>11/30/25<br> (unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $65.23 | $74.95 | $68.58 | $72.21 | $81.91 | $75.50 | $61.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.20 | 0.36 | 0.39 | 0.40 | 0.33 | 0.18 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 13.73 | (4.21) | 8.72 | 1.08 | (2.77) | 9.68 | 16.28 |
|  Net increase (decrease) from investment operations | 13.93 | (3.85) | 9.11 | 1.48 | (2.44) | 9.86 | 16.55 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  | (0.29) | (0.40) | (0.45) | (0.26) | (0.19) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (3.84) | (5.58) | (2.34) | (4.66) | (7.00) | (3.26) | (2.31) |
|  Total distributions | (3.84) | (5.87) | (2.74) | (5.11) | (7.26) | (3.45) | (2.68) |
|  **Net asset value, end of period** | $75.32 | $65.23 | $74.95 | $68.58 | $72.21 | $81.91 | $75.50 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 22.61 %<sup>(d)</sup> | (5.71)% | 13.68% | 2.34% | (3.44)%<sup>(e)</sup> | 13.45 %<sup>(d)</sup> | 27.47 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 0.76 %<sup>(h)</sup> | 0.75% | 0.75% | 0.75% | 0.74% | 0.74 %<sup>(h)</sup> | 0.75% |
|  Total expenses after fees waived and/or reimbursed | 0.76 %<sup>(h)</sup> | 0.75% | 0.75% | 0.75% | 0.74% | 0.74 %<sup>(h)</sup> | 0.75% |
|  Net investment income | 0.60 %<sup>(h)</sup> | 0.50% | 0.54% | 0.59% | 0.42% | 0.34 %<sup>(h)</sup> | 0.39% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $&nbsp;&nbsp;&nbsp;&nbsp;510581 | $&nbsp;&nbsp;&nbsp;&nbsp;439082 | $&nbsp;&nbsp;&nbsp;&nbsp;496504 | $&nbsp;&nbsp;&nbsp;&nbsp;487287 | $&nbsp;&nbsp;&nbsp;&nbsp;436984 | $&nbsp;&nbsp;&nbsp;&nbsp;464179 | $&nbsp;&nbsp;&nbsp;&nbsp;344822 |
|  Portfolio turnover rate | 23% | 43% | 27% | 29% | 51% | 19% | 28% |

---

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

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

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

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

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

<sup>(f)</sup> Includes a payment received from an affiliate, which had no impact on the Fund's total return. 

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 45

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) | BlackRock Health Sciences Opportunities Portfolio (continued) |
|  | Class R | Class R | Class R | Class R | Class R | Class R | Class R |
|  | Six Months<br>Ended<br>11/30/25<br> (unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $58.13 | $67.59 | $62.14 | $65.94 | $75.28 | $69.54 | $57.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.03) | (0.13) | (0.11) | (0.08) | (0.21) | (0.18) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 12.11 | (3.74) | 7.90 | 0.96 | (2.52) | 8.91 | 15.05 |
|  Net increase (decrease) from investment operations | 12.08 | (3.87) | 7.79 | 0.88 | (2.73) | 8.73 | 14.85 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  | (0.01) |  | (0.02) |  |  | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (3.84) | (5.58) | (2.34) | (4.66) | (6.61) | (2.99) | (2.31) |
|  Total distributions | (3.84) | (5.59) | (2.34) | (4.68) | (6.61) | (2.99) | (2.36) |
|  **Net asset value, end of period** | $66.37 | $58.13 | $67.59 | $62.14 | $65.94 | $75.28 | $69.54 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 22.17 %<sup>(d)</sup> | (6.36)% | 12.88% | 1.62% | (4.12)%<sup>(e)</sup> | 12.91 %<sup>(d)</sup> | 26.60 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 1.47 %<sup>(h)</sup> | 1.45% | 1.46% | 1.46% | 1.45% | 1.44 %<sup>(h)</sup> | 1.45% |
|  Total expenses after fees waived and/or reimbursed | 1.47 %<sup>(h)</sup> | 1.44% | 1.46% | 1.46% | 1.45% | 1.44 %<sup>(h)</sup> | 1.45% |
|  Net investment loss | (0.11)%<sup>(h)</sup> | (0.20)% | (0.17)% | (0.13)% | (0.29)% | (0.37)%<sup>(h)</sup> | (0.32)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $&nbsp;&nbsp;&nbsp;&nbsp;232253 | $&nbsp;&nbsp;&nbsp;&nbsp;207671 | $&nbsp;&nbsp;&nbsp;&nbsp;247848 | $&nbsp;&nbsp;&nbsp;&nbsp;242080 | $&nbsp;&nbsp;&nbsp;&nbsp;263195 | $&nbsp;&nbsp;&nbsp;&nbsp;289676 | $&nbsp;&nbsp;&nbsp;&nbsp;260488 |
|  Portfolio turnover rate | 23% | 43% | 27% | 29% | 51% | 19% | 28% |

---

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

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

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

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

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

<sup>(f)</sup> Includes a payment received from an affiliate, which had no impact on the Fund's total return. 

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

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

*See notes to financial statements.* 

46 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock High Equity Income Fund | BlackRock High Equity Income Fund | BlackRock High Equity Income Fund | BlackRock High Equity Income Fund | BlackRock High Equity Income Fund | BlackRock High Equity Income Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months<br>Ended<br>11/30/25<br> (unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of period**  | $27.86 | $29.01 | $26.23 | $29.54 | $29.99 | $22.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 1.17 | 2.31 | 1.89 | 1.86 | 1.99 | 1.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.81 | (1.15) | 2.78 | (3.25) | (0.20) | 7.13 |
|  Net increase (decrease) from investment operations | 2.98 | 1.16 | 4.67 | (1.39) | 1.79 | 8.94 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (1.14) | (2.31) | (1.89) | (1.86) | (1.95) | (1.76) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  | (0.06) | (0.29) |  |
|  Total distributions | (1.14) | (2.31) | (1.89) | (1.92) | (2.24) | (1.76) |
|  **Net asset value, end of period** | $29.70 | $27.86 | $29.01 | $26.23 | $29.54 | $29.99 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 10.95 %<sup>(d)</sup> | 4.06% | 18.41% | (4.70)% | 6.28 %<sup>(e)</sup> | 40.81% |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |  |
|  Total expenses | 1.00 %<sup>(g)</sup> | 0.98% | 0.99% | 1.00% | 1.02% | 1.12% |
|  Total expenses after fees waived and/or reimbursed | 0.85 %<sup>(g)</sup> | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
|  Net investment income | 8.03 %<sup>(g)</sup> | 8.07% | 6.89% | 6.81% | 6.76% | 6.93% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $1462501 | $1294020 | $1446440 | $1475683 | $953582 | $277653 |
|  Portfolio turnover rate | 77% | 130% | 85% | 126% | 140% | 146% |

---

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

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

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

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

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

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 47

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock High Equity Income Fund (continued) | BlackRock High Equity Income Fund (continued) | BlackRock High Equity Income Fund (continued) | BlackRock High Equity Income Fund (continued) | BlackRock High Equity Income Fund (continued) | BlackRock High Equity Income Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months<br>Ended<br>11/30/25<br> (unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of period**  | $23.31 | $24.27 | $21.94 | $24.73 | $25.16 | $19.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.95 | 1.87 | 1.53 | 1.49 | 1.58 | 1.42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.51 | (0.96) | 2.32 | (2.72) | (0.14) | 6.03 |
|  Net increase (decrease) from investment operations | 2.46 | 0.91 | 3.85 | (1.23) | 1.44 | 7.45 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.93) | (1.87) | (1.52) | (1.50) | (1.58) | (1.43) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  | (0.06) | (0.29) |  |
|  Total distributions | (0.93) | (1.87) | (1.52) | (1.56) | (1.87) | (1.43) |
|  **Net asset value, end of period** | $24.84 | $23.31 | $24.27 | $21.94 | $24.73 | $25.16 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 10.77 %<sup>(d)</sup> | 3.81% | 18.14% | (4.96)% | 5.99 %<sup>(e)</sup> | 40.44% |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |  |
|  Total expenses | 1.24 %<sup>(g)</sup> | 1.22% | 1.23% | 1.24% | 1.31% | 1.40% |
|  Total expenses after fees waived and/or reimbursed | 1.10 %<sup>(g)</sup> | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% |
|  Net investment income | 7.78 %<sup>(g)</sup> | 7.83% | 6.65% | 6.54% | 6.41% | 6.64% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $&nbsp;&nbsp;&nbsp;&nbsp;305305 | $&nbsp;&nbsp;&nbsp;&nbsp;286435 | $&nbsp;&nbsp;&nbsp;&nbsp;303692 | $&nbsp;&nbsp;&nbsp;&nbsp;296254 | $&nbsp;&nbsp;&nbsp;&nbsp;293050 | $&nbsp;&nbsp;&nbsp;&nbsp;208207 |
|  Portfolio turnover rate | 77% | 130% | 85% | 126% | 140% | 146% |

---

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

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

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

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

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

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

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

*See notes to financial statements.* 

48 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock High Equity Income Fund (continued) | BlackRock High Equity Income Fund (continued) | BlackRock High Equity Income Fund (continued) | BlackRock High Equity Income Fund (continued) | BlackRock High Equity Income Fund (continued) | BlackRock High Equity Income Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Six Months<br>Ended<br>11/30/25<br> (unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of period**  | $14.46 | $15.06 | $13.62 | $15.37 | $15.75 | $11.98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.53 | 1.05 | 0.84 | 0.82 | 0.87 | 0.78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.95 | (0.60) | 1.44 | (1.68) | (0.09) | 3.78 |
|  Net increase (decrease) from investment operations | 1.48 | 0.45 | 2.28 | (0.86) | 0.78 | 4.56 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.52) | (1.05) | (0.84) | (0.83) | (0.87) | (0.79) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  | (0.06) | (0.29) |  |
|  Total distributions | (0.52) | (1.05) | (0.84) | (0.89) | (1.16) | (0.79) |
|  **Net asset value, end of period** | $15.42 | $14.46 | $15.06 | $13.62 | $15.37 | $15.75 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 10.44 %<sup>(d)</sup> | 3.01% | 17.22% | (5.63)% | 5.17 %<sup>(e)</sup> | 39.41% |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |  |
|  Total expenses | 1.97 %<sup>(g)</sup> | 1.97% | 1.98% | 1.98% | 2.04% | 2.18% |
|  Total expenses after fees waived and/or reimbursed | 1.85 %<sup>(g)</sup> | 1.85% | 1.85% | 1.85% | 1.85% | 1.85% |
|  Net investment income | 7.03 %<sup>(g)</sup> | 7.08% | 5.90% | 5.80% | 5.67% | 5.85% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $&nbsp;&nbsp;&nbsp;&nbsp;64037 | $&nbsp;&nbsp;&nbsp;&nbsp;60229 | $&nbsp;&nbsp;&nbsp;&nbsp;62685 | $&nbsp;&nbsp;&nbsp;&nbsp;59276 | $&nbsp;&nbsp;&nbsp;&nbsp;42543 | $&nbsp;&nbsp;&nbsp;&nbsp;22379 |
|  Portfolio turnover rate | 77% | 130% | 85% | 126% | 140% | 146% |

---

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

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

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

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

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

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 49

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock High Equity Income Fund (continued) | BlackRock High Equity Income Fund (continued) | BlackRock High Equity Income Fund (continued) | BlackRock High Equity Income Fund (continued) | BlackRock High Equity Income Fund (continued) | BlackRock High Equity Income Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months<br>Ended<br>11/30/25<br> (unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 |
|  **Net asset value, beginning of period**  | $27.84 | $28.99 | $26.21 | $29.53 | $30.00 | $22.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 1.17 | 2.32 | 1.91 | 1.87 | 2.00 | 1.78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.82 | (1.15) | 2.77 | (3.25) | (0.21) | 7.19 |
|  Net increase (decrease) from investment operations | 2.99 | 1.17 | 4.68 | (1.38) | 1.79 | 8.97 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (1.15) | (2.32) | (1.90) | (1.88) | (1.97) | (1.78) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  | (0.06) | (0.29) |  |
|  Total distributions | (1.15) | (2.32) | (1.90) | (1.94) | (2.26) | (1.78) |
|  **Net asset value, end of period** | $29.68 | $27.84 | $28.99 | $26.21 | $29.53 | $30.00 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 10.99 %<sup>(d)</sup> | 4.11% | 18.48% | (4.68)% | 6.27 %<sup>(e)</sup> | 40.93% |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.89 %<sup>(g)</sup> | 0.89% | 0.88% | 0.89% | 0.98% | 1.01% |
|  Total expenses after fees waived and/or reimbursed | 0.80 %<sup>(g)</sup> | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% |
|  Net investment income | 8.07 %<sup>(g)</sup> | 8.10% | 6.94% | 6.88% | 6.76% | 6.94% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $&nbsp;&nbsp;&nbsp;&nbsp;145595 | $&nbsp;&nbsp;&nbsp;&nbsp;154487 | $&nbsp;&nbsp;&nbsp;&nbsp;219915 | $&nbsp;&nbsp;&nbsp;&nbsp;137700 | $&nbsp;&nbsp;&nbsp;&nbsp;535 | $&nbsp;&nbsp;&nbsp;&nbsp;359 |
|  Portfolio turnover rate | 77% | 130% | 85% | 126% | 140% | 146% |

---

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

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

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

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

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

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

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

*See notes to financial statements.* 

50 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Mid-Cap Growth Equity Portfolio | BlackRock Mid-Cap Growth Equity Portfolio | BlackRock Mid-Cap Growth Equity Portfolio | BlackRock Mid-Cap Growth Equity Portfolio | BlackRock Mid-Cap Growth Equity Portfolio | BlackRock Mid-Cap Growth Equity Portfolio | BlackRock Mid-Cap Growth Equity Portfolio |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months<br>Ended<br>11/30/25<br> (unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $43.06 | $39.18 | $32.79 | $32.83 | $45.95 | $36.56 | $28.68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.09) | (0.21) | (0.14) | (0.08) | (0.23) | (0.15) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.20 | 4.09 | 6.53 | 0.04 | (10.52) | 9.54 | 8.14 |
|  Net increase (decrease) from investment operations | 1.11 | 3.88 | 6.39 | (0.04) | (10.75) | 9.39 | 8.00 |
|  Distributions from net realized gain<sup>(b)</sup> | (1.72) |  |  |  | (2.37) |  | (0.12) |
|  **Net asset value, end of period** | $42.45 | $43.06 | $39.18 | $32.79 | $32.83 | $45.95 | $36.56 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 2.50 %<sup>(d)</sup> | 9.90% | 19.49% | (0.12)% | (24.87)% | 25.68 %<sup>(d)</sup> | 27.98% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 0.86 %<sup>(f)</sup> | 0.83% | 0.85% | 0.84% | 0.81% | 0.80 %<sup>(f)</sup> | 0.85% |
|  Total expenses after fees waived and/or reimbursed | 0.81 %<sup>(f)</sup> | 0.80% | 0.80% | 0.80% | 0.80% | 0.80 %<sup>(f)</sup> | 0.80% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense | 0.80 %<sup>(f)</sup> | 0.80% | 0.80% | 0.80% | 0.80% | 0.80 %<sup>(f)</sup> | 0.80% |
|  Net investment loss | (0.43)%<sup>(f)</sup> | (0.51)% | (0.38)% | (0.25)% | (0.52)% | (0.52)%<sup>(f)</sup> | (0.43)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $3059994 | $3641577 | $5194320 | $5266832 | $7095644 | $9260191 | $6003280 |
|  Portfolio turnover rate | 47% | 87% | 48% | 46% | 28% | 22% | 35% |

---

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

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

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

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

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 51

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) |
|  | Service | Service | Service | Service | Service | Service | Service |
|  | Six Months<br>Ended<br>11/30/25<br> (unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period**  | $38.19 | $34.85 | $29.23 | $29.34 | $41.34 | $32.95 | $25.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.14) | (0.28) | (0.21) | (0.14) | (0.31) | (0.20) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.09 | 3.62 | 5.83 | 0.03 | (9.39) | 8.59 | 7.34 |
|  Net increase (decrease) from investment operations | 0.95 | 3.34 | 5.62 | (0.11) | (9.70) | 8.39 | 7.15 |
|  Distributions from net realized gain<sup>(b)</sup> | (1.72) |  |  |  | (2.30) |  | (0.12) |
|  **Net asset value, end of period** | $37.42 | $38.19 | $34.85 | $29.23 | $29.34 | $41.34 | $32.95 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 2.40 %<sup>(d)</sup> | 9.58% | 19.23% | (0.38)% | (25.06)% | 25.46 %<sup>(d)</sup> | 27.68% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 1.18 %<sup>(f)</sup> | 1.14% | 1.12% | 1.10% | 1.09% | 1.10 %<sup>(f)</sup> | 1.11% |
|  Total expenses after fees waived and/or reimbursed | 1.06 %<sup>(f)</sup> | 1.05% | 1.05% | 1.05% | 1.05% | 1.05 %<sup>(f)</sup> | 1.05% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense | 1.05 %<sup>(f)</sup> | 1.05% | 1.05% | 1.05% | 1.05% | 1.05 %<sup>(f)</sup> | 1.05% |
|  Net investment loss | (0.70)%<sup>(f)</sup> | (0.76)% | (0.63)% | (0.50)% | (0.77)% | (0.78)%<sup>(f)</sup> | (0.67)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $21468 | $46071 | $59731 | $62693 | $81276 | $104997 | $83680 |
|  Portfolio turnover rate | 47% | 87% | 48% | 46% | 28% | 22% | 35% |

---

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

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

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

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

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

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

*See notes to financial statements.* 

52 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months<br>Ended<br>11/30/25<br> (unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $36.39 | $33.20 | $27.85 | $27.96 | $39.50 | $31.48 | $24.78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.12) | (0.27) | (0.20) | (0.14) | (0.29) | (0.19) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.02 | 3.46 | 5.55 | 0.03 | (8.94) | 8.21 | 7.00 |
|  Net increase (decrease) from investment operations | 0.90 | 3.19 | 5.35 | (0.11) | (9.23) | 8.02 | 6.82 |
|  Distributions from net realized gain<sup>(b)</sup> | (1.72) |  |  |  | (2.31) |  | (0.12) |
|  **Net asset value, end of period**  | $35.57 | $36.39 | $33.20 | $27.85 | $27.96 | $39.50 | $31.48 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 2.37 %<sup>(d)</sup> | 9.61% | 19.21% | (0.39)% | (25.05)% | 25.48 %<sup>(d)</sup> | 27.61% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 1.12 %<sup>(f)</sup> | 1.11% | 1.13% | 1.13% | 1.09% | 1.09 %<sup>(f)</sup> | 1.14% |
|  Total expenses after fees waived and/or reimbursed | 1.06 %<sup>(f)</sup> | 1.05% | 1.05% | 1.05% | 1.05% | 1.05 %<sup>(f)</sup> | 1.05% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense | 1.05 %<sup>(f)</sup> | 1.05% | 1.05% | 1.05% | 1.05% | 1.05 %<sup>(f)</sup> | 1.05% |
|  Net investment loss | (0.68)%<sup>(f)</sup> | (0.76)% | (0.63)% | (0.50)% | (0.78)% | (0.78)%<sup>(f)</sup> | (0.67)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $1388030 | $1492673 | $1622438 | $1637289 | $1913190 | $2577151 | $1917773 |
|  Portfolio turnover rate | 47% | 87% | 48% | 46% | 28% | 22% | 35% |

---

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

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

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

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

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 53

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Six Months<br>Ended<br>11/30/25<br> (unaudited) | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $26.64 | $24.48 | $20.69 | $20.93 | $30.22 | $24.20 | $19.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.19) | (0.39) | (0.32) | (0.25) | (0.43) | (0.29) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.76 | 2.55 | 4.11 | 0.01 | (6.67) | 6.31 | 5.41 |
|  Net increase (decrease) from investment operations | 0.57 | 2.16 | 3.79 | (0.24) | (7.10) | 6.02 | 5.11 |
|  Distributions from net realized gain<sup>(b)</sup> | (1.72) |  |  |  | (2.19) |  | (0.12) |
|  **Net asset value, end of period** | $25.49 | $26.64 | $24.48 | $20.69 | $20.93 | $30.22 | $24.20 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 1.99 %<sup>(d)</sup> | 8.82% | 18.32% | (1.15)% | (25.61)% | 24.88 %<sup>(d)</sup> | 26.72% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 1.85 %<sup>(f)</sup> | 1.81% | 1.84% | 1.83% | 1.78% | 1.80 %<sup>(f)</sup> | 1.84% |
|  Total expenses after fees waived and/or reimbursed | 1.81 %<sup>(f)</sup> | 1.80% | 1.80% | 1.80% | 1.78% | 1.79 %<sup>(f)</sup> | 1.80% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense | 1.80 %<sup>(f)</sup> | 1.80% | 1.80% | 1.80% | 1.78% | 1.79 %<sup>(f)</sup> | 1.80% |
|  Net investment loss | (1.43)%<sup>(f)</sup> | (1.51)% | (1.38)% | (1.25)% | (1.51)% | (1.52)%<sup>(f)</sup> | (1.42)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $127961 | $149020 | $184966 | $194849 | $243284 | $357360 | $280143 |
|  Portfolio turnover rate | 47% | 87% | 48% | 46% | 28% | 22% | 35% |

---

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

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

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

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

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

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

*See notes to financial statements.* 

54 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months<br>Ended<br> 11/30/25(unaudited)  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $43.35 | $39.42 | $32.95 | $32.96 | $46.10 | $36.66 | $28.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.08) | (0.17) | (0.11) | (0.05) | (0.17) | (0.12) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.22 | 4.10 | 6.58 | 0.04 | (10.58) | 9.56 | 8.16 |
|  Net increase (decrease) from investment operations | 1.14 | 3.93 | 6.47 | (0.01) | (10.75) | 9.44 | 8.04 |
|  Distributions from net realized gain<sup>(b)</sup> | (1.72) |  |  |  | (2.39) |  | (0.12) |
|  **Net asset value, end of period** | $42.77 | $43.35 | $39.42 | $32.95 | $32.96 | $46.10 | $36.66 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 2.55 %<sup>(d)</sup> | 9.97% | 19.64% | (0.03)% | (24.79)% | 25.75 %<sup>(d)</sup> | 28.06% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 0.73 %<sup>(f)</sup> | 0.71% | 0.71% | 0.71% | 0.70% | 0.70 %<sup>(f)</sup> | 0.73 %<sup>(g)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.73 %<sup>(f)</sup> | 0.71% | 0.71% | 0.71% | 0.70% | 0.70 %<sup>(f)</sup> | 0.73% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense | 0.72 %<sup>(f)</sup> | 0.71% | 0.71% | 0.71% | 0.70% | 0.70 %<sup>(f)</sup> | 0.73% |
|  Net investment loss | (0.35)%<sup>(f)</sup> | (0.42)% | (0.29)% | (0.15)% | (0.40)% | (0.42)%<sup>(f)</sup> | (0.36)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $2138957 | $3245830 | $4520357 | $4233488 | $4376642 | $3674402 | $2011727 |
|  Portfolio turnover rate | 47% | 87% | 48% | 46% | 28% | 22% | 35% |

---

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

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

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

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

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

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

<sup>(g)</sup> Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratios.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 55

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) | BlackRock Mid-Cap Growth Equity Portfolio (continued) |
|  | Class R | Class R | Class R | Class R | Class R | Class R | Class R |
|  | Six Months<br>Ended<br> 11/30/25(unaudited)  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period**  | $35.24 | $32.23 | $27.11 | $27.28 | $38.65 | $30.85 | $24.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.16) | (0.34) | (0.26) | (0.20) | (0.37) | (0.25) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.99 | 3.35 | 5.38 | 0.03 | (8.73) | 8.05 | 6.87 |
|  Net increase (decrease) from investment operations | 0.83 | 3.01 | 5.12 | (0.17) | (9.10) | 7.80 | 6.63 |
|  Distributions from net realized gain<sup>(b)</sup> | (1.72) |  |  |  | (2.27) |  | (0.12) |
|  **Net asset value, end of period** | $34.35 | $35.24 | $32.23 | $27.11 | $27.28 | $38.65 | $30.85 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 2.25 %<sup>(d)</sup> | 9.34% | 18.89% | (0.62)% | (25.24)% | 25.28 %<sup>(d)</sup> | 27.33% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 1.44 %<sup>(f)</sup> | 1.42% | 1.41% | 1.42% | 1.40% | 1.39 %<sup>(f)</sup> | 1.45% |
|  Total expenses after fees waived and/or reimbursed | 1.31 %<sup>(f)</sup> | 1.30% | 1.30% | 1.30% | 1.30% | 1.30 %<sup>(f)</sup> | 1.30% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense | 1.30 %<sup>(f)</sup> | 1.30% | 1.30% | 1.30% | 1.30% | 1.30 %<sup>(f)</sup> | 1.30% |
|  Net investment loss | (0.92)%<sup>(f)</sup> | (1.01)% | (0.88)% | (0.75)% | (1.02)% | (1.03)%<sup>(f)</sup> | (0.92)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $52718 | $74633 | $85328 | $93427 | $93527 | $98300 | $59411 |
|  Portfolio turnover rate | 47% | 87% | 48% | 46% | 28% | 22% | 35% |

---

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

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

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

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

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

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

*See notes to financial statements.* 

56 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Technology Opportunities Fund | BlackRock Technology Opportunities Fund | BlackRock Technology Opportunities Fund | BlackRock Technology Opportunities Fund | BlackRock Technology Opportunities Fund | BlackRock Technology Opportunities Fund | BlackRock Technology Opportunities Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months<br>Ended<br> 11/30/25(unaudited)  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $73.22 | $65.44 | $47.74 | $45.31 | $64.81 | $55.33 | $32.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.21) | (0.33) | (0.23) | (0.13) | (0.30) | (0.28) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 14.91 | 10.97 | 17.93 | 2.56 | (14.51) | 12.67 | 23.43 |
|  Net increase (decrease) from investment operations | 14.70 | 10.64 | 17.70 | 2.43 | (14.81) | 12.39 | 23.21 |
|  Distributions from net realized gain<sup>(b)</sup> | (4.40) | (2.86) |  |  | (4.69) | (2.91) | (0.51) |
|  **Net asset value, end of period** | $83.52 | $73.22 | $65.44 | $47.74 | $45.31 | $64.81 | $55.33 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 20.58 %<sup>(d)</sup> | 16.22% | 37.08% | 5.36% | (25.09)% | 22.68 %<sup>(d)</sup> | 72.07% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 0.94 %<sup>(f)</sup> | 0.93% | 0.97% | 0.98% | 0.94% | 0.92 %<sup>(f)</sup> | 0.98% |
|  Total expenses after fees waived and/or reimbursed | 0.92 %<sup>(f)</sup> | 0.92% | 0.92% | 0.92% | 0.92% | 0.92 %<sup>(f)</sup> | 0.92% |
|  Net investment loss | (0.52)%<sup>(f)</sup> | (0.46)% | (0.41)% | (0.30)% | (0.48)% | (0.66)%<sup>(f)</sup> | (0.50)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $3448366 | $3071365 | $2751350 | $2316550 | $2943616 | $4958187 | $3641519 |
|  Portfolio turnover rate | 29% | 52% | 21% | 39% | 29% | 25% | 27% |

---

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

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

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

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

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 57

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) |
|  | Service | Service | Service | Service | Service | Service | Service |
|  | Six Months<br>Ended<br> 11/30/25(unaudited)  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period**  | $67.65 | $60.78 | $44.45 | $42.30 | $60.86 | $52.20 | $30.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.29) | (0.47) | (0.34) | (0.21) | (0.42) | (0.37) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 13.73 | 10.20 | 16.67 | 2.36 | (13.52) | 11.94 | 22.13 |
|  Net increase (decrease) from investment operations | 13.44 | 9.73 | 16.33 | 2.15 | (13.94) | 11.57 | 21.83 |
|  Distributions from net realized gain<sup>(b)</sup> | (4.40) | (2.86) |  |  | (4.62) | (2.91) | (0.51) |
|  **Net asset value, end of period** | $76.69 | $67.65 | $60.78 | $44.45 | $42.30 | $60.86 | $52.20 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 20.40 %<sup>(d)</sup> | 15.96% | 36.74% | 5.08% | (25.28)% | 22.46 %<sup>(d)</sup> | 71.68% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 1.23 %<sup>(f)</sup> | 1.21% | 1.21% | 1.20% | 1.19% | 1.17 %<sup>(f)</sup> | 1.19% |
|  Total expenses after fees waived and/or reimbursed | 1.17 %<sup>(f)</sup> | 1.17% | 1.17% | 1.17% | 1.17% | 1.16 %<sup>(f)</sup> | 1.17% |
|  Net investment loss | (0.77)%<sup>(f)</sup> | (0.71)% | (0.67)% | (0.55)% | (0.73)% | (0.90)%<sup>(f)</sup> | (0.74)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $56785 | $50592 | $46993 | $47332 | $55439 | $83886 | $50710 |
|  Portfolio turnover rate | 29% | 52% | 21% | 39% | 29% | 25% | 27% |

---

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

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

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

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

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

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

*See notes to financial statements.* 

58 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months<br>Ended<br> 11/30/25(unaudited)  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $65.93 | $59.29 | $43.37 | $41.27 | $59.47 | $51.06 | $30.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.28) | (0.46) | (0.33) | (0.21) | (0.41) | (0.36) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 13.37 | 9.96 | 16.25 | 2.31 | (13.19) | 11.68 | 21.64 |
|  Net increase (decrease) from investment operations | 13.09 | 9.50 | 15.92 | 2.10 | (13.60) | 11.32 | 21.35 |
|  Distributions from net realized gain<sup>(b)</sup> | (4.40) | (2.86) |  |  | (4.60) | (2.91) | (0.51) |
|  **Net asset value, end of period** | $74.62 | $65.93 | $59.29 | $43.37 | $41.27 | $59.47 | $51.06 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 20.41 %<sup>(d)</sup> | 15.96% | 36.71% | 5.09% | (25.28)% | 22.48 %<sup>(d)</sup> | 71.65% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 1.19 %<sup>(f)</sup> | 1.19% | 1.21% | 1.23% | 1.21% | 1.19 %<sup>(f)</sup> | 1.25% |
|  Total expenses after fees waived and/or reimbursed | 1.17 %<sup>(f)</sup> | 1.17% | 1.17% | 1.17% | 1.17% | 1.17 %<sup>(f)</sup> | 1.17% |
|  Net investment loss | (0.77)%<sup>(f)</sup> | (0.71)% | (0.66)% | (0.54)% | (0.73)% | (0.91)%<sup>(f)</sup> | (0.74)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $2476921 | $2116250 | $1959752 | $1572976 | $1695648 | $2524052 | $1773399 |
|  Portfolio turnover rate | 29% | 52% | 21% | 39% | 29% | 25% | 27% |

---

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

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

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

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

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 59

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Six Months<br>Ended<br> 11/30/25(unaudited)  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period**  | $51.21 | $46.92 | $34.58 | $33.17 | $48.77 | $42.52 | $25.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.42) | (0.73) | (0.56) | (0.40) | (0.68) | (0.54) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 10.28 | 7.88 | 12.90 | 1.81 | (10.52) | 9.70 | 18.08 |
|  Net increase (decrease) from investment operations | 9.86 | 7.15 | 12.34 | 1.41 | (11.20) | 9.16 | 17.60 |
|  Distributions from net realized gain<sup>(b)</sup> | (4.40) | (2.86) |  |  | (4.40) | (2.91) | (0.51) |
|  **Net asset value, end of period** | $56.67 | $51.21 | $46.92 | $34.58 | $33.17 | $48.77 | $42.52 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 19.94 %<sup>(d)</sup> | 15.15% | 35.68% | 4.25% | (25.81)% | 21.89 %<sup>(d)</sup> | 70.39% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 1.93 %<sup>(f)</sup> | 1.92% | 1.97% | 1.98% | 1.92% | 1.91 %<sup>(f)</sup> | 1.98% |
|  Total expenses after fees waived and/or reimbursed | 1.92 %<sup>(f)</sup> | 1.91% | 1.92% | 1.92% | 1.91% | 1.90 %<sup>(f)</sup> | 1.92% |
|  Net investment loss | (1.52)%<sup>(f)</sup> | (1.46)% | (1.42)% | (1.30)% | (1.47)% | (1.65)%<sup>(f)</sup> | (1.49)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $&nbsp;&nbsp;&nbsp;&nbsp;317606 | $&nbsp;&nbsp;&nbsp;&nbsp;288545 | $&nbsp;&nbsp;&nbsp;&nbsp;292034 | $&nbsp;&nbsp;&nbsp;&nbsp;259247 | $&nbsp;&nbsp;&nbsp;&nbsp;291802 | $&nbsp;&nbsp;&nbsp;&nbsp;427435 | $&nbsp;&nbsp;&nbsp;&nbsp;317792 |
|  Portfolio turnover rate | 29% | 52% | 21% | 39% | 29% | 25% | 27% |

---

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

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

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

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

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

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

*See notes to financial statements.* 

60 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months<br>Ended<br> 11/30/25(unaudited)  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Period from<br> 12/10/19to 09/30/20<br><sup>(a)</sup>  |
|  **Net asset value, beginning of period**  | $73.49 | $65.61 | $47.83 | $45.37 | $64.89 | $55.36 | $34.59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(b)</sup> | (0.17) | (0.27) | (0.19) | (0.10) | (0.24) | (0.24) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 14.96 | 11.01 | 17.97 | 2.56 | (14.55) | 12.68 | 20.93 |
|  Net increase (decrease) from investment operations | 14.79 | 10.74 | 17.78 | 2.46 | (14.79) | 12.44 | 20.77 |
|  Distributions from net realized gain<sup>(c)</sup> | (4.40) | (2.86) |  |  | (4.73) | (2.91) |  |
|  **Net asset value, end of period** | $83.88 | $73.49 | $65.61 | $47.83 | $45.37 | $64.89 | $55.36 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 20.63 %<sup>(e)</sup> | 16.33% | 37.17% | 5.42% | (25.05)% | 22.77 %<sup>(e)</sup> | 60.05 %<sup>(e)</sup> |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 0.83 %<sup>(g)</sup> | 0.84% | 0.85% | 0.87% | 0.84% | 0.83 %<sup>(g)</sup> | 0.87 %<sup>(g)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.83 %<sup>(g)</sup> | 0.83% | 0.85% | 0.87% | 0.83% | 0.82 %<sup>(g)</sup> | 0.86 %<sup>(g)</sup> |
|  Net investment loss | (0.43)%<sup>(g)</sup> | (0.38)% | (0.34)% | (0.24)% | (0.38)% | (0.56)%<sup>(g)</sup> | (0.46)%<sup>(g)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $501159 | $479904 | $241109 | $157185 | $135879 | $122568 | $75426 |
|  Portfolio turnover rate | 29% | 52% | 21% | 39% | 29% | 25% | 27 %(h) |

---

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

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

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

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

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

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

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

<sup>(h)</sup> Portfolio turnover is representative of the Fund for the entire year.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 61

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Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) | BlackRock Technology Opportunities Fund (continued) |
|  | Class R | Class R | Class R | Class R | Class R | Class R | Class R |
|  | Six Months<br>Ended<br> 11/30/25(unaudited)  | Year Ended<br>05/31/25 | Year Ended<br>05/31/24 | Year Ended<br>05/31/23 | Year Ended<br>05/31/22 | Period from<br>10/01/20<br>to 05/31/21 | Year Ended<br>09/30/20 |
|  **Net asset value, beginning of period** | $65.71 | $59.25 | $43.44 | $41.44 | $59.75 | $51.37 | $30.48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup> | (0.37) | (0.61) | (0.46) | (0.30) | (0.56) | (0.46) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 13.32 | 9.93 | 16.27 | 2.30 | (13.25) | 11.75 | 21.78 |
|  Net increase (decrease) from investment operations | 12.95 | 9.32 | 15.81 | 2.00 | (13.81) | 11.29 | 21.40 |
|  Distributions from net realized gain<sup>(b)</sup> | (4.40) | (2.86) |  |  | (4.50) | (2.91) | (0.51) |
|  **Net asset value, end of period** | $74.26 | $65.71 | $59.25 | $43.44 | $41.44 | $59.75 | $51.37 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 20.25 %<sup>(d)</sup> | 15.68% | 36.39% | 4.83% | (25.47)% | 22.28 %<sup>(d)</sup> | 71.20% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 1.52 %<sup>(f)</sup> | 1.53% | 1.55% | 1.58% | 1.54% | 1.50 %<sup>(f)</sup> | 1.57% |
|  Total expenses after fees waived and/or reimbursed | 1.42 %<sup>(f)</sup> | 1.42% | 1.42% | 1.42% | 1.42% | 1.42 %<sup>(f)</sup> | 1.42% |
|  Net investment loss | (1.02)%<sup>(f)</sup> | (0.96)% | (0.91)% | (0.79)% | (0.98)% | (1.17)%<sup>(f)</sup> | (0.99)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $57752 | $50196 | $44320 | $35771 | $35001 | $50186 | $38907 |
|  Portfolio turnover rate | 29% | 52% | 21% | 39% | 29% | 25% | 27% |

---

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

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

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

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

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

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

*See notes to financial statements.* 

62 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Notes to Financial Statements (unaudited)

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

BlackRock Capital Appreciation Fund, Inc. and BlackRock Funds<sup>SM</sup> (the "Trust") are each registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as open-end management investment companies. BlackRock Capital Appreciation Fund, Inc. is organized as a Maryland corporation. The Trust is organized as a Massachusetts business trust. BlackRock Energy Opportunities Fund, BlackRock Health Sciences Opportunities Portfolio, BlackRock High Equity Income Fund, BlackRock Mid-Cap Growth Equity Portfolio and BlackRock Technology Opportunities Fund are series of the Trust. The following are referred to herein collectively as the "Funds" or individually as a "Fund":

---

| | | |
|:---|:---|:---|
| Fund Name | Herein Referred To As | Diversification Classification |
|  BlackRock Capital Appreciation Fund, Inc. | Capital Appreciation | Diversified |
|  BlackRock Energy Opportunities Fund | Energy Opportunities | Non-Diversified |
|  BlackRock Health Sciences Opportunities Portfolio | Health Sciences Opportunities | Diversified |
|  BlackRock High Equity Income Fund | High Equity Income | Diversified |
|  BlackRock Mid-Cap Growth Equity Portfolio | Mid-Cap Growth Equity | Diversified |
|  BlackRock Technology Opportunities Fund | Technology Opportunities | Diversified |

---

Each Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional, Service and Class K Shares are sold only to certain eligible investors. Service, Investor A, Investor C and Class R Shares bear certain expenses related to shareholder servicing of such shares, and Investor C and Class R Shares also bear certain expenses related to the distribution of such shares. Investor A and Investor C Shares are generally available through financial intermediaries. Class R Shares are sold only to certain employer-sponsored retirement plans. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures (except that Investor C shareholders may vote on material changes to the Investor A Shares distribution and service plan).

---

| | | | |
|:---|:---|:---|:---|
| Share Class | Initial Sales Charge | CDSC | Conversion Privilege |
|  Institutional, Service, Class K and Class R Shares | No | No |  |
|  Investor A Shares | Yes | No <sup>(a)</sup> |  |
|  Investor C Shares | No | Yes <sup>(b)</sup> | To Investor A Shares after approximately 8 years |

---

<sup>(a)</sup> Investor A Shares may be subject to a contingent deferred sales charge ("CDSC") for certain redemptions where no initial sales charge was paid at the time of purchase.

<sup>(b)</sup> A CDSC of 1.00% is assessed on certain redemptions of Investor C Shares made within one year after purchase. 

The Board of Directors of Capital Appreciation and the Board of Trustees of the Trust are collectively referred to throughout this report as the "Board", and the directors/trustees thereof are collectively referred to throughout this report as "Directors."

The Board previously approved certain changes to Mid-Cap Growth Equity's investment strategy. The Fund normally invests at least 80% of its net assets in growth equity securities issued by U.S. mid-capitalization companies and derivatives that provide investment exposure to such securities or related market risk factors. These changes were effective on September 26, 2025.

The Funds, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the "Manager") or its affiliates, are included in a complex of funds referred to as the BlackRock Multi-Asset Complex.

**2.**  ***SIGNIFICANT ACCOUNTING POLICIES*** 

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

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Funds are informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

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

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those

N O T E S T O F I N A N C I A L S T A T E M E N T S 63

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Notes to Financial Statements (unaudited) (continued)

investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

**Foreign Taxes:** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of November 30, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

Consistent with U.S. GAAP accrual requirements for uncertain tax positions, each Fund recognizes tax reclaims when the Fund determines that it is more likely than not that each Fund will sustain its position that it is due the reclaim.

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

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

**Distributions:** Distributions paid by the Funds, excluding High Equity Income, are recorded on the ex-dividend dates. For High Equity Income, distributions from net investment income are declared daily and paid monthly. For High Equity Income, distributions of capital gains are recorded on the ex dividend dates and made at least annually. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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

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

The Funds have an arrangement with their custodian whereby credits are earned on uninvested cash balances. For financial reporting purposes, custodian credits, if any, are included in interest income in the Statements of Operations.

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

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

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

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

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

• Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price provided by independent dealers or third-party pricing services. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread

64 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Notes to Financial Statements (unaudited) (continued)

to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

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

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

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

For investments in equity or debt issued by privately held companies or funds ("Private Company" or collectively, the "Private Companies") and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) recent market transactions, including secondary market transactions, merger or acquisition activity and subsequent rounds of financing in the underlying investment or comparable issuers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) recapitalizations and other transactions across the capital structure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) market or relevant indices multiples of comparable issuers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) quoted prices for similar investments or assets in active markets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) audited or unaudited financial statements, investor communications and Private Company financial or operational metrics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) relevant market news and other public sources.

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

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

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

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

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

• Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

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

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

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Notes to Financial Statements (unaudited) (continued)

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

**Equity-Linked Notes:** Equity-linked notes seek to generate income and provide exposure to the performance of an underlying security, group of securities or exchange-traded funds (the "underlying reference instrument"). In an equity-linked note, a fund purchases a note from a bank or broker-dealer and in return, the issuer provides for interest payments during the term of the note. At maturity or when the security is sold, a fund will either settle by taking physical delivery of the underlying reference instrument or by receipt of a cash settlement amount equal to the value of the note at termination or maturity. The use of equity-linked notes involves the risk that the value of the note changes unfavorably due to movements in the value of the underlying reference instrument. Equity-linked notes are considered general unsecured contractual obligations of the bank or broker-dealer. A fund must rely on the creditworthiness of the issuer for its investment returns.

**Preferred Stocks:** Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer's board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.

**Warrants:** Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

**Securities Lending:** The Funds may lend their securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Funds collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. During the term of the loan, the Funds are entitled to all distributions made on or in respect of the loaned securities, but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC ("BIM"), if any, is disclosed in the Schedules of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are disclosed in the Funds' Schedules of Investments. The market value of any securities on loan and the value of related collateral, if any, are shown separately in the Statements of Assets and Liabilities as a component of investments at value – unaffiliated and collateral on securities loaned, respectively.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA"), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the Funds' securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name/Counterparty | Securities<br>Loaned at Value | Cash<br>Collateral Received<sup>(a)</sup> | Non-Cash<br>Collateral Received,<br>at Fair Value<sup>(a)</sup> | Net<br>Amount |
|  Energy Opportunities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | $242554 | $(238223) | $— | $4331 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | 494704 | (494704) |  |  |
|  | $737258 | $(732927) | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4331 |
|  Health Sciences Opportunities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | $6337586 | $(6337586) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 721966 | (721966) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 11008644 | (11008644) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 981730 | (981730) |  |  |

---

66 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Notes to Financial Statements (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name/Counterparty* | *Securities<br>Loaned at Value* | *Cash<br>Collateral Received<sup>(a)</sup>* | *Non-Cash<br>Collateral Received,<br>at Fair Value<sup>(a)</sup>* | *Net<br>Amount* |
|  Health Sciences Opportunities (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | $1368054 | $(1368054) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | 4407463 | (4407463) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | 7787344 | (7787344) |  |  |
|  | $32612787 | $(32612787) | $— | $— |
|  High Equity Income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | $1353156 | $(1353156) | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Mid-Cap Growth Equity<sup>(c)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | $52599563 | $(52599563) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 4040995 | (4040995) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 6334082 | (6334082) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Financial Services LLC | 9798516 | (9798516) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | 28282784 | (28282784) |  |  |
|  | $101055940 | $(101055940) | $— | $— |
|  Technology Opportunities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | $168326 | $(168326) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 789476 | (789476) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 2769360 | (2769360) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 46414515 | (46414515) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 12647075 | (12647075) |  |  |
|  | $62788752 | $(62788752) | $— | $— |

---

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

<sup>(b)</sup> The market value of the loaned securities is determined as of November 30, 2025. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty. 

<sup>(c)</sup> Securities loaned with a value of $350,600 have been sold and are pending settlement as of November 30, 2025. 

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

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

**Investment Advisory:** Capital Appreciation and the Trust, on behalf of Energy Opportunities, Health Sciences Opportunities, High Equity Income, Mid-Cap Growth Equity and Technology Opportunities, entered into an Investment Advisory Agreement with the Manager, the Funds' investment adviser and an indirect, majority-owned subsidiary of BlackRock, Inc. ("BlackRock"), to provide investment advisory services and with respect to Capital Appreciation, administrative services. The Manager is responsible for the management of each Fund's portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.

For such services, each Fund pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of each Fund's net assets:

---

| | |
|:---|:---|
|  | Investment Advisory Fees |
| Average Daily Net Assets | Capital Appreciation |
|  First $1 billion | 0.650% |
|  $1 billion - $1.5 billion | 0.625 |
|  $1.5 billion - $5 billion | 0.600 |
|  $5 billion - $7.5 billion | 0.575 |
|  Greater than $7.5 billion | 0.550 |

---

N O T E S T O F I N A N C I A L S T A T E M E N T S 67

------

Notes to Financial Statements (unaudited) (continued)

---

| | |
|:---|:---|
|  | Investment Advisory Fees |
| *Average Daily Net Assets* | *Energy*<br> *Opportunities* |
|  First $1 billion | 0.750% |
|  $1 billion - $2 billion | 0.700 |
|  $2 billion - $3 billion | 0.675 |
|  Greater than $3 billion | 0.650 |

---

---

| | |
|:---|:---|
|  | Investment Advisory Fees |
| Average Daily Net Assets | Health Sciences Opportunities |
|  First $1 billion | 0.750% |
|  $1 billion - $2 billion | 0.700 |
|  $2 billion - $3 billion | 0.675 |
|  $3 billion - $10 billion | 0.650 |
|  Greater than $10 billion | 0.640 |

---

---

| | |
|:---|:---|
|  | Investment Advisory Fees |
| Average Daily Net Assets | Mid-Cap Growth Equity |
|  First $1 billion | 0.700% |
|  $1 billion - $3 billion | 0.660 |
|  $3 billion - $5 billion | 0.630 |
|  $5 billion - $10 billion | 0.610 |
|  $10 billion - $18 billion | 0.600 |
|  Greater than $18 billion | 0.590 |

---

---

| | | |
|:---|:---|:---|
|  | Investment Advisory Fees | Investment Advisory Fees |
| Average Daily Net Assets | *High Equity*<br> *Income* | Technology Opportunities |
|  First $1 billion | 0.810% | 0.820% |
|  $1 billion - $3 billion | 0.760 | 0.770 |
|  $3 billion - $5 billion | 0.730 | 0.740 |
|  $5 billion - $10 billion | 0.700 | 0.710 |
|  Greater than $10 billion | 0.680 | 0.700 |

---

With respect to Energy Opportunities, the Manager entered into a sub-advisory agreement with BlackRock International Limited ("BIL"), an affiliate of the Manager. The Manager pays BIL, for services it provides for that portion of the Fund for which BIL acts as Sub-Adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by the Fund to the Manager.

**Service and Distribution Fees:** Capital Appreciation and the Trust, on behalf of Energy Opportunities, Health Sciences Opportunities, High Equity Income, Mid-Cap Growth Equity and Technology Opportunities, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC ("BRIL"), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, each Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of each Fund as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Capital Appreciation | Capital Appreciation | Energy Opportunities | Energy Opportunities | Health Sciences Opportunities | Health Sciences Opportunities |
| Share Class | Service Fees | Distribution Fees | Service Fees | Distribution Fees | Service Fees | Distribution Fees |
|  Service | N/A | N/A | N/A | N/A | 0.25% | N/A |
|  Investor A | 0.25% | N/A | 0.25% | N/A | 0.25 | N/A |
|  Investor C | 0.25 | 0.75% | 0.25 | 0.75% | 0.25 | 0.75% |
|  Class R | 0.25 | 0.25 | N/A | N/A | 0.25 | 0.25 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | High Equity Income | High Equity Income | Mid-Cap Growth Equity | Mid-Cap Growth Equity | Technology Opportunities | Technology Opportunities |
| Share Class | Service Fees | Distribution Fees | Service Fees | Distribution Fees | Service Fees | Distribution Fees |
|  Service | N/A | N/A | 0.25% | N/A | 0.25% | N/A |
|  Investor A | 0.25% | N/A | 0.25 | N/A | 0.25 | N/A |
|  Investor C | 0.25 | 0.75% | 0.25 | 0.75% | 0.25 | 0.75% |
|  Class R | N/A | N/A | 0.25 | 0.25 | 0.25 | 0.25 |

---

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

68 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements (unaudited) (continued)

For the six months ended November 30, 2025, the following table shows the class specific service and distribution fees borne directly by each share class of each Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fund Name | Service | Investor A | Investor C | Class R | Total |
|  Capital Appreciation | $— | $2836429 | $201519 | $64428 | $3102376 |
|  Energy Opportunities |  | 203144 | 78856 |  | 282000 |
|  Health Sciences Opportunities | 29935 | 2858256 | 882840 | 531154 | 4302185 |
|  High Equity Income |  | 376009 | 316839 |  | 692848 |
|  Mid-Cap Growth Equity | 37286 | 1853267 | 709548 | 159672 | 2759773 |
|  Technology Opportunities | 69616 | 2999450 | 1584485 | 141224 | 4794775 |

---

**Administration:** The Trust, on behalf of Energy Opportunities, Health Sciences Opportunities, High Equity Income, Mid-Cap Growth Equity and Technology Opportunities, entered into an Administration Agreement with the Manager, an indirect, majority-owned subsidiary of BlackRock, to provide administrative services. For these services, the Manager receives an administration fee computed daily and payable monthly, based on a percentage of the average daily net assets of each Fund. The administration fee, which is shown as administration in the Statements of Operations, is paid at the annual rates below.

---

| | |
|:---|:---|
| Average Daily Net Assets | Administration Fees |
|  First $500 million | 0.0425% |
|  $500 million - $1 billion | 0.0400 |
|  $1 billion - $2 billion | 0.0375 |
|  $2 billion - $4 billion | 0.0350 |
|  $4 billion - $13 billion | 0.0325 |
|  Greater than $13 billion | 0.0300 |

---

In addition, the Manager charges each of the share classes an administration fee, which is shown as administration — class specific in the Statements of Operations, at an annual rate of 0.02% of the average daily net assets of each respective class.

For the six months ended November 30, 2025, the following table shows the class specific administration fees borne directly by each share class of each Fund:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Institutional | Service | Investor A | Investor C | Class K | Class R | Total |
|  Energy Opportunities | $9437 | $— | $16251 | $1578 | $— | $— | $27266 |
|  Health Sciences Opportunities | 318146 | 2396 | 228745 | 17697 | 45547 | 21250 | 633781 |
|  High Equity Income | 137513 |  | 30059 | 6330 | 15387 |  | 189289 |
|  Mid-Cap Growth Equity | 342286 | 2990 | 148225 | 14194 | 269375 | 6393 | 783463 |
|  Technology Opportunities | 342920 | 5563 | 239626 | 31655 | 51648 | 5641 | 677053 |

---

**Transfer Agent:** Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the six months ended November 30, 2025, the Funds paid the following amounts to affiliates of BlackRock in return for these services, which are included in transfer agent — class specific in the Statements of Operations:

---

| | | |
|:---|:---|:---|
| Fund Name | Institutional | Total |
|  Capital Appreciation | $91311 | $91311 |

---

The Manager maintains a call center that is responsible for providing certain shareholder services to the Funds. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the six months ended November 30, 2025, each Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statement of Operations:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Institutional | Service | Investor A | Investor C | Class K | Class R | Total |
|  Capital Appreciation | $2106 | $— | $58632 | $4601 | $1723 | $149 | $67211 |
|  Energy Opportunities | 1234 |  | 15932 | 1033 |  |  | 18199 |
|  Health Sciences Opportunities | 9415 | 286 | 51191 | 7730 | 1353 | 754 | 70729 |
|  High Equity Income | 1540 |  | 9548 | 1294 | 260 |  | 12642 |
|  Mid-Cap Growth Equity | 5100 | 167 | 89041 | 4122 | 5016 | 750 | 104196 |
|  Technology Opportunities | 9981 | 144 | 33202 | 5898 | 862 | 424 | 50511 |

---

For the six months ended November 30, 2025, the following table shows the class specific transfer agent fees borne directly by each share class of each Fund:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Institutional | Service | Investor A | Investor C | Class K | Class R | Total |
|  Capital Appreciation | $399962 | $— | $990836 | $35459 | $13788 | $24896 | $1464941 |
|  Energy Opportunities | 73826 |  | 162823 | 12879 |  |  | 249528 |
|  Health Sciences Opportunities | 1767895 | 19887 | 1258881 | 133047 | 16167 | 234114 | 3429991 |
|  High Equity Income | 772219 |  | 152765 | 28386 | 6181 |  | 959551 |
|  Mid-Cap Growth Equity | 2451659 | 31728 | 1159297 | 95141 | 179910 | 71455 | 3989190 |
|  Technology Opportunities | 1939305 | 42466 | 1405818 | 158085 | 8456 | 55091 | 3609221 |

---

N O T E S T O F I N A N C I A L S T A T E M E N T S 69

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Notes to Financial Statements (unaudited) (continued)

**Other Fees:** For the six months ended November 30, 2025, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of each Fund's Investor A Shares as follows:

---

| | |
|:---|:---|
| Fund Name | Amounts |
|  Capital Appreciation | $18711 |
|  Energy Opportunities | 2617 |
|  Health Sciences Opportunities | 11154 |
|  High Equity Income | 19051 |
|  Mid-Cap Growth Equity | 12798 |
|  Technology Opportunities | 61198 |

---

For the six months ended November 30, 2025, affiliates received CDSCs as follows:

---

| | | |
|:---|:---|:---|
| Fund Name | Investor A | Investor C |
|  Capital Appreciation | $1373 | $2045 |
|  Energy Opportunities | 3587 | 4167 |
|  Health Sciences Opportunities | 3799 | 7025 |
|  High Equity Income | 3591 | 1017 |
|  Mid-Cap Growth Equity | 835 | 2484 |
|  Technology Opportunities | 2923 | 8539 |

---

**Expense Limitations, Waivers, Reimbursements, and Recoupments:** With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the "affiliated money market fund waiver") through June 30, 2027. The contractual agreement may be terminated upon 90 days' notice by a majority of the directors who are not "interested persons" of Capital Appreciation or the Trust, as defined in the 1940 Act ("Independent Directors"), or by a vote of a majority of the outstanding voting securities of a Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended November 30, 2025, the amounts waived were as follows:

---

| | |
|:---|:---|
| Fund Name | Fees waived and/or reimbursed<br>by the Manager |
|  Capital Appreciation | $2394 |
|  Energy Opportunities | 1207 |
|  Health Sciences Opportunities | 22900 |
|  High Equity Income | 26639 |
|  Mid-Cap Growth Equity | 6454 |
|  Technology Opportunities | 15115 |

---

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of each Fund's assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2027. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of a Fund. For the six months ended November 30, 2025, there were no fees waived and/or reimbursed by the Manager pursuant to this arrangement.

With respect to each Fund (except Health Sciences Opportunities), the Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, tax expense, acquired fund fees and expenses, and certain other fund expenses ("expense limitation"). The current expense limitations as a percentage of average daily net assets are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Share Class | Capital Appreciation | Energy Opportunities | High Equity Income | Mid-Cap Growth Equity | Technology Opportunities |
|  Institutional | 0.67% | 0.91% | 0.85% | 0.80% | 0.92% |
|  Service | N/A | N/A | N/A | 1.05 | 1.17 |
|  Investor A | 0.92 | 1.32 | 1.10 | 1.05 | 1.17 |
|  Investor C | 1.67 | 2.04 | 1.85 | 1.80 | 1.92 |
|  Class K | 0.62 | N/A | 0.80 | 0.75 | 0.87 |
|  Class R | 1.17 | N/A | N/A | 1.30 | 1.42 |

---

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2027 (or June 30, 2036 with respect to Capital Appreciation), unless approved by the Board, including a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of a Fund. For the six months ended November 30, 2025, the amounts included in the Statements of Operations were as follows:

---

| | |
|:---|:---|
| Fund Name | Fees waived and/or reimbursed<br>by the Manager |
|  Capital Appreciation | $284672 |
|  Energy Opportunities | 450 |
|  High Equity Income | 536679 |

---

70 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Notes to Financial Statements (unaudited) (continued)

In addition, these amounts waived and/or reimbursed by the Manager are included in administration fees waived by the Manager — class specific and transfer agent fees waived and/or reimbursed by the Manager — class specific, respectively, in the Statement of Operations. For the six months ended November 30, 2025, class specific expense waivers and/or reimbursements were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Administration Fees Waived by the Manager - Class Specific | Administration Fees Waived by the Manager - Class Specific | Administration Fees Waived by the Manager - Class Specific | Administration Fees Waived by the Manager - Class Specific | Administration Fees Waived by the Manager - Class Specific | Administration Fees Waived by the Manager - Class Specific | Administration Fees Waived by the Manager - Class Specific |
| Fund Name | Institutional | Service | Investor A | Investor C | Class K | Class R | Total |
|  Energy Opportunities | $9438 | $— | $16251 | $1575 | $— | $— | $27264 |
|  High Equity Income | 137513 |  | 30059 | 6330 | 15387 |  | 189289 |
|  Mid-Cap Growth Equity | 342286 | 2990 | 148225 | 14194 |  | &nbsp;&nbsp;&nbsp;&nbsp;6393 | 514088 |
|  Technology Opportunities | 287692 | 5563 | 225928 | 10017 |  | 5641 | 534841 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Transfer Agent Fees Waived and/or Reimbursed by the Manager - Class Specific | Transfer Agent Fees Waived and/or Reimbursed by the Manager - Class Specific | Transfer Agent Fees Waived and/or Reimbursed by the Manager - Class Specific | Transfer Agent Fees Waived and/or Reimbursed by the Manager - Class Specific | Transfer Agent Fees Waived and/or Reimbursed by the Manager - Class Specific | Transfer Agent Fees Waived and/or Reimbursed by the Manager - Class Specific | Transfer Agent Fees Waived and/or Reimbursed by the Manager - Class Specific |
| Fund Name | Institutional | Service | Investor A | Investor C | Class K | Class R | Total |
|  Capital Appreciation | $181147 | $— | $427368 | $25571 | $13788 | $18503 | $666377 |
|  Energy Opportunities | 70982 |  | 28029 | 2151 |  |  | 101162 |
|  High Equity Income | 430262 |  | 79023 | 12951 | 6181 |  | 528417 |
|  Mid-Cap Growth Equity | 551708 | 14955 | 338200 | 16570 |  | 35700 | 957133 |
|  Technology Opportunities | 4674 | 10269 | 33586 |  |  | 22555 | 71084 |

---

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Funds are responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional, managed by the Manager or its affiliates. However, BIM has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Funds bear to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been reinvested may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, the money market fund will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. The money market fund will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If the money market fund cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

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

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

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds specified thresholds, Capital Appreciation, Health Sciences Opportunities, High Equity Income, Mid-Cap Growth Equity and Technology Opportunities, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 84% of securities lending income (which excluded collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Energy Opportunities, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 85% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in the Statements of Operations. For the six months ended November 30, 2025, each Fund paid BIM the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| Fund Name | Amounts |
|  Capital Appreciation | $3362 |
|  Energy Opportunities | 51 |
|  Health Sciences Opportunities | 83338 |
|  High Equity Income | 1272 |
|  Mid-Cap Growth Equity | 48671 |
|  Technology Opportunities | 147080 |

---

N O T E S T O F I N A N C I A L S T A T E M E N T S 71

------

Notes to Financial Statements (unaudited) (continued)

**Directors and Officers:** Certain directors and/or officers of Capital Appreciation and the Trust are directors and/or officers of BlackRock or its affiliates. The Funds reimburse the Manager for a portion of the compensation paid to Capital Appreciation's/the Trust's Chief Compliance Officer, which is included in Directors and Officer in the Statements of Operations.

**6.**  ***PURCHASES AND SALES*** 

For the six months ended November 30, 2025, purchases and sales of investments, excluding short-term securities, were as follows:

---

| | | |
|:---|:---|:---|
| Fund Name | Purchases | Sales |
|  Capital Appreciation | $1289365735 | $1532969453 |
|  Energy Opportunities | 26982684 | 52076427 |
|  Health Sciences Opportunities | 1446289846 | 2161928185 |
|  High Equity Income | 925928058 | 1009375395 |
|  Mid-Cap Growth Equity | 3667340348 | 5910281886 |
|  Technology Opportunities | 1930104904 | 2225077504 |

---

**7.**  ***INCOME TAX INFORMATION*** 

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

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

Management has analyzed tax laws and regulations and their application to the Funds as of November 30, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

As of May 31, 2025, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains and qualified late-year losses as follows:

---

| | | |
|:---|:---|:---|
| Fund Name | Non-Expiring Capital<br>Loss Carryforwards | Qualified Late-Year<br>Ordinary Losses |
|  Capital Appreciation | $— | $(8738786) |
|  Energy Opportunities | (270412603) |  |
|  Health Sciences Opportunities |  | (2057509) |
|  High Equity Income | (94298012) |  |
|  Mid-Cap Growth Equity |  | (22092945) |
|  Technology Opportunities |  | (13909027) |

---

As of November 30, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name | Tax Cost | Gross Unrealized<br>Appreciation | Gross Unrealized<br>Depreciation | Net Unrealized<br>Appreciation<br>(Depreciation) |
|  Capital Appreciation | $1834554335 | $2059461606 | $(63581072) | $1995880534 |
|  Energy Opportunities | 192229281 | 83813902 | (5294616) | 78519286 |
|  Health Sciences Opportunities | 3698019661 | 3230117635 | (105086472) | 3125031163 |
|  High Equity Income | 1909645261 | 156413315 | (42843345) | 113569970 |
|  Mid-Cap Growth Equity | 5135405678 | 1912115182 | (149592100) | 1762523082 |
|  Technology Opportunities | 3359393114 | 3673928851 | (103292274) | 3570636577 |

---

**8.**  ***BANK BORROWINGS*** 

Capital Appreciation and the Trust, on behalf of each Fund, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate ("SOFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum.

72 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements (unaudited) (continued)

The agreement expires in April 2026 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended November 30, 2025, the Funds did not borrow under the credit agreement.

**9.**  ***PRINCIPAL RISKS*** 

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

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

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

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

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

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

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the income from, or the value or liquidity of, the Fund's portfolio. Investment percentages in specific sectors are presented in the Schedules of Investments.

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

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

N O T E S T O F I N A N C I A L S T A T E M E N T S 73

------

Notes to Financial Statements (unaudited) (continued)

**10.**  ***CAPITAL SHARE TRANSACTIONS*** 

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended 11/30/25 | Six Months Ended 11/30/25 | Year Ended 05/31/25 | Year Ended 05/31/25 |
| Fund Name/Share Class | Shares | Amount | Shares | Amount |
|  Capital Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1027727 | $46484476 | 2710540 | $112834100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 1112533 | 48873597 | 1780020 | 75331070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2307570) | (104839661) | (3821884) | (162356316) |
|  | (167310) | $(9481588) | 668676 | $25808854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 864571 | $33136079 | 2783717 | $100946288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 4305003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159801720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6895509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250959260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (4383402) | (167795892) | (10004202) | (362895783) |
|  | 786172 | $25141907 | (324976) | $(10990235) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 128951 | $2167503 | 321989 | $5772361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 398061 | 6392852 | 528664 | 9494605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (334241) | (5663229) | (710891) | (12777860) |
|  | 192771 | $2897126 | 139762 | $2489106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 439397 | $20132860 | 1314311 | $55940126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 848338 | 37835872 | 1319751 | 56569322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (902314) | (41270019) | (2046318) | (87771711) |
|  | 385421 | $16698713 | 587744 | $24737737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 81559 | $2002097 | 192144 | $4633334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 122809 | 2893393 | 180101 | 4414337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (100627) | (2473165) | (396828) | (9704008) |
|  | 103741 | $2422325 | (24583) | $(656337) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300795 | $37678483 | 1046623 | $41389125 |
|  Energy Opportunities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 538367 | $7580933 | 2415823 | $33321224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 80071 | 1108983 | 194227 | 2730593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (997386) | (14040950) | (3732110) | (50997270) |
|  | (378948) | $(5351034) | (1122060) | $(14945453) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 930681 | $12675171 | 3044257 | $40806852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 124220 | 1667025 | 292834 | 3996854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2133107) | (29039710) | (5642592) | (75268033) |
|  | (1078206) | $(14697514) | (2305501) | $(30464327) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 33528 | $444945 | 542016 | $7024241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 9185 | 118579 | 22181 | 290421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (205340) | (2701698) | (585964) | (7345612) |
|  | (162627) | $(2138174) | (21767) | $(30950) |
|  | (1619781) | $(22186722) | (3449328) | $(45440730) |

---

74 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended 11/30/25 | Six Months Ended 11/30/25 | Year Ended 05/31/25 | Year Ended 05/31/25 |
| *Fund Name/Share Class* | *Shares* | *Amount* | *Shares* | *Amount* |
|  Health Sciences Opportunities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 2991715 | $199390547 | 7335504 | $526145787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2832247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175344421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4346692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311816395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (11534853) | (757446389) | (19519518) | (1397601173) |
|  | (5710891) | $(382711421) | (7837322) | $(559638991) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 13120 | $786768 | 30670 | $2072463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 26063 | 1497610 | 35938 | 2410205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (89658) | (5470505) | (105871) | (7186693) |
|  | (50475) | $(3186127) | (39263) | $(2704025) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 841655 | $51643241 | 2404374 | $162210046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 2379621 | 135923963 | 3310459 | 220806364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (5414699) | (329024309) | (8638584) | (575328436) |
|  | (2193423) | $(141457105) | (2923751) | $(192312026) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 59109 | $2832721 | 230855 | $12791845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 315996 | 14143978 | 514028 | 27658619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (1135042) | (54414897) | (2209489) | (119236399) |
|  | (759937) | $(37438198) | (1464606) | $(78785935) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 795964 | $53074270 | 1593956 | $115627270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 409414 | 25408212 | 547643 | 39303488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1157813) | (76731314) | (2034841) | (146170723) |
|  | 47565 | $1751168 | 106758 | $8760035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 104772 | $6180144 | 247765 | $15757043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 247376 | 13563609 | 314853 | 20274657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (425456) | (24867655) | (657216) | (42309475) |
|  | (73308) | $(5123902) | (94598) | $(6277775) |
|  | (8740469) | $(568165585) | (12252782) | $(830958717) |
|  High Equity Income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 8182875 | $237730365 | 18635786 | $524021705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 1859372 | 54310380 | 3663485 | 105083107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (7244720) | (210181371) | (25716293) | (718766553) |
|  | 2797527 | $81859374 | (3417022) | $(89661741) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 1042872 | $25278126 | 1530371 | $36595669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 469879 | 11478122 | 948580 | 22749050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1514028) | (36831568) | (2703518) | (64288164) |
|  | (1277) | $(75320) | (224567) | $(4943445) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 293221 | $4437163 | 526434 | $7784988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 146928 | 2214435 | 293234 | 4364283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversions of shares | (450898) | (6824200) | (817683) | (12073385) |
|  | (10749) | $(172602) | 1985 | $75886 |

---

N O T E S T O F I N A N C I A L S T A T E M E N T S 75

------

Notes to Financial Statements (unaudited) (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended 11/30/25 | Six Months Ended 11/30/25 | Year Ended 05/31/25 | Year Ended 05/31/25 |
| *Fund Name/Share Class* | *Shares* | *Amount* | *Shares* | *Amount* |
|  High Equity Income (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 564564 | $16396713 | 1473885 | $41664605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 209533 | 6112300 | 597649 | 17164290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1417222) | (41451682) | (4109180) | (110000585) |
|  | (643125) | $(18942669) | (2037646) | $(51171690) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2142376 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62668783 | (5677250) | $(145700990) |
|  Mid-Cap Growth Equity |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 7988226 | $350334057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15032152 | $611861106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 3122696 | 134931692 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (23602001) | (1024251984) | (63014035) | (2576136207) |
|  | (12491079) | $(538986235) | (47981883) | $(1964275101) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 25111 | $971391 | 127661 | $4685835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 48247 | 1839659 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (705872) | (27001681) | (635513) | (23434344) |
|  | (632514) | $(24190631) | (507852) | $(18748509) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 1328865 | $48538807 | 3606779 | $126439042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 1873990 | 67932141 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (5200146) | (189273120) | (11454473) | (398340114) |
|  | (1997291) | $(72802172) | (7847694) | $(271901072) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 55458 | $1705034 | 242076 | $6183661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 349355 | 8847854 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (978927) | (25701240) | (2201784) | (56464433) |
|  | (574114) | $(15148352) | (1959708) | $(50280772) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 3495442 | $152994358 | 14816872 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610234528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 2372647 | 103281348 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (30728310) | (1347493407) | (54628834) | (2269019642) |
|  | (24860221) | $(1091217701) | (39811962) | $(1658785114) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 115541 | $4094193 | 368272 | $12381997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 100597 | 3523900 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (799245) | (28014759) | (897697) | (30664264) |
|  | (583107) | $(20396666) | (529425) | $(18282267) |
|  | (41138326) | $(1762741757) | (98638524) | $(3982272835) |
|  Technology Opportunities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 4045944 | $325659319 | 10676855 | $750964446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 2266243 | 174817956 | 1523620 | 112641239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (6968648) | (565785233) | (12300761) | (862120690) |
|  | (656461) | $(65307958) | (100286) | $1484995 |

---

76 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Notes to Financial Statements (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended 11/30/25 | Six Months Ended 11/30/25 | Year Ended 05/31/25 | Year Ended 05/31/25 |
| *Fund Name/Share Class* | *Shares* | *Amount* | *Shares* | *Amount* |
|  Technology Opportunities (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Service |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 70920 | $5274417 | 257946 | $17247737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 45116 | 3198716 | 33359 | 2280726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (123484) | (9026339) | (316600) | (20353931) |
|  | (7448) | $(553206) | (25295) | $(825468) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 2285183 | $165650206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5044809 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324334699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 1967925 | 135747480 | 1325531 | 88320110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (3158261) | (227808033) | (7322687) | (466015973) |
|  | 1094847 | $73589653 | (952347) | $(53361164) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331428 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18267780 | 676637 | $33933803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 453386 | 23816369 | 312597 | 16233137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (814092) | (44974783) | (1579819) | (79231894) |
|  | (29278) | $(2890634) | (590585) | $(29064954) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 674734 | $54913993 | 4192619 | $299508059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 371033 | 28736481 | 177138 | 13138324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1601238) | (131114355) | (1514409) | (107269314) |
|  | (555471) | $(47463881) | 2855348 | $205377069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 98205 | $7008134 | 266788 | $17130381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 48603 | 3339536 | 31897 | 2120805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (133023) | (9564338) | (282790) | (17865794) |
|  | 13785 | $783332 | 15895 | $1385392 |
|  | (140026) | $(41842694) | 1202730 | $124995870 |

---

As of November 30, 2025, shares owned by BlackRock Financial Management, Inc., an affiliate of the Funds, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Share Class | High<br>Equity<br>Income | High<br>Equity<br>Income | Technology<br>Opportunities | Technology<br>Opportunities |
|  Class K |  | 11882 |  | 8673 |

---

**11.**  ***FOREIGN WITHHOLDINGS TAX CLAIMS*** 

The Internal Revenue Service ("IRS") has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which each of the Funds is able to pass through to shareholders as a foreign tax credit in the current year, the Funds will be able to offset the prior years' withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Funds.

Certain of the outstanding foreign tax reclaims are not deemed by the Funds to meet the recognition criteria under U.S. GAAP as of November 30, 2025 and have not been recorded in the applicable Fund's net asset value. The recognition by the Funds of these amounts would have a positive impact on the applicable Fund's performance. If a Fund receives a tax refund that has not been previously recorded, investors in the Fund at the time the claim is successful will benefit from any resulting increase in the Fund's NAV. Investors who sold their shares prior to such time will not benefit from such NAV increase.

Energy Opportunities is seeking a closing agreement with the IRS to address any prior years' U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Fund has accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the Statements of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.

N O T E S T O F I N A N C I A L S T A T E M E N T S 77

------

Notes to Financial Statements (unaudited) (continued)

**12.**  ***SUBSEQUENT EVENTS*** 

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

78 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Additional Information

#### Changes in and Disagreements with Accountants
Not applicable.

#### Proxy Results
Not applicable.

#### Remuneration Paid to Directors, Officers, and Others
Compensation to the independent directors/trustees of BlackRock Capital Appreciation Fund, Inc. and the Trust is paid by BlackRock Capital Appreciation Fund, Inc. and the Trust on behalf of the Funds.

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

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

To enroll in electronic delivery:

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

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

2. Select "Access Your Account"

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

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

#### Shareholder Privileges

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

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

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

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

A D D I T I O N A L I N F O R M A T I O N 79

------

Additional Information (continued)

#### Fund and Service Providers

---

| | |
|:---|:---|
| **Investment Adviser and Administrator** | **Independent Registered Public Accounting Firm** |
| BlackRock Advisors, LLC | Deloitte & Touche LLP |
| Wilmington, DE 19809 | Boston, MA 02110 |
| **Sub-Adviser<sup>(a)</sup>** | **Distributor** |
| BlackRock International Limited | BlackRock Investments, LLC |
| Edinburgh, EH3 8BL | New York, NY 10001 |
| United Kingdom |  |
|  | **Legal Counsel** |
| **Accounting Agent and Transfer Agent** | Ropes & Gray LLP |
| BNY Mellon Investment Servicing (US) Inc. | New York, NY 10036 |
| Wilmington, DE 19809 |  |
|  | **Address of the Corporation/Trust** |
| **Custodian** | 100 Bellevue Parkway |
| The Bank of New York Mellon | Wilmington, DE 19809 |
| New York, NY 10286 |  |
|  <sup>(a)</sup> BlackRock Energy Opportunities Fund. |  |

---

80 2 0 2 5 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Glossary of Terms Used in these Financial Statements

#### Currency Abbreviation

---

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

---

#### Portfolio Abbreviation

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| CVR | Contingent Value Rights |
| GDR | Global Depositary Receipt |
| NVS | Non-Voting Shares |
| REIT | Real Estate Investment Trust |

---

G L O S S A R Y O F T E R M S U S E D I N T H E S E F I N A N C I A L S T A T E M E N T S 81

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### Want to know more?
blackrock.com \| 800-441-7762

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

---

| | |
|:---|:---|
| ![LOGO](g17396dsp084a.jpg)  | ![LOGO](g17396dsp084b.jpg) |

---

------

Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7

Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7

Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – Not Applicable

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 13 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

---

| | |
|:---|:---|
| Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.  |

---

Item 16 – Controls and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act").

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

------

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

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

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed – Not Applicable

[(a)(3) Section 302 Certifications are attached.](d57769dex99cert.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.](d57769dex99906cert.htm)

------

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

BlackRock Capital Appreciation Fund, Inc.

---

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

---

Date: January 21, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

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

---

Date: January 21, 2026

---

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

---

Date: January 21, 2026

## Ex-99.Cert

**EX-99. CERT** 

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

**SARBANES-OXLEY ACT OF 2002** 

I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Capital Appreciation Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Capital Appreciation Fund, Inc.;

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

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

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

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

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

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

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

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

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

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

Date: January 21, 2026

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

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Capital Appreciation Fund, Inc.

------

**EX-99. CERT** 

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

**SARBANES-OXLEY ACT OF 2002** 

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

1. I have reviewed this report on Form N-CSR of BlackRock Capital Appreciation Fund, Inc.;

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

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

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

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

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

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

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

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

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

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

Date: January 21, 2026

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

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Capital Appreciation Fund, Inc.

## Exhibit 99.906

Exhibit 99.906CERT

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

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

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Capital Appreciation Fund, Inc. (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended November 30, 2025 (the "Report") fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: January 21, 2026

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

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Capital Appreciation Fund, Inc.

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Capital Appreciation Fund, Inc. (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended November 30, 2025 (the "Report") fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: January 21, 2026

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

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Capital Appreciation Fund, Inc.

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