# EDGAR Filing Document

**Accession Number:** 0001097077
**File Stem:** 0001193125-23-021322
**Filing Date:** 2023-2
**Character Count:** 487827
**Document Hash:** 25616bc302c83cdf75386401b33f0443
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-021322.hdr.sgml**: 20230201

**ACCESSION NUMBER**: 0001193125-23-021322

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 8

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230201

**DATE AS OF CHANGE**: 20230201

**EFFECTIVENESS DATE**: 20230201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK LARGE CAP SERIES FUNDS, INC.
- **CENTRAL INDEX KEY:** 0001097077
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09637
- **FILM NUMBER:** 23576159

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

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

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

## Series and Classes Contracts Data

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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR** 

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** 

**INVESTMENT COMPANIES** 

Investment Company Act file number: 811-09637

Name of Fund: BlackRock Large Cap Series Funds, Inc.

BlackRock Advantage Large Cap Value Fund

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Large Cap Series Funds, Inc., 55 East 52<sup>nd</sup> Street, New York, NY 10055

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

Date of fiscal year end: 05/31/2023

Date of reporting period: 11/30/2022

------

Item 1 – Report to Stockholders

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

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---

| | |
|:---|:---|
| ![LOGO](g441928g42l24.jpg)  | **NOVEMBER 30, 2022** |

---

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

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

· BlackRock Advantage International Fund

· BlackRock Advantage Large Cap Growth Fund

· BlackRock Advantage Small Cap Core Fund

**BlackRock Large Cap Series Funds, Inc.** 

· BlackRock Advantage Large Cap Core Fund

· BlackRock Advantage Large Cap Value Fund

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

------

The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

Sincerely,

![LOGO](g441928sig_01mips.jpg)

Rob Kapito

President, BlackRock Advisors, LLC

![LOGO](g441928photo_01mips.jpg)

Rob Kapito

President, BlackRock Advisors, LLC

---

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

---

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

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

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**Table of Contents**

---

| | |
|:---|:---|
| | **Page** |
|  [The Markets in Review](#tx441928_1) | 2 |
|  **[Semi-Annual Report:](#tx441928_2)** |  |
|  [Fund Summary](#tx441928_2) | 4 |
|  [About Fund Performance](#tx441928_3) | 14 |
|  [Disclosure of Expenses](#tx441928_4) | 14 |
|  [Derivative Financial Instruments](#tx441928_5) | 15 |
|  [Financial Statements:](#tx441928_6) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schedules of Investments](#tx441928_6) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#tx441928_7) | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#tx441928_8) | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#tx441928_9) | 55 |
|  [Financial Highlights](#tx441928_10) | 58 |
|  [Notes to Financial Statements](#tx441928_11) | 82 |
|  [Statement Regarding Liquidity Risk Management Program](#tx441928_12) | 97 |
|  [Additional Information](#tx441928_13) | 98 |
|  [Glossary of Terms Used in this Report](#tx441928_14) | 100 |

---

![LOGO](g441928dsp003.jpg)

3.0 ------

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| | |
|:---|:---|
| Fund Summary as of November 30, 2022 | **BlackRock Advantage International Fund** |

---

**Investment Objective** 

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

**Portfolio Management Commentary** 

**How did the Fund perform?** 

For the six-month period ended November 30, 2022, the Fund outperformed its benchmark, the MSCI EAFE<sup>®</sup> Index.

**What factors influenced performance?** 

The Fund did well navigating a highly changeable backdrop seen in the markets over the period. The market's focus was on monetary policy normalization against a backdrop of persistent inflation going into the period. As a response, central banks around the globe reiterated their focus on tamping down inflation and tightened policy. The Fed raised its benchmark overnight lending rate by 75 basis points in June, July and September 2022, making it the fastest rate hiking cycle since 1980. This resulted in a persistently inverted yield curve, often a precursor to an imminent recession. However, markets staged a bear rally during the summer as investors hoped for a dovish policy pivot on the part of the Fed given growth concerns, allowing equities to essentially recover half of their losses. Still, central banks reiterated their focus on bringing down inflation, causing a sell-off that saw equities set new lows. Nevertheless, despite manufacturing data beginning to decline and downgraded analyst earnings forecasts, companies posted robust earnings at period end and stocks rallied off their year-to-date lows. November 2022 saw the largest rally in equities for the period, as investors were buoyed by lower-than-expected U.S. consumer price data, re-igniting a "past peak inflation" narrative and paving the way for a reversal in the recent underperformance of large-cap growth stocks.

Stock selection sentiment-based measures provided persistent gains during the period. These faster moving insights were able to correctly capture the emerging and evolving market trends. Particularly, text-based insights evaluating broker reports and conference calls as well as those looking at informed investor sentiment proved additive across industrial stocks.

Non-traditional measures of company fundamentals, such as insights related to environmental, social and governance ("ESG") factors, also contributed to gains in the period. These tend to be an alternative lens into company quality, and efficiency-related insights tracking measures such as water usage efficacy benefited performance amid the market focus on corporate financial health. Other ESG insights related to risk mitigation which look to predict firm-level controversy helped correctly position the portfolio within developed market healthcare stocks.

On the downside, select fundamental valuation measures had a challenging period, given the rapidly shifting market style preferences. Traditional metrics evaluating sales, research expenditures, and other financial statement metrics all detracted from performance. Broader macro positioning also detracted from performance, most notably an overweight to Italian equities and an overweight to the information technology sector.

**Describe recent portfolio activity.** 

Over the course of the period, the portfolio maintained a balanced allocation of risk across all major return drivers. There were, however, several new signals added within the stock selection group of insights. The Fund built upon its alternative data capabilities with enhanced data sets that capture informed investor positioning as well as news flow. Additionally, the Fund added to its complex of consumer intent insights with a measure that looks towards social media activity as a measure of potential revenue growth. Finally, the Fund built upon its company employee-related measures by adding an insight that identifies organizations at risk for emerging labor disputes.

**Describe portfolio positioning at period end.** 

At period end, the Fund's positioning with respect to sector allocation was essentially neutral relative to the MSCI EAFE<sup>®</sup> Index. The Fund had slight overweights to the communication services and industrials sectors and slight underweights to the financials and consumer discretionary sectors.

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

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

------

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

---

**Performance** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Average Annual Total Returns<sup>(a)</sup><sup>(b)</sup> | Average Annual Total Returns<sup>(a)</sup><sup>(b)</sup> | Average Annual Total Returns<sup>(a)</sup><sup>(b)</sup> | Average Annual Total Returns<sup>(a)</sup><sup>(b)</sup> | Average Annual Total Returns<sup>(a)</sup><sup>(b)</sup> | Average Annual Total Returns<sup>(a)</sup><sup>(b)</sup> |
|  | | 1 Year | 1 Year | 5 Years | 5 Years | 10 Years | 10 Years |
|  | *6-Month*<br> *Total<br>Returns* | *Without*<br> *Sales*<br> *Charge* | *With*<br> *Sales*<br> *Charge* | *Without*<br> *Sales*<br> *Charge* | *With*<br> *Sales*<br> *Charge* | *Without*<br> *Sales*<br> *Charge* | *With*<br> *Sales*<br> *Charge* |
|  Institutional | (1.16)% | (7.68)% | N/A | 2.18% | N/A | 6.09% | N/A |
|  Investor A | (1.30) | (7.92) | (12.75)% | 1.93 | 0.83% | 5.82 | 5.25% |
|  Investor C | (1.65) | (8.58) | (9.45) | 1.16 | 1.16 | 5.16 | 5.16 |
|  Class K | (1.13) | (7.68) | N/A | 2.22 | N/A | 6.11 | N/A |
|  Class R | (1.42) | (8.18) | N/A | 1.67 | N/A | 5.49 | N/A |
|  **MSCI EAFE**<sup>®</sup> **Index<sup>(c)</sup>** | (3.59) | (10.14) | N/A | 1.85 | N/A | 4.99 | N/A |

---

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

<sup>(b)</sup> Under normal circumstances, the Fund seeks to invest at least 80% of its net assets plus the amount of any borrowings for investment purposes in non-U.S. equity securities and equity-like instruments of companies that are components of, or have characteristics similar to, the companies included in the MSCI EAFE<sup>®</sup> Index and derivatives that are tied economically to securities of the MSCI EAFE<sup>®</sup> Index. The Fund's total returns prior to June 12, 2017 are the returns of the Fund when it followed different investments strategies under the name BlackRock Global Opportunities Portfolio. 

<sup>(c)</sup> An equity index which captures large- and mid-cap representation across certain developed markets countries around the world, excluding the United States and Canada. The index covers approximately 85% of the free float adjusted market capitalization in each country. 

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

Past performance is not an indication of future results.

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

**Expense Example** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Actual | Actual | Actual | | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | |
|  | *Beginning<br>Account Value<br>(06/01/22)* | *Ending<br>Account Value<br>(11/30/22)* | *Expenses<br>Paid During<br>the Period* | *<br>* <br> <sup>*(a)*</sup> | *Beginning<br>Account Value<br>(06/01/22)* | *Ending<br>Account Value<br>(11/30/22)* | *Expenses<br>Paid During<br>the Period* | *Annualized<br>Expense<br>Ratio* |
|  Institutional | $1000.00 | $988.40 | $2.49 |  | $1000.00 | $1022.56 | $2.54 | 0.50% |
|  Investor A | 1000.00 | 987.00 | 3.74 |  | 1000.00 | 1021.31 | 3.80 | 0.75 |
|  Investor C | 1000.00 | 983.50 | 7.46 |  | 1000.00 | 1017.55 | 7.59 | 1.50 |
|  Class K | 1000.00 | 988.70 | 2.24 |  | 1000.00 | 1022.81 | 2.28 | 0.45 |
|  Class R | 1000.00 | 985.80 | 4.98 |  | 1000.00 | 1020.05 | 5.06 | 1.00 |

---

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

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

**Portfolio Information** 

**TEN LARGEST HOLDINGS** 

---

| | |
|:---|:---|
| *Security<sup>(a)</sup>* | *Percent of<br>Net Assets* |
|  Shell PLC | 2.1% |
|  Novartis AG, Registered Shares | 2.0 |
|  BHP Group Ltd. | 1.9 |
|  ASML Holding NV | 1.7 |
|  Nestlé SA, Registered Shares | 1.6 |
|  Siemens AG, Registered Shares | 1.6 |
|  Novo Nordisk A/S, Class B | 1.5 |
|  Sanofi | 1.5 |
|  AIA Group Ltd. | 1.5 |
|  SAP SE | 1.4 |

---

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

**GEOGRAPHIC ALLOCATION** 

---

| | |
|:---|:---|
| *Country* | *Percent of<br>Net Assets* |
|  Japan | 20.5% |
|  United Kingdom | 12.6 |
|  France | 11.1 |
|  Germany | 9.6 |
|  Australia | 8.6 |
|  Switzerland | 8.2 |
|  Netherlands | 6.9 |
|  Hong Kong | 3.3 |
|  Denmark | 3.1 |
|  Sweden | 2.6 |
|  Italy | 2.5 |
|  United States | 2.2 |
|  Belgium | 2.1 |
|  Singapore | 1.6 |
|  Norway | 1.4 |
|  Spain | 1.1 |
|  Other (each representing less than 1%) | 2.2 |
|  Other Assets Less Liabilities | 0.4 |

---

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

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| | |
|:---|:---|
| Fund Summary as of November 30, 2022 | **BlackRock Advantage Large Cap Growth Fund** |

---

**Investment Objective** 

**BlackRock Advantage Large Cap Growth Fund's (the "Fund")** investment objective is to seek long-term capital appreciation.

**Portfolio Management Commentary** 

**How did the Fund perform?** 

For the six-month period ended November 30, 2022, the Fund underperformed its benchmark, the Russell 1000<sup>®</sup> Growth Index.

**What factors influenced performance?** 

The period saw continued market volatility as equities tested new lows before recovering. Market focus remained on policy normalization and inflation as investors weighed the impact of rising rates on risk assets as well as the direction of future policy decisions. The Fed hiked its benchmark overnight lending rate by 75 basis points at four consecutive meetings as the central bank tightened policy to combat inflation. The inflation picture evolved as prices of goods moderated while services prices accelerated, led by labor market tightness which is a key focus of the Fed. The resulting policy action resulted in a persistently inverted yield curve, often a precursor of recession. Despite this, markets staged a bear rally during the summer as investors interpreted softening economic data as an indication that policy makers would pivot to a more dovish policy stance. The rebound proved premature, as the Fed reaffirmed its focus on inflation after the late-August Jackson Hole meeting, prompting a selloff in September 2022. However, markets recovered at period-end as signs emerged of inflation peaking alongside a robust earnings season, highlighting the potential for a soft landing.

Underperformance was mainly driven by macro thematic measures, particularly around the summer months, alongside some fundamental measures which were challenged during the first half of the period. Notably, insights that identify industries likely to benefit from central bank policy normalization detracted given the evolving market regime by motivating an unsuccessful overweight to financials. Additionally, a measure which seeks to identify trends based on input costs struggled across consumer discretionary stocks.

Elsewhere, non-traditional quality measures such as those ranking companies based on employee benefits and corporate culture detracted. These insights motivated an unsuccessful underweight to hotel and leisure names which detracted given the consumer shift toward services during the period.

Despite the Fund's overall underperformance for the period, some insights provided ballast to the portfolio, particularly in the back half of the period. Stock selection from sentiment measures provided positive results, having correctly captured the evolving backdrop. Insights capturing sentiment from bond markets were broadly additive against the backdrop of the Fed's sharp rate hiking cycle. Further, a text-based measure gathering sentiment from broker reports drove positive stock selection within industrials, most notably in aerospace and defense stocks which likely benefited from the ongoing Ukraine conflict.

Elsewhere, insights related to company fundamentals also helped during the period. Traditional quality insights that prefer lower-risk securities performed well given elevated market volatility. Further, measures looking at equity issuance as well as an insight that evaluates research expenditures worked well within healthcare.

**Describe recent portfolio activity.** 

Over the course of the period, the portfolio maintained a balanced allocation of risk across all major return drivers. There were, however, several new signals added within the stock selection group of insights. The Fund built upon its alternative data capabilities with enhanced data sets that capture informed investor positioning as well as news flow. Additionally, the Fund added to its complex of consumer intent insights with a measure that looks towards social media activity as a measure of potential revenue growth. Finally, the Fund built upon its company employee-related measures by adding an insight that identifies organizations at risk for emerging labor disputes.

**Describe portfolio positioning at period end.** 

Relative to the Russell 1000<sup>®</sup> Growth Index, the Fund was positioned essentially neutrally from a sector perspective. The Fund had slight overweight positions in the healthcare and information technology sectors and slight underweight positions in the communication services and consumer discretionary sectors.

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

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

------

---

| | |
|:---|:---|
| Fund Summary as of November 30, 2022 (continued) | **BlackRock Advantage Large Cap Growth Fund** |

---

**Performance** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Average Annual Total Returns<sup>(a)</sup><sup>(b)</sup> | Average Annual Total Returns<sup>(a)</sup><sup>(b)</sup> | Average Annual Total Returns<sup>(a)</sup><sup>(b)</sup> | Average Annual Total Returns<sup>(a)</sup><sup>(b)</sup> | Average Annual Total Returns<sup>(a)</sup><sup>(b)</sup> | Average Annual Total Returns<sup>(a)</sup><sup>(b)</sup> |
|  | | 1 Year | 1 Year | 5 Years | 5 Years | 10 Years | 10 Years |
|  | *6-Month*<br> *Total<br>Returns* | *Without*<br> *Sales*<br> *Charge* | *With*<br> *Sales*<br> *Charge* | *Without*<br> *Sales*<br> *Charge* | *With*<br> *Sales*<br> *Charge* | *Without*<br> *Sales*<br> *Charge* | *With*<br> *Sales*<br> *Charge* |
|  Institutional | (3.09)% | (22.77)% | N/A | 11.03% | N/A | 11.28% | N/A |
|  Investor A | (3.23) | (22.98) | (27.02)% | 10.75 | 9.56% | 10.96 | 10.36% |
|  Investor C | (3.58) | (23.56) | (24.27) | 9.92 | 9.92 | 10.29 | 10.29 |
|  Class K | (3.09) | (22.75) | N/A | 11.06 | N/A | 11.12 | N/A |
|  Class R | (3.38) | (23.20) | N/A | 10.47 | N/A | 10.62 | N/A |
|  **Russell 1000**<sup>®</sup> **Growth Index<sup>(c)</sup>** | (1.76) | (21.64) | N/A | 12.92 | N/A | 15.01 | N/A |

---

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

<sup>(b)</sup> Under normal circumstances, the Fund seeks to invest at least 80% of its net assets plus the amount of any borrowings for investment purposes in large cap equity securities of U.S. issuers and derivatives that have similar economic characteristics to such securities. The Fund's total returns prior to June 12, 2017 are the returns of the Fund when it followed different investment strategies under the name BlackRock Flexible Equity Fund. 

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

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

Past performance is not an indication of future results.

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

**Expense Example** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Actual | Actual | Actual | | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | |
|  | *Beginning<br>Account Value<br>(06/01/22)* | *Ending<br>Account Value<br>(11/30/22)* | *Expenses<br>Paid During<br>the Period* | *<br>* <br> <sup>*(a)*</sup> | *Beginning<br>Account Value<br>(06/01/22)* | *Ending<br>Account Value<br>(11/30/22)* | *Expenses<br>Paid During<br>the Period* | *Annualized<br>Expense<br>Ratio* |
|  Institutional | $1000.00 | $969.10 | $2.95 |  | $1000.00 | $1000.00 | $0.00 | 0.60% |
|  Investor A | 1000.00 | 967.70 | 4.29 |  | 1000.00 | 1000.00 | 0.00 | 0.87 |
|  Investor C | 1000.00 | 964.20 | 7.98 |  | 1000.00 | 1000.00 | 0.00 | 1.62 |
|  Class K | 1000.00 | 969.10 | 2.81 |  | 1000.00 | 1000.00 | 0.00 | 0.57 |
|  Class R | 1000.00 | 966.20 | 5.52 |  | 1000.00 | 1000.00 | 0.00 | 1.12 |

---

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

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

**Portfolio Information** 

**TEN LARGEST HOLDINGS** 

---

| | |
|:---|:---|
| *Security<sup>(a)</sup>* | *Percent of<br>Net Assets* |
|  Apple Inc. | 10.8% |
|  Microsoft Corp. | 9.6 |
|  Amazon.com, Inc. | 4.6 |
|  Tesla, Inc. | 2.7 |
|  Alphabet, Inc., Class C, NVS | 2.5 |
|  Alphabet, Inc., Class A | 2.5 |
|  PepsiCo, Inc. | 2.4 |
|  UnitedHealth Group, Inc. | 2.4 |
|  NVIDIA Corp. | 2.1 |
|  Eli Lilly & Co. | 1.8 |

---

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

**SECTOR ALLOCATION** 

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | *Percent of<br>Net Assets* |
|  Information Technology | 44.1% |
|  Consumer Discretionary | 14.0 |
|  Health Care | 13.5 |
|  Industrials | 6.9 |
|  Communication Services | 6.4 |
|  Consumer Staples | 5.9 |
|  Financials | 3.3 |
|  Materials | 1.7 |
|  Energy | 1.4 |
|  Real Estate | 1.2 |
|  Other (each representing less than 1%) | 0.4 |
|  Short-Term Securities | 1.6 |
|  Liabilities in Excess of Other Assets | (0.4) |

---

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

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

------

---

| | |
|:---|:---|
| Fund Summary as of November 30, 2022 | **BlackRock Advantage Small Cap Core Fund** |

---

**Investment Objective** 

**BlackRock Advantage Small Cap Core Fund's (the "Fund")** investment objective is to seek capital appreciation over the long term.

**Portfolio Management Commentary** 

**How did the Fund perform?** 

For the six-month period ended November 30, 2022, the Fund outperformed the benchmark Russell 2000<sup>®</sup> Index with the exception of its Investor C Shares which performed in line.

**What factors influenced performance?** 

The period saw continued market volatility as equities tested new lows before recovering. Market focus remained on policy normalization and inflation as investors weighed the impact of rising rates on risk assets as well as the direction of future policy decisions. The Fed hiked its benchmark overnight lending rate by 75 basis points at four consecutive meetings as the central bank tightened policy to combat inflation. The inflation picture evolved as prices of goods moderated while services prices accelerated, led by labor market tightness which is a key focus of the Fed. The resulting policy action resulted in a persistently inverted yield curve, often a precursor of recession. Despite this, markets staged a bear rally during the summer as investors interpreted softening economic data as an indication that policy makers would pivot to a more dovish policy stance. The rebound proved premature, as the Fed reaffirmed its focus on inflation after the late-August Jackson Hole meeting, prompting a selloff in September. However, markets recovered at period-end as signs emerged of inflation peaking alongside a robust earnings season, highlighting the potential for a soft landing.

The Fund performed well against a volatile backdrop, with gains concentrated in the back half of the period. This was predominantly due to performance strength from sentiment measures which correctly captured the evolving market backdrop. Specifically, trend-based sentiment measures evaluating earnings calls and broker reports proved additive within financials.

Fundamental stock selection measures were mixed but provided ballast to performance during the latter half of the period. A top contributor was a traditional quality insight with a preference for lower-risk securities. This measure performed well, particularly within healthcare names, amid the higher market volatility seen throughout the period. Additionally, a quality measure comparing stocks across earnings management benefited performance by motivating a successful underweight to consumer discretionary stocks.

Traditional valuation measures were also additive given the strength of value styles going into period-end. Most notably, insights that evaluate balance sheet metrics such as research expenditures and company valuations based on sales proved beneficial.

Despite the Fund's overall outperformance, macro thematic measures broadly detracted throughout the period. Insights that identify companies likely to benefit from central bank policy normalization weighed on performance by motivating an unsuccessful positioning across healthcare and information technology stocks. This positioning proved overly defensive amid interest rate uncertainty and against the broader investor shift to pro-growth exposures during the summer months.

Elsewhere, environmental, social and governance("ESG") measures related to human capital produced negative results for the period. Most notably, insights evaluating corporate culture and employee benefits detracted within healthcare holdings. Finally, a non-financial quality insight looking at companies retaining C-suite level founders was the worst performer for the period with losses across industrial and information technology stocks.

**Describe recent portfolio activity.** 

Over the course of the period, the portfolio maintained a balanced allocation of risk across all major return drivers. There were, however, several new signals added within the stock selection group of insights. The Fund built upon its alternative data capabilities with enhanced data sets that capture informed investor positioning as well as news flow. Additionally, the Fund added to its complex of consumer intent insights with a measure that looks towards social media activity as a measure of potential revenue growth. Finally, the Fund built upon its company employee-related measures by adding an insight that identifies organizations at risk for emerging labor disputes.

**Describe portfolio positioning at period end.** 

Relative to the Russell 2000<sup>®</sup> Index, the Fund remained largely sector-neutral at period end. The Fund ended the period with slight overweight allocations to the healthcare and industrials sectors, and slight underweights to the financials and real estate sectors.

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

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

------

---

| | |
|:---|:---|
| Fund Summary as of November 30, 2022 (continued) | **BlackRock Advantage Small Cap Core Fund** |

---

**Performance** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Average Annual Total Returns<sup>(a)</sup><sup>(b)</sup> | Average Annual Total Returns<sup>(a)</sup><sup>(b)</sup> | Average Annual Total Returns<sup>(a)</sup><sup>(b)</sup> | Average Annual Total Returns<sup>(a)</sup><sup>(b)</sup> | Average Annual Total Returns<sup>(a)</sup><sup>(b)</sup> | Average Annual Total Returns<sup>(a)</sup><sup>(b)</sup> |
|  | | 1 Year | 1 Year | 5 Years | 5 Years | Since Inception<sup>(c)</sup> | Since Inception<sup>(c)</sup> |
|  | *6-Month*<br> *Total<br>Returns* | *Without*<br> *Sales*<br> *Charge* | *With*<br> *Sales*<br> *Charge* | *Without*<br> *Sales*<br> *Charge* | *With*<br> *Sales*<br> *Charge* | *Without*<br> *Sales*<br> *Charge* | *With*<br> *Sales*<br> *Charge* |
|  Institutional | 2.53% | (12.51)% | N/A | 6.88% | N/A | 9.76% | N/A |
|  Investor A | 2.43 | (12.70) | (17.28)% | 6.62 | 5.47% | 9.49 | 8.88% |
|  Investor C | 2.02 | (13.39) | (14.19) | 5.82 | 5.82 | 8.80 | 8.80 |
|  Class K | 2.55 | (12.46) | N/A | 6.93 | N/A | 9.79 | N/A |
|  **Russell 2000**<sup>®</sup> **Index<sup>(d)</sup>** | 1.98 | (13.01) | N/A | 5.45 | N/A | 8.73 | N/A |

---

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

<sup>(b)</sup> Under normal circumstances, the Fund seeks to invest at least 80% of its net assets plus any borrowings for investment purposes in equity securities or other financial instruments that are components of, or have market capitalizations similar to, the securities included in the Russell 2000<sup>®</sup> Index. 

<sup>(c)</sup> The Fund commenced operations on March 14, 2013.

<sup>(d)</sup> An index that measures the performance of the small-cap segment of the U.S. equity universe. It is a subset of the Russell 3000<sup>®</sup> Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. 

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

Past performance is not an indication of future results.

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

**Expense Example** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Actual | Actual | Actual | | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | |
|  | *Beginning<br>Account Value<br>(06/01/22)* | *Ending<br>Account Value<br>(11/30/22)* | *Expenses<br>Paid During<br>the Period* | *<br>* <br> <sup>*(a)*</sup> | *Beginning<br>Account Value<br>(06/01/22)* | *Ending<br>Account Value<br>(11/30/22)* | *Expenses<br>Paid During<br>the Period* | *Annualized<br>Expense<br>Ratio* |
|  Institutional | $1000.00 | $1025.30 | $2.54 |  | $1000.00 | $1022.56 | $2.54 | 0.50% |
|  Investor A | 1000.00 | 1024.30 | 3.81 |  | 1000.00 | 1021.31 | 3.80 | 0.75 |
|  Investor C | 1000.00 | 1020.20 | 7.60 |  | 1000.00 | 1017.55 | 7.59 | 1.50 |
|  Class K | 1000.00 | 1025.50 | 2.29 |  | 1000.00 | 1022.81 | 2.28 | 0.45 |

---

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

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

**Portfolio Information** 

**TEN LARGEST HOLDINGS** 

---

| | |
|:---|:---|
| *Security<sup>(a)</sup>* | *Percent of<br>Net Assets* |
|  Insperity, Inc. | 1.2% |
|  Essent Group Ltd. | 1.2 |
|  Outfront Media, Inc. | 1.2 |
|  Hancock Whitney Corp. | 1.1 |
|  Heartland Financial U.S.A., Inc. | 1 |
|  EMCOR Group, Inc. | 0.9 |
|  Applied Industrial Technologies, Inc. | 0.9 |
|  Watts Water Technologies, Inc., Class A | 0.9 |
|  Rush Enterprises, Inc., Class A | 0.8 |
|  Silicon Laboratories, Inc. | 0.8 |

---

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

**SECTOR ALLOCATION** 

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | *Percent of<br>Net Assets* |
|  Health Care | 16.9% |
|  Financials | 16.4 |
|  Industrials | 16.3 |
|  Information Technology | 13.5 |
|  Consumer Discretionary | 9.8 |
|  Energy | 7.4 |
|  Real Estate | 5.4 |
|  Consumer Staples | 3.9 |
|  Materials | 3.9 |
|  Utilities | 3.1 |
|  Communication Services | 2.2 |
|  Short-Term Securities | 3.6 |
|  Liabilities in Excess of Other Assets | (2.4) |

---

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

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

------

---

| | |
|:---|:---|
| Fund Summary as of November 30, 2022 | **BlackRock Advantage Large Cap Core Fund** |

---

**Investment Objective** 

**BlackRock Advantage Large Cap Core Fund's (the "Fund")** investment objective is to seek long-term capital growth. In other words, the Fund tries to choose investments that will increase in value.

**Portfolio Management Commentary** 

**How did the Fund perform?** 

For the six-month period ended November 30, 2022, the Fund underperformed its benchmark, the Russell 1000<sup>®</sup> Index.

**What factors influenced performance?** 

The period saw continued market volatility as equities tested new lows before recovering. Market focus remained on policy normalization and inflation as investors weighed the impact of rising rates on risk assets as well as the direction of future policy decisions. The Fed hiked its benchmark overnight lending rate by 75 basis points at four consecutive meetings as the central bank tightened policy to combat inflation. The inflation picture evolved as prices of goods moderated while services prices accelerated, led by labor market tightness which is a key focus of the Fed. The resulting policy action resulted in a persistently inverted yield curve, often a precursor of recession. Despite this, markets staged a bear rally during the summer as investors interpreted softening economic data as an indication that policy makers would pivot to a more dovish policy stance. The rebound proved premature, as the Fed reaffirmed its focus on inflation after the late-August 2022 Jackson Hole meeting, prompting a selloff in September. However, markets recovered at period-end as signs emerged of inflation peaking alongside a robust earnings season, highlighting the potential for a soft landing.

The Fund's underperformance was mainly driven by macro thematic measures, particularly around the summer months, alongside some fundamental measures which were challenged during the first half of the period. Notably, insights that identify industries likely to benefit from central bank policy normalization weighed on performance by motivating an unsuccessful overweight to financials. This positioning struggled against the broader investor shift to pro-growth exposures during the summer months.

Elsewhere, non-traditional quality measures such as those ranking companies based on employee benefits detracted, as they struggled among communication services stocks largely due to underweights to entertainment companies.

Finally, insights looking at industry trends based on input cost disruptions motivated an underweight to consumer discretionary names, detracting from performance. In particular, underweights to hotel and restaurant companies detracted as consumers shifted spending to services during the period.

Despite the Fund's underperformance for the period, some insights provided ballast to the portfolio, particularly in the back half of the reporting period. Stock selection from sentiment measures provided positive results during the period, having correctly captured the evolving backdrop. Insights capturing sentiment from bond markets were broadly additive against the backdrop of the Fed's sharp rate hiking cycle. Further, a measure that looks at ETF flows drove positive stock selection within real estate amid a challenging environment for the sector.

Elsewhere, insights related to company fundamentals also helped during the period. Traditional quality insights that prefer lower-risk securities performed well given the elevated market volatility. Further, measures looking at equity issuance worked well within healthcare. Additionally, some measures related to environmental, social and governance factors benefited from a strong bounce back after struggling early in 2022. Particularly, a more forward-looking insight ranking companies based on commitments to a lower carbon economy performed well.

**Describe recent portfolio activity.** 

Over the course of the period, the portfolio maintained a balanced allocation of risk across all major return drivers. There were, however, several new signals added within the stock selection group of insights. The Fund built upon its alternative data capabilities with enhanced data sets that capture informed investor positioning as well as news flow. Additionally, the Fund added to its complex of consumer intent insights with a measure that looks towards social media activity as a measure of potential revenue growth. Finally, the Fund built upon its company employee-related measures by adding an insight that identifies organizations at risk for emerging labor disputes.

**Describe portfolio positioning at period end.** 

Relative to the Russell 1000<sup>®</sup> Index, the Fund was positioned essentially neutrally from a sector perspective. The Fund had slight overweight positions in the information technology and healthcare sectors and slight underweight positions in the communication services and consumer discretionary sectors.

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

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

------

---

| | |
|:---|:---|
| Fund Summary as of November 30, 2022 (continued) | **BlackRock Advantage Large Cap Core Fund** |

---

**Performance** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Average Annual Total Returns<sup>(a)</sup><sup>(b)</sup> | Average Annual Total Returns<sup>(a)</sup><sup>(b)</sup> | Average Annual Total Returns<sup>(a)</sup><sup>(b)</sup> | Average Annual Total Returns<sup>(a)</sup><sup>(b)</sup> | Average Annual Total Returns<sup>(a)</sup><sup>(b)</sup> | Average Annual Total Returns<sup>(a)</sup><sup>(b)</sup> |
|  | | 1 Year | 1 Year | 5 Years | 5 Years | 10 Years | 10 Years |
|  | *6-Month*<br> *Total<br>Returns* | *Without*<br> *Sales*<br> *Charge* | *With*<br> *Sales*<br> *Charge* | *Without*<br> *Sales*<br> *Charge* | *With*<br> *Sales*<br> *Charge* | *Without*<br> *Sales*<br> *Charge* | *With*<br> *Sales*<br> *Charge* |
|  Institutional | (1.05)% | (11.66)% | N/A | 9.95% | N/A | 12.64% | N/A |
|  Investor A | (1.19) | (11.90) | (16.53)% | 9.67 | 8.49% | 12.35 | 11.74% |
|  Investor C | (1.56) | (12.52) | (13.33) | 8.86 | 8.86 | 11.63 | 11.63 |
|  Class K | (1.05) | (11.62) | N/A | 10.00 | N/A | 12.66 | N/A |
|  Class R | (1.28) | (12.10) | N/A | 9.41 | N/A | 12.04 | N/A |
|  **Russell 1000**<sup>®</sup> **Index<sup>(c)</sup>** | (0.48) | (10.66) | N/A | 10.69 | N/A | 13.17 | N/A |

---

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

<sup>(b)</sup> Under normal circumstances, the Fund seeks to invest at least 80% of its net assets plus the amount of any borrowings for investment purposes in large cap equity securities and derivatives that have similar economic characteristics to such securities. The Fund's total returns prior to June 12, 2017 are the returns of the Fund when it followed different investment strategies under the name BlackRock Large Cap Core Fund. 

<sup>(c)</sup> An index that measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000<sup>®</sup> Index and includes approximately 1,000 of the largest securities based on a combination of their market capitalization and current index membership. The index represents approximately 93% of the U.S. market. 

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

Past performance is not an indication of future results.

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

**Expense Example** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Actual | Actual | Actual | | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | |
|  | *Beginning<br>Account Value<br>(06/01/22)* | *Ending<br>Account Value<br>(11/30/22)* | *Expenses<br>Paid During<br>the Period* | *<br>* <br> <sup>*(a)*</sup> | *Beginning<br>Account Value<br>(06/01/22)* | *Ending<br>Account Value<br>(11/30/22)* | *Expenses<br>Paid During<br>the Period* | *Annualized<br>Expense<br>Ratio* |
|  Institutional | $1000.00 | $989.50 | $2.39 |  | $1000.00 | $1022.66 | $2.43 | 0.48% |
|  Investor A | 1000.00 | 988.10 | 3.64 |  | 1000.00 | 1021.41 | 3.70 | 0.73 |
|  Investor C | 1000.00 | 984.40 | 7.36 |  | 1000.00 | 1017.65 | 7.49 | 1.48 |
|  Class K | 1000.00 | 989.50 | 2.14 |  | 1000.00 | 1022.91 | 2.18 | 0.43 |
|  Class R | 1000.00 | 987.20 | 4.88 |  | 1000.00 | 1020.16 | 4.96 | 0.98 |

---

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

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

**Portfolio Information** 

**TEN LARGEST HOLDINGS** 

---

| | |
|:---|:---|
| *Security<sup>(a)</sup>* | *Percent of<br>Net Assets* |
|  Microsoft Corp. | 5.5% |
|  Apple Inc. | 5.4 |
|  Amazon.com, Inc. | 2.2 |
|  Alphabet, Inc., Class A | 1.9 |
|  PepsiCo, Inc. | 1.8 |
|  Alphabet, Inc., Class C, NVS | 1.4 |
|  Chevron Corp. | 1.4 |
|  American Express Co. | 1.4 |
|  Marsh & McLennan Cos., Inc. | 1.4 |
|  Analog Devices, Inc. | 1.3 |

---

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

**SECTOR ALLOCATION** 

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | *Percent of<br>Net Assets* |
|  Information Technology | 25.9% |
|  Health Care | 15.6 |
|  Financials | 11.9 |
|  Consumer Discretionary | 9.4 |
|  Industrials | 8.9 |
|  Consumer Staples | 7.2 |
|  Communication Services | 6.5 |
|  Energy | 5.0 |
|  Materials | 3.2 |
|  Real Estate | 3.1 |
|  Utilities | 2.3 |
|  Short-Term Securities | 1.6 |
|  Liabilities in Excess of Other Assets | (0.6) |

---

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

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

------

---

| | |
|:---|:---|
| Fund Summary as of November 30, 2022 | **BlackRock Advantage Large Cap Value Fund** |

---

**Investment Objective** 

**BlackRock Advantage Large Cap Value Fund's (the "Fund")** investment objective is to seek long-term capital growth. In other words, the Fund tries to choose investments that will increase in value.

**Portfolio Management Commentary** 

**How did the Fund perform?** 

For the six-month period ended November 30, 2022, the Fund underperformed its benchmark, the Russell 1000<sup>®</sup> Value Index.

**What factors influenced performance?** 

The period saw continued market volatility as equities tested new lows before recovering. Market focus remained on policy normalization and inflation as investors weighed the impact of rising rates on risk assets as well as the direction of future policy decisions. The Fed hiked its benchmark overnight lending rate by 75 basis points at four consecutive meetings as the central bank tightened policy to combat inflation. The inflation picture evolved as prices of goods moderated while services prices accelerated, led by labor market tightness which is a key focus of the Fed. The resulting policy action resulted in a persistently inverted yield curve, often a precursor of recession. Despite this, markets staged a bear rally during the summer as investors interpreted softening economic data as an indication that policy makers would pivot to a more dovish policy stance. The rebound proved premature, as the Fed reaffirmed its focus on inflation after the late-August 2022 Jackson Hole meeting, prompting a selloff in September. However, markets recovered at period-end as signs emerged of inflation peaking alongside a robust earnings season, highlighting the potential for a soft landing.

Underperformance was mainly driven by macro thematic measures, particularly around the summer months, alongside some fundamental measures which were challenged during the first half of the period. Notably, insights that identify industries likely to benefit from central bank policy normalization weighed on performance by motivating an unsuccessful overweight to financials. This positioning struggled during the summer months when value styles were out of favor among the broader market. The Fund used derivatives to equitize cash and cash equivalents to be fully invested in the stock market while maintaining some liquidity. The Fund's use of derivative detracted from performance.

Elsewhere, non-traditional quality measures, such as those ranking companies based on employee benefits, detracted as they struggled to position the portfolio within the semiconductor segment. Additionally, a text-based insight analyzing industries likely to benefit from lobbying activity performed poorly within utilities.

Despite the Fund's overall underperformance for the period, some insights provided ballast to the portfolio, particularly in the back half of the period. Stock selection from sentiment measures provided positive results during the period, having correctly captured the evolving backdrop. Insights capturing sentiment from bond markets were broadly additive against the backdrop of the Fed's sharp rate hiking cycle. Further, a text-based measure gathering sentiment from broker reports drove a successful overweight to industrials, particularly the machinery sub-sector.

Elsewhere, insights related to company fundamentals proved additive. Traditional quality insights that prefer lower-risk securities performed well given elevated market volatility. Further, measures looking at equity issuance as well as an insight analyzing companies' valuations relative to sales worked well within healthcare. given the market preference during the period.

**Describe recent portfolio activity.** 

Over the course of the period, the portfolio maintained a balanced allocation of risk across all major return drivers. There were, however, several new signals added within the stock selection group of insights. The Fund built upon its alternative data capabilities with enhanced data sets that capture informed investor positioning as well as news flow. Additionally, the Fund added to its complex of consumer intent insights with a measure that looks towards social media activity as a measure of potential revenue growth. Finally, the Fund built upon its company employee-related measures by adding an insight that identifies organizations at risk for emerging labor disputes.

**Describe portfolio positioning at period end.** 

Relative to the Russell 1000<sup>®</sup> Value Index, the Fund was positioned essentially neutrally from a sector perspective. The Fund had slight overweight positions in the healthcare, industrials and information technology sectors and slight underweight positions in the communication services and consumer discretionary sectors.

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

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

------

---

| | |
|:---|:---|
| Fund Summary as of November 30, 2022 (continued) | **BlackRock Advantage Large Cap Value Fund** |

---

**Performance** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Average Annual Total Returns <sup>(a)</sup><sup>(b)</sup> | Average Annual Total Returns <sup>(a)</sup><sup>(b)</sup> | Average Annual Total Returns <sup>(a)</sup><sup>(b)</sup> | Average Annual Total Returns <sup>(a)</sup><sup>(b)</sup> | Average Annual Total Returns <sup>(a)</sup><sup>(b)</sup> | Average Annual Total Returns <sup>(a)</sup><sup>(b)</sup> |
|  | | 1 Year | 1 Year | 5 Years | 5 Years | 10 Years | 10 Years |
|  | *6-Month*<br> *Total<br>Returns* | *Without*<br> *Sales*<br> *Charge* | *With*<br> *Sales*<br> *Charge* | *Without*<br> *Sales*<br> *Charge* | *With*<br> *Sales*<br> *Charge* | *Without*<br> *Sales*<br> *Charge* | *With*<br> *Sales*<br> *Charge* |
|  Institutional | 0.46% | 0.80% | N/A | 7.85% | N/A | 11.16% | N/A |
|  Investor A | 0.35 | 0.60 | (4.69)% | 7.59 | 6.43% | 10.86 | 10.26% |
|  Investor C | (0.03) | (0.18) | (1.13) | 6.78 | 6.78 | 10.19 | 10.19 |
|  Class K | 0.48 | 0.88 | N/A | 7.90 | N/A | 11.18 | N/A |
|  Class R | 0.20 | 0.31 | N/A | 7.31 | N/A | 10.57 | N/A |
|  **Russell 1000**<sup>®</sup> **Value Index<sup>(c)</sup>** | 0.90 | 2.42 | N/A | 7.86 | N/A | 10.97 | N/A |

---

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

<sup>(b)</sup> Under normal circumstances, the Fund seeks to invest at least 80% of its net assets plus the amount of any borrowings for investment purposes in large cap equity securities of U.S. issuers and derivatives that have similar economic characteristics to such securities. The Fund's total returns prior to June 12, 2017 are the returns of the Fund when it followed different investment strategies under the name BlackRock Large Cap Value Fund. 

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

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

Past performance is not an indication of future results.

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

**Expense Example** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Actual | Actual | Actual | | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | |
|  | *Beginning<br>Account Value<br>(06/01/22)* | *Ending<br>Account Value<br>(11/30/22)* | *Expenses<br>Paid During<br>the Period* | *<br>* <br> <sup>*(a)*</sup> | *Beginning<br>Account Value<br>(06/01/22)* | *Ending<br>Account Value<br>(11/30/22)* | *Expenses<br>Paid During<br>the Period* | *Annualized<br>Expense<br>Ratio* |
|  Institutional | $1000.00 | $1004.60 | $2.71 |  | $1000.00 | $1022.36 | $2.74 | 0.54% |
|  Investor A | 1000.00 | 1003.50 | 3.97 |  | 1000.00 | 1021.11 | 4.00 | 0.79 |
|  Investor C | 1000.00 | 999.70 | 7.72 |  | 1000.00 | 1017.35 | 7.79 | 1.54 |
|  Class K | 1000.00 | 1004.80 | 2.46 |  | 1000.00 | 1022.61 | 2.48 | 0.49 |
|  Class R | 1000.00 | 1002.00 | 5.22 |  | 1000.00 | 1019.85 | 5.27 | 1.04 |

---

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

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

**Portfolio Information** 

**TEN LARGEST HOLDINGS** 

---

| | |
|:---|:---|
| *Security<sup>(a)</sup>* | *Percent of<br>Net Assets* |
|  Berkshire Hathaway, Inc., Class B | 2.6% |
|  Exxon Mobil Corp. | 2.6 |
|  Johnson & Johnson | 2.5 |
|  Chevron Corp. | 2.4 |
|  JPMorgan Chase & Co. | 2.1 |
|  Procter & Gamble Co. | 1.5 |
|  American Express Co. | 1.5 |
|  Cigna Corp. | 1.5 |
|  Thermo Fisher Scientific, Inc. | 1.4 |
|  Pfizer, Inc. | 1.4 |

---

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

**SECTOR ALLOCATION** 

---

| | |
|:---|:---|
| *Sector<sup>(a)</sup>* | *Percent of<br>Net Assets* |
|  Financials | 20.4% |
|  Health Care | 17.7 |
|  Industrials | 10.6 |
|  Information Technology | 9.5 |
|  Energy | 8.2 |
|  Consumer Staples | 8.1 |
|  Communication Services | 6.6 |
|  Consumer Discretionary | 5.1 |
|  Utilities | 4.7 |
|  Real Estate | 4.5 |
|  Materials | 3.7 |
|  Short-Term Securities | 1.7 |
|  Liabilities in Excess of Other Assets | (0.8) |

---

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

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

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About Fund Performance

**Institutional and Class K Shares** are not subject to any sales charge. These shares bear no ongoing distribution or service fees and are available only to certain eligible investors. BlackRock Advantage International Fund's, BlackRock Advantage Large Cap Core Fund's and BlackRock Advantage Large Cap Value Fund's Class K Shares performance shown prior to the Class K Shares inception date of January 25, 2018 is that of Institutional Shares. BlackRock Advantage Large Cap Growth Fund's Class K Shares performance shown prior to the Class K Shares inception date of January 25, 2018 is that of Investor A Shares. BlackRock Advantage Small Cap Core Fund's Class K Shares performance shown prior to the Class K Shares inception date of March 28, 2016 is that of Institutional Shares. The performance of each Fund's Class K Shares would be substantially similar to Investor A Shares or Institutional Shares, as applicable, because Investor A Shares or Institutional Shares, as applicable, of a Fund invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Investor A Shares or Institutional Shares, as applicable, have different expenses. The actual returns of Class K Shares would have been higher than those of Investor A Shares or Institutional Shares, as applicable, because Class K Shares have lower expenses than Investor A Shares and Institutional Shares.

**Investor A Shares** are subject to a maximum initial sales charge (front-end load) of 5.25% and a service fee of 0.25% per year (but no distribution fee). Certain redemptions of these shares may be subject to a contingent deferred sales charge ("CDSC") where no initial sales charge was paid at the time of purchase. These shares are generally available through financial intermediaries. On July 6, 2021, Advantage Large Cap Growth's issued and outstanding Service Shares converted into Investor A Shares with the same relative aggregate net asset value ("NAV").

**Investor C Shares** are subject to a 1.00% CDSC if redeemed within one year of purchase. In addition, these shares are subject to a distribution fee of 0.75% per year and a service fee of 0.25% per year. These shares are generally available through financial intermediaries. These shares automatically convert to Investor A Shares after approximately eight years.

**Class R Shares** (available only in BlackRock Advantage International Fund, BlackRock Advantage Large Cap Growth Fund, BlackRock Advantage Large Cap Core Fund and BlackRock Advantage Large Cap Value Fund) are not subject to any sales charge. These shares are subject to a distribution fee of 0.25% per year and a service fee of 0.25% per year. These shares are available only to certain employer-sponsored retirement plans.

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

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

Disclosure of Expenses

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

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

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

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

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

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Derivative Financial Instruments

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

D E R I V A T I V E F I N A N C I A L I N S T R U M E N T S 15

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
|  **Australia — 8.6%** |  |  |
|  AGL Energy Ltd. | 329399 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1794368 |
|  Allkem Ltd.<sup>(a)</sup> | 108476 | 1026252 |
|  Aristocrat Leisure Ltd. | 343932 | 8264839 |
|  Australia & New Zealand Banking Group Ltd. | 123092 | 2078375 |
|  BHP Group Ltd. | 661902 | 20555609 |
|  Commonwealth Bank of Australia | 7683 | 566216 |
|  CSL Ltd. | 31537 | 6479549 |
|  Deterra Royalties Ltd. | 12775 | 40277 |
|  Downer EDI Ltd. | 21821 | 77225 |
|  Flight Centre Travel Group Ltd.<sup>(a)(b)</sup> | 110181 | 1220688 |
|  Fortescue Metals Group Ltd. | 168807 | 2246767 |
|  Glencore PLC | 173496 | 1183957 |
|  Iluka Resources Ltd. | 48312 | 336228 |
|  Macquarie Group Ltd. | 79678 | 9798922 |
|  Magellan Financial Group Ltd. | 3521 | 23828 |
|  Medibank Pvt Ltd. | 712567 | 1421702 |
|  Mineral Resources Ltd. | 1227 | 73905 |
|  National Australia Bank Ltd. | 241692 | 5202165 |
|  Newcrest Mining Ltd. | 54685 | 744658 |
|  Pro Medicus Ltd. | 708 | 29185 |
|  QBE Insurance Group Ltd. | 6821 | 59918 |
|  REA Group Ltd. | 39133 | 3334240 |
|  Rio Tinto Ltd. | 15305 | 1142590 |
|  Rio Tinto PLC | 28162 | 1895829 |
|  Rocketboots Ltd.<sup>(a)(b)</sup> | 1389 | 99 |
|  Scentre Group | 528272 | 1077511 |
|  South32 Ltd. | 520223 | 1444937 |
|  Steadfast Group Ltd. | 81878 | 296987 |
|  Stockland | 504674 | 1317641 |
|  Telstra Group Ltd. | 1276583 | 3463648 |
|  Treasury Wine Estates Ltd. | 17537 | 165615 |
|  Westpac Banking Corp. | 607383 | 9863856 |
|  WiseTech Global Ltd. | 7556 | 302132 |
|  Worley Ltd. | 369619 | 3748854 |
|  |  | 91278572 |
| **Austria — 0.4%** |  |  |
|  ams-OSRAM AG<sup>(a)</sup> | 80457 | 670072 |
|  ANDRITZ AG | 39560 | 2165001 |
|  BAWAG Group AG<sup>(c)</sup> | 9524 | 498989 |
|  Erste Group Bank AG | 24322 | 761556 |
|  OMV AG | 1749 | 92822 |
|  |  | 4188440 |
| **Belgium — 2.1%** |  |  |
|  Ageas SA/NV | 10213 | 413544 |
|  Anheuser-Busch InBev SA/NV | 224505 | 13240267 |
|  Galapagos NV<sup>(a)</sup> | 4907 | 195580 |
|  KBC Group NV | 71514 | 3961425 |
|  Proximus SADP | 16858 | 176348 |
|  Solvay SA | 40178 | 3985454 |
|  UCB SA | 4329 | 349422 |
|  |  | 22322040 |
| **China — 0.2%** |  |  |
|  BOC Hong Kong Holdings Ltd. | 339500 | 1083683 |
|  Budweiser Brewing Co. APAC Ltd.<sup>(c)</sup> | 207500 | 601933 |
|  ESR Cayman Ltd.<sup>(c)</sup> | 70400 | 159801 |
|  SITC International Holdings Co. Ltd. | 167000 | 370465 |
|  |  | 2215882 |
| **Denmark — 3.1%** |  |  |
|  AP Moller - Maersk A/S, Class A | 373 | 791903 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Denmark (continued)** |  |  |
|  AP Moller - Maersk A/S, Class B | 1753 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800429 |
|  Carlsberg AS, Class B | 6884 | 870242 |
|  Chr Hansen Holding A/S | 1127 | 69558 |
|  Coloplast A/S, Class B | 1207 | 142688 |
|  Demant A/S<sup>(a)</sup> | 5983 | 170899 |
|  DSV A/S | 11652 | 1864242 |
|  Genmab A/S<sup>(a)</sup> | 5781 | 2678886 |
|  H Lundbeck A/S | 69625 | 257277 |
|  Novo Nordisk A/S, Class B | 127046 | 15936413 |
|  Novozymes A/S, B Shares | 31672 | 1841666 |
|  Pandora A/S | 6410 | 487999 |
|  Tryg A/S | 164830 | 3834951 |
|  |  | 32747153 |
| **Finland — 0.3%** |  |  |
|  Nokia Oyj | 700600 | 3451792 |
| **France — 11.1%** |  |  |
|  Accor SA<sup>(a)</sup> | 24880 | 655344 |
|  Air Liquide SA | 15192 | 2211820 |
|  ALD SA<sup>(c)</sup> | 19 | 191 |
|  Amundi SA<sup>(c)</sup> | 23156 | 1302992 |
|  Arkema SA | 13690 | 1217202 |
|  BNP Paribas SA | 82010 | 4608306 |
|  Capgemini SE | 31469 | 5689516 |
|  Covivio | 764 | 44240 |
|  Danone SA | 2922 | 153572 |
|  Dassault Systemes SE | 167757 | 6255205 |
|  Engie SA | 418184 | 6357147 |
|  Eramet SA | 447 | 38251 |
|  Eurazeo SE | 886 | 55920 |
|  Hermes International | 5054 | 8214158 |
|  Ipsen SA | 4681 | 523267 |
|  Kering SA | 576 | 346082 |
|  Klepierre SA | 2750 | 63724 |
|  La Francaise des Jeux SAEM<sup>(c)</sup> | 785 | 31476 |
|  L'Oreal SA | 25229 | 9474902 |
|  LVMH Moet Hennessy Louis Vuitton SE | 15536 | 12056384 |
|  Pernod Ricard SA | 25043 | 4968176 |
|  Remy Cointreau SA | 873 | 151091 |
|  Rexel SA | 413969 | 7607226 |
|  Safran SA | 63123 | 7801100 |
|  Sanofi | 175876 | 15886758 |
|  Schneider Electric SE | 44221 | 6530303 |
|  Société Générale SA | 210167 | 5289701 |
|  Teleperformance | 10422 | 2379152 |
|  Thales SA | 12575 | 1608659 |
|  TotalEnergies SE | 50437 | 3152317 |
|  Ubisoft Entertainment SA<sup>(a)</sup> | 51819 | 1441511 |
|  Vinci SA | 20627 | 2082622 |
|  |  | 118198315 |
| **Germany — 9.6%** |  |  |
|  1&1 AG | 921 | 13238 |
|  adidas AG | 30561 | 3939557 |
|  Aurubis AG | 1403 | 112636 |
|  Bayer AG, Registered Shares | 67768 | 3933045 |
|  Bayerische Motoren Werke AG | 68644 | 6232787 |
|  Carl Zeiss Meditec AG | 13585 | 1852111 |
|  Continental AG | 1567 | 94835 |
|  Deutsche Boerse AG | 13437 | 2469377 |
|  Deutsche Post AG, Registered Shares | 111520 | 4455029 |
|  Deutsche Telekom AG, Registered Shares | 288962 | 5878282 |
|  DWS Group GmbH & Co. KGaA<sup>(c)</sup> | 36586 | 1170927 |

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

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Germany (continued)** |  |  |
|  E.ON SE | 4441 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42578 |
|  Evonik Industries AG | 213177 | 4202141 |
|  Fraport AG Frankfurt Airport Services Worldwide<sup>(a)</sup> | 1355 | 59302 |
|  Freenet AG | 33859 | 752603 |
|  HelloFresh SE<sup>(a)</sup> | 6988 | 173058 |
|  HOCHTIEF AG | 52624 | 3060732 |
|  Infineon Technologies AG | 181687 | 6102948 |
|  K+S AG, Registered Shares | 6129 | 135283 |
|  LANXESS AG | 1076 | 43231 |
|  Mercedes-Benz Group AG | 123334 | 8379711 |
|  MTU Aero Engines AG | 2012 | 424257 |
|  Nemetschek SE | 29868 | 1492732 |
|  Porsche Automobil Holding SE, Preference Shares | 6604 | 405939 |
|  SAP SE | 132579 | 14710522 |
|  Scout24 SE<sup>(c)</sup> | 91845 | 5041196 |
|  Siemens AG, Registered Shares | 121089 | 16793209 |
|  Siemens Energy AG | 34303 | 576152 |
|  Talanx AG | 707 | 31432 |
|  thyssenkrupp AG<sup>(a)</sup> | 6069 | 34210 |
|  Volkswagen AG | 2436 | 470264 |
|  Volkswagen AG, Preference Shares | 43382 | 6407987 |
|  Wacker Chemie AG | 17094 | 2195471 |
|  |  | 101686782 |
| **Hong Kong — 3.3%** |  |  |
|  AIA Group Ltd. | 1520600 | 15441099 |
|  ASMPT Ltd. | 136800 | 1018408 |
|  Bank of East Asia Ltd. | 31800 | 36675 |
|  CK Asset Holdings Ltd. | 169500 | 1014541 |
|  CK Infrastructure Holdings Ltd. | 108000 | 545808 |
|  Dah Sing Financial Holdings Ltd. | 17600 | 39315 |
|  Hang Lung Properties Ltd. | 64000 | 118281 |
|  Henderson Land Development Co. Ltd. | 36000 | 118675 |
|  Hong Kong & China Gas Co. Ltd. | 25000 | 21330 |
|  Hong Kong Exchanges & Clearing Ltd. | 37100 | 1475004 |
|  Hongkong Land Holdings Ltd. | 7300 | 29455 |
|  Hysan Development Co. Ltd. | 67000 | 176923 |
|  Jardine Matheson Holdings Ltd. | 83200 | 4032622 |
|  Kerry Properties Ltd. | 605000 | 1156577 |
|  Link REIT | 137400 | 928110 |
|  Man Wah Holdings Ltd. | 154400 | 142908 |
|  New World Development Co. Ltd. | 1051000 | 2500682 |
|  NWS Holdings Ltd. | 249000 | 205307 |
|  Pacific Basin Shipping Ltd. | 472000 | 159382 |
|  PCCW Ltd. | 1203000 | 526039 |
|  Power Assets Holdings Ltd. | 45000 | 232139 |
|  Sino Land Co. Ltd. | 316000 | 395222 |
|  Sun Hung Kai Properties Ltd. | 108000 | 1302834 |
|  Swire Properties Ltd. | 951000 | 2141889 |
|  Techtronic Industries Co. Ltd. | 88000 | 1072734 |
|  WH Group Ltd.<sup>(c)</sup> | 236000 | 138276 |
|  Yue Yuen Industrial Holdings Ltd. | 35500 | 44773 |
|  |  | 35015008 |
| **India — 0.0%** |  |  |
|  Jasper Infotech Private Ltd.. (Acquired 05/07/14, cost $804,375)<sup>(a)(d)(e)</sup> | 172800 | 168352 |
| **Ireland — 0.2%** |  |  |
|  AIB Group PLC | 27038 | 87800 |
|  CRH PLC | 3199 | 128605 |
|  James Hardie Industries PLC | 59622 | 1196911 |
|  Kingspan Group PLC | 15338 | 870675 |
|  |  | 2283991 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Israel — 0.2%** |  |  |
|  Bank Hapoalim BM | 63381 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616233 |
|  Bezeq The Israeli Telecommunication Corp. Ltd. | 375354 | 698136 |
|  Israel Discount Bank Ltd., Class A | 3962 | 23726 |
|  Nice Ltd.<sup>(a)</sup> | 4454 | 862914 |
|  Teva Pharmaceutical Industries Ltd.<sup>(a)</sup> | 37744 | 331937 |
|  |  | 2532946 |
| **Italy — 2.5%** |  |  |
|  A2A SpA | 193195 | 259376 |
|  Assicurazioni Generali SpA | 51950 | 921562 |
|  Banca Mediolanum SpA | 76825 | 650108 |
|  Banca Monte dei Paschi di Siena SpA<sup>(a)</sup> | 73042 | 144111 |
|  Buzzi Unicem SpA | 1432 | 27648 |
|  Davide Campari-Milano NV | 10316 | 108723 |
|  Eni SpA | 361799 | 5394423 |
|  Ferrari NV | 8874 | 1980694 |
|  Intesa Sanpaolo SpA | 1114173 | 2473757 |
|  Italgas SpA | 54102 | 318394 |
|  Mediobanca Banca di Credito Finanziario SpA | 191540 | 1851016 |
|  MFE-MediaForEurope NV, Class A | 119 | 50 |
|  MFE-MediaForEurope NV, Class B | 11 | 6 |
|  Moncler SpA | 9254 | 482356 |
|  Pirelli & C SpA<sup>(c)</sup> | 333016 | 1486568 |
|  Poste Italiane SpA<sup>(c)</sup> | 191320 | 1882901 |
|  PRADA SpA | 22100 | 121731 |
|  Reply SpA | 1913 | 227497 |
|  Snam SpA | 1172381 | 5984666 |
|  UniCredit SpA | 126818 | 1732071 |
|  UnipolSai Assicurazioni SpA | 70531 | 179938 |
|  |  | 26227596 |
| **Japan — 20.5%** |  |  |
|  Acom Co. Ltd. | 264400 | 620355 |
|  Advantest Corp. | 8900 | 605758 |
|  Aisin Corp. | 800 | 22048 |
|  Alfresa Holdings Corp. | 49800 | 606344 |
|  Amada Co. Ltd. | 602100 | 4854077 |
|  Aozora Bank Ltd. | 2500 | 47269 |
|  Astellas Pharma, Inc. | 454000 | 7041372 |
|  Benesse Holdings, Inc. | 191900 | 2790132 |
|  Casio Computer Co. Ltd. | 85700 | 846566 |
|  Central Japan Railway Co. | 18800 | 2278623 |
|  COMSYS Holdings Corp. | 1200 | 21632 |
|  Cosmos Pharmaceutical Corp. | 2900 | 295624 |
|  Daifuku Co. Ltd. | 5200 | 270713 |
|  Dai-ichi Life Holdings, Inc. | 241100 | 4471968 |
|  Daikin Industries Ltd. | 1400 | 230889 |
|  Daiwa House Industry Co. Ltd. | 87500 | 2015041 |
|  DMG Mori Co. Ltd. | 141400 | 1909886 |
|  Ebara Corp. | 14500 | 563757 |
|  Fancl Corp. | 6100 | 114806 |
|  FANUC Corp. | 23400 | 3518448 |
|  Fast Retailing Co. Ltd. | 10800 | 6422108 |
|  Fuji Media Holdings, Inc. | 78400 | 617173 |
|  FUJIFILM Holdings Corp. | 30000 | 1613766 |
|  Hino Motors Ltd.<sup>(a)</sup> | 42600 | 193602 |
|  Hitachi Ltd. | 8600 | 459923 |
|  Honda Motor Co. Ltd. | 396200 | 9656029 |
|  Horiba Ltd. | 17200 | 790553 |
|  Hoya Corp. | 23000 | 2380043 |
|  IHI Corp. | 2100 | 57953 |
|  Inpex Corp. | 212500 | 2341671 |
|  ITOCHU Corp. | 182100 | 5719230 |
|  Itochu Techno-Solutions Corp. | 27000 | 664685 |

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

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

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| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Japan (continued)** |  |  |
|  Japan Post Bank Co. Ltd. | 262100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003483 |
|  Japan Tobacco, Inc. | 104700 | 2142099 |
|  JGC Holdings Corp. | 3700 | 51320 |
|  Kajima Corp. | 68800 | 778497 |
|  Kakaku.com, Inc. | 46100 | 828606 |
|  Kamigumi Co. Ltd. | 29100 | 594248 |
|  Kandenko Co. Ltd. | 23400 | 148181 |
|  Kao Corp. | 1300 | 52029 |
|  KDDI Corp. | 413400 | 12296409 |
|  Kinden Corp. | 22000 | 236346 |
|  Kubota Corp. | 5200 | 77317 |
|  Lawson, Inc. | 136300 | 4881793 |
|  Lion Corp. | 171700 | 1837142 |
|  Makita Corp. | 9600 | 221141 |
|  MatsukiyoCocokara & Co. | 1300 | 54313 |
|  Mazda Motor Corp. | 6800 | 54063 |
|  Medipal Holdings Corp. | 16200 | 216358 |
|  Mitsubishi Corp. | 357100 | 12026828 |
|  Mitsubishi Electric Corp. | 9600 | 96209 |
|  Mitsubishi Estate Co. Ltd. | 101000 | 1426177 |
|  Mitsubishi Gas Chemical Co., Inc. | 104700 | 1508156 |
|  Mitsubishi Heavy Industries Ltd. | 2700 | 107468 |
|  Mitsubishi UFJ Financial Group, Inc. | 40200 | 219233 |
|  Mitsui & Co. Ltd. | 211200 | 6129810 |
|  Mitsui Fudosan Co. Ltd. | 225300 | 4567526 |
|  MonotaRO Co. Ltd. | 3100 | 53631 |
|  MS&AD Insurance Group Holdings, Inc. | 47000 | 1395021 |
|  Nabtesco Corp. | 15000 | 377899 |
|  NEC Corp. | 109200 | 3887581 |
|  Nippon Kayaku Co. Ltd. | 3000 | 27482 |
|  Nippon Steel Corp. | 17200 | 275566 |
|  Nippon Telegraph & Telephone Corp. | 182600 | 5063317 |
|  Nippon Television Holdings, Inc. | 4600 | 35565 |
|  Nissan Motor Co. Ltd. | 90400 | 326162 |
|  Nissin Foods Holdings Co. Ltd. | 300 | 22862 |
|  Nitto Denko Corp. | 59300 | 3746628 |
|  Nomura Research Institute Ltd. | 4900 | 108578 |
|  NSK Ltd. | 20600 | 114790 |
|  Obayashi Corp. | 51700 | 386513 |
|  Odakyu Electric Railway Co. Ltd. | 1600 | 21121 |
|  Omron Corp. | 97300 | 5060694 |
|  Oracle Corp.. Japan | 4200 | 248734 |
|  Oriental Land Co. Ltd. | 2400 | 346921 |
|  Otsuka Corp. | 15500 | 521699 |
|  Pigeon Corp. | 7600 | 113895 |
|  Pola Orbis Holdings, Inc. | 90200 | 1184645 |
|  Recruit Holdings Co. Ltd. | 225000 | 7279934 |
|  Ricoh Co. Ltd. | 132200 | 1050125 |
|  Sankyu, Inc. | 3800 | 137521 |
|  Santen Pharmaceutical Co. Ltd. | 237300 | 1938536 |
|  SCREEN Holdings Co. Ltd. | 12000 | 807589 |
|  SCSK Corp. | 7100 | 114986 |
|  Sega Sammy Holdings, Inc. | 108700 | 1449575 |
|  Sekisui Chemical Co. Ltd. | 3700 | 52330 |
|  Seven & i Holdings Co. Ltd. | 3100 | 126136 |
|  SG Holdings Co. Ltd. | 15500 | 241680 |
|  Shimadzu Corp. | 22200 | 682307 |
|  Shimamura Co. Ltd. | 400 | 36315 |
|  Shimizu Corp. | 18100 | 97587 |
|  Shin-Etsu Chemical Co. Ltd. | 16900 | 2186949 |
|  Shiseido Co. Ltd. | 26900 | 1148898 |
|  SMC Corp. | 2100 | 958253 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Japan (continued)** |  |  |
|  SoftBank Corp. | 203500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2214009 |
|  SoftBank Group Corp. | 85200 | 3733338 |
|  Sohgo Security Services Co. Ltd. | 15000 | 407814 |
|  Sompo Holdings, Inc. | 700 | 30876 |
|  Sony Group Corp. | 26800 | 2220117 |
|  Sumitomo Chemical Co. Ltd. | 1471400 | 5364482 |
|  Sumitomo Corp. | 283000 | 4639577 |
|  Sumitomo Heavy Industries Ltd. | 3700 | 78917 |
|  Sumitomo Mitsui Financial Group, Inc. | 203800 | 6917124 |
|  Sumitomo Mitsui Trust Holdings, Inc. | 1900 | 60934 |
|  Sundrug Co. Ltd. | 27800 | 742000 |
|  Suzuken Co. Ltd. | 1200 | 32332 |
|  Suzuki Motor Corp. | 40600 | 1464603 |
|  Sysmex Corp. | 6300 | 387047 |
|  T&D Holdings, Inc. | 86600 | 1052825 |
|  Taisho Pharmaceutical Holdings Co. Ltd. | 1100 | 44968 |
|  Takeda Pharmaceutical Co. Ltd. | 432300 | 12711017 |
|  TBS Holdings, Inc. | 2300 | 26372 |
|  Terumo Corp. | 59500 | 1768320 |
|  Tokyo Electron Ltd. | 5000 | 1696858 |
|  Toshiba Corp. | 27600 | 941304 |
|  TOTO Ltd. | 900 | 31406 |
|  Toyota Industries Corp. | 4900 | 281100 |
|  Toyota Motor Corp. | 187600 | 2761793 |
|  Trend Micro, Inc. | 16800 | 843023 |
|  Tsuruha Holdings, Inc. | 82000 | 5309975 |
|  Yamada Holdings Co. Ltd. | 393500 | 1363823 |
|  Yaskawa Electric Corp. | 50300 | 1655397 |
|  ZOZO, Inc. | 20000 | 504933 |
|  |  | 217511105 |
| **Luxembourg — 0.5%** |  |  |
|  ArcelorMittal SA | 205754 | 5641592 |
|  SES SA | 9 | 62 |
|  |  | 5641654 |
| **Macau — 0.0%** |  |  |
|  Wynn Macau Ltd.<sup>(a)</sup> | 213200 | 163311 |
| **Netherlands — 6.9%** |  |  |
|  Aalberts NV | 2041 | 81549 |
|  ABN AMRO Bank NV, CVA<sup>(c)</sup> | 37624 | 485196 |
|  Adyen NV<sup>(a)(c)</sup> | 377 | 593895 |
|  Argenx SE<sup>(a)</sup> | 2546 | 1030454 |
|  ASML Holding NV | 28880 | 17631822 |
|  ASR Nederland NV | 50729 | 2321802 |
|  Heineken NV | 5918 | 548089 |
|  IMCD NV | 9112 | 1347704 |
|  JDE Peet's NV | 4472 | 138530 |
|  Koninklijke DSM NV | 16668 | 2161895 |
|  Koninklijke Philips NV | 613263 | 9189514 |
|  Koninklijke Vopak NV | 16891 | 501337 |
|  Randstad NV | 6685 | 387218 |
|  Shell PLC | 763661 | 22349144 |
|  Signify NV<sup>(c)</sup> | 2110 | 72066 |
|  Stellantis NV | 425147 | 6706894 |
|  Wolters Kluwer NV | 68818 | 7584462 |
|  |  | 73131571 |
| **Norway — 1.4%** |  |  |
|  Aker BP ASA | 78676 | 2737144 |
|  DNB Bank ASA | 510504 | 9968174 |
|  Equinor ASA | 7059 | 271848 |
|  Gjensidige Forsikring ASA | 3664 | 70729 |
|  Kongsberg Gruppen ASA | 6284 | 260615 |

---

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

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---

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Norway (continued)** |  |  |
|  Mowi ASA | 16409 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257144 |
|  Var Energi ASA | 317568 | 1172331 |
|  |  | 14737985 |
| **Singapore — 1.6%** |  |  |
|  ComfortDelGro Corp. Ltd. | 149700 | 136183 |
|  Jardine Cycle & Carriage Ltd. | 272600 | 6080015 |
|  Mapletree Industrial Trust | 51000 | 84025 |
|  Mapletree Pan Asia Commercial Trust | 623300 | 788664 |
|  Oversea-Chinese Banking Corp. Ltd. | 240200 | 2213845 |
|  SATS Ltd.<sup>(a)</sup> | 69300 | 136586 |
|  Singapore Telecommunications Ltd. | 1054500 | 2119991 |
|  STMicroelectronics NV | 86229 | 3337658 |
|  Suntec Real Estate Investment Trust | 53300 | 54795 |
|  United Overseas Bank Ltd. | 83600 | 1927605 |
|  |  | 16879367 |
| **South Africa — 0.4%** |  |  |
|  Anglo American PLC | 103649 | 4309219 |
| **Spain — 1.1%** |  |  |
|  Acciona SA<sup>(b)</sup> | 11248 | 2200169 |
|  ACS Actividades de Construccion y Servicios SA | 1560 | 44277 |
|  Amadeus IT Group SA<sup>(a)</sup> | 13513 | 730614 |
|  Banco Bilbao Vizcaya Argentaria SA | 429617 | 2531752 |
|  Banco Santander SA | 953146 | 2844031 |
|  Bankinter SA | 4197 | 27604 |
|  Grifols SA, Class A<sup>(a)</sup> | 50906 | 545405 |
|  Iberdrola SA | 195535 | 2209042 |
|  Mapfre SA | 29699 | 56478 |
|  Repsol SA | 23878 | 368684 |
|  |  | 11558056 |
| **Sweden — 2.6%** |  |  |
|  Atlas Copco AB, A Shares | 252836 | 3151577 |
|  Atlas Copco AB, B Shares | 131988 | 1498488 |
|  Boliden AB | 13319 | 503103 |
|  EQT AB | 19846 | 455526 |
|  Fastighets AB Balder, B Shares<sup>(a)</sup> | 8422 | 37861 |
|  Industrivarden AB, A Shares | 73722 | 1902624 |
|  Industrivarden AB, C Shares | 201303 | 5156711 |
|  Investor AB, A Shares | 33577 | 646514 |
|  Investor AB, B Shares | 347466 | 6466643 |
|  L E Lundbergforetagen AB, B Shares | 5627 | 245840 |
|  Saab AB, Class B | 133665 | 4972381 |
|  Tele2 AB, B Shares | 44672 | 396834 |
|  Telefonaktiebolaget LM Ericsson, B Shares | 206386 | 1302639 |
|  Volvo AB, B Shares | 12540 | 230380 |
|  Volvo Car AB, Class B<sup>(a)</sup> | 36107 | 180930 |
|  |  | 27148051 |
| **Switzerland — 8.2%** |  |  |
|  ABB Ltd., Registered Shares | 82016 | 2577614 |
|  Alcon, Inc. | 37412 | 2579918 |
|  Baloise Holding AG, Registered Shares | 1869 | 282671 |
|  Belimo Holding AG, Registered Shares | 69 | 31911 |
|  Chocoladefabriken Lindt & Spruengli AG | 432 | 4544347 |
|  Chocoladefabriken Lindt & Spruengli AG, Registered Shares | 3 | 308966 |
|  Cie Financiere Richemont SA, Registered Shares | 16204 | 2148132 |
|  Clariant AG, Registered Shares | 8830 | 143486 |
|  Flughafen Zurich AG, Registered Shares<sup>(a)</sup> | 2291 | 380934 |
|  Geberit AG, Registered Shares | 1935 | 927550 |
|  Givaudan SA, Registered Shares | 2017 | 6818824 |
|  Helvetia Holding AG, Registered Shares | 4497 | 505734 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Switzerland (continued)** |  |  |
|  Holcim AG | 12423 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648975 |
|  Medmix AG<sup>(c)</sup> | 2 | 35 |
|  Nestlé SA, Registered Shares | 141745 | 16871001 |
|  Novartis AG, Registered Shares | 233309 | 20753898 |
|  Roche Holding AG | 2898 | 1164169 |
|  Roche Holding AG, NVS | 26070 | 8515085 |
|  Sonova Holding AG, Registered Shares | 974 | 252908 |
|  Swatch Group AG | 17631 | 4717825 |
|  Temenos AG, Registered Shares | 34941 | 2153176 |
|  UBS Group AG, Registered Shares | 321847 | 5938943 |
|  VAT Group AG<sup>(c)</sup> | 3439 | 963864 |
|  Zurich Insurance Group AG | 7020 | 3372668 |
|  |  | 86602634 |
| **United Kingdom — 12.6%** |  |  |
|  Ashtead Group PLC | 5000 | 305173 |
|  AstraZeneca PLC | 101568 | 13746280 |
|  Auto Trader Group PLC<sup>(c)</sup> | 73040 | 504218 |
|  Barclays PLC | 1185978 | 2319859 |
|  Bellway PLC | 17527 | 425891 |
|  BP PLC | 2451524 | 14639849 |
|  British American Tobacco PLC | 355266 | 14566617 |
|  BT Group PLC | 2802156 | 4123405 |
|  Centrica PLC | 953912 | 1101219 |
|  CK Hutchison Holdings Ltd. | 38000 | 220903 |
|  Close Brothers Group PLC | 15 | 194 |
|  Croda International PLC | 6432 | 531896 |
|  Diageo PLC | 220628 | 10189042 |
|  Direct Line Insurance Group PLC | 219470 | 555395 |
|  Dunelm Group PLC | 24 | 291 |
|  easyJet PLC<sup>(a)</sup> | 7373 | 35433 |
|  Experian PLC | 150490 | 5324524 |
|  Ferguson PLC | 6499 | 736798 |
|  GSK PLC | 814966 | 13857735 |
|  Halma PLC | 1321 | 35041 |
|  Hargreaves Lansdown PLC | 16193 | 166844 |
|  HSBC Holdings PLC | 559333 | 3426889 |
|  IG Group Holdings PLC | 51564 | 512935 |
|  IMI PLC | 34631 | 569534 |
|  Intertek Group PLC | 135029 | 6620423 |
|  Lloyds Banking Group PLC | 7586873 | 4329173 |
|  Man Group PLC | 12781 | 32409 |
|  National Grid PLC | 472263 | 5809344 |
|  Reckitt Benckiser Group PLC | 21498 | 1542772 |
|  RELX PLC | 105314 | 2953104 |
|  Rightmove PLC | 391500 | 2656628 |
|  Sage Group PLC | 10630 | 103105 |
|  Segro PLC | 5212 | 50438 |
|  Smiths Group PLC | 149870 | 2884446 |
|  Spectris PLC | 26641 | 1031444 |
|  Spirax-Sarco Engineering PLC | 5746 | 784740 |
|  SSE PLC | 226715 | 4702195 |
|  Standard Chartered PLC | 68564 | 510736 |
|  Subsea 7 SA | 39 | 444 |
|  Tesco PLC | 782877 | 2157022 |
|  Travis Perkins PLC | 8082 | 90742 |
|  Tritax Big Box REIT PLC | 51807 | 90546 |
|  Unilever PLC | 161493 | 8074835 |
|  UNITE Group PLC | 2279 | 25522 |
|  Vodafone Group PLC | 1417130 | 1569703 |
|  |  | 133915736 |
|  **Total Common Stocks — 97.4%<br>(Cost: $938,038,688)** |  | 1033915558 |

---

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

------

---

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Preferred Securities** |  |  |
|  **Preferred Stocks — —%** | **Preferred Stocks — —%** | **Preferred Stocks — —%** |
| **Germany — 0.0%** | **Germany — 0.0%** | **Germany — 0.0%** |
|  FUCHS PETROLUB SE | 9210 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322609 |
|  **Total Preferred Securities — 0.0%<br>(Cost: $297,701)** |  | 322609 |
| **Rights** |  |  |
|  **France — 0.0%** | **France — 0.0%** | **France — 0.0%** |
|  ALD SA<sup>(a)</sup> | 19 | 16 |
|  **Total Rights — 0.0%<br>(Cost: $—)** |  | 16 |
|  **Total Long-Term Investments — 97.4%<br>(Cost: $938,336,389)** |  | 1034238183 |
|  **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.2%** | **Money Market Funds — 2.2%** |  |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class, 3.57%<sup>(f)(g)</sup> | 21217796 | 21217796 |
|  SL Liquidity Series, LLC, Money Market Series, 4.05%<sup>(f)(g)(h)</sup> | 1711874 | 1711189 |
|  **Total Short-Term Securities — 2.2%<br>(Cost: $22,928,699)** | **Total Short-Term Securities — 2.2%<br>(Cost: $22,928,699)** | 22928985 |
|  **Total Investments — 99.6%<br>(Cost: $961,265,088)** | **Total Investments — 99.6%<br>(Cost: $961,265,088)** | 1057167168 |
|  **Other Assets Less Liabilities — 0.4%** | **Other Assets Less Liabilities — 0.4%** | 4027365 |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1061194533 |

---

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

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

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

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

<sup>(e)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $168,352, representing 0.0% of its net assets as of period end, and an original cost of $804,375. 

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

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

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

**Affiliates** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>05/31/22* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>11/30/22* | *Shares<br>Held at<br>11/30/22* | *Income* | *Capital<br>Gain<br>Distributions<br>from Underlying<br>Funds* |
|  BlackRock Liquidity Funds,<br>T-Fund, Institutional Class | $20534364 | $683432 <sup>(a)</sup> | $— | $— | $— | $21217796 | 21217796 | $213855 | $— |
|  SL Liquidity Series, LLC, Money Market Series | 6246194 |  | (4533401)<sup>(a)</sup> | (1010) | (594) | 1711189 | 1711874 | 13292 <sup>(b)</sup> |  |
|  |  |  |  | $(1010) | $(594) | $22928985 |  | $227147 | $— |

---

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

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

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

------

---

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

---

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount<br>(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI EAFE Index | 253 | 12/16/22 | $25044 | $1856963 |

---

**Derivative Financial Instruments Categorized by Risk Exposure** 

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $1856963 | $— | $— | $— | $1856963 |

---

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

For the period ended November 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(2535177) | $— | $— | $— | $(2535177) |
| **Net Change in Unrealized Appreciation<br> (Depreciation) on** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $1641776 | $— | $— | $— | $1641776 |

---

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

---

| | |
|:---|:---|
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $22388575 |

---

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

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | $— | $91278572 | $— | $91278572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austria |  | 4188440 |  | 4188440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium |  | 22322040 |  | 22322040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China |  | 2215882 |  | 2215882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark | 257277 | 32489876 |  | 32747153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland |  | 3451792 |  | 3451792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 118198315 |  | 118198315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 101686782 |  | 101686782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 35015008 |  | 35015008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India |  |  | 168352 | 168352 |

---

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

------

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *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; Ireland | $— | $2283991 | $— | $2283991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel |  | 2532946 |  | 2532946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 26227596 |  | 26227596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 217511105 |  | 217511105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luxembourg |  | 5641654 |  | 5641654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macau |  | 163311 |  | 163311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 73131571 |  | 73131571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norway |  | 14737985 |  | 14737985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore |  | 16879367 |  | 16879367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa |  | 4309219 |  | 4309219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 11558056 |  | 11558056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden |  | 27148051 |  | 27148051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 86602634 |  | 86602634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 485 | 133915251 |  | 133915736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities |  | 322609 |  | 322609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights | 16 |  |  | 16 |
| &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 | 21217796 |  |  | 21217796 |
|  | $21475574 | $1033812053 | $168352 | 1055455979 |
|  Investments valued at NAV<sup>(a)</sup> |  |  |  | 1711189 |
|  |  |  |  | $1057167168 |
|  Derivative Financial Instruments<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $1856963 | $— | $— | $1856963 |

---

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

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

*See notes to financial statements.* 

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

------

---

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** | **Common Stocks** | **Common Stocks** |
|  **Aerospace & Defense — 1.7%** | **Aerospace & Defense — 1.7%** | **Aerospace & Defense — 1.7%** |
|  General Dynamics Corp. | 19984 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5043762 |
|  HEICO Corp. | 3861 | 626679 |
|  Lockheed Martin Corp. | 20413 | 9904183 |
|  |  | 15574624 |
| **Air Freight & Logistics — 0.8%** |  |  |
|  United Parcel Service, Inc., Class B | 39886 | 7567571 |
| **Auto Components — 0.1%** |  |  |
|  Lear Corp. | 5609 | 809042 |
| **Automobiles — 2.7%** |  |  |
|  Tesla, Inc.<sup>(a)</sup> | 127798 | 24882271 |
| **Beverages — 2.6%** |  |  |
|  Brown-Forman Corp., Class B, NVS | 17605 | 1285517 |
|  PepsiCo, Inc. | 118243 | 21935259 |
|  |  | 23220776 |
| **Biotechnology — 2.7%** |  |  |
|  AbbVie, Inc. | 59540 | 9596657 |
|  Amgen, Inc. | 30977 | 8871813 |
|  BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 10282 | 1038276 |
|  Blueprint Medicines Corp.<sup>(a)</sup> | 18587 | 888273 |
|  Exact Sciences Corp.<sup>(a)</sup> | 8796 | 395380 |
|  Exelixis, Inc.<sup>(a)</sup> | 4625 | 78995 |
|  Novavax, Inc.<sup>(a)</sup> | 23156 | 381843 |
|  Seagen, Inc.<sup>(a)</sup> | 12326 | 1496253 |
|  Ultragenyx Pharmaceutical, Inc.<sup>(a)</sup> | 5807 | 210794 |
|  Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 3666 | 1159922 |
|  |  | 24118206 |
| **Building Products — 0.2%** |  |  |
|  Builders FirstSource, Inc.<sup>(a)</sup> | 14403 | 920784 |
|  Trane Technologies PLC | 3414 | 609126 |
|  |  | 1529910 |
| **Capital Markets — 0.3%** |  |  |
|  Blackstone, Inc., NVS | 2687 | 245941 |
|  Cboe Global Markets, Inc. | 15945 | 2022464 |
|  Charles Schwab Corp. | 2964 | 244649 |
|  CME Group, Inc. | 960 | 169440 |
|  Intercontinental Exchange, Inc. | 1195 | 129430 |
|  |  | 2811924 |
| **Chemicals — 1.7%** |  |  |
|  Cabot Corp. | 1 | 74 |
|  Corteva, Inc. | 26226 | 1761338 |
|  Ecolab, Inc. | 46216 | 6924543 |
|  FMC Corp. | 11814 | 1543381 |
|  Linde PLC | 8003 | 2692849 |
|  Sherwin-Williams Co. | 8307 | 2069938 |
|  Valvoline, Inc. | 5465 | 180236 |
|  |  | 15172359 |
| **Commercial Services & Supplies — 0.2%** |  |  |
|  Tetra Tech, Inc. | 8220 | 1270730 |
|  Waste Management, Inc. | 3244 | 544083 |
|  |  | 1814813 |
| **Communications Equipment — 0.0%** |  |  |
|  Juniper Networks, Inc. | 5980 | 198775 |
| **Construction & Engineering — 0.1%** |  |  |
|  AECOM | 11764 | 999940 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Consumer Finance — 1.5%** | **Consumer Finance — 1.5%** | **Consumer Finance — 1.5%** |
|  American Express Co. | 72568 | $&nbsp;&nbsp;&nbsp;&nbsp;11435991 |
|  Discover Financial Services | 13703 | 1484857 |
|  Synchrony Financial | 7594 | 285383 |
|  |  | 13206231 |
| **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** |
|  H&R Block, Inc. | 22826 | 997724 |
| **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** |
|  Voya Financial, Inc. | 18395 | 1213702 |
| **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** |
|  Eaton Corp. PLC | 876 | 143182 |
| **Electronic Equipment, Instruments & Components — 1.8%** | **Electronic Equipment, Instruments & Components — 1.8%** | **Electronic Equipment, Instruments & Components — 1.8%** |
|  CDW Corp. | 24094 | 4545092 |
|  Flex Ltd.<sup>(a)</sup> | 304526 | 6693482 |
|  Jabil, Inc. | 14506 | 1047188 |
|  TE Connectivity Ltd. | 31406 | 3960925 |
|  |  | 16246687 |
| **Energy Equipment & Services — 0.3%** | **Energy Equipment & Services — 0.3%** | **Energy Equipment & Services — 0.3%** |
|  Halliburton Co. | 55579 | 2105888 |
|  Schlumberger Ltd. | 19111 | 985172 |
|  |  | 3091060 |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
|  Live Nation Entertainment, Inc.<sup>(a)</sup> | 3902 | 283910 |
|  Spotify Technology SA<sup>(a)</sup> | 20410 | 1620962 |
|  |  | 1904872 |
| **Equity Real Estate Investment Trusts (REITs) — 1.2%** | **Equity Real Estate Investment Trusts (REITs) — 1.2%** | **Equity Real Estate Investment Trusts (REITs) — 1.2%** |
|  American Tower Corp. | 2544 | 562860 |
|  Crown Castle, Inc. | 16098 | 2276740 |
|  Essex Property Trust, Inc. | 4253 | 937276 |
|  Prologis, Inc. | 5374 | 633003 |
|  SBA Communications Corp. | 7022 | 2101685 |
|  Simon Property Group, Inc. | 34990 | 4179206 |
|  |  | 10690770 |
| **Food & Staples Retailing — 1.1%** | **Food & Staples Retailing — 1.1%** | **Food & Staples Retailing — 1.1%** |
|  Costco Wholesale Corp. | 17848 | 9624534 |
|  Kroger Co. | 2217 | 109054 |
|  |  | 9733588 |
| **Food Products — 0.9%** | **Food Products — 0.9%** | **Food Products — 0.9%** |
|  Hershey Co. | 32187 | 7569417 |
|  Tyson Foods, Inc., Class A | 3694 | 244838 |
|  |  | 7814255 |
| **Health Care Equipment & Supplies — 1.6%** | **Health Care Equipment & Supplies — 1.6%** | **Health Care Equipment & Supplies — 1.6%** |
|  Abbott Laboratories | 20591 | 2215180 |
|  Becton Dickinson and Co. | 21644 | 5396715 |
|  Boston Scientific Corp.<sup>(a)</sup> | 40106 | 1815599 |
|  Edwards Lifesciences Corp.<sup>(a)</sup> | 25339 | 1957438 |
|  IDEXX Laboratories, Inc.<sup>(a)</sup> | 7074 | 3012604 |
|  Medtronic PLC | 6053 | 478429 |
|  |  | 14875965 |
| **Health Care Providers & Services — 4.3%** | **Health Care Providers & Services — 4.3%** | **Health Care Providers & Services — 4.3%** |
|  AmerisourceBergen Corp. | 24886 | 4247792 |
|  Cigna Corp. | 33545 | 11032615 |
|  Elevance Health, Inc. | 3751 | 1998983 |
|  UnitedHealth Group, Inc. | 39757 | 21777294 |
|  |  | 39056684 |

---

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

------

---

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Health Care Technology — 0.4%** | **Health Care Technology — 0.4%** | **Health Care Technology — 0.4%** |
|  Teladoc Health, Inc.<sup>(a)</sup> | 31637 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901971 |
|  Veeva Systems, Inc., Class A<sup>(a)</sup> | 11963 | 2277277 |
|  |  | 3179248 |
| **Hotels, Restaurants & Leisure — 1.0%** | **Hotels, Restaurants & Leisure — 1.0%** | **Hotels, Restaurants & Leisure — 1.0%** |
|  Airbnb, Inc., Class A<sup>(a)</sup> | 2557 | 261172 |
|  Booking Holdings, Inc.<sup>(a)</sup> | 137 | 284885 |
|  Domino's Pizza, Inc. | 1719 | 668227 |
|  Marriott International, Inc., Class A | 5036 | 832703 |
|  Starbucks Corp. | 1560 | 159432 |
|  Travel + Leisure Co. | 175473 | 6820635 |
|  Yum! Brands, Inc. | 688 | 88518 |
|  |  | 9115572 |
| **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** |
|  TopBuild Corp.<sup>(a)</sup> | 4905 | 755762 |
| **Household Products — 1.4%** | **Household Products — 1.4%** | **Household Products — 1.4%** |
|  Colgate-Palmolive Co. | 68629 | 5317375 |
|  Procter & Gamble Co. | 49655 | 7406540 |
|  |  | 12723915 |
| **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** |
|  Vistra Corp. | 5059 | 123085 |
| **Insurance — 1.4%** | **Insurance — 1.4%** | **Insurance — 1.4%** |
|  Aon PLC, Class A | 2921 | 900486 |
|  Marsh & McLennan Cos., Inc. | 69058 | 11959464 |
|  |  | 12859950 |
| **Interactive Media & Services — 5.4%** | **Interactive Media & Services — 5.4%** | **Interactive Media & Services — 5.4%** |
|  Alphabet, Inc., Class A<sup>(a)</sup> | 224724 | 22694877 |
|  Alphabet, Inc., Class C, NVS<sup>(a)</sup> | 226034 | 22931149 |
|  Meta Platforms, Inc., Class A<sup>(a)</sup> | 18747 | 2214021 |
|  Snap, Inc., Class A, NVS<sup>(a)</sup> | 105354 | 1086200 |
|  |  | 48926247 |
| **Internet & Direct Marketing Retail — 5.4%** | **Internet & Direct Marketing Retail — 5.4%** | **Internet & Direct Marketing Retail — 5.4%** |
|  Amazon.com, Inc.<sup>(a)</sup> | 432757 | 41778361 |
|  Coupang, Inc.<sup>(a)(b)</sup> | 21238 | 413716 |
|  eBay, Inc. | 123213 | 5598798 |
|  Etsy, Inc.<sup>(a)</sup> | 1686 | 222704 |
|  MercadoLibre, Inc.<sup>(a)</sup> | 1284 | 1195385 |
|  |  | 49208964 |
| **IT Services — 7.1%** | **IT Services — 7.1%** | **IT Services — 7.1%** |
|  Accenture PLC, Class A | 33690 | 10138332 |
|  Automatic Data Processing, Inc. | 41823 | 11047127 |
|  Cognizant Technology Solutions Corp., Class A | 52628 | 3273988 |
|  Gartner, Inc.<sup>(a)</sup> | 13284 | 4654315 |
|  Mastercard, Inc., Class A | 43145 | 15376878 |
|  Paychex, Inc. | 12668 | 1571212 |
|  PayPal Holdings, Inc.<sup>(a)</sup> | 41939 | 3288437 |
|  Visa, Inc., Class A | 71218 | 15454306 |
|  |  | 64804595 |
| **Life Sciences Tools & Services — 2.7%** | **Life Sciences Tools & Services — 2.7%** | **Life Sciences Tools & Services — 2.7%** |
|  Agilent Technologies, Inc. | 56302 | 8725684 |
|  Bruker Corp. | 11273 | 759913 |
|  Danaher Corp. | 14724 | 4025689 |
|  Mettler-Toledo International, Inc.<sup>(a)</sup> | 1883 | 2767181 |
|  Thermo Fisher Scientific, Inc. | 12603 | 7060453 |
|  West Pharmaceutical Services, Inc. | 5586 | 1310811 |
|  |  | 24649731 |
| **Machinery — 2.2%** | **Machinery — 2.2%** | **Machinery — 2.2%** |
|  Caterpillar, Inc. | 455 | 107567 |
|  Deere & Co. | 15838 | 6984558 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
|  Illinois Tool Works, Inc. | 6034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1372554 |
|  Otis Worldwide Corp. | 5717 | 446440 |
|  PACCAR, Inc. | 47316 | 5011238 |
|  Timken Co. | 41185 | 3129236 |
|  Xylem, Inc. | 26043 | 2925931 |
|  |  | 19977524 |
| **Media — 0.8%** | **Media — 0.8%** | **Media — 0.8%** |
|  Fox Corp., Class A, NVS | 234225 | 7600601 |
| **Multiline Retail — 0.5%** | **Multiline Retail — 0.5%** | **Multiline Retail — 0.5%** |
|  Dollar General Corp. | 485 | 124005 |
|  Target Corp. | 27318 | 4564018 |
|  |  | 4688023 |
| **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** |
|  DTE Energy Co. | 31815 | 3690858 |
| **Oil, Gas & Consumable Fuels — 1.1%** | **Oil, Gas & Consumable Fuels — 1.1%** | **Oil, Gas & Consumable Fuels — 1.1%** |
|  APA Corp. | 2131 | 99837 |
|  Chevron Corp. | 7665 | 1405071 |
|  Devon Energy Corp. | 8993 | 616200 |
|  EOG Resources, Inc. | 30323 | 4303744 |
|  Exxon Mobil Corp. | 6110 | 680288 |
|  Marathon Petroleum Corp. | 17848 | 2174065 |
|  Ovintiv, Inc. | 9007 | 502230 |
|  |  | 9781435 |
| **Pharmaceuticals — 1.9%** | **Pharmaceuticals — 1.9%** | **Pharmaceuticals — 1.9%** |
|  Eli Lilly & Co. | 44347 | 16456285 |
|  Merck & Co., Inc. | 8023 | 883493 |
|  |  | 17339778 |
| **Professional Services — 0.0%** | **Professional Services — 0.0%** | **Professional Services — 0.0%** |
|  KBR, Inc. | 4012 | 207300 |
| **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |
|  Zillow Group, Inc., Class A<sup>(a)</sup> | 163 | 6096 |
| **Road & Rail — 1.4%** | **Road & Rail — 1.4%** | **Road & Rail — 1.4%** |
|  CSX Corp. | 69421 | 2269373 |
|  Landstar System, Inc. | 5980 | 1034420 |
|  Lyft, Inc., Class A<sup>(a)</sup> | 59209 | 664325 |
|  Uber Technologies, Inc.<sup>(a)</sup> | 125378 | 3653515 |
|  Union Pacific Corp. | 21333 | 4638434 |
|  |  | 12260067 |
| **Semiconductors & Semiconductor Equipment — 7.0%** | **Semiconductors & Semiconductor Equipment — 7.0%** | **Semiconductors & Semiconductor Equipment — 7.0%** |
|  Advanced Micro Devices, Inc.<sup>(a)</sup> | 12314 | 955936 |
|  Analog Devices, Inc. | 59621 | 10249446 |
|  Applied Materials, Inc. | 29653 | 3249969 |
|  Enphase Energy, Inc.<sup>(a)</sup> | 7553 | 2421416 |
|  Intel Corp. | 78202 | 2351534 |
|  KLA Corp. | 14308 | 5625190 |
|  Lam Research Corp. | 11941 | 5640690 |
|  Lattice Semiconductor Corp.<sup>(a)</sup> | 29219 | 2128020 |
|  Marvell Technology, Inc. | 10239 | 476318 |
|  Monolithic Power Systems, Inc. | 2919 | 1114941 |
|  NVIDIA Corp. | 115391 | 19527619 |
|  NXP Semiconductors NV | 10848 | 1907512 |
|  QUALCOMM, Inc. | 51113 | 6465284 |
|  Semtech Corp.<sup>(a)</sup> | 24130 | 741756 |
|  Silicon Laboratories, Inc.<sup>(a)</sup> | 3837 | 558053 |
|  Texas Instruments, Inc. | 3112 | 561592 |
|  |  | 63975276 |
| **Software — 16.9%** | **Software — 16.9%** | **Software — 16.9%** |
|  Adobe, Inc.<sup>(a)</sup> | 28423 | 9803945 |

---

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

------

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Software (continued)** |  |  |  |
|  ANSYS, Inc.<sup>(a)</sup> | 933 | $| 237262 |
|  Atlassian Corp. Ltd., Class A<sup>(a)</sup> | 6311 |  | 830212 |
|  Autodesk, Inc.<sup>(a)</sup> | 6207 |  | 1253504 |
|  Bill.com Holdings, Inc.<sup>(a)</sup> | 4842 |  | 583074 |
|  Box, Inc., Class A<sup>(a)</sup> | 56205 |  | 1542827 |
|  Cadence Design Systems, Inc.<sup>(a)</sup> | 26613 |  | 4578500 |
|  Ceridian HCM Holding, Inc.<sup>(a)</sup> | 10962 |  | 750239 |
|  Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 21022 |  | 2473238 |
|  DocuSign, Inc.<sup>(a)</sup> | 27564 |  | 1297437 |
|  Dynatrace, Inc.<sup>(a)</sup> | 2455 |  | 95131 |
|  FreedomPay, Inc.<sup>(a)(c)</sup> | 43051 |  |  |
|  HubSpot, Inc.<sup>(a)</sup> | 7686 |  | 2329089 |
|  Intuit, Inc. | 22150 |  | 9028119 |
|  Manhattan Associates, Inc.<sup>(a)</sup> | 13975 |  | 1760012 |
|  Microsoft Corp. | 340244 |  | 86809854 |
|  Palo Alto Networks, Inc.<sup>(a)</sup> | 16132 |  | 2740827 |
|  Paycom Software, Inc.<sup>(a)</sup> | 8638 |  | 2929146 |
|  Paylocity Holding Corp.<sup>(a)</sup> | 8363 |  | 1821712 |
|  Rapid7, Inc.<sup>(a)</sup> | 1940 |  | 57036 |
|  RingCentral, Inc., Class A<sup>(a)</sup> | 64170 |  | 2378140 |
|  Salesforce, Inc.<sup>(a)</sup> | 34897 |  | 5592244 |
|  ServiceNow, Inc.<sup>(a)</sup> | 16845 |  | 7012574 |
|  Splunk, Inc.<sup>(a)</sup> | 8434 |  | 655153 |
|  Synopsys, Inc.<sup>(a)</sup> | 396 |  | 134458 |
|  VMware, Inc., Class A<sup>(a)</sup> | 4469 |  | 542939 |
|  Workday, Inc., Class A<sup>(a)</sup> | 21728 |  | 3648131 |
|  Zscaler, Inc.<sup>(a)</sup> | 21234 |  | 2833677 |
|  |  |  | 153718480 |
| **Specialty Retail — 3.2%** | **Specialty Retail — 3.2%** | **Specialty Retail — 3.2%** | **Specialty Retail — 3.2%** |
|  AutoZone, Inc.<sup>(a)</sup> | 910 |  | 2346890 |
|  Bath & Body Works, Inc. | 14450 |  | 614125 |
|  Home Depot, Inc. | 42483 |  | 13764067 |
|  Lowe's Cos., Inc.<sup>(b)</sup> | 38745 |  | 8235250 |
|  Ulta Beauty, Inc.<sup>(a)</sup> | 8075 |  | 3753583 |
|  Williams-Sonoma, Inc. | 1968 |  | 230059 |
|  |  |  | 28943974 |
| **Technology Hardware, Storage & Peripherals — 11.2%** | **Technology Hardware, Storage & Peripherals — 11.2%** | **Technology Hardware, Storage & Peripherals — 11.2%** | **Technology Hardware, Storage & Peripherals — 11.2%** |
|  Apple Inc. | 662429 |  | 98059365 |
|  Dell Technologies, Inc., Class C | 39814 |  | 1783269 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** |
|  HP, Inc. | 4944 | $148518 |
|  NetApp, Inc. | 2084 | 140899 |
|  Pure Storage, Inc., Class A<sup>(a)</sup> | 42062 | 1227790 |
|  |  | 101359841 |
| **Textiles, Apparel & Luxury Goods — 0.8%** | **Textiles, Apparel & Luxury Goods — 0.8%** | **Textiles, Apparel & Luxury Goods — 0.8%** |
|  Deckers Outdoor Corp.<sup>(a)</sup> | 539 | 214996 |
|  Lululemon Athletica, Inc.<sup>(a)</sup> | 16767 | 6376658 |
|  Ralph Lauren Corp. | 9465 | 1070681 |
|  |  | 7662335 |
| **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** |
|  SiteOne Landscape Supply, Inc.<sup>(a)</sup> | 16315 | 2048022 |
|  WW Grainger, Inc. | 1206 | 727290 |
|  |  | 2775312 |
|  **Total Long-Term Investments — 98.8%<br>(Cost: $639,685,734)** | **Total Long-Term Investments — 98.8%<br>(Cost: $639,685,734)** | 898008900 |
|  **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.6%** | **Money Market Funds — 1.6%** | **Money Market Funds — 1.6%** |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class, 3.57%<sup>(d)(e)</sup> | 8430406 | 8430406 |
|  SL Liquidity Series, LLC, Money Market Series, 4.05%<sup>(d)(e)(f)</sup> | 5916672 | 5914306 |
|  **Total Short-Term Securities — 1.6%<br>(Cost: $14,344,077)** | **Total Short-Term Securities — 1.6%<br>(Cost: $14,344,077)** | 14344712 |
|  **Total Investments — 100.4%<br>(Cost: $654,029,811)** | **Total Investments — 100.4%<br>(Cost: $654,029,811)** | 912353612 |
|  **Liabilities in Excess of Other Assets — (0.4)%** | **Liabilities in Excess of Other Assets — (0.4)%** | (4016017) |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | $908337595 |

---

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

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

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

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

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

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

**Affiliates** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>05/31/22* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>11/30/22* | *Shares<br>Held at<br>11/30/22* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class | $8039456 | $390950 <sup>(a)</sup> | $— | $— | $— | $8430406 | 8430406 | $103572 | $— |
|  SL Liquidity Series, LLC, Money Market Series | 1498897 | 4413907 <sup>(a)</sup> |  | 912 | 590 | 5914306 | 5916672 | 3901 <sup>(b)</sup> |  |
|  |  |  |  | $912 | $590 | $14344712 |  | $107473 | $— |

---

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

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

S C H E D U L E S O F I N V E S T M E N T S 25

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Advantage Large Cap Growth Fund** |

---

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount<br>(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NASDAQ 100 E-Mini Index | 43 | 12/16/22 | $10356 | $583798 |

---

**Derivative Financial Instruments Categorized by Risk Exposure** 

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $583798 | $— | $— | $— | $583798 |

---

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

For the period ended November 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(1369177) | $— | $— | $— | $(1369177) |
| **Net Change in Unrealized Appreciation<br> (Depreciation) on** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $904128 | $— | $— | $— | $904128 |

---

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

---

| | |
|:---|:---|
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $9969415 |

---

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Advantage Large Cap Growth Fund** |

---

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $898008900 | $— | $— | $898008900 |
| &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 | 8430406 |  |  | 8430406 |
|  | $906439306 | $— | $— | 906439306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments valued at NAV<sup>(a)</sup> |  |  |  | 5914306 |
|  |  |  |  | $912353612 |
|  Derivative Financial Instruments<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $583798 | $— | $— | $583798 |

---

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

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

*See notes to financial statements.* 

S C H E D U L E S O F I N V E S T M E N T S 27

------

---

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
|  **Aerospace & Defense — 0.9%** | **Aerospace & Defense — 0.9%** |  |
|  AAR Corp.<sup>(a)</sup> | 9813 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456893 |
|  Aerojet Rocketdyne Holdings, Inc.<sup>(a)</sup> | 60741 | 3158532 |
|  Astra Space, Inc.<sup>(a)(b)</sup> | 187417 | 92603 |
|  Astronics Corp.<sup>(a)</sup> | 87253 | 732925 |
|  HEICO Corp., Class A<sup>(b)</sup> | 7791 | 987743 |
|  Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 197378 | 1879039 |
|  Moog, Inc., Class A | 205366 | 17873003 |
|  Parsons Corp.<sup>(a)</sup> | 170807 | 8454946 |
|  V2X, Inc.<sup>(a)</sup> | 50938 | 2058405 |
|  |  | 35694089 |
| **Air Freight & Logistics — 0.7%** | **Air Freight & Logistics — 0.7%** |  |
|  Forward Air Corp. | 20076 | 2255940 |
|  Hub Group, Inc., Class A<sup>(a)</sup> | 297845 | 25063657 |
|  Radiant Logistics, Inc.<sup>(a)</sup> | 2988 | 15956 |
|  |  | 27335553 |
| **Airlines — 0.2%** |  |  |
|  Allegiant Travel Co.<sup>(a)</sup> | 24197 | 1998914 |
|  Hawaiian Holdings, Inc.<sup>(a)</sup> | 1126 | 15651 |
|  SkyWest, Inc.<sup>(a)</sup> | 9446 | 174279 |
|  Spirit Airlines, Inc.<sup>(a)(b)</sup> | 171753 | 3728758 |
|  Wheels Up Experience, Inc.<sup>(a)(b)</sup> | 681394 | 872184 |
|  |  | 6789786 |
| **Auto Components — 1.4%** | **Auto Components — 1.4%** |  |
|  Adient PLC<sup>(a)</sup> | 139957 | 5449926 |
|  Cooper-Standard Holdings, Inc.<sup>(a)</sup> | 80892 | 571906 |
|  Dana, Inc. | 195453 | 3441927 |
|  Dorman Products, Inc.<sup>(a)</sup> | 1811 | 162338 |
|  Fox Factory Holding Corp.<sup>(a)</sup> | 33622 | 3567294 |
|  Goodyear Tire & Rubber Co.<sup>(a)</sup> | 326581 | 3664239 |
|  LCI Industries | 68473 | 6769241 |
|  Modine Manufacturing Co.<sup>(a)</sup> | 200436 | 4243230 |
|  Patrick Industries, Inc. | 60245 | 3369503 |
|  Spruce Power Holding Corp.<sup>(a)</sup> | 883 | 848 |
|  Standard Motor Products, Inc. | 15984 | 613945 |
|  Visteon Corp.<sup>(a)</sup> | 146324 | 21480363 |
|  |  | 53334760 |
| **Automobiles — 0.2%** | **Automobiles — 0.2%** |  |
|  Cenntro Electric Group Ltd.<sup>(a)</sup> | 7710 | 4811 |
|  Winnebago Industries, Inc. | 155607 | 9117014 |
|  |  | 9121825 |
| **Banks — 8.7%** | **Banks — 8.7%** |  |
|  1st Source Corp.<sup>(b)</sup> | 22259 | 1270989 |
|  Amalgamated Financial Corp.<sup>(b)</sup> | 102312 | 2728661 |
|  Ameris Bancorp | 30610 | 1618657 |
|  Associated Banc-Corp. | 638643 | 15710618 |
|  BancFirst Corp. | 24387 | 2486011 |
|  BankFinancial Corp. | 47619 | 469523 |
|  Bankwell Financial Group, Inc. | 1148 | 33969 |
|  Bar Harbor Bankshares | 5243 | 158706 |
|  Cadence Bank | 213672 | 6162300 |
|  Capital Bancorp, Inc. | 416 | 10325 |
|  Capital City Bank Group, Inc. | 169256 | 5957811 |
|  Capstar Financial Holdings, Inc.<sup>(b)</sup> | 100517 | 1799254 |
|  Carter Bankshares, Inc.<sup>(a)</sup> | 39227 | 727269 |
|  Cathay General Bancorp | 52313 | 2430985 |
|  CNB Financial Corp. | 12383 | 316386 |
|  Coastal Financial Corp.<sup>(a)</sup> | 4650 | 232128 |
|  Colony Bankcorp, Inc. | 1929 | 26447 |
|  Community Trust Bancorp, Inc. | 61180 | 2931134 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Banks (continued)** |  |  |
|  ConnectOne Bancorp, Inc. | 42294 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109795 |
|  Customers Bancorp, Inc.<sup>(a)</sup> | 17542 | 566080 |
|  Enterprise Bancorp, Inc.<sup>(b)</sup> | 1190 | 41626 |
|  Equity Bancshares, Inc., Class A<sup>(b)</sup> | 4254 | 155526 |
|  Farmers National Banc Corp. | 11621 | 176755 |
|  FB Financial Corp. | 263982 | 11301069 |
|  Financial Institutions, Inc. | 40108 | 1015535 |
|  First Bancshares, Inc.<sup>(b)</sup> | 124459 | 4255253 |
|  First Bank/Hamilton NJ | 2298 | 35251 |
|  First Business Financial Services, Inc. | 40614 | 1556328 |
|  First Commonwealth Financial Corp. | 70246 | 1034021 |
|  First Community Bankshares, Inc. | 68993 | 2549291 |
|  First Financial Corp. | 75287 | 3619046 |
|  First Financial Northwest, Inc. | 124456 | 1889242 |
|  First Foundation, Inc. | 87125 | 1220621 |
|  First of Long Island Corp. | 17948 | 349089 |
|  First United Corp. | 32938 | 677205 |
|  Fulton Financial Corp. | 1116399 | 20753857 |
|  Hancock Whitney Corp.<sup>(b)</sup> | 757207 | 41525232 |
|  HarborOne Bancorp, Inc. | 30376 | 444401 |
|  HBT Financial, Inc. | 155108 | 3047872 |
|  Heartland Financial U.S.A., Inc. | 785378 | 38318593 |
|  Heritage Commerce Corp. | 213749 | 3037373 |
|  HomeTrust Bancshares, Inc. | 53811 | 1377562 |
|  Horizon Bancorp, Inc. | 198460 | 3226960 |
|  Independent Bank Corp. | 126016 | 3092433 |
|  Independent Bank Group, Inc. | 54910 | 3620765 |
|  Lakeland Bancorp, Inc. | 301498 | 5631983 |
|  Mercantile Bank Corp. | 58745 | 2044913 |
|  Meridian Corp. | 220 | 7421 |
|  Metropolitan Bank Holding Corp.<sup>(a)</sup> | 18830 | 1196458 |
|  Mid Penn Bancorp, Inc. | 99877 | 3295941 |
|  Midland States Bancorp, Inc. | 269161 | 7243123 |
|  MidWestOne Financial Group, Inc. | 14208 | 495717 |
|  National Bank Holdings Corp., Class A | 11812 | 549376 |
|  Northrim BanCorp, Inc. | 120320 | 6690995 |
|  OceanFirst Financial Corp. | 875100 | 20442336 |
|  Old National Bancorp | 364451 | 6964659 |
|  Origin Bancorp, Inc. | 115279 | 4717217 |
|  PCB Bancorp | 1660 | 30909 |
|  Peapack-Gladstone Financial Corp. | 99425 | 4098299 |
|  Premier Financial Corp. | 283591 | 8275185 |
|  Republic Bancorp, Inc., Class A | 35023 | 1543464 |
|  Republic First Bancorp, Inc.<sup>(a)</sup> | 1353987 | 3452667 |
|  Riverview Bancorp, Inc. | 229240 | 1739932 |
|  Sandy Spring Bancorp, Inc. | 338219 | 11776786 |
|  Seacoast Banking Corp. of Florida | 6760 | 232409 |
|  Sierra Bancorp | 92196 | 1995121 |
|  Simmons First National Corp., Class A | 25997 | 603390 |
|  SmartFinancial, Inc. | 39803 | 1193294 |
|  South Plains Financial, Inc. | 77229 | 2391010 |
|  Southern First Bancshares, Inc.<sup>(a)</sup> | 26302 | 1301949 |
|  Summit Financial Group, Inc. | 16031 | 454639 |
|  Texas Capital Bancshares, Inc.<sup>(a)(b)</sup> | 19323 | 1159187 |
|  Towne Bank | 213716 | 6903027 |
|  UMB Financial Corp. | 74702 | 6388515 |
|  Unity Bancorp, Inc. | 1563 | 44561 |
|  Univest Financial Corp. | 113676 | 3206800 |
|  Veritex Holdings, Inc. | 70741 | 2310401 |
|  Washington Federal, Inc. | 81705 | 2881735 |
|  Washington Trust Bancorp, Inc. | 58519 | 2911905 |

---

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

------

---

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Banks (continued)** | **Banks (continued)** |  |
|  WesBanco, Inc. | 500275 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20236124 |
|  Wintrust Financial Corp. | 27930 | 2553640 |
|  |  | 342033042 |
| **Beverages — 0.9%** | **Beverages — 0.9%** |  |
|  Coca-Cola Consolidated, Inc. | 9129 | 4489642 |
|  Duckhorn Portfolio, Inc.<sup>(a)(b)</sup> | 19146 | 307485 |
|  MGP Ingredients, Inc. | 66052 | 8260463 |
|  Primo Water Corp. | 1411443 | 22089083 |
|  |  | 35146673 |
| **Biotechnology — 7.4%** | **Biotechnology — 7.4%** |  |
|  2seventy bio, Inc.<sup>(a)</sup> | 39311 | 616003 |
|  4D Molecular Therapeutics, Inc.<sup>(a)(b)</sup> | 79572 | 1923255 |
|  89bio, Inc.<sup>(a)</sup> | 198995 | 1591960 |
|  ACADIA Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 225006 | 3505594 |
|  ADMA Biologics, Inc.<sup>(a)(b)</sup> | 151789 | 506975 |
|  Adverum Biotechnologies, Inc.<sup>(a)(b)</sup> | 518430 | 347296 |
|  Agenus, Inc.<sup>(a)</sup> | 845932 | 2284016 |
|  Agios Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 144577 | 4357551 |
|  Albireo Pharma, Inc.<sup>(a)</sup> | 24967 | 551271 |
|  Alector, Inc.<sup>(a)(b)</sup> | 448925 | 3811373 |
|  Alkermes PLC<sup>(a)</sup> | 528768 | 13102871 |
|  Allakos, Inc.<sup>(a)</sup> | 223411 | 1843141 |
|  Allogene Therapeutics, Inc.<sup>(a)(b)</sup> | 466084 | 4595588 |
|  Allovir, Inc.<sup>(a)</sup> | 20066 | 150696 |
|  Alpine Immune Sciences, Inc.<sup>(a)</sup> | 1000 | 6280 |
|  ALX Oncology Holdings, Inc.<sup>(a)(b)</sup> | 13822 | 153424 |
|  Anika Therapeutics, Inc.<sup>(a)</sup> | 27066 | 853662 |
|  Apellis Pharmaceuticals, Inc.<sup>(a)</sup> | 175737 | 8774548 |
|  Applied Molecular Transport, Inc.<sup>(a)</sup> | 65272 | 68536 |
|  Arcturus Therapeutics Holdings, Inc.<sup>(a)(b)</sup> | 74300 | 1370092 |
|  Arcus Biosciences, Inc.<sup>(a)</sup> | 59868 | 2105558 |
|  Arcutis Biotherapeutics, Inc.<sup>(a)(b)</sup> | 62084 | 1069707 |
|  ARS Pharmaceuticals, Inc.<sup>(a)</sup> | 18285 | 113733 |
|  Atara Biotherapeutics, Inc.<sup>(a)</sup> | 419778 | 1901594 |
|  Atossa Therapeutics, Inc.<sup>(a)(b)</sup> | 475215 | 356411 |
|  Avidity Biosciences, Inc.<sup>(a)(b)</sup> | 116847 | 1360099 |
|  Avita Medical, Inc.<sup>(a)</sup> | 1282 | 8525 |
|  Avrobio, Inc.<sup>(a)</sup> | 318078 | 289101 |
|  Beam Therapeutics, Inc.<sup>(a)(b)</sup> | 110349 | 5097020 |
|  Beyondspring, Inc.<sup>(a)(b)</sup> | 9468 | 5491 |
|  BioAtla, Inc.<sup>(a)</sup> | 110406 | 1215570 |
|  Biomea Fusion, Inc.<sup>(a)</sup> | 5814 | 41803 |
|  Bioxcel Therapeutics, Inc.<sup>(a)(b)</sup> | 37409 | 619867 |
|  Black Diamond Therapeutics, Inc.<sup>(a)(b)</sup> | 102286 | 215823 |
|  Bluebird Bio, Inc.<sup>(a)</sup> | 321059 | 2501050 |
|  Blueprint Medicines Corp.<sup>(a)</sup> | 267091 | 12764279 |
|  Bridgebio Pharma, Inc.<sup>(a)</sup> | 451359 | 4229234 |
|  C4 Therapeutics, Inc.<sup>(a)</sup> | 90727 | 777530 |
|  CareDx, Inc.<sup>(a)</sup> | 43111 | 558287 |
|  Coherus Biosciences, Inc.<sup>(a)</sup> | 567899 | 3895787 |
|  Concert Pharmaceuticals, Inc.<sup>(a)</sup> | 23364 | 112614 |
|  Cue Biopharma, Inc.<sup>(a)</sup> | 24211 | 93454 |
|  Cullinan Oncology, Inc.<sup>(a)(b)</sup> | 25173 | 312900 |
|  Curis, Inc.<sup>(a)</sup> | 268175 | 216390 |
|  Cyteir Therapeutics, Inc.<sup>(a)</sup> | 2314 | 3332 |
|  Cytokinetics, Inc.<sup>(a)</sup> | 42473 | 1805103 |
|  Deciphera Pharmaceuticals, Inc.<sup>(a)</sup> | 481650 | 7663052 |
|  Denali Therapeutics, Inc.<sup>(a)</sup> | 328789 | 10491657 |
|  Dyne Therapeutics, Inc.<sup>(a)(b)</sup> | 89958 | 1052509 |
|  Editas Medicine, Inc.<sup>(a)(b)</sup> | 458598 | 4861139 |
|  Eiger BioPharmaceuticals, Inc.<sup>(a)</sup> | 3312 | 15036 |
|  Emergent BioSolutions, Inc.<sup>(a)</sup> | 287340 | 3534282 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Biotechnology (continued)** |  |  |
|  Enanta Pharmaceuticals, Inc.<sup>(a)</sup> | 96206 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4212861 |
|  Fate Therapeutics, Inc.<sup>(a)</sup> | 525611 | 10943221 |
|  FibroGen, Inc.<sup>(a)(b)</sup> | 178094 | 2559211 |
|  Foghorn Therapeutics, Inc.<sup>(a)</sup> | 601 | 4057 |
|  Frequency Therapeutics, Inc.<sup>(a)</sup> | 399434 | 886744 |
|  G1 Therapeutics, Inc.<sup>(a)(b)</sup> | 185389 | 1104918 |
|  Gossamer Bio, Inc.<sup>(a)(b)</sup> | 279252 | 2390397 |
|  Gritstone bio, Inc.<sup>(a)</sup> | 74017 | 217610 |
|  Halozyme Therapeutics, Inc.<sup>(a)</sup> | 116107 | 6648287 |
|  Harpoon Therapeutics, Inc.<sup>(a)</sup> | 176944 | 121224 |
|  Heron Therapeutics, Inc.<sup>(a)(b)</sup> | 843491 | 2285861 |
|  Homology Medicines, Inc.<sup>(a)(b)</sup> | 238568 | 367395 |
|  Humacyte, Inc.<sup>(a)</sup> | 979 | 3054 |
|  Icosavax, Inc.<sup>(a)</sup> | 5278 | 17629 |
|  IGM Biosciences, Inc.<sup>(a)</sup> | 2232 | 49126 |
|  ImmunoGen, Inc.<sup>(a)</sup> | 51272 | 266102 |
|  Inhibrx, Inc.<sup>(a)</sup> | 28256 | 847115 |
|  Inovio Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 740764 | 1511159 |
|  Inozyme Pharma, Inc.<sup>(a)</sup> | 148806 | 215769 |
|  Insmed, Inc.<sup>(a)(b)</sup> | 266114 | 4920448 |
|  Intellia Therapeutics, Inc.<sup>(a)</sup> | 175486 | 9030510 |
|  Intercept Pharmaceuticals, Inc.<sup>(a)</sup> | 242281 | 3612410 |
|  Ironwood Pharmaceuticals, Inc.<sup>(a)</sup> | 834345 | 10103918 |
|  iTeos Therapeutics, Inc.<sup>(a)</sup> | 55571 | 1119756 |
|  Jounce Therapeutics, Inc.<sup>(a)</sup> | 2088 | 1837 |
|  Karuna Therapeutics, Inc.<sup>(a)</sup> | 20938 | 4926921 |
|  Karyopharm Therapeutics, Inc.<sup>(a)</sup> | 665807 | 3522119 |
|  Kiniksa Pharmaceuticals Ltd., Class A<sup>(a)</sup> | 425763 | 7165591 |
|  Kinnate Biopharma, Inc.<sup>(a)</sup> | 15283 | 121041 |
|  Kodiak Sciences, Inc.<sup>(a)</sup> | 469764 | 3466858 |
|  Kronos Bio, Inc.<sup>(a)</sup> | 43065 | 81824 |
|  Kura Oncology, Inc.<sup>(a)</sup> | 68382 | 1078384 |
|  Kymera Therapeutics, Inc.<sup>(a)</sup> | 124118 | 3596940 |
|  Lexicon Pharmaceuticals, Inc.<sup>(a)</sup> | 11193 | 23953 |
|  MacroGenics, Inc.<sup>(a)</sup> | 411654 | 2646935 |
|  Madrigal Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 31256 | 2191358 |
|  Mersana Therapeutics, Inc.<sup>(a)</sup> | 48020 | 319813 |
|  MiMedx Group, Inc.<sup>(a)</sup> | 9827 | 31938 |
|  Mirum Pharmaceuticals, Inc.<sup>(a)</sup> | 195889 | 3653330 |
|  Monte Rosa Therapeutics, Inc.<sup>(a)</sup> | 495 | 4198 |
|  Morphic Holding, Inc.<sup>(a)(b)</sup> | 15899 | 437540 |
|  Myriad Genetics, Inc.<sup>(a)</sup> | 126713 | 2567205 |
|  Natera, Inc.<sup>(a)(b)</sup> | 34346 | 1412308 |
|  NextCure, Inc.<sup>(a)</sup> | 208022 | 293311 |
|  Nkarta, Inc.<sup>(a)</sup> | 16575 | 140556 |
|  Nurix Therapeutics, Inc.<sup>(a)</sup> | 64760 | 802376 |
|  Olema Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 164003 | 470689 |
|  Oyster Point Pharma, Inc.<sup>(a)(b)</sup> | 107635 | 1203359 |
|  Passage Bio, Inc.<sup>(a)</sup> | 213999 | 261079 |
|  Poseida Therapeutics, Inc.<sup>(a)(b)</sup> | 157250 | 717060 |
|  Praxis Precision Medicines, Inc.<sup>(a)</sup> | 5607 | 12391 |
|  Precigen, Inc.<sup>(a)</sup> | 121854 | 221774 |
|  Protagonist Therapeutics, Inc.<sup>(a)</sup> | 3151 | 24924 |
|  PTC Therapeutics, Inc.<sup>(a)</sup> | 225182 | 9342801 |
|  Puma Biotechnology, Inc.<sup>(a)</sup> | 228047 | 1030772 |
|  Pyxis Oncology, Inc.<sup>(a)(b)</sup> | 12210 | 17705 |
|  Recursion Pharmaceuticals, Inc., Class A<sup>(a)(b)</sup> | 135240 | 1271256 |
|  REGENXBIO, Inc.<sup>(a)</sup> | 91701 | 2191654 |
|  Relay Therapeutics, Inc.<sup>(a)(b)</sup> | 288174 | 5354273 |
|  REVOLUTION Medicines, Inc.<sup>(a)</sup> | 39818 | 939307 |
|  Rigel Pharmaceuticals, Inc.<sup>(a)</sup> | 800655 | 537720 |
|  Rocket Pharmaceuticals, Inc.<sup>(a)</sup> | 220759 | 4167930 |

---

S C H E D U L E S O F I N V E S T M E N T S 29

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Biotechnology (continued)** | **Biotechnology (continued)** |  |
|  Roivant Sciences Ltd.<sup>(a)</sup> | 4029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21595 |
|  Sana Biotechnology, Inc.<sup>(a)(b)</sup> | 35105 | 175174 |
|  Sangamo Therapeutics, Inc.<sup>(a)</sup> | 1299078 | 4754626 |
|  Scholar Rock Holding Corp.<sup>(a)(b)</sup> | 93376 | 725532 |
|  Seres Therapeutics, Inc.<sup>(a)</sup> | 199594 | 1297361 |
|  Shattuck Labs, Inc.<sup>(a)</sup> | 4414 | 10020 |
|  Sorrento Therapeutics, Inc.<sup>(a)(b)</sup> | 3037646 | 3948940 |
|  Spectrum Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 166749 | 76805 |
|  SpringWorks Therapeutics, Inc.<sup>(a)</sup> | 79254 | 1916362 |
|  Stoke Therapeutics, Inc.<sup>(a)</sup> | 5763 | 43453 |
|  Surface Oncology, Inc.<sup>(a)</sup> | 58721 | 54023 |
|  Sutro Biopharma, Inc.<sup>(a)(b)</sup> | 203068 | 1520979 |
|  Taysha Gene Therapies, Inc.<sup>(a)</sup> | 15649 | 34584 |
|  TCR2 Therapeutics, Inc.<sup>(a)</sup> | 2520 | 3352 |
|  Tenaya Therapeutics, Inc.<sup>(a)</sup> | 6743 | 17869 |
|  TG Therapeutics, Inc.<sup>(a)(b)</sup> | 188603 | 1663478 |
|  Travere Therapeutics, Inc.<sup>(a)</sup> | 99829 | 2009558 |
|  Twist Bioscience Corp.<sup>(a)(b)</sup> | 151976 | 4156544 |
|  Ultragenyx Pharmaceutical, Inc.<sup>(a)</sup> | 56761 | 2060424 |
|  UroGen Pharma Ltd.<sup>(a)(b)</sup> | 77081 | 660584 |
|  Veracyte, Inc.<sup>(a)</sup> | 202750 | 5624285 |
|  Vir Biotechnology, Inc.<sup>(a)</sup> | 323244 | 9121946 |
|  Vor BioPharma, Inc.<sup>(a)</sup> | 2295 | 10557 |
|  Voyager Therapeutics, Inc.<sup>(a)</sup> | 47657 | 283083 |
|  Xencor, Inc.<sup>(a)</sup> | 31714 | 942540 |
|  Zentalis Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 31068 | 687224 |
|  |  | 291212779 |
| **Building Products — 1.3%** | **Building Products — 1.3%** |  |
|  Apogee Enterprises, Inc. | 25154 | 1213681 |
|  Builders FirstSource, Inc.<sup>(a)</sup> | 123633 | 7903858 |
|  Caesarstone Ltd. | 35287 | 221249 |
|  Gibraltar Industries, Inc.<sup>(a)</sup> | 49739 | 2517291 |
|  JELD-WEN Holding, Inc.<sup>(a)</sup> | 208424 | 2155104 |
|  PGT Innovations, Inc.<sup>(a)</sup> | 314963 | 6233118 |
|  Quanex Building Products Corp. | 25983 | 617616 |
|  Resideo Technologies, Inc.<sup>(a)(b)</sup> | 182515 | 2956743 |
|  UFP Industries, Inc. | 338990 | 27749721 |
|  |  | 51568381 |
| **Capital Markets — 2.2%** | **Capital Markets — 2.2%** |  |
|  AssetMark Financial Holdings, Inc.<sup>(a)</sup> | 227112 | 5646004 |
|  Cohen & Steers, Inc. | 55699 | 3690059 |
|  Cowen, Inc., Class A | 76785 | 2968508 |
|  Federated Hermes, Inc. | 10459 | 397024 |
|  GCM Grosvenor, Inc., Class A | 4323 | 37913 |
|  Greenhill & Co., Inc. | 4987 | 46678 |
|  Hamilton Lane, Inc., Class A | 112523 | 8313199 |
|  Houlihan Lokey, Inc. | 195522 | 19229589 |
|  Moelis & Co., Class A | 214898 | 9287891 |
|  Open Lending Corp., Class A<sup>(a)</sup> | 349960 | 2474217 |
|  Piper Sandler Cos | 58306 | 8376240 |
|  Raymond James Financial, Inc. | 11184 | 1307410 |
|  Stifel Financial Corp. | 260245 | 16720741 |
|  StoneX Group, Inc.<sup>(a)</sup> | 5059 | 513337 |
|  Virtus Investment Partners, Inc. | 27759 | 5383580 |
|  WisdomTree, Inc. | 176433 | 982732 |
|  |  | 85375122 |
| **Chemicals — 2.4%** | **Chemicals — 2.4%** |  |
|  Avient Corp. | 553954 | 19172348 |
|  Cabot Corp. | 163080 | 12005950 |
|  Ecovyst, Inc.<sup>(a)</sup> | 175220 | 1627794 |
|  FutureFuel Corp. | 6740 | 59582 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Chemicals (continued)** | **Chemicals (continued)** |  |
|  HB Fuller Co | 252776 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20300441 |
|  Ingevity Corp.<sup>(a)</sup> | 95461 | 7471732 |
|  Innospec, Inc. | 45018 | 4992046 |
|  Livent Corp.<sup>(a)</sup> | 217149 | 6078000 |
|  LSB Industries, Inc.<sup>(a)</sup> | 61936 | 955672 |
|  Quaker Chemical Corp.<sup>(b)</sup> | 30505 | 6003079 |
|  Sensient Technologies Corp. | 85390 | 6379487 |
|  Stepan Co. | 82934 | 9252946 |
|  Tronox Holdings PLC | 38516 | 544231 |
|  |  | 94843308 |
| **Commercial Services & Supplies — 0.8%** | **Commercial Services & Supplies — 0.8%** |  |
|  ACCO Brands Corp. | 816427 | 4547499 |
|  BrightView Holdings, Inc.<sup>(a)</sup> | 177144 | 1220522 |
|  CECO Environmental Corp.<sup>(a)</sup> | 8346 | 101154 |
|  Cimpress PLC<sup>(a)(b)</sup> | 37180 | 1100156 |
|  Deluxe Corp. | 54601 | 1055983 |
|  Kimball International, Inc., Class B | 423932 | 3035353 |
|  Li-Cycle Holdings Corp.<sup>(a)</sup> | 18801 | 119762 |
|  Steelcase, Inc., Class A | 551973 | 4377146 |
|  Tetra Tech, Inc. | 113205 | 17500361 |
|  |  | 33057936 |
| **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** |  |
|  Calix, Inc.<sup>(a)</sup> | 170535 | 12159146 |
|  NETGEAR, Inc.<sup>(a)</sup> | 188833 | 3725675 |
|  |  | 15884821 |
| **Construction & Engineering — 1.5%** | **Construction & Engineering — 1.5%** |  |
|  Ameresco, Inc., Class A<sup>(a)(b)</sup> | 106681 | 6989739 |
|  Comfort Systems U.S.A., Inc. | 5434 | 688814 |
|  Concrete Pumping Holdings, Inc.<sup>(a)</sup> | 18732 | 132248 |
|  EMCOR Group, Inc. | 239254 | 37060445 |
|  Fluor Corp.<sup>(a)(b)</sup> | 36712 | 1233890 |
|  Matrix Service Co.<sup>(a)</sup> | 93417 | 478295 |
|  MYR Group, Inc.<sup>(a)(b)</sup> | 56633 | 5410150 |
|  Primoris Services Corp. | 187235 | 3997467 |
|  Tutor Perini Corp.<sup>(a)</sup> | 238184 | 1703016 |
|  |  | 57694064 |
| **Construction Materials — 0.2%** | **Construction Materials — 0.2%** |  |
|  Summit Materials, Inc., Class A<sup>(a)</sup> | 261805 | 7930073 |
| **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** |  |
|  Encore Capital Group, Inc.<sup>(a)</sup> | 65415 | 3296916 |
|  Enova International, Inc.<sup>(a)</sup> | 173543 | 7000725 |
|  EZCORP, Inc., Class A, NVS<sup>(a)</sup> | 88455 | 886319 |
|  LendingClub Corp.<sup>(a)</sup> | 328595 | 3387814 |
|  LendingTree, Inc.<sup>(a)</sup> | 184806 | 4426104 |
|  Moneylion, Inc.<sup>(a)</sup> | 6186 | 4619 |
|  Navient Corp. | 485592 | 8046259 |
|  Nelnet, Inc., Class A | 4177 | 411602 |
|  Oportun Financial Corp.<sup>(a)</sup> | 6353 | 35196 |
|  PRA Group, Inc.<sup>(a)</sup> | 194332 | 6681134 |
|  PROG Holdings, Inc.<sup>(a)</sup> | 187241 | 3686775 |
|  Regional Management Corp. | 92453 | 2721816 |
|  |  | 40585279 |
| **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |  |
|  Greif, Inc., Class A, NVS | 53810 | 3783381 |
| **Diversified Consumer Services — 0.6%** | **Diversified Consumer Services — 0.6%** |  |
|  2U, Inc.<sup>(a)</sup> | 20566 | 165145 |
|  Beachbody Co., Inc.<sup>(a)(b)</sup> | 33933 | 23753 |
|  Carriage Services, Inc. | 14983 | 376822 |
|  Chegg, Inc.<sup>(a)</sup> | 194872 | 5814980 |

---

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

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

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** |  |  |
|  Duolingo, Inc.<sup>(a)</sup> | 25845 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800621 |
|  Laureate Education, Inc. | 852574 |  | 8934976 |
|  OneSpaWorld Holdings Ltd.<sup>(a)</sup> | 172308 |  | 1717911 |
|  Strategic Education, Inc. | 41547 |  | 3398545 |
|  |  |  | 22232753 |
| **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** |  |  |
|  Jackson Financial, Inc., Class A | 116200 |  | 4340070 |
| **Diversified Telecommunication Services — 0.9%** | **Diversified Telecommunication Services — 0.9%** |  |  |
|  Bandwidth, Inc., Class A<sup>(a)</sup> | 196031 |  | 4481269 |
|  Cogent Communications Holdings, Inc. | 17129 |  | 994338 |
|  EchoStar Corp., Class A<sup>(a)</sup> | 182629 |  | 3177745 |
|  IDT Corp., Class B<sup>(a)</sup> | 24443 |  | 683182 |
|  Iridium Communications, Inc.<sup>(a)</sup> | 406396 |  | 21579628 |
|  Liberty Latin America Ltd., Class A<sup>(a)</sup> | 23638 |  | 182958 |
|  Ooma, Inc.<sup>(a)</sup> | 389111 |  | 6128498 |
|  Telesat Corp.<sup>(a)</sup> | 2252 |  | 19367 |
|  |  |  | 37246985 |
| **Electric Utilities — 0.7%** | **Electric Utilities — 0.7%** |  |  |
|  Portland General Electric Co. | 547199 |  | 26938607 |
| **Electrical Equipment — 1.0%** | **Electrical Equipment — 1.0%** |  |  |
|  Atkore, Inc.<sup>(a)</sup> | 142964 |  | 17463053 |
|  Bloom Energy Corp., Class A<sup>(a)</sup> | 487982 |  | 10389137 |
|  Encore Wire Corp. | 5883 |  | 859565 |
|  LSI Industries, Inc. | 73401 |  | 871270 |
|  SunPower Corp.<sup>(a)</sup> | 303696 |  | 7364628 |
|  Sunrun, Inc.<sup>(a)(b)</sup> | 41338 |  | 1346792 |
|  TPI Composites, Inc.<sup>(a)</sup> | 61527 |  | 743246 |
|  |  |  | 39037691 |
| **Electronic Equipment, Instruments & Components — 2.3%** | **Electronic Equipment, Instruments & Components — 2.3%** | **Electronic Equipment, Instruments & Components — 2.3%** | **Electronic Equipment, Instruments & Components — 2.3%** |
|  Belden, Inc. | 7852 |  | 631615 |
|  Benchmark Electronics, Inc. | 190819 |  | 5508944 |
|  Daktronics, Inc.<sup>(a)</sup> | 7812 |  | 26951 |
|  ePlus, Inc.<sup>(a)</sup> | 235833 |  | 11711467 |
|  FARO Technologies, Inc.<sup>(a)(b)</sup> | 39572 |  | 1183994 |
|  Insight Enterprises, Inc.<sup>(a)(b)</sup> | 104603 |  | 10869298 |
|  Knowles Corp.<sup>(a)</sup> | 634413 |  | 9896843 |
|  OSI Systems, Inc.<sup>(a)</sup> | 171268 |  | 15153793 |
|  PC Connection, Inc.<sup>(a)</sup> | 185200 |  | 10287860 |
|  Plexus Corp.<sup>(a)</sup> | 6556 |  | 722602 |
|  Sanmina Corp.<sup>(a)</sup> | 330588 |  | 21848561 |
|  ScanSource, Inc.<sup>(a)</sup> | 154545 |  | 4614714 |
|  |  |  | 92456642 |
| **Energy Equipment & Services — 2.9%** | **Energy Equipment & Services — 2.9%** |  |  |
|  Archrock, Inc. | 542495 |  | 4725132 |
|  Borr Drilling Ltd.<sup>(a)</sup> | 982043 |  | 4586141 |
|  ChampionX Corp. | 260234 |  | 8025617 |
|  Diamond Offshore Drilling, Inc.<sup>(a)(b)</sup> | 148106 |  | 1417374 |
|  Helix Energy Solutions Group, Inc.<sup>(a)</sup> | 282906 |  | 1804940 |
|  Helmerich & Payne, Inc. | 122195 |  | 6241721 |
|  Liberty Energy, Inc.<sup>(a)</sup> | 1197213 |  | 19789931 |
|  Nabors Industries Ltd.<sup>(a)</sup> | 53528 |  | 8475088 |
|  National Energy Services Reunited Corp.<sup>(a)</sup> | 5190 |  | 33164 |
|  Newpark Resources, Inc.<sup>(a)</sup> | 2233 |  | 8954 |
|  NexTier Oilfield Solutions, Inc.<sup>(a)</sup> | 328619 |  | 3348628 |
|  Noble Corp. PLC<sup>(a)</sup> | 160610 |  | 5963449 |
|  Oceaneering International, Inc.<sup>(a)</sup> | 669915 |  | 10176009 |
|  Oil States International, Inc.<sup>(a)</sup> | 344376 |  | 2324538 |
|  Patterson-UTI Energy, Inc. | 985999 |  | 17698682 |
|  ProPetro Holding Corp.<sup>(a)</sup> | 1132784 |  | 12437968 |
|  Solaris Oilfield Infrastructure, Inc., Class A | 144726 |  | 1587644 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Energy Equipment & Services (continued)** | **Energy Equipment & Services (continued)** |  |
|  Tidewater, Inc.<sup>(a)</sup> | 58140 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1767456 |
|  U.S. Silica Holdings, Inc.<sup>(a)</sup> | 242945 | 3180150 |
|  |  | 113592586 |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** |  |
|  Cinemark Holdings, Inc.<sup>(a)</sup> | 432810 | 5890544 |
|  Eros Media World PLC<sup>(a)</sup> | 23977 | 5994 |
|  Lions Gate Entertainment Corp., Class A<sup>(a)(b)</sup> | 58453 | 446581 |
|  |  | 6343119 |
| **Equity Real Estate Investment Trusts (REITs) — 4.4%** | **Equity Real Estate Investment Trusts (REITs) — 4.4%** |  |
|  Acadia Realty Trust | 734871 | 11302316 |
|  Alexander & Baldwin, Inc. | 144337 | 2850656 |
|  American Assets Trust, Inc. | 282496 | 8274308 |
|  Apple Hospitality REIT, Inc. | 73980 | 1262099 |
|  Armada Hoffler Properties, Inc. | 144175 | 1751726 |
|  Ashford Hospitality Trust, Inc.<sup>(a)</sup> | 74574 | 485477 |
|  Bluerock Homes Trust, Inc.<sup>(a)</sup> | 5611 | 137582 |
|  Braemar Hotels & Resorts, Inc. | 2175200 | 8026488 |
|  Brandywine Realty Trust | 273416 | 1889304 |
|  Broadstone Net Lease, Inc. | 98710 | 1675109 |
|  Corporate Office Properties Trust | 388486 | 10788256 |
|  DiamondRock Hospitality Co. | 3771 | 35485 |
|  Diversified Healthcare Trust | 22142 | 21921 |
|  EastGroup Properties, Inc.<sup>(b)</sup> | 3341 | 518657 |
|  Empire State Realty Trust, Inc., Class A | 7243 | 55843 |
|  Essential Properties Realty Trust, Inc. | 234095 | 5433345 |
|  First Industrial Realty Trust, Inc.<sup>(b)</sup> | 138714 | 7011993 |
|  Four Corners Property Trust, Inc. | 148859 | 4040033 |
|  Hersha Hospitality Trust, Class A | 56326 | 542419 |
|  Macerich Co. | 340921 | 4329697 |
|  NexPoint Residential Trust, Inc. | 95760 | 4605098 |
|  Office Properties Income Trust | 23226 | 355125 |
|  Outfront Media, Inc. | 2476344 | 45292332 |
|  Paramount Group, Inc. | 2099654 | 13689744 |
|  Phillips Edison & Co., Inc. | 246050 | 7930191 |
|  Physicians Realty Trust | 41656 | 621924 |
|  Piedmont Office Realty Trust, Inc., Class A | 6131 | 63824 |
|  RLJ Lodging Trust | 260659 | 3159187 |
|  RPT Realty | 209553 | 2346994 |
|  Ryman Hospitality Properties, Inc.<sup>(b)</sup> | 38990 | 3568755 |
|  Tanger Factory Outlet Centers, Inc. | 95078 | 1849267 |
|  Terreno Realty Corp. | 310845 | 18227951 |
|  |  | 172143106 |
| **Food & Staples Retailing — 0.3%** | **Food & Staples Retailing — 0.3%** |  |
|  Andersons, Inc. | 160718 | 6187643 |
|  Performance Food Group Co.<sup>(a)</sup> | 53293 | 3249807 |
|  United Natural Foods, Inc.<sup>(a)</sup> | 20439 | 974532 |
|  |  | 10411982 |
| **Food Products — 1.6%** | **Food Products — 1.6%** |  |
|  Cal-Maine Foods, Inc. | 188857 | 11006586 |
|  Hain Celestial Group, Inc.<sup>(a)(b)</sup> | 311575 | 5838915 |
|  Hostess Brands, Inc.<sup>(a)</sup> | 525710 | 13878744 |
|  J & J Snack Foods Corp. | 6166 | 1011347 |
|  Lancaster Colony Corp. | 16404 | 3397925 |
|  Lifecore Biomedical, Inc.<sup>(a)</sup> | 905 | 7702 |
|  Mission Produce, Inc.<sup>(a)</sup> | 43594 | 692709 |
|  Seneca Foods Corp., Class A<sup>(a)</sup> | 57468 | 3694043 |
|  Simply Good Foods Co.<sup>(a)</sup> | 257638 | 10279756 |
|  SunOpta, Inc.<sup>(a)</sup> | 162529 | 1519646 |
|  TreeHouse Foods, Inc.<sup>(a)</sup> | 128816 | 6367375 |

---

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

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Food Products (continued)** |  |  |
|  Vital Farms, Inc.<sup>(a)</sup> | 416220 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5939459 |
|  Whole Earth Brands, Inc.<sup>(a)</sup> | 839 | 3633 |
|  |  | 63637840 |
| **Gas Utilities — 0.4%** |  |  |
|  Brookfield Infrastructure Corp., Class A | 260661 | 12219788 |
|  ONE Gas, Inc. | 62598 | 5442896 |
|  |  | 17662684 |
| **Health Care Equipment & Supplies — 2.7%** | **Health Care Equipment & Supplies — 2.7%** |  |
|  Accuray, Inc.<sup>(a)</sup> | 366982 | 752313 |
|  Artivion, Inc.<sup>(a)</sup> | 134566 | 1721099 |
|  AtriCure, Inc.<sup>(a)</sup> | 64417 | 2934838 |
|  Atrion Corp. | 4496 | 2719181 |
|  Axogen, Inc.<sup>(a)</sup> | 2479 | 27145 |
|  Cardiovascular Systems, Inc.<sup>(a)</sup> | 192994 | 2703846 |
|  Cerus Corp.<sup>(a)</sup> | 258159 | 1032636 |
|  Haemonetics Corp.<sup>(a)</sup> | 20490 | 1748002 |
|  Heska Corp.<sup>(a)</sup> | 59776 | 3846586 |
|  Inspire Medical Systems, Inc.<sup>(a)(b)</sup> | 41956 | 10135311 |
|  iRadimed Corp. | 589 | 17411 |
|  Lantheus Holdings, Inc.<sup>(a)</sup> | 163271 | 10135864 |
|  LeMaitre Vascular, Inc. | 55806 | 2614511 |
|  LivaNova PLC<sup>(a)</sup> | 75048 | 4155408 |
|  Meridian Bioscience, Inc.<sup>(a)</sup> | 67790 | 2169280 |
|  Merit Medical Systems, Inc.<sup>(a)(b)</sup> | 220132 | 15849504 |
|  NeuroPace, Inc.<sup>(a)</sup> | 911 | 1467 |
|  Nevro Corp.<sup>(a)(b)</sup> | 91545 | 4276067 |
|  NuVasive, Inc.<sup>(a)</sup> | 137374 | 5335606 |
|  OraSure Technologies, Inc.<sup>(a)</sup> | 693906 | 3497286 |
|  Orthofix Medical, Inc.<sup>(a)(b)</sup> | 36491 | 656473 |
|  SeaSpine Holdings Corp.<sup>(a)(b)</sup> | 110928 | 830851 |
|  Shockwave Medical, Inc.<sup>(a)</sup> | 73676 | 18684233 |
|  SI-BONE, Inc.<sup>(a)</sup> | 30428 | 373656 |
|  Silk Road Medical, Inc.<sup>(a)</sup> | 52234 | 2781460 |
|  Tactile Systems Technology, Inc.<sup>(a)</sup> | 235284 | 2014031 |
|  Varex Imaging Corp.<sup>(a)(b)</sup> | 207839 | 4414500 |
|  ViewRay, Inc.<sup>(a)</sup> | 77030 | 371285 |
|  |  | 105799850 |
| **Health Care Providers & Services — 2.6%** | **Health Care Providers & Services — 2.6%** |  |
|  1Life Healthcare, Inc.<sup>(a)(b)</sup> | 284938 | 4841097 |
|  Accolade, Inc.<sup>(a)</sup> | 60801 | 536873 |
|  Addus HomeCare Corp.<sup>(a)</sup> | 12985 | 1431986 |
|  Alignment Healthcare, Inc.<sup>(a)</sup> | 83916 | 1116083 |
|  AMN Healthcare Services, Inc.<sup>(a)</sup> | 82271 | 10176923 |
|  Aveanna Healthcare Holdings, Inc.<sup>(a)</sup> | 142707 | 96827 |
|  Brookdale Senior Living, Inc.<sup>(a)</sup> | 288603 | 909099 |
|  CareMax, Inc.<sup>(a)</sup> | 4252 | 16838 |
|  Clover Health Investments Corp.<sup>(a)</sup> | 494484 | 647774 |
|  CorVel Corp.<sup>(a)</sup> | 11430 | 1748447 |
|  Cross Country Healthcare, Inc.<sup>(a)</sup> | 113383 | 4056844 |
|  Ensign Group, Inc. | 298044 | 28314180 |
|  HealthEquity, Inc.<sup>(a)</sup> | 180629 | 11466329 |
|  Hims & Hers Health, Inc.<sup>(a)</sup> | 27228 | 168541 |
|  LHC Group, Inc.<sup>(a)(b)</sup> | 47148 | 7704455 |
|  OPKO Health, Inc.<sup>(a)(b)</sup> | 766234 | 1149351 |
|  Option Care Health, Inc.<sup>(a)(b)</sup> | 583976 | 17583517 |
|  Patterson Cos., Inc. | 79717 | 2267151 |
|  PetIQ, Inc.<sup>(a)</sup> | 7332 | 87031 |
|  Privia Health Group, Inc.<sup>(a)(b)</sup> | 59079 | 1413760 |
|  Progyny, Inc.<sup>(a)(b)</sup> | 151486 | 5548932 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |  |  |
|  Sonida Senior Living, Inc.<sup>(a)</sup> | 142 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2182 |
|  Viemed Healthcare, Inc.<sup>(a)</sup> | 189684 |  | 1392281 |
|  |  |  | 102676501 |
| **Health Care Technology — 1.3%** | **Health Care Technology — 1.3%** |  |  |
|  Allscripts Healthcare Solutions, Inc.<sup>(a)</sup> | 931395 |  | 17640621 |
|  American Well Corp., Class A<sup>(a)(b)</sup> | 1021571 |  | 3728734 |
|  Evolent Health, Inc., Class A<sup>(a)</sup> | 582408 |  | 16767526 |
|  Health Catalyst, Inc.<sup>(a)</sup> | 232246 |  | 2433938 |
|  HealthStream, Inc.<sup>(a)</sup> | 19763 |  | 501980 |
|  Multiplan Corp.<sup>(a)</sup> | 232929 |  | 347064 |
|  NextGen Healthcare, Inc.<sup>(a)</sup> | 59936 |  | 1246669 |
|  Phreesia, Inc.<sup>(a)</sup> | 242135 |  | 6736196 |
|  Schrodinger, Inc.<sup>(a)</sup> | 39763 |  | 715734 |
|  Sharecare, Inc.<sup>(a)</sup> | 71693 |  | 136934 |
|  |  |  | 50255396 |
| **Hotels, Restaurants & Leisure — 2.8%** | **Hotels, Restaurants & Leisure — 2.8%** |  |  |
|  Accel Entertainment, Inc.<sup>(a)</sup> | 224915 |  | 1923023 |
|  BJ's Restaurants, Inc.<sup>(a)(b)</sup> | 174787 |  | 5607167 |
|  Century Casinos, Inc.<sup>(a)</sup> | 666 |  | 4975 |
|  Dave & Buster's Entertainment, Inc.<sup>(a)</sup> | 45659 |  | 1810836 |
|  Everi Holdings, Inc.<sup>(a)</sup> | 29354 |  | 490799 |
|  Fiesta Restaurant Group, Inc.<sup>(a)</sup> | 710 |  | 4629 |
|  GAN Ltd.<sup>(a)</sup> | 11110 |  | 14887 |
|  Hilton Grand Vacations, Inc.<sup>(a)(b)</sup> | 194600 |  | 8566292 |
|  International Game Technology PLC<sup>(b)</sup> | 728859 |  | 17886200 |
|  Noodles & Co.<sup>(a)</sup> | 1561 |  | 8601 |
|  Papa John's International, Inc. | 286533 |  | 23856738 |
|  PlayAGS, Inc.<sup>(a)</sup> | 115864 |  | 614079 |
|  Rush Street Interactive, Inc.<sup>(a)(b)</sup> | 108124 |  | 381678 |
|  Shake Shack, Inc., Class A<sup>(a)</sup> | 202290 |  | 10640454 |
|  Texas Roadhouse, Inc. | 230529 |  | 22896140 |
|  Wingstop, Inc.<sup>(b)</sup> | 92156 |  | 15252740 |
|  |  |  | 109959238 |
| **Household Durables — 0.8%** |  |  |  |
|  Beazer Homes U.S.A., Inc.<sup>(a)</sup> | 25256 |  | 344745 |
|  Ethan Allen Interiors, Inc. | 194735 |  | 5540211 |
|  GoPro, Inc., Class A<sup>(a)</sup> | 758973 |  | 4159172 |
|  Hooker Furnishings Corp. | 33057 |  | 562300 |
|  Installed Building Products, Inc. | 15950 |  | 1354634 |
|  iRobot Corp.<sup>(a)(b)</sup> | 42335 |  | 2205230 |
|  La-Z-Boy, Inc. | 6671 |  | 181651 |
|  Lovesac Co.<sup>(a)</sup> | 9748 |  | 253935 |
|  MDC Holdings, Inc. | 322073 |  | 10444827 |
|  Taylor Morrison Home Corp.<sup>(a)</sup> | 91824 |  | 2790531 |
|  Tri Pointe Homes, Inc.<sup>(a)</sup> | 135545 |  | 2499450 |
|  |  |  | 30336686 |
| **Household Products — 0.3%** |  |  |  |
|  Central Garden & Pet Co.<sup>(a)</sup> | 15876 |  | 651710 |
|  Central Garden & Pet Co., Class A, NVS<sup>(a)</sup> | 284837 |  | 11128581 |
|  Oil-Dri Corp. of America | 1758 |  | 57487 |
|  |  |  | 11837778 |
| **Independent Power and Renewable Electricity Producers — 1.2%** | **Independent Power and Renewable Electricity Producers — 1.2%** | **Independent Power and Renewable Electricity Producers — 1.2%** | **Independent Power and Renewable Electricity Producers — 1.2%** |
|  Brookfield Renewable Corp., Class A | 173500 |  | 5657835 |
|  Clearway Energy, Inc., Class A | 310878 |  | 10234104 |
|  Clearway Energy, Inc., Class C | 668006 |  | 23674132 |
|  Sunnova Energy International, Inc.<sup>(a)(b)</sup> | 254476 |  | 5809687 |
|  |  |  | 45375758 |
| **Insurance — 1.4%** |  |  |  |
|  Ambac Financial Group, Inc.<sup>(a)</sup> | 128086 |  | 2082678 |
|  Argo Group International Holdings Ltd. | 5508 |  | 149707 |

---

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

------

---

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Insurance (continued)** |  |  |
|  Bright Health Group, Inc.<sup>(a)</sup> | 156995 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154954 |
|  CNO Financial Group, Inc. | 108096 | 2538094 |
|  Donegal Group, Inc., Class A | 113705 | 1690793 |
|  eHealth, Inc.<sup>(a)(b)</sup> | 124107 | 441821 |
|  Enstar Group Ltd.<sup>(a)</sup> | 9181 | 2001366 |
|  Genworth Financial, Inc., Class A<sup>(a)</sup> | 556217 | 2797772 |
|  Goosehead Insurance, Inc., Class A<sup>(a)</sup> | 38908 | 1580054 |
|  HCI Group, Inc. | 1868 | 69901 |
|  Heritage Insurance Holdings, Inc. | 195711 | 322923 |
|  Hippo Holdings, Inc.<sup>(a)</sup> | 18375 | 274339 |
|  Kinsale Capital Group, Inc. | 22759 | 7014551 |
|  Mercury General Corp. | 279003 | 10122229 |
|  Oscar Health, Inc., Class A<sup>(a)</sup> | 732316 | 2109070 |
|  RLI Corp. | 92420 | 12021069 |
|  Selective Insurance Group, Inc. | 66518 | 6393710 |
|  Selectquote, Inc.<sup>(a)</sup> | 212882 | 127751 |
|  Trean Insurance Group, Inc.<sup>(a)</sup> | 16043 | 44279 |
|  Trupanion, Inc.<sup>(a)(b)</sup> | 49495 | 2587104 |
|  United Fire Group, Inc. | 33775 | 1031826 |
|  Universal Insurance Holdings, Inc. | 12140 | 133419 |
|  |  | 55689410 |
| **Interactive Media & Services — 0.6%** | **Interactive Media & Services — 0.6%** |  |
|  Bumble, Inc., Class A<sup>(a)</sup> | 13505 | 328982 |
|  Cargurus, Inc.<sup>(a)</sup> | 112271 | 1468505 |
|  DHI Group, Inc.<sup>(a)</sup> | 8141 | 45752 |
|  Eventbrite, Inc., Class A<sup>(a)(b)</sup> | 584111 | 4258169 |
|  EverQuote, Inc., Class A<sup>(a)</sup> | 109647 | 1184188 |
|  Shutterstock, Inc. | 60671 | 3265313 |
|  TrueCar, Inc.<sup>(a)</sup> | 239959 | 597498 |
|  Vimeo, Inc.<sup>(a)(b)</sup> | 1107473 | 4739985 |
|  Yelp, Inc.<sup>(a)(b)</sup> | 215615 | 6673284 |
|  ZipRecruiter, Inc., Class A<sup>(a)(b)</sup> | 133888 | 2217185 |
|  |  | 24778861 |
| **Internet & Direct Marketing Retail — 0.5%** | **Internet & Direct Marketing Retail — 0.5%** |  |
|  1-800-Flowers.com, Inc., Class A<sup>(a)</sup> | 434722 | 3677748 |
|  CarParts.com, Inc.<sup>(a)</sup> | 4751 | 25750 |
|  ContextLogic, Inc., Class A<sup>(a)(b)</sup> | 1105792 | 811320 |
|  Lulu's Fashion Lounge Holdings, Inc.<sup>(a)</sup> | 163 | 628 |
|  Overstock.com, Inc.<sup>(a)(b)</sup> | 451263 | 12012621 |
|  Stitch Fix, Inc., Class A<sup>(a)(b)</sup> | 700471 | 2829903 |
|  ThredUp, Inc., Class A<sup>(a)(b)</sup> | 56613 | 70766 |
|  |  | 19428736 |
| **IT Services — 2.1%** |  |  |
|  AvidXchange Holdings, Inc.<sup>(a)</sup> | 259025 | 2232795 |
|  Backblaze, Inc., Class A<sup>(a)(b)</sup> | 3087 | 13799 |
|  Conduent, Inc.<sup>(a)</sup> | 1267196 | 5119472 |
|  CSG Systems International, Inc. | 252196 | 15595801 |
|  Evo Payments, Inc., Class A<sup>(a)</sup> | 2627 | 88556 |
|  ExlService Holdings, Inc.<sup>(a)(b)</sup> | 72392 | 13551782 |
|  Fastly, Inc., Class A<sup>(a)</sup> | 136203 | 1315721 |
|  Flywire Corp.<sup>(a)(b)</sup> | 40481 | 878033 |
|  Hackett Group, Inc. | 272856 | 6302974 |
|  Marqeta, Inc., Class A<sup>(a)</sup> | 1204171 | 8055904 |
|  MoneyGram International, Inc.<sup>(a)</sup> | 89676 | 979262 |
|  Paysafe Ltd.<sup>(a)</sup> | 507837 | 721128 |
|  Perficient, Inc.<sup>(a)</sup> | 38616 | 2743667 |
|  Remitly Global, Inc.<sup>(a)</sup> | 84263 | 881391 |
|  Repay Holdings Corp.<sup>(a)</sup> | 86708 | 768233 |
|  Sabre Corp.<sup>(a)</sup> | 427532 | 2612220 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **IT Services (continued)** |  |  |
|  StoneCo Ltd., Class A<sup>(a)</sup> | 1756595 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20517030 |
|  TTEC Holdings, Inc. | 21193 | 1016204 |
|  |  | 83393972 |
| **Leisure Products — 0.1%** |  |  |
|  Escalade, Inc. | 357 | 3609 |
|  Malibu Boats, Inc., Class A<sup>(a)</sup> | 42332 | 2442980 |
|  |  | 2446589 |
| **Life Sciences Tools & Services — 0.8%** | **Life Sciences Tools & Services — 0.8%** |  |
|  AbCellera Biologics, Inc.<sup>(a)</sup> | 587046 | 7555282 |
|  Adaptive Biotechnologies Corp.<sup>(a)</sup> | 639164 | 5611860 |
|  Alpha Teknova, Inc.<sup>(a)</sup> | 665 | 3139 |
|  Berkeley Lights, Inc.<sup>(a)</sup> | 292963 | 861311 |
|  Bionano Genomics, Inc.<sup>(a)(b)</sup> | 353070 | 709671 |
|  Codexis, Inc.<sup>(a)</sup> | 312643 | 1710157 |
|  CryoPort, Inc.<sup>(a)</sup> | 14269 | 281813 |
|  Medpace Holdings, Inc.<sup>(a)</sup> | 13038 | 2736546 |
|  NanoString Technologies, Inc.<sup>(a)</sup> | 259944 | 1817009 |
|  NeoGenomics, Inc.<sup>(a)</sup> | 322178 | 3611615 |
|  Pacific Biosciences of California, Inc.<sup>(a)(b)</sup> | 327703 | 3522807 |
|  Personalis, Inc.<sup>(a)</sup> | 692417 | 1758739 |
|  Quanterix Corp.<sup>(a)</sup> | 34687 | 461337 |
|  Quantum-Si, Inc.<sup>(a)(b)</sup> | 94983 | 226059 |
|  Seer, Inc.<sup>(a)(b)</sup> | 69537 | 449209 |
|  Singular Genomics Systems, Inc.<sup>(a)(b)</sup> | 130459 | 266136 |
|  SomaLogic, Inc.<sup>(a)</sup> | 12452 | 34866 |
|  |  | 31617556 |
| **Machinery — 3.4%** |  |  |
|  Altra Industrial Motion Corp. | 292303 | 17134802 |
|  Astec Industries, Inc. | 97654 | 4320213 |
|  Chart Industries, Inc.<sup>(a)</sup> | 12468 | 1782799 |
|  Columbus McKinnon Corp.<sup>(b)</sup> | 22011 | 709415 |
|  Franklin Electric Co., Inc. | 327398 | 27272253 |
|  Hyliion Holdings Corp.<sup>(a)</sup> | 539847 | 1630338 |
|  Hyster-Yale Materials Handling, Inc. | 26083 | 763710 |
|  Kennametal, Inc. | 498894 | 13180779 |
|  Lindsay Corp. | 654 | 115424 |
|  Manitowoc Co., Inc.<sup>(a)</sup> | 433151 | 4253543 |
|  Mayville Engineering Co., Inc.<sup>(a)</sup> | 7786 | 99505 |
|  Mueller Water Products, Inc., Class A | 5318 | 62008 |
|  NN, Inc.<sup>(a)</sup> | 1027 | 1962 |
|  Proto Labs, Inc.<sup>(a)</sup> | 82512 | 2188218 |
|  Shyft Group, Inc. | 17588 | 431434 |
|  SPX Technologies, Inc.<sup>(a)</sup> | 89113 | 5961660 |
|  Standex International Corp. | 11669 | 1225828 |
|  Tennant Co. | 17383 | 1104342 |
|  Terex Corp. | 406955 | 18683304 |
|  Watts Water Technologies, Inc., Class A | 216988 | 34381749 |
|  |  | 135303286 |
| **Marine — 0.5%** |  |  |
|  Eagle Bulk Shipping, Inc. | 7328 | 377026 |
|  Genco Shipping & Trading Ltd. | 87433 | 1296631 |
|  Golden Ocean Group Ltd.<sup>(b)</sup> | 340063 | 2870132 |
|  Matson, Inc. | 217775 | 13885334 |
|  |  | 18429123 |
| **Media — 0.5%** |  |  |
|  Cardlytics, Inc.<sup>(a)</sup> | 142605 | 640296 |
|  Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup> | 16796 | 18979 |
|  Emerald Holding, Inc.<sup>(a)</sup> | 2401 | 9220 |
|  Entravision Communications Corp., Class A | 328128 | 1824392 |
|  EW Scripps Co., Class A, NVS<sup>(a)</sup> | 231270 | 3464425 |

---

S C H E D U L E S O F I N V E S T M E N T S 33

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

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Media (continued)** |  |  |  |
|  iHeartMedia, Inc., Class A<sup>(a)</sup> | 116451 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936266 |
|  Integral Ad Science Holding Corp.<sup>(a)</sup> | 8854 |  | 88097 |
|  Scholastic Corp., NVS | 26663 |  | 1096383 |
|  Sinclair Broadcast Group, Inc., Class A | 246449 |  | 4574093 |
|  TEGNA, Inc. | 355404 |  | 7015675 |
|  Townsquare Media, Inc., Class A<sup>(a)</sup> | 2943 |  | 21867 |
|  |  |  | 19689693 |
| **Metals & Mining — 1.1%** |  |  |  |
|  5E Advanced Materials, Inc.<sup>(a)</sup> | 27359 |  | 306421 |
|  ATI, Inc.<sup>(a)(b)</sup> | 27298 |  | 832862 |
|  Coeur Mining, Inc.<sup>(a)</sup> | 839520 |  | 2938320 |
|  Commercial Metals Co. | 229379 |  | 11290034 |
|  Constellium SE<sup>(a)</sup> | 667722 |  | 8313139 |
|  Materion Corp. | 37080 |  | 2987165 |
|  Novagold Resources, Inc.<sup>(a)(b)</sup> | 634666 |  | 3662023 |
|  Olympic Steel, Inc. | 38208 |  | 1340719 |
|  Perpetua Resources Corp.<sup>(a)</sup> | 713 |  | 1497 |
|  Ryerson Holding Corp. | 53936 |  | 1590573 |
|  Schnitzer Steel Industries, Inc., Class A | 192059 |  | 6593385 |
|  SunCoke Energy, Inc. | 74653 |  | 631564 |
|  TimkenSteel Corp.<sup>(a)</sup> | 135329 |  | 2530652 |
|  Warrior Met Coal, Inc. | 51823 |  | 1908123 |
|  |  |  | 44926477 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.3%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.3%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.3%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.3%** |
|  AFC Gamma, Inc. | 19183 |  | 335319 |
|  Arbor Realty Trust, Inc. | 590635 |  | 8788649 |
|  Great Ajax Corp. | 175776 |  | 1371053 |
|  Ladder Capital Corp. | 166736 |  | 1850769 |
|  Nexpoint Real Estate Finance, Inc. | 5826 |  | 109937 |
|  |  |  | 12455727 |
| **Multiline Retail — 0.2%** |  |  |  |
|  Big Lots, Inc. | 55318 |  | 1078701 |
|  Dillard's, Inc., Class A | 10173 |  | 3659228 |
|  Macy's, Inc. | 166487 |  | 3912445 |
|  |  |  | 8650374 |
| **Multi-Utilities — 0.8%** |  |  |  |
|  Black Hills Corp.<sup>(b)</sup> | 363919 |  | 26067518 |
|  NorthWestern Corp. | 84125 |  | 4913741 |
|  |  |  | 30981259 |
| **Oil, Gas & Consumable Fuels — 4.5%** | **Oil, Gas & Consumable Fuels — 4.5%** |  |  |
|  Alto Ingredients, Inc.<sup>(a)</sup> | 20776 |  | 72508 |
|  Antero Resources Corp.<sup>(a)</sup> | 16557 |  | 605158 |
|  Ardmore Shipping Corp.<sup>(a)</sup> | 320391 |  | 4831496 |
|  Brigham Minerals, Inc., Class A | 10255 |  | 363335 |
|  California Resources Corp. | 463 |  | 21011 |
|  Callon Petroleum Co.<sup>(a)</sup> | 28082 |  | 1177197 |
|  Chesapeake Energy Corp. | 58660 |  | 6071310 |
|  Chord Energy Corp. | 100168 |  | 15278625 |
|  Civitas Resources, Inc. | 5587 |  | 376340 |
|  Clean Energy Fuels Corp.<sup>(a)</sup> | 245681 |  | 1660804 |
|  CNX Resources Corp.<sup>(a)(b)</sup> | 156881 |  | 2725023 |
|  Comstock Resources, Inc. | 45670 |  | 838044 |
|  Delek U.S. Holdings, Inc. | 207307 |  | 6422371 |
|  Denbury, Inc.<sup>(a)</sup> | 54659 |  | 4906192 |
|  DHT Holdings, Inc. | 311842 |  | 3158959 |
|  Energy Fuels, Inc.<sup>(a)</sup> | 88083 |  | 611296 |
|  Evolution Petroleum Corp. | 226623 |  | 1638484 |
|  Golar LNG Ltd.<sup>(a)(b)</sup> | 155081 |  | 3887881 |
|  Matador Resources Co | 197332 |  | 13094952 |
|  Murphy Oil Corp. | 336230 |  | 15870056 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |  |
|  Navigator Holdings Ltd.<sup>(a)</sup> | 2705 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32839 |
|  Nordic American Tankers Ltd. | 574678 | 2080334 |
|  Ovintiv, Inc. | 335716 | 18719524 |
|  Par Pacific Holdings, Inc.<sup>(a)</sup> | 190702 | 4468148 |
|  PBF Energy, Inc., Class A | 318062 | 12649326 |
|  Range Resources Corp. | 43067 | 1243344 |
|  SandRidge Energy, Inc.<sup>(a)</sup> | 44889 | 915736 |
|  Scorpio Tankers, Inc. | 241655 | 12329238 |
|  SM Energy Co. | 380196 | 16390250 |
|  Southwestern Energy Co.<sup>(a)</sup> | 88666 | 613569 |
|  Talos Energy, Inc.<sup>(a)</sup> | 264078 | 5189133 |
|  Teekay Corp.<sup>(a)</sup> | 84941 | 377987 |
|  Teekay Tankers Ltd., Class A<sup>(a)</sup> | 202400 | 6828976 |
|  World Fuel Services Corp. | 377377 | 10736376 |
|  |  | 176185822 |
| **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** |  |
|  Resolute Forest Products, Inc.<sup>(a)</sup> | 73166 | 1543803 |
| **Personal Products — 0.8%** |  |  |
|  elf Beauty, Inc.<sup>(a)</sup> | 243736 | 13395731 |
|  Herbalife Nutrition Ltd.<sup>(a)</sup> | 539550 | 9452916 |
|  Medifast, Inc. | 54168 | 6827876 |
|  Nature's Sunshine Products, Inc.<sup>(a)</sup> | 1259 | 11205 |
|  Nu Skin Enterprises, Inc., Class A | 7190 | 299895 |
|  USANA Health Sciences, Inc.<sup>(a)</sup> | 24171 | 1330372 |
|  |  | 31317995 |
| **Pharmaceuticals — 2.1%** | **Pharmaceuticals — 2.1%** |  |
|  Aclaris Therapeutics, Inc.<sup>(a)(b)</sup> | 141978 | 2160905 |
|  Amphastar Pharmaceuticals, Inc.<sup>(a)</sup> | 303365 | 8946234 |
|  Arvinas, Inc.<sup>(a)</sup> | 73130 | 3001255 |
|  Atea Pharmaceuticals, Inc.<sup>(a)</sup> | 572549 | 2685255 |
|  Collegium Pharmaceutical, Inc.<sup>(a)</sup> | 60091 | 1314190 |
|  Corcept Therapeutics, Inc.<sup>(a)(b)</sup> | 477602 | 12073779 |
|  Edgewise Therapeutics, Inc.<sup>(a)(b)</sup> | 46540 | 416533 |
|  Endo International PLC<sup>(a)</sup> | 724513 | 67235 |
|  Esperion Therapeutics, Inc.<sup>(a)</sup> | 260662 | 1746435 |
|  Fulcrum Therapeutics, Inc.<sup>(a)</sup> | 39505 | 270609 |
|  Harmony Biosciences Holdings, Inc.<sup>(a)(b)</sup> | 67602 | 4040572 |
|  Intra-Cellular Therapies, Inc.<sup>(a)</sup> | 126433 | 6855197 |
|  Marinus Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 19905 | 95345 |
|  Mind Medicine MindMed, Inc.<sup>(a)(b)</sup> | 16675 | 42521 |
|  Nektar Therapeutics<sup>(a)</sup> | 1147540 | 3213112 |
|  NGM Biopharmaceuticals, Inc.<sup>(a)</sup> | 269105 | 1488151 |
|  Nuvation Bio, Inc.<sup>(a)</sup> | 156901 | 299681 |
|  Ocular Therapeutix, Inc.<sup>(a)</sup> | 8370 | 24859 |
|  Phathom Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 15354 | 153233 |
|  Pliant Therapeutics, Inc.<sup>(a)</sup> | 96517 | 1773982 |
|  Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | 143248 | 8804022 |
|  Provention Bio, Inc.<sup>(a)</sup> | 11029 | 99702 |
|  Reata Pharmaceuticals, Inc., Class A<sup>(a)(b)</sup> | 98958 | 3916758 |
|  Revance Therapeutics, Inc.<sup>(a)</sup> | 268904 | 5837906 |
|  Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | 294521 | 10814811 |
|  Tarsus Pharmaceuticals, Inc.<sup>(a)</sup> | 12872 | 216378 |
|  Theravance Biopharma, Inc.<sup>(a)</sup> | 83110 | 894264 |
|  Xeris Biopharma Holdings, Inc.<sup>(a)(b)</sup> | 204564 | 306846 |
|  |  | 81559770 |
| **Professional Services — 2.5%** |  |  |
|  ASGN, Inc.<sup>(a)</sup> | 116478 | 10552907 |
|  Barrett Business Services, Inc. | 2690 | 264508 |
|  First Advantage Corp.<sup>(a)</sup> | 50620 | 673246 |
|  Franklin Covey Co.<sup>(a)</sup> | 86312 | 4484771 |
|  Heidrick & Struggles International, Inc. | 34070 | 1011879 |

---

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

------

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Professional Services (continued)** | **Professional Services (continued)** |  |  |
|  Insperity, Inc. | 404795 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47988447 |
|  KBR, Inc. | 219152 |  | 11323584 |
|  Kelly Services, Inc., Class A, NVS | 152242 |  | 2586592 |
|  Kforce, Inc. | 143925 |  | 8501650 |
|  Korn Ferry<sup>(b)</sup> | 76174 |  | 4344203 |
|  ShiftPixy, Inc.<sup>(a)</sup> | 2332 |  | 37708 |
|  TriNet Group, Inc.<sup>(a)</sup> | 62229 |  | 4509736 |
|  TrueBlue, Inc.<sup>(a)</sup> | 8107 |  | 174949 |
|  |  |  | 96454180 |
| **Real Estate Management & Development — 1.1%** | **Real Estate Management & Development — 1.1%** |  |  |
|  Anywhere Real Estate, Inc.<sup>(a)</sup> | 593390 |  | 4480095 |
|  Compass, Inc., Class A<sup>(a)(b)</sup> | 360601 |  | 1078197 |
|  Cushman & Wakefield PLC<sup>(a)</sup> | 163301 |  | 1864897 |
|  DigitalBridge Group, Inc.<sup>(b)</sup> | 130074 |  | 1876968 |
|  eXp World Holdings, Inc. | 41162 |  | 537987 |
|  FRP Holdings, Inc.<sup>(a)(b)</sup> | 33158 |  | 2019322 |
|  Kennedy-Wilson Holdings, Inc. | 470525 |  | 8008336 |
|  Marcus & Millichap, Inc. | 455697 |  | 16970156 |
|  RMR Group, Inc., Class A | 197906 |  | 5721462 |
|  |  |  | 42557420 |
| **Road & Rail — 0.6%** |  |  |  |
|  ArcBest Corp. | 46869 |  | 3879347 |
|  Covenant Logistics Group, Inc. | 146927 |  | 5640528 |
|  Marten Transport Ltd. | 125459 |  | 2673531 |
|  Saia, Inc.<sup>(a)</sup> | 18164 |  | 4424569 |
|  U.S. Xpress Enterprises, Inc., Class A<sup>(a)</sup> | 1693 |  | 3826 |
|  Universal Logistics Holdings, Inc. | 42 |  | 1595 |
|  Werner Enterprises, Inc.<sup>(b)</sup> | 205947 |  | 9057549 |
|  |  |  | 25680945 |
| **Semiconductors & Semiconductor Equipment — 2.9%** | **Semiconductors & Semiconductor Equipment — 2.9%** | **Semiconductors & Semiconductor Equipment — 2.9%** | **Semiconductors & Semiconductor Equipment — 2.9%** |
|  Ambarella, Inc.<sup>(a)</sup> | 19521 |  | 1448458 |
|  Amkor Technology, Inc. | 266558 |  | 7468955 |
|  Axcelis Technologies, Inc.<sup>(a)</sup> | 37413 |  | 2987802 |
|  Cirrus Logic, Inc.<sup>(a)</sup> | 8007 |  | 598203 |
|  FormFactor, Inc.<sup>(a)</sup> | 670 |  | 15457 |
|  Ichor Holdings Ltd.<sup>(a)</sup> | 110824 |  | 3300339 |
|  Impinj, Inc.<sup>(a)</sup> | 1808 |  | 230610 |
|  Lattice Semiconductor Corp.<sup>(a)</sup> | 309805 |  | 22563098 |
|  MaxLinear, Inc.<sup>(a)</sup> | 181673 |  | 6649232 |
|  Photronics, Inc.<sup>(a)</sup> | 125670 |  | 2362596 |
|  Power Integrations, Inc. | 68651 |  | 5525033 |
|  Semtech Corp.<sup>(a)</sup> | 581644 |  | 17879737 |
|  Silicon Laboratories, Inc.<sup>(a)(b)</sup> | 210251 |  | 30578906 |
|  Synaptics, Inc.<sup>(a)</sup> | 99127 |  | 10504488 |
|  Ultra Clean Holdings, Inc.<sup>(a)</sup> | 89902 |  | 3203208 |
|  Veeco Instruments, Inc.<sup>(a)</sup> | 38090 |  | 757229 |
|  |  |  | 116073351 |
| **Software — 5.3%** |  |  |  |
|  8x8, Inc.<sup>(a)</sup> | 185646 |  | 794565 |
|  ACI Worldwide, Inc.<sup>(a)</sup> | 813338 |  | 16998764 |
|  Alarm.com Holdings, Inc.<sup>(a)</sup> | 50046 |  | 2497295 |
|  Appfolio, Inc., Class A<sup>(a)(b)</sup> | 39783 |  | 4538842 |
|  Appian Corp., Class A<sup>(a)</sup> | 92247 |  | 3508153 |
|  Asana, Inc., Class A<sup>(a)(b)</sup> | 246117 |  | 4469485 |
|  Blackline, Inc.<sup>(a)</sup> | 29075 |  | 1968087 |
|  Box, Inc., Class A<sup>(a)</sup> | 734940 |  | 20174103 |
|  BTRS Holdings, Inc., Class A<sup>(a)</sup> | 159465 |  | 1510134 |
|  C3.ai, Inc., Class A<sup>(a)(b)</sup> | 202543 |  | 2635084 |
|  Cerence, Inc.<sup>(a)</sup> | 19462 |  | 399166 |
|  Clear Secure, Inc., Class A | 53605 |  | 1666043 |
|  Couchbase, Inc.<sup>(a)</sup> | 43543 |  | 592185 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Software (continued)** |  |  |
|  Digital Turbine, Inc.<sup>(a)</sup> | 185757 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3391923 |
|  Domo, Inc., Class B<sup>(a)</sup> | 230426 | 3295092 |
|  Duck Creek Technologies, Inc.<sup>(a)</sup> | 12059 | 134940 |
|  eGain Corp.<sup>(a)</sup> | 1996 | 17565 |
|  EngageSmart, Inc.<sup>(a)(b)</sup> | 214835 | 3645750 |
|  Everbridge, Inc.<sup>(a)</sup> | 10248 | 334495 |
|  Intapp, Inc.<sup>(a)</sup> | 342 | 7904 |
|  Kaleyra, Inc.<sup>(a)</sup> | 18704 | 21884 |
|  KnowBe4, Inc., Class A<sup>(a)</sup> | 46757 | 1154430 |
|  LivePerson, Inc.<sup>(a)</sup> | 661659 | 7767877 |
|  LiveRamp Holdings, Inc.<sup>(a)</sup> | 317074 | 6962945 |
|  LiveVox Holdings, Inc.<sup>(a)(b)</sup> | 14457 | 32673 |
|  Model N, Inc.<sup>(a)</sup> | 193169 | 7510411 |
|  Momentive Global, Inc.<sup>(a)</sup> | 292022 | 2315734 |
|  PagerDuty, Inc.<sup>(a)</sup> | 587356 | 13062797 |
|  Paylocity Holding Corp.<sup>(a)</sup> | 7762 | 1690796 |
|  PowerSchool Holdings, Inc., Class A<sup>(a)</sup> | 16650 | 339826 |
|  Progress Software Corp. | 128226 | 6837010 |
|  PROS Holdings, Inc.<sup>(a)(b)</sup> | 184387 | 4392098 |
|  Q2 Holdings, Inc.<sup>(a)</sup> | 199421 | 5424251 |
|  Qualys, Inc.<sup>(a)(b)</sup> | 12450 | 1535334 |
|  Rapid7, Inc.<sup>(a)</sup> | 348648 | 10250251 |
|  RingCentral, Inc., Class A<sup>(a)</sup> | 11308 | 419074 |
|  Sprout Social, Inc., Class A<sup>(a)(b)</sup> | 135546 | 8037878 |
|  SPS Commerce, Inc.<sup>(a)</sup> | 43016 | 6119456 |
|  Sumo Logic, Inc.<sup>(a)</sup> | 425676 | 3235138 |
|  Tenable Holdings, Inc.<sup>(a)(b)</sup> | 268319 | 10244419 |
|  Upland Software, Inc.<sup>(a)</sup> | 31473 | 237306 |
|  Varonis Systems, Inc.<sup>(a)</sup> | 654282 | 13896950 |
|  Verint Systems, Inc.<sup>(a)</sup> | 184838 | 7269679 |
|  Vertex, Inc., Class A<sup>(a)</sup> | 348 | 5979 |
|  Workiva, Inc.<sup>(a)</sup> | 123537 | 9952141 |
|  Yext, Inc.<sup>(a)</sup> | 818624 | 4363266 |
|  Zeta Global Holdings Corp., Class A<sup>(a)</sup> | 116036 | 972382 |
|  Zuora, Inc., Class A<sup>(a)(b)</sup> | 164354 | 1262239 |
|  |  | 207893799 |
| **Specialty Retail — 2.8%** |  |  |
|  Aaron's Co., Inc. | 161053 | 1963236 |
|  Boot Barn Holdings, Inc.<sup>(a)</sup> | 24564 | 1654385 |
|  Chico's FAS, Inc.<sup>(a)</sup> | 629919 | 3697625 |
|  Conn's, Inc.<sup>(a)(b)</sup> | 312630 | 3113795 |
|  Container Store Group, Inc.<sup>(a)</sup> | 45151 | 214467 |
|  Designer Brands, Inc., Class A | 81799 | 1251525 |
|  Foot Locker, Inc. | 203939 | 8116772 |
|  Group 1 Automotive, Inc.<sup>(b)</sup> | 35739 | 6909778 |
|  Haverty Furniture Cos., Inc. | 147706 | 4657170 |
|  MarineMax, Inc.<sup>(a)</sup> | 221490 | 7315815 |
|  Murphy U.S.A., Inc. | 95804 | 28339781 |
|  National Vision Holdings, Inc.<sup>(a)(b)</sup> | 39388 | 1593639 |
|  ODP Corp.<sup>(a)</sup> | 49408 | 2378007 |
|  Shoe Carnival, Inc. | 60566 | 1599548 |
|  Signet Jewelers Ltd. | 247006 | 16055390 |
|  Sonic Automotive, Inc., Class A | 182422 | 9693905 |
|  Sportsman's Warehouse Holdings, Inc.<sup>(a)(b)</sup> | 608 | 5971 |
|  Urban Outfitters, Inc.<sup>(a)</sup> | 379712 | 10988865 |
|  |  | 109549674 |
| **Technology Hardware, Storage & Peripherals — 0.4%** | **Technology Hardware, Storage & Peripherals — 0.4%** |  |
|  Super Micro Computer, Inc.<sup>(a)(b)</sup> | 143570 | 12954321 |
|  Xerox Holdings Corp. | 179021 | 2919833 |
|  |  | 15874154 |

---

S C H E D U L E S O F I N V E S T M E N T S 35

------

---

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** |  |
|  Crocs, Inc.<sup>(a)</sup> | 92382 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9330582 |
|  G-III Apparel Group Ltd.<sup>(a)</sup> | 189619 | 4101459 |
|  Oxford Industries, Inc. | 27246 | 3074984 |
|  Steven Madden Ltd. | 77815 | 2687730 |
|  |  | 19194755 |
| **Thrifts & Mortgage Finance — 2.6%** | **Thrifts & Mortgage Finance — 2.6%** |  |
|  Axos Financial, Inc.<sup>(a)(b)</sup> | 4670 | 187314 |
|  Essent Group Ltd | 1176242 | 47155542 |
|  Federal Agricultural Mortgage Corp., Class C, NVS | 237853 | 29933800 |
|  FS Bancorp, Inc. | 3393 | 116041 |
|  Merchants Bancorp | 164267 | 4203592 |
|  NMI Holdings, Inc., Class A<sup>(a)</sup> | 561950 | 12098783 |
|  Provident Bancorp, Inc. | 46455 | 322398 |
|  Radian Group, Inc. | 462809 | 9057172 |
|  Western New England Bancorp, Inc. | 4196 | 41708 |
|  |  | 103116350 |
| **Tobacco — 0.1%** |  |  |
|  Turning Point Brands, Inc. | 119787 | 2637710 |
| **Trading Companies & Distributors — 2.9%** | **Trading Companies & Distributors — 2.9%** |  |
|  Applied Industrial Technologies, Inc. | 274013 | 36303982 |
|  BlueLinx Holdings, Inc.<sup>(a)</sup> | 4186 | 290508 |
|  Boise Cascade Co. | 71565 | 5298673 |
|  GATX Corp. | 40353 | 4549801 |
|  GMS, Inc.<sup>(a)</sup> | 113689 | 5582130 |
|  H&E Equipment Services, Inc. | 58408 | 2449048 |
|  McGrath RentCorp | 37445 | 3674103 |
|  MRC Global, Inc.<sup>(a)</sup> | 143578 | 1688477 |
|  NOW, Inc.<sup>(a)</sup> | 70692 | 882236 |
|  Rush Enterprises, Inc., Class A | 607434 | 31301074 |
|  SiteOne Landscape Supply, Inc.<sup>(a)(b)</sup> | 89404 | 11222884 |
|  Titan Machinery, Inc.<sup>(a)</sup> | 1462 | 64372 |
|  WESCO International, Inc.<sup>(a)(b)</sup> | 71235 | 9183616 |
|  |  | 112490904 |
| **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** |  |
|  United States Cellular Corp.<sup>(a)(b)</sup> | 34008 | 723010 |
|  **Total Common Stocks — 98.8%<br>(Cost: $3,929,010,426)** | **Total Common Stocks — 98.8%<br>(Cost: $3,929,010,426)** | 3884320849 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Rights** |  |  |
| **Biotechnology — 0.0%** |  |  |
|  Flexion Therapeutics, Inc., CVR<sup>(a)(c)</sup> | 73745 | $45722 |
| **Household Durables — 0.0%** |  |  |
|  ZAGG, Inc., CVR<sup>(a)(b)(c)</sup> | 122846 | 11056 |
| **Pharmaceuticals — 0.0%** |  |  |
|  Radius Health, Inc., CVR<sup>(a)</sup> | 72193 | 5775 |
|  Zogenix, Inc., CVR<sup>(a)(c)</sup> | 87079 | 59214 |
|  |  | 64989 |
|  **Total Rights — 0.0%<br>(Cost: $—)** | **Total Rights — 0.0%<br>(Cost: $—)** | 121767 |
|  **Total Long-Term Investments — 98.8%<br>(Cost: $3,929,010,426)** | **Total Long-Term Investments — 98.8%<br>(Cost: $3,929,010,426)** | 3884442616 |
| **Short-Term Securities** |  |  |
| **Money Market Funds — 3.6%** |  |  |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class, 3.57%<sup>(d)(e)</sup> | 30902190 | 30902190 |
|  SL Liquidity Series, LLC, Money Market Series, 4.05%<sup>(d)(e)(f)</sup> | 110358294 | 110314151 |
|  **Total Short-Term Securities — 3.6%<br>(Cost: $141,193,608)** | **Total Short-Term Securities — 3.6%<br>(Cost: $141,193,608)** | 141216341 |
|  **Total Investments — 102.4%<br>(Cost: $4,070,204,034)** | **Total Investments — 102.4%<br>(Cost: $4,070,204,034)** | 4025658957 |
|  **Liabilities in Excess of Other Assets — (2.4)%** | **Liabilities in Excess of Other Assets — (2.4)%** | (94149134) |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | $3931509823 |

---

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

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

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

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

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

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Advantage Small Cap Core Fund** |

---

**Affiliates** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *05/31/22* | *Purchases*<br> *at Cost* | *Proceeds*<br> *from Sale* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation*<br> *(Depreciation)* | *Value at*<br> *11/30/22* | *Shares*<br> *Held at<br>11/30/22* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from Underlying*<br> *Funds* |
|  BlackRock Liquidity Funds,<br>T-Fund, Institutional Class | $80626304 | $— | $(49724114)<sup>(a)</sup> | $— | $— | $30902190 | 30902190 | $435964 | $— |
|  SL Liquidity Series, LLC, Money Market Series | 161949528 |  | (51593708)<sup>(a)</sup> | (22313) | (19356) | 110314151 | 110358294 | 855007 <sup>(b)</sup> |  |
|  |  |  |  | $(22313) | $(19356) | $141216341 |  | $1290971 | $— |

---

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

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount<br>(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts<br>Russell 2000 E-Mini Index | 409 | 12/16/22 | $38599 | $655831 |

---

**Derivative Financial Instruments Categorized by Risk Exposure** 

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts<br>Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $655831 | $— | $— | $— | $655831 |

---

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

For the period ended November 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(605094) | $— | $— | $— | $(605094) |
|  **Net Change in Unrealized Appreciation (Depreciation) on** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(2203181) | $— | $— | $— | $(2203181) |

---

S C H E D U L E S O F I N V E S T M E N T S 37

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Advantage Small Cap Core Fund** |

---

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

---

| | |
|:---|:---|
|  Futures contracts |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average notional value of contracts — long | $40927623 |

---

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

**Fair Value Hierarchy as of Period End** 

Various inputs are used in determining the fair value of financial instruments. 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 | $3884320849 | $— | $— | $3884320849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights |  | 5775 | 115992 | 121767 |
| &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 | 30902190 |  |  | 30902190 |
|  | $3915223039 | $5775 | $115992 | 3915344806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments valued at NAV<sup>(a)</sup> |  |  |  | 110314151 |
|  |  |  |  | $4025658957 |
|  Derivative Financial Instruments<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $655831 | $— | $— | $655831 |

---

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

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

*See notes to financial statements.* 

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

------

---

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
| **Aerospace & Defense — 2.5%** |  |  |
|  Curtiss-Wright Corp. | 32623 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5762853 |
|  General Dynamics Corp. | 98487 | 24857134 |
|  HEICO Corp. | 19286 | 3130311 |
|  HEICO Corp., Class A | 18580 | 2355572 |
|  Lockheed Martin Corp. | 64369 | 31231195 |
|  Northrop Grumman Corp. | 6579 | 3508515 |
|  Textron, Inc. | 4772 | 340625 |
|  |  | 71186205 |
| **Air Freight & Logistics — 0.6%** |  |  |
|  Expeditors International of Washington, Inc. | 27718 | 3216951 |
|  FedEx Corp. | 5415 | 986721 |
|  United Parcel Service, Inc., Class B | 73050 | 13859777 |
|  |  | 18063449 |
| **Auto Components — 0.4%** |  |  |
|  Aptiv PLC<sup>(a)</sup> | 9885 | 1054433 |
|  BorgWarner, Inc. | 54278 | 2307358 |
|  Lear Corp. | 57185 | 8248364 |
|  |  | 11610155 |
| **Automobiles — 1.3%** |  |  |
|  Tesla, Inc.<sup>(a)</sup> | 189835 | 36960874 |
| **Banks — 2.7%** |  |  |
|  Bank of America Corp. | 485035 | 18358575 |
|  Citigroup, Inc. | 68539 | 3317973 |
|  Huntington Bancshares, Inc. | 77004 | 1192022 |
|  JPMorgan Chase & Co. | 177898 | 24581946 |
|  KeyCorp | 45816 | 861799 |
|  Pinnacle Financial Partners, Inc. | 27199 | 2281724 |
|  PNC Financial Services Group, Inc. | 8057 | 1355671 |
|  Regions Financial Corp. | 212695 | 4936651 |
|  SVB Financial Group<sup>(a)</sup> | 3832 | 888181 |
|  U.S. Bancorp | 275352 | 12498227 |
|  Wells Fargo & Co. | 159216 | 7634407 |
|  |  | 77907176 |
| **Beverages — 2.3%** |  |  |
|  Brown-Forman Corp., Class B, NVS | 205457 | 15002470 |
|  Coca-Cola Europacific Partners PLC | 13393 | 711034 |
|  PepsiCo, Inc. | 274556 | 50932884 |
|  |  | 66646388 |
| **Biotechnology — 1.7%** |  |  |
|  AbbVie, Inc. | 59035 | 9515261 |
|  Amgen, Inc. | 75353 | 21581099 |
|  Biogen, Inc.<sup>(a)</sup> | 8373 | 2555189 |
|  BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 31609 | 3191877 |
|  Blueprint Medicines Corp.<sup>(a)(b)</sup> | 18023 | 861319 |
|  Exact Sciences Corp.<sup>(a)</sup> | 77602 | 3488210 |
|  Gilead Sciences, Inc. | 25581 | 2246779 |
|  Novavax, Inc.<sup>(a)</sup> | 35910 | 592156 |
|  Seagen, Inc.<sup>(a)(b)</sup> | 29374 | 3565710 |
|  |  | 47597600 |
| **Building Products — 0.4%** |  |  |
|  Builders FirstSource, Inc.<sup>(a)</sup> | 55867 | 3571577 |
|  Fortune Brands Home & Security, Inc. | 64435 | 4210183 |
|  Owens Corning | 37391 | 3321816 |
|  Trane Technologies PLC | 1535 | 273875 |
|  |  | 11377451 |
| **Capital Markets — 1.5%** |  |  |
|  Bank of New York Mellon Corp. | 285242 | 13092608 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Capital Markets (continued)** |  |  |  |
|  Carlyle Group, Inc. | 50462 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1572901 |
|  Cboe Global Markets, Inc. | 51295 |  | 6506258 |
|  Charles Schwab Corp. | 27193 |  | 2244510 |
|  CME Group, Inc. | 63538 |  | 11214457 |
|  Intercontinental Exchange, Inc. | 72885 |  | 7894174 |
|  |  |  | 42524908 |
| **Chemicals — 2.7%** |  |  |  |
|  Corteva, Inc. | 226564 |  | 15216038 |
|  Ecolab, Inc. | 163434 |  | 24487316 |
|  FMC Corp. | 116036 |  | 15158943 |
|  Linde PLC | 59695 |  | 20086174 |
|  Mosaic Co. | 16109 |  | 826392 |
|  Sherwin-Williams Co. | 1255 |  | 312721 |
|  |  |  | 76087584 |
| **Commercial Services & Supplies — 0.0%** |  |  |  |
|  Tetra Tech, Inc. | 4737 |  | 732293 |
| **Communications Equipment — 0.3%** |  |  |  |
|  Ciena Corp.<sup>(a)</sup> | 19124 |  | 859815 |
|  Juniper Networks, Inc. | 198999 |  | 6614727 |
|  |  |  | 7474542 |
| **Construction & Engineering — 0.2%** |  |  |  |
|  AECOM | 49914 |  | 4242690 |
| **Consumer Finance — 2.5%** |  |  |  |
|  Ally Financial, Inc. | 184444 |  | 4981833 |
|  American Express Co. | 247992 |  | 39081059 |
|  Capital One Financial Corp. | 134052 |  | 13839529 |
|  Discover Financial Services | 72545 |  | 7860976 |
|  Synchrony Financial | 138666 |  | 5211068 |
|  |  |  | 70974465 |
| **Diversified Consumer Services — 0.1%** |  |  |  |
|  H&R Block, Inc. | 71148 |  | 3109879 |
| **Diversified Financial Services — 1.8%** |  |  |  |
|  Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 79843 |  | 25437980 |
|  Voya Financial, Inc. | 388803 |  | 25653222 |
|  |  |  | 51091202 |
| **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** |
|  Verizon Communications, Inc. | 169949 |  | 6624612 |
| **Electric Utilities — 0.5%** |  |  |  |
|  Edison International | 10098 |  | 673133 |
|  Entergy Corp. | 65178 |  | 7578246 |
|  NRG Energy, Inc. | 82673 |  | 3509469 |
|  Xcel Energy, Inc. | 31465 |  | 2209472 |
|  |  |  | 13970320 |
| **Electrical Equipment — 0.6%** |  |  |  |
|  AMETEK, Inc. | 30113 |  | 4288693 |
|  Eaton Corp. PLC | 82088 |  | 13417284 |
|  |  |  | 17705977 |
| **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** |
|  Flex Ltd.<sup>(a)(b)</sup> | 876931 |  | 19274943 |
|  TE Connectivity Ltd. | 11290 |  | 1423895 |
|  |  |  | 20698838 |
| **Energy Equipment & Services — 0.7%** |  |  |  |
|  Halliburton Co. | 264310 |  | 10014706 |
|  Schlumberger Ltd. | 216242 |  | 11147275 |
|  |  |  | 21161981 |
| **Entertainment — 0.3%** |  |  |  |
|  Live Nation Entertainment, Inc.<sup>(a)</sup> | 49890 |  | 3629996 |

---

S C H E D U L E S O F I N V E S T M E N T S 39

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

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Entertainment (continued)** |  |  |  |
|  Roku, Inc.<sup>(a)(b)</sup> | 28945 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1718465 |
|  Spotify Technology SA<sup>(a)</sup> | 36161 |  | 2871906 |
|  Walt Disney Co.<sup>(a)</sup> | 7069 |  | 691843 |
|  Warner Bros Discovery, Inc.<sup>(a)</sup> | 67027 |  | 764108 |
|  |  |  | 9676318 |
| **Equity Real Estate Investment Trusts (REITs) — 3.1%** | **Equity Real Estate Investment Trusts (REITs) — 3.1%** | **Equity Real Estate Investment Trusts (REITs) — 3.1%** | **Equity Real Estate Investment Trusts (REITs) — 3.1%** |
|  American Tower Corp. | 2483 |  | 549364 |
|  Brixmor Property Group, Inc. | 196730 |  | 4560201 |
|  Crown Castle, Inc. | 59671 |  | 8439270 |
|  Equity Residential | 28875 |  | 1872832 |
|  Essex Property Trust, Inc. | 71438 |  | 15743506 |
|  Prologis, Inc. | 200578 |  | 23626083 |
|  RLJ Lodging Trust | 56 |  | 679 |
|  SBA Communications Corp. | 7661 |  | 2292937 |
|  Simon Property Group, Inc. | 246156 |  | 29400873 |
|  Ventas, Inc. | 15198 |  | 707163 |
|  |  |  | 87192908 |
| **Food & Staples Retailing — 1.0%** |  |  |  |
|  Costco Wholesale Corp. | 15472 |  | 8343276 |
|  Kroger Co. | 232571 |  | 11440168 |
|  Walmart, Inc. | 54555 |  | 8315273 |
|  |  |  | 28098717 |
| **Food Products — 1.7%** |  |  |  |
|  Archer-Daniels-Midland Co. | 24806 |  | 2418585 |
|  Bunge Ltd. | 28792 |  | 3018553 |
|  Hershey Co. | 94147 |  | 22140550 |
|  Mondelez International, Inc., Class A | 104615 |  | 7073020 |
|  Tyson Foods, Inc., Class A | 209671 |  | 13896994 |
|  |  |  | 48547702 |
| **Health Care Equipment & Supplies — 2.6%** |  |  |  |
|  Abbott Laboratories | 106539 |  | 11461466 |
|  Becton Dickinson and Co. | 104478 |  | 26050545 |
|  Boston Scientific Corp.<sup>(a)</sup> | 323397 |  | 14640182 |
|  Edwards Lifesciences Corp.<sup>(a)</sup> | 17378 |  | 1342450 |
|  IDEXX Laboratories, Inc.<sup>(a)</sup> | 15399 |  | 6557972 |
|  Medtronic PLC | 177443 |  | 14025095 |
|  |  |  | 74077710 |
| **Health Care Providers & Services — 4.1%** |  |  |  |
|  AmerisourceBergen Corp. | 71569 |  | 12216113 |
|  Cigna Corp. | 116092 |  | 38181498 |
|  CVS Health Corp. | 133873 |  | 13638981 |
|  Elevance Health, Inc. | 43312 |  | 23081831 |
|  UnitedHealth Group, Inc. | 52477 |  | 28744801 |
|  |  |  | 115863224 |
| **Health Care Technology — 0.4%** |  |  |  |
|  Teladoc Health, Inc.<sup>(a)(b)</sup> | 324647 |  | 9255686 |
|  Veeva Systems, Inc., Class A<sup>(a)</sup> | 7099 |  | 1351366 |
|  |  |  | 10607052 |
| **Hotels, Restaurants & Leisure — 0.9%** |  |  |  |
|  Caesars Entertainment, Inc.<sup>(a)</sup> | 15900 |  | 807879 |
|  Choice Hotels International, Inc. | 7854 |  | 967770 |
|  Domino's Pizza, Inc. | 7018 |  | 2728107 |
|  International Game Technology PLC<sup>(b)</sup> | 36613 |  | 898483 |
|  Royal Caribbean Cruises Ltd.<sup>(a)</sup> | 36269 |  | 2173601 |
|  Starbucks Corp. | 11940 |  | 1220268 |
|  Travel + Leisure Co. | 407012 |  | 15820557 |
|  Yum! Brands, Inc. | 13782 |  | 1773192 |
|  |  |  | 26389857 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Household Durables — 0.2%** |  |  |  |
|  Lennar Corp., Class A | 8242 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723895 |
|  TopBuild Corp.<sup>(a)</sup> | 5033 |  | 775484 |
|  Whirlpool Corp. | 28162 |  | 4126578 |
|  |  |  | 5625957 |
| **Household Products — 2.1%** |  |  |  |
|  Colgate-Palmolive Co. | 291905 |  | 22616800 |
|  Procter & Gamble Co. | 240402 |  | 35858362 |
|  |  |  | 58475162 |
| **Independent Power and Renewable Electricity Producers — 0.3%** | **Independent Power and Renewable Electricity Producers — 0.3%** | **Independent Power and Renewable Electricity Producers — 0.3%** | **Independent Power and Renewable Electricity Producers — 0.3%** |
|  Vistra Corp. | 308028 |  | 7494321 |
| **Insurance — 3.3%** |  |  |  |
|  Allstate Corp. | 25251 |  | 3381109 |
|  American Financial Group, Inc. | 4404 |  | 626337 |
|  Hartford Financial Services Group, Inc. | 48583 |  | 3710284 |
|  Marsh & McLennan Cos., Inc. | 222522 |  | 38536360 |
|  MetLife, Inc. | 355624 |  | 27276361 |
|  Travelers Cos., Inc. | 115550 |  | 21932545 |
|  |  |  | 95462996 |
| **Interactive Media & Services — 4.2%** |  |  |  |
|  Alphabet, Inc., Class A<sup>(a)</sup> | 538427 |  | 54375743 |
|  Alphabet, Inc., Class C, NVS<sup>(a)</sup> | 402463 |  | 40829871 |
|  Meta Platforms, Inc., Class A<sup>(a)</sup> | 164408 |  | 19416585 |
|  Snap, Inc., Class A, NVS<sup>(a)</sup> | 445191 |  | 4589919 |
|  |  |  | 119212118 |
| **Internet & Direct Marketing Retail — 2.9%** |  |  |  |
|  Amazon.com, Inc.<sup>(a)</sup> | 662935 |  | 63999745 |
|  eBay, Inc. | 394453 |  | 17923944 |
|  MercadoLibre, Inc.<sup>(a)</sup> | 629 |  | 585590 |
|  |  |  | 82509279 |
| **IT Services — 3.8%** |  |  |  |
|  Accenture PLC, Class A | 29332 |  | 8826879 |
|  Automatic Data Processing, Inc. | 87023 |  | 22986255 |
|  Cognizant Technology Solutions Corp., Class A | 235497 |  | 14650268 |
|  Fidelity National Information Services, Inc. | 3520 |  | 255482 |
|  Gartner, Inc.<sup>(a)</sup> | 7827 |  | 2742346 |
|  Mastercard, Inc., Class A<sup>(b)</sup> | 67889 |  | 24195640 |
|  Okta, Inc.<sup>(a)</sup> | 19639 |  | 1047151 |
|  PayPal Holdings, Inc.<sup>(a)</sup> | 133428 |  | 10462089 |
|  Twilio, Inc., Class A<sup>(a)</sup> | 10376 |  | 508632 |
|  Visa, Inc., Class A | 105025 |  | 22790425 |
|  |  |  | 108465167 |
| **Life Sciences Tools & Services — 3.3%** |  |  |  |
|  Agilent Technologies, Inc. | 166582 |  | 25816878 |
|  Bruker Corp. | 20600 |  | 1388646 |
|  Danaher Corp. | 86656 |  | 23692617 |
|  Mettler-Toledo International, Inc.<sup>(a)</sup> | 3921 |  | 5762145 |
|  Syneos Health, Inc.<sup>(a)</sup> | 140027 |  | 4940153 |
|  Thermo Fisher Scientific, Inc. | 56133 |  | 31446829 |
|  West Pharmaceutical Services, Inc. | 2119 |  | 497244 |
|  |  |  | 93544512 |
| **Machinery — 2.9%** |  |  |  |
|  Deere & Co. | 26249 |  | 11575809 |
|  Illinois Tool Works, Inc. | 93958 |  | 21372626 |
|  Otis Worldwide Corp. | 60695 |  | 4739672 |
|  PACCAR, Inc. | 229049 |  | 24258580 |
|  Snap-on, Inc. | 35630 |  | 8572578 |
|  Stanley Black & Decker, Inc. | 16747 |  | 1368565 |

---

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

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

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Machinery (continued)** |  |  |  |
|  Timken Co. | 114515 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8700850 |
|  Xylem, Inc. | 26655 |  | 2994689 |
|  |  |  | 83583369 |
| **Media — 1.7%** |  |  |  |
|  Comcast Corp., Class A | 426972 |  | 15644254 |
|  Fox Corp., Class A, NVS | 958536 |  | 31104493 |
|  Fox Corp., Class B | 11766 |  | 359099 |
|  |  |  | 47107846 |
| **Metals & Mining — 0.5%** |  |  |  |
|  Newmont Corp. | 112997 |  | 5363967 |
|  Reliance Steel & Aluminum Co. | 8099 |  | 1711238 |
|  Steel Dynamics, Inc. | 66804 |  | 6942940 |
|  |  |  | 14018145 |
| **Multiline Retail — 0.5%** |  |  |  |
|  Target Corp. | 78978 |  | 13194854 |
| **Multi-Utilities — 1.6%** |  |  |  |
|  CMS Energy Corp. | 202997 |  | 12397027 |
|  DTE Energy Co. | 284927 |  | 33054381 |
|  |  |  | 45451408 |
| **Oil, Gas & Consumable Fuels — 4.2%** |  |  |  |
|  Chevron Corp. | 213449 |  | 39127336 |
|  EOG Resources, Inc. | 120844 |  | 17151389 |
|  Exxon Mobil Corp. | 336989 |  | 37520355 |
|  Marathon Oil Corp. | 178847 |  | 5478084 |
|  Marathon Petroleum Corp. | 103499 |  | 12607213 |
|  Ovintiv, Inc. | 43775 |  | 2440894 |
|  Phillips 66 | 20931 |  | 2269758 |
|  Valero Energy Corp. | 28985 |  | 3872976 |
|  |  |  | 120468005 |
| **Pharmaceuticals — 3.7%** |  |  |  |
|  Bristol-Myers Squibb Co. | 91766 |  | 7366974 |
|  Eli Lilly & Co. | 74122 |  | 27505192 |
|  Johnson & Johnson | 192694 |  | 34299532 |
|  Merck & Co., Inc. | 159272 |  | 17539033 |
|  Perrigo Co. PLC | 51037 |  | 1644922 |
|  Pfizer, Inc. | 329075 |  | 16496530 |
|  |  |  | 104852183 |
| **Professional Services — 0.1%** |  |  |  |
|  KBR, Inc. | 48026 |  | 2481503 |
| **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |
|  Zillow Group, Inc., Class C, NVS<sup>(a)</sup> | 12995 |  | 493550 |
| **Road & Rail — 1.2%** |  |  |  |
|  CSX Corp. | 293744 |  | 9602492 |
|  Landstar System, Inc.<sup>(b)</sup> | 52385 |  | 9061557 |
|  Lyft, Inc., Class A<sup>(a)</sup> | 181949 |  | 2041468 |
|  Ryder System, Inc. | 37489 |  | 3504847 |
|  Schneider National, Inc., Class B | 50703 |  | 1306109 |
|  Uber Technologies, Inc.<sup>(a)(b)</sup> | 264251 |  | 7700274 |
|  Union Pacific Corp. | 4982 |  | 1083236 |
|  |  |  | 34299983 |
| **Semiconductors & Semiconductor Equipment — 4.9%** | **Semiconductors & Semiconductor Equipment — 4.9%** | **Semiconductors & Semiconductor Equipment — 4.9%** | **Semiconductors & Semiconductor Equipment — 4.9%** |
|  Analog Devices, Inc. | 222423 |  | 38236738 |
|  Applied Materials, Inc. | 62725 |  | 6874660 |
|  Cirrus Logic, Inc.<sup>(a)</sup> | 65027 |  | 4858167 |
|  Enphase Energy, Inc.<sup>(a)</sup> | 3744 |  | 1200289 |
|  Intel Corp. | 630769 |  | 18967224 |
|  KLA Corp. | 18881 |  | 7423065 |
|  Lam Research Corp. | 21131 |  | 9981862 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
|  Lattice Semiconductor Corp.<sup>(a)</sup> | 7536 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548847 |
|  Marvell Technology, Inc. | 73475 |  | 3418057 |
|  MaxLinear, Inc.<sup>(a)</sup> | 20486 |  | 749787 |
|  Monolithic Power Systems, Inc. | 2107 |  | 804790 |
|  NVIDIA Corp | 136254 |  | 23058264 |
|  NXP Semiconductors NV | 10682 |  | 1878323 |
|  QUALCOMM, Inc. | 94437 |  | 11945336 |
|  Semtech Corp.<sup>(a)</sup> | 30619 |  | 941228 |
|  Silicon Laboratories, Inc.<sup>(a)</sup> | 61761 |  | 8982520 |
|  |  |  | 139869157 |
| **Software — 9.7%** |  |  |  |
|  Adobe, Inc.<sup>(a)</sup> | 55362 |  | 19096015 |
|  ANSYS, Inc.<sup>(a)</sup> | 1102 |  | 280239 |
|  Bill.com Holdings, Inc.<sup>(a)(b)</sup> | 18854 |  | 2270399 |
|  Box, Inc., Class A<sup>(a)</sup> | 26568 |  | 729292 |
|  Cadence Design Systems, Inc.<sup>(a)</sup> | 31203 |  | 5368164 |
|  Ceridian HCM Holding, Inc.<sup>(a)</sup> | 70668 |  | 4836518 |
|  Coupa Software, Inc.<sup>(a)</sup> | 7826 |  | 494916 |
|  Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 6227 |  | 732607 |
|  DocuSign, Inc.<sup>(a)</sup> | 14782 |  | 695789 |
|  HubSpot, Inc.<sup>(a)</sup> | 8296 |  | 2513937 |
|  InterDigital, Inc. | 7 |  | 351 |
|  Intuit, Inc. | 24467 |  | 9972505 |
|  Microsoft Corp. | 616157 |  | 157206297 |
|  Palo Alto Networks, Inc.<sup>(a)</sup> | 28469 |  | 4836883 |
|  Paycom Software, Inc.<sup>(a)</sup> | 3625 |  | 1229237 |
|  Paylocity Holding Corp.<sup>(a)</sup> | 9322 |  | 2030611 |
|  Rapid7, Inc.<sup>(a)</sup> | 8934 |  | 262660 |
|  RingCentral, Inc., Class A<sup>(a)</sup> | 213417 |  | 7909234 |
|  Salesforce, Inc.<sup>(a)</sup> | 145819 |  | 23367495 |
|  ServiceNow, Inc.<sup>(a)</sup> | 37425 |  | 15580027 |
|  Splunk, Inc.<sup>(a)</sup> | 27336 |  | 2123460 |
|  VMware, Inc., Class A<sup>(a)</sup> | 3243 |  | 393992 |
|  Workday, Inc., Class A<sup>(a)</sup> | 69716 |  | 11705316 |
|  Zscaler, Inc.<sup>(a)</sup> | 22585 |  | 3013968 |
|  |  |  | 276649912 |
| **Specialty Retail — 2.4%** |  |  |  |
|  AutoNation, Inc.<sup>(a)</sup> | 43099 |  | 5340397 |
|  AutoZone, Inc.<sup>(a)</sup> | 617 |  | 1591243 |
|  Best Buy Co., Inc. | 42491 |  | 3624482 |
|  Home Depot, Inc. | 103805 |  | 33631782 |
|  Lowe's Cos., Inc. | 76507 |  | 16261563 |
|  Penske Automotive Group, Inc.<sup>(b)</sup> | 9748 |  | 1232635 |
|  Ulta Beauty, Inc.<sup>(a)</sup> | 15494 |  | 7202231 |
|  |  |  | 68884333 |
| **Technology Hardware, Storage & Peripherals — 6.5%** | **Technology Hardware, Storage & Peripherals — 6.5%** | **Technology Hardware, Storage & Peripherals — 6.5%** | **Technology Hardware, Storage & Peripherals — 6.5%** |
|  Apple Inc.<sup>(b)</sup> | 1048462 |  | 155203830 |
|  Dell Technologies, Inc., Class C | 159380 |  | 7138630 |
|  Hewlett Packard Enterprise Co. | 1043968 |  | 17517783 |
|  HP, Inc. | 178757 |  | 5369860 |
|  NetApp, Inc. | 23304 |  | 1575584 |
|  |  |  | 186805687 |
| **Textiles, Apparel & Luxury Goods — 0.7%** |  |  |  |
|  Levi Strauss & Co., Class A | 96660 |  | 1597790 |
|  Lululemon Athletica, Inc.<sup>(a)</sup> | 35896 |  | 13651607 |
|  Ralph Lauren Corp. | 48940 |  | 5536093 |
|  |  |  | 20785490 |
| **Thrifts & Mortgage Finance — 0.0%** |  |  |  |
|  Radian Group, Inc. | 26755 |  | 523595 |

---

S C H E D U L E S O F I N V E S T M E N T S 41

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Tobacco — 0.1%** |  |  |
|  Altria Group, Inc. | 88802 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4136397 |
| **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** |
|  SiteOne Landscape Supply, Inc.<sup>(a)</sup> | 78828 | 9895279 |
| **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
|  United States Cellular Corp.<sup>(a)</sup> | 72150 | 1533909 |
|  **Total Long-Term Investments — 99.0%<br>(Cost: $2,302,320,040)** |  | 2824026194 |
| **Short-Term Securities** |  |  |
| **Money Market Funds — 1.6%** |  |  |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class, 3.57%<sup>(c)(d)</sup> | 23865494 | 23865494 |
|  SL Liquidity Series, LLC, Money Market Series, 4.05%<sup>(c)(d)(e)</sup> | 21157448 | 21148985 |
|  **Total Short-Term Securities — 1.6%<br>(Cost: $45,009,092)** |  | 45014479 |
|  **Total Investments — 100.6%<br>(Cost: $2,347,329,132)** |  | 2869040673 |
|  **Liabilities in Excess of Other Assets — (0.6)%** | **Liabilities in Excess of Other Assets — (0.6)%** | (15707888) |
|  **Net Assets — 100.0%** |  | $2853332785 |

---

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

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

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

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

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

**Affiliates** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>05/31/22* | *Purchases*<br> *at Cost* | *Proceeds<br>from Sale* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>11/30/22* | *Shares*<br> *Held at*<br> *11/30/22* | *Income*<br> *(Expense)* | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  BlackRock Liquidity | BlackRock Liquidity | BlackRock Liquidity | BlackRock Liquidity | BlackRock Liquidity | BlackRock Liquidity | BlackRock Liquidity | BlackRock Liquidity | BlackRock Liquidity | BlackRock Liquidity |
| &nbsp;&nbsp;&nbsp;&nbsp; Funds, T-Fund, Institutional Class | $27372151 | $— | $(3506657)<sup>(a)</sup> | $— | $— | $23865494 | 23865494 | $250651 | $— |
|  SL Liquidity Series, LLC, Money Market Series | 3496621 | 17660407 <sup>(a)</sup> |  | (13430) | 5387 | 21148985 | 21157448 | 15938 <sup>(b)</sup> |  |
|  |  |  |  | $(13430) | $5387 | $45014479 |  | $266589 | $— |

---

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

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

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Advantage Large Cap Core Fund** |

---

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount<br>(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 E-Mini Index | 162 | 12/16/22 | $33058 | $2230917 |

---

**Derivative Financial Instruments Categorized by Risk Exposure** 

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $2230917 | $— | $— | $— | $2230917 |

---

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

For the period ended November 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from** | **Net Realized Gain (Loss) from** | **Net Realized Gain (Loss) from** | **Net Realized Gain (Loss) from** | **Net Realized Gain (Loss) from** | **Net Realized Gain (Loss) from** | **Net Realized Gain (Loss) from** | **Net Realized Gain (Loss) from** |
|  Futures contracts | $— | $— | $(4277538) | $— | $— | $— | $(4277538) |
|  **Net Change in Unrealized Appreciation (Depreciation) on** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $2184776 | $— | $— | $— | $2184776 |

---

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

---

| | |
|:---|:---|
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $31860500 |

---

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

S C H E D U L E S O F I N V E S T M E N T S 43

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Advantage Large Cap Core Fund** |

---

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $2824026194 | $— | $— | $2824026194 |
| &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 | 23865494 |  |  | 23865494 |
|  | $2847891688 | $— | $— | 2847891688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments valued at NAV<sup>(a)</sup> |  |  |  | 21148985 |
|  |  |  |  | $2869040673 |
|  Derivative Financial Instruments<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $2230917 | $— | $— | $2230917 |

---

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

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

*See notes to financial statements.* 

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

------

---

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
|  **Aerospace & Defense — 3.0%** |  |  |
|  Curtiss-Wright Corp. | 13423 | $2371173 |
|  General Dynamics Corp.<sup>(a)</sup> | 22052 | 5565704 |
|  HEICO Corp. | 5027 | 815932 |
|  Lockheed Martin Corp. | 11416 | 5538929 |
|  Northrop Grumman Corp. | 4083 | 2177423 |
|  Textron, Inc. | 18707 | 1335306 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;17804467 |
| **Air Freight & Logistics — 0.6%** |  |  |
|  Expeditors International of Washington, Inc. | 8541 | 991269 |
|  FedEx Corp. | 7315 | 1332939 |
|  United Parcel Service, Inc., Class B | 5491 | 1041807 |
|  |  | 3366015 |
| **Airlines — 0.1%** |  |  |
|  Southwest Airlines Co.<sup>(b)</sup> | 16191 | 646183 |
| **Auto Components — 0.8%** |  |  |
|  Aptiv PLC<sup>(b)</sup> | 4470 | 476815 |
|  BorgWarner, Inc. | 32017 | 1361043 |
|  Goodyear Tire & Rubber Co.<sup>(b)</sup> | 57536 | 645554 |
|  Lear Corp. | 16844 | 2429578 |
|  |  | 4912990 |
| **Banks — 6.2%** |  |  |
|  Citigroup, Inc. | 104260 | 5047227 |
|  Huntington Bancshares, Inc. | 68680 | 1063166 |
|  JPMorgan Chase & Co. | 89425 | 12356746 |
|  KeyCorp | 48446 | 911269 |
|  Pinnacle Financial Partners, Inc. | 8000 | 671120 |
|  PNC Financial Services Group, Inc. | 10224 | 1720290 |
|  Regions Financial Corp. | 146981 | 3411429 |
|  SVB Financial Group<sup>(b)</sup> | 544 | 126088 |
|  Truist Financial Corp. | 48986 | 2293035 |
|  U.S. Bancorp | 85822 | 3895461 |
|  Wells Fargo & Co. | 118029 | 5659491 |
|  |  | 37155322 |
| **Beverages — 1.8%** |  |  |
|  Brown-Forman Corp., Class B, NVS | 30511 | 2227913 |
|  Coca-Cola Europacific Partners PLC | 12364 | 656405 |
|  PepsiCo, Inc. | 42478 | 7880094 |
|  |  | 10764412 |
| **Biotechnology — 1.5%** |  |  |
|  Amgen, Inc. | 9826 | 2814166 |
|  Biogen, Inc.<sup>(b)</sup> | 3602 | 1099222 |
|  BioMarin Pharmaceutical, Inc.<sup>(b)</sup> | 5275 | 532670 |
|  Blueprint Medicines Corp.<sup>(b)</sup> | 2031 | 97062 |
|  Exact Sciences Corp.<sup>(b)</sup> | 27393 | 1231315 |
|  Gilead Sciences, Inc. | 24754 | 2174144 |
|  Moderna, Inc.<sup>(b)</sup> | 2120 | 372929 |
|  Novavax, Inc.<sup>(b)</sup> | 6206 | 102337 |
|  Regeneron Pharmaceuticals, Inc.<sup>(b)</sup> | 359 | 269860 |
|  Seagen, Inc.<sup>(b)</sup> | 3256 | 395246 |
|  Ultragenyx Pharmaceutical, Inc.<sup>(b)</sup> | 4385 | 159176 |
|  |  | 9248127 |
| **Building Products — 0.6%** |  |  |
|  Builders FirstSource, Inc.<sup>(b)</sup> | 12903 | 824889 |
|  Fortune Brands Home & Security, Inc. | 23194 | 1515496 |
|  Owens Corning | 9580 | 851087 |
|  Trane Technologies PLC | 863 | 153976 |
|  |  | 3345448 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Capital Markets — 3.3%** |  |  |  |
|  Bank of New York Mellon Corp. | 131691 | $| 6044617 |
|  Carlyle Group, Inc. | 57683 |  | 1797979 |
|  Cboe Global Markets, Inc. | 19725 |  | 2501919 |
|  CME Group, Inc. | 23351 |  | 4121451 |
|  Intercontinental Exchange, Inc. | 31651 |  | 3428120 |
|  S&P Global, Inc. | 3166 |  | 1116965 |
|  State Street Corp. | 5663 |  | 451171 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;19462222 |
| **Chemicals — 2.4%** |  |  |  |
|  Corteva, Inc. | 65479 |  | 4397570 |
|  FMC Corp. | 22622 |  | 2955338 |
|  Huntsman Corp. | 21218 |  | 589436 |
|  Linde PLC | 17879 |  | 6015926 |
|  Mosaic Co. | 4732 |  | 242752 |
|  Sherwin-Williams Co. | 839 |  | 209062 |
|  Valvoline, Inc. | 7389 |  | 243689 |
|  |  |  | 14653773 |
| **Commercial Services & Supplies — 0.1%** |  |  |  |
|  Rentokil Initial PLC, ADR<sup>(a)</sup> | 4521 |  | 149419 |
|  Tetra Tech, Inc. | 3055 |  | 472273 |
|  |  |  | 621692 |
| **Communications Equipment — 0.7%** |  |  |  |
|  Cisco Systems, Inc. | 8496 |  | 422421 |
|  Juniper Networks, Inc. | 114447 |  | 3804218 |
|  |  |  | 4226639 |
| **Construction & Engineering — 0.3%** |  |  |  |
|  AECOM | 23344 |  | 1984240 |
| **Consumer Finance — 3.0%** |  |  |  |
|  Ally Financial, Inc. | 73839 |  | 1994392 |
|  American Express Co. | 56280 |  | 8869165 |
|  Capital One Financial Corp. | 37871 |  | 3909802 |
|  Discover Financial Services | 15267 |  | 1654332 |
|  Synchrony Financial | 39271 |  | 1475804 |
|  |  |  | 17903495 |
| **Containers & Packaging — 0.3%** |  |  |  |
|  Westrock Co. | 52168 |  | 1978211 |
| **Diversified Financial Services — 3.5%** |  |  |  |
|  Berkshire Hathaway, Inc., Class B<sup>(b)</sup> | 48436 |  | 15431710 |
|  Voya Financial, Inc. | 82226 |  | 5425271 |
|  |  |  | 20856981 |
| **Diversified Telecommunication Services — 1.4%** | **Diversified Telecommunication Services — 1.4%** | **Diversified Telecommunication Services — 1.4%** | **Diversified Telecommunication Services — 1.4%** |
|  AT&T Inc. | 204544 |  | 3943608 |
|  Verizon Communications, Inc. | 108460 |  | 4227771 |
|  |  |  | 8171379 |
| **Electric Utilities — 2.0%** |  |  |  |
|  Edison International | 11270 |  | 751258 |
|  Entergy Corp. | 34971 |  | 4066078 |
|  Evergy, Inc. | 10984 |  | 650363 |
|  NextEra Energy, Inc. | 23443 |  | 1985622 |
|  NRG Energy, Inc. | 19228 |  | 816228 |
|  Portland General Electric Co. | 11517 |  | 566982 |
|  Xcel Energy, Inc. | 40681 |  | 2856620 |
|  |  |  | 11693151 |
| **Electrical Equipment — 1.1%** |  |  |  |
|  AMETEK, Inc. | 5715 |  | 813930 |
|  Eaton Corp. PLC | 33299 |  | 5442722 |
|  Sunrun, Inc.<sup>(b)</sup> | 4206 |  | 137031 |
|  |  |  | 6393683 |

---

S C H E D U L E S O F I N V E S T M E N T S 45

------

---

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Electronic Equipment, Instruments & Components — 1.1%** | **Electronic Equipment, Instruments & Components — 1.1%** | **Electronic Equipment, Instruments & Components — 1.1%** |
|  Arrow Electronics, Inc.<sup>(b)</sup> | 662 | $71986 |
|  Avnet, Inc. | 17350 | 783699 |
|  Flex Ltd.<sup>(b)</sup> | 217505 | 4780760 |
|  TD SYNNEX Corp. | 3650 | 373395 |
|  TE Connectivity Ltd. | 3215 | 405476 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6415316 |
| **Energy Equipment & Services — 1.1%** | **Energy Equipment & Services — 1.1%** | **Energy Equipment & Services — 1.1%** |
|  Halliburton Co. | 79775 | 3022675 |
|  Patterson-UTI Energy, Inc. | 29151 | 523261 |
|  Schlumberger Ltd. | 53726 | 2769575 |
|  |  | 6315511 |
| **Entertainment — 0.8%** | **Entertainment — 0.8%** | **Entertainment — 0.8%** |
|  Activision Blizzard, Inc. | 12328 | 911656 |
|  Live Nation Entertainment, Inc.<sup>(b)</sup> | 12026 | 875012 |
|  Spotify Technology SA<sup>(b)</sup> | 1097 | 87124 |
|  Walt Disney Co.<sup>(b)</sup> | 25466 | 2492357 |
|  Warner Bros Discovery, Inc.<sup>(b)</sup> | 19223 | 219142 |
|  |  | 4585291 |
| **Equity Real Estate Investment Trusts (REITs) — 4.5%** | **Equity Real Estate Investment Trusts (REITs) — 4.5%** | **Equity Real Estate Investment Trusts (REITs) — 4.5%** |
|  Brixmor Property Group, Inc. | 41467 | 961205 |
|  Crown Castle, Inc. | 7810 | 1104568 |
|  Equity LifeStyle Properties, Inc. | 13124 | 871696 |
|  Equity Residential<sup>(a)</sup> | 36317 | 2355521 |
|  Essex Property Trust, Inc. | 25697 | 5663105 |
|  Lamar Advertising Co., Class A | 2890 | 289405 |
|  Outfront Media, Inc. | 3722 | 68075 |
|  Park Hotels & Resorts, Inc. | 17404 | 223293 |
|  Prologis, Inc. | 59265 | 6980824 |
|  Regency Centers Corp. | 2562 | 170194 |
|  SBA Communications Corp. | 2307 | 690485 |
|  Simon Property Group, Inc. | 54644 | 6526679 |
|  Sun Communities, Inc. | 1281 | 188179 |
|  Ventas, Inc. | 12167 | 566131 |
|  |  | 26659360 |
| **Food & Staples Retailing — 1.3%** | **Food & Staples Retailing — 1.3%** | **Food & Staples Retailing — 1.3%** |
|  Costco Wholesale Corp. | 589 | 317618 |
|  Kroger Co. | 61842 | 3042008 |
|  Walmart, Inc. | 28774 | 4385733 |
|  |  | 7745359 |
| **Food Products — 2.6%** | **Food Products — 2.6%** | **Food Products — 2.6%** |
|  Archer-Daniels-Midland Co. | 14274 | 1391715 |
|  Bunge Ltd. | 11807 | 1237846 |
|  Hershey Co. | 16857 | 3964261 |
|  Mondelez International, Inc., Class A | 69650 | 4709036 |
|  Tyson Foods, Inc., Class A | 63670 | 4220048 |
|  |  | 15522906 |
| **Health Care Equipment & Supplies — 3.1%** | **Health Care Equipment & Supplies — 3.1%** | **Health Care Equipment & Supplies — 3.1%** |
|  Abbott Laboratories | 30970 | 3331753 |
|  Becton Dickinson and Co. | 27518 | 6861338 |
|  Boston Scientific Corp.<sup>(b)</sup> | 67688 | 3064236 |
|  Edwards Lifesciences Corp.<sup>(b)</sup> | 2665 | 205871 |
|  Medtronic PLC | 63029 | 4981812 |
|  |  | 18445010 |
| **Health Care Providers & Services — 3.7%** | **Health Care Providers & Services — 3.7%** | **Health Care Providers & Services — 3.7%** |
|  AmerisourceBergen Corp. | 18374 | 3136258 |
|  Cigna Corp. | 26843 | 8828394 |
|  CVS Health Corp. | 51423 | 5238975 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
|  Elevance Health, Inc. | 8765 | 4671044 |
|  UnitedHealth Group, Inc. | 614 | 336325 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;22210996 |
| **Health Care Technology — 0.3%** | **Health Care Technology — 0.3%** | **Health Care Technology — 0.3%** |
|  Teladoc Health, Inc.<sup>(a)(b)</sup> | 73775 | 2103325 |
| **Hotels, Restaurants & Leisure — 1.2%** | **Hotels, Restaurants & Leisure — 1.2%** | **Hotels, Restaurants & Leisure — 1.2%** |
|  Caesars Entertainment, Inc.<sup>(b)</sup> | 4183 | 212538 |
|  Carnival Corp.<sup>(b)</sup> | 24187 | 240177 |
|  Darden Restaurants, Inc. | 2914 | 428329 |
|  Domino's Pizza, Inc. | 1764 | 685720 |
|  Hilton Grand Vacations, Inc.<sup>(b)</sup> | 1281 | 56390 |
|  McDonald's Corp. | 3489 | 951764 |
|  Starbucks Corp. | 7481 | 764558 |
|  Travel + Leisure Co. | 100542 | 3908067 |
|  |  | 7247543 |
| **Household Durables — 0.5%** | **Household Durables — 0.5%** | **Household Durables — 0.5%** |
|  Lennar Corp., Class A | 6453 | 566767 |
|  TopBuild Corp.<sup>(b)</sup> | 3432 | 528803 |
|  Whirlpool Corp. | 12217 | 1790157 |
|  |  | 2885727 |
| **Household Products — 2.0%** | **Household Products — 2.0%** | **Household Products — 2.0%** |
|  Colgate-Palmolive Co. | 35608 | 2758908 |
|  Procter & Gamble Co. | 60773 | 9064901 |
|  |  | 11823809 |
| **Independent Power and Renewable Electricity Producers — 0.5%** | **Independent Power and Renewable Electricity Producers — 0.5%** | **Independent Power and Renewable Electricity Producers — 0.5%** |
|  Brookfield Renewable Corp., Class A | 5551 | 181018 |
|  Vistra Corp. | 107708 | 2620536 |
|  |  | 2801554 |
| **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** |
|  Honeywell International, Inc. | 5805 | 1274488 |
| **Insurance — 4.3%** | **Insurance — 4.3%** | **Insurance — 4.3%** |
|  Allstate Corp. | 14611 | 1956413 |
|  American Financial Group, Inc. | 2060 | 292973 |
|  Hartford Financial Services Group, Inc. | 35687 | 2725416 |
|  Marsh & McLennan Cos., Inc. | 38922 | 6740512 |
|  MetLife, Inc. | 106631 | 8178598 |
|  Travelers Cos., Inc. | 29420 | 5584210 |
|  |  | 25478122 |
| **Interactive Media & Services — 2.1%** | **Interactive Media & Services — 2.1%** | **Interactive Media & Services — 2.1%** |
|  Alphabet, Inc., Class A<sup>(b)</sup> | 32930 | 3325601 |
|  Alphabet, Inc., Class C, NVS<sup>(b)</sup> | 21524 | 2183610 |
|  Meta Platforms, Inc., Class A<sup>(b)</sup> | 54327 | 6416019 |
|  Snap, Inc., Class A, NVS<sup>(b)</sup> | 78285 | 807118 |
|  |  | 12732348 |
| **Internet & Direct Marketing Retail — 0.5%** | **Internet & Direct Marketing Retail — 0.5%** | **Internet & Direct Marketing Retail — 0.5%** |
|  eBay, Inc. | 60091 | 2730535 |
| **IT Services — 1.9%** | **IT Services — 1.9%** | **IT Services — 1.9%** |
|  Accenture PLC, Class A | 880 | 264818 |
|  Automatic Data Processing, Inc. | 8706 | 2299603 |
|  Cognizant Technology Solutions Corp., Class A | 65274 | 4060696 |
|  Fidelity National Information Services, Inc. | 23321 | 1692638 |
|  Gartner, Inc.<sup>(b)</sup> | 541 | 189550 |
|  Kyndryl Holdings, Inc.<sup>(b)</sup> | 8909 | 104324 |
|  Okta, Inc.<sup>(b)</sup> | 2586 | 137886 |
|  PayPal Holdings, Inc.<sup>(b)</sup> | 31625 | 2479716 |
|  StoneCo Ltd., Class A<sup>(b)</sup> | 7561 | 88313 |
|  Twilio, Inc., Class A<sup>(b)</sup> | 2914 | 142844 |
|  |  | 11460388 |

---

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

------

---

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Life Sciences Tools & Services — 3.4%** | **Life Sciences Tools & Services — 3.4%** | **Life Sciences Tools & Services — 3.4%** |
|  Agilent Technologies, Inc. | 27311 | $4232659 |
|  Bio-Rad Laboratories, Inc., Class A<sup>(b)</sup> | 352 | 145978 |
|  Danaher Corp. | 27030 | 7390272 |
|  Syneos Health, Inc.<sup>(b)</sup> | 5015 | 176929 |
|  Thermo Fisher Scientific, Inc. | 15264 | 8551198 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;20497036 |
| **Machinery — 3.6%** | **Machinery — 3.6%** | **Machinery — 3.6%** |
|  Deere & Co. | 1282 | 565362 |
|  Illinois Tool Works, Inc. | 14725 | 3349496 |
|  Otis Worldwide Corp. | 23171 | 1809423 |
|  PACCAR, Inc. | 57034 | 6040471 |
|  Snap-on, Inc. | 14404 | 3465602 |
|  Stanley Black & Decker, Inc. | 14008 | 1144734 |
|  Timken Co. | 53552 | 4068881 |
|  Xylem, Inc. | 8459 | 950369 |
|  |  | 21394338 |
| **Media — 2.2%** | **Media — 2.2%** | **Media — 2.2%** |
|  Comcast Corp., Class A | 174283 | 6385729 |
|  Fox Corp., Class A, NVS | 201861 | 6550389 |
|  Fox Corp., Class B | 4563 | 139263 |
|  Liberty Media Corp. - Liberty SiriusXM, Class A<sup>(b)</sup> | 2077 | 91014 |
|  |  | 13166395 |
| **Metals & Mining — 0.9%** | **Metals & Mining — 0.9%** | **Metals & Mining — 0.9%** |
|  Freeport-McMoRan, Inc. | 6971 | 277446 |
|  Newmont Corp. | 45643 | 2166673 |
|  Reliance Steel & Aluminum Co. | 4809 | 1016094 |
|  Steel Dynamics, Inc. | 19941 | 2072468 |
|  |  | 5532681 |
| **Multiline Retail — 0.3%** | **Multiline Retail — 0.3%** | **Multiline Retail — 0.3%** |
|  Target Corp. | 11611 | 1939850 |
| **Multi-Utilities — 2.2%** |  |  |
|  Black Hills Corp. | 9025 | 646461 |
|  CMS Energy Corp. | 89322 | 5454894 |
|  DTE Energy Co. | 61919 | 7183223 |
|  |  | 13284578 |
| **Oil, Gas & Consumable Fuels — 7.2%** | **Oil, Gas & Consumable Fuels — 7.2%** | **Oil, Gas & Consumable Fuels — 7.2%** |
|  APA Corp. | 1249 | 58516 |
|  Chevron Corp. | 79033 | 14487539 |
|  EOG Resources, Inc. | 20329 | 2885295 |
|  Exxon Mobil Corp. | 136909 | 15243448 |
|  Marathon Oil Corp. | 66614 | 2040387 |
|  Marathon Petroleum Corp. | 27478 | 3347095 |
|  Ovintiv, Inc. | 14062 | 784097 |
|  Phillips 66 | 17555 | 1903664 |
|  Valero Energy Corp. | 11988 | 1601837 |
|  Williams Cos., Inc. | 13155 | 456478 |
|  |  | 42808356 |
| **Pharmaceuticals — 5.6%** | **Pharmaceuticals — 5.6%** | **Pharmaceuticals — 5.6%** |
|  Bristol-Myers Squibb Co. | 48233 | 3872145 |
|  Eli Lilly & Co. | 3656 | 1356668 |
|  Johnson & Johnson | 82140 | 14620920 |
|  Merck & Co., Inc. | 38789 | 4271445 |
|  Perrigo Co. PLC | 18203 | 586683 |
|  Pfizer, Inc. | 170268 | 8535535 |
|  |  | 33243396 |
| **Professional Services — 0.1%** | **Professional Services — 0.1%** | **Professional Services — 0.1%** |
|  KBR, Inc. | 4875 | 251891 |
|  ManpowerGroup, Inc. | 2777 | 243043 |
|  |  | 494934 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |
|  Zillow Group, Inc., Class C, NVS<sup>(b)</sup> | 5339 | $202775 |
| **Road & Rail — 0.9%** | **Road & Rail — 0.9%** | **Road & Rail — 0.9%** |
|  CSX Corp. | 55356 | 1809588 |
|  Landstar System, Inc.<sup>(a)</sup> | 1911 | 330565 |
|  Lyft, Inc., Class A<sup>(b)</sup> | 24832 | 278615 |
|  Norfolk Southern Corp. | 607 | 155695 |
|  Ryder System, Inc. | 7286 | 681168 |
|  Schneider National, Inc., Class B<sup>(a)</sup> | 57181 | 1472983 |
|  Uber Technologies, Inc.<sup>(b)</sup> | 28923 | 842816 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5571430 |
| **Semiconductors & Semiconductor Equipment — 2.7%** | **Semiconductors & Semiconductor Equipment — 2.7%** | **Semiconductors & Semiconductor Equipment — 2.7%** |
|  Analog Devices, Inc. | 44729 | 7689362 |
|  Cirrus Logic, Inc.<sup>(b)</sup> | 7990 | 596933 |
|  Intel Corp. | 195026 | 5864432 |
|  Lam Research Corp. | 486 | 229577 |
|  Marvell Technology, Inc. | 12237 | 569265 |
|  NXP Semiconductors NV | 381 | 66995 |
|  Semtech Corp.<sup>(b)</sup> | 6447 | 198181 |
|  Silicon Laboratories, Inc.<sup>(b)</sup> | 7578 | 1102144 |
|  |  | 16316889 |
| **Software — 2.2%** | **Software — 2.2%** | **Software — 2.2%** |
|  Adobe, Inc.<sup>(b)</sup> | 4503 | 1553220 |
|  ANSYS, Inc.<sup>(b)</sup> | 1023 | 260149 |
|  Bill.com Holdings, Inc.<sup>(b)</sup> | 5171 | 622692 |
|  Box, Inc., Class A<sup>(b)</sup> | 3120 | 85644 |
|  Ceridian HCM Holding, Inc.<sup>(a)(b)</sup> | 35002 | 2395537 |
|  DocuSign, Inc.<sup>(b)</sup> | 1760 | 82843 |
|  HubSpot, Inc.<sup>(b)</sup> | 673 | 203939 |
|  Intuit, Inc. | 968 | 394547 |
|  Manhattan Associates, Inc.<sup>(b)</sup> | 1043 | 131355 |
|  Microsoft Corp. | 11242 | 2868284 |
|  Paycom Software, Inc.<sup>(b)</sup> | 153 | 51882 |
|  Paylocity Holding Corp.<sup>(b)</sup> | 1596 | 347657 |
|  Rapid7, Inc.<sup>(b)</sup> | 7730 | 227262 |
|  RingCentral, Inc., Class A<sup>(b)</sup> | 42622 | 1579571 |
|  ServiceNow, Inc.<sup>(b)</sup> | 4051 | 1686431 |
|  VMware, Inc., Class A<sup>(b)</sup> | 2275 | 276390 |
|  Zscaler, Inc.<sup>(b)</sup> | 1706 | 227666 |
|  |  | 12995069 |
| **Specialty Retail — 1.6%** | **Specialty Retail — 1.6%** | **Specialty Retail — 1.6%** |
|  AutoNation, Inc.<sup>(b)</sup> | 6438 | 797733 |
|  Best Buy Co., Inc. | 12175 | 1038528 |
|  Home Depot, Inc. | 15920 | 5157921 |
|  Lowe's Cos., Inc. | 7397 | 1572232 |
|  Penske Automotive Group, Inc.<sup>(a)</sup> | 5507 | 696360 |
|  Ulta Beauty, Inc.<sup>(b)</sup> | 485 | 225447 |
|  |  | 9488221 |
| **Technology Hardware, Storage & Peripherals — 0.9%** | **Technology Hardware, Storage & Peripherals — 0.9%** | **Technology Hardware, Storage & Peripherals — 0.9%** |
|  Hewlett Packard Enterprise Co. | 305218 | 5121558 |
| **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** |
|  Lululemon Athletica, Inc.<sup>(b)</sup> | 3469 | 1319295 |
|  Under Armour, Inc., Class C, NVS<sup>(b)</sup> | 6023 | 52521 |
|  |  | 1371816 |
| **Thrifts & Mortgage Finance — 0.1%** | **Thrifts & Mortgage Finance — 0.1%** | **Thrifts & Mortgage Finance — 0.1%** |
|  Radian Group, Inc. | 29108 | 569644 |
| **Tobacco — 0.4%** |  |  |
|  Altria Group, Inc. | 47612 | 2217767 |

---

S C H E D U L E S O F I N V E S T M E N T S 47

------

---

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
|  United Rentals, Inc.<sup>(b)</sup> | 1273 | $449407 |
| **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
|  United States Cellular Corp.<sup>(b)</sup> | 44114 | 937864 |
|  **Total Long-Term Investments — 99.1%<br>(Cost: $520,599,503)** | **Total Long-Term Investments — 99.1%<br>(Cost: $520,599,503)** | 591230022 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.7%** | **Money Market Funds — 1.7%** | **Money Market Funds — 1.7%** |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class, 3.57%<sup>(c)(d)</sup> | 5891617 | 5891617 |
|  SL Liquidity Series, LLC, Money Market Series, 4.05%<sup>(c)(d)(e)</sup> | 4140451 | 4138794 |
|  **Total Short-Term Securities — 1.7%<br>(Cost: $10,029,680)** | **Total Short-Term Securities — 1.7%<br>(Cost: $10,029,680)** | 10030411 |
|  **Total Investments — 100.8%<br>(Cost: $530,629,183)** | **Total Investments — 100.8%<br>(Cost: $530,629,183)** | 601260433 |
|  **Liabilities in Excess of Other Assets — (0.8)%** | **Liabilities in Excess of Other Assets — (0.8)%** | (4632689) |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | $596627744 |

---

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

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

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

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

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

**Affiliates** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>05/31/22* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>11/30/22* | *Shares<br>Held at<br>11/30/22* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  BlackRock Liquidity Funds,<br>T-Fund, Institutional Class | $6051649 | $— | $(160032)<sup>(a)</sup> | $— | $— | $5891617 | 5891617 | $56822 | $— |
|  SL Liquidity Series, LLC, Money Market Series | 1202047 | 2936755 <sup>(a)</sup> |  | (739) | 731 | 4138794 | 4140451 | 23847 <sup>(b)</sup> |  |
|  |  |  |  | $(739) | $731 | $10030411 |  | $80669 | $— |

---

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

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

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Advantage Large Cap Value Fund** |

---

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount<br>(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 E-Mini Index | 35 | 12/16/22 | $7142 | $547821 |

---

**Derivative Financial Instruments Categorized by Risk Exposure** 

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $547821 | $— | $— | $— | $547821 |

---

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

For the period ended November 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(990957) | $— | $— | $— | $(990957) |
| **Net Change in Unrealized Appreciation<br> (Depreciation) on** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $436787 | $— | $— | $— | $436787 |

---

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

---

| | |
|:---|:---|
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $6934119 |

---

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

S C H E D U L E S O F I N V E S T M E N T S 49

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> November 30, 2022 | **BlackRock Advantage Large Cap Value Fund** |

---

**Fair Value Hierarchy as of Period End** 

Various inputs are used in determining the fair value of financial instruments. 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 | $591230022 | $— | $— | $591230022 |
| &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 | 5891617 |  |  | 5891617 |
|  | $597121639 | $— | $— | 597121639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments valued at NAV<sup>(a)</sup> |  |  |  | 4138794 |
|  |  |  |  | $601260433 |
|  Derivative Financial Instruments<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $547821 | $— | $— | $547821 |

---

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

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

*See notes to financial statements.* 

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

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Statements of Assets and Liabilities (unaudited)

November 30, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | BlackRock<br> Advantage<br> International<br> Fund | BlackRock<br>Advantage<br> Large Cap<br> Growth Fund | BlackRock<br> Advantage<br> Small Cap<br> Core Fund | BlackRock<br> Advantage<br> Large Cap<br> Core Fund | BlackRock<br>Advantage<br> Large Cap<br> Value Fund |
|  **ASSETS** |  |  |  |  |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup> | $1034238183 | $898008900 | $3884442616 | $2824026194 | $591230022 |
|  Investments, at value — affiliated<sup>(c)</sup> | 22928985 | 14344712 | 141216341 | 45014479 | 10030411 |
|  Cash | 550 |  |  | 2895198 | 7532 |
|  Cash pledged for futures contracts | 1250000 | 671000 | 2455000 | 1799000 | 375006 |
|  Foreign currency, at value<sup>(d)</sup> | 408622 | 75522 |  |  |  |
|  Receivables: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 10632291 | 8253511 | 35356230 | 22889045 | 5273462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 1554 | 739 | 39448 | 3995 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 318992 | 871037 | 10027175 | 3148106 | 1962172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 6207116 | 921976 | 4720214 | 3922939 | 1226328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 55259 | 23689 | 102641 | 66201 | 15112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 458 |  | 303 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From the Manager | 52871 | 39303 | 56212 | 145509 | 19945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 406870 | 444278 | 1019217 | 967636 | 208687 |
|  Prepaid expenses | 46262 | 58643 | 63668 | 79171 | 67972 |
|  Total assets | 1076548013 | 923713310 | 4079499065 | 2904957473 | 610416812 |
|  **LIABILITIES** |  |  |  |  |  |
|  Collateral on securities loaned | 1718277 | 5914994 | 110383751 | 21155513 | 4139966 |
|  Payables: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 9689331 | 7944884 | 28061134 | 22137238 | 5368260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 34161 | 37059 | 118137 | 86099 | 19950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 2798922 | 741071 | 6886345 | 2212264 | 1544220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income dividend distributions |  |  |  | 3901453 | 2152973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 291274 | 343227 | 1226826 | 831858 | 181838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and Officer's fees | 3348 | 3346 | 4289 | 4890 | 2731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 661822 | 207710 | 1195117 | 707224 | 275485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other affiliate fees | 108947 | 92304 | 34088 | 302725 | 11285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution fees | 47398 | 91120 | 79555 | 285424 | 92360 |
|  Total liabilities | 15353480 | 15375715 | 147989242 | 51624688 | 13789068 |
|  NET ASSETS | $1061194533 | $908337595 | $3931509823 | $2853332785 | $596627744 |
|  **NET ASSETS CONSIST OF:** |  |  |  |  |  |
|  Paid-in capital | $1086518743 | $704350574 | $4223974954 | $2499472895 | $552282152 |
|  Accumulated earnings (loss) | (25324210) | 203987021 | (292465131) | 353859890 | 44345592 |
|  NET ASSETS | $1061194533 | $908337595 | $3931509823 | $2853332785 | $596627744 |
|  <sup>(a)</sup> Investments, at cost — unaffiliated | $938336389 | $639685734 | $3929010426 | $2302320040 | $520599503 |
|  <sup>(b)</sup> Securities loaned, at value | $1719562 | $5935574 | $108912288 | $20680225 | $3857020 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $22928699 | $14344077 | $141193608 | $45009092 | $10029680 |
|  <sup>(d)</sup> Foreign currency, at cost | $409721 | $84256 | $— | $— | $— |

---

F I N A N C I A L S T A T E M E N T S 51

------

Statements of Assets and Liabilities (unaudited) (continued)

November 30, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | BlackRock<br>Advantage<br>International<br> Fund | BlackRock<br>Advantage<br> Large Cap<br> &nbsp;&nbsp;&nbsp;&nbsp;Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;BlackRock<br> Advantage<br> Small Cap<br> Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;BlackRock<br> Advantage<br> Large Cap<br> Core Fund | BlackRock<br>Advantage<br> Large Cap<br> &nbsp;&nbsp;&nbsp;&nbsp;Value Fund |
|  **NET ASSET VALUE** |  |  |  |  |  |
|  **Institutional** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $716663749 | $473024950 | $2524011342 | $1472426782 | $178836793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 44745597 | 26003649 | 163905715 | 86254395 | 6351926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $16.02 | $18.19 | $15.40 | $17.07 | $28.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited | Unlimited | 400 million | 400 million |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 | $0.001 | $0.001 | $0.10 | $0.10 |
|  **Investor A** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $224812451 | $423934550 | $347910259 | $1300642524 | $382599987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 14213798 | 24793736 | 22759588 | 80524110 | 13975339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $15.82 | $17.10 | $15.29 | $16.15 | $27.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited | Unlimited | 300 million | 400 million |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 | $0.001 | $0.001 | $0.10 | $0.10 |
|  **Investor C** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $2503574 | $9033299 | $10602909 | $34318830 | $16798762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 163041 | 657999 | 717260 | 2668422 | 674866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $15.36 | $13.73 | $14.78 | $12.86 | $24.89 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited | Unlimited | 400 million | 400 million |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 | $0.001 | $0.001 | $0.10 | $0.10 |
|  **Class K** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $114639714 | $1942566 | $1048985313 | $32712465 | $10393415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 7156071 | 106777 | 68052307 | 1915853 | 369196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $16.02 | $18.19 | $15.41 | $17.07 | $28.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited | Unlimited | 2 billion | 2 billion |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 | $0.001 | $0.001 | $0.10 | $0.10 |
|  **Class R** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $2575045 | $402230 | N/A | $13232184 | $7998787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 162683 | 22329 | N/A | 906885 | 307839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $15.83 | $18.01 | N/A | $14.59 | $25.98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited | N/A | 200 million | 200 million |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 | $0.001 | N/A | $0.10 | $0.10 |

---

*See notes to financial statements.* 

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

------

Statements of Operations (unaudited)

Six Months Ended November 30, 2022

---

| | | | |
|:---|:---|:---|:---|
| | BlackRock<br>Advantage<br>International<br> Fund | BlackRock<br>Advantage<br> Large Cap<br> Growth Fund | BlackRock<br>Advantage<br> Small Cap<br> Core Fund |
|  **INVESTMENT INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $13461500 | $4967530 | $30248595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 213855 | 103572 | 435964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 13292 | 3901 | 855007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-cash dividends — unaffiliated | 2932755 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | (1073097) |  | (88463) |
|  Total investment income | 15548305 | 5075003 | 31451103 |
|  EXPENSES |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 2203161 | 2467742 | 7969315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent — class specific | 533810 | 418858 | 1284884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution — class specific | 283083 | 578128 | 474268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | 230347 | 19890 | 57037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration | 202113 | 179442 | 698443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration — class specific | 97994 | 86600 | 374021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 71715 | 60360 | 69594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration | 47609 | 45030 | 181789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services | 44741 | 41663 | 119242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and postage | 20441 | 17963 | 21822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees and Officer | 8075 | 7560 | 20607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 8746 | 14473 | 31592 |
|  Total expenses | 3751835 | 3937709 | 11302614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees waived and/or reimbursed by the Manager | (632008) | (386204) | (752368) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees waived — class specific | (97994) | (43643) | (374021) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees waived and/or reimbursed by the Manager — class specific | (316313) | (294346) | (592816) |
|  Total expenses after fees waived and/or reimbursed | 2705520 | 3213516 | 9583409 |
|  Net investment income | 12842785 | 1861487 | 21867694 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized loss from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (90452074) | (37372495) | (130876382) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (1010) | 912 | (22313) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (2535177) | (1369177) | (605094) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (540327) |  |  |
|  | (93528588) | (38740760) | (131503789) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | 66932831 | 12111910 | 208671770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (594) | 590 | (19356) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1641776 | 904128 | (2203181) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 187649 | (2392) |  |
|  | 68761662 | 13014236 | 206449233 |
|  Net realized and unrealized gain (loss) | (24766926) | (25726524) | 74945444 |
|  NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $(11924141) | $(23865037) | $96813138 |

---

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 53

------

Statements of Operations (unaudited) (continued)

Six Months Ended November 30, 2022

---

| | | |
|:---|:---|:---|
| | BlackRock<br>Advantage<br>Large Cap<br>Core Fund | BlackRock<br>Advantage<br>Large Cap<br>Value Fund |
|  **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $23178537 | $6480347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 250651 | 56822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 15938 | 23847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | (5916) | (581) |
|  Total investment income | 23439210 | 6560435 |
|  EXPENSES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 6025583 | 1386069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution — class specific | 1798826 | 552358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent — class specific | 1671900 | 285734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration | 533485 | 119416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration — class specific | 279888 | 56596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services | 93862 | 33565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 61148 | 73954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration | 60390 | 43256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | 50799 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors and Officer | 18256 | 6215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and postage | 16905 | 21188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 23243 | 13784 |
|  Total expenses | 10634285 | 2592135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees waived and/or reimbursed by the Manager | (868345) | (311321) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees waived — class specific | (279888) | (56596) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees waived and/or reimbursed — class specific | (978733) | (146691) |
|  Total expenses after fees waived and/or reimbursed | 8507319 | 2077527 |
|  Net investment income | 14931891 | 4482908 |
|  **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 | (94071767) | (9790592) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (13430) | (739) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (4277538) | (990957) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment by affiliate | 2574 |  |
|  | (98360161) | (10782288) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | 38354384 | 6324385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 5387 | 731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 2184776 | 436787 |
|  | 40544547 | 6761903 |
|  Net realized and unrealized loss | (57815614) | (4020385) |
|  NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $(42883723) | $462523 |

---

*See notes to financial statements.* 

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

------

Statements of Changes in Net Assets

Six Months Ended November 30, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock Advantage International Fund | BlackRock Advantage International Fund | BlackRock Advantage Large Cap Growth<br>Fund | BlackRock Advantage Large Cap Growth<br>Fund |
| | Six Months<br> Ended<br> 11/30/22<br> (unaudited) | Year Ended<br> 05/31/22 | Six Months<br> Ended<br> 11/30/22<br>(unaudited) | Year Ended<br> 05/31/22 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $12842785 | $26775669 | $1861487 | $(569120) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (93528588) | 13815739 | (38740760) | 61322883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 68761662 | (158114198) | 13014236 | (132089230) |
|  Net decrease in net assets resulting from operations | (11924141) | (117522790) | (23865037) | (71335467) |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | (10331238) | (56532048) |  | (44257293) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A | (3217203) | (29302058) |  | (108743677) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C | (24712) | (240559) |  | (2223605) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | (1797713) | (8265311) |  | (260167) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (34738) | (255950) |  | (58102) |
|  Decrease in net assets resulting from distributions to shareholders | (15405604) | (94595926) |  | (155542844) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase in net assets derived from capital share transactions | 29714944 | 87661542 | 34647717 | 75061115 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase (decrease) in net assets | 2385199 | (124457174) | 10782680 | (151817196) |
|  Beginning of period | 1058809334 | 1183266508 | 897554915 | 1049372111 |
|  End of period | $1061194533 | $1058809334 | $908337595 | $897554915 |

---

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

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 55

------

Statements of Changes in Net Assets (continued)

Six Months Ended November 30, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Small Cap Core Fund | BlackRock Advantage Small Cap Core Fund | BlackRock Advantage Large Cap Core Fund | BlackRock Advantage Large Cap Core Fund | BlackRock Advantage Large Cap Core Fund |
|  | Six Months<br>Ended<br>11/30/22<br>(unaudited) | Year Ended<br>05/31/22 | Six Months<br>Ended<br>11/30/22<br>(unaudited) | Period from<br>10/01/21<br>to 05/31/22 | Year Ended<br>09/30/21 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $21867694 | $29215493 | $14931891 | $17849810 | $23635633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (131503789) | 250713459 | (98360161) | 105141301 | 591709028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 206449233 | (1069259136) | 40544547 | (286927386) | 202950778 |
|  Net increase (decrease) in net assets resulting from operations | 96813138 | (789330184) | (42883723) | (163936275) | 818295439 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | (49294852) | (329368119) | (87947101) | (308814770) | (70259334) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service |  |  |  |  | (15503) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A | (6589178) | (54143568) | (78931541) | (280110173) | (66523425) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C | (206143) | (1508629) | (2397702) | (8989662) | (1882579) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | (19110421) | (113826903) | (1924102) | (11248178) | (1855510) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  | (849067) | (2790705) | (595042) |
|  Decrease in net assets resulting from distributions to shareholders | (75200594) | (498847219) | (172049513) | (611953488) | (141131393) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | 70693683 | 860940149 | 23307871 | 466117456 | (125973220) |
|  *NET ASSETS* |  |  |  |  |  |
|  Total increase (decrease) in net assets | 92306227 | (427237254) | (191625365) | (309772307) | 551190826 |
|  Beginning of period | 3839203596 | 4266440850 | 3044958150 | 3354730457 | 2803539631 |
|  End of period | $3931509823 | $3839203596 | $2853332785 | $3044958150 | $3354730457 |

---

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

*See notes to financial statements.* 

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

------

Statements of Changes in Net Assets (continued)

Six Months Ended November 30, 2022

---

| | | |
|:---|:---|:---|
|  | BlackRock Advantage Large Cap Value<br>Fund | BlackRock Advantage Large Cap Value<br>Fund |
| | Six Months<br> Ended<br> 11/30/22<br>(unaudited) | Year Ended<br>05/31/22 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $4482908 | $7845046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (10782288) | 73721702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 6761903 | (78673932) |
|  Net increase in net assets resulting from operations | 462523 | 2892816 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | (9937888) | (31826031) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A | (20893090) | (68214081) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C | (893218) | (3358960) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | (574235) | (1517442) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (460360) | (1494991) |
|  Decrease in net assets resulting from distributions to shareholders | (32758791) | (106411505) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |
|  Net increase in net assets derived from capital share transactions | 10937976 | 67596123 |
|  *NET ASSETS* |  |  |
|  Total decrease in net assets | (21358292) | (35922566) |
|  Beginning of period | 617986036 | 653908602 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596627744 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617986036 |

---

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

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 57

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage International Fund | BlackRock Advantage International Fund | BlackRock Advantage International Fund | BlackRock Advantage International Fund | BlackRock Advantage International Fund | BlackRock Advantage International Fund | BlackRock Advantage International Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
| | Six Months<br>Ended<br>11/30/22<br>(unaudited) | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 | Period from<br>10/01/19<br>to 05/31/20 | Year Ended<br>09/30/19 | Year Ended<br>09/30/18 | Year Ended<br>09/30/17 |
|  **Net asset value, beginning of period** | $16.48 | $19.89 | $14.52 | $16.12 | $16.97 | $16.77 | $14.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.20 | 0.46 | 0.38 | 0.22 | 0.44 | 0.45 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.42) | (2.28) | 5.30 | (1.37) | (0.90) | (0.12) | 2.37 |
|  Net increase (decrease) from investment operations | (0.22) | (1.82) | 5.68 | (1.15) | (0.46) | 0.33 | 2.56 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.24) | (0.62) | (0.31) | (0.45) | (0.39) | (0.13) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  | (0.97) |  |  |  |  |  |
|  Total distributions | (0.24) | (1.59) | (0.31) | (0.45) | (0.39) | (0.13) | (0.29) |
|  **Net asset value, end of period** | $16.02 | $16.48 | $19.89 | $14.52 | $16.12 | $16.97 | $16.77 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | (1.16)%<sup>(d)</sup> | (9.93)% | 39.57% | (7.45)%<sup>(d)</sup> | (2.52)% | 1.94 %<sup>(e)</sup> | 17.99% |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 0.69 %<sup>(g)</sup> | 0.73% | 0.78% | 0.82 %<sup>(g)</sup> | 0.88% | 0.86% | 1.10% |
|  Total expenses after fees waived and/or reimbursed | 0.50 %<sup>(g)</sup> | 0.50% | 0.50% | 0.50 %<sup>(g)</sup> | 0.59% | 0.64% | 0.86% |
|  Net investment income | 2.67 %<sup>(g)</sup> | 2.51% | 2.21% | 2.17 %<sup>(g)</sup> | 2.78% | 2.61% | 1.20% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $716664 | $710116 | $616649 | $477944 | $446831 | $403149 | $116595 |
|  Portfolio turnover rate | 67% | 132% | 247% | 131% | 140% | 106% | 177% |

---

<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 the litigation settlement amount. Excluding this amount, the Fund's total return is 1.82% 

<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.* 

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

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
| | Six Months<br>Ended<br>11/30/22<br>(unaudited) | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 | Period from<br>10/01/19<br>to 05/31/20 | Year Ended<br>09/30/19 | Year Ended<br>09/30/18 | Year Ended<br>09/30/17 |
|  **Net asset value, beginning of period** | $16.28 | $19.65 | $14.35 | $15.93 | $16.78 | $16.60 | $14.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.18 | 0.35 | 0.33 | 0.19 | 0.40 | 0.38 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.42) | (2.19) | 5.24 | (1.35) | (0.90) | (0.10) | 2.38 |
|  Net increase (decrease) from investment operations | (0.24) | (1.84) | 5.57 | (1.16) | (0.50) | 0.28 | 2.50 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.22) | (0.56) | (0.27) | (0.42) | (0.35) | (0.10) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  | (0.97) |  |  |  |  |  |
|  Total distributions | (0.22) | (1.53) | (0.27) | (0.42) | (0.35) | (0.10) | (0.25) |
|  **Net asset value, end of period** | $15.82 | $16.28 | $19.65 | $14.35 | $15.93 | $16.78 | $16.60 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | (1.30)%<sup>(d)</sup> | (10.13)% | 39.21% | (7.61)%<sup>(d)</sup> | (2.77)% | 1.68 %<sup>(e)</sup> | 17.71% |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 1.06 %<sup>(g)</sup> | 1.02% | 1.05% | 1.08 %<sup>(g)</sup> | 1.16% | 1.15% | 1.42% |
|  Total expenses after fees waived and/or reimbursed | 0.75 %<sup>(g)</sup> | 0.75% | 0.75% | 0.75 %<sup>(g)</sup> | 0.84% | 0.89% | 1.19% |
|  Net investment income | 2.43 %<sup>(g)</sup> | 1.93% | 1.95% | 1.85 %<sup>(g)</sup> | 2.56% | 2.20% | 0.82% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $224812 | $240255 | $456083 | $366411 | $404739 | $302725 | $169806 |
|  Portfolio turnover rate | 67% | 132% | 247% | 131% | 140% | 106% | 177% |

---

<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 the litigation settlement amount. Excluding this amount, the Fund's total return is 1.56% 

<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 59

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
| | Six Months<br>Ended<br>11/30/22<br>(unaudited) | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 | Period from<br>10/01/19<br>to 05/31/20 | Year Ended<br>09/30/19 | Year Ended<br>09/30/18 | Year Ended<br>09/30/17 |
|  **Net asset value, beginning of period** | $15.81 | $19.12 | $13.95 | $15.43 | $16.11 | $15.96 | $13.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup> | 0.12 | 0.22 | 0.16 | 0.10 | 0.23 | 0.23 | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.40) | (2.15) | 5.14 | (1.31) | (0.80) | (0.08) | 2.29 |
|  Net increase (decrease) from investment operations | (0.28) | (1.93) | 5.30 | (1.21) | (0.57) | 0.15 | 2.28 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.17) | (0.41) | (0.13) | (0.27) | (0.11) |  | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  | (0.97) |  |  |  |  |  |
|  Total distributions | (0.17) | (1.38) | (0.13) | (0.27) | (0.11) |  | (0.13) |
|  **Net asset value, end of period** | $15.36 | $15.81 | $19.12 | $13.95 | $15.43 | $16.11 | $15.96 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | (1.65)%<sup>(d)</sup> | (10.83)% | 38.21% | (8.05)%<sup>(d)</sup> | (3.51)% | 0.94 %<sup>(e)</sup> | 16.70% |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 1.87 %<sup>(g)</sup> | 1.83% | 1.88% | 1.84 %<sup>(g)</sup> | 1.88% | 1.89% | 2.22 %<sup>(h)</sup> |
|  Total expenses after fees waived and/or reimbursed | 1.50 %<sup>(g)</sup> | 1.50% | 1.50% | 1.50 %<sup>(g)</sup> | 1.59% | 1.64% | 2.03% |
|  Net investment income (loss) | 1.68 %<sup>(g)</sup> | 1.27% | 0.98% | 1.04 %<sup>(g)</sup> | 1.52% | 1.39% | (0.05)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $2504 | $2356 | $3664 | $6193 | $9448 | $23111 | $24717 |
|  Portfolio turnover rate | 67% | 132% | 247% | 131% | 140% | 106% | 177% |

---

<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 the litigation settlement amount. Excluding this amount, the Fund's total return is 0.81% 

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

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

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

*See notes to financial statements.* 

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

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
| | Six Months<br> Ended<br> 11/30/22<br> (unaudited)  | Year Ended<br> 05/31/22 | Year Ended<br> 05/31/21 | Period from<br> 10/01/19<br> to 05/31/20 | Year Ended<br> 09/30/19 | Period from<br> 01/25/18<br> to 09/30/18<br><sup>(a)</sup> <br>|
|  **Net asset value, beginning of period** | $16.48 | $19.89 | $14.52 | $16.12 | $16.98 | $18.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.20 | 0.46 | 0.46 | 0.23 | 0.56 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.42) | (2.28) | 5.23 | (1.37) | (1.03) | (1.74) |
|  Net increase (decrease) from investment operations | (0.22) | (1.82) | 5.69 | (1.14) | (0.47) | (1.35) |
|  **Distributions<sup>(c)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.24) | (0.62) | (0.32) | (0.46) | (0.39) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  | (0.97) |  |  |  |  |
|  Total distributions | (0.24) | (1.59) | (0.32) | (0.46) | (0.39) |  |
|  **Net asset value, end of period** | $16.02 | $16.48 | $19.89 | $14.52 | $16.12 | $16.98 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | (1.13)%<sup>(e)</sup> | (9.89)% | 39.64% | (7.40)%<sup>(e)</sup> | (2.53)% | (7.37)%<sup>(e)(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.60 %<sup>(h)</sup> | 0.61% | 0.63% | 0.65 %<sup>(h)</sup> | 0.75% | 0.80 %<sup>(h)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.45 %<sup>(h)</sup> | 0.45% | 0.45% | 0.45 %<sup>(h)</sup> | 0.54% | 0.59 %<sup>(h)</sup> |
|  Net investment income | 2.73 %<sup>(h)</sup> | 2.55% | 2.65% | 2.20 %<sup>(h)</sup> | 3.59% | 3.33 %<sup>(h)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $114640 | $103329 | $103454 | $43073 | $43721 | $8175 |
|  Portfolio turnover rate | 67% | 132% | 247% | 131% | 140% | 106 %<sup>(i)</sup> |

---

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

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

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

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

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

<sup>(f)</sup> Includes the litigation settlement amount. Excluding this amount, the Fund's total return is (7.42)% 

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

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

<sup>(i)</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

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) | BlackRock Advantage International Fund (continued) |
|  | Class R | Class R | Class R | Class R | Class R | Class R | Class R |
| | Six Months<br>Ended<br>11/30/22<br>(unaudited) | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 | Period from<br>10/01/19<br>to 05/31/20 | Year Ended<br>09/30/19 | Year Ended<br>09/30/18 | Year Ended<br>09/30/17 |
|  **Net asset value, beginning of period** | $16.29 | $19.68 | $14.36 | $15.91 | $16.74 | $16.53 | $14.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.16 | 0.33 | 0.28 | 0.15 | 0.34 | 0.32 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.42) | (2.23) | 5.26 | (1.34) | (0.88) | (0.08) | 2.36 |
|  Net increase (decrease) from investment operations | (0.26) | (1.90) | 5.54 | (1.19) | (0.54) | 0.24 | 2.43 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.20) | (0.52) | (0.22) | (0.36) | (0.29) | (0.03) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  | (0.97) |  |  |  |  |  |
|  Total distributions | (0.20) | (1.49) | (0.22) | (0.36) | (0.29) | (0.03) | (0.19) |
|  **Net asset value, end of period** | $15.83 | $16.29 | $19.68 | $14.36 | $15.91 | $16.74 | $16.53 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | (1.42)%<sup>(d)</sup> | (10.42)% | 38.91% | (7.75)%<sup>(d)</sup> | (3.04)% | 1.44 %<sup>(e)</sup> | 17.26% |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 1.36 %<sup>(g)</sup> | 1.35% | 1.36% | 1.37 %<sup>(g)</sup> | 1.44% | 1.45% | 1.75 %<sup>(h)</sup> |
|  Total expenses after fees waived and/or reimbursed | 1.00 %<sup>(g)</sup> | 1.00% | 1.00% | 1.00 %<sup>(g)</sup> | 1.09% | 1.14% | 1.55% |
|  Net investment income | 2.19 %<sup>(g)</sup> | 1.81% | 1.67% | 1.47 %<sup>(g)</sup> | 2.20% | 1.91% | 0.46% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $2575 | $2753 | $3416 | $3310 | $5244 | $7572 | $7551 |
|  Portfolio turnover rate | 67% | 132% | 247% | 131% | 140% | 106% | 177% |

---

<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 the litigation settlement amount. Excluding this amount, the Fund's total return is 1.26% 

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

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

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

*See notes to financial statements.* 

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

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Growth Fund | BlackRock Advantage Large Cap Growth Fund | BlackRock Advantage Large Cap Growth Fund | BlackRock Advantage Large Cap Growth Fund | BlackRock Advantage Large Cap Growth Fund | BlackRock Advantage Large Cap Growth Fund | BlackRock Advantage Large Cap Growth Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
| | Six Months<br> Ended<br> 11/30/22<br> (unaudited)  | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 | Period from<br> 10/01/19<br> to 05/31/20 | Year Ended<br> 09/30/19 | Year Ended<br> 09/30/18 | Year Ended<br> 09/30/17<br><sup>(a)</sup>  |
|  **Net asset value, beginning of period** | $18.77 | $23.33 | $18.23 | $16.49 | $17.89 | $15.20 | $12.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.05 | 0.03 | 0.04 | 0.07 | 0.13 | 0.13 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.63) | (1.25) | 6.59 | 2.40 | (0.22) | 3.52 | 2.87 |
|  Net increase (decrease) from investment operations | (0.58) | (1.22) | 6.63 | 2.47 | (0.09) | 3.65 | 2.99 |
|  **Distributions<sup>(c)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  |  | (0.07) | (0.14) | (0.13) | (0.08) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  | (3.34) | (1.46) | (0.59) | (1.18) | (0.88) |  |
|  Total distributions |  | (3.34) | (1.53) | (0.73) | (1.31) | (0.96) | (0.11) |
|  **Net asset value, end of period** | $18.19 | $18.77 | $23.33 | $18.23 | $16.49 | $17.89 | $15.20 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | (3.09)%<sup>(e)</sup> | (7.80)% | 37.54% | 15.34 %<sup>(e)</sup> | 0.41% | 25.31% | 24.43% |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 0.69 %<sup>(g)</sup> | 0.75% | 0.83% | 0.86 %<sup>(g)</sup> | 0.87% | 0.86% | 1.10% |
|  Total expenses after fees waived and/or reimbursed | 0.60 %<sup>(g)</sup> | 0.61% | 0.62% | 0.62 %<sup>(g)</sup> | 0.62% | 0.62% | 0.84% |
|  Net investment income | 0.58 %<sup>(g)</sup> | 0.15% | 0.21% | 0.65 %<sup>(g)</sup> | 0.82% | 0.83% | 0.91% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $473025 | $432076 | $125061 | $89737 | $79564 | $74886 | $36574 |
|  Portfolio turnover rate | 61% | 130% | 134% | 70% | 154% | 162% | 130% |

---

<sup>(a)</sup> Consolidated Financial Highlights.

<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.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 63

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
| | Six Months<br> Ended<br> 11/30/22<br> (unaudited)  | Year Ended<br> 05/31/22 | Year Ended<br> 05/31/21 | Period from<br> 10/01/19<br> to 05/31/20 | Year Ended<br> 09/30/19 | Year Ended<br> 09/30/18 | Year Ended<br> 09/30/17<br><sup>(a)</sup>  |
|  **Net asset value, beginning of period** | $17.67 | $22.13 | $17.35 | $15.71 | $17.11 | $14.59 | $11.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(b)</sup> | 0.03 | (0.03) | (0.01) | 0.04 | 0.09 | 0.09 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.60) | (1.16) | 6.27 | 2.28 | (0.22) | 3.37 | 2.75 |
|  Net increase (decrease) from investment operations | (0.57) | (1.19) | 6.26 | 2.32 | (0.13) | 3.46 | 2.83 |
|  **Distributions<sup>(c)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  |  | (0.02) | (0.09) | (0.09) | (0.06) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  | (3.27) | (1.46) | (0.59) | (1.18) | (0.88) |  |
|  Total distributions |  | (3.27) | (1.48) | (0.68) | (1.27) | (0.94) | (0.07) |
|  **Net asset value, end of period** | $17.10 | $17.67 | $22.13 | $17.35 | $15.71 | $17.11 | $14.59 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | (3.23)%<sup>(e)</sup> | (8.05)% | 37.28% | 15.16 %<sup>(e)</sup> | 0.15% | 24.98% | 24.03% |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 1.11 %<sup>(g)</sup> | 1.07% | 1.08% | 1.12 %<sup>(g)</sup> | 1.12% | 1.12% | 1.35% |
|  Total expenses after fees waived and/or reimbursed | 0.87 %<sup>(g)</sup> | 0.87% | 0.87% | 0.87 %<sup>(g)</sup> | 0.87% | 0.87% | 1.13% |
|  Net investment income (loss) | 0.30 %<sup>(g)</sup> | (0.16)% | (0.04)% | 0.40 %<sup>(g)</sup> | 0.57% | 0.58% | 0.60% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $423935 | $452791 | $909344 | $713162 | $699247 | $730996 | $351398 |
|  Portfolio turnover rate | 61% | 130% | 134% | 70% | 154% | 162% | 130% |

---

<sup>(a)</sup> Consolidated Financial Highlights.

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

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

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

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

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

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

*See notes to financial statements.* 

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

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
| | Six Months<br> Ended<br> 11/30/22<br> (unaudited)  | Year Ended<br> 05/31/22 | Year Ended<br> 05/31/21 | Period from<br> 10/01/19<br> to 05/31/20 | Year Ended<br> 09/30/19 | Year Ended<br> 09/30/18 | Year Ended<br> 09/30/17<br><sup>(a)</sup>  |
|  **Net asset value, beginning of period** | $14.24 | $18.42 | $14.67 | $13.35 | $14.55 | $12.53 | $10.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(b)</sup> | (0.03) | (0.16) | (0.13) | (0.03) | (0.03) | (0.03) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.48) | (0.87) | 5.27 | 1.93 | (0.17) | 2.89 | 2.36 |
|  Net increase (decrease) from investment operations | (0.51) | (1.03) | 5.14 | 1.90 | (0.20) | 2.86 | 2.34 |
|  Distributions from net realized gain |  | (3.15) | (1.39) | (0.58) | (1.00) | (0.84) |  |
|  **Net asset value, end of period** | $13.73 | $14.24 | $18.42 | $14.67 | $13.35 | $14.55 | $12.53 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | (3.58)%<sup>(e)</sup> | (8.74)% | 36.25% | 14.56 %<sup>(e)</sup> | (0.59)% | 24.09% | 22.96% |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 1.87 %<sup>(g)</sup> | 1.83% | 1.84% | 1.83 %<sup>(g)</sup> | 1.85% | 1.87% | 2.12% |
|  Total expenses after fees waived and/or reimbursed | 1.62 %<sup>(g)</sup> | 1.62% | 1.62% | 1.62 %<sup>(g)</sup> | 1.62% | 1.62% | 1.91% |
|  Net investment loss | (0.45)%<sup>(g)</sup> | (0.89)% | (0.78)% | (0.35)%<sup>(g)</sup> | (0.22)% | (0.19)% | (0.16)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $9033 | $10162 | $12989 | $14728 | $15277 | $48702 | $46804 |
|  Portfolio turnover rate | 61% | 130% | 134% | 70% | 154% | 162% | 130% |

---

<sup>(a)</sup> Consolidated Financial Highlights.

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

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

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

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

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 65

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
| | Six Months<br> Ended<br> 11/30/22<br> (unaudited)  | Year Ended<br> 05/31/22 | Year Ended<br> 05/31/21 | Period from<br> 10/01/19<br> to 05/31/20 | Year Ended<br> 09/30/19 | Period from<br> 01/25/18<br> to 09/30/18<br><sup>(a)</sup> <br>|
|  **Net asset value, beginning of period** | $18.77 | $23.33 | $18.23 | $16.49 | $17.89 | $16.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.05 | 0.04 | 0.05 | 0.08 | 0.14 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.63) | (1.25) | 6.59 | 2.40 | (0.23) | 1.41 |
|  Net increase (decrease) from investment operations | (0.58) | (1.21) | 6.64 | 2.48 | (0.09) | 1.52 |
|  **Distributions<sup>(c)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  |  | (0.08) | (0.15) | (0.13) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  | (3.35) | (1.46) | (0.59) | (1.18) |  |
|  Total distributions |  | (3.35) | (1.54) | (0.74) | (1.31) |  |
|  **Net asset value, end of period** | $18.19 | $18.77 | $23.33 | $18.23 | $16.49 | $17.89 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | (3.09)%<sup>(e)</sup> | (7.76)% | 37.60% | 15.40 %<sup>(e)</sup> | 0.47% | 9.29 %<sup>(e)</sup> |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.69 %<sup>(g)</sup> | 0.69% | 0.69% | 0.70 %<sup>(g)</sup> | 0.71% | 0.72 %<sup>(g)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.57 %<sup>(g)</sup> | 0.57% | 0.57% | 0.57 %<sup>(g)</sup> | 0.57% | 0.57 %<sup>(g)</sup> |
|  Net investment income | 0.60 %<sup>(g)</sup> | 0.18% | 0.25% | 0.72 %<sup>(g)</sup> | 0.85% | 0.93 %<sup>(g)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $1943 | $2177 | $1152 | $715 | $973 | $609 |
|  Portfolio turnover rate | 61% | 130% | 134% | 70% | 154% | 162 %<sup>(h)</sup> |

---

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

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

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

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

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

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

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

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

*See notes to financial statements.* 

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

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) | BlackRock Advantage Large Cap Growth Fund (continued) |
|  | Class R | Class R | Class R | Class R | Class R | Class R | Class R |
| | Six Months<br> Ended<br> 11/30/22<br> (unaudited)  | Year Ended<br> 05/31/22 | Year Ended<br> 05/31/21 | Period from<br> 10/01/19<br> to 05/31/20 | Year Ended<br> 09/30/19 | Year Ended<br> 09/30/18 | Year Ended<br> 09/30/17<br><sup>(a)</sup>  |
|  **Net asset value, beginning of period** | $18.64 | $23.17 | $18.10 | $16.32 | $17.69 | $15.01 | $12.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(b)</sup> | 0.00 <sup>(c)</sup> | (0.09) | (0.06) | 0.02 | 0.05 | 0.05 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.63) | (1.25) | 6.55 | 2.38 | (0.23) | 3.49 | 2.84 |
|  Net increase (decrease) from investment operations | (0.63) | (1.34) | 6.49 | 2.40 | (0.18) | 3.54 | 2.88 |
|  **Distributions<sup>(d)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  |  |  | (0.03) | (0.01) |  | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  | (3.19) | (1.42) | (0.59) | (1.18) | (0.86) |  |
|  Total distributions |  | (3.19) | (1.42) | (0.62) | (1.19) | (0.86) | (0.04) |
|  **Net asset value, end of period** | $18.01 | $18.64 | $23.17 | $18.10 | $16.32 | $17.69 | $15.01 |
|  **Total Return<sup>(e)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | (3.38)%<sup>(f)</sup> | (8.28)% | 36.93% | 14.99 %<sup>(f)</sup> | (0.15)% | 24.68% | 23.68% |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 1.46 %<sup>(h)</sup> | 1.50% | 1.36% | 1.46 %<sup>(h)</sup> | 1.42% | 1.40% | 1.66% |
|  Total expenses after fees waived and/or reimbursed | 1.12 %<sup>(h)</sup> | 1.12% | 1.12% | 1.12 %<sup>(h)</sup> | 1.12% | 1.12% | 1.45% |
|  Net investment income (loss) | 0.05 %<sup>(h)</sup> | (0.39)% | (0.30)% | 0.16 %<sup>(h)</sup> | 0.33% | 0.30% | 0.28% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $402 | $349 | $577 | $536 | $867 | $1864 | $2332 |
|  Portfolio turnover rate | 61% | 130% | 134% | 70% | 154% | 162% | 130% |

---

<sup>(a)</sup> Consolidated Financial Highlights.

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

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

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

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

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

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

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

*See notes to financial statements.* 

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

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Small Cap Core Fund | BlackRock Advantage Small Cap Core Fund | BlackRock Advantage Small Cap Core Fund | BlackRock Advantage Small Cap Core Fund | BlackRock Advantage Small Cap Core Fund | BlackRock Advantage Small Cap Core Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
| | Six Months<br> Ended<br> 11/30/22<br> (unaudited)  | Year Ended<br> 05/31/22 | Year Ended<br> 05/31/21 | Year Ended<br> 05/31/20 | Year Ended<br> 05/31/19 | Year Ended<br> 05/31/18 |
|  **Net asset value, beginning of period** | $15.35 | $20.72 | $13.09 | $13.13 | $14.80 | $12.70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.09 | 0.13 | 0.12 | 0.14 | 0.13 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.27 | (3.28) | 7.97 | (0.05) | (1.13) | 2.37 |
|  Net increase (decrease) from investment operations | 0.36 | (3.15) | 8.09 | 0.09 | (1.00) | 2.48 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.02) | (0.14) | (0.10) | (0.13) | (0.11) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.29) | (2.08) | (0.36) | (0.00)<sup>(c)</sup> | (0.56) | (0.29) |
|  Total distributions | (0.31) | (2.22) | (0.46) | (0.13) | (0.67) | (0.38) |
|  **Net asset value, end of period** | $15.40 | $15.35 | $20.72 | $13.09 | $13.13 | $14.80 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 2.53 %<sup>(e)</sup> | (16.89)% | 62.61% | 0.61% | (6.89)% | 19.82% |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.59 %<sup>(g)</sup> | 0.59% | 0.60% | 0.64% | 0.70% | 0.66% |
|  Total expenses after fees waived and/or reimbursed | 0.50 %<sup>(g)</sup> | 0.50% | 0.50% | 0.50% | 0.49% | 0.50% |
|  Net investment income | 1.18 %<sup>(g)</sup> | 0.69% | 0.65% | 0.99% | 0.95% | 0.83% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $2524011 | $2501959 | $2802145 | $847753 | $551833 | $356274 |
|  Portfolio turnover rate | 43% | 81% | 63% | 101% | 100% | 104% |

---

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

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

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

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

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

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

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

*See notes to financial statements.* 

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

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
| | Six Months<br> Ended<br> 11/30/22<br> (unaudited)  | Year Ended<br> 05/31/22 | Year Ended<br> 05/31/21 | Year Ended<br> 05/31/20 | Year Ended<br> 05/31/19 | Year Ended<br> 05/31/18 |
|  **Net asset value, beginning of period** | $15.24 | $20.58 | $13.02 | $13.05 | $14.73 | $12.66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.07 | 0.08 | 0.08 | 0.10 | 0.09 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.27 | (3.25) | 7.91 | (0.03) | (1.13) | 2.34 |
|  Net increase (decrease) from investment operations | 0.34 | (3.17) | 7.99 | 0.07 | (1.04) | 2.43 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  | (0.09) | (0.07) | (0.10) | (0.08) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.29) | (2.08) | (0.36) | (0.00)<sup>(c)</sup> | (0.56) | (0.29) |
|  Total distributions | (0.29) | (2.17) | (0.43) | (0.10) | (0.64) | (0.36) |
|  **Net asset value, end of period** | $15.29 | $15.24 | $20.58 | $13.02 | $13.05 | $14.73 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 2.43 %<sup>(e)</sup> | (17.08)% | 62.05% | 0.45% | (7.16)% | 19.51% |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.94 %<sup>(g)</sup> | 0.92% | 0.95% | 1.01% | 1.03% | 1.08% |
|  Total expenses after fees waived and/or reimbursed | 0.75 %<sup>(g)</sup> | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
|  Net investment income | 0.93 %<sup>(g)</sup> | 0.44% | 0.45% | 0.75% | 0.69% | 0.64% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $347910 | $358594 | $530664 | $277926 | $248574 | $79515 |
|  Portfolio turnover rate | 43% | 81% | 63% | 101% | 100% | 104% |

---

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

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

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

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

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

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

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

*See notes to financial statements.* 

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

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
| | Six Months<br> Ended<br> (unaudited<br> 11/30/22) <br>| Year Ended<br> 05/31/22 | Year Ended<br> 05/31/21 | Year Ended<br> 05/31/20 | Year Ended<br> 05/31/19 | Year Ended<br> 05/31/18 |
|  **Net asset value, beginning of period** | $14.80 | $20.08 | $12.74 | $12.80 | $14.48 | $12.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup> | 0.01 | (0.05) | (0.05) | 0.00 <sup>(b)</sup> | (0.01) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.26 | (3.18) | 7.74 | (0.04) | (1.10) | 2.31 |
|  Net increase (decrease) from investment operations | 0.27 | (3.23) | 7.69 | (0.04) | (1.11) | 2.29 |
|  **Distributions<sup>(c)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  |  |  | (0.02) | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.29) | (2.05) | (0.35) | (0.00)<sup>(d)</sup> | (0.56) | (0.25) |
|  Total distributions | (0.29) | (2.05) | (0.35) | (0.02) | (0.57) | (0.25) |
|  **Net asset value, end of period** | $14.78 | $14.80 | $20.08 | $12.74 | $12.80 | $14.48 |
|  **Total Return<sup>(e)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 2.02 %<sup>(f)</sup> | (17.74)% | 60.90% | (0.33)% | (7.83)% | 18.65% |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |  |  |  |  |  |
|  Total expenses | 1.69 %<sup>(h)</sup> | 1.64% | 1.70% | 1.71% | 1.81% | 1.94% |
|  Total expenses after fees waived and/or reimbursed | 1.50 %<sup>(h)</sup> | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
|  Net investment income (loss) | 0.18 %<sup>(h)</sup> | (0.30)% | (0.32)% | 0.01% | (0.06)% | (0.16)% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $10603 | $10969 | $12880 | $4955 | $4363 | $1373 |
|  Portfolio turnover rate | 43% | 81% | 63% | 101% | 100% | 104% |

---

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

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

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

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

<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.* 

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

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) | BlackRock Advantage Small Cap Core Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
| | Six Months<br> Ended<br> 11/30/22<br> (unaudited)  | Year Ended<br>05/31/22 | Year Ended<br>05/31/21 | Year Ended<br>05/31/20 | Year Ended<br>05/31/19 | Year Ended<br>05/31/18 |
|  **Net asset value, beginning of period** | $15.36 | $20.73 | $13.10 | $13.13 | $14.81 | $12.70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.09 | 0.13 | 0.13 | 0.14 | 0.14 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.27 | (3.27) | 7.97 | (0.03) | (1.15) | 2.37 |
|  Net increase (decrease) from investment operations | 0.36 | (3.14) | 8.10 | 0.11 | (1.01) | 2.49 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.02) | (0.15) | (0.11) | (0.14) | (0.11) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.29) | (2.08) | (0.36) | (0.00)<sup>(c)</sup> | (0.56) | (0.29) |
|  Total distributions | (0.31) | (2.23) | (0.47) | (0.14) | (0.67) | (0.38) |
|  **Net asset value, end of period** | $15.41 | $15.36 | $20.73 | $13.10 | $13.13 | $14.81 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 2.55 %<sup>(e)</sup> | (16.84)% | 62.63% | 0.73% | (6.93)% | 19.94% |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.51 %<sup>(g)</sup> | 0.51% | 0.52% | 0.56% | 0.61% | 0.65% |
|  Total expenses after fees waived and/or reimbursed | 0.45 %<sup>(g)</sup> | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
|  Net investment income | 1.23 %<sup>(g)</sup> | 0.73% | 0.71% | 0.99% | 1.00% | 0.90% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $1048985 | $967682 | $920752 | $188885 | $56316 | $68375 |
|  Portfolio turnover rate | 43% | 81% | 63% | 101% | 100% | 104% |

---

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

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

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

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

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

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 71

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Core Fund | BlackRock Advantage Large Cap Core Fund | BlackRock Advantage Large Cap Core Fund | BlackRock Advantage Large Cap Core Fund | BlackRock Advantage Large Cap Core Fund | BlackRock Advantage Large Cap Core Fund | BlackRock Advantage Large Cap Core Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
| | Six Months<br> Ended<br> 11/30/22<br> (unaudited)  | Period from<br> 10/01/21<br> to 05/31/22 | Year Ended<br> 09/30/21 | Year Ended<br> 09/30/20 | Year Ended<br> 09/30/19 | Year Ended<br> 09/30/18 | Year Ended<br> 09/30/17 |
|  **Net asset value, beginning of period** | $18.39 | $23.32 | $18.78 | $16.87 | $18.18 | $21.42 | $18.51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.10 | 0.13 | 0.19 | 0.22 | 0.25 | 0.25 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.37) | (0.87) | 5.31 | 2.41 | (0.13) | 2.71 | 4.01 |
|  Net increase (decrease) from investment operations | (0.27) | (0.74) | 5.50 | 2.63 | 0.12 | 2.96 | 4.22 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.20) | (0.19) | (0.22) | (0.29) | (0.20) | (0.23) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.85) | (4.00) | (0.74) | (0.43) | (1.23) | (5.97) | (1.12) |
|  Total distributions | (1.05) | (4.19) | (0.96) | (0.72) | (1.43) | (6.20) | (1.31) |
|  **Net asset value, end of period** | $17.07 | $18.39 | $23.32 | $18.78 | $16.87 | $18.18 | $21.42 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | (1.05)%<sup>(d)(e)</sup> | (5.20)%<sup>(e)</sup> | 30.31% | 15.96% | 1.41% | 17.36% | 23.78 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 0.62 %<sup>(h)</sup> | 0.61 %<sup>(h)(i)</sup> | 0.68 %<sup>(j)</sup> | 0.84 %<sup>(k)</sup> | 0.82 %<sup>(k)</sup> | 0.79 %<sup>(j)</sup> | 0.86 %<sup>(j)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.48 %<sup>(h)</sup> | 0.48 %<sup>(h)(i)</sup> | 0.48 %<sup>(j)</sup> | 0.48 %<sup>(k)</sup> | 0.47 %<sup>(k)</sup> | 0.48 %<sup>(j)</sup> | 0.75 %<sup>(j)</sup> |
|  Net investment income | 1.20 %<sup>(h)</sup> | 0.92 %<sup>(h)(i)</sup> | 0.87 %<sup>(j)</sup> | 1.29 %<sup>(k)</sup> | 1.54 %<sup>(k)</sup> | 1.44 %<sup>(j)</sup> | 1.07 %<sup>(j)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $1472427 | $1547621 | $1721850 | $1399612 | $1325232 | $1197729 | $514830 |
|  Portfolio turnover rate<sup>(l)</sup> | 47% | 73% | 111% | 99% | 151% | 148% | 130% |

---

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

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

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

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

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

<sup>(f)</sup> Includes proceeds received from a settlement of litigation, 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.

<sup>(i)</sup> From October 1, 2021 through April 25, 2022, the Fund invested in the Master Portfolio as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(j)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(k)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.01%. 

<sup>(l)</sup> Portfolio turnover rate includes transactions from the Master Portfolio prior to April 25, 2022.

*See notes to financial statements.* 

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

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
| | Six Months<br> Ended<br> 11/30/22<br> (unaudited)  | Period from<br> 10/01/21<br> to 05/31/22 | Year Ended<br> 09/30/21 | Year Ended<br>09/30/20 | Year Ended<br>09/30/19 | Year Ended<br>09/30/18 | Year Ended<br>09/30/17 |
|  **Net asset value, beginning of period** | $17.44 | $22.30 | $18.00 | $16.20 | $17.52 | $20.84 | $18.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.07 | 0.09 | 0.13 | 0.17 | 0.20 | 0.20 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.36) | (0.82) | 5.08 | 2.31 | (0.12) | 2.63 | 3.89 |
|  Net increase (decrease) from investment operations | (0.29) | (0.73) | 5.21 | 2.48 | 0.08 | 2.83 | 4.05 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.15) | (0.13) | (0.17) | (0.25) | (0.17) | (0.18) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.85) | (4.00) | (0.74) | (0.43) | (1.23) | (5.97) | (1.12) |
|  Total distributions | (1.00) | (4.13) | (0.91) | (0.68) | (1.40) | (6.15) | (1.25) |
|  **Net asset value, end of period** | $16.15 | $17.44 | $22.30 | $18.00 | $16.20 | $17.52 | $20.84 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | (1.19)%<sup>(d)(e)</sup> | (5.37)%<sup>(e)</sup> | 30.01% | 15.66% | 1.18% | 17.10% | 23.38 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 0.89 %<sup>(h)</sup> | 0.86 %<sup>(h)(i)</sup> | 0.93 %<sup>(j)</sup> | 1.09 %<sup>(k)</sup> | 1.10 %<sup>(k)</sup> | 1.14 %<sup>(j)</sup> | 1.22 %<sup>(j)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.73 %<sup>(h)</sup> | 0.73 %<sup>(h)(i)</sup> | 0.73 %<sup>(j)</sup> | 0.73 %<sup>(k)</sup> | 0.73 %<sup>(k)</sup> | 0.73 %<sup>(j)</sup> | 1.00 %<sup>(j)</sup> |
|  Net investment income | 0.95 %<sup>(h)</sup> | 0.67 %<sup>(h)(i)</sup> | 0.62 %<sup>(j)</sup> | 1.04 %<sup>(k)</sup> | 1.30 %<sup>(k)</sup> | 1.19 %<sup>(j)</sup> | 0.81 %<sup>(j)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $1300643 | $1382899 | $1519185 | $1325195 | $1202715 | $929540 | $905826 |
|  Portfolio turnover rate<sup>(l)</sup> | 47% | 73% | 111% | 99% | 151% | 148% | 130% |

---

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

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

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

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

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

<sup>(f)</sup> Includes proceeds received from a settlement of litigation, 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.

<sup>(i)</sup> From October 1, 2021 through April 25, 2022, the Fund invested in the Master Portfolio as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(j)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(k)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.01%. 

<sup>(l)</sup> Portfolio turnover rate includes transactions from the Master Portfolio prior to April 25, 2022.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 73

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
| | Six Months<br> Ended<br> 11/30/22<br> (unaudited)  | Period from<br> 10/01/21<br> to 05/31/22 | Year Ended<br> 09/30/21 | Year Ended<br> 09/30/20 | Year Ended<br> 09/30/19 | Year Ended<br> 09/30/18 | Year Ended<br> 09/30/17 |
|  **Net asset value, beginning of period** | $14.06 | $18.68 | $15.14 | $13.72 | $15.03 | $18.61 | $16.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup> | 0.01 | (0.01) | (0.02) | 0.04 | 0.07 | 0.06 | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.30) | (0.61) | 4.28 | 1.95 | (0.12) | 2.29 | 3.50 |
|  Net increase (decrease) from investment operations | (0.29) | (0.62) | 4.26 | 1.99 | (0.05) | 2.35 | 3.49 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.06) | (0.00)<sup>(c)</sup> |  | (0.14) | (0.03) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.85) | (4.00) | (0.72) | (0.43) | (1.23) | (5.93) | (1.10) |
|  Total distributions | (0.91) | (4.00) | (0.72) | (0.57) | (1.26) | (5.93) | (1.10) |
|  **Net asset value, end of period** | $12.86 | $14.06 | $18.68 | $15.14 | $13.72 | $15.03 | $18.61 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | (1.56)%<sup>(e)(f)</sup> | (5.81)%<sup>(f)</sup> | 29.03% | 14.80% | 0.37% | 16.24% | 22.42 %<sup>(g)</sup> |
|  **Ratios to Average Net Assets<sup>(h)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 1.72 %<sup>(i)</sup> | 1.69 %<sup>(i)(j)</sup> | 1.69 %<sup>(k)</sup> | 1.87 %<sup>(l)</sup> | 1.89 %<sup>(l)</sup> | 1.92 %<sup>(k)</sup> | 1.97 %<sup>(k)</sup> |
|  Total expenses after fees waived and/or reimbursed | 1.48 %<sup>(i)</sup> | 1.48 %<sup>(i)(j)</sup> | 1.48 %<sup>(k)</sup> | 1.48 %<sup>(l)</sup> | 1.48 %<sup>(l)</sup> | 1.48 %<sup>(k)</sup> | 1.87 %<sup>(k)</sup> |
|  Net investment income (loss) | 0.19 %<sup>(i)</sup> | (0.08)%<sup>(i)(j)</sup> | (0.13)%<sup>(k)</sup> | 0.32 %<sup>(l)</sup> | 0.52 %<sup>(l)</sup> | 0.44 %<sup>(k)</sup> | (0.04)%<sup>(k)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $34319 | $38506 | $42561 | $31921 | $95571 | $159351 | $190416 |
|  Portfolio turnover rate<sup>(m)</sup> | 47% | 73% | 111% | 99% | 151% | 148% | 130% |

---

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

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

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

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

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

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

<sup>(g)</sup> Includes proceeds received from a settlement of litigation, which had no impact on the Fund's total return. 

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

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

<sup>(j)</sup> From October 1, 2021 through April 25, 2022, the Fund invested in the Master Portfolio as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(k)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(l)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.01%. 

<sup>(m)</sup> Portfolio turnover rate includes transactions from the Master Portfolio prior to April 25, 2022.

*See notes to financial statements.* 

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

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
| | Six Months<br> Ended<br> 11/30/22<br> (unaudited)  | Period from<br> 10/01/21<br> to 05/31/22 | Year Ended<br> 09/30/21 | Year Ended<br> 09/30/20 | Year Ended<br> 09/30/19 | Period from<br> 01/25/18<br> to 09/30/18<br><sup>(a)</sup> <br>|
|  **Net asset value, beginning of period** | $18.40 | $23.34 | $18.79 | $16.88 | $18.19 | $17.48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.10 | 0.13 | 0.20 | 0.22 | 0.31 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.37) | (0.87) | 5.32 | 2.42 | (0.18) | 0.53 |
|  Net increase (decrease) from investment operations | (0.27) | (0.74) | 5.52 | 2.64 | 0.13 | 0.71 |
|  **Distributions<sup>(c)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.21) | (0.20) | (0.23) | (0.30) | (0.21) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.85) | (4.00) | (0.74) | (0.43) | (1.23) |  |
|  Total distributions | (1.06) | (4.20) | (0.97) | (0.73) | (1.44) |  |
|  **Net asset value, end of period** | $17.07 | $18.40 | $23.34 | $18.79 | $16.88 | $18.19 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | (1.05)%<sup>(e)(f)</sup> | (5.18)%<sup>(f)</sup> | 30.42% | 16.01% | 1.45% | 4.06 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.52 %<sup>(h)</sup> | 0.51 %<sup>(h)(i)</sup> | 0.55 %<sup>(j)</sup> | 0.70 %<sup>(k)</sup> | 0.72 %<sup>(k)</sup> | 0.72 %<sup>(h)(j)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.43 %<sup>(h)</sup> | 0.43 %<sup>(h)(i)</sup> | 0.43 %<sup>(j)</sup> | 0.43 %<sup>(k)</sup> | 0.43 %<sup>(k)</sup> | 0.43 %<sup>(h)(j)</sup> |
|  Net investment income | 1.25 %<sup>(h)</sup> | 0.98 %<sup>(h)(i)</sup> | 0.91 %<sup>(j)</sup> | 1.30 %<sup>(k)</sup> | 1.87 %<sup>(k)</sup> | 1.55 %<sup>(h)(j)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $32712 | $61965 | $56736 | $34078 | $3079 | $2458 |
|  Portfolio turnover rate<sup>(l)</sup> | 47% | 73% | 111% | 99% | 151% | 148% |

---

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

<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.

<sup>(i)</sup> From October 1, 2021 through April 25, 2022, the Fund invested in the Master Portfolio as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(j)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(k)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.01%. 

<sup>(l)</sup> Portfolio turnover rate includes transactions from the Master Portfolio prior to April 25, 2022.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 75

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) | BlackRock Advantage Large Cap Core Fund (continued) |
|  | Class R | Class R | Class R | Class R | Class R | Class R | Class R |
| | Six Months<br> Ended<br> 11/30/22<br> (unaudited)  | Period from<br> 10/01/21<br> to 05/31/22 | Year Ended<br> 09/30/21 | Year Ended<br> 09/30/20 | Year Ended<br> 09/30/19 | Year Ended<br> 09/30/18 | Year Ended<br> 09/30/17 |
|  **Net asset value, beginning of period** | $15.84 | $20.60 | $16.66 | $15.03 | $16.38 | $19.85 | $17.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.05 | 0.05 | 0.07 | 0.13 | 0.15 | 0.15 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.33) | (0.72) | 4.70 | 2.13 | (0.13) | 2.47 | 3.72 |
|  Net increase (decrease) from investment operations | (0.28) | (0.67) | 4.77 | 2.26 | 0.02 | 2.62 | 3.82 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.12) | (0.09) | (0.09) | (0.20) | (0.14) | (0.12) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.85) | (4.00) | (0.74) | (0.43) | (1.23) | (5.97) | (1.12) |
|  Total distributions | (0.97) | (4.09) | (0.83) | (0.63) | (1.37) | (6.09) | (1.19) |
|  **Net asset value, end of period** | $14.59 | $15.84 | $20.60 | $16.66 | $15.03 | $16.38 | $19.85 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | (1.28)%<sup>(d)(e)</sup> | (5.55)%<sup>(e)</sup> | 29.67% | 15.38% | 0.88% | 16.83% | 23.06 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 1.25 %<sup>(h)</sup> | 1.23 %<sup>(h)(i)</sup> | 1.26 %<sup>(j)</sup> | 1.37 %<sup>(k)</sup> | 1.32 %<sup>(k)</sup> | 1.38 %<sup>(j)</sup> | 1.43 %<sup>(j)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.98 %<sup>(h)</sup> | 0.98 %<sup>(h)(i)</sup> | 0.98 %<sup>(j)</sup> | 0.98 %<sup>(k)</sup> | 0.98 %<sup>(k)</sup> | 0.98 %<sup>(j)</sup> | 1.30 %<sup>(j)</sup> |
|  Net investment income | 0.69 %<sup>(h)</sup> | 0.42 %<sup>(h)(i)</sup> | 0.37 %<sup>(j)</sup> | 0.83 %<sup>(k)</sup> | 1.04 %<sup>(k)</sup> | 0.94 %<sup>(j)</sup> | 0.52 %<sup>(j)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $13232 | $13967 | $14399 | $12416 | $27003 | $41488 | $36445 |
|  Portfolio turnover rate<sup>(l)</sup> | 47% | 73% | 111% | 99% | 151% | 148% | 130% |

---

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

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

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

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

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

<sup>(f)</sup> Includes proceeds received from a settlement of litigation, 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.

<sup>(i)</sup> From October 1, 2021 through April 25, 2022, the Fund invested in the Master Portfolio as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(j)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(k)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.01%. 

<sup>(l)</sup> Portfolio turnover rate includes transactions from the Master Portfolio prior to April 25, 2022.

*See notes to financial statements.* 

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

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Value Fund | BlackRock Advantage Large Cap Value Fund | BlackRock Advantage Large Cap Value Fund | BlackRock Advantage Large Cap Value Fund | BlackRock Advantage Large Cap Value Fund | BlackRock Advantage Large Cap Value Fund | BlackRock Advantage Large Cap Value Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
| | Six Months<br> Ended<br> 11/30/22<br> (unaudited)  | Year Ended<br> 05/31/22 | Year Ended<br> 05/31/21 | Period from<br> 10/01/19<br> to 05/31/20 | Year Ended<br> 09/30/19 | Year Ended<br> 09/30/18 | Year Ended<br> 09/30/17 |
|  **Net asset value, beginning of period** | $29.79 | $35.07 | $24.74 | $28.08 | $30.89 | $28.32 | $23.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.24 | 0.45 | 0.46 | 0.39 | 0.57 | 0.55 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.27) | (0.21) | 10.36 | (2.60) | (0.26) | 2.57 | 4.74 |
|  Net increase (decrease) from investment operations | (0.03) | 0.24 | 10.82 | (2.21) | 0.31 | 3.12 | 5.10 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.47) | (0.47) | (0.49) | (0.58) | (0.59) | (0.43) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (1.14) | (5.05) |  | (0.55) | (2.53) | (0.12) |  |
|  Total distributions | (1.61) | (5.52) | (0.49) | (1.13) | (3.12) | (0.55) | (0.35) |
|  **Net asset value, end of period** | $28.15 | $29.79 | $35.07 | $24.74 | $28.08 | $30.89 | $28.32 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 0.46 %<sup>(d)</sup> | 0.63% | 44.37% | (8.36)%<sup>(d)</sup> | 1.80% | 11.16% | 21.79 %<sup>(e)</sup> |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 0.70 %<sup>(g)</sup> | 0.70% | 0.84 %<sup>(h)</sup> | 0.89 %<sup>(g)(i)</sup> | 0.87 %<sup>(i)</sup> | 0.92 %<sup>(j)</sup> | 0.94 %<sup>(j)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.54 %<sup>(g)</sup> | 0.54% | 0.54 %<sup>(h)</sup> | 0.54 %<sup>(g)(i)</sup> | 0.54 %<sup>(i)</sup> | 0.54 %<sup>(j)</sup> | 0.77 %<sup>(j)</sup> |
|  Net investment income | 1.78 %<sup>(g)</sup> | 1.41% | 1.58 %<sup>(h)</sup> | 2.20 %<sup>(g)(i)</sup> | 2.09 %<sup>(i)</sup> | 1.87 %<sup>(j)</sup> | 1.37 %<sup>(j)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $178837 | $186903 | $194452 | $146365 | $192744 | $169089 | $166970 |
|  Portfolio turnover rate | 56% | 136% | 126 %<sup>(k)</sup> | 70% | 161% | 143% | 137% |

---

<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 payment received from a settlement of litigation, through its investment in the Master Portfolio, which impacted the Fund's total return. Excluding the payment from a settlement of litigation, the Fund's total return for the years ended September 30, 2017 was 21.66%. 

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

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

<sup>(h)</sup> From June 1, 2020 through February 28, 2021, the Fund invested in the Master Portfolio as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.03%. 

<sup>(i)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.05% and 0.03% for the period October 1, 2019 to May 31, 2020 and September 30, 2019, respectively. 

<sup>(j)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(k)</sup> Portfolio turnover rate includes transactions from the Master Portfolio prior to March 1, 2021.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 77

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
| | Six Months<br> Ended<br> 11/30/22<br> (unaudited)  | Year Ended<br> 05/31/22 | Year Ended<br> 05/31/21 | Period from<br> 10/01/19<br> to 05/31/20 | Year Ended<br> 09/30/19 | Year Ended<br> 09/30/18 | Year Ended<br> 09/30/17 |
|  **Net asset value, beginning of period** | $28.98 | $34.26 | $24.18 | $27.45 | $30.26 | $27.76 | $23.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.20 | 0.36 | 0.38 | 0.34 | 0.49 | 0.47 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.26) | (0.20) | 10.13 | (2.55) | (0.25) | 2.51 | 4.65 |
|  Net increase (decrease) from investment operations | (0.06) | 0.16 | 10.51 | (2.21) | 0.24 | 2.98 | 4.93 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.40) | (0.39) | (0.43) | (0.51) | (0.52) | (0.36) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (1.14) | (5.05) |  | (0.55) | (2.53) | (0.12) |  |
|  Total distributions | (1.54) | (5.44) | (0.43) | (1.06) | (3.05) | (0.48) | (0.26) |
|  **Net asset value, end of period** | $27.38 | $28.98 | $34.26 | $24.18 | $27.45 | $30.26 | $27.76 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 0.35 %<sup>(d)</sup> | 0.40% | 44.01% | (8.53)%<sup>(d)</sup> | 1.56% | 10.86% | 21.49 %<sup>(e)</sup> |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 0.98 %<sup>(g)</sup> | 0.97% | 1.10 %<sup>(h)</sup> | 1.15 %<sup>(g)(i)</sup> | 1.14 %<sup>(i)</sup> | 1.20 %<sup>(j)</sup> | 1.22 %<sup>(j)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.79 %<sup>(g)</sup> | 0.79% | 0.79 %<sup>(h)</sup> | 0.79 %<sup>(g)(i)</sup> | 0.79 %<sup>(i)</sup> | 0.79 %<sup>(j)</sup> | 1.04 %<sup>(j)</sup> |
|  Net investment income | 1.53 %<sup>(g)</sup> | 1.16% | 1.33 %<sup>(h)</sup> | 1.95 %<sup>(g)(i)</sup> | 1.84 %<sup>(i)</sup> | 1.61 %<sup>(j)</sup> | 1.10 %<sup>(j)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $382600 | $394334 | $405607 | $280449 | $336565 | $337798 | $346128 |
|  Portfolio turnover rate | 56% | 136% | 126 %<sup>(k)</sup> | 70% | 161% | 143% | 137% |

---

<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 payment received from a settlement of litigation, through its investment in the Master Portfolio, which impacted the Fund's total return. Excluding the payment from a settlement of litigation, the Fund's total return for the years ended September 30, 2017 was 21.36%. 

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

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

<sup>(h)</sup> From June 1, 2020 through February 28, 2021, the Fund invested in the Master Portfolio as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.03%. 

<sup>(i)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.05% and 0.03% for the period October 1, 2019 to May 31, 2020 and September 30, 2019, respectively. 

<sup>(j)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(k)</sup> Portfolio turnover rate includes transactions from the Master Portfolio prior to March 1, 2021.

*See notes to financial statements.* 

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

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
| | Six Months<br> Ended<br> 11/30/22<br> (unaudited)  | Year Ended<br> 05/31/22 | Year Ended<br> 05/31/21 | Period from<br> 10/01/19<br> to 05/31/20 | Year Ended<br> 09/30/19 | Year Ended<br> 09/30/18 | Year Ended<br> 09/30/17 |
|  **Net asset value, beginning of period** | $26.40 | $31.69 | $22.31 | $25.32 | $28.06 | $25.71 | $21.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.09 | 0.12 | 0.16 | 0.19 | 0.27 | 0.23 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.24) | (0.19) | 9.37 | (2.36) | (0.24) | 2.33 | 4.32 |
|  Net increase (decrease) from investment operations | (0.15) | (0.07) | 9.53 | (2.17) | 0.03 | 2.56 | 4.39 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.22) | (0.17) | (0.15) | (0.29) | (0.24) | (0.09) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (1.14) | (5.05) |  | (0.55) | (2.53) | (0.12) |  |
|  Total distributions | (1.36) | (5.22) | (0.15) | (0.84) | (2.77) | (0.21) | (0.04) |
|  **Net asset value, end of period** | $24.89 | $26.40 | $31.69 | $22.31 | $25.32 | $28.06 | $25.71 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | (0.03)%<sup>(d)</sup> | (0.38)% | 42.99% | (9.00)%<sup>(d)</sup> | 0.79% | 10.03% | 20.59 %<sup>(e)</sup> |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 1.76 %<sup>(g)</sup> | 1.73% | 1.85 %<sup>(h)</sup> | 1.91 %<sup>(g)(i)</sup> | 1.94 %<sup>(i)</sup> | 1.97 %<sup>(j)</sup> | 1.98 %<sup>(j)</sup> |
|  Total expenses after fees waived and/or reimbursed | 1.54 %<sup>(g)</sup> | 1.54% | 1.54 %<sup>(h)</sup> | 1.54 %<sup>(g)(i)</sup> | 1.54 %<sup>(i)</sup> | 1.54 %<sup>(j)</sup> | 1.84 %<sup>(j)</sup> |
|  Net investment income | 0.78 %<sup>(g)</sup> | 0.41% | 0.63 %<sup>(h)</sup> | 1.20 %<sup>(g)(i)</sup> | 1.08 %<sup>(i)</sup> | 0.87 %<sup>(j)</sup> | 0.29 %<sup>(j)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $16799 | $18099 | $20880 | $43395 | $63659 | $94919 | $104248 |
|  Portfolio turnover rate | 56% | 136% | 126 %<sup>(k)</sup> | 70% | 161% | 143% | 137% |

---

<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 payment received from a settlement of litigation, through its investment in the Master Portfolio, which impacted the Fund's total return. Excluding the payment from a settlement of litigation, the Fund's total return for the years ended September 30, 2017 was 20.44%. 

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

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

<sup>(h)</sup> From June 1, 2020 through February 28, 2021, the Fund invested in the Master Portfolio as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.03%. 

<sup>(i)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.05% and 0.03% for the period October 1, 2019 to May 31, 2020 and September 30, 2019, respectively. 

<sup>(j)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(k)</sup> Portfolio turnover rate includes transactions from the Master Portfolio prior to March 1, 2021.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 79

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
| | Six Months<br> Ended<br> 11/30/22<br> (unaudited)  | Year Ended<br> 05/31/22 | Year Ended<br> 05/31/21 | Period from<br> 10/01/19<br> to 05/31/20 | Year Ended<br> 09/30/19 | Period from<br> 01/25/18<br> to 09/30/18<br><sup>(a)</sup> <br>|
|  **Net asset value, beginning of period** | $29.80 | $35.08 | $24.74 | $28.09 | $30.90 | $30.90 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.25 | 0.47 | 0.47 | 0.40 | 0.58 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.27) | (0.22) | 10.38 | (2.60) | (0.26) | (0.39) |
|  Net increase (decrease) from investment operations | (0.02) | 0.25 | 10.85 | (2.20) | 0.32 |  |
|  **Distributions<sup>(c)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.49) | (0.48) | (0.51) | (0.60) | (0.60) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (1.14) | (5.05) |  | (0.55) | (2.53) |  |
|  Total distributions | (1.63) | (5.53) | (0.51) | (1.15) | (3.13) |  |
|  **Net asset value, end of period** | $28.15 | $29.80 | $35.08 | $24.74 | $28.09 | $30.90 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | 0.48 %<sup>(e)</sup> | 0.69% | 44.48% | (8.35)%<sup>(e)</sup> | 1.85% | 0.00 %<sup>(e)</sup> |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |  |
|  Total expenses | 0.63 %<sup>(g)</sup> | 0.63% | 0.74 %<sup>(h)</sup> | 0.80 %<sup>(g)(i)</sup> | 0.79 %<sup>(i)</sup> | 0.83 %<sup>(g)(j)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.49 %<sup>(g)</sup> | 0.49% | 0.49 %<sup>(h)</sup> | 0.49 %<sup>(g)(i)</sup> | 0.49 %<sup>(i)</sup> | 0.49 %<sup>(g)(j)</sup> |
|  Net investment income | 1.83 %<sup>(g)</sup> | 1.47% | 1.62 %<sup>(h)</sup> | 2.24 %<sup>(g)(i)</sup> | 2.14 %<sup>(i)</sup> | 1.88 %<sup>(g)(j)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $10393 | $10210 | $8258 | $4971 | $5699 | $5459 |
|  Portfolio turnover rate | 56% | 136% | 126 %<sup>(k)</sup> | 70% | 161% | 143% |

---

<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> From June 1, 2020 through February 28, 2021, the Fund invested in the Master Portfolio as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.03%. 

<sup>(i)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.05% and 0.03% for the period October 1, 2019 to May 31, 2020 and September 30, 2019, respectively. 

<sup>(j)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(k)</sup> Portfolio turnover rate includes transactions from the Master Portfolio prior to March 1, 2021.

*See notes to financial statements.* 

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

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) | BlackRock Advantage Large Cap Value Fund (continued) |
|  | Class R | Class R | Class R | Class R | Class R | Class R | Class R |
| | Six Months<br> Ended<br> 11/30/22<br> (unaudited)  | Year Ended<br> 05/31/22 | Year Ended<br> 05/31/21 | Period from<br> 10/01/19<br> to 05/31/20 | Year Ended<br> 09/30/19 | Year Ended<br> 09/30/18 | Year Ended<br> 09/30/17 |
|  **Net asset value, beginning of period** | $27.56 | $32.84 | $23.18 | $26.29 | $29.10 | $26.70 | $22.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.16 | 0.27 | 0.29 | 0.28 | 0.41 | 0.38 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.26) | (0.19) | 9.71 | (2.43) | (0.26) | 2.42 | 4.48 |
|  Net increase (decrease) from investment operations | (0.10) | 0.08 | 10.00 | (2.15) | 0.15 | 2.80 | 4.68 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.34) | (0.31) | (0.34) | (0.41) | (0.43) | (0.28) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (1.14) | (5.05) |  | (0.55) | (2.53) | (0.12) |  |
|  Total distributions | (1.48) | (5.36) | (0.34) | (0.96) | (2.96) | (0.40) | (0.19) |
|  **Net asset value, end of period** | $25.98 | $27.56 | $32.84 | $23.18 | $26.29 | $29.10 | $26.70 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |
|  Based on net asset value | 0.20 %<sup>(d)</sup> | 0.14% | 43.63% | (8.65)%<sup>(d)</sup> | 1.29% | 10.60% | 21.15 %<sup>(e)</sup> |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |  |  |
|  Total expenses | 1.36 %<sup>(g)</sup> | 1.35% | 1.41 %<sup>(h)</sup> | 1.43 %<sup>(g)(i)</sup> | 1.44 %<sup>(i)</sup> | 1.47 %<sup>(j)</sup> | 1.50 %<sup>(j)</sup> |
|  Total expenses after fees waived and/or reimbursed | 1.04 %<sup>(g)</sup> | 1.04% | 1.04 %<sup>(h)</sup> | 1.04 %<sup>(g)(i)</sup> | 1.04 %<sup>(i)</sup> | 1.04 %<sup>(j)</sup> | 1.33 %<sup>(j)</sup> |
|  Net investment income | 1.28 %<sup>(g)</sup> | 0.91% | 1.11 %<sup>(h)</sup> | 1.69 %<sup>(g)(i)</sup> | 1.59 %<sup>(i)</sup> | 1.37 %<sup>(j)</sup> | 0.80 %<sup>(j)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $7999 | $8440 | $9015 | $10820 | $18321 | $29497 | $33484 |
|  Portfolio turnover rate | 56% | 136% | 126 %<sup>(k)</sup> | 70% | 161% | 143% | 137% |

---

<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 payment received from a settlement of litigation, through its investment in the Master Portfolio, which impacted the Fund's total return. Excluding the payment from a settlement of litigation, the Fund's total return for the years ended September 30, 2017 was 21.01%. 

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

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

<sup>(h)</sup> From June 1, 2020 through February 28, 2021, the Fund invested in the Master Portfolio as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.03%. 

<sup>(i)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of 0.05% and 0.03% for the period October 1, 2019 to May 31, 2020 and September 30, 2019, respectively. 

<sup>(j)</sup> Includes the Fund's share of the Master Portfolio's allocated expenses and/or net investment income. Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(k)</sup> Portfolio turnover rate includes transactions from the Master Portfolio prior to March 1, 2021.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 81

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Notes to Financial Statements (unaudited)

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

BlackRock Funds<sup>SM</sup> (the "Trust") and BlackRock Large Cap Series Funds, Inc. (the "Corporation") are each registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as open-end management investment companies. The Trust is organized as a Massachusetts business trust. The Corporation is organized as a Maryland corporation. BlackRock Advantage International Fund, BlackRock Advantage Large Cap Growth Fund and BlackRock Small Cap Core Fund are series of the Trust. BlackRock Advantage Large Cap Core Fund and BlackRock Advantage Large Cap Value Fund are series of the Corporation. The following are referred to herein collectively as the "Funds" or individually as a "Fund":

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Herein Referred To As* | *Diversification Classification* |
|  BlackRock Advantage International Fund | Advantage International | Diversified |
|  BlackRock Advantage Large Cap Growth Fund | Advantage Large Cap Growth | Diversified |
|  BlackRock Advantage Small Cap Core Fund | Advantage Small Cap Core | Diversified |
|  BlackRock Advantage Large Cap Core Fund | Advantage Large Cap Core | Diversified |
|  BlackRock Advantage Large Cap Value Fund | Advantage Large Cap Value | Diversified |

---

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

---

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

---

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

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

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

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

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

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

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

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

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

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

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

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Notes to Financial Statements (unaudited) (continued)

invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of November 30, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

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

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

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

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

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

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

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

**Investment Valuation Policies:** The Funds' investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Funds are 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 the Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager's policies and procedures as reflecting fair value. The Manager has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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

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

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

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

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

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

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

N O T E S T O F I N A N C I A L S T A T E M E N T S 83

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Notes to Financial Statements (unaudited) (continued)

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

---

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

---

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

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

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

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

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

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

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

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

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

**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 do not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC ("BIM"), if any, is disclosed in the Schedules of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the

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

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Notes to Financial Statements (unaudited) (continued)

Fund, except in the event of borrower default. The securities on loan, if any, are disclosed in the Funds' Schedules of Investments. The market value of any securities on loan and the value of any related collateral are shown separately in the Statements of Assets and Liabilities as a component of investments at value – unaffiliated and collateral on securities loaned, respectively.

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Fund Name/Counterparty* | *Securities<br>Loaned at Value* | *Cash*<br> *Collateral Received* | *Non-Cash<br>Collateral Received* | *<br><sup>(a)</sup>* | *Net<br>Amount* | *<br><sup>(b)</sup>* |
|  Advantage International |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | $98 | $(98) | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 1719464 | (1718167) |  |  | 1297 |  |
|  | $1719562 | $(1718265) | $— |  | $1297 |  |
|  Advantage Large Cap Growth | Advantage Large Cap Growth | Advantage Large Cap Growth | Advantage Large Cap Growth | Advantage Large Cap Growth | Advantage Large Cap Growth |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | $5526300 | $(5502900) | $— |  | $23400 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 409274 | (409274) |  |  |  |  |
|  | $5935574 | $(5912174) | $— |  | $23400 |  |
|  Advantage Small Cap Core | Advantage Small Cap Core | Advantage Small Cap Core | Advantage Small Cap Core | Advantage Small Cap Core | Advantage Small Cap Core |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | $2243041 | $(2243041) | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 1647569 | (1608450) |  |  | 39119 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 12548223 | (12548223) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Securities (USA) LLC | 16623515 | (16623515) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 40076359 | (39340563) |  |  | 735796 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies LLC | 3360354 | (3360354) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 17082435 | (17082435) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Financial Services LLC | 2053392 | (2053392) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SG Americas Securities LLC | 5611642 | (5611642) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | 3399606 | (3309970) |  |  | 89636 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TD Prime Services LLC | 4254262 | (4254262) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Securities LLC | 11890 | (11890) |  |  |  |  |
|  | $108912288 | $(108047737) | $— |  | $864551 |  |
|  Advantage Large Cap Core<sup>(c)</sup> | Advantage Large Cap Core<sup>(c)</sup> | Advantage Large Cap Core<sup>(c)</sup> | Advantage Large Cap Core<sup>(c)</sup> | Advantage Large Cap Core<sup>(c)</sup> | Advantage Large Cap Core<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | $6375550 | $(6375550) | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 2584125 | (2584125) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Securities (USA) LLC | 870022 | (870022) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 8152893 | (8152893) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 56704 | (56704) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SG Americas Securities LLC | 1924974 | (1924974) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | 715957 | (715957) |  |  |  |  |
|  | $20680225 | $(20680225) | $— |  | $— |  |
|  Advantage Large Cap Value<sup>(d)</sup> | Advantage Large Cap Value<sup>(d)</sup> | Advantage Large Cap Value<sup>(d)</sup> | Advantage Large Cap Value<sup>(d)</sup> | Advantage Large Cap Value<sup>(d)</sup> | Advantage Large Cap Value<sup>(d)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Securities (USA) LLC | $50864 | $(50864) | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 823473 | (823473) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 2982683 | (2982683) |  |  |  |  |
|  | $3857020 | $(3857020) | $— |  | $— |  |

---

<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, 2022. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty. 

<sup>(c)</sup> Securities loaned with a value of $51,872 have been sold and are pending settlement as of November 30, 2022. 

<sup>(d)</sup> Securities loaned with a value of $581,921 have been sold and are pending settlement as of November 30, 2022. 

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

N O T E S T O F I N A N C I A L S T A T E M E N T S 85

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Notes to Financial Statements (unaudited) (continued)

collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Funds.

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

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

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

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Investment Advisory Fees | Investment Advisory Fees | Investment Advisory Fees | Investment Advisory Fees | Investment Advisory Fees |
| *Average Daily Net Assets* | *Advantage<br>International* | *Advantage Large<br>Cap Growth* | *Advantage Small<br>Cap Core* | *Advantage Large<br>Cap Core* | *Advantage Large<br>Cap Value* |
|  First $1 billion | 0.45% | 0.57% | 0.45% | 0.45% | 0.49% |
|  $1 billion - $3 billion | 0.42 | 0.54 | 0.42 | 0.42 | 0.46 |
|  $3 billion - $5 billion | 0.41 | 0.51 | 0.41 | 0.41 | 0.44 |
|  $5 billion - $10 billion | 0.39 | 0.50 | 0.39 | 0.39 | 0.43 |
|  Greater than $10 billion | 0.38 | 0.48 | 0.38 | 0.38 | 0.42 |

---

**Service and Distribution Fees:** The Trust, on behalf of Advantage International, Advantage Large Cap Growth and Advantage Small Cap Core, and the Corporation, on behalf of Advantage Large Cap Core and Advantage Large Cap Value, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC ("BRIL"), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, each Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of each Fund as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Advantage International | Advantage International | Advantage Large Cap Growth | Advantage Large Cap Growth | Advantage Small Cap Core | Advantage Small Cap Core |
| *Share Class* | *Service Fees* | *Distribution Fees* | *Service Fees* | *Distribution Fees* | *Service Fees* | *Distribution Fees* |
|  Investor A | 0.25% | N/A | 0.25% | N/A | 0.25% | N/A |
|  Investor C | 0.25 | 0.75% | 0.25 | 0.75% | 0.25 | 0.75% |
|  Class R | 0.25 | 0.25 | 0.25 | 0.25 | N/A | N/A |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Advantage Large Cap Core | Advantage Large Cap Core | Advantage Large Cap Value | Advantage Large Cap Value |
| *Share Class* | *Service Fees* | *Distribution Fees* | *Service Fees* | *Distribution Fees* |
|  Investor A | 0.25 | N/A | 0.25 | N/A |
|  Investor C | 0.25 | 0.75% | 0.25 | 0.75% |
|  Class R | 0.25 | 0.25 | 0.25 | 0.25 |

---

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

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

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Notes to Financial Statements (unaudited) (continued)

For the six months ended November 30, 2022, the following table shows the class specific service and distribution fees borne directly by each share class of each Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Investor A* | *Investor C* | *Class R* | *Total* |
|  Advantage International | $266112 | $10993 | $5978 | $283083 |
|  Advantage Large Cap Growth | 530365 | 46843 | 920 | 578128 |
|  Advantage Small Cap Core | 422924 | 51344 |  | 474268 |
|  Advantage Large Cap Core | 1595379 | 170988 | 32459 | 1798826 |
|  Advantage Large Cap Value | 453042 | 79939 | 19377 | 552358 |

---

**Administration:** The Trust, on behalf of Advantage International, Advantage Large Cap Growth and Advantage Small Cap Core, and the Corporation, on behalf of Advantage Large Cap Core and Advantage Large Cap Value, entered into an Administration Agreement with the Manager, an indirect, wholly-owned subsidiary of BlackRock, to provide administrative services. For these services, the Manager receives an administration fee computed daily and payable monthly, based on a percentage of the average daily net assets of each Fund. The administration fee, which is shown as administration in the Statements of Operations, is paid at the annual rates below.

---

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

---

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

For the six months ended November 30, 2022, the following table shows the class specific administration fees borne directly by each share class of each Fund:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Class R* | *Total* |
|  Advantage International | $65184 | $21309 | $221 | $11041 | $239 | $97994 |
|  Advantage Large Cap Growth | 42956 | 42467 | 940 | 200 | 37 | 86600 |
|  Advantage Small Cap Core | 241903 | 33850 | 1028 | 97240 |  | 374021 |
|  Advantage Large Cap Core | 144170 | 127778 | 3437 | 3210 | 1293 | 279888 |
|  Advantage Large Cap Value | 16981 | 36260 | 1600 | 979 | 776 | 56596 |

---

**Transfer Agent:** Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the six months ended November 30, 2022, the Funds paid the following amounts to affiliates of BlackRock in return for these services, which are included in transfer agent — class specific in the Statements of Operations:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Institutional* | *Total* |
|  Advantage International | $314624 | $314624 |
|  Advantage Large Cap Growth | 186303 | 186303 |
|  Advantage Small Cap Core | 109354 | 109354 |
|  Advantage Large Cap Core | 595836 | 595836 |

---

The Manager maintains a call center that is responsible for providing certain shareholder services to the Funds. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the six months ended November 30, 2022, each Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statements of Operations:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Class R* | *Total* |
|  Advantage International | $3623 | $9361 | $646 | $153 | $43 | $13826 |
|  Advantage Large Cap Growth | 927 | 35306 | 1175 | 16 | 14 | 37438 |
|  Advantage Small Cap Core | 4728 | 7170 | 267 | 1405 |  | 13570 |
|  Advantage Large Cap Core | 15560 | 105852 | 1875 | 53 | 84 | 123424 |
|  Advantage Large Cap Value | 857 | 20503 | 861 | 34 | 100 | 22355 |

---

For the six months ended November 30, 2022, the following table shows the class specific transfer agent fees borne directly by each share class of each Fund:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Class R* | *Total* |
|  Advantage International | $302509 | $224219 | $3061 | $923 | $3098 | $533810 |
|  Advantage Large Cap Growth | 15520 | 393444 | 9264 | 113 | 517 | 418858 |
|  Advantage Small Cap Core | 954569 | 301014 | 9450 | 19851 |  | 1284884 |
|  Advantage Large Cap Core | 771988 | 846765 | 36723 | 1451 | 14973 | 1671900 |
|  Advantage Large Cap Value | 71146 | 193790 | 11001 | 298 | 9499 | 285734 |

---

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 87

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Notes to Financial Statements (unaudited) (continued)

**Other Fees:** For the six months ended November 30, 2022, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of each Fund's Investor A Shares as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Amounts* |
|  Advantage International | $1505 |
|  Advantage Large Cap Growth | 4160 |
|  Advantage Small Cap Core | 7923 |
|  Advantage Large Cap Core | 10871 |
|  Advantage Large Cap Value | 3284 |

---

For the six months ended November 30, 2022, affiliates received CDSCs as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Share Class* | *Advantage<br>International* | *Advantage<br>Large Cap<br>Growth* | *Advantage<br>Small Cap<br>Core* | *Advantage<br>Large Cap<br>Core* | *Advantage<br>Large Cap<br>Value* |
|  Investor A | $1124 | $— | $3993 | $9402 | $1755 |
|  Investor C | 9 | 129 | 788 | 1521 | 146 |

---

**Expense Limitations, Waivers and Reimbursements:** With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the "affiliated money market fund waiver") through June 30, 2024. The contractual agreement may be terminated upon 90 days' notice by a majority of the Directors who are not "interested persons" of the Trust or the Corporation, as defined in the 1940 Act ("Independent Directors"), or by a vote of a majority of the outstanding voting securities of a Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended November 30, 2022, the amounts waived were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Amounts Waived* |
|  Advantage International | $7236 |
|  Advantage Large Cap Growth | 3389 |
|  Advantage Small Cap Core | 14503 |
|  Advantage Large Cap Core | 8363 |
|  Advantage Large Cap Value | 1863 |

---

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of each Fund's assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2024. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of a Fund. For the six months ended November 30, 2022, there were no fees waived by the Manager pursuant to this arrangement.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Class R* |
|  Advantage International | 0.50% | 0.75% | 1.50% | 0.45% | 1.00% |
|  Advantage Large Cap Growth | 0.62 | 0.87 | 1.62 | 0.57 | 1.12 |
|  Advantage Small Cap Core | 0.50 | 0.75 | 1.50 | 0.45 | N/A |
|  Advantage Large Cap Core | 0.48 | 0.73 | 1.48 | 0.43 | 0.98 |
|  Advantage Large Cap Value | 0.54 | 0.79 | 1.54 | 0.49 | 1.04 |

---

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2024 (June 30, 2033 with respect to Advantage Large Cap Growth Class R Shares), unless approved by the Board, including a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of a Fund.

For the six months ended November 30, 2022, the Manager waived and/or reimbursed investment advisory fees, which is included in fees waived and/or reimbursed by the Manager in the Statements of Operations, as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Amounts Waived* |
|  Advantage International | $624772 |
|  Advantage Large Cap Growth | 382815 |
|  Advantage Small Cap Core | 737865 |
|  Advantage Large Cap Core | 859982 |
|  Advantage Large Cap Value | 309458 |

---

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

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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, service and distribution fees waived and service distribution fees reimbursed respectively, in the Statements of Operations. For the six months ended November 30, 2022, class specific expense waivers and/or reimbursements were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration Fees Waived by the Manager - Class Specific | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration Fees Waived by the Manager - Class Specific | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration Fees Waived by the Manager - Class Specific | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration Fees Waived by the Manager - Class Specific | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration Fees Waived by the Manager - Class Specific | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration Fees Waived by the Manager - Class Specific |
| *Fund Name* | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Class R* | *Total* |
|  Advantage International | $65184 | $21309 | $221 | $11041 | $239 | $97994 |
|  Advantage Large Cap Growth |  | 42467 | 939 | 200 | 37 | 43643 |
|  Advantage Small Cap Core | 241903 | 33850 | 1028 | 97240 |  | 374021 |
|  Advantage Large Cap Core | 144170 | 127778 | 3437 | 3210 | 1293 | 279888 |
|  Advantage Large Cap Value | 16981 | 36260 | 1600 | 979 | 776 | 56596 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Transfer Agent Fees Waived and/or Reimbursed by the Manager - Class Specific | Transfer Agent Fees Waived and/or Reimbursed by the Manager - Class Specific | Transfer Agent Fees Waived and/or Reimbursed by the Manager - Class Specific | Transfer Agent Fees Waived and/or Reimbursed by the Manager - Class Specific | Transfer Agent Fees Waived and/or Reimbursed by the Manager - Class Specific | Transfer Agent Fees Waived and/or Reimbursed by the Manager - Class Specific |
| *Fund Name* | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Class R* | *Total* |
|  Advantage International | $139534 | $170886 | $2472 | $923 | $2498 | $316313 |
|  Advantage Large Cap Growth |  | 287018 | 6790 | 114 | 424 | 294346 |
|  Advantage Small Cap Core | 349650 | 216441 | 6874 | 19851 |  | 592816 |
|  Advantage Large Cap Core | 411635 | 526436 | 27330 | 1451 | 11881 | 978733 |
|  Advantage Large Cap Value | 28705 | 103181 | 6960 | 298 | 7547 | 146691 |

---

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

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

Pursuant to the current securities lending agreement, each Fund (except Advantage International) retains 81% of securities lending income (which excludes collateral investment expenses), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses. Pursuant to the current securities lending agreement, Advantage International retains 82% of securities lending income (which excludes collateral investment expenses), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds a specified threshold, each Fund (except Advantage International), pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 81% of securities lending income (which excludes collateral investment expenses), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses. Advantage International, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 85% of securities lending income (which excludes collateral investment expenses), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.

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

---

| | |
|:---|:---|
| *Fund Name* | *Amounts* |
|  Advantage International | $2651 |
|  Advantage Large Cap Growth | 905 |
|  Advantage Small Cap Core | 200557 |
|  Advantage Large Cap Core | 3652 |
|  Advantage Large Cap Value | 5395 |

---

**Interfund Lending:** In accordance with an exemptive order (the "Order") from the SEC, each Fund other than Advantage Large Cap Growth may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund's investment policies and restrictions. Advantage International, Advantage Large Cap Core and Advantage Large Cap Value are currently permitted to borrow under the Interfund Lending Program. Advantage Small Cap Core is currently permitted to borrow and lend under the Interfund Lending Program.

A lending BlackRock fund may lend in aggregate up to 15% of its net assets but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing BlackRock fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any lower threshold provided for by the fund's investment restrictions). If a borrowing BlackRock fund's total outstanding borrowings exceed 10% of its total assets, each of its

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 89

------

Notes to Financial Statements (unaudited) (continued)

outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the six months ended November 30, 2022, the Funds did not participate in the Interfund Lending Program.

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

**Other Transactions:** During the six months ended November 30, 2022, Advantage Large Cap Core recorded a reimbursement of $2,574 from an affiliate, which is included in payments by affiliates in the Statements of Operations, related to operating events.

The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common directors or trustees. For the six months ended November 30, 2022, the purchase and sale transactions and any net realized gains (losses) with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Fund Name* | *Purchases* | *Sales* | *Net Realized*<br> *Loss* |
|  Advantage International | $80821911 | $70991503 | $(10157622) |
|  Advantage Large Cap Growth | 120137719 | 109544412 | (7063893) |
|  Advantage Small Cap Core | 21893464 | 41272358 | (3531870) |
|  Advantage Large Cap Core | 176277611 | 149013262 | (10187742) |
|  Advantage Large Cap Value | 38918560 | 32820007 | (1395070) |

---

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

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

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Purchases* | *Sales* |
|  Advantage International | $673240314 | $645469082 |
|  Advantage Large Cap Growth | 560194144 | 525922024 |
|  Advantage Small Cap Core | 1647539806 | 1596670333 |
|  Advantage Large Cap Core | 1315554570 | 1450063684 |
|  Advantage Large Cap Value | 315707544 | 333557937 |

---

***8.***  ***INCOME TAX INFORMATION*** 

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

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

Management has analyzed tax laws and regulations and their application to the Funds as of November 30, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Tax Cost* | *Gross Unrealized<br>Appreciation* | *Gross<br>Unrealized<br>Depreciation* | *Net Unrealized<br>Appreciation<br>(Depreciation)* |
|  Advantage International | $982987867 | $106678365 | $(30642101) | $76036264 |
|  Advantage Large Cap Growth | 665660581 | 265889124 | (18612295) | 247276829 |
|  Advantage Small Cap Core | 4110190041 | 544025986 | (627901239) | (83875253) |
|  Advantage Large Cap Core | 2384779193 | 589817484 | (103325087) | 486492397 |
|  Advantage Large Cap Value | 537399593 | 85788075 | (21379414) | 64408661 |

---

***9.***  ***BANK BORROWINGS*** 

The Trust and Corporation, on behalf of the Funds, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), are a party to a 364-day, $2.50 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for

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

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Notes to Financial Statements (unaudited) (continued)

certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate ("SOFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2023 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended November 30, 2022, the Funds did not borrow under the credit agreement.

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

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

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

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

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

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

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

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

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

**Concentration Risk:** A diversified portfolio, where this is appropriate and consistent with each 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.

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 91

------

Notes to Financial Statements (unaudited) (continued)

Advantage International invests a significant portion of its assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Fund's investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but could be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

Advantage International invests a significant portion of its assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Fund's investments.

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

**LIBOR Transition Risk:** The United Kingdom's Financial Conduct Authority announced a phase out of the London Interbank Offered Rate ("LIBOR"). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

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

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Six Months Ended 11/30/22* | *Six Months Ended 11/30/22* | *Year Ended 05/31/22* | *Year Ended 05/31/22* |
| *Fund Name/Share Class* | *Shares* | *Amount* | *Shares* | *Amount* |
|  Advantage International |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 6784439 | $96349936 | 13777161 | $261293357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 720281 | 10235193 | 2994510 | 55505073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (5845846) | (83550678) | (4683986) | (84719670) |
|  | 1658874 | $23034451 | 12087685 | $232078760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 871085 | $12461153 | 1609445 | $29061798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 207344 | 2913181 | 1366649 | 25210535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1623817) | (23670559) | (11421414) | (216904290) |
|  | (545388) | $(8296225) | (8445320) | $(162631957) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 33817 | $486976 | 15572 | $276617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 1806 | 24706 | 13423 | 240443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (21624) | (306931) | (71622) | (1273660) |
|  | 13999 | $204751 | (42627) | $(756600) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1550872 | $24799953 | 1559416 | $28044701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 126510 | 1797713 | 445197 | 8265311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (789614) | (11738176) | (936345) | (17250139) |
|  | 887768 | $14859490 | 1068268 | $19059873 |

---

92 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Notes to Financial Statements (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Six Months Ended 11/30/22* | *Six Months Ended 11/30/22* | *Year Ended 05/31/22* | *Year Ended 05/31/22* |
| *Fund Name/Share Class* | *Shares* | *Amount* | *Shares* | *Amount* |
|  Advantage International (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 18356 | $272514 | 52932 | $965685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 2469 | 34738 | 13774 | 253477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (27123) | (394775) | (71361) | (1307696) |
|  | (6298) | $(87523) | (4655) | $(88534) |
|  | 2008955 | $29714944 | 4663351 | $87661542 |
|  Advantage Large Cap Growth |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 4971291 | $85350297 | 18866857 | $451445651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  | 1817498 | 43395960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1985522) | (36044914) | (3026155) | (68987252) |
|  | 2985769 | $49305383 | 17658200 | $425854359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  | $— | 7 | $150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares |  |  | (10889) | (267829) |
|  |  | $— | (10882) | $(267679) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 433548 | $7228681 |  | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares |  |  | 1431877 | 31127446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  | 4697926 | 104584323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1266559) | (21084650) | (21602520) | (487976651) |
|  | (833011) | $(13855969) | (15472717) | $(352264882) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 44329 | $609805 | 86912 | $1498005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  | 121002 | 2203502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (99949) | (1304516) | (199549) | (3453157) |
|  | (55620) | $(694711) | 8365 | $248350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 3410 | $59165 | 69002 | $1702198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  | 9209 | 219275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (12604) | (228531) | (11600) | (275935) |
|  | (9194) | $(169366) | 66611 | $1645538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 5252 | $92804 | 3124 | $69959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  | 2242 | 52719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1668) | (30424) | (11539) | (277249) |
|  | 3584 | $62380 | (6173) | $(154571) |
|  | 2091528 | $34647717 | 2243404 | $75061115 |
|  Advantage Small Cap Core |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 30395596 | $443559010 | 69055122 | $1263123865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 3583555 | 49273876 | 17566446 | 329082359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (33108495) | (482993811) | (58854243) | (1047621729) |
|  | 870656 | $9839075 | 27767325 | $544584495 |

---

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 93

------

Notes to Financial Statements (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Six Months Ended 11/30/22* | *Six Months Ended 11/30/22* | *Year Ended 05/31/22* | *Year Ended 05/31/22* |
| *Fund Name/Share Class* | *Shares* | *Amount* | *Shares* | *Amount* |
|  Advantage Small Cap Core (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 1502019 | $21796588 | 6829398 | $128844710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 481717 | 6585067 | 2896706 | 54040890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2757943) | (39968812) | (11975936) | (222210668) |
|  | (774207) | $(11587157) | (2249832) | $(39325068) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 65222 | $920547 | 204917 | $3763393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 15537 | 205859 | 82849 | 1504284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (104637) | (1463064) | (188194) | (3180500) |
|  | (23878) | $(336658) | 99572 | $2087177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 10732483 | $157353683 | 23648944 | $446279930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 1386266 | 19088890 | 6037283 | 113137247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (7064831) | (103664150) | (11100191) | (205823632) |
|  | 5053918 | $72778423 | 18586036 | $353593545 |
|  | 5126489 | $70693683 | 44203101 | $860940149 |

---

<sup>(a)</sup> On July 6, 2021, the Fund's issued and outstanding Service Shares converted into Investor A Shares.

94 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Notes to Financial Statements (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *Six Months Ended 11/30/22* | *Six Months Ended 11/30/22* | *Period from 10/01/21 to 05/31/22* | *Period from 10/01/21 to 05/31/22* | *Year Ended 09/30/21* | *Year Ended 09/30/21* |
| *Fund Name/Share Class* | *Shares* | *Amount* | *Shares* | *Amount* | *Shares* | *Amount* |
|  Advantage Large Cap Core |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 4758142 | $75981455 | 4675752 | $96402525 | 11122519 | $251323550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 5176990 | 82730724 | 13928034 | 288867428 | 3302822 | 63900785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (7831352) | (124263760) | (8280673) | (170654461) | (15124464) | (321784632) |
|  | 2103780 | $34448419 | 10323113 | $214615492 | (699123) | $(6560297) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service<sup>(a)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  | $— |  | $— | 548 | $11010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  |  |  | 804 | 15503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed |  |  |  |  | (18313) | (426166) |
|  |  | $— |  | $— | (16961) | $(399653) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 2325089 | $36535747 | 4220054 | $83106936 | 5247188 | $107401444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 4932269 | 74492696 | 13306804 | 262010951 | 3379506 | 62612624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (6031687) | (94630206) | (6366773) | (124698000) | (14126753) | (303828770) |
|  | 1225671 | $16398237 | 11160085 | $220419887 | (5500059) | $(133814702) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 235510 | $2958202 | 400679 | $6350905 | 1269667 | $21139842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 196124 | 2351728 | 554976 | 8840764 | 118023 | 1844502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (502245) | (6362458) | (494580) | (7852572) | (1217765) | (20462871) |
|  | (70611) | $(1052528) | 461075 | $7339097 | 169925 | $2521473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 325194 | $5394639 | 1076338 | $23074817 | 924918 | $19893604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 120270 | 1924088 | 542342 | 11248178 | 95892 | 1855510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1897310) | (34109746) | (682182) | (13799154) | (403241) | (8643340) |
|  | (1451846) | $(26791019) | 936498 | $20523841 | 617569 | $13105774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 40177 | $568277 | 207005 | $3605109 | 195034 | $3743255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 62297 | 849067 | 155818 | 2790704 | 34683 | 595042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (77115) | (1112582) | (180329) | (3176674) | (276127) | (5164112) |
|  | 25359 | $304762 | 182494 | $3219139 | (46410) | $(825815) |
|  | 1832353 | $23307871 | 23063265 | $466117456 | (5475059) | $(125973220) |

---

<sup>(a)</sup> On July 6, 2021, the Fund's issued and outstanding Service Shares converted into Investor A Shares.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Six Months Ended 11/30/22* | *Six Months Ended 11/30/22* | *Year Ended 05/31/22* | *Year Ended 05/31/22* |
|  | *Shares* | *Amount* | *Shares* | *Amount* |
|  Advantage Large Cap Value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 390484 | $10506527 | 915940 | $28986414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 344993 | 8902293 | 917328 | 28547837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (656771) | (17712512) | (1104695) | (34353481) |
|  | 78706 | $1696308 | 728573 | $23180770 |
|  Service<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  | $— | 2088 | $71736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares |  |  | (453246) | (15610547) |
|  |  | $— | (451158) | $(15538811) |

---

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 95

------

Notes to Financial Statements (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Six Months Ended 11/30/22* | *Six Months Ended 11/30/22* | *Year Ended 05/31/22* | *Year Ended 05/31/22* |
| *Fund Name/Share Class* | *Shares* | *Amount* | *Shares* | *Amount* |
|  Advantage Large Cap Value (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 770559 | $19937601 | 1527485 | $48539900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 759779 | 19035760 | 2044253 | 62034841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1161250) | (30234519) | (1803689) | (55590938) |
|  | 369088 | $8738842 | 1768049 | $54983803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 52756 | $1259202 | 172422 | $4896841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 38672 | 875748 | 118748 | 3308545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (102031) | (2399804) | (264687) | (7567062) |
|  | (10603) | $(264854) | 26483 | $638324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 65768 | $1764126 | 163719 | $5160955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 22233 | 574227 | 48756 | 1514064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (61430) | (1595437) | (105279) | (3245112) |
|  | 26571 | $742916 | 107196 | $3429907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 22943 | $566944 | 45560 | $1349808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 19382 | 459712 | 51590 | 1492653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (40713) | (1001892) | (65423) | (1940331) |
|  | 1612 | $24764 | 31727 | $902130 |
|  | 465374 | $10937976 | 2662028 | $83134934 |

---

<sup>(a)</sup> On July 6, 2021, the Fund's issued and outstanding Service Shares converted into Investor A Shares.

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

<u>*Share Class*</u>   <u>*Advantage<br>Large Cap<br>Growth*</u>   <br> <u> Class K</u>     <u>12,217</u>  

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

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

96 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Statement Regarding Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule"), BlackRock Funds<sup>SM</sup> (the "Trust") and BlackRock Large Cap Series Funds, Inc. (the "Corporation") have adopted and implemented a liquidity risk management program (the "Program") for BlackRock Advantage International Fund, BlackRock Advantage Large Cap Growth Fund, BlackRock Advantage Small Cap Core Fund, BlackRock Advantage Large Cap Core Fund and BlackRock Advantage Large Cap Value Fund (the "Funds"), which is reasonably designed to assess and manage each Fund's liquidity risk.

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

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

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

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

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

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

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

S T A T E M E N T R E G A R D I N G L I Q U I D I T Y R I S K M A N A G E M E N T P R O G R A M 97

------

Additional Information

**General Information** 

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

**Householding** 

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

**Availability of Quarterly Schedule of Investments** 

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

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

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

**BlackRock's Mutual Fund Family** 

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

**Shareholder Privileges** 

**Account Information** 

Call us at (800) 441-7762 from 8:00 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.

**BlackRock Privacy Principles** 

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

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

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

98 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Additional Information (continued)

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

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

---

| | |
|:---|:---|
| **Fund and Service Providers** |  |
| **Investment Adviser and Administrator** | **Independent Registered Public Accounting Firm** |
| BlackRock Advisors, LLC | Deloitte & Touche LLP |
| Wilmington, DE 19809 | Boston, MA 02116 |
| **Accounting Agent and Transfer Agent** | **Distributor** |
| BNY Mellon Investment Servicing (US) Inc. | BlackRock Investments, LLC |
| Wilmington, DE 19809 | New York, NY 10022 |
| **Custodian** | **Legal Counsel** |
| The Bank of New York Mellon | Sidley Austin LLP |
| New York, NY 10286 | New York, NY 10019 |
|  | **Address of the Trust and the Corporation** |
|  | 100 Bellevue Parkway |
|  | Wilmington, DE 19809 |

---

A D D I T I O N A L I N F O R M A T I O N 99

------

Glossary of Terms Used in this Report

---

| | |
|:---|:---|
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| ADR | American Depositary Receipt |
| NVS | Non-Voting Shares |

---

100 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

**Want to know more?** 

blackrock.com \| 800-441-7762

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

SC2-11/22--SAR

---

| | |
|:---|:---|
| ![LOGO](g441928g42l24.jpg)  | ![LOGO](g441928dsp104.jpg) |

---

------

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

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

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

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

Item 5 – Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

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

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

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

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

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

---

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

---

Item 11 – Controls and Procedures

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

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

Item 12 – Disclosure of Securities Lending Activities for Closed-End Management Investment

Companies – Not Applicable

Item 13 – Exhibits attached hereto

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

[(a)(2) Section 302 Certifications are attached](d358930dex99cert.htm)

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

**2** 

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Section 906 Certifications are attached](d358930dex99906cert.htm)

**3** 

------

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

BlackRock Large Cap Series Funds, Inc.

---

| | |
|:---|:---|
| By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Large Cap Series Funds, Inc. |

---

Date: January 20, 2023

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

---

| | |
|:---|:---|
| By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Large Cap Series Funds, Inc. |

---

Date: January 20, 2023

---

| | |
|:---|:---|
| By: | /s/ Trent Walker  |
|  | Trent Walker |
|  | Chief Financial Officer (principal financial officer) of |
|  | BlackRock Large Cap Series Funds, Inc. |

---

Date: January 20, 2023

**4**

## Ex-99.Cert

**EX-99. CERT** 

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

**SARBANES-OXLEY ACT OF 2002** 

------

I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Large Cap Series Funds, Inc., certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Large Cap Series Funds, Inc.;

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

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

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

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

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

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

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

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

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

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

Date: January 20, 2023

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

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Large Cap Series Funds, Inc.

------

**EX-99. CERT** 

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

**SARBANES-OXLEY ACT OF 2002** 

------

I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock Large Cap Series Funds, Inc., certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Large Cap Series Funds, Inc.;

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

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

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

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

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

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

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

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

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

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

Date: January 20, 2023

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

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Large Cap Series Funds, Inc.

## Exhibit 99.906

Exhibit 99.906CERT

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

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

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

Date: January 20, 2023

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

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Large Cap Series Funds, Inc.

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

Date: January 20, 2023

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

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Large Cap Series Funds, Inc.

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