ThZeal - The Zeal

BLACKROCK LARGE CAP SERIES FUNDS, INC.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:

811-09637

Name of Fund:

BlackRock Large Cap Series Funds, Inc.

BlackRock Advantage Large Cap Core Fund

BlackRock Advantage Large Cap Value Fund

BlackRock Event Driven Equity Fund

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

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

Registrant's telephone number, including area code:

(800) 441-7762

Date of fiscal year end:

05/31/2025

Date of reporting period:

11/30/2024

Item 1 — Reports to Stockholders

(a) The Reports to Shareholders are attached herewith

BlackRock Event Driven Equity Fund

Institutional Shares | BILPX

Semi-Annual Shareholder Report — November 30, 2024

This semi-annual shareholder report contains important information about BlackRock Event Driven Equity Fund (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$58	1.15%(a)

^(a)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Institutional Shares	2.59	%	5.38	%	3.38	%	3.99	%
Russell 1000^® Index	15.83		34.40		15.58		13.16
ICE BofA 3-Month U.S. Treasury Bill Index	2.56		5.32		2.41		1.73

Key Fund statistics

Net Assets	$4,790,099,684
Number of Portfolio Holdings	283
Portfolio Turnover Rate	13%

The Fund’s returns shown prior to May 8, 2015, are the returns of the Fund when it followed different investment strategies under the name BlackRock Large Cap Core Plus Fund.

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

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

What did the Fund invest in?

(as of November 30, 2024)

Sector allocation

	Percent of Total Investments^(a)
Sector^(b)	Long		Short		Total
Investment Companies	8.5	%	9.8	%	18.3	%
Information Technology	12.8	%	1.6	%	14.4	%
Materials	9.2	%	3.6	%	12.8	%
Health Care	11.3	%	0.4	%	11.7	%
Energy	5.2	%	5.8	%	11.0	%
Industrials	8.4	%	1.5	%	9.9	%
Consumer Staples	9.0	%	—	%	9.0	%
Financials	3.4	%	1.0	%	4.4	%
Communication Services	3.8	%	0.2	%	4.0	%
Consumer Discretionary	3.2	%	—	%	3.2	%
Real Estate	1.2	%	—	%	1.2	%
	76.0		23.9		99.9

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

Additional information

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited, ICE Data Indices, LLC, and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.

BlackRock Event Driven Equity Fund

Institutional Shares | BILPX

Semi-Annual Shareholder Report — November 30, 2024

BILPX-11/24-SAR

BlackRock Event Driven Equity Fund

Investor A Shares | BALPX

Semi-Annual Shareholder Report — November 30, 2024

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor A Shares	$70	1.38%(a)

^(a)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Investor A Shares	2.41	%	5.07	%	3.12	%	3.72	%
Investor A Shares (with sales charge)	(2.96	)	(0.45	)	2.01		3.16
Russell 1000^® Index	15.83		34.40		15.58		13.16
ICE BofA 3-Month U.S. Treasury Bill Index	2.56		5.32		2.41		1.73

Key Fund statistics

Net Assets	$4,790,099,684
Number of Portfolio Holdings	283
Portfolio Turnover Rate	13%

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

The Fund’s returns shown prior to May 8, 2015, are the returns of the Fund when it followed different investment strategies under the name BlackRock Large Cap Core Plus Fund.

What did the Fund invest in?

(as of November 30, 2024)

Sector allocation

	Percent of Total Investments^(a)
Sector^(b)	Long		Short		Total
Investment Companies	8.5	%	9.8	%	18.3	%
Information Technology	12.8	%	1.6	%	14.4	%
Materials	9.2	%	3.6	%	12.8	%
Health Care	11.3	%	0.4	%	11.7	%
Energy	5.2	%	5.8	%	11.0	%
Industrials	8.4	%	1.5	%	9.9	%
Consumer Staples	9.0	%	—	%	9.0	%
Financials	3.4	%	1.0	%	4.4	%
Communication Services	3.8	%	0.2	%	4.0	%
Consumer Discretionary	3.2	%	—	%	3.2	%
Real Estate	1.2	%	—	%	1.2	%
	76.0		23.9		99.9

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

Additional information

BlackRock Event Driven Equity Fund

Investor A Shares | BALPX

Semi-Annual Shareholder Report — November 30, 2024

BALPX-11/24-SAR

BlackRock Event Driven Equity Fund

Investor C Shares | BCLPX

Semi-Annual Shareholder Report — November 30, 2024

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor C Shares	$108	2.13%(a)

^(a)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Investor C Shares	2.04	%	4.18	%	2.35	%	3.13	%
Investor C Shares (with sales charge)	1.04		3.18		2.35		3.13
Russell 1000^® Index	15.83		34.40		15.58		13.16
ICE BofA 3-Month U.S. Treasury Bill Index	2.56		5.32		2.41		1.73

Key Fund statistics

Net Assets	$4,790,099,684
Number of Portfolio Holdings	283
Portfolio Turnover Rate	13%

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

The Fund’s returns shown prior to May 8, 2015, are the returns of the Fund when it followed different investment strategies under the name BlackRock Large Cap Core Plus Fund.

What did the Fund invest in?

(as of November 30, 2024)

Sector allocation

	Percent of Total Investments^(a)
Sector^(b)	Long		Short		Total
Investment Companies	8.5	%	9.8	%	18.3	%
Information Technology	12.8	%	1.6	%	14.4	%
Materials	9.2	%	3.6	%	12.8	%
Health Care	11.3	%	0.4	%	11.7	%
Energy	5.2	%	5.8	%	11.0	%
Industrials	8.4	%	1.5	%	9.9	%
Consumer Staples	9.0	%	—	%	9.0	%
Financials	3.4	%	1.0	%	4.4	%
Communication Services	3.8	%	0.2	%	4.0	%
Consumer Discretionary	3.2	%	—	%	3.2	%
Real Estate	1.2	%	—	%	1.2	%
	76.0		23.9		99.9

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

Additional information

BlackRock Event Driven Equity Fund

Investor C Shares | BCLPX

Semi-Annual Shareholder Report — November 30, 2024

BCLPX-11/24-SAR

BlackRock Advantage Large Cap Core Fund

Institutional Shares | MALRX

Semi-Annual Shareholder Report — November 30, 2024

This semi-annual shareholder report contains important information about BlackRock Advantage Large Cap Core Fund (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$26	0.48%(a)

^(a)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Institutional Shares	15.44	%	35.23	%	15.47	%	12.79	%
Russell 1000^® Index	15.83		34.40		15.58		13.16

Key Fund statistics

Net Assets	$3,147,481,649
Number of Portfolio Holdings	103
Portfolio Turnover Rate	58%

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

What did the Fund invest in?

(as of November 30, 2024)

Sector allocation

Sector^(a)	Percent of Net Assets
Information Technology	29.5	%
Financials	14.1	%
Industrials	11.9	%
Consumer Discretionary	11.3	%
Health Care	10.8	%
Communication Services	9.1	%
Consumer Staples	5.1	%
Energy	2.3	%
Real Estate	1.8	%
Utilities	1.7	%
Materials	1.5	%
Short-Term Securities	0.9	%

Ten largest holdings

Security^(b)	Percent of Net Assets
Apple Inc.	7.1	%
Microsoft Corp.	6.8	%
NVIDIA Corp.	6.4	%
Amazon.com, Inc.	4.1	%
Meta Platforms, Inc., Class A	2.7	%
Alphabet, Inc., Class A	2.5	%
Visa, Inc., Class A	2.0	%
Bank of America Corp.	1.8	%
Tesla, Inc.	1.7	%
Eli Lilly & Co.	1.6	%

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

Additional information

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

BlackRock Advantage Large Cap Core Fund

Institutional Shares | MALRX

Semi-Annual Shareholder Report — November 30, 2024

MALRX-11/24-SAR

BlackRock Advantage Large Cap Core Fund

Investor A Shares | MDLRX

Semi-Annual Shareholder Report — November 30, 2024

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor A Shares	$39	0.73%(a)

^(a)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Investor A Shares	15.30	%	34.90	%	15.18	%	12.49	%
Investor A Shares (with sales charge)	9.24		27.82		13.94		11.89
Russell 1000^® Index	15.83		34.40		15.58		13.16

Key Fund statistics

Net Assets	$3,147,481,649
Number of Portfolio Holdings	103
Portfolio Turnover Rate	58%

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

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

What did the Fund invest in?

(as of November 30, 2024)

Sector allocation

Sector^(a)	Percent of Net Assets
Information Technology	29.5	%
Financials	14.1	%
Industrials	11.9	%
Consumer Discretionary	11.3	%
Health Care	10.8	%
Communication Services	9.1	%
Consumer Staples	5.1	%
Energy	2.3	%
Real Estate	1.8	%
Utilities	1.7	%
Materials	1.5	%
Short-Term Securities	0.9	%

Ten largest holdings

Security^(b)	Percent of Net Assets
Apple Inc.	7.1	%
Microsoft Corp.	6.8	%
NVIDIA Corp.	6.4	%
Amazon.com, Inc.	4.1	%
Meta Platforms, Inc., Class A	2.7	%
Alphabet, Inc., Class A	2.5	%
Visa, Inc., Class A	2.0	%
Bank of America Corp.	1.8	%
Tesla, Inc.	1.7	%
Eli Lilly & Co.	1.6	%

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

Additional information

BlackRock Advantage Large Cap Core Fund

Investor A Shares | MDLRX

Semi-Annual Shareholder Report — November 30, 2024

MDLRX-11/24-SAR

BlackRock Advantage Large Cap Core Fund

Investor C Shares | MCLRX

Semi-Annual Shareholder Report — November 30, 2024

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor C Shares	$80	1.48%(a)

^(a)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Investor C Shares	14.86	%	33.90	%	14.33	%	11.80	%
Investor C Shares (with sales charge)	13.86		32.90		14.33		11.80
Russell 1000^® Index	15.83		34.40		15.58		13.16

Key Fund statistics

Net Assets	$3,147,481,649
Number of Portfolio Holdings	103
Portfolio Turnover Rate	58%

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

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

What did the Fund invest in?

(as of November 30, 2024)

Sector allocation

Sector^(a)	Percent of Net Assets
Information Technology	29.5	%
Financials	14.1	%
Industrials	11.9	%
Consumer Discretionary	11.3	%
Health Care	10.8	%
Communication Services	9.1	%
Consumer Staples	5.1	%
Energy	2.3	%
Real Estate	1.8	%
Utilities	1.7	%
Materials	1.5	%
Short-Term Securities	0.9	%

Ten largest holdings

Security^(b)	Percent of Net Assets
Apple Inc.	7.1	%
Microsoft Corp.	6.8	%
NVIDIA Corp.	6.4	%
Amazon.com, Inc.	4.1	%
Meta Platforms, Inc., Class A	2.7	%
Alphabet, Inc., Class A	2.5	%
Visa, Inc., Class A	2.0	%
Bank of America Corp.	1.8	%
Tesla, Inc.	1.7	%
Eli Lilly & Co.	1.6	%

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

Additional information

BlackRock Advantage Large Cap Core Fund

Investor C Shares | MCLRX

Semi-Annual Shareholder Report — November 30, 2024

MCLRX-11/24-SAR

BlackRock Advantage Large Cap Core Fund

Class K Shares | MLRKX

Semi-Annual Shareholder Report — November 30, 2024

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K Shares	$23	0.43%(a)

^(a)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Class K Shares	15.56	%	35.35	%	15.54	%	12.83	%
Russell 1000^® Index	15.83		34.40		15.58		13.16

Key Fund statistics

Net Assets	$3,147,481,649
Number of Portfolio Holdings	103
Portfolio Turnover Rate	58%

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

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

What did the Fund invest in?

(as of November 30, 2024)

Sector allocation

Sector^(a)	Percent of Net Assets
Information Technology	29.5	%
Financials	14.1	%
Industrials	11.9	%
Consumer Discretionary	11.3	%
Health Care	10.8	%
Communication Services	9.1	%
Consumer Staples	5.1	%
Energy	2.3	%
Real Estate	1.8	%
Utilities	1.7	%
Materials	1.5	%
Short-Term Securities	0.9	%

Ten largest holdings

Security^(b)	Percent of Net Assets
Apple Inc.	7.1	%
Microsoft Corp.	6.8	%
NVIDIA Corp.	6.4	%
Amazon.com, Inc.	4.1	%
Meta Platforms, Inc., Class A	2.7	%
Alphabet, Inc., Class A	2.5	%
Visa, Inc., Class A	2.0	%
Bank of America Corp.	1.8	%
Tesla, Inc.	1.7	%
Eli Lilly & Co.	1.6	%

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

Additional information

BlackRock Advantage Large Cap Core Fund

Class K Shares | MLRKX

Semi-Annual Shareholder Report — November 30, 2024

MLRKX-11/24-SAR

BlackRock Advantage Large Cap Core Fund

Class R Shares | MRLRX

Semi-Annual Shareholder Report — November 30, 2024

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R Shares	$53	0.98%(a)

^(a)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Class R Shares	15.16	%	34.62	%	14.91	%	12.20	%
Russell 1000^® Index	15.83		34.40		15.58		13.16

Key Fund statistics

Net Assets	$3,147,481,649
Number of Portfolio Holdings	103
Portfolio Turnover Rate	58%

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

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

What did the Fund invest in?

(as of November 30, 2024)

Sector allocation

Sector^(a)	Percent of Net Assets
Information Technology	29.5	%
Financials	14.1	%
Industrials	11.9	%
Consumer Discretionary	11.3	%
Health Care	10.8	%
Communication Services	9.1	%
Consumer Staples	5.1	%
Energy	2.3	%
Real Estate	1.8	%
Utilities	1.7	%
Materials	1.5	%
Short-Term Securities	0.9	%

Ten largest holdings

Security^(b)	Percent of Net Assets
Apple Inc.	7.1	%
Microsoft Corp.	6.8	%
NVIDIA Corp.	6.4	%
Amazon.com, Inc.	4.1	%
Meta Platforms, Inc., Class A	2.7	%
Alphabet, Inc., Class A	2.5	%
Visa, Inc., Class A	2.0	%
Bank of America Corp.	1.8	%
Tesla, Inc.	1.7	%
Eli Lilly & Co.	1.6	%

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

Additional information

BlackRock Advantage Large Cap Core Fund

Class R Shares | MRLRX

Semi-Annual Shareholder Report — November 30, 2024

MRLRX-11/24-SAR

BlackRock Advantage Large Cap Value Fund

Institutional Shares | MALVX

Semi-Annual Shareholder Report — November 30, 2024

This semi-annual shareholder report contains important information about BlackRock Advantage Large Cap Value Fund (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$29	0.54%(a)

^(a)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Institutional Shares	14.12	%	30.37	%	11.63	%	9.98	%
Russell 1000^® Index	15.83		34.40		15.58		13.16
Russell 1000^® Value Index	14.05		29.56		10.84		9.32

Key Fund statistics

Net Assets	$689,544,073
Number of Portfolio Holdings	231
Portfolio Turnover Rate	62%

The Fund has added the Russell 1000^® Index in response to new regulatory requirements.

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

What did the Fund invest in?

(as of November 30, 2024)

Sector allocation

Sector^(a)	Percent of Net Assets
Financials	23.4	%
Industrials	16.1	%
Health Care	14.3	%
Information Technology	9.2	%
Consumer Staples	7.2	%
Consumer Discretionary	6.5	%
Energy	5.9	%
Communication Services	5.0	%
Real Estate	4.0	%
Utilities	3.8	%
Materials	3.5	%
Short-Term Securities	1.6	%
Liabilities in Excess of Other Assets	(0.5	)%

Ten largest holdings

Security^(b)	Percent of Net Assets
JPMorgan Chase & Co.	2.6	%
Berkshire Hathaway, Inc., Class B	2.6	%
Bank of America Corp.	2.2	%
Walmart, Inc.	2.0	%
Comcast Corp., Class A	1.8	%
Eaton Corp. PLC	1.7	%
CME Group, Inc., Class A	1.6	%
Medtronic PLC	1.5	%
Simon Property Group, Inc.	1.4	%
Citigroup, Inc.	1.3	%

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

Additional information

BlackRock Advantage Large Cap Value Fund

Institutional Shares | MALVX

Semi-Annual Shareholder Report — November 30, 2024

MALVX-11/24-SAR

BlackRock Advantage Large Cap Value Fund

Investor A Shares | MDLVX

Semi-Annual Shareholder Report — November 30, 2024

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor A Shares	$42	0.79%(a)

^(a)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Investor A Shares	13.98	%	30.03	%	11.35	%	9.69	%
Investor A Shares (with sales charge)	8.00		23.21		10.15		9.10
Russell 1000^® Index	15.83		34.40		15.58		13.16
Russell 1000^® Value Index	14.05		29.56		10.84		9.32

Key Fund statistics

Net Assets	$689,544,073
Number of Portfolio Holdings	231
Portfolio Turnover Rate	62%

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

The Fund has added the Russell 1000^® Index in response to new regulatory requirements.

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

What did the Fund invest in?

(as of November 30, 2024)

Sector allocation

Sector^(a)	Percent of Net Assets
Financials	23.4	%
Industrials	16.1	%
Health Care	14.3	%
Information Technology	9.2	%
Consumer Staples	7.2	%
Consumer Discretionary	6.5	%
Energy	5.9	%
Communication Services	5.0	%
Real Estate	4.0	%
Utilities	3.8	%
Materials	3.5	%
Short-Term Securities	1.6	%
Liabilities in Excess of Other Assets	(0.5	)%

Ten largest holdings

Security^(b)	Percent of Net Assets
JPMorgan Chase & Co.	2.6	%
Berkshire Hathaway, Inc., Class B	2.6	%
Bank of America Corp.	2.2	%
Walmart, Inc.	2.0	%
Comcast Corp., Class A	1.8	%
Eaton Corp. PLC	1.7	%
CME Group, Inc., Class A	1.6	%
Medtronic PLC	1.5	%
Simon Property Group, Inc.	1.4	%
Citigroup, Inc.	1.3	%

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

Additional information

BlackRock Advantage Large Cap Value Fund

Investor A Shares | MDLVX

Semi-Annual Shareholder Report — November 30, 2024

MDLVX-11/24-SAR

BlackRock Advantage Large Cap Value Fund

Investor C Shares | MCLVX

Semi-Annual Shareholder Report — November 30, 2024

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor C Shares	$82	1.54%(a)

^(a)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Investor C Shares	13.53	%	29.06	%	10.52	%	9.03	%
Investor C Shares (with sales charge)	12.53		28.06		10.52		9.03
Russell 1000^® Index	15.83		34.40		15.58		13.16
Russell 1000^® Value Index	14.05		29.56		10.84		9.32

Key Fund statistics

Net Assets	$689,544,073
Number of Portfolio Holdings	231
Portfolio Turnover Rate	62%

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

The Fund has added the Russell 1000^® Index in response to new regulatory requirements.

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

What did the Fund invest in?

(as of November 30, 2024)

Sector allocation

Sector^(a)	Percent of Net Assets
Financials	23.4	%
Industrials	16.1	%
Health Care	14.3	%
Information Technology	9.2	%
Consumer Staples	7.2	%
Consumer Discretionary	6.5	%
Energy	5.9	%
Communication Services	5.0	%
Real Estate	4.0	%
Utilities	3.8	%
Materials	3.5	%
Short-Term Securities	1.6	%
Liabilities in Excess of Other Assets	(0.5	)%

Ten largest holdings

Security^(b)	Percent of Net Assets
JPMorgan Chase & Co.	2.6	%
Berkshire Hathaway, Inc., Class B	2.6	%
Bank of America Corp.	2.2	%
Walmart, Inc.	2.0	%
Comcast Corp., Class A	1.8	%
Eaton Corp. PLC	1.7	%
CME Group, Inc., Class A	1.6	%
Medtronic PLC	1.5	%
Simon Property Group, Inc.	1.4	%
Citigroup, Inc.	1.3	%

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

Additional information

BlackRock Advantage Large Cap Value Fund

Investor C Shares | MCLVX

Semi-Annual Shareholder Report — November 30, 2024

MCLVX-11/24-SAR

BlackRock Advantage Large Cap Value Fund

Class K Shares | MLVKX

Semi-Annual Shareholder Report — November 30, 2024

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K Shares	$26	0.49%(a)

^(a)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Class K Shares	14.17	%	30.42	%	11.69	%	10.02	%
Russell 1000^® Index	15.83		34.40		15.58		13.16
Russell 1000^® Value Index	14.05		29.56		10.84		9.32

Key Fund statistics

Net Assets	$689,544,073
Number of Portfolio Holdings	231
Portfolio Turnover Rate	62%

The Fund has added the Russell 1000^® Index in response to new regulatory requirements.

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

What did the Fund invest in?

(as of November 30, 2024)

Sector allocation

Sector^(a)	Percent of Net Assets
Financials	23.4	%
Industrials	16.1	%
Health Care	14.3	%
Information Technology	9.2	%
Consumer Staples	7.2	%
Consumer Discretionary	6.5	%
Energy	5.9	%
Communication Services	5.0	%
Real Estate	4.0	%
Utilities	3.8	%
Materials	3.5	%
Short-Term Securities	1.6	%
Liabilities in Excess of Other Assets	(0.5	)%

Ten largest holdings

Security^(b)	Percent of Net Assets
JPMorgan Chase & Co.	2.6	%
Berkshire Hathaway, Inc., Class B	2.6	%
Bank of America Corp.	2.2	%
Walmart, Inc.	2.0	%
Comcast Corp., Class A	1.8	%
Eaton Corp. PLC	1.7	%
CME Group, Inc., Class A	1.6	%
Medtronic PLC	1.5	%
Simon Property Group, Inc.	1.4	%
Citigroup, Inc.	1.3	%

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

Additional information

BlackRock Advantage Large Cap Value Fund

Class K Shares | MLVKX

Semi-Annual Shareholder Report — November 30, 2024

MLVKX-11/24-SAR

BlackRock Advantage Large Cap Value Fund

Class R Shares | MRLVX

Semi-Annual Shareholder Report — November 30, 2024

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R Shares	$56	1.04%(a)

^(a)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Class R Shares	13.82	%	29.71	%	11.07	%	9.41	%
Russell 1000^® Index	15.83		34.40		15.58		13.16
Russell 1000^® Value Index	14.05		29.56		10.84		9.32

Key Fund statistics

Net Assets	$689,544,073
Number of Portfolio Holdings	231
Portfolio Turnover Rate	62%

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

The Fund has added the Russell 1000^® Index in response to new regulatory requirements.

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

What did the Fund invest in?

(as of November 30, 2024)

Sector allocation

Sector^(a)	Percent of Net Assets
Financials	23.4	%
Industrials	16.1	%
Health Care	14.3	%
Information Technology	9.2	%
Consumer Staples	7.2	%
Consumer Discretionary	6.5	%
Energy	5.9	%
Communication Services	5.0	%
Real Estate	4.0	%
Utilities	3.8	%
Materials	3.5	%
Short-Term Securities	1.6	%
Liabilities in Excess of Other Assets	(0.5	)%

Ten largest holdings

Security^(b)	Percent of Net Assets
JPMorgan Chase & Co.	2.6	%
Berkshire Hathaway, Inc., Class B	2.6	%
Bank of America Corp.	2.2	%
Walmart, Inc.	2.0	%
Comcast Corp., Class A	1.8	%
Eaton Corp. PLC	1.7	%
CME Group, Inc., Class A	1.6	%
Medtronic PLC	1.5	%
Simon Property Group, Inc.	1.4	%
Citigroup, Inc.	1.3	%

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

Additional information

BlackRock Advantage Large Cap Value Fund

Class R Shares | MRLVX

Semi-Annual Shareholder Report — November 30, 2024

MRLVX-11/24-SAR

(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

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

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

Item 7 –

Financial Statements and Financial Highlights for Open-End Management Investment Companies

(a) The registrant’s Financial Statements are attached herewith.

(b) The registrant’s Financial Highlights are attached herewith.


		NOVEMBER 30, 2024

2024 Semi-Annual Financial Statements and Additional Information (Unaudited)

BlackRock Funds^SM

· 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

Not FDIC Insured • May Lose Value • No Bank Guarantee

Table of Contents


	Page


Derivative Financial Instruments		3

Schedules of Investments		4

Statements of Assets and Liabilities		34

Statements of Operations		36

Statements of Changes in Net Assets		38

Financial Highlights		41

Notes to Financial Statements		65

Additional Information		79

Glossary of Terms Used in this Report		81


2

Derivative Financial Instruments

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


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

Schedule of Investments (unaudited)

November 30, 2024

BlackRock Advantage International Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 6.7%
AGL Energy Ltd.		763,130	$	5,583,843
Aristocrat Leisure Ltd.		255,763		11,342,129
BHP Group Ltd.		1,335,308		35,211,040
Cochlear Ltd.		4,755		946,811
Coles Group Ltd.		20,639		250,651
Commonwealth Bank of Australia		153,295		15,914,202
Computershare Ltd.		275,880		5,748,008
Glencore PLC		1,867,104		9,040,903
GPT Group (The)		659,251		2,050,453
IGO Ltd.		84,713		269,593
Macquarie Group Ltd.		49,009		7,412,321
Medibank Pvt Ltd.		96,424		240,808
National Australia Bank Ltd.		49,639		1,270,664
Northern Star Resources Ltd.		562,341		6,448,154
Orica Ltd.		23,121		273,955
QBE Insurance Group Ltd.		63,734		832,653
REA Group Ltd.		61,279		10,106,768
Rio Tinto PLC		31,656		1,990,305
Rocketboots Ltd.^(a)(b)		1,389		81
Santos Ltd.		610,555		2,639,278
Scentre Group		1,492,844		3,591,368
Sonic Healthcare Ltd.		176,773		3,304,262
South32 Ltd.		130,120		315,786
Telstra Group Ltd.		2,976,096		7,664,082
Transurban Group		737,146		6,171,560
Wesfarmers Ltd.		179,869		8,454,550
Westpac Banking Corp.		146,478		3,197,939
Worley Ltd.		363,632		3,300,382


				153,572,549

Austria — 0.3%
Erste Group Bank AG		80,168		4,400,459
OMV AG		54,815		2,197,810


				6,598,269

Belgium — 0.5%
Ageas SA/NV		57,925		2,927,985
Groupe Bruxelles Lambert NV		18,220		1,262,163
KBC Group NV		105,831		7,652,645


				11,842,793

China — 0.5%
BOC Hong Kong Holdings Ltd.		571,500		1,763,365
Budweiser Brewing Co. APAC Ltd.^(c)		1,916,000		1,835,158
Yangzijiang Shipbuilding Holdings Ltd.		5,090,200		9,159,730


				12,758,253

Denmark — 2.7%
AP Moller - Maersk A/S, Class A		27		44,381
AP Moller - Maersk A/S, Class B, NVS		6,189		10,532,877
Genmab A/S^(a)		13,405		2,889,076
Novo Nordisk A/S, Class B		399,950		42,862,579
Vestas Wind Systems A/S^(a)		296,137		4,636,741


				60,965,654

Finland — 1.0%
Nokia Oyj		342,293		1,437,782
Nordea Bank Abp		1,353,982		15,299,331
Stora Enso Oyj, R Shares		204,346		1,985,098
Wartsila Oyj Abp		180,223		3,279,867


				22,002,078

France — 7.7%
Amundi SA^(c)		22,945		1,494,654


Security	Shares		Value

France (continued)
AXA SA		72,399	$	2,523,314
BNP Paribas SA		501,929		30,003,191
Bouygues SA		21,512		640,340
Bureau Veritas SA		91,128		2,775,265
Capgemini SE		28,776		4,625,748
Cie Generale des Etablissements Michelin SCA		30,345		987,213
Credit Agricole SA		895,470		11,992,911
Danone SA		213,396		14,596,235
Dassault Aviation SA		302		60,175
Dassault Systemes SE		215,211		7,428,402
Eiffage SA		73,398		6,627,153
Engie SA		789,657		12,587,889
Gaztransport Et Technigaz SA		1,081		157,399
Gecina SA		17,643		1,777,206
Hermes International SCA		46		100,401
Ipsen SA		4,783		553,152
Kering SA		19,058		4,462,564
L’Oreal SA		10,473		3,644,040
LVMH Moet Hennessy Louis Vuitton SE		37,307		23,387,359
Orange SA		243,181		2,591,831
Publicis Groupe SA		74,562		8,099,664
Safran SA		73,136		17,065,867
Sanofi SA		31,813		3,089,910
Valeo SE		481,523		4,010,471
Veolia Environnement SA		393,405		11,468,019


				176,750,373

Germany — 10.1%
adidas AG, Class N		127,526		30,157,231
Allianz SE, Registered Shares		101,230		31,337,226
Bayer AG, Registered Shares		195,770		4,018,935
Continental AG		55,713		3,666,532
Deutsche Bank AG, Registered Shares		414,008		7,041,553
Deutsche Post AG, Registered Shares		26,018		957,328
Deutsche Telekom AG, Registered Shares		1,229,013		39,317,286
Evonik Industries AG		158,947		2,922,126
Fresenius Medical Care AG		74,011		3,257,411
Fresenius SE & Co. KGaA^(a)		204,235		7,189,249
GEA Group AG		2,868		143,610
Hannover Rueck SE, Registered Shares		13,372		3,494,830
Henkel AG & Co. KGaA		18,515		1,405,797
Henkel AG & Co. KGaA, Preference Shares, NVS		41,127		3,509,907
Hugo Boss AG		16		544
Infineon Technologies AG, Class N		209,859		6,840,748
Merck KGaA		30,575		4,582,706
Rational AG		467		437,380
SAP SE		241,163		57,267,985
Scout24 SE^(c)		5,882		530,364
Siemens AG, Registered Shares		81,179		15,769,660
Siemens Energy AG^(a)		51,512		2,794,637
Siemens Healthineers AG^(c)		18,925		1,027,550
Symrise AG		474		52,435
Zalando SE^(a)(c)		143,790		4,496,598


				232,219,628

Hong Kong — 1.6%
AIA Group Ltd.		724,000		5,451,430
CLP Holdings Ltd.		357,000		3,007,023
Hang Seng Bank Ltd.		11,000		131,244
Hong Kong & China Gas Co. Ltd.		2,253,000		1,714,330
Hong Kong Exchanges & Clearing Ltd.		91,600		3,448,392
Jardine Matheson Holdings Ltd.		14,000		611,240
Link REIT		1,134,700		4,963,347
Prudential PLC		1,701,347		13,943,717


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

Schedule of Investments (unaudited) (continued)

November 30, 2024

BlackRock Advantage International Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Hong Kong (continued)
Sino Land Co. Ltd.		570,000	$	558,880
Sun Hung Kai Properties Ltd.		47,500		474,712
WH Group Ltd.^(c)		3,269,000		2,605,906


				36,910,221

India — 0.0%
AceVector Ltd. (Acquired 05/07/14, cost $804,375)^(a)(d)(e)		172,800		65,851


Ireland — 0.2%
Kerry Group PLC, Class A		41,111		3,976,924


Israel — 0.5%
Bank Hapoalim BM		168,991		1,942,366
Bank Leumi Le-Israel BM		87,892		1,001,625
Israel Discount Bank Ltd., Class A		142,605		938,797
Mizrahi Tefahot Bank Ltd.		53,777		2,326,119
Nice Ltd.^(a)		26,444		4,772,313


				10,981,220

Italy — 2.5%
A2A SpA		1,897,103		4,285,088
Banca Monte dei Paschi di Siena SpA		2,393,835		15,735,173
Banco BPM SpA		108,275		825,046
Enel SpA		2,069,099		14,900,601
Generali		57,270		1,638,505
Intesa Sanpaolo SpA		1,944,995		7,465,941
Mediobanca Banca di Credito Finanziario SpA		65,099		950,063
MFE-MediaForEurope NV, Class A		23		69
MFE-MediaForEurope NV, Class B		2		8
Moncler SpA		4,077		199,652
Poste Italiane SpA^(c)		200,270		2,811,990
Prysmian SpA		9,146		603,287
Recordati Industria Chimica e Farmaceutica SpA		30,333		1,652,898
Saipem SpA^(a)		987,738		2,549,140
Terna - Rete Elettrica Nazionale		5,575		47,184
UniCredit SpA		95,423		3,665,374


				57,330,019

Japan — 23.3%
Amada Co. Ltd.		302,900		2,922,039
Asahi Intecc Co. Ltd.		65,700		1,141,164
Asahi Kasei Corp.		696,500		4,977,727
Astellas Pharma, Inc.		855,100		8,904,009
Bandai Namco Holdings, Inc.		44,600		944,139
Canon, Inc.		380,600		12,399,106
Concordia Financial Group Ltd.		28,900		173,472
Dai-ichi Life Holdings, Inc.		124,000		3,361,052
Daiichi Sankyo Co. Ltd.		244,700		7,770,633
Daikin Industries Ltd.		154,300		18,667,976
Daito Trust Construction Co. Ltd.		21,400		2,388,849
Daiwa House Industry Co. Ltd.		214,900		6,766,058
Daiwa Securities Group, Inc.		177,800		1,196,200
DMG Mori Co. Ltd.		198,200		3,384,359
FANUC Corp.		309,000		8,028,204
Fast Retailing Co. Ltd.		28,500		9,766,150
Fujitsu Ltd.		644,800		12,388,357
Hirose Electric Co. Ltd.		24,600		2,964,185
Hitachi Ltd.		552,500		13,923,472
Honda Motor Co. Ltd.		491,000		4,236,345
Horiba Ltd.		11,700		671,135
J Front Retailing Co. Ltd.		384,800		4,586,081
Japan Exchange Group, Inc.		128,100		1,550,146
Japan Metropolitan Fund Invest		4,359		2,660,028
Japan Post Bank Co. Ltd.		182,600		1,727,809


Security	Shares		Value

Japan (continued)
Japan Post Holdings Co. Ltd.		252,800	$	2,535,204
Japan Post Insurance Co. Ltd.		11,800		247,457
Japan Tobacco, Inc.		73,400		2,070,608
Kakaku.com, Inc.		83,300		1,398,235
Kao Corp.		22,600		983,337
KDDI Corp.		190,700		6,303,080
Koito Manufacturing Co. Ltd.		11,400		148,501
Komatsu Ltd.		88,100		2,385,402
Kyocera Corp.		573,600		5,657,052
Lixil Corp.		96,500		1,103,076
Makita Corp.		1,600		50,243
Marubeni Corp.		242,800		3,664,687
Mazda Motor Corp.		6,800		43,364
Mitsubishi Chemical Group Corp.		908,300		4,778,664
Mitsubishi Corp.		83,700		1,417,383
Mitsubishi Electric Corp.		541,600		9,196,020
Mitsubishi HC Capital, Inc.		95,900		647,074
Mitsubishi UFJ Financial Group, Inc.		1,560,600		18,627,190
Mitsui Fudosan Co. Ltd.		182,700		1,531,624
Mizuho Financial Group, Inc.		321,600		8,120,249
MS&AD Insurance Group Holdings, Inc.		168,900		3,782,509
Murata Manufacturing Co. Ltd.		1,234,400		20,654,928
NEC Corp.		8,600		735,286
Nexon Co. Ltd.		4,900		67,393
Nidec Corp.		201,200		3,710,870
Nomura Holdings, Inc.		3,200,100		19,401,019
Nomura Real Estate Holdings, Inc.		44,500		1,106,236
Nomura Research Institute Ltd.		10,800		330,702
Obayashi Corp.		257,100		3,673,860
Oji Holdings Corp.		443,400		1,637,433
Olympus Corp.		72,900		1,152,649
Ono Pharmaceutical Co. Ltd.		120,200		1,380,996
ORIX Corp.		164,900		3,711,929
Panasonic Holdings Corp.		952,000		9,287,738
Rakuten Group, Inc.^(a)		404,300		2,330,040
Recruit Holdings Co. Ltd.		534,300		37,164,663
Resona Holdings, Inc.		268,100		2,242,271
Santen Pharmaceutical Co. Ltd.		214,700		2,472,477
SBI Holdings, Inc.		2,600		65,732
Shimizu Corp.		34,100		271,136
Shionogi & Co. Ltd.		161,000		2,283,741
Skylark Holdings Co. Ltd.		105,700		1,609,144
SoftBank Corp.		3,806,100		4,919,424
SoftBank Group Corp.		136,700		8,194,774
Sompo Holdings, Inc.		150,000		3,963,342
Sony Group Corp.		1,909,700		38,339,769
Subaru Corp.		345,200		5,539,294
Sumitomo Chemical Co. Ltd.		4,338,600		10,527,544
Sumitomo Corp.		414,600		8,899,035
Sumitomo Mitsui Financial Group, Inc.		671,200		16,565,778
Sumitomo Mitsui Trust Group, Inc.		370,600		9,291,607
Suzuki Motor Corp.		1,073,600		11,417,012
T&D Holdings, Inc.		102,400		1,941,010
Takeda Pharmaceutical Co. Ltd.		756,300		20,620,652
TDK Corp.		51,800		671,407
Terumo Corp.		441,800		9,023,755
Tokio Marine Holdings, Inc.		250,100		9,325,880
Tokyo Electron Ltd.		156,700		24,567,767
Tokyu Fudosan Holdings Corp.		70,900		465,020
Toyota Industries Corp.		47,700		3,565,592
Toyota Motor Corp.		359,400		6,140,887
Toyota Tsusho Corp.		227,300		3,889,041


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

Schedule of Investments (unaudited) (continued)

November 30, 2024

BlackRock Advantage International Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
Ulvac, Inc.		7,200	$	297,079
Unicharm Corp.		135,100		3,519,718
USS Co. Ltd.		19,100		177,119
Z Holdings Corp.		1,805,900		4,983,149


				534,325,552

Luxembourg — 0.0%
SES SA		9		31


Netherlands — 3.7%
Adyen NV^(a)(c)		2,093		3,046,390
Aegon Ltd.		737,647		4,763,564
Argenx SE^(a)		5,982		3,691,883
ASML Holding NV		50,167		34,279,572
EXOR NV		13,044		1,288,352
ING Groep NV		1,093,072		16,874,160
Koninklijke Philips NV^(a)		583,574		15,962,919
Wolters Kluwer NV, Class C		36,091		6,023,282


				85,930,122

New Zealand — 0.6%
Xero Ltd.^(a)		113,974		12,978,473


Norway — 0.8%
Aker BP ASA		37,514		771,376
DNB Bank ASA		232,635		4,868,483
Equinor ASA		190,361		4,613,876
Kongsberg Gruppen ASA		29,881		3,521,237
Telenor ASA		369,522		4,350,881


				18,125,853

Singapore — 2.3%
CapitaLand Integrated Commercial Trust		251,400		368,140
DBS Group Holdings Ltd.		494,860		15,702,816
Singapore Telecommunications Ltd.		7,969,100		18,456,901
STMicroelectronics NV		520,869		13,356,634
United Overseas Bank Ltd.		163,500		4,439,149


				52,323,640

Spain — 1.6%
ACS Actividades de Construccion y Servicios SA		156,281		7,263,509
Banco Bilbao Vizcaya Argentaria SA		784,323		7,408,838
Banco Santander SA		4,921,647		22,721,335


				37,393,682

Sweden — 2.3%
AddTech AB, B Shares		44,158		1,215,659
Alfa Laval AB		92,450		3,939,150
Assa Abloy AB, Class B		91,385		2,806,634
Atlas Copco AB, B Shares		28,879		408,400
Electrolux AB, Class B^(a)		117,884		881,861
Hexagon AB, B Shares		785,275		6,694,686
Investor AB, B Shares		226,026		6,201,368
Skanska AB, B Shares		110,702		2,311,294
Svenska Handelsbanken AB, A Shares		906,433		9,427,281
Swedbank AB, A Shares		656,971		12,869,418
Telefonaktiebolaget LM Ericsson, B Shares		642,653		5,221,378
Volvo AB, B Shares		43,483		1,083,051


				53,060,180

Switzerland — 7.8%
ABB Ltd., Registered Shares		575,826		32,873,443
Belimo Holding AG, Registered Shares		3,205		2,148,765
Cie Financiere Richemont SA, Registered Shares		119,596		16,729,291
DSM-Firmenich AG		154,096		16,926,519
Givaudan SA, Registered Shares		3,703		16,336,766
Logitech International SA, Registered Shares		85,252		6,928,302


Security	Shares		Value

Switzerland (continued)
Medmix AG^(c)		2	$	19
Nestlé SA, Registered Shares		145,904		12,670,264
Novartis AG, Registered Shares		493,534		52,324,188
Schindler Holding AG, NVS		1,409		407,426
Schindler Holding AG, Registered Shares		178		50,492
SGS SA, Registered Shares		11,829		1,175,021
Zurich Insurance Group AG, Class N		31,634		20,078,548


				178,649,044

United Kingdom — 13.6%
AstraZeneca PLC		129,300		17,500,052
Auto Trader Group PLC^(c)		193,538		2,067,353
Aviva PLC		20,697		127,465
B&M European Value Retail SA		90,314		398,903
BAE Systems PLC		1,165,878		18,222,526
British American Tobacco PLC		595,494		22,617,063
British Land Co. PLC (The)		398,984		1,973,654
Bunzl PLC		9,598		434,663
Centrica PLC		745,498		1,209,073
CK Hutchison Holdings Ltd.		3,083,000		16,122,565
Close Brothers Group PLC^(a)		15		43
Compass Group PLC		636,619		21,812,949
Direct Line Insurance Group PLC		219,470		655,210
Dunelm Group PLC		24		349
Experian PLC		421,527		20,150,572
Halma PLC		16,254		560,260
HSBC Holdings PLC		542,845		5,058,922
IG Group Holdings PLC		15,460		188,360
IMI PLC		17,522		405,916
Imperial Brands PLC		451,717		14,773,989
Informa PLC		1,340,257		14,621,125
International Consolidated Airlines Group SA		172,251		572,406
Intertek Group PLC		129,032		7,747,196
J Sainsbury PLC		1,221,909		4,063,536
Johnson Matthey PLC		319,338		5,524,487
Marks & Spencer Group PLC		313,125		1,526,374
NatWest Group PLC		1,496,066		7,673,837
Ocado Group PLC^(a)		10,864		43,697
RELX PLC		250,401		11,804,933
Rolls-Royce Holdings PLC^(a)		1,910,141		13,587,697
Sage Group PLC (The)		453,933		7,578,893
Shell PLC		1,441,207		46,316,183
Smiths Group PLC		302,708		6,822,795
Standard Chartered PLC		322,705		3,989,596
Tesco PLC		3,835,324		17,889,786
Unilever PLC		203,211		12,168,662
Vodafone Group PLC		6,028,417		5,439,092


				311,650,182

United States — 5.8%
Alcon AG		15,392		1,370,281
BP PLC		1,789,082		8,761,220
CSL Ltd.		70,354		12,970,611
GSK PLC		1,364,264		23,176,536
Holcim AG		55,457		5,652,146
Roche Holding AG, NVS		177,353		51,530,064
Roche Holding AG		7,313		2,251,369
Schneider Electric SE		103,929		26,774,306


				132,486,533


Total Long-Term Investments — 96.1% (Cost: $1,968,864,010)				2,202,897,124


6		2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

November 30, 2024

BlackRock Advantage International Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value


Short-Term Securities

Money Market Funds — 2.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.79%^(f)(g)(h)		448	$	448
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.53%^(f)(g)		65,052,362		65,052,362


Total Short-Term Securities — 2.8% (Cost: $65,052,810)				65,052,810


Total Investments — 98.9% (Cost: $2,033,916,820)				2,267,949,934

Other Assets Less Liabilities — 1.1%				25,804,371


Net Assets — 100.0%			$	2,293,754,305

^(a)	Non-income producing security.

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

^(c)	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.

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

^(e)	Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $65,851, representing 0.0% of its net assets as of period end, and an original cost of $804,375.

^(f)	Affiliate of the Fund.

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

^(h)	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, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:



Affiliated Issuer	Value at 05/31/24		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 11/30/24		Shares Held at 11/30/24		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	760,404	$	—		$	(760,388	)^(a)	$	432	$	—	$	448		448	$	1,318	^(b)	$	—
BlackRock Liquidity Funds, T-Fund, Institutional Shares		60,864,854		4,187,508	^(a)		—			—		—		65,052,362		65,052,362		1,242,982			—


									$	432	$	—	$	65,052,810			$	1,244,300		$	—

^(a)

Represents net amount purchased (sold).

^(b)

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long Contracts

MSCI EAFE Index

583

12/20/24

67,969

915,046


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

Schedule of Investments (unaudited) (continued)

November 30, 2024

BlackRock Advantage International Fund

Derivative Financial Instruments Categorized by Risk Exposure

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



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	915,046	$	—	$	—	$	—	$	915,046

^(a)

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

For the period ended November 30, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	(1,941,338	)	$	—	$	—	$	—	$	(1,941,338	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	712,518		$	—	$	—	$	—	$	712,518

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	51,993,040

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

Fair Value Hierarchy as of Period End

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

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




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks
Australia	$	81	$	153,572,468	$	—	$	153,572,549
Austria		—		6,598,269		—		6,598,269
Belgium		—		11,842,793		—		11,842,793
China		—		12,758,253		—		12,758,253
Denmark		—		60,965,654		—		60,965,654
Finland		—		22,002,078		—		22,002,078
France		—		176,750,373		—		176,750,373
Germany		4,915,704		227,303,924		—		232,219,628
Hong Kong		611,240		36,298,981		—		36,910,221
India		—		—		65,851		65,851
Ireland		—		3,976,924		—		3,976,924
Israel		—		10,981,220		—		10,981,220
Italy		8		57,330,011		—		57,330,019
Japan		—		534,325,552		—		534,325,552
Luxembourg		—		31		—		31
Netherlands		—		85,930,122		—		85,930,122
New Zealand		—		12,978,473		—		12,978,473


8		2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

November 30, 2024

BlackRock Advantage International Fund

Fair Value Hierarchy as of Period End (continued)




	Level 1		Level 2		Level 3		Total


Common Stocks (continued)
Norway	$	4,350,881	$	13,774,972	$	—	$	18,125,853
Singapore		—		52,323,640		—		52,323,640
Spain		—		37,393,682		—		37,393,682
Sweden		—		53,060,180		—		53,060,180
Switzerland		19		178,649,025		—		178,649,044
United Kingdom		188,752		311,461,430		—		311,650,182
United States		—		132,486,533		—		132,486,533
Short-Term Securities
Money Market Funds		65,052,810		—		—		65,052,810


	$	75,119,495	$	2,192,764,588	$	65,851	$	2,267,949,934


Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	915,046	$	—	$	—	$	915,046

^(a)

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		9

Schedule of Investments (unaudited)

November 30, 2024

BlackRock Advantage Large Cap Growth Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.4%
Lockheed Martin Corp.		894	$	473,292
Northrop Grumman Corp.		11,255		5,511,011


				5,984,303

Automobiles — 3.2%
Tesla, Inc.^(a)		126,967		43,823,930


Banks — 0.1%
Bank of America Corp.		20,366		967,589


Biotechnology — 1.1%
Amgen, Inc.		12,503		3,536,723
Biogen, Inc.^(a)		21,811		3,503,501
BioMarin Pharmaceutical, Inc.^(a)		11,048		729,499
Natera, Inc.^(a)		14,202		2,382,811
Neurocrine Biosciences, Inc.^(a)		39,577		5,016,385
Regeneron Pharmaceuticals, Inc.^(a)		935		701,456


				15,870,375

Broadline Retail — 5.2%
Amazon.com, Inc.^(a)		334,309		69,499,498
MercadoLibre, Inc.^(a)		1,609		3,194,138


				72,693,636

Building Products — 0.6%
Trane Technologies PLC		20,903		8,700,247


Capital Markets — 1.5%
CME Group, Inc., Class A		27,508		6,546,904
Intercontinental Exchange, Inc.		5,001		804,961
Moody’s Corp.		10,787		5,393,284
Morgan Stanley		13,525		1,780,025
S&P Global, Inc.		11,994		6,266,985


				20,792,159

Chemicals — 0.0%
Cabot Corp.		1		110


Commercial Services & Supplies — 2.9%
Cintas Corp.		107,184		24,201,076
Waste Management, Inc.		67,710		15,452,776


				39,653,852

Communications Equipment — 1.6%
Arista Networks, Inc.^(a)		29,192		11,846,698
Motorola Solutions, Inc.		19,626		9,807,112


				21,653,810

Construction & Engineering — 0.3%
Comfort Systems U.S.A., Inc.		3,981		1,963,708
EMCOR Group, Inc.		2,737		1,396,199
MasTec, Inc.^(a)		1,971		283,942


				3,643,849

Consumer Staples Distribution & Retail — 3.1%
Costco Wholesale Corp.		35,482		34,484,246
Walmart, Inc.		93,126		8,614,155


				43,098,401

Electrical Equipment — 0.8%
Eaton Corp. PLC		29,835		11,200,656


Electronic Equipment, Instruments & Components — 1.0%
Amphenol Corp., Class A		116,643		8,474,114
Badger Meter, Inc.		2,498		541,616
Flex Ltd.^(a)		79,316		3,090,945
TE Connectivity PLC		14,860		2,245,643


				14,352,318


Security	Shares		Value

Entertainment — 1.5%
Netflix, Inc.^(a)		21,628	$	19,179,927
ROBLOX Corp., Class A^(a)		30,746		1,541,297


				20,721,224

Financial Services — 4.8%
Mastercard, Inc., Class A		62,804		33,470,764
Visa, Inc., Class A		107,609		33,905,443


				67,376,207

Ground Transportation — 0.8%
Uber Technologies, Inc.^(a)		163,032		11,731,783


Health Care Equipment & Supplies — 1.2%
Boston Scientific Corp.^(a)		68,778		6,235,413
Intuitive Surgical, Inc.^(a)		267		144,714
Medtronic PLC		6,378		551,952
Stryker Corp.		23,271		9,125,723


				16,057,802

Health Care Providers & Services — 0.6%
Cardinal Health, Inc.		15,597		1,906,577
Elevance Health, Inc.		370		150,575
HCA Healthcare, Inc.		18,421		6,027,720


				8,084,872

Hotels, Restaurants & Leisure — 2.2%
Airbnb, Inc., Class A^(a)		6,974		949,231
Booking Holdings, Inc.		3,778		19,653,080
Chipotle Mexican Grill, Inc.^(a)		52,303		3,217,681
DoorDash, Inc., Class A^(a)		7,568		1,365,873
Texas Roadhouse, Inc.		23,374		4,797,981
Wingstop, Inc.		2,863		941,268


				30,925,114

Household Durables — 0.5%
DR Horton, Inc.		4,295		724,910
NVR, Inc.^(a)		140		1,292,981
Taylor Morrison Home Corp., Class A^(a)		11,622		858,517
Toll Brothers, Inc.		22,073		3,645,798


				6,522,206

Household Products — 0.2%
Colgate-Palmolive Co.		18,600		1,797,318
Procter & Gamble Co. (The)		7,619		1,365,782


				3,163,100

Industrial REITs — 0.1%
Lineage, Inc.		29,431		1,866,514


Insurance — 1.2%
Progressive Corp. (The)		63,374		17,040,001


Interactive Media & Services — 10.2%
Alphabet, Inc., Class A		178,559		30,167,543
Alphabet, Inc., Class C, NVS		232,433		39,627,502
Meta Platforms, Inc., Class A		117,758		67,630,774
Pinterest, Inc., Class A^(a)		93,947		2,848,473
Snap, Inc., Class A, NVS^(a)		146,523		1,730,437


				142,004,729

IT Services — 0.8%
Accenture PLC, Class A		30,751		11,143,240
Snowflake, Inc., Class A^(a)		1,647		287,895


				11,431,135

Life Sciences Tools & Services — 0.6%
Agilent Technologies, Inc.		7,491		1,033,533
Thermo Fisher Scientific, Inc.		14,345		7,597,543


				8,631,076


10		2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

November 30, 2024

BlackRock Advantage Large Cap Growth Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value


Machinery — 1.1%
Parker-Hannifin Corp.		20,809	$	14,626,646


Media — 0.5%
Comcast Corp., Class A		165,764		7,159,347


Metals & Mining — 0.0%
Freeport-McMoRan, Inc.		14,038		620,480


Pharmaceuticals — 3.9%
Eli Lilly & Co.		46,488		36,974,231
Merck & Co., Inc.		159,994		16,261,790
Pfizer, Inc.		8,926		233,950
Zoetis, Inc., Class A		1,491		261,298


				53,731,269

Professional Services — 0.0%
Booz Allen Hamilton Holding Corp., Class A		1,744		258,426


Retail REITs — 0.1%
Simon Property Group, Inc.		10,229		1,878,044


Semiconductors & Semiconductor Equipment — 16.9%
Advanced Micro Devices, Inc.^(a)		28,523		3,912,643
Applied Materials, Inc.		63,260		11,052,155
Broadcom, Inc.		232,317		37,653,939
KLA Corp.		8,562		5,539,871
Lam Research Corp.		142,816		10,551,246
Micron Technology, Inc.		57,262		5,608,813
Monolithic Power Systems, Inc.		3,666		2,080,968
NVIDIA Corp.		1,039,484		143,708,663
QUALCOMM, Inc.		98,516		15,617,741


				235,726,039

Software — 17.7%
Adobe, Inc.^(a)		34,289		17,690,724
Atlassian Corp., Class A^(a)		2,367		623,894
Autodesk, Inc.^(a)		40,909		11,941,337
Cadence Design Systems, Inc.^(a)		5,500		1,687,455
Crowdstrike Holdings, Inc., Class A^(a)		16,409		5,677,022
Datadog, Inc., Class A^(a)		17,596		2,687,789
Dropbox, Inc., Class A^(a)		27,540		761,756
Fortinet, Inc.^(a)		99,539		9,461,182
FreedomPay, Inc.^(a)(b)		43,051		809,359
Intuit, Inc.		32,879		21,099,441
Manhattan Associates, Inc.^(a)		23,061		6,582,532
Microsoft Corp.		191,045		80,899,916
Nutanix, Inc., Class A^(a)		9,459		617,483
Oracle Corp.		69,259		12,801,833
Palantir Technologies, Inc., Class A^(a)		48,897		3,280,011
Palo Alto Networks, Inc.^(a)		34,732		13,469,764
Qualys, Inc.^(a)		18,560		2,850,816
Salesforce, Inc.		13,526		4,463,445
ServiceNow, Inc.^(a)		28,839		30,264,800
Smartsheet, Inc., Class A^(a)		13,650		763,717


Security	Shares		Value


Software (continued)
Synopsys, Inc.^(a)		20,178	$	11,269,211
Tenable Holdings, Inc.^(a)		55,661		2,336,649
Workday, Inc., Class A^(a)		16,491		4,122,585


				246,162,721

Specialty Retail — 2.1%
Burlington Stores, Inc.^(a)		1,101		310,350
Home Depot, Inc. (The)		33,716		14,468,547
Ross Stores, Inc.		38,191		5,914,640
TJX Cos., Inc. (The)		63,605		7,994,513


				28,688,050

Technology Hardware, Storage & Peripherals — 9.8%
Apple Inc.		495,900		117,691,947
Dell Technologies, Inc., Class C		10,238		1,306,266
Hewlett Packard Enterprise Co.		36,942		783,909
NetApp, Inc.		124,125		15,222,690
Seagate Technology Holdings PLC		15,954		1,616,619
Super Micro Computer, Inc.^(a)(c)		9,879		322,451


				136,943,882

Textiles, Apparel & Luxury Goods — 0.3%
Deckers Outdoor Corp.^(a)		21,558		4,224,506


Trading Companies & Distributors — 0.2%
Ferguson Enterprises, Inc.		11,140		2,405,460


Total Long-Term Investments — 99.1% (Cost: $854,399,614)				1,380,415,868


Short-Term Securities

Money Market Funds — 0.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.79%^(d)(e)(f)		184,408		184,500
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.53%^(d)(e)		12,485,688		12,485,688


Total Short-Term Securities — 0.9% (Cost: $12,670,188)				12,670,188


Total Investments — 100.0% (Cost: $867,069,802)				1,393,086,056

Other Assets Less Liabilities — 0.0%				381,096


Net Assets — 100.0%			$	1,393,467,152

^(a)	Non-income producing security.

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

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

^(d)	Affiliate of the Fund.

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

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


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

Schedule of Investments (unaudited) (continued)

November 30, 2024

BlackRock Advantage Large Cap Growth Fund

Affiliates



Affiliated Issuer	Value at 05/31/24		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 11/30/24		Shares Held at 11/30/24		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	183,747	^(a)	$	—	$	753	$	—	$	184,500		184,408	$	4,161	^(b)	$	—
BlackRock Liquidity Funds, T-Fund, Institutional Shares		11,949,669		536,019	^(a)		—		—		—		12,485,688		12,485,688		317,738			—


								$	753	$	—	$	12,670,188			$	321,899		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long Contracts

NASDAQ 100 E-Mini Index

12/20/24

13,856

330,721

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 Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	330,721	$	—	$	—	$	—	$	330,721

^(a)

For the period ended November 30, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	1,358,930	$	—	$	—	$	—	$	1,358,930


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	41,976	$	—	$	—	$	—	$	41,976


12		2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

November 30, 2024

BlackRock Advantage Large Cap Growth Fund

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	14,188,365

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




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	1,379,606,509	$	—	$	809,359	$	1,380,415,868
Short-Term Securities
Money Market Funds		12,670,188		—		—		12,670,188


	$	1,392,276,697	$	—	$	809,359	$	1,393,086,056

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	330,721	$	—	$	—	$	330,721

^(a)

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		13

Schedule of Investments (unaudited)

November 30, 2024

BlackRock Advantage Small Cap Core Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.3%
AAR Corp.^(a)		31,489	$	2,189,115
AeroVironment, Inc.^(a)		36,858		7,168,881
Astronics Corp.^(a)		69,409		1,120,955
BWX Technologies, Inc.		27,236		3,563,831
Cadre Holdings, Inc.		22,363		746,701
Ducommun, Inc.^(a)		85,885		5,754,295
Huntington Ingalls Industries, Inc.		9,274		1,835,510
Leonardo DRS, Inc.^(a)		27,002		938,859
Mercury Systems, Inc.^(a)		41,156		1,692,746
Moog, Inc., Class A		70,740		15,652,640
Rocket Lab U.S.A., Inc., Class A^(a)(b)		286,270		7,809,446
Standardaero, Inc.^(a)(b)		97,864		2,804,782
V2X, Inc.^(a)		113,299		6,826,265


				58,104,026

Air Freight & Logistics — 0.0%
GXO Logistics, Inc.^(a)		11,985		729,048
Hub Group, Inc., Class A		5,869		303,075


				1,032,123

Automobile Components — 1.5%
Adient PLC^(a)		511,362		9,833,491
Cooper-Standard Holdings, Inc.^(a)		83,576		1,290,413
Dana, Inc.		975,861		9,758,610
Gentherm, Inc.^(a)		21,526		906,245
Goodyear Tire & Rubber Co. (The)^(a)		456,402		4,901,757
Modine Manufacturing Co.^(a)		135,588		18,411,495
Patrick Industries, Inc.		42,105		5,658,491
Standard Motor Products, Inc.		76,626		2,519,463
Visteon Corp.^(a)		129,144		12,058,175


				65,338,140

Banks — 9.6%
1st Source Corp.		122,752		7,965,377
Amalgamated Financial Corp.		416,215		14,829,740
Ameris Bancorp		100,617		7,071,363
Associated Banc-Corp.		152,005		4,057,013
Axos Financial, Inc.^(a)(b)		55,971		4,637,197
BancFirst Corp.		5,469		690,625
Bank of Marin Bancorp		77,586		1,961,374
Bank OZK		138,778		6,934,737
Bank7 Corp.		21,022		1,001,909
BankFinancial Corp.		10,779		144,223
Business First Bancshares, Inc.		73,890		2,105,865
Byline Bancorp, Inc.		113,017		3,550,994
Capital City Bank Group, Inc.		186,634		7,345,914
Capitol Federal Financial, Inc.		174,601		1,166,335
Coastal Financial Corp.^(a)		46,059		3,525,816
Colony Bankcorp, Inc.		12,917		227,727
Commerce Bancshares, Inc.		71,785		5,294,144
Community Trust Bancorp, Inc.		58,965		3,477,756
ConnectOne Bancorp, Inc.		348,866		9,593,815
Cullen/Frost Bankers, Inc.		39,256		5,520,179
Customers Bancorp, Inc.^(a)		12,336		696,367
Dime Community Bancshares, Inc.		46,661		1,674,197
Eagle Bancorp, Inc.		27,856		817,852
Enterprise Bancorp, Inc.		20,744		767,321
Enterprise Financial Services Corp.		265,769		16,102,944
FB Financial Corp.		280,106		15,811,984
Financial Institutions, Inc.		64,598		1,754,482
First Bancshares, Inc. (The)		196,457		7,296,413
First Busey Corp.		120,041		3,203,894
First Business Financial Services, Inc.		79,585		3,988,800


Security	Shares		Value

Banks (continued)
First Community Bankshares, Inc.		65,480	$	3,023,212
First Financial Bankshares, Inc.		359,039		14,964,746
First Financial Corp.		100,517		4,909,250
First Financial Northwest, Inc.		10,506		237,436
First Horizon Corp.		584,156		12,343,216
First Internet Bancorp		64,954		2,723,521
First Interstate BancSystem, Inc., Class A		306,103		10,704,422
First of Long Island Corp. (The)		63,493		918,744
First United Corp.		27,302		973,043
Flushing Financial Corp.		34,644		614,585
FNB Corp.		362,171		6,211,233
Hancock Whitney Corp.		436,021		25,890,927
HBT Financial, Inc.		163,944		3,926,459
Heartland Financial U.S.A., Inc.		64,718		4,372,995
Heritage Commerce Corp.		697,987		7,412,622
Heritage Financial Corp.		34,073		901,231
HomeTrust Bancshares, Inc.		125,609		4,658,838
Horizon Bancorp, Inc.		583,070		10,664,350
Independent Bank Corp.		127,834		4,810,393
Independent Bank Group, Inc.		55,440		3,710,045
Kearny Financial Corp.		706,947		5,599,020
Live Oak Bancshares, Inc.		19,295		914,583
Mercantile Bank Corp.		59,567		2,981,328
Metropolitan Bank Holding Corp.^(a)		20,677		1,342,764
Mid Penn Bancorp, Inc.		66,329		2,125,844
Midland States Bancorp, Inc.		333,766		8,961,617
MidWestOne Financial Group, Inc.		16,809		553,857
National Bank Holdings Corp., Class A		39,476		1,884,584
Northeast Bank		7,045		693,580
Northfield Bancorp, Inc.		152,437		2,039,607
Northrim BanCorp, Inc.		109,400		9,306,658
OceanFirst Financial Corp.		904,207		18,699,001
Origin Bancorp, Inc.		85,530		2,938,811
Orrstown Financial Services, Inc.		9,625		380,187
Peapack-Gladstone Financial Corp.		110,480		3,992,747
Peoples Bancorp, Inc.		20,038		702,933
Premier Financial Corp.		348,734		9,663,419
Primis Financial Corp.		26,250		328,125
Provident Financial Services, Inc.		481,474		10,168,731
Republic Bancorp, Inc., Class A		32,246		2,459,564
Riverview Bancorp, Inc.		204,610		1,141,724
Sandy Spring Bancorp, Inc.		204,574		7,708,348
ServisFirst Bancshares, Inc.		74,850		7,169,133
Shore Bancshares, Inc.		136,114		2,239,075
Sierra Bancorp		83,125		2,615,944
SmartFinancial, Inc.		42,111		1,526,945
South Plains Financial, Inc.		81,897		3,184,974
Southern First Bancshares, Inc.^(a)		50,429		2,253,672
Southern Missouri Bancorp, Inc.		1,776		116,594
Southside Bancshares, Inc.		28,544		1,002,465
Stellar Bancorp, Inc.		23,175		718,657
Tompkins Financial Corp.		9,058		691,216
UMB Financial Corp.		44,091		5,532,980
Univest Financial Corp.		182,924		5,809,666
Valley National Bancorp		1,146,226		12,195,845
Veritex Holdings, Inc.		61,981		1,884,842
Washington Trust Bancorp, Inc.		211,860		7,868,480
Webster Financial Corp.		12,752		787,819
WesBanco, Inc.		325,594		11,506,492


				428,879,456

Biotechnology — 9.1%
4D Molecular Therapeutics, Inc.^(a)		152,112		1,192,558


14		2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

November 30, 2024

BlackRock Advantage Small Cap Core Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Biotechnology (continued)
ACADIA Pharmaceuticals, Inc.^(a)		541,519	$	8,837,590
ADMA Biologics, Inc.^(a)		342,994		6,897,609
Agios Pharmaceuticals, Inc.^(a)		76,985		4,572,139
Akero Therapeutics, Inc.^(a)		142,893		4,586,865
Alector, Inc.^(a)		667,104		1,727,799
Alkermes PLC^(a)		109,341		3,173,076
Allogene Therapeutics, Inc.^(a)		328,343		814,291
Amicus Therapeutics, Inc.^(a)		1,144,107		11,418,188
AnaptysBio, Inc.^(a)		101,085		2,523,082
Anika Therapeutics, Inc.^(a)		37,826		670,277
Apellis Pharmaceuticals, Inc.^(a)(b)		155,024		5,259,964
Arcellx, Inc.^(a)		41,933		3,693,039
Arcturus Therapeutics Holdings, Inc.^(a)(b)		143,448		2,630,836
Arcus Biosciences, Inc.^(a)(b)		197,314		3,046,528
Arcutis Biotherapeutics, Inc.^(a)		51,411		670,399
Ardelyx, Inc.^(a)		127,885		725,108
Arrowhead Pharmaceuticals, Inc.^(a)		71,246		1,854,533
ARS Pharmaceuticals, Inc.^(a)		65		943
Astria Therapeutics, Inc.^(a)		29,356		305,009
Atossa Therapeutics, Inc.^(a)(b)		246,842		320,895
Avidity Biosciences, Inc.^(a)		79,729		3,430,739
Beam Therapeutics, Inc.^(a)		181,578		4,969,790
BioCryst Pharmaceuticals, Inc.^(a)		1,146,899		8,601,743
Biohaven Ltd.^(a)		27,173		1,250,230
Blueprint Medicines Corp.^(a)		149,020		14,362,548
Bridgebio Pharma, Inc.^(a)		195,725		5,302,190
C4 Therapeutics, Inc.^(a)(b)		82,888		377,140
CareDx, Inc.^(a)		197,999		4,858,896
Catalyst Pharmaceuticals, Inc.^(a)		510,596		11,268,854
Celldex Therapeutics, Inc.^(a)(b)		145,678		3,997,404
Coherus Biosciences, Inc.^(a)(b)		988,263		1,205,681
Crinetics Pharmaceuticals, Inc.^(a)		56,908		3,255,138
Cyclo Therapeutics, Inc.^(a)		623		414
Cytokinetics, Inc.^(a)		122,799		6,368,356
Day One Biopharmaceuticals, Inc.^(a)		202,590		2,822,079
Denali Therapeutics, Inc.^(a)		424,768		10,619,200
Dynavax Technologies Corp.^(a)		67,927		873,541
Dyne Therapeutics, Inc.^(a)		135,587		4,150,318
Editas Medicine, Inc.^(a)		281,423		630,388
Emergent BioSolutions, Inc.^(a)(b)		158,614		1,605,174
Enanta Pharmaceuticals, Inc.^(a)		109,547		942,104
Fate Therapeutics, Inc.^(a)		943,407		2,990,600
Halozyme Therapeutics, Inc.^(a)		161,195		7,769,599
Ideaya Biosciences, Inc.^(a)		291,562		7,977,136
Immunovant, Inc.^(a)		19,779		557,768
Insmed, Inc.^(a)(b)		183,240		13,772,318
Intellia Therapeutics, Inc.^(a)(b)		456,568		7,131,592
Ionis Pharmaceuticals, Inc.^(a)		225,791		8,067,512
Iovance Biotherapeutics, Inc.^(a)		259,822		2,421,541
iTeos Therapeutics, Inc.^(a)		423,181		3,618,198
Karyopharm Therapeutics, Inc.^(a)(b)		699,294		590,973
Keros Therapeutics, Inc.^(a)		12,122		699,924
Kiniksa Pharmaceuticals International PLC^(a)		323,349		7,139,546
Kodiak Sciences, Inc.^(a)		539,215		3,596,564
Krystal Biotech, Inc.^(a)		16,828		3,322,184
Kura Oncology, Inc.^(a)		364,184		4,020,591
Kymera Therapeutics, Inc.^(a)		125,386		5,874,334
Madrigal Pharmaceuticals, Inc.^(a)		14,563		4,779,431
MannKind Corp.^(a)(b)		287,794		1,951,243
MiMedx Group, Inc.^(a)		135,288		1,251,414
Mirum Pharmaceuticals, Inc.^(a)		10,928		505,092
Myriad Genetics, Inc.^(a)		210,879		3,431,001


Security	Shares		Value

Biotechnology (continued)
Natera, Inc.^(a)		44,994	$	7,549,093
Neurocrine Biosciences, Inc.^(a)		5,884		745,797
NextCure, Inc.^(a)		169,789		198,653
Nurix Therapeutics, Inc.^(a)		141,523		3,129,074
Nuvalent, Inc., Class A^(a)		43,415		4,197,362
Olema Pharmaceuticals, Inc.^(a)		151,119		1,529,324
PMV Pharmaceuticals, Inc.^(a)(b)		280,445		454,321
Poseida Therapeutics, Inc.^(a)		104,999		977,541
Prothena Corp. PLC^(a)(b)		68,410		1,108,926
PTC Therapeutics, Inc.^(a)(b)		226,064		9,919,688
Puma Biotechnology, Inc.^(a)		222,482		754,214
Recursion Pharmaceuticals, Inc., Class A^(a)(b)		414,775		2,932,459
REGENXBIO, Inc.^(a)		299,426		2,970,306
Relay Therapeutics, Inc.^(a)		859,646		4,040,336
Replimune Group, Inc.^(a)		131,162		1,846,761
REVOLUTION Medicines, Inc.^(a)		157,558		9,114,730
Rhythm Pharmaceuticals, Inc.^(a)(b)		60,472		3,751,683
Rigel Pharmaceuticals, Inc.^(a)		72,295		1,996,065
Sana Biotechnology, Inc.^(a)(b)		189,921		527,980
Sangamo Therapeutics, Inc.^(a)		632,722		1,429,952
Sarepta Therapeutics, Inc.^(a)		23,334		3,111,356
Scholar Rock Holding Corp.^(a)		105,508		4,209,769
SpringWorks Therapeutics, Inc.^(a)		41,845		1,735,731
Sutro Biopharma, Inc.^(a)		352,850		935,053
Syndax Pharmaceuticals, Inc.^(a)		400,427		6,695,139
TG Therapeutics, Inc.^(a)		320,071		11,138,471
Travere Therapeutics, Inc.^(a)		404,387		7,606,520
Twist Bioscience Corp.^(a)(b)		131,870		6,485,367
Ultragenyx Pharmaceutical, Inc.^(a)		167,752		7,990,028
Vanda Pharmaceuticals, Inc.^(a)		833,460		4,292,319
Vaxcyte, Inc.^(a)		132,563		12,505,993
Vera Therapeutics, Inc., Class A^(a)		16,009		796,448
Veracyte, Inc.^(a)		298,833		12,834,877
Vericel Corp.^(a)		100,963		5,869,989
Verve Therapeutics, Inc.^(a)		402,532		2,258,205
Viking Therapeutics, Inc.^(a)		46,039		2,437,305
Vir Biotechnology, Inc.^(a)		395,351		3,146,994
Voyager Therapeutics, Inc.^(a)		114,859		787,933
Xencor, Inc.^(a)		281,714		7,211,878


				408,504,856

Broadline Retail — 0.1%
Etsy, Inc.^(a)(b)		75,395		4,136,170
Kohl’s Corp.		62,199		931,119


				5,067,289

Building Products — 1.6%
Advanced Drainage Systems, Inc.^(b)		25,029		3,386,173
American Woodmark Corp.^(a)		85,327		7,745,985
Apogee Enterprises, Inc.		59,374		4,999,885
AZEK Co., Inc. (The), Class A^(a)		255,692		13,582,359
Caesarstone Ltd.^(a)		75,741		332,503
CSW Industrials, Inc.		3,806		1,607,616
Gibraltar Industries, Inc.^(a)		164,738		11,933,621
JELD-WEN Holding, Inc.^(a)		342,594		3,730,849
UFP Industries, Inc.		110,126		14,966,123
Zurn Elkay Water Solutions Corp.		192,194		7,653,165


				69,938,279

Capital Markets — 3.2%
Artisan Partners Asset Management, Inc., Class A		81,903		3,996,047
Brightsphere Investment Group, Inc.		204,889		6,388,439
Donnelley Financial Solutions, Inc.^(a)		68,600		4,133,150
Evercore, Inc., Class A		79,774		24,562,415


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

Schedule of Investments (unaudited) (continued)

November 30, 2024

BlackRock Advantage Small Cap Core Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Capital Markets (continued)
Federated Hermes, Inc., Class B		251,900	$	10,768,725
Hamilton Lane, Inc., Class A		58,092		11,176,901
Houlihan Lokey, Inc., Class A		125,240		23,681,632
Invesco Ltd.		706,306		12,777,076
Patria Investments Ltd., Class A		88,767		1,061,653
PJT Partners, Inc., Class A		109,106		18,259,980
SEI Investments Co.		88,932		7,348,451
StepStone Group, Inc., Class A		34,826		2,294,685
Stifel Financial Corp.		24,995		2,894,421
Victory Capital Holdings, Inc., Class A		90,648		6,298,223
Virtu Financial, Inc., Class A		163,393		6,096,193


				141,737,991

Chemicals — 1.0%
Balchem Corp.		21,035		3,797,238
Cabot Corp.		118,876		13,031,187
Huntsman Corp.		123,172		2,411,708
Innospec, Inc.		38,571		4,574,906
Minerals Technologies, Inc.		125,501		10,237,117
Quaker Chemical Corp.		54,191		8,545,921
Rayonier Advanced Materials, Inc.^(a)		225,092		1,983,060


				44,581,137

Commercial Services & Supplies — 0.6%
ABM Industries, Inc.		28,222		1,613,452
ACV Auctions, Inc., Class A^(a)		17,950		406,029
BrightView Holdings, Inc.^(a)		69,651		1,191,032
Cimpress PLC^(a)		5,329		427,919
CoreCivic, Inc.^(a)		339,981		7,591,776
GEO Group, Inc. (The)^(a)		64,358		1,834,846
Healthcare Services Group, Inc.^(a)		376,931		4,651,328
Interface, Inc., Class A		17,554		466,059
Steelcase, Inc., Class A		367,910		4,955,748
Tetra Tech, Inc.		79,154		3,285,682


				26,423,871

Communications Equipment — 0.5%
Calix, Inc.^(a)		278,398		9,056,287
Lumentum Holdings, Inc.^(a)		4,790		416,586
NETGEAR, Inc.^(a)		380,714		9,365,564
Viasat, Inc.^(a)		185,942		1,734,839


				20,573,276

Construction & Engineering — 2.9%
Comfort Systems U.S.A., Inc.		58,588		28,899,703
Construction Partners, Inc., Class A^(a)		41,040		4,170,074
Dycom Industries, Inc.^(a)		98,730		17,885,927
EMCOR Group, Inc.		34,826		17,765,439
IES Holdings, Inc.^(a)		8,353		2,588,219
MasTec, Inc.^(a)		50,548		7,281,945
Matrix Service Co.^(a)		67,511		895,196
Primoris Services Corp.		318,585		26,668,750
Sterling Infrastructure, Inc.^(a)		90,962		17,687,561
Tutor Perini Corp.^(a)		241,157		6,554,647


				130,397,461

Consumer Finance — 2.2%
Encore Capital Group, Inc.^(a)		9,572		470,799
Enova International, Inc.^(a)		266,930		28,163,784
EZCORP, Inc., Class A, NVS^(a)		914,330		11,703,424
FirstCash Holdings, Inc.		156,560		17,043,122
LendingTree, Inc.^(a)		72,393		3,200,494
OneMain Holdings, Inc.		218,488		12,530,287
PROG Holdings, Inc.		338,968		16,494,183


Security	Shares		Value

Consumer Finance (continued)
Regional Management Corp.		119,102	$	3,636,184
Upstart Holdings, Inc.^(a)(b)		44,706		3,522,386


				96,764,663

Consumer Staples Distribution & Retail — 0.9%
Andersons, Inc. (The)		20,976		1,001,394
PriceSmart, Inc.		45,397		4,073,927
SpartanNash Co.		66,157		1,255,660
Sprouts Farmers Market, Inc.^(a)		221,465		34,211,913


				40,542,894

Containers & Packaging — 0.2%
Crown Holdings, Inc.		89,910		8,279,812


Distributors — 0.0%
GigaCloud Technology, Inc., Class A^(a)(b)		30,033		741,815


Diversified Consumer Services — 1.0%
American Public Education, Inc.^(a)		75,187		1,550,356
Bright Horizons Family Solutions, Inc.^(a)		60,598		7,006,947
Coursera, Inc.^(a)		429,425		3,413,929
Frontdoor, Inc.^(a)		82,674		4,844,696
Laureate Education, Inc., Class A^(a)		1,015,750		19,299,250
OneSpaWorld Holdings Ltd.		140,911		2,675,900
Strategic Education, Inc.		20,412		2,016,910
Stride, Inc.^(a)		32,343		3,456,496


				44,264,484

Diversified REITs — 0.7%
Alexander & Baldwin, Inc.		19,616		386,043
American Assets Trust, Inc.		597,562		16,994,663
Armada Hoffler Properties, Inc.		154,912		1,711,778
CTO Realty Growth, Inc.		544,352		11,110,224
Gladstone Commercial Corp.		28,705		505,495


				30,708,203

Diversified Telecommunication Services — 0.6%
AST SpaceMobile, Inc., Class A^(a)		21,888		521,153
ATN International, Inc.		17,082		337,882
Bandwidth, Inc., Class A^(a)		241,413		5,076,916
IDT Corp., Class B		99,202		5,122,791
Iridium Communications, Inc.		262,164		7,791,514
Lumen Technologies, Inc.^(a)		1,106,854		8,124,308


				26,974,564

Electric Utilities — 0.5%
TXNM Energy, Inc.		460,927		22,608,469


Electrical Equipment — 0.9%
Acuity Brands, Inc.^(b)		8,992		2,883,644
Allient, Inc.		36,219		940,607
American Superconductor Corp.^(a)		65,314		2,224,595
Atkore, Inc.		88,147		8,313,144
Bloom Energy Corp., Class A^(a)		85,877		2,357,324
EnerSys		106,455		10,289,940
Generac Holdings, Inc.^(a)		7,706		1,450,269
NEXTracker, Inc., Class A^(a)		141,453		5,397,847
Powell Industries, Inc.		25,515		6,822,201
Sunrun, Inc.^(a)		38,127		439,604


				41,119,175

Electronic Equipment, Instruments & Components — 3.2%
Avnet, Inc.		135,256		7,399,856
Badger Meter, Inc.		36,484		7,910,461
Benchmark Electronics, Inc.		213,314		10,343,596
ePlus, Inc.^(a)		36,855		2,980,095
Fabrinet^(a)		115,243		27,033,703


16		2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

November 30, 2024

BlackRock Advantage Small Cap Core Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
FARO Technologies, Inc.^(a)		21,339	$	560,149
Flex Ltd.^(a)		327,359		12,757,180
Insight Enterprises, Inc.^(a)(b)		78,217		12,237,050
Itron, Inc.^(a)(b)		22,687		2,689,090
Kimball Electronics, Inc.^(a)		56,404		1,106,082
Methode Electronics, Inc.		27,275		297,843
Napco Security Technologies, Inc.		57,144		2,241,759
OSI Systems, Inc.^(a)		25,578		4,537,537
PC Connection, Inc.		204,400		14,835,352
Plexus Corp.^(a)		31,303		5,146,213
Sanmina Corp.^(a)		184,733		14,669,648
ScanSource, Inc.^(a)		61,811		3,115,893
TTM Technologies, Inc.^(a)		508,619		12,400,131


				142,261,638

Energy Equipment & Services — 2.0%
Archrock, Inc.		402,830		10,320,505
Borr Drilling Ltd.^(b)		259,795		966,437
ChampionX Corp.		146,847		4,544,915
Helix Energy Solutions Group, Inc.^(a)		255,591		2,732,268
Helmerich & Payne, Inc.		143,088		4,955,137
Liberty Energy, Inc., Class A		623,834		11,478,546
Noble Corp. PLC		30,670		1,026,525
NOV, Inc.		386,716		6,195,190
Oceaneering International, Inc.^(a)		333,561		10,000,159
Oil States International, Inc.^(a)		513,017		2,821,593
Patterson-UTI Energy, Inc.		1,492,034		12,533,086
ProPetro Holding Corp.^(a)(b)		1,239,070		10,408,188
RPC, Inc.		119,973		772,626
Solaris Energy Infrastructure, Inc., Class A		137,544		3,390,460
Tidewater, Inc.^(a)(b)		126,552		6,545,269
Transocean Ltd.^(a)(b)		702,193		3,089,649


				91,780,553

Entertainment — 0.5%
Cinemark Holdings, Inc.^(a)		109,858		3,792,298
Eros Media World PLC, Class A^(a)		23,977		62
Eventbrite, Inc., Class A^(a)		321,714		1,132,433
Lions Gate Entertainment Corp., Class A^(a)(b)		92,755		764,301
Lions Gate Entertainment Corp., Class B, NVS^(a)		66,880		492,906
Marcus Corp. (The)		131,234		2,971,138
Roku, Inc., Class A^(a)		173,953		12,007,976


				21,161,114

Financial Services — 1.8%
Alerus Financial Corp.		26,018		573,437
Banco Latinoamericano de Comercio Exterior SA, Class E		150,287		5,120,278
Enact Holdings, Inc.		20,094		707,510
Essent Group Ltd.		301,697		17,432,053
Euronet Worldwide, Inc.^(a)		151,426		15,919,415
Flywire Corp.^(a)		10,580		240,272
Mr. Cooper Group, Inc.^(a)		90,103		8,890,463
NewtekOne, Inc.		22,006		319,087
NMI Holdings, Inc., Class A^(a)		336,502		13,456,715
Pagseguro Digital Ltd., Class A^(a)		508,124		3,729,630
Remitly Global, Inc.^(a)		230,529		4,739,676
Repay Holdings Corp., Class A^(a)		294,432		2,379,010
StoneCo Ltd., Class A^(a)		522,960		4,957,661
Velocity Financial, Inc.^(a)		29,076		594,895


				79,060,102

Food Products — 0.7%
Fresh Del Monte Produce, Inc.		78,514		2,649,847
Freshpet, Inc.^(a)		89,277		13,663,845


Security	Shares		Value

Food Products (continued)
John B. Sanfilippo & Son, Inc.		6,402	$	552,813
Lancaster Colony Corp.		12,294		2,284,717
Simply Good Foods Co. (The)^(a)		14,187		564,501
SunOpta, Inc.^(a)(b)		490,807		3,803,754
Vital Farms, Inc.^(a)		220,520		7,321,264


				30,840,741

Gas Utilities — 0.5%
New Jersey Resources Corp.		256,223		13,215,982
ONE Gas, Inc.		13,581		1,058,910
Southwest Gas Holdings, Inc.		50,435		3,942,000
UGI Corp.		78,951		2,397,742


				20,614,634

Ground Transportation — 0.2%
Covenant Logistics Group, Inc., Class A		134,145		7,791,141
Lyft, Inc., Class A^(a)		165,285		2,869,348


				10,660,489

Health Care Equipment & Supplies — 2.1%
Accuray, Inc.^(a)		337,460		752,536
AngioDynamics, Inc.^(a)		244,196		1,692,278
Artivion, Inc.^(a)		115,363		3,405,516
AtriCure, Inc.^(a)		94,481		3,416,433
Cerus Corp.^(a)		244,163		451,702
Envista Holdings Corp.^(a)(b)		83,310		1,856,980
ICU Medical, Inc.^(a)		21,474		3,520,877
Inspire Medical Systems, Inc.^(a)(b)		17,048		3,286,172
iRadimed Corp.		60,544		3,265,138
iRhythm Technologies, Inc.^(a)		44,703		3,887,596
Lantheus Holdings, Inc.^(a)		25,934		2,315,128
LeMaitre Vascular, Inc.		199,112		21,302,993
Novocure Ltd.^(a)(b)		526,859		10,558,254
Omnicell, Inc.^(a)		181,125		8,438,614
OraSure Technologies, Inc.^(a)		483,564		1,837,543
RxSight, Inc.^(a)		54,420		2,551,210
SI-BONE, Inc.^(a)		87,634		1,188,317
STAAR Surgical Co.^(a)		138,492		4,030,117
Surmodics, Inc.^(a)		21,058		830,738
Tactile Systems Technology, Inc.^(a)		234,130		4,574,900
Tandem Diabetes Care, Inc.^(a)		156,830		4,803,703
TransMedics Group, Inc.^(a)		11,274		977,569
Varex Imaging Corp.^(a)		200,483		3,344,056


				92,288,370

Health Care Providers & Services — 2.8%
Accolade, Inc.^(a)		139,304		537,714
AdaptHealth Corp.^(a)(b)		61,795		619,804
Addus HomeCare Corp.^(a)		121,741		14,954,665
Alignment Healthcare, Inc.^(a)		79,305		1,000,036
Aveanna Healthcare Holdings, Inc.^(a)		139,722		811,785
Brookdale Senior Living, Inc.^(a)		312,149		1,773,006
Castle Biosciences, Inc.^(a)		216,151		6,545,052
Concentra Group Holdings Parent, Inc.		280,975		6,130,875
CorVel Corp.^(a)		29,341		10,721,202
Cross Country Healthcare, Inc.^(a)		247,603		2,664,208
Enhabit, Inc.^(a)		43,162		333,642
Ensign Group, Inc. (The)		11,118		1,625,563
Fulgent Genetics, Inc.^(a)		21,751		398,043
Guardant Health, Inc.^(a)		299,649		10,670,501
HealthEquity, Inc.^(a)		89,895		9,127,938
Hims & Hers Health, Inc., Class A^(a)		266,164		8,575,804
NeoGenomics, Inc.^(a)(b)		97,296		1,725,058
Pediatrix Medical Group, Inc.^(a)		72,543		1,085,243
Privia Health Group, Inc.^(a)(b)		823,789		17,694,988


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

Schedule of Investments (unaudited) (continued)

November 30, 2024

BlackRock Advantage Small Cap Core Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Providers & Services (continued)
Progyny, Inc.^(a)		513,432	$	7,994,136
RadNet, Inc.^(a)		70,858		5,793,350
Select Medical Holdings Corp.		348,185		7,350,185
Surgery Partners, Inc.^(a)(b)		314,092		7,487,953
Viemed Healthcare, Inc.^(a)		186,918		1,620,579


				127,241,330

Health Care Technology — 0.5%
Doximity, Inc., Class A^(a)		13,056		691,968
Evolent Health, Inc., Class A^(a)(b)		91,039		1,176,224
Health Catalyst, Inc.^(a)		260,475		2,299,994
HealthStream, Inc.		42,303		1,400,229
Phreesia, Inc.^(a)(b)		340,627		7,163,386
Teladoc Health, Inc.^(a)		807,774		9,677,133


				22,408,934

Hotel & Resort REITs — 1.1%
Braemar Hotels & Resorts, Inc.		1,921,586		6,917,710
Chatham Lodging Trust		863,334		7,951,306
Park Hotels & Resorts, Inc.		489,464		7,611,165
Pebblebrook Hotel Trust		280,179		3,880,479
RLJ Lodging Trust		1,799,732		18,375,264
Ryman Hospitality Properties, Inc.		20,568		2,411,392
Summit Hotel Properties, Inc.		302,624		1,991,266


				49,138,582

Hotels, Restaurants & Leisure — 1.5%
Accel Entertainment, Inc., Class A^(a)		211,235		2,441,877
BJ’s Restaurants, Inc.^(a)		21,152		813,083
Brinker International, Inc.^(a)		78,929		10,439,939
El Pollo Loco Holdings, Inc.^(a)		166,897		2,122,930
Everi Holdings, Inc.^(a)		120,664		1,625,344
Life Time Group Holdings, Inc.^(a)		163,623		3,971,130
Monarch Casino & Resort, Inc.		42,775		3,593,528
PlayAGS, Inc.^(a)		199,050		2,312,961
Rush Street Interactive, Inc., Class A^(a)		254,459		3,669,299
Shake Shack, Inc., Class A^(a)		32,619		4,362,139
Super Group SGHC Ltd.		137,722		915,851
Sweetgreen, Inc., Class A^(a)		52,238		2,140,713
Texas Roadhouse, Inc.		34,792		7,141,754
Travel + Leisure Co.		14,637		817,769
Wingstop, Inc.		58,368		19,189,647


				65,557,964

Household Durables — 2.5%
Beazer Homes U.S.A., Inc.^(a)		16,580		579,471
Century Communities, Inc.		167,912		15,172,528
Champion Homes, Inc.^(a)		15,077		1,563,937
Ethan Allen Interiors, Inc.		91,653		2,816,497
Hooker Furnishings Corp.		25,774		482,747
Installed Building Products, Inc.		48,679		11,134,835
LGI Homes, Inc.^(a)		24,329		2,663,782
M/I Homes, Inc.^(a)		147,972		24,419,819
Newell Brands, Inc.		262,051		2,513,069
Taylor Morrison Home Corp., Class A^(a)		120,368		8,891,584
Toll Brothers, Inc.		125,189		20,677,467
Tri Pointe Homes, Inc.^(a)		494,284		21,516,183
Universal Electronics, Inc.^(a)		13,842		160,290
Vizio Holding Corp., Class A^(a)(b)		91,046		1,037,014


				113,629,223

Household Products — 0.2%
Central Garden & Pet Co.^(a)		18,562		737,840
Central Garden & Pet Co., Class A, NVS^(a)		247,171		8,351,908


Security	Shares		Value

Household Products (continued)
Spectrum Brands Holdings, Inc.		12,674	$	1,165,374
WD-40 Co.		1,837		509,014


				10,764,136

Independent Power and Renewable Electricity Producers — 0.0%
Spruce Power Holding Corp.^(a)		110		281


Industrial REITs — 0.9%
First Industrial Realty Trust, Inc.		649,428		34,711,927
Industrial Logistics Properties Trust		166,598		644,734
Plymouth Industrial REIT, Inc.		293,293		5,496,311


				40,852,972

Insurance — 1.6%
Ambac Financial Group, Inc.^(a)		231,533		2,972,884
AMERISAFE, Inc.		149,827		8,842,789
CNO Financial Group, Inc.		154,561		6,166,984
Crawford & Co., Class A, NVS		53,932		639,094
Donegal Group, Inc., Class A		108,280		1,801,779
eHealth, Inc.^(a)		199,911		1,129,497
Genworth Financial, Inc., Class A^(a)		399,488		3,116,006
Hamilton Insurance Group Ltd., Class B^(a)		15,201		290,035
HCI Group, Inc.		5,724		697,584
Kinsale Capital Group, Inc.		5,468		2,780,150
Lemonade, Inc.^(a)		6,034		312,621
Mercury General Corp.		66,481		5,249,340
Oscar Health, Inc., Class A^(a)		186,202		3,226,881
Palomar Holdings, Inc.^(a)		57,869		6,267,213
Reinsurance Group of America, Inc.		99,858		22,807,567
Selective Insurance Group, Inc.		37,356		3,813,674
Selectquote, Inc.^(a)		291,706		872,201
Tiptree, Inc.		34,434		784,751
United Fire Group, Inc.		48,573		1,486,334


				73,257,384

Interactive Media & Services — 1.3%
Bumble, Inc., Class A^(a)		261,804		2,275,077
EverQuote, Inc., Class A^(a)		406,491		7,800,562
MediaAlpha, Inc., Class A^(a)		330,010		4,168,026
Nextdoor Holdings, Inc., Class A^(a)		175,000		425,250
QuinStreet, Inc.^(a)		325,004		7,403,591
Shutterstock, Inc.		94,735		3,001,205
TrueCar, Inc.^(a)		268,702		1,144,671
Vimeo, Inc.^(a)		819,836		5,353,529
Yelp, Inc.^(a)		460,226		17,589,838
Ziff Davis, Inc.^(a)		46,457		2,733,994
ZipRecruiter, Inc., Class A^(a)(b)		910,102		8,063,504


				59,959,247

IT Services — 0.4%
Backblaze, Inc., Class A^(a)		55,947		363,096
Fastly, Inc., Class A^(a)		172,215		1,460,383
Grid Dynamics Holdings, Inc., Class A^(a)		54,560		998,448
Hackett Group, Inc. (The)		197,984		6,204,819
Kyndryl Holdings, Inc.^(a)		163,581		5,677,896
Unisys Corp.^(a)		185,891		1,483,410


				16,188,052

Leisure Products — 0.3%
MasterCraft Boat Holdings, Inc.^(a)		36,188		767,186
YETI Holdings, Inc.^(a)		330,761		13,352,821


				14,120,007

Life Sciences Tools & Services — 0.5%
10X Genomics, Inc., Class A^(a)		154,619		2,458,442
AbCellera Biologics, Inc.^(a)(b)		363,294		1,093,515


18		2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

November 30, 2024

BlackRock Advantage Small Cap Core Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Life Sciences Tools & Services (continued)
Adaptive Biotechnologies Corp.^(a)(b)		852,994	$	5,066,784
Codexis, Inc.^(a)		526,075		2,409,424
Cytek Biosciences, Inc.^(a)		28,751		187,744
Harvard Bioscience, Inc.^(a)		307		675
Maravai LifeSciences Holdings, Inc., Class A^(a)		130,716		741,160
Medpace Holdings, Inc.^(a)		14,058		4,788,577
Personalis, Inc.^(a)(b)		642,191		2,549,498
Quanterix Corp.^(a)		31,447		387,742
Seer, Inc., Class A^(a)		320,994		792,855


				20,476,416

Machinery — 3.4%
Alamo Group, Inc.		8,489		1,697,375
Atmus Filtration Technologies, Inc.		139,344		6,032,202
Blue Bird Corp.^(a)		77,430		3,147,529
Chart Industries, Inc.^(a)		35,363		6,833,900
Columbus McKinnon Corp.		14,431		566,994
Energy Recovery, Inc.^(a)		22,602		351,687
Federal Signal Corp.		90,917		8,856,225
Flowserve Corp.		546,294		33,334,860
Franklin Electric Co., Inc.		118,432		12,826,186
Greenbrier Cos., Inc. (The)		6,839		465,052
Kennametal, Inc.		167,384		4,803,921
Manitowoc Co., Inc. (The)^(a)		445,261		4,733,124
Miller Industries, Inc.		11,905		876,446
Mueller Industries, Inc.		156,073		12,606,016
Mueller Water Products, Inc., Class A		250,290		6,267,262
Oshkosh Corp.		157,078		17,845,632
Shyft Group, Inc. (The)		188,865		2,662,996
SPX Technologies, Inc.^(a)		20,013		3,531,094
Tennant Co.		48,646		4,298,847
Trinity Industries, Inc.		160,737		6,059,785
Wabash National Corp.		53,963		1,070,086
Watts Water Technologies, Inc., Class A		59,378		12,813,179


				151,680,398

Marine Transportation — 0.3%
Genco Shipping & Trading Ltd.		263,298		4,178,539
Kirby Corp.^(a)		4,008		507,052
Matson, Inc.		61,280		9,386,871


				14,072,462

Media — 0.7%
Cable One, Inc.		17,784		7,473,192
EchoStar Corp., Class A^(a)		186,130		4,707,228
Entravision Communications Corp., Class A		307,587		750,512
EW Scripps Co. (The), Class A^(a)		185,240		370,480
Gambling.com Group Ltd.^(a)		71,619		949,668
Gray Television, Inc.		196,087		837,291
Integral Ad Science Holding Corp.^(a)		222,274		2,485,023
Magnite, Inc.^(a)		143,673		2,412,270
New York Times Co. (The), Class A		100,999		5,480,206
PubMatic, Inc., Class A^(a)		82,443		1,314,966
TEGNA, Inc.		113,509		2,130,564
Thryv Holdings, Inc.^(a)		285,444		4,515,724
Townsquare Media, Inc., Class A		77		778


				33,427,902

Metals & Mining — 2.1%
Alcoa Corp.		45,292		2,102,908
Alpha Metallurgical Resources, Inc.		45,985		11,292,536
Carpenter Technology Corp.		67,534		13,104,297
Century Aluminum Co.^(a)		450,488		10,284,641
Cleveland-Cliffs, Inc.^(a)		657,548		8,186,473
Coeur Mining, Inc.^(a)		873,234		5,641,092


Security	Shares		Value

Metals & Mining (continued)
Compass Minerals International, Inc.		194,403	$	2,999,638
Hecla Mining Co.		1,041,357		5,748,291
i-80 Gold Corp.^(a)		531,838		335,005
Kaiser Aluminum Corp.		106,187		8,630,879
Materion Corp.		59,083		6,831,176
Novagold Resources, Inc.^(a)		661,232		2,420,109
Olympic Steel, Inc.		110,390		4,667,289
Piedmont Lithium, Inc.^(a)(b)		100,082		1,257,030
Radius Recycling, Inc., Class A		280,492		5,559,351
Ryerson Holding Corp.		134,845		3,465,517
SunCoke Energy, Inc.		73,344		913,866
Tredegar Corp.^(a)		72,228		517,875
Warrior Met Coal, Inc.		16,055		1,128,988


				95,086,961

Mortgage Real Estate Investment Trusts (REITs) — 0.2%
Chimera Investment Corp.		362,498		5,379,470
TPG RE Finance Trust, Inc.		183,452		1,674,917


				7,054,387

Multi-Utilities — 0.9%
Avista Corp.		118,456		4,583,063
Black Hills Corp.		172,397		11,045,476
Northwestern Energy Group, Inc.		412,165		22,767,994
Unitil Corp.		18,853		1,131,557


				39,528,090

Office REITs — 0.7%
Brandywine Realty Trust		319,406		1,788,674
COPT Defense Properties		278,264		9,168,799
Kilroy Realty Corp.		134,795		5,598,036
Paramount Group, Inc.		2,444,644		11,880,970
Piedmont Office Realty Trust, Inc., Class A		289,460		2,755,659


				31,192,138

Oil, Gas & Consumable Fuels — 2.3%
Civitas Resources, Inc.		81,425		4,224,329
Delek U.S. Holdings, Inc.		390,266		7,434,567
Encore Energy Corp.^(a)(b)		198,939		751,989
Evolution Petroleum Corp.		214,391		1,256,331
International Seaways, Inc.		55,072		2,147,808
Matador Resources Co.		212,530		12,753,925
Murphy Oil Corp.		459,278		14,912,757
Ovintiv, Inc.		374,351		17,003,022
Par Pacific Holdings, Inc.^(a)		512,660		8,935,664
PBF Energy, Inc., Class A		176,701		5,564,315
Plains GP Holdings LP, Class A		1,288,137		25,788,503
REX American Resources Corp.^(a)		65,919		2,854,952
Ur-Energy, Inc.^(a)(b)		150,462		1,092,354


				104,720,516

Paper & Forest Products — 0.3%
Louisiana-Pacific Corp.		133,478		15,777,100


Passenger Airlines — 0.6%
Allegiant Travel Co.		59,529		4,871,853
SkyWest, Inc.^(a)		157,271		18,045,275
Sun Country Airlines Holdings, Inc.^(a)		244,623		3,520,125


				26,437,253

Personal Care Products — 0.1%
BellRing Brands, Inc.^(a)		54,104		4,245,000


Pharmaceuticals — 2.3%
Amphastar Pharmaceuticals, Inc.^(a)		42,002		1,898,070
Arvinas, Inc.^(a)(b)		160,425		4,286,556
Atea Pharmaceuticals, Inc.^(a)		664,087		2,271,178


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)

November 30, 2024

BlackRock Advantage Small Cap Core Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Pharmaceuticals (continued)
Axsome Therapeutics, Inc.^(a)		19,334	$	1,898,985
Collegium Pharmaceutical, Inc.^(a)(b)		152,271		4,644,266
Corcept Therapeutics, Inc.^(a)		454,971		26,242,727
Edgewise Therapeutics, Inc.^(a)		149,708		4,940,364
Elanco Animal Health, Inc.^(a)		321,393		4,245,602
Evolus, Inc.^(a)		64,865		888,002
Fulcrum Therapeutics, Inc.^(a)		129,124		497,127
Harmony Biosciences Holdings, Inc.^(a)		211,994		7,349,832
Intra-Cellular Therapies, Inc.^(a)		35,196		3,014,537
Jazz Pharmaceuticals PLC^(a)(b)		16,902		2,055,114
Longboard Pharmaceuticals, Inc.^(a)		16,688		1,000,946
Nektar Therapeutics^(a)		1,008,152		1,149,293
Nuvation Bio, Inc., Class A^(a)		597,364		1,732,356
Pacira BioSciences, Inc.^(a)		85,592		1,447,361
Phibro Animal Health Corp., Class A		55,843		1,305,051
Prestige Consumer Healthcare, Inc.^(a)		112,628		9,547,476
Scilex Holding Co. (Acquired 03/05/21, cost $9,826,744)^(a)(b)(c)		430,177		272,018
Septerna, Inc.^(a)		52,916		1,338,246
Supernus Pharmaceuticals, Inc.^(a)		427,506		15,633,894
Tarsus Pharmaceuticals, Inc.^(a)		57,365		3,008,794
Terns Pharmaceuticals, Inc.^(a)		63,540		396,490
Trevi Therapeutics, Inc.^(a)		45		130
Xeris Biopharma Holdings, Inc.^(a)		191,086		626,762


				101,691,177

Professional Services — 3.2%
CACI International, Inc., Class A^(a)		9,603		4,416,228
CBIZ, Inc.^(a)		3,950		326,191
CRA International, Inc.		11,441		2,231,338
CSG Systems International, Inc.		64,679		3,545,056
ExlService Holdings, Inc.^(a)		999,685		46,345,397
Exponent, Inc.		4,965		490,095
Franklin Covey Co.^(a)		80,406		2,925,170
FTI Consulting, Inc.^(a)		4,855		983,235
ICF International, Inc.		16,737		2,319,246
Insperity, Inc.		269,530		21,252,440
Kelly Services, Inc., Class A, NVS		120,642		1,767,405
Kforce, Inc.		32,344		1,940,317
Korn Ferry		22,540		1,765,784
ManpowerGroup, Inc.		305,661		19,675,399
Maximus, Inc.		204,230		15,215,135
Parsons Corp.^(a)		24,162		2,317,377
Paylocity Holding Corp.^(a)		11,055		2,294,355
Robert Half, Inc.		52,141		3,890,240
ShiftPixy, Inc.^(a)(d)		1		—
TriNet Group, Inc.		74,243		6,936,523
UL Solutions, Inc., Class A		13,007		698,866
Willdan Group, Inc.^(a)		25,618		1,119,763


				142,455,560

Real Estate Management & Development — 0.5%
Anywhere Real Estate, Inc.^(a)		395,005		1,935,525
Forestar Group, Inc.^(a)		39,093		1,166,926
FRP Holdings, Inc.^(a)		57,822		1,843,365
RE/MAX Holdings, Inc., Class A^(a)		57,192		752,647
RMR Group, Inc. (The), Class A		181,879		4,037,714
St. Joe Co. (The)		208,591		10,654,828


				20,391,005

Residential REITs — 0.2%
Bluerock Homes Trust, Inc., Class A		77		1,092
Elme Communities		94,999		1,609,283


Security	Shares		Value

Residential REITs (continued)
NexPoint Residential Trust, Inc.		129,475	$	6,094,388
UMH Properties, Inc.		30,032		576,615


				8,281,378

Retail REITs — 1.1%
Brixmor Property Group, Inc.		180,864		5,438,580
Kite Realty Group Trust		1,267,359		34,941,088
Saul Centers, Inc.		10,171		418,130
Tanger, Inc.		205,956		7,614,193


				48,411,991

Semiconductors & Semiconductor Equipment — 2.7%
ACM Research, Inc., Class A^(a)		179,852		3,091,656
Ambarella, Inc.^(a)		165,456		11,838,377
Axcelis Technologies, Inc.^(a)		107,366		7,970,852
Credo Technology Group Holding Ltd.^(a)		269,175		13,178,808
Diodes, Inc.^(a)		106,711		6,936,215
Ichor Holdings Ltd.^(a)		61,840		2,025,878
Impinj, Inc.^(a)		33,123		6,366,572
inTEST Corp.^(a)		35,226		267,013
MaxLinear, Inc.^(a)		223,499		3,381,540
Onto Innovation, Inc.^(a)		61,228		10,052,413
Photronics, Inc.^(a)		150,419		3,746,937
Power Integrations, Inc.		111,658		7,314,716
Rambus, Inc.^(a)		144,141		8,332,791
Semtech Corp.^(a)		69,504		4,451,036
Silicon Laboratories, Inc.^(a)		54,676		6,049,899
SiTime Corp.^(a)		12,129		2,575,957
Synaptics, Inc.^(a)(b)		265,370		21,293,289
Ultra Clean Holdings, Inc.^(a)		14,336		550,933


				119,424,882

Software — 6.8%
8x8, Inc.^(a)		653,895		2,027,075
ACI Worldwide, Inc.^(a)		765,683		43,506,108
Alarm.com Holdings, Inc.^(a)		157,899		10,285,541
Appfolio, Inc., Class A^(a)		3,367		854,376
Aurora Innovation, Inc., Class A^(a)		428,977		2,775,481
Bit Digital, Inc.^(a)(b)		820,372		3,781,915
BlackLine, Inc.^(a)		83,677		5,188,811
Box, Inc., Class A^(a)(b)		342,191		12,007,482
Braze, Inc., Class A^(a)(b)		323,273		12,840,404
C3.ai, Inc., Class A^(a)(b)		257,923		9,589,577
Cleanspark, Inc.^(a)		200,397		2,875,697
Clear Secure, Inc., Class A		69,861		1,808,003
CommVault Systems, Inc.^(a)		80,513		13,815,226
Confluent, Inc., Class A^(a)		342,504		10,562,823
Domo, Inc., Class B^(a)		255,473		2,391,227
DoubleVerify Holdings, Inc.^(a)		14,603		296,879
Five9, Inc.^(a)(b)		106,687		4,404,039
Freshworks, Inc., Class A^(a)		304,014		4,861,184
Gitlab, Inc., Class A^(a)		93,082		5,933,978
Informatica, Inc., Class A^(a)		71,031		1,883,742
Intapp, Inc.^(a)		51,612		3,228,331
LiveRamp Holdings, Inc.^(a)		295,379		8,967,706
MARA Holdings, Inc.^(a)(b)		265,390		7,276,994
Nutanix, Inc., Class A^(a)		56,536		3,690,670
Olo, Inc., Class A^(a)		318,111		2,319,029
Ooma, Inc.^(a)		437,236		6,471,093
Pagaya Technologies Ltd., Class A^(a)		256,681		2,805,523
Pegasystems, Inc.		85,100		8,081,947
PROS Holdings, Inc.^(a)		127,536		2,955,009
Q2 Holdings, Inc.^(a)		114,420		11,984,351
Qualys, Inc.^(a)(b)		105,574		16,216,166


20		2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

November 30, 2024

BlackRock Advantage Small Cap Core Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Software (continued)
Rapid7, Inc.^(a)		17,996	$	766,630
RingCentral, Inc., Class A^(a)		221,636		8,340,163
Riot Platforms, Inc.^(a)		103,333		1,307,162
SEMrush Holdings, Inc., Class A^(a)		208,010		2,828,936
Smartsheet, Inc., Class A^(a)		86,333		4,830,331
Tenable Holdings, Inc.^(a)		67,348		2,827,269
Unity Software, Inc.^(a)		34,889		841,174
Upland Software, Inc.^(a)		147,254		540,422
Varonis Systems, Inc.^(a)		244,853		12,232,856
Verint Systems, Inc.^(a)		244,055		6,150,186
Workiva, Inc., Class A^(a)		197,612		19,217,767
Yext, Inc.^(a)		150,825		1,245,815
Zeta Global Holdings Corp., Class A^(a)		437,125		9,310,762
Zuora, Inc., Class A^(a)		597,002		5,928,230


				302,054,090

Specialized REITs — 0.5%
Lamar Advertising Co., Class A		140,448		18,822,841
Outfront Media, Inc.		294,439		5,656,173


				24,479,014

Specialty Retail — 3.1%
1-800-Flowers.com, Inc., Class A^(a)(b)		556,405		4,523,573
Abercrombie & Fitch Co., Class A^(a)		126,015		18,863,185
American Eagle Outfitters, Inc.		227,632		4,379,640
America’s Car-Mart, Inc.^(a)		20,479		945,311
Boot Barn Holdings, Inc.^(a)(b)		62,609		8,586,198
CarParts.com, Inc.^(a)		170,354		164,153
Carvana Co., Class A^(a)		17,222		4,484,953
Chewy, Inc., Class A^(a)		160,951		5,377,373
Conn’s, Inc.^(a)		224,237		—
Foot Locker, Inc.^(a)		327,747		8,242,837
Gap, Inc. (The)		132,889		3,222,558
Genesco, Inc.^(a)		31,505		1,058,253
Group 1 Automotive, Inc.^(b)		29,549		12,581,964
Haverty Furniture Cos., Inc.		33,044		780,169
Lands’ End, Inc.^(a)		76,597		1,221,722
Lulu’s Fashion Lounge Holdings, Inc.^(a)		163		201
Murphy U.S.A., Inc.		1,535		840,873
National Vision Holdings, Inc.^(a)		421,697		5,102,534
Penske Automotive Group, Inc.		27,705		4,613,991
Revolve Group, Inc., Class A^(a)		179,731		6,484,694
Sonic Automotive, Inc., Class A		25,053		1,732,164
Stitch Fix, Inc., Class A^(a)		957,554		4,557,957
Upbound Group, Inc.		313,064		10,766,271
Victoria’s Secret & Co.^(a)		87,509		3,398,850
Warby Parker, Inc., Class A^(a)		374,427		8,439,585
Wayfair, Inc., Class A^(a)		196,604		9,090,969
Winmark Corp.		9,582		3,947,065
Zumiez, Inc.^(a)(b)		259,177		5,720,036


				139,127,079

Technology Hardware, Storage & Peripherals — 0.1%
IonQ, Inc.^(a)(b)		106,931		3,902,982


Textiles, Apparel & Luxury Goods — 0.7%
Figs, Inc., Class A^(a)		244,106		1,266,910
G-III Apparel Group Ltd.^(a)		288,246		8,540,729
Ralph Lauren Corp., Class A		37,987		8,790,192
Skechers U.S.A., Inc., Class A^(a)		113,370		7,235,273
Steven Madden Ltd.		110,435		5,033,627
Unifi, Inc.^(a)(b)		38,167		212,209


				31,078,940


Security	Shares		Value

Tobacco — 0.1%
Turning Point Brands, Inc.		89,627	$	5,547,911


Trading Companies & Distributors — 2.9%
Applied Industrial Technologies, Inc.		61,253		16,827,424
BlueLinx Holdings, Inc.^(a)		61,408		7,718,986
Boise Cascade Co.		244,148		36,036,245
DNOW, Inc.^(a)		677,307		10,193,470
FTAI Aviation Ltd.		173,631		29,312,385
GATX Corp.		38,742		6,359,887
Global Industrial Co.		15,408		435,276
H&E Equipment Services, Inc.		59,460		3,552,140
Herc Holdings, Inc.		57,929		13,439,528
McGrath RentCorp.		37,340		4,549,879
MRC Global, Inc.^(a)		76,925		1,074,642
Rush Enterprises, Inc., Class A		38,060		2,357,817
SiteOne Landscape Supply, Inc.^(a)		1,770		271,253


				132,128,932

Water Utilities — 0.1%
California Water Service Group		25,279		1,294,032
SJW Group		61,571		3,430,736


				4,724,768

Wireless Telecommunication Services — 0.2%
Telephone & Data Systems, Inc.		213,258		7,289,158


Total Common Stocks — 99.1% (Cost: $3,681,768,838)				4,429,055,227


Rights

Biotechnology — 0.0%
Albireo Pharma Inc., CVR^(a)(b)(d)		28,456		98,742
Chinook Therapeutics, Inc., CVR^(a)(d)		35,990		30,232
Flexion Therapeutics, Inc., CVR^(a)(d)		73,745		36,135
Jounce Therapeutics, Inc., CVR^(a)		10,334		91
Radius Health, Inc., CVR^(a)		72,193		5,775


				170,975

Health Care Providers & Services — 0.0%
Surface Oncology, Inc., CVR^(a)		58,721		5,515


Paper & Forest Products — 0.0%
Resolute Forest Products, Inc., CVR^(a)(d)		72,036		118,139


Total Rights — 0.0% (Cost: $ —)				294,629


Total Long-Term Investments — 99.1% (Cost: $3,681,768,838)				4,429,349,856


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)

November 30, 2024

BlackRock Advantage Small Cap Core Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value


Short-Term Securities

Money Market Funds — 3.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.79%^(e)(f)(g)		109,552,197	$	109,606,973
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.53%^(e)(f)		38,732,193		38,732,193


Total Short-Term Securities — 3.3% (Cost: $148,319,732)				148,339,166


Total Investments — 102.4% (Cost: $3,830,088,570)				4,577,689,022

Liabilities in Excess of Other Assets — (2.4)%				(107,024,344	)


Net Assets — 100.0%			$	4,470,664,678

^(a)	Non-income producing security.

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

^(c)	Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $272,018, representing 0.0% of its net assets as of period end, and an original cost of $9,826,744.

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

^(e)	Affiliate of the Fund.

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

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

Affiliates



Affiliated Issuer	Value at 05/31/24		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 11/30/24		Shares Held at 11/30/24		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	153,856,296	$	—		$	(44,275,716	)^(a)	$	6,959	$	19,434	$	109,606,973		109,552,197	$	235,841	^(b)	$	—
BlackRock Liquidity Funds, T-Fund, Institutional Shares		34,625,874		4,106,319	^(a)		—			—		—		38,732,193		38,732,193		1,047,808			—


									$	6,959	$	19,434	$	148,339,166			$	1,283,649		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)

Long Contracts
Russell 2000 E-Mini Index		359		12/20/24	$	43,881	$	(144,732	)


22		2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

November 30, 2024

BlackRock Advantage Small Cap Core Fund

Derivative Financial Instruments Categorized by Risk Exposure

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



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	144,732	$	—	$	—	$	—	$	144,732

^(a)

For the period ended November 30, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	5,831,455		$	—	$	—	$	—	$	5,831,455


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(116,656	)	$	—	$	—	$	—	$	(116,656	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	45,560,723

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

	$		$		$		$


	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks
Aerospace & Defense	$	58,104,026	$	—	$	—	$	58,104,026
Air Freight & Logistics		1,032,123		—		—		1,032,123
Automobile Components		65,338,140		—		—		65,338,140
Banks		428,879,456		—		—		428,879,456
Biotechnology		408,504,856		—		—		408,504,856
Broadline Retail		5,067,289		—		—		5,067,289
Building Products		69,938,279		—		—		69,938,279
Capital Markets		141,737,991		—		—		141,737,991
Chemicals		44,581,137		—		—		44,581,137
Commercial Services & Supplies		26,423,871		—		—		26,423,871
Communications Equipment		20,573,276		—		—		20,573,276
Construction & Engineering		130,397,461		—		—		130,397,461
Consumer Finance		96,764,663		—		—		96,764,663
Consumer Staples Distribution & Retail		40,542,894		—		—		40,542,894
Containers & Packaging		8,279,812		—		—		8,279,812
Distributors		741,815		—		—		741,815
Diversified Consumer Services		44,264,484		—		—		44,264,484
Diversified REITs		30,708,203		—		—		30,708,203


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)

November 30, 2024

BlackRock Advantage Small Cap Core Fund

Fair Value Hierarchy as of Period End (continued)

	$			$		$		$


	Level 1			Level 2		Level 3		Total


Common Stocks (continued)
Diversified Telecommunication Services	$	26,974,564		$	—	$	—	$	26,974,564
Electric Utilities		22,608,469			—		—		22,608,469
Electrical Equipment		41,119,175			—		—		41,119,175
Electronic Equipment, Instruments & Components		142,261,638			—		—		142,261,638
Energy Equipment & Services		91,780,553			—		—		91,780,553
Entertainment		21,161,114			—		—		21,161,114
Financial Services		79,060,102			—		—		79,060,102
Food Products		30,840,741			—		—		30,840,741
Gas Utilities		20,614,634			—		—		20,614,634
Ground Transportation		10,660,489			—		—		10,660,489
Health Care Equipment & Supplies		92,288,370			—		—		92,288,370
Health Care Providers & Services		127,241,330			—		—		127,241,330
Health Care Technology		22,408,934			—		—		22,408,934
Hotel & Resort REITs		49,138,582			—		—		49,138,582
Hotels, Restaurants & Leisure		65,557,964			—		—		65,557,964
Household Durables		113,629,223			—		—		113,629,223
Household Products		10,764,136			—		—		10,764,136
Independent Power and Renewable Electricity Producers		281			—		—		281
Industrial REITs		40,852,972			—		—		40,852,972
Insurance		73,257,384			—		—		73,257,384
Interactive Media & Services		59,959,247			—		—		59,959,247
IT Services		16,188,052			—		—		16,188,052
Leisure Products		14,120,007			—		—		14,120,007
Life Sciences Tools & Services		20,476,416			—		—		20,476,416
Machinery		151,680,398			—		—		151,680,398
Marine Transportation		14,072,462			—		—		14,072,462
Media		33,427,902			—		—		33,427,902
Metals & Mining		95,086,961			—		—		95,086,961
Mortgage Real Estate Investment Trusts (REITs)		7,054,387			—		—		7,054,387
Multi-Utilities		39,528,090			—		—		39,528,090
Office REITs		31,192,138			—		—		31,192,138
Oil, Gas & Consumable Fuels		104,720,516			—		—		104,720,516
Paper & Forest Products		15,777,100			—		—		15,777,100
Passenger Airlines		26,437,253			—		—		26,437,253
Personal Care Products		4,245,000			—		—		4,245,000
Pharmaceuticals		101,419,159			272,018		—		101,691,177
Professional Services		142,455,560			—		—		142,455,560
Real Estate Management & Development		20,391,005			—		—		20,391,005
Residential REITs		8,281,378			—		—		8,281,378
Retail REITs		48,411,991			—		—		48,411,991
Semiconductors & Semiconductor Equipment		119,424,882			—		—		119,424,882
Software		302,054,090			—		—		302,054,090
Specialized REITs		24,479,014			—		—		24,479,014
Specialty Retail		139,127,079			—		—		139,127,079
Technology Hardware, Storage & Peripherals		3,902,982			—		—		3,902,982
Textiles, Apparel & Luxury Goods		31,078,940			—		—		31,078,940
Tobacco		5,547,911			—		—		5,547,911
Trading Companies & Distributors		132,128,932			—		—		132,128,932
Water Utilities		4,724,768			—		—		4,724,768
Wireless Telecommunication Services		7,289,158			—		—		7,289,158
Rights		—			11,381		283,248		294,629
Short-Term Securities
Money Market Funds		148,339,166			—		—		148,339,166


	$	4,577,122,375		$	283,399	$	283,248	$	4,577,689,022

Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(144,732	)	$	—	$	—	$	(144,732	)

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


24		2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited)

November 30, 2024

BlackRock Advantage Large Cap Core Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 2.1%
Lockheed Martin Corp.		50,395	$	26,679,617
Northrop Grumman Corp.		80,758		39,543,155


				66,222,772

Air Freight & Logistics — 0.6%
Expeditors International of Washington, Inc.		158,806		19,317,162


Automobiles — 1.7%
Tesla, Inc.^(a)		153,728		53,060,756


Banks — 3.9%
Bank of America Corp.		1,190,708		56,570,537
Citigroup, Inc.		436,159		30,910,589
JPMorgan Chase & Co.		143,128		35,741,924


				123,223,050

Biotechnology — 2.1%
Biogen, Inc.^(a)		133,416		21,430,612
BioMarin Pharmaceutical, Inc.^(a)		172,638		11,399,287
Natera, Inc.^(a)		61,688		10,350,013
Neurocrine Biosciences, Inc.^(a)		118,131		14,973,104
United Therapeutics Corp.^(a)		22,420		8,306,386


				66,459,402

Broadline Retail — 4.1%
Amazon.com, Inc.^(a)		628,179		130,592,132


Building Products — 1.1%
Trane Technologies PLC		86,193		35,875,250


Capital Markets — 3.9%
Cboe Global Markets, Inc.		24,209		5,225,513
CME Group, Inc., Class A		182,930		43,537,340
Invesco Ltd.		1,528,844		27,656,788
Morgan Stanley		199,305		26,230,531
Nasdaq, Inc.		119,446		9,912,824
State Street Corp.		116,001		11,427,258


				123,990,254

Chemicals — 0.3%
Mosaic Co. (The)		302,541		8,005,235


Commercial Services & Supplies — 2.3%
Cintas Corp.		192,839		43,541,118
Waste Management, Inc.		121,493		27,727,132


				71,268,250

Communications Equipment — 1.4%
Arista Networks, Inc.^(a)		45,819		18,594,267
Motorola Solutions, Inc.		48,476		24,223,457


				42,817,724

Construction & Engineering — 1.1%
AECOM		57,618		6,739,578
Comfort Systems U.S.A., Inc.		30,572		15,080,250
MasTec, Inc.^(a)		82,417		11,872,993


				33,692,821

Consumer Staples Distribution & Retail — 3.3%
Costco Wholesale Corp.		51,135		49,697,084
Kroger Co. (The)		232,682		14,212,217
Walmart, Inc.		415,163		38,402,577


				102,311,878

Electric Utilities — 0.9%
OGE Energy Corp.		165,790		7,288,128
Pinnacle West Capital Corp.		223,788		20,968,936


				28,257,064


Security	Shares		Value

Electrical Equipment — 1.4%
Eaton Corp. PLC		119,262	$	44,773,340


Electronic Equipment, Instruments & Components — 0.2%
Flex Ltd.^(a)		147,075		5,731,513


Energy Equipment & Services — 0.8%
Halliburton Co.		840,137		26,766,765


Entertainment — 0.4%
Netflix, Inc.^(a)		13,382		11,867,291


Financial Services — 3.6%
Berkshire Hathaway, Inc., Class B^(a)		24,350		11,761,537
Mastercard, Inc., Class A		70,560		37,604,246
Visa, Inc., Class A		199,234		62,774,649


				112,140,432

Ground Transportation — 0.7%
Uber Technologies, Inc.^(a)		301,845		21,720,766


Health Care Equipment & Supplies — 2.0%
Medtronic PLC		421,933		36,514,082
Stryker Corp.		70,254		27,550,106


				64,064,188

Health Care Providers & Services — 2.5%
Cardinal Health, Inc.		128,613		15,721,653
Centene Corp.^(a)		273,830		16,429,800
Elevance Health, Inc.		16,881		6,869,892
HCA Healthcare, Inc.		77,040		25,209,029
UnitedHealth Group, Inc.		25,381		15,487,486


				79,717,860

Hotel & Resort REITs — 0.0%
RLJ Lodging Trust		51		521


Hotels, Restaurants & Leisure — 2.2%
Booking Holdings, Inc.		7,432		38,661,115
Texas Roadhouse, Inc.		143,677		29,492,578


				68,153,693

Household Durables — 1.3%
DR Horton, Inc.		84,806		14,313,557
Toll Brothers, Inc.		152,995		25,270,184


				39,583,741

Household Products — 1.4%
Colgate-Palmolive Co.		186,080		17,980,910
Kimberly-Clark Corp.		197,150		27,472,853


				45,453,763

Industrial REITs — 0.5%
First Industrial Realty Trust, Inc.		201,596		10,775,306
Lineage, Inc.		55,807		3,539,280


				14,314,586

Insurance — 2.7%
Allstate Corp. (The)		109,101		22,626,456
Marsh & McLennan Cos., Inc.		69,634		16,240,738
Progressive Corp. (The)		175,251		47,121,489


				85,988,683

Interactive Media & Services — 6.6%
Alphabet, Inc., Class A		456,837		77,182,611
Alphabet, Inc., Class C, NVS		274,867		46,862,075
Meta Platforms, Inc., Class A		146,861		84,345,209


				208,389,895

IT Services — 0.8%
Accenture PLC, Class A		68,308		24,752,770


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)

November 30, 2024

BlackRock Advantage Large Cap Core Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Life Sciences Tools & Services — 1.0%
Thermo Fisher Scientific, Inc.		58,905	$	31,197,855


Machinery — 2.6%
Caterpillar, Inc.		20,776		8,437,341
Flowserve Corp.		167,668		10,231,102
Oshkosh Corp.		164,828		18,726,109
Parker-Hannifin Corp.		62,512		43,939,685


				81,334,237

Media — 2.1%
Comcast Corp., Class A		955,105		41,250,985
Fox Corp., Class A, NVS		516,654		24,344,737
Fox Corp., Class B		7,439		332,746


				65,928,468

Metals & Mining — 1.2%
Freeport-McMoRan, Inc.		304,039		13,438,524
Nucor Corp.		158,493		24,517,282


				37,955,806

Multi-Utilities — 0.8%
CMS Energy Corp.		343,541		23,948,243


Oil, Gas & Consumable Fuels — 1.4%
Chevron Corp.		127,003		20,565,596
Devon Energy Corp.		653,647		24,805,903


				45,371,499

Pharmaceuticals — 3.1%
Eli Lilly & Co.		63,331		50,370,311
Merck & Co., Inc.		226,126		22,983,447
Pfizer, Inc.		960,979		25,187,259


				98,541,017

Retail REITs — 1.4%
Simon Property Group, Inc.		232,101		42,613,744


Semiconductors & Semiconductor Equipment — 9.8%
Broadcom, Inc.		172,497		27,958,314
Intel Corp.		239,269		5,754,419
Lam Research Corp.		361,992		26,743,969
Micron Technology, Inc.		216,980		21,253,191
Monolithic Power Systems, Inc.		9,888		5,612,824
NVIDIA Corp.		1,456,055		201,299,604
QUALCOMM, Inc.		128,927		20,438,797


				309,061,118


Security	Shares		Value

Software — 10.3%
Adobe, Inc.^(a)		56,063	$	28,924,584
Fortinet, Inc.^(a)		155,229		14,754,517
InterDigital, Inc.		6		1,176
Intuit, Inc.		25,514		16,373,099
Manhattan Associates, Inc.^(a)		48,778		13,923,192
Microsoft Corp.		508,289		215,240,060
ServiceNow, Inc.^(a)		25,960		27,243,462
Smartsheet, Inc., Class A^(a)		135,459		7,578,931


				324,039,021

Specialty Retail — 2.0%
Home Depot, Inc. (The)		88,690		38,059,540
Penske Automotive Group, Inc.		40,800		6,794,832
Ross Stores, Inc.		126,576		19,602,825


				64,457,197

Technology Hardware, Storage & Peripherals — 7.1%
Apple Inc.		938,413		222,713,558


Tobacco — 0.4%
Altria Group, Inc.		199,020		11,491,415


Total Long-Term Investments — 99.1% (Cost: $2,001,283,532)				3,117,166,735


Short-Term Securities

Money Market Funds — 0.9%
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.53%^(b)(c)		28,946,320		28,946,320


Total Short-Term Securities — 0.9% (Cost: $28,946,320)				28,946,320


Total Investments — 100.0% (Cost: $2,030,229,852)				3,146,113,055

Other Assets Less Liabilities — 0.0%				1,368,594


Net Assets — 100.0%			$	3,147,481,649

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

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


26		2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

November 30, 2024

BlackRock Advantage Large Cap Core Fund

Affiliates



Affiliated Issuer	Value at 05/31/24		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 11/30/24		Shares Held at 11/30/24		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	7,654,832	$	—		$	(7,650,433	)^(b)	$	(4,579	)	$	180	$	—		—	$	2,840	^(c)	$	—
BlackRock Liquidity Funds, T-Fund, Institutional Shares		25,852,986		3,093,334	^(b)		—			—			—		28,946,320		28,946,320		701,013			—


									$	(4,579	)	$	180	$	28,946,320			$	703,853		$	—

^(a)

As of period end, the entity is no longer held.

^(b)

Represents net amount purchased (sold).

^(c)

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

S&P 500 E-Mini Index

110

12/20/24

33,283

1,907,954

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 Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	1,907,954	$	—	$	—	$	—	$	1,907,954

^(a)

For the period ended November 30, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	2,512,887	$	—	$	—	$	—	$	2,512,887


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	1,106,796	$	—	$	—	$	—	$	1,106,796


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

Schedule of Investments (unaudited) (continued)

November 30, 2024

BlackRock Advantage Large Cap Core Fund

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	32,350,900

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




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	3,117,166,735	$	—	$	—	$	3,117,166,735
Short-Term Securities
Money Market Funds		28,946,320		—		—		28,946,320


	$	3,146,113,055	$	—	$	—	$	3,146,113,055

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	1,907,954	$	—	$	—	$	1,907,954

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


28		2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited)

November 30, 2024

BlackRock Advantage Large Cap Value Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 3.0%
General Electric Co.		1,233	$	224,603
HEICO Corp., Class A		11,570		2,442,774
Lockheed Martin Corp.		12,819		6,786,507
Northrop Grumman Corp.		17,078		8,362,243
RTX Corp.		20,786		2,532,358
Standardaero, Inc.^(a)(b)		11,547		330,937


				20,679,422

Air Freight & Logistics — 1.0%
Expeditors International of Washington, Inc.		48,996		5,959,874
United Parcel Service, Inc., Class B		5,770		783,104


				6,742,978

Automobile Components — 0.2%
BorgWarner, Inc.		23,145		794,336
Lear Corp.		4,278		418,560


				1,212,896

Automobiles — 0.1%
General Motors Co.		13,849		769,866


Banks — 8.1%
Bank of America Corp.		325,494		15,464,220
Citigroup, Inc.		128,546		9,110,055
Citizens Financial Group, Inc.		50,105		2,412,055
First Horizon Corp.		64,590		1,364,787
FNB Corp.		26,096		447,546
JPMorgan Chase & Co.		71,241		17,790,302
PNC Financial Services Group, Inc. (The)		14,023		3,011,019
Truist Financial Corp.		18,578		885,799
Wells Fargo & Co.		73,160		5,572,597


				56,058,380

Biotechnology — 3.4%
AbbVie, Inc.		3,508		641,718
Amgen, Inc.		2,691		761,203
Biogen, Inc.^(a)		34,371		5,521,014
BioMarin Pharmaceutical, Inc.^(a)		46,084		3,042,927
Blueprint Medicines Corp.^(a)		7,595		732,006
Gilead Sciences, Inc.		40,144		3,716,532
Ionis Pharmaceuticals, Inc.^(a)		22,219		793,885
Moderna, Inc.^(a)		1,754		75,527
Natera, Inc.^(a)		9,300		1,560,354
Neurocrine Biosciences, Inc.^(a)		19,063		2,416,235
Regeneron Pharmaceuticals, Inc.^(a)		2,228		1,671,490
Ultragenyx Pharmaceutical, Inc.^(a)		11,465		546,078
United Therapeutics Corp.^(a)		4,860		1,800,581


				23,279,550

Broadline Retail — 0.7%
Amazon.com, Inc.^(a)		23,676		4,922,004


Building Products — 1.1%
Trane Technologies PLC		18,543		7,717,967


Capital Markets — 5.9%
Cboe Global Markets, Inc.		8,939		1,929,483
Charles Schwab Corp. (The)		6,252		517,416
CME Group, Inc., Class A		44,963		10,701,194
Interactive Brokers Group, Inc., Class A		2,874		549,193
Intercontinental Exchange, Inc.		13,392		2,155,576
Invesco Ltd.		388,999		7,036,992
Moody’s Corp.		484		241,990
Morgan Stanley		38,828		5,110,153
MSCI, Inc., Class A		795		484,656


Security	Shares		Value

Capital Markets (continued)
Nasdaq, Inc.		45,301	$	3,759,530
S&P Global, Inc.		7,667		4,006,084
State Street Corp.		39,877		3,928,283


				40,420,550

Chemicals — 1.5%
DuPont de Nemours, Inc.		7,177		599,926
Ecolab, Inc.		3,214		799,547
Huntsman Corp.		138,504		2,711,908
LyondellBasell Industries NV, Class A		43,901		3,658,709
Mosaic Co. (The)		108,050		2,859,003


				10,629,093

Commercial Services & Supplies — 2.0%
Cintas Corp.		37,061		8,368,003
Waste Management, Inc.		22,626		5,163,706


				13,531,709

Communications Equipment — 1.3%
Arista Networks, Inc.^(a)		5,438		2,206,849
Juniper Networks, Inc.		8,367		300,543
Motorola Solutions, Inc.		12,914		6,453,126


				8,960,518

Construction & Engineering — 1.5%
AECOM		23,432		2,740,841
Comfort Systems U.S.A., Inc.		6,328		3,121,413
EMCOR Group, Inc.		5,885		3,002,056
MasTec, Inc.^(a)		8,480		1,221,629


				10,085,939

Consumer Finance — 0.5%
American Express Co.		2,054		625,813
OneMain Holdings, Inc.		43,530		2,496,445


				3,122,258

Consumer Staples Distribution & Retail — 3.4%
Costco Wholesale Corp.		4,922		4,783,593
Kroger Co. (The)		78,299		4,782,503
Walmart, Inc.		151,006		13,968,055


				23,534,151

Containers & Packaging — 0.6%
Crown Holdings, Inc.		25,214		2,321,957
Packaging Corp. of America		8,403		2,091,087


				4,413,044

Diversified Telecommunication Services — 1.2%
AT&T Inc.		229,751		5,321,033
Liberty Global Ltd., Class A^(a)		11,911		168,303
Sunrise Communications AG, Class A, ADR^(a)		2,382		115,551
Verizon Communications, Inc.		65,886		2,921,385


				8,526,272

Electric Utilities — 2.7%
Eversource Energy		6,627		427,375
Exelon Corp.		174,203		6,891,471
IDACORP, Inc.		10,822		1,282,082
NextEra Energy, Inc.		3,914		307,914
OGE Energy Corp.		143,286		6,298,853
Pinnacle West Capital Corp.		37,446		3,508,690


				18,716,385

Electrical Equipment — 2.1%
AMETEK, Inc.		13,590		2,641,624
Eaton Corp. PLC		31,738		11,915,080


				14,556,704


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

Schedule of Investments (unaudited) (continued)

November 30, 2024

BlackRock Advantage Large Cap Value Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Electronic Equipment, Instruments & Components — 0.7%
Amphenol Corp., Class A		22,008	$	1,598,881
Badger Meter, Inc.		287		62,228
Flex Ltd.^(a)		32,865		1,280,749
TE Connectivity PLC		11,868		1,793,492


				4,735,350

Energy Equipment & Services — 0.9%
Halliburton Co.		201,722		6,426,863


Entertainment — 0.0%
ROBLOX Corp., Class A^(a)		4,705		235,862
Roku, Inc., Class A^(a)		1,203		83,043


				318,905

Financial Services — 4.3%
Berkshire Hathaway, Inc., Class B^(a)		36,802		17,776,102
Mastercard, Inc., Class A		7,896		4,208,094
Visa, Inc., Class A		24,411		7,691,418


				29,675,614

Food Products — 0.3%
Bunge Global SA		2,440		218,966
Freshpet, Inc.^(a)		1,821		278,704
Ingredion, Inc.		3,788		558,124
Tyson Foods, Inc., Class A		20,218		1,304,061


				2,359,855

Ground Transportation — 0.6%
CSX Corp.		79,340		2,899,877
Uber Technologies, Inc.^(a)		17,632		1,268,799


				4,168,676

Health Care Equipment & Supplies — 3.0%
Becton Dickinson & Co.		6,093		1,352,037
Boston Scientific Corp.^(a)		17,306		1,568,962
Edwards Lifesciences Corp.^(a)		1,953		139,346
Medtronic PLC		120,844		10,457,840
Stryker Corp.		18,387		7,210,462


				20,728,647

Health Care Providers & Services — 4.1%
Cardinal Health, Inc.		25,421		3,107,463
Centene Corp.^(a)		56,740		3,404,400
Cigna Group (The)		6,975		2,356,155
Elevance Health, Inc.		10,637		4,328,834
HCA Healthcare, Inc.		17,591		5,756,127
Molina Healthcare, Inc.^(a)		871		259,471
Tenet Healthcare Corp.^(a)		5,241		747,786
UnitedHealth Group, Inc.		13,097		7,991,789


				27,952,025

Health Care REITs — 0.4%
Ventas, Inc.		47,172		3,022,310


Hotels, Restaurants & Leisure — 1.6%
Booking Holdings, Inc.		545		2,835,079
Caesars Entertainment, Inc.^(a)		18,400		708,216
Carnival Corp.^(a)		46,626		1,185,699
Chipotle Mexican Grill, Inc.^(a)		2,379		146,356
Domino’s Pizza, Inc.		517		246,190
McDonald’s Corp.		2,073		613,629
MGM Resorts International^(a)		12,933		495,851
Texas Roadhouse, Inc.		19,505		4,003,792
Travel + Leisure Co.		7,339		410,030
Wingstop, Inc.		499		164,056


				10,808,898


Security	Shares		Value

Household Durables — 1.6%
DR Horton, Inc.		22,565	$	3,808,521
NVR, Inc.^(a)		123		1,135,976
PulteGroup, Inc.		2,945		398,370
Taylor Morrison Home Corp., Class A^(a)		2,918		215,553
Toll Brothers, Inc.		34,738		5,737,675


				11,296,095

Household Products — 2.3%
Colgate-Palmolive Co.		51,619		4,987,944
Kimberly-Clark Corp.		46,586		6,491,759
Procter & Gamble Co. (The)		23,262		4,169,946
Spectrum Brands Holdings, Inc.		939		86,341


				15,735,990

Independent Power and Renewable Electricity Producers — 0.0%
AES Corp. (The)		5,652		73,702


Industrial Conglomerates — 0.3%
3M Co.		15,499		2,069,581


Industrial REITs — 0.8%
First Industrial Realty Trust, Inc.		65,679		3,510,542
Lineage, Inc.		12,380		785,140
Prologis, Inc.		11,876		1,386,879


				5,682,561

Insurance — 4.7%
Allstate Corp. (The)		41,489		8,604,404
Brown & Brown, Inc.		25,021		2,829,875
Globe Life, Inc.		1,190		132,376
Hartford Financial Services Group, Inc. (The)		3,412		420,734
Marsh & McLennan Cos., Inc.		25,757		6,007,305
Progressive Corp. (The)		18,072		4,859,199
Reinsurance Group of America, Inc.		27,286		6,232,122
Unum Group		39,874		3,066,311


				32,152,326

Interactive Media & Services — 1.0%
Alphabet, Inc., Class A		28,002		4,730,938
Meta Platforms, Inc., Class A		3,724		2,138,768
Snap, Inc., Class A, NVS^(a)		15,076		178,047


				7,047,753

IT Services — 1.1%
Accenture PLC, Class A		20,258		7,340,891


Life Sciences Tools & Services — 1.6%
Agilent Technologies, Inc.		23,778		3,280,651
Thermo Fisher Scientific, Inc.		14,448		7,652,094


				10,932,745

Machinery — 3.8%
Caterpillar, Inc.		11,268		4,576,047
Flowserve Corp.		16,937		1,033,496
Illinois Tool Works, Inc.		17,751		4,926,257
Oshkosh Corp.		38,341		4,355,921
Parker-Hannifin Corp.		11,931		8,386,300
Westinghouse Air Brake Technologies Corp.		1,574		315,776
Xylem, Inc.		18,725		2,373,394


				25,967,191

Media — 2.7%
Comcast Corp., Class A		285,526		12,331,868
Fox Corp., Class A, NVS		120,131		5,660,573
Fox Corp., Class B		4,320		193,234
New York Times Co. (The), Class A		3,371		182,910


				18,368,585


30		2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

November 30, 2024

BlackRock Advantage Large Cap Value Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Metals & Mining — 1.3%
Freeport-McMoRan, Inc.		69,292	$	3,062,706
Newmont Corp.		12,739		534,274
Nucor Corp.		36,630		5,666,295


				9,263,275

Multi-Utilities — 1.1%
CMS Energy Corp.		104,257		7,267,755


Oil, Gas & Consumable Fuels — 5.0%
Chevron Corp.		53,839		8,718,149
ConocoPhillips		46,979		5,089,705
Devon Energy Corp.		118,741		4,506,221
EOG Resources, Inc.		3,792		505,322
Exxon Mobil Corp.		63,756		7,520,658
Marathon Petroleum Corp.		24,185		3,776,488
Ovintiv, Inc.		2,098		95,291
Phillips 66		2,723		364,828
Valero Energy Corp.		26,817		3,729,708


				34,306,370

Passenger Airlines — 0.1%
American Airlines Group, Inc.^(a)		34,702		503,873
Delta Air Lines, Inc.		7,543		481,394


				985,267

Pharmaceuticals — 2.2%
Bristol-Myers Squibb Co.		46,779		2,770,252
Eli Lilly & Co.		558		443,805
Johnson & Johnson		22,079		3,422,466
Merck & Co., Inc.		5,024		510,639
Pfizer, Inc.		291,934		7,651,590
Septerna, Inc.^(a)		6,060		153,258
Zoetis, Inc., Class A		3,240		567,810


				15,519,820

Professional Services — 0.1%
Booz Allen Hamilton Holding Corp., Class A		4,898		725,786


Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A^(a)		3,922		549,041
Zillow Group, Inc., Class A^(a)		1,212		98,814


				647,855

Residential REITs — 0.9%
AvalonBay Communities, Inc.		733		172,512
Camden Property Trust		32,159		4,045,602
Essex Property Trust, Inc.		6,052		1,878,904


				6,097,018

Retail REITs — 1.7%
Kimco Realty Corp.		54,265		1,387,556
Kite Realty Group Trust		22,914		631,739
Simon Property Group, Inc.		52,565		9,650,934


				11,670,229

Semiconductors & Semiconductor Equipment — 3.1%
Applied Materials, Inc.		1,278		223,279
Intel Corp.		110,332		2,653,485
KLA Corp.		307		198,638
Lam Research Corp.		39,926		2,949,733
Micron Technology, Inc.		66,801		6,543,158
Monolithic Power Systems, Inc.		679		385,428
NVIDIA Corp.^(b)		27,565		3,810,861
QUALCOMM, Inc.		27,670		4,386,525
Texas Instruments, Inc.		1,970		396,029


				21,547,136


Security	Shares		Value

Software — 2.1%
Adobe, Inc.^(a)		6,269	$	3,234,365
Fortinet, Inc.^(a)		15,478		1,471,184
Intuit, Inc.		162		103,960
Manhattan Associates, Inc.^(a)		3,418		975,634
Microsoft Corp.		19,201		8,130,856
MicroStrategy, Inc., Class A^(a)		792		306,876


				14,222,875

Specialized REITs — 0.1%
Lamar Advertising Co., Class A		3,783		506,998
Public Storage		331		115,204


				622,202

Specialty Retail — 1.9%
Bath & Body Works, Inc.		16,071		582,413
Best Buy Co., Inc.		2,762		248,580
Burlington Stores, Inc.^(a)		434		122,336
Carvana Co., Class A^(a)		448		116,668
Dick’s Sporting Goods, Inc.		3,168		656,536
Home Depot, Inc. (The)		9,555		4,100,337
Lowe’s Cos., Inc.		2,745		747,821
Penske Automotive Group, Inc.		4,543		756,591
Ross Stores, Inc.		12,761		1,976,296
TJX Cos., Inc. (The)		29,937		3,762,782


				13,070,360

Technology Hardware, Storage & Peripherals — 1.0%
Apple Inc.		28,631		6,794,995


Textiles, Apparel & Luxury Goods — 0.4%
Deckers Outdoor Corp.^(a)		5,778		1,132,257
NIKE, Inc., Class B		7,042		554,698
Ralph Lauren Corp., Class A		877		202,938
Skechers U.S.A., Inc., Class A^(a)		11,360		724,995
Under Armour, Inc., Class C, NVS^(a)		5,011		43,947


				2,658,835

Tobacco — 1.1%
Altria Group, Inc.		58,467		3,375,885
Philip Morris International, Inc.		32,624		4,340,949


				7,716,834

Trading Companies & Distributors — 0.6%
Boise Cascade Co.		1,827		269,665
Ferguson Enterprises, Inc.		13,616		2,940,103
WW Grainger, Inc.		689		830,479


				4,040,247


Total Long-Term Investments — 98.9% (Cost: $561,618,533)				681,901,108


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

Schedule of Investments (unaudited) (continued)

November 30, 2024

BlackRock Advantage Large Cap Value Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value


Short-Term Securities

Money Market Funds — 1.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.79%^(c)(d)(e)		4,102,878	$	4,104,930
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.53%^(c)(d)		6,769,294		6,769,294


Total Short-Term Securities — 1.6% (Cost: $10,874,634)				10,874,224


Total Investments — 100.5% (Cost: $572,493,167)				692,775,332

Liabilities in Excess of Other Assets — (0.5)%				(3,231,259	)


Net Assets — 100.0%			$	689,544,073

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

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

Affiliates



Affiliated Issuer	Value at 05/31/24		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 11/30/24		Shares Held at 11/30/24		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	3,324,253	$	780,602	^(a)	$	—	$	485	$	(410	)	$	4,104,930		4,102,878	$	1,527	^(b)	$	—
BlackRock Liquidity Funds, T-Fund, Institutional Shares		5,735,335		1,033,959	^(a)		—		—		—			6,769,294		6,769,294		152,625			—


								$	485	$	(410	)	$	10,874,224			$	154,152		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

S&P 500 E-Mini Index

12/20/24

7,867

417,847


32		2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

November 30, 2024

BlackRock Advantage Large Cap Value Fund

Derivative Financial Instruments Categorized by Risk Exposure

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



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	417,847	$	—	$	—	$	—	$	417,847

^(a)

For the period ended November 30, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	576,192	$	—	$	—	$	—	$	576,192


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	234,602	$	—	$	—	$	—	$	234,602

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	7,330,075

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




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	681,901,108	$	—	$	—	$	681,901,108
Short-Term Securities
Money Market Funds		10,874,224		—		—		10,874,224


	$	692,775,332	$	—	$	—	$	692,775,332


Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	417,847	$	—	$	—	$	417,847

^(a)

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		33

Statements of Assets and Liabilities (unaudited)

November 30, 2024


	BlackRock Advantage International Fund		BlackRock Advantage Large Cap Growth Fund		BlackRock Advantage Small Cap Core Fund		BlackRock Advantage Large Cap Core Fund		BlackRock Advantage Large Cap Value Fund

ASSETS
Investments, at value — unaffiliated^(a)(b)	$	2,202,897,124	$	1,380,415,868	$	4,429,349,856	$	3,117,166,735	$	681,901,108
Investments, at value — affiliated^(c)		65,052,810		12,670,188		148,339,166		28,946,320		10,874,224
Cash		—		—		72,865		236,478		42,311
Cash pledged:
Futures contracts		1,814,000		763,000		3,052,000		1,605,000		376,006
Foreign currency, at value^(d)		306,051		77,398		—		—		—
Receivables:
Investments sold		517,725		111,482		—		211,345		46,865
Securities lending income — affiliated		2		6		28,451		—		275
Capital shares sold		15,409,979		122,628		3,572,032		602,376		264,659
Dividends — unaffiliated		9,444,270		575,403		2,009,686		2,412,113		916,423
Dividends — affiliated		282,272		50,916		169,989		114,941		25,169
From the Manager		84,481		47,621		75,382		75,501		9,547
Variation margin on futures contracts		626,897		122,627		204,353		198,045		46,660
Foreign withholding tax claims		232,529		—		—		—		—
Prepaid expenses		119,370		70,714		97,857		69,765		126,048


Total assets		2,296,787,510		1,395,027,851		4,586,971,637		3,151,638,619		694,629,295


LIABILITIES
Collateral on securities loaned		100		184,500		109,584,185		—		4,105,347
Payables:
Administration fees		69,784		45,406		130,500		96,231		23,214
Capital shares redeemed		1,294,975		225,475		4,014,283		1,648,138		434,651
Custodian fees		173,981		22,231		76,017		6,787		—
Investment advisory fees		670,810		569,659		1,402,875		951,020		220,556
Directors’ and Officer’s fees		2,419		2,851		5,360		4,577		1,856
Other accrued expenses		117,171		52,365		104,068		82,215		51,852
Other affiliate fees		36,025		89,038		19,931		116,314		495
Professional fees		43,152		27,325		9,303		7,616		—
Registration fees		—		—		200,033		—		—
Service and distribution fees		79,418		154,372		139,275		387,514		101,631
Transfer agent fees		545,370		187,477		621,129		856,558		145,620


Total liabilities		3,033,205		1,560,699		116,306,959		4,156,970		5,085,222


Commitments and contingent liabilities

NET ASSETS	$	2,293,754,305	$	1,393,467,152	$	4,470,664,678	$	3,147,481,649	$	689,544,073


NET ASSETS CONSIST OF:
Paid-in capital	$	2,051,128,851	$	698,971,729	$	3,781,782,274	$	1,831,821,684	$	524,049,146
Accumulated earnings		242,625,454		694,495,423		688,882,404		1,315,659,965		165,494,927


NET ASSETS	$	2,293,754,305	$	1,393,467,152	$	4,470,664,678	$	3,147,481,649	$	689,544,073


^(a)Investments, at cost — unaffiliated	$	1,968,864,010	$	854,399,614	$	3,681,768,838	$	2,001,283,532	$	561,618,533
^(b)Securities loaned, at value	$	80	$	167,280	$	106,497,402	$	—	$	4,100,317
^(c)Investments, at cost — affiliated	$	65,052,810	$	12,670,188	$	148,319,732	$	28,946,320	$	10,874,634
^(d)Foreign currency, at cost	$	304,231	$	84,978	$	—	$	—	$	—


34		2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Statements of Assets and Liabilities (unaudited) (continued)

November 30, 2024


	BlackRock Advantage International Fund		BlackRock Advantage Large Cap Growth Fund		BlackRock Advantage Small Cap Core Fund		BlackRock Advantage Large Cap Core Fund		BlackRock Advantage Large Cap Value Fund

NET ASSET VALUE
Institutional
Net assets	$	1,700,161,028	$	727,259,208	$	2,478,383,540	$	1,329,372,491	$	226,061,207


Shares outstanding		87,835,049		25,637,879		123,747,087		55,496,129		6,577,108


Net asset value	$	19.36	$	28.37	$	20.03	$	23.95	$	34.37


Shares authorized		Unlimited		Unlimited		Unlimited		400 million		400 million


Par value	$	0.001	$	0.001	$	0.001	$	0.10	$	0.10

Investor A
Net assets	$	266,127,719	$	622,712,244	$	634,940,784	$	1,700,918,908	$	427,976,032


Shares outstanding		13,934,866		23,501,778		31,946,017		75,582,404		12,866,332


Net asset value	$	19.10	$	26.50	$	19.88	$	22.50	$	33.26


Shares authorized		Unlimited		Unlimited		Unlimited		300 million		400 million


Par value	$	0.001	$	0.001	$	0.001	$	0.10	$	0.10

Investor C
Net assets	$	14,467,030	$	33,944,820	$	13,944,144	$	50,664,981	$	15,132,473


Shares outstanding		784,477		1,651,755		728,515		2,917,962		508,071


Net asset value	$	18.44	$	20.55	$	19.14	$	17.36	$	29.78


Shares authorized		Unlimited		Unlimited		Unlimited		400 million		400 million


Par value	$	0.001	$	0.001	$	0.001	$	0.10	$	0.10

Class K
Net assets	$	278,462,081	$	7,890,483	$	1,343,396,210	$	49,297,077	$	12,273,172


Shares outstanding		14,382,383		278,089		67,010,303		2,057,004		357,004


Net asset value	$	19.36	$	28.37	$	20.05	$	23.97	$	34.38


Shares authorized		Unlimited		Unlimited		Unlimited		2 billion		2 billion


Par value	$	0.001	$	0.001	$	0.001	$	0.10	$	0.10

Class R
Net assets	$	34,536,447	$	1,660,397	$	N/A	$	17,228,192	$	8,101,189


Shares outstanding		1,812,192		59,370		N/A		857,855		258,568


Net asset value	$	19.06	$	27.97	$	N/A	$	20.08	$	31.33


Shares authorized		Unlimited		Unlimited		N/A		200 million		200 million


Par value	$	0.001	$	0.001	$	N/A	$	0.10	$	0.10

See notes to financial statements.


S T A T E M E N T S O F A S S E T S A N D L I A B I L I T I E S		35

Statements of Operations (unaudited)

Six Months Ended November 30, 2024


	BlackRock Advantage International Fund			BlackRock Advantage Large Cap Growth Fund			BlackRock Advantage Small Cap Core Fund

INVESTMENT INCOME
Dividends — unaffiliated	$	20,555,457		$	4,185,441		$	25,197,934
Dividends — affiliated		1,242,982			317,738			1,047,808
Securities lending income — affiliated — net		1,318			4,161			235,841
Other income		9,394			—			—
Foreign taxes withheld		(1,352,333	)		(261	)		(12,688	)
Foreign withholding tax claims		356,985			—			—


Total investment income		20,813,803			4,507,079			26,468,895


EXPENSES
Investment advisory		4,220,267			3,689,145			8,140,409
Transfer agent — class specific		1,031,747			722,377			1,090,564
Service and distribution — class specific		492,631			895,986			669,207
Administration		381,546			264,547			712,174
Administration — class specific		193,443			131,070			382,214
Custodian		178,898			20,448			57,775
Accounting services		71,133			54,029			122,551
Professional		66,204			20,431			36,185
Registration		59,611			41,151			36,183
Printing and postage		23,253			20,990			24,755
Directors and Officer		9,758			8,064			16,573
Miscellaneous		1,941			13,246			34,564


Total expenses excluding interest expense		6,730,432			5,881,484			11,323,154
Interest expense		116			65			—


Total expenses		6,730,548			5,881,549			11,323,154


Less:
Administration fees waived by the Manager — class specific		(193,443	)		(131,070	)		(382,214	)
Fees waived and/or reimbursed by the Manager		(614,997	)		(396,802	)		(575,622	)
Transfer agent fees waived and/or reimbursed by the Manager — class specific		(611,145	)		(395,338	)		(431,639	)


Total expenses after fees waived and/or reimbursed		5,310,963			4,958,339			9,933,679


Net investment income (loss)		15,502,840			(451,260	)		16,535,216


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		54,064,563			174,845,449			185,001,542
Investments — affiliated		432			753			6,959
Futures contracts		(1,941,338	)		1,358,930			5,831,455
Foreign currency transactions		(595,203	)		—			—


	$	51,528,454		$	176,205,132		$	190,839,956

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(60,247,862	)		32,715,071			376,020,868
Investments — affiliated		—			—			19,434
Futures contracts		712,518			41,976			(116,656	)
Foreign currency translations		(86,896	)		(2,072	)		—


		(59,622,240	)		32,754,975			375,923,646


Net realized and unrealized gain (loss)		(8,093,786	)		208,960,107			566,763,602


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	7,409,054		$	208,508,847		$	583,298,818

See notes to financial statements.


36		2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Statements of Operations (unaudited) (continued)

Six Months Ended November 30, 2024


	BlackRock Advantage Large Cap Core Fund			BlackRock Advantage Large Cap Value Fund

INVESTMENT INCOME
Dividends — unaffiliated	$	17,384,009		$	6,304,274
Dividends — affiliated		701,013			152,625
Securities lending income — affiliated — net		2,840			1,527


Total investment income		18,087,862			6,458,426


EXPENSES
Investment advisory		6,420,661			1,582,305
Service and distribution — class specific		2,307,910			597,531
Transfer agent — class specific		1,555,831			293,147
Administration		566,490			135,435
Administration — class specific		298,711			64,588
Accounting services		99,654			35,907
Registration		51,485			43,043
Professional		38,593			37,483
Custodian		32,799			21,940
Printing and postage		25,854			20,347
Directors and Officer		13,656			5,425
Miscellaneous		8,080			7,904


Total expenses		11,419,724			2,845,055


Less:
Administration fees waived by the Manager — class specific		(298,711	)		(64,588	)
Fees waived and/or reimbursed by the Manager		(835,459	)		(307,321	)
Transfer agent fees waived and/or reimbursed — class specific		(818,188	)		(133,634	)


Total expenses after fees waived and/or reimbursed		9,467,366			2,339,512


Net investment income		8,620,496			4,118,914


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		222,521,367			44,514,675
Investments — affiliated		(4,579	)		485
Futures contracts		2,512,887			576,192


	$	225,029,675		$	45,091,352

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		193,098,120			36,008,374
Investments — affiliated		180			(410	)
Futures contracts		1,106,796			234,602


		194,205,096			36,242,566


Net realized and unrealized gain		419,234,771			81,333,918


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	427,855,267		$	85,452,832

See notes to financial statements.


S T A T E M E N T S O F O P E R A T I O N S		37

Statements of Changes in Net Assets


	BlackRock Advantage International Fund						BlackRock Advantage Large Cap Growth Fund

	Six Months Ended 11/30/24 (unaudited)			Year Ended 05/31/24			Six Months Ended 11/30/24 (unaudited)			Year Ended 05/31/24

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income (loss)	$	15,502,840		$	38,108,647		$	(451,260	)	$	949,147
Net realized gain		51,528,454			65,371,744			176,205,132			132,674,713
Net change in unrealized appreciation (depreciation)		(59,622,240	)		174,630,396			32,754,975			180,428,268


Net increase in net assets resulting from operations		7,409,054			278,110,787			208,508,847			314,052,128


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Institutional		(21,567,625	)		(24,298,025	)		(50,376,401	)		(5,262,541	)
Investor A		(4,474,560	)		(6,057,012	)		(46,202,144	)		(3,948,921	)
Investor C		(214,742	)		(149,273	)		(3,115,817	)		(262,948	)
Class K		(4,356,665	)		(6,005,547	)		(545,306	)		(47,549	)
Class R		(574,013	)		(612,167	)		(126,212	)		(4,973	)


Decrease in net assets resulting from distributions to shareholders		(31,187,605	)		(37,122,024	)		(100,365,880	)		(9,526,932	)


CAPITAL SHARE TRANSACTIONS

Net increase (decrease) in net assets derived from capital share transactions		570,146,872			288,550,165			58,663,279			(30,979,579	)


NET ASSETS
Total increase in net assets		546,368,321			529,538,928			166,806,246			273,545,617
Beginning of period		1,747,385,984			1,217,847,056			1,226,660,906			953,115,289


End of period	$	2,293,754,305		$	1,747,385,984		$	1,393,467,152		$	1,226,660,906

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


38		2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Statements of Changes in Net Assets (continued)


	BlackRock Advantage Small Cap Core Fund						BlackRock Advantage Large Cap Core Fund

	Six Months Ended 11/30/24 (unaudited)			Year Ended 05/31/24			Six Months Ended 11/30/24 (unaudited)			Year Ended 05/31/24

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	16,535,216		$	29,437,447		$	8,620,496		$	23,908,759
Net realized gain		190,839,956			121,265,322			225,029,675			328,751,562
Net change in unrealized appreciation (depreciation)		375,923,646			624,106,586			194,205,096			410,087,805


Net increase in net assets resulting from operations		583,298,818			774,809,355			427,855,267			762,748,126


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Institutional		(3,942,795	)		(22,210,384	)		(93,199,413	)		(14,370,753	)
Investor A		(384,033	)		(2,752,160	)		(125,940,980	)		(11,658,748	)
Investor C		—			(22,398	)		(4,577,483	)		(186,649	)
Class K		(2,425,345	)		(10,886,458	)		(3,265,062	)		(323,379	)
Class R		—			—			(1,388,542	)		(100,028	)


Decrease in net assets resulting from distributions to shareholders		(6,752,173	)		(35,871,400	)		(228,371,480	)		(26,639,557	)


CAPITAL SHARE TRANSACTIONS

Net increase (decrease) in net assets derived from capital share transactions		379,320,493			(666,316,198	)		100,774,867			(714,144,215	)


NET ASSETS
Total increase in net assets		955,867,138			72,621,757			300,258,654			21,964,354
Beginning of period		3,514,797,540			3,442,175,783			2,847,222,995			2,825,258,641


End of period	$	4,470,664,678		$	3,514,797,540		$	3,147,481,649		$	2,847,222,995

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S		39

Statements of Changes in Net Assets (continued)


	BlackRock Advantage Large Cap Value Fund

	Six Months Ended 11/30/24 (unaudited)			Year Ended 05/31/24

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	4,118,914		$	9,006,911
Net realized gain		45,091,352			62,624,250
Net change in unrealized appreciation (depreciation)		36,242,566			58,748,318


Net increase in net assets resulting from operations		85,452,832			130,379,479


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Institutional		(14,372,518	)		(5,038,560	)
Investor A		(29,492,210	)		(10,006,852	)
Investor C		(1,115,347	)		(338,418	)
Class K		(877,122	)		(421,604	)
Class R		(600,587	)		(185,940	)


Decrease in net assets resulting from distributions to shareholders		(46,457,784	)		(15,991,374	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		29,047,730			(35,263,026	)


NET ASSETS
Total increase in net assets		68,042,778			79,125,079
Beginning of period		621,501,295			542,376,216


End of period	$	689,544,073		$	621,501,295

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


40		2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Financial Highlights

(For a share outstanding throughout each period)


	BlackRock Advantage International Fund

	Institutional

	Six Months Ended 11/30/24 (unaudited)			Year Ended 05/31/24			Year Ended 05/31/23			Year Ended 05/31/22			Year Ended 05/31/21			Period from 10/01/19 to 05/31/20			Year Ended 09/30/19

Net asset value, beginning of period	$	19.59		$	16.73		$	16.48		$	19.89		$	14.52		$	16.12		$	16.97


Net investment income^(a)		0.16			0.49			0.48			0.46			0.38			0.22			0.44
Net realized and unrealized gain (loss)		(0.04	)		2.86			0.29			(2.28	)		5.30			(1.37	)		(0.90	)


Net increase (decrease) from investment operations		0.12			3.35			0.77			(1.82	)		5.68			(1.15	)		(0.46	)


Distributions^(b)
From net investment income		(0.35	)		(0.49	)		(0.52	)		(0.62	)		(0.31	)		(0.45	)		(0.39	)
From net realized gain		—			—			—			(0.97	)		—			—			—


Total distributions		(0.35	)		(0.49	)		(0.52	)		(1.59	)		(0.31	)		(0.45	)		(0.39	)


Net asset value, end of period	$	19.36		$	19.59		$	16.73		$	16.48		$	19.89		$	14.52		$	16.12


Total Return^(c)
Based on net asset value		0.60	%^(d)		20.40	%		5.10	%		(9.93	)%		39.57	%		(7.45	)%^(d)		(2.52	)%


Ratios to Average Net Assets^(e)
Total expenses		0.65	%^(f)		0.70	%		0.68	%		0.73	%		0.78	%		0.82	%^(f)		0.88	%


Total expenses after fees waived and/or reimbursed		0.50	%^(f)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%^(f)		0.59	%


Net investment income		1.65	%^(f)		2.73	%		3.08	%		2.51	%		2.21	%		2.17	%^(f)		2.78	%


Supplemental Data
Net assets, end of period (000)	$	1,700,161		$	1,183,511		$	771,698		$	710,116		$	616,649		$	477,944		$	446,831


Portfolio turnover rate		56	%		128	%		128	%		132	%		247	%		131	%		140	%

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, assumes the reinvestment of distributions.

^(d)	Not annualized.

^(e)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)	Annualized.

See notes to financial statements.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)



	BlackRock Advantage International Fund (continued)
	Investor A

	Six Months Ended 11/30/24 (unaudited)			Year Ended 05/31/24			Year Ended 05/31/23			Year Ended 05/31/22			Year Ended 05/31/21			Period from 10/01/19 to 05/31/20			Year Ended 09/30/19

Net asset value, beginning of period	$	19.34		$	16.52		$	16.28		$	19.65		$	14.35		$	15.93		$	16.78


Net investment income^(a)		0.13			0.42			0.44			0.35			0.33			0.19			0.40
Net realized and unrealized gain (loss)		(0.04	)		2.85			0.28			(2.19	)		5.24			(1.35	)		(0.90	)


Net increase (decrease) from investment operations		0.09			3.27			0.72			(1.84	)		5.57			(1.16	)		(0.50	)


Distributions^(b)
From net investment income		(0.33	)		(0.45	)		(0.48	)		(0.56	)		(0.27	)		(0.42	)		(0.35	)
From net realized gain		—			—			—			(0.97	)		—			—			—


Total distributions		(0.33	)		(0.45	)		(0.48	)		(1.53	)		(0.27	)		(0.42	)		(0.35	)


Net asset value, end of period	$	19.10		$	19.34		$	16.52		$	16.28		$	19.65		$	14.35		$	15.93


Total Return^(c)
Based on net asset value		0.46	%^(d)		20.11	%		4.82	%		(10.13	)%		39.21	%		(7.61	)%^(d)		(2.77	)%


Ratios to Average Net Assets^(e)
Total expenses		0.90	%^(f)		0.92	%		1.00	%		1.02	%		1.05	%		1.08	%^(f)		1.16	%


Total expenses after fees waived and/or reimbursed		0.75	%^(f)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%^(f)		0.84	%


Net investment income		1.36	%^(f)		2.38	%		2.82	%		1.93	%		1.95	%		1.85	%^(f)		2.56	%


Supplemental Data
Net assets, end of period (000)	$	266,128		$	264,866		$	230,879		$	240,255		$	456,083		$	366,411		$	404,739


Portfolio turnover rate		56	%		128	%		128	%		132	%		247	%		131	%		140	%

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(d)	Not annualized.

^(e)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)	Annualized.

See notes to financial statements.


42		2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage International Fund (continued)

	Investor C

	Six Months Ended 11/30/24 (unaudited)				Year Ended 05/31/24			Year Ended 05/31/23			Year Ended 05/31/22			Year Ended 05/31/21			Period from 10/01/19 to 05/31/20			Year Ended 09/30/19

Net asset value, beginning of period		$	18.70		$	16.03		$	15.81		$	19.12		$	13.95		$	15.43		$	16.11


Net investment income^(a)			0.06			0.36			0.32			0.22			0.16			0.10			0.23
Net realized and unrealized gain (loss)			(0.04	)		2.67			0.27			(2.15	)		5.14			(1.31	)		(0.80	)


Net increase (decrease) from investment operations			0.02			3.03			0.59			(1.93	)		5.30			(1.21	)		(0.57	)


Distributions^(b)
From net investment income			(0.28	)		(0.36	)		(0.37	)		(0.41	)		(0.13	)		(0.27	)		(0.11	)
From net realized gain			—			—			—			(0.97	)		—			—			—


Total distributions			(0.28	)		(0.36	)		(0.37	)		(1.38	)		(0.13	)		(0.27	)		(0.11	)


Net asset value, end of period		$	18.44		$	18.70		$	16.03		$	15.81		$	19.12		$	13.95		$	15.43


Total Return^(c)
Based on net asset value			0.08	%^(d)		19.21	%		4.04	%		(10.83	)%		38.21	%		(8.05	)%^(d)		(3.51	)%


Ratios to Average Net Assets^(e)
Total expenses			2.00	%^(f)		1.73	%		1.78	%		1.83	%		1.88	%		1.84	%^(f)		1.88	%


Total expenses after fees waived and/or reimbursed			1.50	%^(f)		1.50	%		1.50	%		1.50	%		1.50	%		1.50	%^(f)		1.59	%


Net investment income			0.61	%^(f)		2.09	%		2.10	%		1.27	%		0.98	%		1.04	%^(f)		1.52	%


Supplemental Data
Net assets, end of period (000)		$	14,467		$	14,765		$	2,598		$	2,356		$	3,664		$	6,193		$	9,448


Portfolio turnover rate			56	%		128	%		128	%		132	%		247	%		131	%		140	%

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(d)	Not annualized.

^(e)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)	Annualized.

See notes to financial statements.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage International Fund (continued)

	Class K

	Six Months Ended 11/30/24 (unaudited)			Year Ended 05/31/24			Year Ended 05/31/23			Year Ended 05/31/22			Year Ended 05/31/21			Period from 10/01/19 to 05/31/20			Year Ended 09/30/19

Net asset value, beginning of period	$	19.59		$	16.73		$	16.48		$	19.89		$	14.52		$	16.12		$	16.98


Net investment income^(a)		0.16			0.48			0.52			0.46			0.46			0.23			0.56
Net realized and unrealized gain (loss)		(0.04	)		2.88			0.26			(2.28	)		5.23			(1.37	)		(1.03	)


Net increase (decrease) from investment operations		0.12			3.36			0.78			(1.82	)		5.69			(1.14	)		(0.47	)


Distributions^(b)
From net investment income		(0.35	)		(0.50	)		(0.53	)		(0.62	)		(0.32	)		(0.46	)		(0.39	)
From net realized gain		—			—			—			(0.97	)		—			—			—


Total distributions		(0.35	)		(0.50	)		(0.53	)		(1.59	)		(0.32	)		(0.46	)		(0.39	)


Net asset value, end of period	$	19.36		$	19.59		$	16.73		$	16.48		$	19.89		$	14.52		$	16.12


Total Return^(c)
Based on net asset value		0.62	%^(d)		20.45	%		5.16	%		(9.89	)%		39.64	%		(7.40	)%^(d)		(2.53	)%


Ratios to Average Net Assets^(e)
Total expenses		0.54	%^(f)		0.56	%		0.57	%		0.61	%		0.63	%		0.65	%^(f)		0.75	%


Total expenses after fees waived and/or reimbursed		0.45	%^(f)		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%^(f)		0.54	%


Net investment income		1.68	%^(f)		2.71	%		3.28	%		2.55	%		2.65	%		2.20	%^(f)		3.59	%


Supplemental Data
Net assets, end of period (000)	$	278,462		$	249,178		$	193,748		$	103,329		$	103,454		$	43,073		$	43,721


Portfolio turnover rate		56	%		128	%		128	%		132	%		247	%		131	%		140	%

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, assumes the reinvestment of distributions.

^(d)	Not annualized.

^(e)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)	Annualized.

See notes to financial statements.


44		2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage International Fund (continued)

	Class R

	Six Months Ended 11/30/24 (unaudited)				Year Ended 05/31/24			Year Ended 05/31/23			Year Ended 05/31/22			Year Ended 05/31/21			Period from 10/01/19 to 05/31/20			Year Ended 09/30/19

Net asset value, beginning of period		$	19.30		$	16.53		$	16.29		$	19.68		$	14.36		$	15.91		$	16.74


Net investment income^(a)			0.11			0.40			0.45			0.33			0.28			0.15			0.34
Net realized and unrealized gain (loss)			(0.04	)		2.82			0.23			(2.23	)		5.26			(1.34	)		(0.88	)


Net increase (decrease) from investment operations			0.07			3.22			0.68			(1.90	)		5.54			(1.19	)		(0.54	)


Distributions^(b)
From net investment income			(0.31	)		(0.45	)		(0.44	)		(0.52	)		(0.22	)		(0.36	)		(0.29	)
From net realized gain			—			—			—			(0.97	)		—			—			—


Total distributions			(0.31	)		(0.45	)		(0.44	)		(1.49	)		(0.22	)		(0.36	)		(0.29	)


Net asset value, end of period		$	19.06		$	19.30		$	16.53		$	16.29		$	19.68		$	14.36		$	15.91


Total Return^(c)
Based on net asset value			0.37	%^(d)		19.81	%		4.54	%		(10.42	)%		38.91	%		(7.75	)%^(d)		(3.04	)%


Ratios to Average Net Assets^(e)
Total expenses			1.51	%^(f)		1.32	%		1.33	%		1.35	%		1.36	%		1.37	%^(f)		1.44	%


Total expenses after fees waived and/or reimbursed			1.00	%^(f)		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%^(f)		1.09	%


Net investment income			1.11	%^(f)		2.26	%		2.75	%		1.81	%		1.67	%		1.47	%^(f)		2.20	%


Supplemental Data
Net assets, end of period (000)		$	34,536		$	35,066		$	18,925		$	2,753		$	3,416		$	3,310		$	5,244


Portfolio turnover rate			56	%		128	%		128	%		132	%		247	%		131	%		140	%

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, assumes the reinvestment of distributions.

^(d)	Not annualized.

^(e)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)	Annualized.

See notes to financial statements.


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

Financial Highlights

(For a share outstanding throughout each period)


	BlackRock Advantage Large Cap Growth Fund

	Institutional

	Six Months Ended 11/30/24 (unaudited)			Year Ended 05/31/24			Year Ended 05/31/23			Year Ended 05/31/22			Year Ended 05/31/21			Period from 10/01/19 to 05/31/20			Year Ended 09/30/19

Net asset value, beginning of period	$	26.17		$	19.76		$	18.77		$	23.33		$	18.23		$	16.49		$	17.89


Net investment income^(a)		0.01			0.05			0.09			0.03			0.04			0.07			0.13
Net realized and unrealized gain (loss)		4.30			6.58			0.96			(1.25	)		6.59			2.40			(0.22	)


Net increase (decrease) from investment operations		4.31			6.63			1.05			(1.22	)		6.63			2.47			(0.09	)


Distributions^(b)
From net investment income		(0.01	)		(0.06	)		(0.06	)		—			(0.07	)		(0.14	)		(0.13	)
From net realized gain		(2.10	)		(0.16	)		—			(3.34	)		(1.46	)		(0.59	)		(1.18	)


Total distributions		(2.11	)		(0.22	)		(0.06	)		(3.34	)		(1.53	)		(0.73	)		(1.31	)


Net asset value, end of period	$	28.37		$	26.17		$	19.76		$	18.77		$	23.33		$	18.23		$	16.49


Total Return^(c)
Based on net asset value		17.30	%^(d)		33.74	%^(e)		5.62	%		(7.80	)%		37.54	%		15.34	%^(d)		0.41	%


Ratios to Average Net Assets^(f)
Total expenses		0.76	%^(g)		0.80	%		0.75	%		0.75	%		0.83	%		0.86	%^(g)		0.87	%


Total expenses after fees waived and/or reimbursed		0.62	%^(g)		0.62	%		0.61	%		0.61	%		0.62	%		0.62	%^(g)		0.62	%


Net investment income		0.07	%^(g)		0.22	%		0.50	%		0.15	%		0.21	%		0.65	%^(g)		0.82	%


Supplemental Data
Net assets, end of period (000)	$	727,259		$	639,878		$	499,742		$	432,076		$	125,061		$	89,737		$	79,564


Portfolio turnover rate		79	%		128	%		130	%		130	%		134	%		70	%		154	%

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, assumes the reinvestment of distributions.

^(d)	Not annualized.

^(e)	Includes a payment received from an affiliate, which had no impact on the Fund’s total return.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

See notes to financial statements.


46		2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage Large Cap Growth Fund (continued)

	Investor A

	Six Months Ended 11/30/24 (unaudited)			Year Ended 05/31/24			Year Ended 05/31/23			Year Ended 05/31/22			Year Ended 05/31/21			Period from 10/01/19 to 05/31/20			Year Ended 09/30/19

Net asset value, beginning of period	$	24.58		$	18.57		$	17.67		$	22.13		$	17.35		$	15.71		$	17.11


Net investment income (loss)^(a)		(0.02	)		(0.01	)		0.04			(0.03	)		(0.01	)		0.04			0.09
Net realized and unrealized gain (loss)		4.03			6.19			0.89			(1.16	)		6.27			2.28			(0.22	)


Net increase (decrease) from investment operations		4.01			6.18			0.93			(1.19	)		6.26			2.32			(0.13	)


Distributions^(b)
From net investment income		—			(0.01	)		(0.03	)		—			(0.02	)		(0.09	)		(0.09	)
From net realized gain		(2.09	)		(0.16	)		—			(3.27	)		(1.46	)		(0.59	)		(1.18	)


Total distributions		(2.09	)		(0.17	)		(0.03	)		(3.27	)		(1.48	)		(0.68	)		(1.27	)


Net asset value, end of period	$	26.50		$	24.58		$	18.57		$	17.67		$	22.13		$	17.35		$	15.71


Total Return^(c)
Based on net asset value		17.16	%^(d)		33.45	%^(e)		5.28	%		(8.05	)%		37.28	%		15.16	%^(d)		0.15	%


Ratios to Average Net Assets^(f)
Total expenses		1.00	%^(g)		1.01	%		1.06	%		1.07	%		1.08	%		1.12	%^(g)		1.12	%


Total expenses after fees waived and/or reimbursed		0.87	%^(g)		0.87	%		0.87	%		0.87	%		0.87	%		0.87	%^(g)		0.87	%


Net investment income (loss)		(0.18	)%^(g)		(0.03	)%		0.24	%		(0.16	)%		(0.04	)%		0.40	%^(g)		0.57	%


Supplemental Data
Net assets, end of period (000)	$	622,712		$	548,827		$	441,983		$	452,791		$	909,344		$	713,162		$	699,247


Portfolio turnover rate		79	%		128	%		130	%		130	%		134	%		70	%		154	%

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(d)	Not annualized.

^(e)	Includes a payment received from an affiliate, which had no impact on the Fund’s total return.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

See notes to financial statements.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage Large Cap Growth Fund (continued)

	Investor C

	Six Months Ended 11/30/24 (unaudited)				Year Ended 05/31/24			Year Ended 05/31/23			Year Ended 05/31/22			Year Ended 05/31/21			Period from 10/01/19 to 05/31/20			Year Ended 09/30/19

Net asset value, beginning of period		$	19.52		$	14.88		$	14.24		$	18.42		$	14.67		$	13.35		$	14.55


Net investment loss^(a)			(0.09	)		(0.14	)		(0.07	)		(0.16	)		(0.13	)		(0.03	)		(0.03	)
Net realized and unrealized gain (loss)			3.15			4.94			0.71			(0.87	)		5.27			1.93			(0.17	)


Net increase (decrease) from investment operations			3.06			4.80			0.64			(1.03	)		5.14			1.90			(0.20	)


Distributions from net realized gain^(b)			(2.03	)		(0.16	)		—			(3.15	)		(1.39	)		(0.58	)		(1.00	)


Net asset value, end of period		$	20.55		$	19.52		$	14.88		$	14.24		$	18.42		$	14.67		$	13.35


Total Return^(c)
Based on net asset value			16.70	%^(d)		32.46	%^(e)		4.50	%		(8.74	)%		36.25	%		14.56	%^(d)		(0.59	)%


Ratios to Average Net Assets^(f)
Total expenses			2.00	%^(g)		1.83	%		1.87	%		1.83	%		1.84	%		1.83	%^(g)		1.85	%


Total expenses after fees waived and/or reimbursed			1.62	%^(g)		1.62	%		1.62	%		1.62	%		1.62	%		1.62	%^(g)		1.62	%


Net investment loss			(0.93	)%^(g)		(0.79	)%		(0.51	)%		(0.89	)%		(0.78	)%		(0.35	)%^(g)		(0.22	)%


Supplemental Data
Net assets, end of period (000)		$	33,945		$	30,540		$	8,372		$	10,162		$	12,989		$	14,728		$	15,277


Portfolio turnover rate			79	%		128	%		130	%		130	%		134	%		70	%		154	%

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(d)	Not annualized.

^(e)	Includes a payment received from an affiliate, which had no impact on the Fund’s total return.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

See notes to financial statements.


48		2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage Large Cap Growth Fund (continued)

	Class K

	Six Months Ended 11/30/24 (unaudited)			Year Ended 05/31/24			Year Ended 05/31/23			Year Ended 05/31/22			Year Ended 05/31/21			Period from 10/01/19 to 05/31/20			Year Ended 09/30/19

Net asset value, beginning of period	$	26.17		$	19.76		$	18.77		$	23.33		$	18.23		$	16.49		$	17.89


Net investment income^(a)		0.02			0.06			0.10			0.04			0.05			0.08			0.14
Net realized and unrealized gain (loss)		4.30			6.58			0.95			(1.25	)		6.59			2.40			(0.23	)


Net increase (decrease) from investment operations		4.32			6.64			1.05			(1.21	)		6.64			2.48			(0.09	)


Distributions^(b)
From net investment income		(0.02	)		(0.07	)		(0.06	)		—			(0.08	)		(0.15	)		(0.13	)
From net realized gain		(2.10	)		(0.16	)		—			(3.35	)		(1.46	)		(0.59	)		(1.18	)


Total distributions		(2.12	)		(0.23	)		(0.06	)		(3.35	)		(1.54	)		(0.74	)		(1.31	)


Net asset value, end of period	$	28.37		$	26.17		$	19.76		$	18.77		$	23.33		$	18.23		$	16.49


Total Return^(c)
Based on net asset value		17.32	%^(d)		33.81	%^(e)		5.63	%		(7.76	)%		37.60	%		15.40	%^(d)		0.47	%


Ratios to Average Net Assets^(f)
Total expenses		0.66	%^(g)		0.67	%		0.69	%		0.69	%		0.69	%		0.70	%^(g)		0.71	%


Total expenses after fees waived and/or reimbursed		0.57	%^(g)		0.57	%		0.57	%		0.57	%		0.57	%		0.57	%^(g)		0.57	%


Net investment income		0.11	%^(g)		0.27	%		0.53	%		0.18	%		0.25	%		0.72	%^(g)		0.85	%


Supplemental Data
Net assets, end of period (000)	$	7,890		$	5,855		$	2,489		$	2,177		$	1,152		$	715		$	973


Portfolio turnover rate		79	%		128	%		130	%		130	%		134	%		70	%		154	%

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, assumes the reinvestment of distributions.

^(d)	Not annualized.

^(e)	Includes a payment received from an affiliate, which had no impact on the Fund’s total return.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

See notes to financial statements.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage Large Cap Growth Fund (continued)

	Class R

	Six Months Ended 11/30/24 (unaudited)				Year Ended 05/31/24			Year Ended 05/31/23			Year Ended 05/31/22			Year Ended 05/31/21			Period from 10/01/19 to 05/31/20			Year Ended 09/30/19

Net asset value, beginning of period		$	25.86		$	19.57		$	18.64		$	23.17		$	18.10		$	16.32		$	17.69


Net investment income (loss)^(a)			(0.06	)		(0.06	)		(0.00	)^(b)		(0.09	)		(0.06	)		0.02			0.05
Net realized and unrealized gain (loss)			4.25			6.51			0.94			(1.25	)		6.55			2.38			(0.23	)


Net increase (decrease) from investment operations			4.19			6.45			0.94			(1.34	)		6.49			2.40			(0.18	)


Distributions^(c)
From net investment income			—			—			(0.01	)		—			—			(0.03	)		(0.01	)
From net realized gain			(2.08	)		(0.16	)		—			(3.19	)		(1.42	)		(0.59	)		(1.18	)


Total distributions			(2.08	)		(0.16	)		(0.01	)		(3.19	)		(1.42	)		(0.62	)		(1.19	)


Net asset value, end of period		$	27.97		$	25.86		$	19.57		$	18.64		$	23.17		$	18.10		$	16.32


Total Return^(d)
Based on net asset value			17.00	%^(e)		33.12	%^(f)		5.03	%		(8.28	)%		36.93	%		14.99	%^(e)		(0.15	)%


Ratios to Average Net Assets^(g)
Total expenses			1.40	%^(h)		1.40	%		1.42	%		1.50	%		1.36	%		1.46	%^(h)		1.42	%


Total expenses after fees waived and/or reimbursed			1.12	%^(h)		1.12	%		1.12	%		1.12	%		1.12	%		1.12	%^(h)		1.12	%


Net investment income (loss)			(0.43	)%^(h)		(0.28	)%		(0.03	)%		(0.39	)%		(0.30	)%		0.16	%^(h)		0.33	%


Supplemental Data
Net assets, end of period (000)		$	1,660		$	1,561		$	530		$	349		$	577		$	536		$	867


Portfolio turnover rate			79	%		128	%		130	%		130	%		134	%		70	%		154	%

^(a)	Based on average shares outstanding.

^(b)	Amount is less than $0.005 per share.

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Includes a payment received from an affiliate, which had no impact on the Fund’s total return.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

See notes to financial statements.


50		2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Financial Highlights

(For a share outstanding throughout each period)


	BlackRock Advantage Small Cap Core Fund

	Institutional

	Six Months Ended 11/30/24 (unaudited)				Year Ended 05/31/24			Year Ended 05/31/23			Year Ended 05/31/22			Year Ended 05/31/21			Year Ended 05/31/20

Net asset value, beginning of period		$	17.35		$	14.06		$	15.35		$	20.72		$	13.09		$	13.13


Net investment income^(a)			0.08			0.14			0.14			0.13			0.12			0.14
Net realized and unrealized gain (loss)			2.63			3.31			(1.02	)		(3.28	)		7.97			(0.05	)


Net increase (decrease) from investment operations			2.71			3.45			(0.88	)		(3.15	)		8.09			0.09


Distributions^(b)
From net investment income			(0.03	)		(0.16	)		(0.12	)		(0.14	)		(0.10	)		(0.13	)
From net realized gain			—			—			(0.29	)		(2.08	)		(0.36	)		(0.00	)^(c)


Total distributions			(0.03	)		(0.16	)		(0.41	)		(2.22	)		(0.46	)		(0.13	)


Net asset value, end of period		$	20.03		$	17.35		$	14.06		$	15.35		$	20.72		$	13.09


Total Return^(d)
Based on net asset value			15.67	%^(e)		24.68	%		(5.75	)%		(16.89	)%		62.61	%		0.61	%


Ratios to Average Net Assets^(f)
Total expenses			0.56	%^(g)		0.57	%		0.59	%		0.59	%		0.60	%		0.64	%


Total expenses after fees waived and/or reimbursed			0.50	%^(g)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%


Net investment income			0.88	%^(g)		0.86	%		0.93	%		0.69	%		0.65	%		0.99	%


Supplemental Data
Net assets, end of period (000)		$	2,478,384		$	2,020,581		$	2,152,757		$	2,501,959		$	2,802,145		$	847,753


Portfolio turnover rate			44	%		75	%		93	%		81	%		63	%		101	%

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Amount is greater than $(0.005) per share.

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

See notes to financial statements.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage Small Cap Core Fund (continued)

	Investor A

	Six Months Ended 11/30/24 (unaudited)				Year Ended 05/31/24			Year Ended 05/31/23			Year Ended 05/31/22			Year Ended 05/31/21			Year Ended 05/31/20

Net asset value, beginning of period		$	17.23		$	13.96		$	15.24		$	20.58		$	13.02		$	13.05


Net investment income^(a)			0.06			0.09			0.10			0.08			0.08			0.10
Net realized and unrealized gain (loss)			2.61			3.30			(1.01	)		(3.25	)		7.91			(0.03	)


Net increase (decrease) from investment operations			2.67			3.39			(0.91	)		(3.17	)		7.99			0.07


Distributions^(b)
From net investment income			(0.02	)		(0.12	)		(0.08	)		(0.09	)		(0.07	)		(0.10	)
From net realized gain			—			—			(0.29	)		(2.08	)		(0.36	)		(0.00	)^(c)


Total distributions			(0.02	)		(0.12	)		(0.37	)		(2.17	)		(0.43	)		(0.10	)


Net asset value, end of period		$	19.88		$	17.23		$	13.96		$	15.24		$	20.58		$	13.02


Total Return^(d)
Based on net asset value			15.49	%^(e)		24.42	%		(5.98	)%		(17.08	)%		62.05	%		0.45	%


Ratios to Average Net Assets^(f)
Total expenses			0.90	%^(g)		0.93	%		0.93	%		0.92	%		0.95	%		1.01	%


Total expenses after fees waived and/or reimbursed			0.75	%^(g)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%


Net investment income			0.62	%^(g)		0.59	%		0.67	%		0.44	%		0.45	%		0.75	%


Supplemental Data
Net assets, end of period (000)		$	634,941		$	382,878		$	315,694		$	358,594		$	530,664		$	277,926


Portfolio turnover rate			44	%		75	%		93	%		81	%		63	%		101	%

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Amount is greater than $(0.005) per share.

^(d)	Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

See notes to financial statements.


52		2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage Small Cap Core Fund (continued)

	Investor C

	Six Months Ended 11/30/24 (unaudited)				Year Ended 05/31/24			Year Ended 05/31/23			Year Ended 05/31/22			Year Ended 05/31/21			Year Ended 05/31/20

Net asset value, beginning of period		$	16.64		$	13.50		$	14.80		$	20.08		$	12.74		$	12.80


Net investment income (loss)^(a)			(0.01	)		(0.03	)		(0.01	)		(0.05	)		(0.05	)		0.00	^(b)
Net realized and unrealized gain (loss)			2.51			3.20			(0.98	)		(3.18	)		7.74			(0.04	)


Net increase (decrease) from investment operations			2.50			3.17			(0.99	)		(3.23	)		7.69			(0.04	)


Distributions^(c)
From net investment income			—			(0.03	)		(0.02	)		—			—			(0.02	)
From net realized gain			—			—			(0.29	)		(2.05	)		(0.35	)		(0.00	)^(d)


Total distributions			—			(0.03	)		(0.31	)		(2.05	)		(0.35	)		(0.02	)


Net asset value, end of period		$	19.14		$	16.64		$	13.50		$	14.80		$	20.08		$	12.74


Total Return^(e)
Based on net asset value			15.02	%^(f)		23.55	%		(6.70	)%		(17.74	)%		60.90	%		(0.33	)%


Ratios to Average Net Assets^(g)
Total expenses			1.65	%^(h)		1.71	%		1.69	%		1.64	%		1.70	%		1.71	%


Total expenses after fees waived and/or reimbursed			1.50	%^(h)		1.50	%		1.50	%		1.50	%		1.50	%		1.50	%


Net investment income (loss)			(0.11	)%^(h)		(0.18	)%		(0.07	)%		(0.30	)%		(0.32	)%		0.01	%


Supplemental Data
Net assets, end of period (000)		$	13,944		$	11,679		$	9,276		$	10,969		$	12,880		$	4,955


Portfolio turnover rate			44	%		75	%		93	%		81	%		63	%		101	%

^(a)	Based on average shares outstanding.

^(b)	Amount is less than $0.005 per share.

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	Amount is greater than $(0.005) per share.

^(e)	Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

See notes to financial statements.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage Small Cap Core Fund (continued)

	Class K

	Six Months Ended 11/30/24 (unaudited)				Year Ended 05/31/24			Year Ended 05/31/23			Year Ended 05/31/22			Year Ended 05/31/21			Year Ended 05/31/20

Net asset value, beginning of period		$	17.37		$	14.07		$	15.36		$	20.73		$	13.10		$	13.13


Net investment income^(a)			0.09			0.14			0.14			0.13			0.13			0.14
Net realized and unrealized gain (loss)			2.63			3.33			(1.02	)		(3.27	)		7.97			(0.03	)


Net increase (decrease) from investment operations			2.72			3.47			(0.88	)		(3.14	)		8.10			0.11


Distributions^(b)
From net investment income			(0.04	)		(0.17	)		(0.12	)		(0.15	)		(0.11	)		(0.14	)
From net realized gain			—			—			(0.29	)		(2.08	)		(0.36	)		(0.00	)^(c)


Total distributions			(0.04	)		(0.17	)		(0.41	)		(2.23	)		(0.47	)		(0.14	)


Net asset value, end of period		$	20.05		$	17.37		$	14.07		$	15.36		$	20.73		$	13.10


Total Return^(d)
Based on net asset value			15.67	%^(e)		24.80	%		(5.70	)%		(16.84	)%		62.63	%		0.73	%


Ratios to Average Net Assets^(f)
Total expenses			0.50	%^(g)		0.51	%		0.51	%		0.51	%		0.52	%		0.56	%


Total expenses after fees waived and/or reimbursed			0.45	%^(g)		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%


Net investment income			0.94	%^(g)		0.89	%		0.97	%		0.73	%		0.71	%		0.99	%


Supplemental Data
Net assets, end of period (000)		$	1,343,396		$	1,099,659		$	964,449		$	967,682		$	920,752		$	188,885


Portfolio turnover rate			44	%		75	%		93	%		81	%		63	%		101	%

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Amount is greater than $(0.005) per share.

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

See notes to financial statements.


54		2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Financial Highlights

(For a share outstanding throughout each period)


	BlackRock Advantage Large Cap Core Fund

	Institutional

	Six Months Ended 11/30/24 (unaudited)			Year Ended 05/31/24			Year Ended 05/31/23			Period from 10/01/21 to 05/31/22			Year Ended 09/30/21			Year Ended 09/30/20			Year Ended 09/30/19

Net asset value, beginning of period	$	22.42		$	17.36		$	18.39		$	23.32		$	18.78		$	16.87		$	18.18


Net investment income^(a)		0.08			0.19			0.20			0.13			0.19			0.22			0.25
Net realized and unrealized gain (loss)		3.22			5.06			(0.18	)		(0.87	)		5.31			2.41			(0.13	)


Net increase (decrease) from investment operations		3.30			5.25			0.02			(0.74	)		5.50			2.63			0.12


Distributions^(b)
From net investment income		(0.08	)		(0.19	)		(0.20	)		(0.19	)		(0.22	)		(0.29	)		(0.20	)
From net realized gain		(1.69	)		—			(0.85	)		(4.00	)		(0.74	)		(0.43	)		(1.23	)


Total distributions		(1.77	)		(0.19	)		(1.05	)		(4.19	)		(0.96	)		(0.72	)		(1.43	)


Net asset value, end of period	$	23.95		$	22.42		$	17.36		$	18.39		$	23.32		$	18.78		$	16.87


Total Return^(c)
Based on net asset value		15.44	%^(d)		30.47	%		0.63	%		(5.20	)%^(d)		30.31	%		15.96	%		1.41	%


Ratios to Average Net Assets^(e)
Total expenses		0.60	%^(f)		0.63	%		0.63	%		0.61	%^(f)(g)		0.68	%^(h)		0.84	%⁽ⁱ⁾		0.82	%⁽ⁱ⁾


Total expenses after fees waived and/or reimbursed		0.48	%^(f)		0.48	%		0.48	%		0.48	%^(f)(g)		0.48	%^(h)		0.48	%⁽ⁱ⁾		0.47	%⁽ⁱ⁾


Net investment income		0.73	%^(f)		0.95	%		1.17	%		0.92	%^(f)(g)		0.87	%^(h)		1.29	%⁽ⁱ⁾		1.54	%⁽ⁱ⁾


Supplemental Data
Net assets, end of period (000)	$	1,329,372		$	1,193,777		$	1,479,014		$	1,547,621		$	1,721,850		$	1,399,612		$	1,325,232


Portfolio turnover rate^(j)		58	%		116	%		105	%		73	%		111	%		99	%		151	%

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, assumes the reinvestment of distributions.

^(d)	Not annualized.

^(e)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)	Annualized.

^(g)

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 0.01%.

^(h)	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%.

⁽ⁱ⁾	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%.

^(j)	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		55

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage Large Cap Core Fund (continued)

	Investor A

	Six Months Ended 11/30/24 (unaudited)			Year Ended 05/31/24			Year Ended 05/31/23			Period from 10/01/21 to 05/31/22			Year Ended 09/30/21			Year Ended 09/30/20			Year Ended 09/30/19

Net asset value, beginning of period	$	21.17		$	16.40		$	17.44		$	22.30		$	18.00		$	16.20		$	17.52


Net investment income^(a)		0.05			0.13			0.15			0.09			0.13			0.17			0.20
Net realized and unrealized gain (loss)		3.03			4.79			(0.19	)		(0.82	)		5.08			2.31			(0.12	)


Net increase (decrease) from investment operations		3.08			4.92			(0.04	)		(0.73	)		5.21			2.48			0.08


Distributions^(b)
From net investment income		(0.06	)		(0.15	)		(0.15	)		(0.13	)		(0.17	)		(0.25	)		(0.17	)
From net realized gain		(1.69	)		—			(0.85	)		(4.00	)		(0.74	)		(0.43	)		(1.23	)


Total distributions		(1.75	)		(0.15	)		(1.00	)		(4.13	)		(0.91	)		(0.68	)		(1.40	)


Net asset value, end of period	$	22.50		$	21.17		$	16.40		$	17.44		$	22.30		$	18.00		$	16.20


Total Return^(c)
Based on net asset value		15.30	%^(d)		30.18	%		0.34	%		(5.37	)%^(d)		30.01	%		15.66	%		1.18	%


Ratios to Average Net Assets^(e)
Total expenses		0.86	%^(f)		0.88	%		0.90	%		0.86	%^(f)(g)		0.93	%^(h)		1.09	%⁽ⁱ⁾		1.10	%⁽ⁱ⁾


Total expenses after fees waived and/or reimbursed		0.73	%^(f)		0.73	%		0.73	%		0.73	%^(f)(g)		0.73	%^(h)		0.73	%⁽ⁱ⁾		0.73	%⁽ⁱ⁾


Net investment income		0.48	%^(f)		0.70	%		0.92	%		0.67	%^(f)(g)		0.62	%^(h)		1.04	%⁽ⁱ⁾		1.30	%⁽ⁱ⁾


Supplemental Data
Net assets, end of period (000)	$	1,700,919		$	1,547,821		$	1,271,384		$	1,382,899		$	1,519,185		$	1,325,195		$	1,202,715


Portfolio turnover rate^(j)		58	%		116	%		105	%		73	%		111	%		99	%		151	%

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(d)	Not annualized.

^(e)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)	Annualized.

^(g)

^(h)	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%.

⁽ⁱ⁾	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%.

^(j)	Portfolio turnover rate includes transactions from the Master Portfolio prior to April 25, 2022.

See notes to financial statements.


56		2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage Large Cap Core Fund (continued)

	Investor C

	Six Months Ended 11/30/24 (unaudited)				Year Ended 05/31/24			Year Ended 05/31/23			Period from 10/01/21 to 05/31/22			Year Ended 09/30/21			Year Ended 09/30/20			Year Ended 09/30/19

Net asset value, beginning of period		$	16.73		$	13.01		$	14.06		$	18.68		$	15.14		$	13.72		$	15.03


Net investment income (loss)^(a)			(0.02	)		(0.01	)		0.02			(0.01	)		(0.02	)		0.04			0.07
Net realized and unrealized gain (loss)			2.35			3.80			(0.16	)		(0.61	)		4.28			1.95			(0.12	)


Net increase (decrease) from investment operations			2.33			3.79			(0.14	)		(0.62	)		4.26			1.99			(0.05	)


Distributions^(b)
From net investment income			(0.01	)		(0.07	)		(0.06	)		(0.00	)^(c)		—			(0.14	)		(0.03	)
From net realized gain			(1.69	)		—			(0.85	)		(4.00	)		(0.72	)		(0.43	)		(1.23	)


Total distributions			(1.70	)		(0.07	)		(0.91	)		(4.00	)		(0.72	)		(0.57	)		(1.26	)


Net asset value, end of period		$	17.36		$	16.73		$	13.01		$	14.06		$	18.68		$	15.14		$	13.72


Total Return^(d)
Based on net asset value			14.86	%^(e)		29.21	%		(0.42	)%		(5.81	)%^(e)		29.03	%		14.80	%		0.37	%


Ratios to Average Net Assets^(f)
Total expenses			1.69	%^(g)		1.69	%		1.72	%		1.69	%^(g)(h)		1.69	%⁽ⁱ⁾		1.87	%^(j)		1.89	%^(j)


Total expenses after fees waived and/or reimbursed			1.48	%^(g)		1.48	%		1.48	%		1.48	%^(g)(h)		1.48	%⁽ⁱ⁾		1.48	%^(j)		1.48	%^(j)


Net investment income (loss)			(0.27	)%^(g)		(0.05	)%		0.17	%		(0.08	)%^(g)(h)		(0.13	)%⁽ⁱ⁾		0.32	%^(j)		0.52	%^(j)


Supplemental Data
Net assets, end of period (000)		$	50,665		$	44,928		$	31,813		$	38,506		$	42,561		$	31,921		$	95,571


Portfolio turnover rate^(k)			58	%		116	%		105	%		73	%		111	%		99	%		151	%

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Amount is greater than $(0.005) per share.

^(d)	Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

^(h)

⁽ⁱ⁾	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%.

^(j)	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%.

^(k)	Portfolio turnover rate includes transactions from the Master Portfolio prior to April 25, 2022.

See notes to financial statements.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage Large Cap Core Fund (continued)

	Class K

	Six Months Ended 11/30/24 (unaudited)			Year Ended 05/31/24			Year Ended 05/31/23			Period from 10/01/21 to 05/31/22			Year Ended 09/30/21			Year Ended 09/30/20			Year Ended 09/30/19

Net asset value, beginning of period	$	22.42		$	17.36		$	18.40		$	23.34		$	18.79		$	16.88		$	18.19


Net investment income^(a)		0.09			0.20			0.21			0.13			0.20			0.22			0.31
Net realized and unrealized gain (loss)		3.23			5.06			(0.19	)		(0.87	)		5.32			2.42			(0.18	)


Net increase (decrease) from investment operations		3.32			5.26			0.02			(0.74	)		5.52			2.64			0.13


Distributions^(b)
From net investment income		(0.08	)		(0.20	)		(0.21	)		(0.20	)		(0.23	)		(0.30	)		(0.21	)
From net realized gain		(1.69	)		—			(0.85	)		(4.00	)		(0.74	)		(0.43	)		(1.23	)


Total distributions		(1.77	)		(0.20	)		(1.06	)		(4.20	)		(0.97	)		(0.73	)		(1.44	)


Net asset value, end of period	$	23.97		$	22.42		$	17.36		$	18.40		$	23.34		$	18.79		$	16.88


Total Return^(c)
Based on net asset value		15.56	%^(d)		30.53	%		0.63	%		(5.18	)%^(d)		30.42	%		16.01	%		1.45	%


Ratios to Average Net Assets^(e)
Total expenses		0.51	%^(f)		0.52	%		0.54	%		0.51	%^(f)(g)		0.55	%^(h)		0.70	%⁽ⁱ⁾		0.72	%⁽ⁱ⁾


Total expenses after fees waived and/or reimbursed		0.43	%^(f)		0.43	%		0.43	%		0.43	%^(f)(g)		0.43	%^(h)		0.43	%⁽ⁱ⁾		0.43	%⁽ⁱ⁾


Net investment income		0.78	%^(f)		1.01	%		1.22	%		0.98	%^(f)(g)		0.91	%^(h)		1.30	%⁽ⁱ⁾		1.87	%⁽ⁱ⁾


Supplemental Data
Net assets, end of period (000)	$	49,297		$	41,460		$	31,568		$	61,965		$	56,736		$	34,078		$	3,079


Portfolio turnover rate^(j)		58	%		116	%		105	%		73	%		111	%		99	%		151	%

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, assumes the reinvestment of distributions.

^(d)	Not annualized.

^(e)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)	Annualized.

^(g)

^(h)	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%.

⁽ⁱ⁾	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%.

^(j)	Portfolio turnover rate includes transactions from the Master Portfolio prior to April 25, 2022.

See notes to financial statements.


58		2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage Large Cap Core Fund (continued)

	Class R

	Six Months Ended 11/30/24 (unaudited)				Year Ended 05/31/24			Year Ended 05/31/23			Period from 10/01/21 to 05/31/22			Year Ended 09/30/21			Year Ended 09/30/20			Year Ended 09/30/19

Net asset value, beginning of period		$	19.07		$	14.80		$	15.84		$	20.60		$	16.66		$	15.03		$	16.38


Net investment income^(a)			0.02			0.07			0.10			0.05			0.07			0.13			0.15
Net realized and unrealized gain (loss)			2.71			4.32			(0.17	)		(0.72	)		4.70			2.13			(0.13	)


Net increase (decrease) from investment operations			2.73			4.39			(0.07	)		(0.67	)		4.77			2.26			0.02


Distributions^(b)
From net investment income			(0.03	)		(0.12	)		(0.12	)		(0.09	)		(0.09	)		(0.20	)		(0.14	)
From net realized gain			(1.69	)		—			(0.85	)		(4.00	)		(0.74	)		(0.43	)		(1.23	)


Total distributions			(1.72	)		(0.12	)		(0.97	)		(4.09	)		(0.83	)		(0.63	)		(1.37	)


Net asset value, end of period		$	20.08		$	19.07		$	14.80		$	15.84		$	20.60		$	16.66		$	15.03


Total Return^(c)
Based on net asset value			15.16	%^(d)		29.82	%		0.14	%		(5.55	)%^(d)		29.67	%		15.38	%		0.88	%


Ratios to Average Net Assets^(e)
Total expenses			1.23	%^(f)		1.22	%		1.24	%		1.23	%^(f)(g)		1.26	%^(h)		1.37	%⁽ⁱ⁾		1.32	%⁽ⁱ⁾


Total expenses after fees waived and/or reimbursed			0.98	%^(f)		0.98	%		0.98	%		0.98	%^(f)(g)		0.98	%^(h)		0.98	%⁽ⁱ⁾		0.98	%⁽ⁱ⁾


Net investment income			0.25	%^(f)		0.44	%		0.68	%		0.42	%^(f)(g)		0.37	%^(h)		0.83	%⁽ⁱ⁾		1.04	%⁽ⁱ⁾


Supplemental Data
Net assets, end of period (000)		$	17,228		$	19,237		$	11,479		$	13,967		$	14,399		$	12,416		$	27,003


Portfolio turnover rate^(j)			58	%		116	%		105	%		73	%		111	%		99	%		151	%

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, assumes the reinvestment of distributions.

^(d)	Not annualized.

^(e)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)	Annualized.

^(g)

^(h)	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%.

⁽ⁱ⁾	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%.

^(j)	Portfolio turnover rate includes transactions from the Master Portfolio prior to April 25, 2022.

See notes to financial statements.


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

Financial Highlights

(For a share outstanding throughout each period)


	BlackRock Advantage Large Cap Value Fund

	Institutional

	Six Months Ended 11/30/24 (unaudited)			Year Ended 05/31/24			Year Ended 05/31/23			Year Ended 05/31/22			Year Ended 05/31/21			Period from 10/01/19 to 05/31/20			Year Ended 09/30/19

Net asset value, beginning of period	$	32.45		$	26.63		$	29.79		$	35.07		$	24.74		$	28.08		$	30.89


Net investment income^(a)		0.24			0.51			0.47			0.45			0.46			0.39			0.57
Net realized and unrealized gain (loss)		4.09			6.16			(2.02	)		(0.21	)		10.36			(2.60	)		(0.26	)


Net increase (decrease) from investment operations		4.33			6.67			(1.55	)		0.24			10.82			(2.21	)		0.31


Distributions^(b)
From net investment income		(0.20	)		(0.50	)		(0.47	)		(0.47	)		(0.49	)		(0.58	)		(0.59	)
From net realized gain		(2.21	)		(0.35	)		(1.14	)		(5.05	)		—			(0.55	)		(2.53	)


Total distributions		(2.41	)		(0.85	)		(1.61	)		(5.52	)		(0.49	)		(1.13	)		(3.12	)


Net asset value, end of period	$	34.37		$	32.45		$	26.63		$	29.79		$	35.07		$	24.74		$	28.08


Total Return^(c)
Based on net asset value		14.12	%^(d)		25.48	%		(4.97	)%		0.63	%		44.37	%		(8.36	)%^(d)		1.80	%


Ratios to Average Net Assets^(e)
Total expenses		0.69	%^(f)		0.71	%		0.70	%		0.70	%		0.84	%^(g)		0.89	%^(f)(h)		0.87	%^(h)


Total expenses after fees waived and/or reimbursed		0.54	%^(f)		0.54	%		0.54	%		0.54	%		0.54	%^(g)		0.54	%^(f)(h)		0.54	%^(h)


Net investment income		1.46	%^(f)		1.73	%		1.72	%		1.41	%		1.58	%^(g)		2.20	%^(f)(h)		2.09	%^(h)


Supplemental Data
Net assets, end of period (000)	$	226,061		$	193,379		$	164,434		$	186,903		$	194,452		$	146,365		$	192,744


Portfolio turnover rate		62	%		118	%		116	%		136	%		126	%⁽ⁱ⁾		70	%		161	%

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, assumes the reinvestment of distributions.

^(d)	Not annualized.

^(e)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)	Annualized.

^(g)

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%.

^(h)	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.

⁽ⁱ⁾	Portfolio turnover rate includes transactions from the Master LLC prior to March 1, 2021.

See notes to financial statements.


60		2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage Large Cap Value Fund (continued)

	Investor A

	Six Months Ended 11/30/24 (unaudited)			Year Ended 05/31/24			Year Ended 05/31/23			Year Ended 05/31/22			Year Ended 05/31/21			Period from 10/01/19 to 05/31/20			Year Ended 09/30/19

Net asset value, beginning of period	$	31.48		$	25.86		$	28.98		$	34.26		$	24.18		$	27.45		$	30.26


Net investment income^(a)		0.19			0.43			0.39			0.36			0.38			0.34			0.49
Net realized and unrealized gain (loss)		3.97			5.97			(1.97	)		(0.20	)		10.13			(2.55	)		(0.25	)


Net increase (decrease) from investment operations		4.16			6.40			(1.58	)		0.16			10.51			(2.21	)		0.24


Distributions^(b)
From net investment income		(0.17	)		(0.43	)		(0.40	)		(0.39	)		(0.43	)		(0.51	)		(0.52	)
From net realized gain		(2.21	)		(0.35	)		(1.14	)		(5.05	)		—			(0.55	)		(2.53	)


Total distributions		(2.38	)		(0.78	)		(1.54	)		(5.44	)		(0.43	)		(1.06	)		(3.05	)


Net asset value, end of period	$	33.26		$	31.48		$	25.86		$	28.98		$	34.26		$	24.18		$	27.45


Total Return^(c)
Based on net asset value		13.98	%^(d)		25.15	%		(5.22	)%		0.40	%		44.01	%		(8.53	)%^(d)		1.56	%


Ratios to Average Net Assets^(e)
Total expenses		0.95	%^(f)		0.96	%		0.97	%		0.97	%		1.10	%^(g)		1.15	%^(f)(h)		1.14	%^(h)


Total expenses after fees waived and/or reimbursed		0.79	%^(f)		0.79	%		0.79	%		0.79	%		0.79	%^(g)		0.79	%^(f)(h)		0.79	%^(h)


Net investment income		1.21	%^(f)		1.48	%		1.47	%		1.16	%		1.33	%^(g)		1.95	%^(f)(h)		1.84	%^(h)


Supplemental Data
Net assets, end of period (000)	$	427,976		$	393,788		$	345,671		$	394,334		$	405,607		$	280,449		$	336,565


Portfolio turnover rate		62	%		118	%		116	%		136	%		126	%⁽ⁱ⁾		70	%		161	%

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(d)	Not annualized.

^(e)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)	Annualized.

^(g)

^(h)	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.

⁽ⁱ⁾	Portfolio turnover rate includes transactions from the Master LLC 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		61

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage Large Cap Value Fund (continued)

	Investor C

	Six Months Ended 11/30/24 (unaudited)				Year Ended 05/31/24			Year Ended 05/31/23			Year Ended 05/31/22			Year Ended 05/31/21			Period from 10/01/19 to 05/31/20			Year Ended 09/30/19

Net asset value, beginning of period		$	28.44		$	23.43		$	26.40		$	31.69		$	22.31		$	25.32		$	28.06


Net investment income^(a)			0.07			0.19			0.17			0.12			0.16			0.19			0.27
Net realized and unrealized gain (loss)			3.55			5.40			(1.78	)		(0.19	)		9.37			(2.36	)		(0.24	)


Net increase (decrease) from investment operations			3.62			5.59			(1.61	)		(0.07	)		9.53			(2.17	)		0.03


Distributions^(b)
From net investment income			(0.07	)		(0.23	)		(0.22	)		(0.17	)		(0.15	)		(0.29	)		(0.24	)
From net realized gain			(2.21	)		(0.35	)		(1.14	)		(5.05	)		—			(0.55	)		(2.53	)


Total distributions			(2.28	)		(0.58	)		(1.36	)		(5.22	)		(0.15	)		(0.84	)		(2.77	)


Net asset value, end of period		$	29.78		$	28.44		$	23.43		$	26.40		$	31.69		$	22.31		$	25.32


Total Return^(c)
Based on net asset value			13.53	%^(d)		24.21	%		(5.89	)%		(0.38	)%		42.99	%		(9.00	)%^(d)		0.79	%


Ratios to Average Net Assets^(e)
Total expenses			1.74	%^(f)		1.76	%		1.74	%		1.73	%		1.85	%^(g)		1.91	%^(f)(h)		1.94	%^(h)


Total expenses after fees waived and/or reimbursed			1.54	%^(f)		1.54	%		1.54	%		1.54	%		1.54	%^(g)		1.54	%^(f)(h)		1.54	%^(h)


Net investment income			0.46	%^(f)		0.73	%		0.72	%		0.41	%		0.63	%^(g)		1.20	%^(f)(h)		1.08	%^(h)


Supplemental Data
Net assets, end of period (000)		$	15,132		$	14,553		$	14,894		$	18,099		$	20,880		$	43,395		$	63,659


Portfolio turnover rate			62	%		118	%		116	%		136	%		126	%⁽ⁱ⁾		70	%		161	%

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(d)	Not annualized.

^(e)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)	Annualized.

^(g)

^(h)	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.

⁽ⁱ⁾	Portfolio turnover rate includes transactions from the Master LLC prior to March 1, 2021.

See notes to financial statements.


62		2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage Large Cap Value Fund (continued)

	Class K

	Six Months Ended 11/30/24 (unaudited)			Year Ended 05/31/24			Year Ended 05/31/23			Year Ended 05/31/22			Year Ended 05/31/21			Period from 10/01/19 to 05/31/20			Year Ended 09/30/19

Net asset value, beginning of period	$	32.45		$	26.64		$	29.80		$	35.08		$	24.74		$	28.09		$	30.90


Net investment income^(a)		0.25			0.53			0.48			0.47			0.47			0.40			0.58
Net realized and unrealized gain (loss)		4.10			6.14			(2.01	)		(0.22	)		10.38			(2.60	)		(0.26	)


Net increase (decrease) from investment operations		4.35			6.67			(1.53	)		0.25			10.85			(2.20	)		0.32


Distributions^(b)
From net investment income		(0.21	)		(0.51	)		(0.49	)		(0.48	)		(0.51	)		(0.60	)		(0.60	)
From net realized gain		(2.21	)		(0.35	)		(1.14	)		(5.05	)		—			(0.55	)		(2.53	)


Total distributions		(2.42	)		(0.86	)		(1.63	)		(5.53	)		(0.51	)		(1.15	)		(3.13	)


Net asset value, end of period	$	34.38		$	32.45		$	26.64		$	29.80		$	35.08		$	24.74		$	28.09


Total Return^(c)
Based on net asset value		14.17	%^(d)		25.49	%		(4.91	)%		0.69	%		44.48	%		(8.35	)%^(d)		1.85	%


Ratios to Average Net Assets^(e)
Total expenses		0.61	%^(f)		0.62	%		0.63	%		0.63	%		0.74	%^(g)		0.80	%^(f)(h)		0.79	%^(h)


Total expenses after fees waived and/or reimbursed		0.49	%^(f)		0.49	%		0.49	%		0.49	%		0.49	%^(g)		0.49	%^(f)(h)		0.49	%^(h)


Net investment income		1.52	%^(f)		1.80	%		1.77	%		1.47	%		1.62	%^(g)		2.24	%^(f)(h)		2.14	%^(h)


Supplemental Data
Net assets, end of period (000)	$	12,273		$	12,053		$	10,451		$	10,210		$	8,258		$	4,971		$	5,699


Portfolio turnover rate		62	%		118	%		116	%		136	%		126	%⁽ⁱ⁾		70	%		161	%

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, assumes the reinvestment of distributions.

^(d)	Not annualized.

^(e)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)	Annualized.

^(g)

^(h)	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.

⁽ⁱ⁾	Portfolio turnover rate includes transactions from the Master LLC prior to March 1, 2021.

See notes to financial statements.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage Large Cap Value Fund (continued)

	Class R

		Six Months Ended 11/30/24 (unaudited)			Year Ended 05/31/24			Year Ended 05/31/23			Year Ended 05/31/22			Year Ended 05/31/21			Period from 10/01/19 to 05/31/20			Year Ended 09/30/19

Net asset value, beginning of period		$	29.80		$	24.52		$	27.56		$	32.84		$	23.18		$	26.29		$	29.10


Net investment income^(a)			0.14			0.34			0.31			0.27			0.29			0.28			0.41
Net realized and unrealized gain (loss)			3.74			5.65			(1.87	)		(0.19	)		9.71			(2.43	)		(0.26	)


Net increase (decrease) from investment operations			3.88			5.99			(1.56	)		0.08			10.00			(2.15	)		0.15


Distributions^(b)
From net investment income			(0.14	)		(0.36	)		(0.34	)		(0.31	)		(0.34	)		(0.41	)		(0.43	)
From net realized gain			(2.21	)		(0.35	)		(1.14	)		(5.05	)		—			(0.55	)		(2.53	)


Total distributions			(2.35	)		(0.71	)		(1.48	)		(5.36	)		(0.34	)		(0.96	)		(2.96	)


Net asset value, end of period		$	31.33		$	29.80		$	24.52		$	27.56		$	32.84		$	23.18		$	26.29


Total Return^(c)
Based on net asset value			13.82	%^(d)		24.84	%		(5.43	)%		0.14	%		43.63	%		(8.65	)%^(d)		1.29	%


Ratios to Average Net Assets^(e)
Total expenses			1.32	%^(f)		1.35	%		1.36	%		1.35	%		1.41	%^(g)		1.43	%^(f)(h)		1.44	%^(h)


Total expenses after fees waived and/or reimbursed			1.04	%^(f)		1.04	%		1.04	%		1.04	%		1.04	%^(g)		1.04	%^(f)(h)		1.04	%^(h)


Net investment income			0.96	%^(f)		1.23	%		1.22	%		0.91	%		1.11	%^(g)		1.69	%^(f)(h)		1.59	%^(h)


Supplemental Data
Net assets, end of period (000)		$	8,101		$	7,729		$	6,925		$	8,440		$	9,015		$	10,820		$	18,321


Portfolio turnover rate			62	%		118	%		116	%		136	%		126	%⁽ⁱ⁾		70	%		161	%

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, assumes the reinvestment of distributions.

^(d)	Not annualized.

^(e)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)	Annualized.

^(g)

^(h)	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.

⁽ⁱ⁾	Portfolio turnover rate includes transactions from the Master LLC prior to March 1, 2021.

See notes to financial statements.


64		2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

BlackRock Funds^SM (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

None

Investor A Shares

Yes

^(a)

None

Investor C Shares

Yes

^(b)

To Investor A Shares after approximately 8 years

^(a)

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.

^(b)

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.


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

Notes to Financial Statements (unaudited) (continued)

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of November 30, 2024, if any, are disclosed in the Statements of Assets and Liabilities.

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

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

Bank Overdraft: Certain Funds had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

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

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

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

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

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

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

•

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

•

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

•

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

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

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


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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:

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

(ii) recapitalizations and other transactions across the capital structure

(iii) market or relevant indices multiples of comparable issuers

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

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

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

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

(viii) relevant market news and other public sources.

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

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

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

•

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

•

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

•

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

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

4.	SECURITIES AND OTHER INVESTMENTS

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

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


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

Notes to Financial Statements (unaudited) (continued)

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

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



Fund Name/Counterparty	Securities Loaned at Value		Cash Collateral Received			Non-Cash Collateral Received, at Fair Value		Net Amount^(a)

Advantage International
BofA Securities, Inc.	$	80	$	(80	)	$	—	$	—


Advantage Large Cap Growth
BNP Paribas SA	$	167,280	$	(167,280	)	$	—	$	—


Advantage Small Cap Core
Barclays Capital, Inc.	$	2,825,323	$	(2,825,323	)	$	—	$	—
BNP Paribas SA		4,018,195		(4,018,195	)		—		—
BofA Securities, Inc.		10,551,083		(10,390,463	)		—		160,620
Citigroup Global Markets, Inc.		11,036,374		(11,036,374	)		—		—
Credit Suisse Securities (USA) LLC		50,327		(50,327	)		—		—
J.P. Morgan Securities LLC		39,804,835		(39,804,835	)		—		—
Jefferies LLC		105,507		(105,507	)		—		—
Morgan Stanley		27,737,104		(27,737,104	)		—		—
National Financial Services LLC		3,317,826		(3,317,826	)		—		—
SG Americas Securities LLC		1,116,346		(1,116,346	)		—		—
State Street Bank & Trust Co.		5,200,253		(5,200,253	)		—		—
Toronto-Dominion Bank		734,229		(734,229	)		—		—


	$	106,497,402	$	(106,336,782	)	$	—	$	160,620


Advantage Large Cap Value
BofA Securities, Inc.	$	3,772,704	$	(3,772,704	)	$	—	$	—
Citigroup Global Markets, Inc.		889		(889	)		—		—
Goldman Sachs & Co. LLC		326,724		(326,724	)		—		—


	$	4,100,317	$	(4,100,317	)	$	—	$	—

^(a)

The market value of the loaned securities is determined as of November 30, 2024. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty.

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

5.	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).


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Notes to Financial Statements (unaudited) (continued)

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

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

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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



	Investment Advisory Fees

Average Daily Net Assets	Advantage International			Advantage Large Cap Growth			Advantage Small Cap Core			Advantage Large Cap Core			Advantage Large 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 Large Cap Growth						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 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.

For the six months ended November 30, 2024, 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	$	331,051	$	73,234	$	88,346	$	492,631
Advantage Large Cap Growth		732,004		159,857		4,125		895,986
Advantage Small Cap Core		607,536		61,671		—		669,207
Advantage Large Cap Core		2,024,780		239,836		43,294		2,307,910
Advantage Large Cap Value		505,514		72,713		19,304		597,531


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

Notes to Financial Statements (unaudited) (continued)

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, 2024, 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	$	135,969	$	26,538	$	1,467	$	25,928	$	3,541	$	193,443
Advantage Large Cap Growth		68,325		58,655		3,200		725		165		131,070
Advantage Small Cap Core		213,077		48,579		1,235		119,323		—		382,214
Advantage Large Cap Core		125,468		162,210		4,800		4,507		1,726		298,711
Advantage Large Cap Value		20,640		40,518		1,457		1,199		774		64,588

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, 2024, 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	$	266,307	$	266,307
Advantage Large Cap Growth		291,008		291,008
Advantage Small Cap Core		100,890		100,890
Advantage Large Cap Core		195,185		195,185

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, 2024, 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	$	4,376	$	8,235	$	972	$	360	$	2,622	$	16,565
Advantage Large Cap Growth		849		50,723		2,801		51		23		54,447
Advantage Small Cap Core		2,020		7,120		726		486		—		10,352
Advantage Large Cap Core		13,065		85,456		1,650		40		108		100,319
Advantage Large Cap Value		474		15,480		1,017		35		69		17,075

For the six months ended November 30, 2024, 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	$	766,711	$	143,325	$	33,824	$	3,705	$	84,182	$	1,031,747
Advantage Large Cap Growth		373,627		290,995		55,459		270		2,026		722,377
Advantage Small Cap Core		687,096		368,413		9,221		25,834		—		1,090,564
Advantage Large Cap Core		617,036		875,328		44,194		322		18,951		1,555,831
Advantage Large Cap Value		90,268		184,099		10,097		359		8,324		293,147

Other Fees: For the six months ended November 30, 2024, 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	$	2,449
Advantage Large Cap Growth		11,143
Advantage Small Cap Core		7,056
Advantage Large Cap Core		15,745
Advantage Large Cap Value		3,876


70		2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Notes to Financial Statements (unaudited) (continued)

For the six months ended November 30, 2024, affiliates received CDSCs as follows:




Share Class	Advantage International		Advantage Large Cap Growth		Advantage Small Cap Core		Advantage Large Cap Core		Advantage Large Cap Value


Investor A	$	599	$	1,013	$	992	$	3,821	$	—
Investor C		73		257		939		316		58

Expense Limitations, Waivers and Reimbursements: With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2026. The contractual agreement may be terminated upon 90 days’ notice by a majority of the directors who are not “interested persons” of the Trust or the Corporation, as defined in the 1940 Act (“Independent Directors”), or by a vote of a majority of the outstanding voting securities of a Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended November 30, 2024, the amounts waived were as follows:




Fund Name	Amounts Waived


Advantage International	$	18,691
Advantage Large Cap Growth		4,750
Advantage Small Cap Core		15,704
Advantage Large Cap Core		10,433
Advantage Large Cap Value		2,281

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of each Fund’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2026. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of a Fund. For the six months ended November 30, 2024, there were no fees waived and/or reimbursed by the Manager pursuant to this arrangement.

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




Fund Name	Institutional			Investor A			Investor C			Class K			Class R


Advantage International		0.50	%		0.75	%		1.50	%		0.45	%		1.00	%
Advantage Large Cap Growth		0.62			0.87			1.62			0.57			1.12
Advantage Small Cap Core		0.50			0.75			1.50			0.45			N/A
Advantage Large Cap Core		0.48			0.73			1.48			0.43			0.98
Advantage Large Cap Value		0.54			0.79			1.54			0.49			1.04

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2026 (June 30, 2034 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, 2024, 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	$	596,306
Advantage Large Cap Growth		392,052
Advantage Small Cap Core		559,918
Advantage Large Cap Core		825,026
Advantage Large Cap Value		305,040

In addition, these amounts waived and/or reimbursed by the Manager are included in administration fees waived by the Manager — class specific, transfer agent fees waived and/or reimbursed by the Manager — class specific, service and distribution fees waived and service distribution fees reimbursed respectively, in the Statements of Operations. For the six months ended November 30, 2024, class specific expense waivers and/or reimbursements were as follows:




	Administration Fees Waived by the Manager - Class Specific

Fund Name	Institutional		Investor A		Investor C		Class K		Class R		Total


Advantage International	$	135,969	$	26,538	$	1,467	$	25,928	$	3,541	$	193,443
Advantage Large Cap Growth		68,325		58,655		3,200		725		165		131,070
Advantage Small Cap Core		213,077		48,579		1,235		119,323		—		382,214
Advantage Large Cap Core		125,468		162,210		4,800		4,507		1,726		298,711
Advantage Large Cap Value		20,640		40,518		1,457		1,199		774		64,588


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

Notes to Financial Statements (unaudited) (continued)


	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	$	425,905	$	76,350	$	30,030	$	3,705	$	75,155	$	611,145
Advantage Large Cap Growth		202,817		143,301		47,343		270		1,607		395,338
Advantage Small Cap Core		154,161		245,590		6,054		25,834		—		431,639
Advantage Large Cap Core		303,428		467,641		32,019		322		14,778		818,188
Advantage Large Cap Value		38,651		81,976		6,298		359		6,350		133,634

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

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

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

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

The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in the Statements of Operations. For the six months ended November 30, 2024, each Fund paid BIM the following amounts for securities lending agent services:




Fund Name	Amounts


Advantage International	$	289
Advantage Large Cap Growth		955
Advantage Small Cap Core		54,454
Advantage Large Cap Core		665
Advantage Large Cap Value		400

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 Large Cap Core, Advantage Large Cap Value and Advantage International 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 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, 2024, the Funds did not participate in the Interfund Lending Program.


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Notes to Financial Statements (unaudited) (continued)

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

Other Transactions: The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common directors or trustees. For the six months ended November 30, 2024, 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 Gain

Advantage International	$	138,093,835	$	158,335,916	$	8,077,597
Advantage Large Cap Growth		251,599,183		262,826,339		39,538,504
Advantage Small Cap Core		37,224,338		92,160,043		14,314,055
Advantage Large Cap Core		148,859,987		186,234,960		25,789,719
Advantage Large Cap Value		31,237,205		45,283,855		4,899,669

7.	PURCHASES AND SALES

For the six months ended November 30, 2024, purchases and sales of investments, excluding short-term securities, were as follows:




Fund Name	Purchases		Sales


Advantage International	$	1,575,034,202	$	1,066,833,585
Advantage Large Cap Growth		1,024,568,932		1,064,114,942
Advantage Small Cap Core		2,076,813,361		1,693,637,333
Advantage Large Cap Core		1,707,005,926		1,823,404,014
Advantage Large Cap Value		396,522,651		409,959,937

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, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Funds’ NAV.

As of May 31, 2024, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:




Fund Name	Non-Expiring Capital Loss Carryforwards


Advantage International	$	(36,663,284	)
Advantage Small Cap Core		(203,707,240	)

As of November 30, 2024, 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 Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)


Advantage International	$	2,056,205,658	$	267,321,391	$	(54,662,069	)	$	212,659,322
Advantage Large Cap Growth		874,378,782		530,567,858		(11,529,863	)		519,037,995
Advantage Small Cap Core		3,892,357,848		940,971,407		(255,784,965	)		685,186,442
Advantage Large Cap Core		2,065,209,852		1,113,336,019		(30,524,862	)		1,082,811,157
Advantage Large Cap Value		576,713,025		124,814,971		(8,334,817	)		116,480,154

9.	BANK BORROWINGS

The Trust, on behalf of Advantage International, Advantage Large Cap Growth and Advantage Small Cap Core, and the Corporation, on behalf of Advantage Large Cap Core and Advantage Large Cap Value, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is party to a 364-day, $2.40 billion credit


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

Notes to Financial Statements (unaudited) (continued)

agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate (“OBFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate (“SOFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2025 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, 2024, 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 mandatory and discretionary liquidity fees under certain circumstances.

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

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

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

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

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

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

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

Certain Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed


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Notes to Financial Statements (unaudited) (continued)

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

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

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

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

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

11.	CAPITAL SHARE TRANSACTIONS

Transactions in capital shares for each class were as follows:


	Six Months Ended 11/30/24						Year Ended 05/31/24

Fund Name/Share Class	Shares			Amount			Shares			Amount

Advantage International
Institutional
Shares sold		33,163,693		$	645,605,078			23,297,357		$	414,287,683
Shares issued in reinvestment of distributions		1,087,485			21,053,717			1,383,179			24,124,489
Shares redeemed		(6,830,988	)		(133,430,872	)		(10,399,113	)		(186,487,678	)


		27,420,190		$	533,227,923			14,281,423		$	251,924,494


Investor A
Shares sold and automatic conversion of shares		969,442		$	18,517,858			1,964,803		$	34,539,277
Shares issued in reinvestment of distributions		213,945			4,090,638			319,591			5,512,362
Shares redeemed		(945,507	)		(18,245,472	)		(2,564,768	)		(44,937,995	)


		237,880		$	4,363,024			(280,374	)	$	(4,886,356	)


Investor C
Shares sold		73,034		$	1,355,552			759,644		$	12,470,746
Shares issued in reinvestment of distributions		11,601			214,742			8,965			149,273
Shares redeemed and automatic conversion of shares		(89,693	)		(1,670,673	)		(141,151	)		(2,420,929	)


		(5,058	)	$	(100,379	)		627,458		$	10,199,090


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

Notes to Financial Statements (unaudited) (continued)


	Six Months Ended 11/30/24						Year Ended 05/31/24

Fund Name/Share Class	Shares			Amount			Shares			Amount

Advantage International (continued)
Class K
Shares sold		2,592,639		$	51,015,270			2,590,705		$	46,132,287
Shares issued in reinvestment of distributions		225,034			4,356,665			344,221			6,005,317
Shares redeemed		(1,152,756	)		(22,618,434	)		(1,798,410	)		(32,102,894	)


		1,664,917		$	32,753,501			1,136,516		$	20,034,710


Class R
Shares sold		253,121		$	4,856,642			1,017,841		$	17,350,290
Shares issued in reinvestment of distributions		30,069			574,013			35,544			612,167
Shares redeemed		(287,496	)		(5,527,852	)		(381,525	)		(6,684,230	)


		(4,306	)	$	(97,197	)		671,860		$	11,278,227


		29,313,623		$	570,146,872			16,436,883		$	288,550,165


Advantage Large Cap Growth
Institutional
Shares sold		1,772,157		$	47,298,202			3,274,605		$	74,950,123
Shares issued in reinvestment of distributions		1,911,324			49,178,358			235,499			5,243,158
Shares redeemed		(2,499,856	)		(68,411,727	)		(4,350,268	)		(97,770,614	)


		1,183,625		$	28,064,833			(840,164	)	$	(17,577,333	)


Investor A
Shares sold		612,201		$	15,460,649			985,440		$	21,327,952
Shares issued in reinvestment of distributions		1,866,482			44,888,885			183,148			3,842,876
Shares redeemed		(1,306,745	)		(32,776,191	)		(2,634,857	)		(56,679,531	)


		1,171,938		$	27,573,343			(1,466,269	)	$	(31,508,703	)


Investor C
Shares sold		108,623		$	2,141,172			1,314,696		$	20,739,576
Shares issued in reinvestment of distributions		165,880			3,103,619			15,709			263,290
Shares redeemed and automatic conversion of shares		(187,431	)		(3,637,328	)		(328,177	)		(5,811,599	)


		87,072		$	1,607,463			1,002,228		$	15,191,267


Class K
Shares sold		66,607		$	1,767,034			138,788		$	3,023,950
Shares issued in reinvestment of distributions		20,189			519,458			2,010			44,757
Shares redeemed		(32,408	)		(836,539	)		(43,058	)		(985,582	)


		54,388		$	1,449,953			97,740		$	2,083,125


Class R
Shares sold		3,993		$	106,024			36,480		$	901,709
Shares issued in reinvestment of distributions		4,967			126,212			225			4,973
Shares redeemed		(9,974	)		(264,549	)		(3,405	)		(74,617	)


		(1,014	)	$	(32,313	)		33,300		$	832,065


		2,496,009		$	58,663,279			(1,173,165	)	$	(30,979,579	)


Advantage Small Cap Core
Institutional
Shares sold		19,642,857		$	361,683,964			21,347,099		$	333,503,755
Shares issued in reinvestment of distributions		217,172			3,932,991			1,441,914			22,168,806
Shares redeemed		(12,553,026	)		(227,058,259	)		(59,497,255	)		(936,471,823	)


		7,307,003		$	138,558,696			(36,708,242	)	$	(580,799,262	)


76		2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Notes to Financial Statements (unaudited) (continued)


	Six Months Ended 11/30/24						Year Ended 05/31/24

Fund Name/Share Class	Shares			Amount			Shares			Amount

Advantage Small Cap Core (continued)
Investor A
Shares sold and automatic conversion of shares		13,932,242		$	249,983,509			4,034,735		$	63,459,431
Shares issued in reinvestment of distributions		21,333			383,783			180,437			2,751,052
Shares redeemed		(4,234,638	)		(77,853,944	)		(4,608,184	)		(72,025,154	)


		9,718,937		$	172,513,348			(393,012	)	$	(5,814,671	)


Investor C
Shares sold		117,830		$	2,072,051			207,623		$	3,184,439
Shares issued in reinvestment of distributions		—			—			1,527			22,365
Shares redeemed and automatic conversion of shares		(91,384	)		(1,553,340	)		(194,068	)		(2,922,880	)


		26,446		$	518,711			15,082		$	283,924


Class K
Shares sold		10,005,936		$	181,872,580			10,206,738		$	162,561,113
Shares issued in reinvestment of distributions		133,448			2,418,076			706,613			10,874,632
Shares redeemed		(6,441,444	)		(116,560,918	)		(16,148,319	)		(253,421,934	)


		3,697,940		$	67,729,738			(5,234,968	)	$	(79,986,189	)


		20,750,326		$	379,320,493			(42,321,140	)	$	(666,316,198	)

Advantage Large Cap Core
Institutional
Shares sold		2,358,977		$	53,800,139			4,253,897		$	85,531,661
Shares issued in reinvestment of distributions		3,869,666			84,513,507			692,648			13,247,256
Shares redeemed		(3,989,606	)		(90,216,209	)		(36,907,101	)		(738,281,082	)


		2,239,037		$	48,097,437			(31,960,556	)	$	(639,502,165	)


Investor A
Shares sold		1,488,969		$	31,748,171			4,162,870		$	77,141,036
Shares issued in reinvestment of distributions		5,768,714			118,489,375			603,551			10,921,227
Shares redeemed		(4,806,123	)		(102,639,517	)		(9,152,406	)		(171,310,982	)


		2,451,560		$	47,598,029			(4,385,985	)	$	(83,248,719	)


Investor C
Shares sold		260,425		$	4,287,043			1,011,189		$	14,414,272
Shares issued in reinvestment of distributions		281,854			4,478,656			12,705			182,763
Shares redeemed and automatic conversion of shares		(310,584	)		(5,115,783	)		(782,761	)		(11,561,228	)


		231,695		$	3,649,916			241,133		$	3,035,807


Class K
Shares sold		311,833		$	7,045,299			766,994		$	15,907,891
Shares issued in reinvestment of distributions		148,678			3,248,625			16,885			323,379
Shares redeemed		(252,353	)		(5,730,670	)		(753,056	)		(14,656,265	)


		208,158		$	4,563,254			30,823		$	1,575,005


Class R
Shares sold		71,901		$	1,345,794			346,800		$	5,958,058
Shares issued in reinvestment of distributions		75,711			1,388,543			6,126			100,028
Shares redeemed		(298,676	)		(5,868,106	)		(119,768	)		(2,062,229	)


		(151,064	)	$	(3,133,769	)		233,158		$	3,995,857


		4,979,386		$	100,774,867			(35,841,427	)	$	(714,144,215	)


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

Notes to Financial Statements (unaudited) (continued)


	Six Months Ended 11/30/24						Year Ended 05/31/24

Fund Name/Share Class	Shares			Amount			Shares			Amount

Advantage Large Cap Value
Institutional
Shares sold		843,911		$	27,193,796			927,476		$	27,481,322
Shares issued in reinvestment of distributions		416,655			12,982,968			156,585			4,498,448
Shares redeemed		(642,923	)		(20,800,142	)		(1,298,843	)		(37,668,127	)


		617,643		$	19,376,622			(214,782	)	$	(5,688,357	)


Investor A
Shares sold		294,497		$	9,321,775			633,902		$	18,495,637
Shares issued in reinvestment of distributions		882,159			26,623,565			323,626			9,028,137
Shares redeemed		(817,585	)		(25,588,561	)		(1,815,261	)		(52,151,342	)


		359,071		$	10,356,779			(857,733	)	$	(24,627,568	)


Investor C
Shares sold		18,573		$	527,381			59,407		$	1,538,116
Shares issued in reinvestment of distributions		40,418			1,095,334			13,191			333,274
Shares redeemed and automatic conversion of shares		(62,638	)		(1,785,465	)		(196,611	)		(5,153,312	)


		(3,647	)	$	(162,750	)		(124,013	)	$	(3,281,922	)


Class K
Shares sold		10,073		$	316,410			193,424		$	5,568,726
Shares issued in reinvestment of distributions		28,149			877,123			14,682			421,603
Shares redeemed		(52,588	)		(1,684,565	)		(229,117	)		(7,039,729	)


		(14,366	)	$	(491,032	)		(21,011	)	$	(1,049,400	)


Class R
Shares sold		8,029		$	235,812			24,923		$	685,611
Shares issued in reinvestment of distributions		21,067			599,560			7,025			185,628
Shares redeemed		(29,909	)		(867,261	)		(55,037	)		(1,487,018	)


		(813	)	$	(31,889	)		(23,089	)	$	(615,779	)


		957,888		$	29,047,730			(1,240,628	)	$	(35,263,026	)

As of November 30, 2024, shares owned by BlackRock Financial Management, Inc., an affiliate of the Funds, were as follows:




Share Class	Advantage Large Cap Growth


Class K		12,217

12.	FOREIGN WITHHOLDINGS TAX CLAIMS

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

Certain of the outstanding foreign tax reclaims are not deemed by the Fund to meet the recognition criteria under U.S. GAAP as of November 30, 2024 and have not been recorded in the applicable Fund’s net asset value. The recognition by the Fund of these amounts would have a positive impact on the applicable Fund’s performance. If a Fund receives a tax refund that has not been previously recorded, investors in the Fund at the time the claim is successful will benefit from any resulting increase in the Fund’s NAV. Investors who sold their shares prior to such time will not benefit from such NAV increase.

13.	SUBSEQUENT EVENTS

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


78		2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Additional Information

Changes in and Disagreements with Accountants

Not applicable.

Proxy Results

Not applicable.

Remuneration Paid to Directors, Officers, and Others

Compensation to the independent directors/trustees of the Corporation/Trust is paid by the Corporation/Trust, on behalf of the Funds.

General Information

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

Electronic Delivery

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

To enroll in electronic delivery:

Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:

Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.

Shareholders Who Hold Accounts Directly with BlackRock:

1. Access the BlackRock website at blackrock.com

2. Select “Access Your Account”

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

BlackRock’s Mutual Fund Family

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

Shareholder Privileges

Account Information

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

Automatic Investment Plans

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

Systematic Withdrawal Plans

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

Retirement Plans

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


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

Additional Information (continued)

Fund and Service Providers

Investment Adviser and Administrator

BlackRock Advisors, LLC

Wilmington, DE 19809

Accounting Agent and Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

Custodian

The Bank of New York Mellon

New York, NY 10286

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Boston, MA 02110

Distributor

BlackRock Investments, LLC

New York, NY 10001

Legal Counsel

Sidley Austin LLP

New York, NY 10019

Address of the Trust and the Corporation

100 Bellevue Parkway

Wilmington, DE 19809


80		2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Glossary of Terms Used in this Report


Portfolio Abbreviation

ADR		American Depositary Receipt

CVR		Contingent Value Rights

LP		Limited Partnership

NVS		Non-Voting Shares

REIT		Real Estate Investment Trust


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

THIS PAGE INTENTIONALLY LEFT BLANK.

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.


		NOVEMBER 30, 2024

2024 Semi-Annual Financial

Statements and Additional

Information (Unaudited)

BlackRock Event Driven Equity Fund

Not FDIC Insured • May Lose Value • No Bank Guarantee

Table of Contents


	Page
Derivative Financial Instruments		3
Schedule of Investments		4
Statement of Assets and Liabilities		17
Statement of Operations		19
Statements of Changes in Net Assets		20
Financial Highlights		21
Notes to Financial Statements		24
Additional Information		35
Glossary of Terms Used in this Report		37


2

Derivative Financial Instruments

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


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

Schedule of Investments (unaudited)

November 30, 2024

BlackRock Event Driven Equity Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 3.0%
Boeing Co. (The)^(a)		153,562		$ 23,869,677
Bombardier, Inc., Class B^(a)		20,000		1,380,094
General Electric Co.		94,405		17,196,815
Howmet Aerospace, Inc.		615,917		72,912,254
Standardaero, Inc.^(a)(b)		912,930		26,164,574

				141,523,414

Chemicals — 1.3%
Dow, Inc.		5,504		243,332
DuPont de Nemours, Inc.		279,085		23,328,715
International Flavors & Fragrances, Inc.		64,436		5,886,873
Olin Corp.		755,355		32,170,569

				61,629,489

Commercial Services & Supplies — 1.5%
GFL Environmental, Inc.		1,295,269		61,007,170
Veralto Corp.		86,095		9,314,618

				70,321,788

Construction Materials — 0.7%
CRH PLC		308,498		31,550,090


Electrical Equipment — 0.4%
GE Vernova, Inc.^(a)		51,832		17,318,108


Electronic Equipment, Instruments & Components — 0.3%
Ingram Micro Holding Corp.^(a)		190,573		4,539,449
Keysight Technologies, Inc.^(a)		72,737		12,426,389

				16,965,838

Entertainment — 0.3%
Netflix, Inc.^(a)		16,255		14,415,097


Health Care Equipment & Supplies — 0.7%
Envista Holdings Corp.^(a)		1,401,923		31,248,864
Neogen Corp.^(a)		71,889		1,019,386

				32,268,250

Health Care Providers & Services — 0.8%
Brookdale Senior Living, Inc.^(a)		1,623,435		9,221,111
Cigna Group (The)		89,124		30,106,087
Elevance Health, Inc.		2,440		992,982

				40,320,180

Health Care REITs — 0.8%
Welltower, Inc.		268,497		37,100,915


Hotels, Restaurants & Leisure — 0.8%
Caesars Entertainment, Inc.^(a)		859,121		33,067,567
Cava Group, Inc.^(a)		50,100		7,059,090

				40,126,657

Industrial REITs — 0.1%
Lineage, Inc.		59,095		3,747,805


Interactive Media & Services — 0.3%
Meta Platforms, Inc., Class A		28,792		16,535,821


IT Services — 0.4%
Cloudflare, Inc., Class A^(a)		67,465		6,735,031
Shopify, Inc., Class A^(a)		77,056		8,907,674
Snowflake, Inc., Class A^(a)		25,683		4,489,388

				20,132,093

Life Sciences Tools & Services — 1.3%
Danaher Corp.		260,148		62,354,874


Metals & Mining — 0.3%
ATI, Inc.^(a)		274,403		16,510,829


Security	Shares		Value

Personal Care Products — 2.1%
Coty, Inc., Class A^(a)		7,297,091		$ 53,925,502
Kenvue, Inc.		1,855,237		44,674,107

				98,599,609

Pharmaceuticals — 0.8%
Catalent, Inc.^(a)		592,180		36,188,120


Professional Services — 0.3%
UL Solutions, Inc., Class A		249,027		13,380,221


Semiconductors & Semiconductor Equipment — 0.5%
GLOBALFOUNDRIES, Inc.^(a)(b)		445,025		19,247,332
Lattice Semiconductor Corp.^(a)		121,871		6,916,179

				26,163,511

Software — 2.5%
Crowdstrike Holdings, Inc., Class A^(a)		37,715		13,048,259
DoubleVerify Holdings, Inc.^(a)		2,338,915		47,550,142
Elastic NV^(a)		75,011		8,210,704
Five9, Inc.^(a)		56,514		2,332,898
Informatica, Inc., Class A^(a)		436,991		11,589,001
Salesforce, Inc.		30,794		10,161,712
ServiceNow, Inc.^(a)		11,926		12,515,622
Unity Software, Inc.^(a)		66,103		1,593,743
Workday, Inc., Class A^(a)		28,043		7,010,470
Zoom Communications, Inc., Class A^(a)(b)		47,228		3,905,283

				117,917,834

Specialty Retail — 0.3%
Bath & Body Works, Inc.		124,423		4,509,089
Carvana Co., Class A^(a)		43,918		11,437,126

				15,946,215


Total Common Stocks — 19.5%
(Cost: $630,990,687)				931,016,758


	Par (000)

Corporate Bonds

Aerospace & Defense — 0.7%
Boeing Co. (The), 2.20%, 02/04/26	USD	17,000		16,429,069
Bombardier, Inc.
6.00%, 02/15/28^(c)		5,291		5,284,648
8.75%, 11/15/30^(c)		6,147		6,653,119
TransDigm, Inc., 4.63%, 01/15/29		3,670		3,481,245

				31,848,081

Automobile Components — 0.0%
Tenneco, Inc., 8.00%, 11/17/28^(c)		2,400		2,282,078


Chemicals — 0.1%
International Flavors & Fragrances, Inc., 1.23%, 10/01/25^(c)		7,059		6,844,781


Consumer Finance — 0.3%
Ford Motor Credit Co. LLC
3.38%, 11/13/25		4,412		4,336,529
4.39%, 01/08/26		4,412		4,372,188
SoFi Technologies, Inc., 0.00%, 10/15/26^(c)(d)(e)		4,126		4,361,594

				13,070,311

Consumer Staples Distribution & Retail — 0.1%
Walgreens Boots Alliance, Inc., 3.45%, 06/01/26		2,800		2,709,890


Diversified Consumer Services — 0.4%
Sotheby’s, 7.38%, 10/15/27^(c)		20,957		20,723,166


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

Schedule of Investments (unaudited) (continued)

November 30, 2024

BlackRock Event Driven Equity Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Diversified REITs — 0.2%
VICI Properties LP, 4.38%, 05/15/25	USD	9,288		$ 9,249,373
VICI Properties LP/VICI Note Co., Inc., 4.63%, 06/15/25^(c)		712		708,522

				9,957,895

Financial Services — 0.9%
Block, Inc., 0.25%, 11/01/27^(d)		6,053		5,235,195
CCO Holdings LLC/CCO Holdings Capital Corp.
5.50%, 05/01/26^(c)		20,588		20,551,219
7.38%, 03/01/31^(c)		9,722		10,089,112
Coinbase Global, Inc., 3.63%, 10/01/31^(c)		4,000		3,472,324
Shift4 Payments, Inc., 0.00%, 12/15/25^(d)(e)		2,448		3,553,468

				42,901,318

Ground Transportation — 0.1%
Uber Technologies, Inc., Series 2028, 0.88%, 12/01/28^(d)		3,306		3,954,470


Health Care Equipment & Supplies — 0.1%
Merit Medical Systems, Inc., 3.00%, 02/01/29^(c)(d)		2,650		3,536,701


Health Care Providers & Services — 1.1%
Brookdale Senior Living, Inc., 3.50%, 10/15/29^(c)(d)		8,391		7,744,677
CHS/Community Health Systems, Inc., 5.63%, 03/15/27^(c)		7,497		7,255,301
LifePoint Health, Inc., 11.00%, 10/15/30^(c)		10,266		11,310,653
Tenet Healthcare Corp.
6.25%, 02/01/27		13,500		13,509,577
4.25%, 06/01/29		13,767		13,000,654

				52,820,862

Health Care REITs — 0.0%
Ventas Realty LP, 2.65%, 01/15/25		1,764		1,758,612


Health Care Technology — 0.1%
Evolent Health, Inc., 3.50%, 12/01/29^(c)(d)		3,284		2,887,621


Hotels, Restaurants & Leisure — 0.3%
Caesars Entertainment, Inc., 8.13%, 07/01/27^(c)		3,775		3,846,521
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 4.63%, 01/15/29^(c)		9,500		8,925,634

				12,772,155

Machinery — 0.0%
Middleby Corp. (The), 1.00%, 09/01/25^(d)		1,989		2,326,533


Media — 0.8%
DISH Network Corp., 11.75%, 11/15/27^(c)		17,400		18,486,110
Lions Gate Capital Holdings 1, Inc., 5.50%, 04/15/29^(c)		9,000		7,940,008
Neptune Bidco U.S., Inc., 9.29%, 04/15/29^(c)		3,900		3,618,911
Spotify U.S.A., Inc., 0.00%, 03/15/26^(d)(e)		5,784		6,300,511

				36,345,540

Passenger Airlines — 0.0%
JetBlue Airways Corp., 0.50%, 04/01/26^(d)		1,196		1,106,300


Personal Care Products — 0.4%
Coty, Inc., 5.00%, 04/15/26^(c)		16,418		16,352,942
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC, 6.63%, 07/15/30^(c)		4,152		4,249,988

				20,602,930

Software — 0.7%
Bentley Systems, Inc., 0.13%, 01/15/26^(d)		3,616		3,557,970
BILL Holdings, Inc., 0.00%, 12/01/25^(d)(e)		6,091		5,838,224


Security	Par (000)		Value

Software (continued)
Box, Inc., 0.00%, 01/15/26^(d)(e)	USD	2,399		$ 3,320,537
Cloud Software Group, Inc., 6.50%, 03/31/29^(c)		20,809		20,441,853

				33,158,584

Wireless Telecommunication Services — 0.4%
T-Mobile U.S.A., Inc., 2.63%, 04/15/26		20,320		19,759,996


Total Corporate Bonds — 6.7%
(Cost: $311,528,239)				321,367,824


Floating Rate Loan Interests^(f)

Aerospace & Defense — 0.3%
Transdigm, Inc., Tranche I Term Loan, (3 mo. CME Term SOFR US at 0.00% Floor + 2.75%), 7.35%, 08/24/28		14,925		14,942,612


Health Care Equipment & Supplies — 1.3%
Medline Borrower LP, Third Amendment Incremental Term Loan, (1 mo. CME Term SOFR US at 0.50% Floor + 2.25%), 6.94%, 10/23/28		60,990		61,340,874


Hotels, Restaurants & Leisure — 0.4%
Carnival Corp.
2024 Repricing Advance, (1 mo. CME Term SOFR US at 0.75% Floor + 2.75%), 7.32%, 10/18/28		12,625		12,688,443
2024 Repricing Advance (Term Loan), (1 mo. CME Term SOFR US at 0.75% Floor + 2.75%), 7.32%, 08/08/27		8,752		8,821,127

				21,509,570

IT Services — 0.1%
McAfee Corp., First Amendment Tranche B-1 Term Loan, (1 mo. CME Term SOFR US at 0.50% Floor + 3.25%), 7.91%, 03/01/29		5,558		5,573,000


Leisure Products — 0.0%
NorthPole Newco S.a r.l., Tranche B-1 Term Loan, (3 mo. PRIME at 0.00% Floor + 7.00%), 15.50%, 03/18/25^(a)(g)		4,201		147,034


Metals & Mining — 0.3%
Arsenal AIC Parent LLC, 2024-A Refinancing Term B Loan, (1 mo. CME Term SOFR US at 0.00% Floor + 3.25%), 7.82%, 08/18/30		14,837		14,962,774


Software — 0.8%
Cloud Software Group, Inc., Fourth Amendment Incremental Term Loan, (3 mo. CME Term SOFR US at 0.50% Floor + 4.00%), 8.60%, 03/30/29		37,120		37,226,526


Specialty Retail — 0.1%
Torrid LLC, Closing Date Term Loan, (3 mo. CME Term SOFR US at 0.00% Floor + 5.50%), 10.36%, 06/14/28		4,223		3,830,620


Total Floating Rate Loan Interests — 3.3%
(Cost: $163,085,857)				159,533,010


	Shares

Investment Companies

Equity Funds — 0.0%
Altaba, Inc. Escrow^(a)		445,570		628,254


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

Schedule of Investments (unaudited) (continued)

November 30, 2024

BlackRock Event Driven Equity Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Fixed-Income Funds — 7.8%
iShares iBoxx $ High Yield Corporate Bond ETF^(b)(h)		2,622,927		$ 209,939,077
SPDR Bloomberg High Yield Bond ETF^(b)		1,690,000		164,538,400

				374,477,477


Total Investment Companies — 7.8% (Cost: $356,858,406)				375,105,731


Preferred Securities

Preferred Stocks — 0.9%

Aerospace & Defense — 0.3%
Boeing Co. (The), 6.00%^(a)(d)		275,600		15,265,484


Health Care Providers & Services — 0.3%
Brookdale Senior Living, Inc., 7.00%^(d)		167,000		12,359,670


Software — 0.0%
DataRobot, Inc., Series F (Acquired 10/27/20, cost $2,186,006)^(a)(i)(j)		166,337		731,883


Trading Companies & Distributors — 0.3%
WESCO International, Inc., Series A, 10.63%^(k)		492,129		12,829,803


Total Preferred Securities — 0.9%
(Cost: $37,234,392)				41,186,840


Rights

Biotechnology — 0.0%
Gracell Biotechnologies, Inc., CVR^(a)		291,020		14,551


Total Rights — 0.0%
(Cost: $ —)				14,551


Total Long-Term Investments — 38.2%
(Cost: $1,499,697,581)				1,828,224,714


Security	Shares		Value
Short-Term Securities

Money Market Funds — 61.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.79%^(h)(l)(m)		68,000,522		$ 68,034,522
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.53%^(h)(l)		2,886,857,149		2,886,857,149


Total Short-Term Securities — 61.7%
(Cost: $2,954,890,729)				2,954,891,671


Total Investments — 99.9%
(Cost: $4,454,588,310)				4,783,116,385


Other Assets Less Liabilities — 0.1%				6,983,299


Net Assets — 100.0%				$ 4,790,099,684

^(a)	Non-income producing security.

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

^(c)	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.

^(d)	Convertible security.

^(e)	Zero-coupon bond.

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

^(g)	Issuer filed for bankruptcy and/or is in default.

^(h)	Affiliate of the Fund.

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

^(j)	Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $731,883, representing 0.0% of its net assets as of period end, and an original cost of $2,186,006.

^(k)	Perpetual security with no stated maturity date.

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

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


6		2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

November 30, 2024

BlackRock Event Driven Equity Fund

Affiliates



Affiliated Issuer	Value at 05/31/24		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 11/30/24		Shares Held at 11/30/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	62,953,070	$	5,059,578	^(a)	$	—		$	20,618		$	1,256	$	68,034,522		68,000,522	$	183,361	^(b)	$	—

BlackRock Liquidity Funds, T-Fund, Institutional Shares		3,278,697,596		—			(391,840,447	)^(a)		—			—		2,886,857,149		2,886,857,149		76,489,873			—

iShares iBoxx $ High Yield Corporate Bond ETF		202,306,360		—			—			—			7,632,717		209,939,077		2,622,927		6,128,235			—

									$	20,618		$	7,633,973	$	3,164,830,748			$	82,801,469		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts
NASDAQ 100 E-Mini Index		33		12/20/24		$ 13,856	$	(812,373	)
S&P 500 E-Mini Index		455		12/20/24		137,672		(8,210,249	)

							$	(9,022,622	)


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

Schedule of Investments (unaudited) (continued)

November 30, 2024

BlackRock Event Driven Equity Fund

OTC Total Return Swaps



Reference Entity	Payment Frequency	Counterparty^(y)		Termination Date		Net Notional			Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity			Gross Notional Amount Net Asset Percentage

Equity
Securities
Long/Short	Monthly		Barclays Bank PLC^(a)		12/22/25	$	145,168,738		$	212,223	^(b)	$	145,457,671			3.0	%
	Monthly		Barclays Bank PLC^(c)		12/22/25		(108,287,795	)		(685,204	)^(d)		(109,128,111	)		5.3
	Monthly		BNP Paribas SA^(e)		07/22/26		72,442,187			66,416	^(f)		72,648,228			1.5
	Monthly		Citibank N.A.^(g)		11/10/25–02/24/28		4,058,457			(4,106,737	)^(h)		1,275,411			6.9
	Monthly		Citibank N.A.⁽ⁱ⁾		02/24/28		(26,483,460	)		(59,592	)^(j)		(26,558,221	)		1.5
	Monthly		Goldman Sachs Bank USA^(k)		08/18/26		13,996,090			136,515	^(l)		14,150,198			0.3
	Monthly		JPMorgan Chase Bank N.A.^(m)		02/10/25		393,075,192			(3,276,832	)⁽ⁿ⁾		391,972,793			15.3
	Monthly		JPMorgan Chase Bank N.A.^(o)		02/10/25		(306,826,748	)		(3,025,035	)^(p)		(310,780,380	)		7.9
	Monthly		Morgan Stanley & Co. International PLC^(q)		11/06/26		10,144,960			(289,249	)^(r)		9,888,276			0.4
	Monthly		Morgan Stanley & Co. International PLC^(s)		11/06/26		94,969,853			(631,880	)^(t)		94,765,386			4.6
	Monthly		SG Americas Securities, LLC^(u)		08/12/25		183,428,423			537,682	^(v)		184,478,914			3.9
	Monthly		UBS AG^(w)		12/17/24–12/18/24		132,067,673			7,230,599	^(x)		139,699,294			5.4

									$	(3,891,094	)	$	607,869,459

^(b)

Amount includes $(76,710) of net dividends and financing fees.

^(d)

Amount includes $155,112 of net dividends and financing fees.

^(f)

Amount includes $(139,625) of net dividends and financing fees.

^(h)

Amount includes $(1,323,691) of net dividends and financing fees.

^(j)

Amount includes $15,169 of net dividends and financing fees.

^(l)

Amount includes $(17,593) of net dividends and financing fees.

⁽ⁿ⁾

Amount includes $(2,174,433) of net dividends and financing fees.

^(p)

Amount includes $928,597 of net dividends and financing fees.

^(r)

Amount includes $(32,565) of net dividends and financing fees.

^(t)

Amount includes $(427,413) of net dividends and financing fees.

^(v)

Amount includes $(512,809) of net dividends and financing fees.

^(x)

Amount includes $(401,022) of net dividends and financing fees.

^(y)

The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions.

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


	(a)	(c)	(e)
Range:	20 basis points	0-35 basis points	25 basis points
Benchmarks:	USD Overnight Bank Funding Rate	USD Overnight Bank Funding Rate	Sterling Overnight Index Average:
			GBP 1-Day

	(g)	(i)	(k)
Range:	15-25 basis points	0-20 basis points	20 basis points
Benchmarks:	Sterling Overnight Index Average:	USD Overnight Bank Funding Rate	U.S. Overnight Federal Funds Effective Rate
	GBP 1-Day
	USD Overnight Bank Funding Rate

	(m)	(o)	(q)
Range:	0 basis points	0 basis points	15-20 basis points
Benchmarks:	USD Overnight Bank Funding Rate	USD Overnight Bank Funding Rate	U.S. Overnight Federal Funds Effective Rate

	(s)	(u)	(w)
Range:	15-113 basis points	25-26 basis points	15-25 basis points
Benchmarks:	U.S. Overnight Federal Funds Effective Rate	Euro Short-Term Rate:	Sterling Overnight Index Average:
		EUR 1-Day	GBP 1-Day
		Sterling Overnight Index Average:	USD Overnight Bank Funding Rate
		GBP 1-Day


8		2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

November 30, 2024

BlackRock Event Driven Equity Fund

The following table represents the individual long and short positions and related values of equity securities underlying the total return swap with Barclays Bank PLC as of period end, termination date December 22, 2025:




	Shares		Value		% of Basket Value


Reference Entity — Long

Common Stocks

Consumer Staples Distribution & Retail
Albertsons Cos., Inc., Class A		369,093	$	7,326,496		5.0	%


Diversified Telecommunication Services
Frontier Communications Parent, Inc.		411,828		14,335,733		9.9


Food Products
Kellanova		728,863		59,249,273		40.7


Pharmaceuticals
Catalent, Inc.		810,941		49,556,605		34.1


Software
Smartsheet, Inc., Class A		267,910		14,989,564		10.3


Total Reference Entity — Long				145,457,671


Net Value of Reference Entity — Barclays Bank PLC			$	145,457,671




	Shares		Value			% of Basket Value


Reference Entity — Long

Common Stocks

Chemicals
Corteva, Inc.		612,583	$	38,127,166			(34.9	)%
Dow, Inc.		90,275		3,991,058			(3.7	)
DuPont de Nemours, Inc.		311,155		26,009,446			(23.8	)
International Flavors & Fragrances, Inc.		55,909		5,107,846			(4.7	)

				73,235,516


Total Reference Entity — Long				73,235,516


Reference Entity — Short

Common Stocks

Chemicals
Air Products and Chemicals, Inc.		12,325		(4,120,617	)		3.8
Albemarle Corp.		30,467		(3,281,296	)		3.0
Arcadium Lithium PLC		3,921		(20,585	)		0.0
Eastman Chemical Co.		34,283		(3,590,116	)		3.3
Ecolab, Inc.		15,296		(3,805,186	)		3.5
FMC Corp.		24,432		(1,443,687	)		1.3
LyondellBasell Industries NV, Class A		43,307		(3,609,205	)		3.3
Mosaic Co. (The)		156,933		(4,152,447	)		3.8
PPG Industries, Inc.		27,061		(3,365,577	)		3.1

				(27,388,716	)




	Shares		Value			% of Basket Value


Construction Materials
Martin Marietta Materials, Inc.		10,966	$	(6,579,600	)		6.1	%
Vulcan Materials Co.		19,716		(5,680,771	)		5.2

				(12,260,371	)

Containers & Packaging
Avery Dennison Corp.		19,575		(4,031,471	)		3.7
Ball Corp.		35,949		(2,234,590	)		2.0
International Paper Co.		63,088		(3,711,467	)		3.4
Sealed Air Corp.		65,901		(2,411,976	)		2.2
Smurfit WestRock PLC		70,431		(3,875,114	)		3.6

				(16,264,618	)

Metals & Mining
Freeport-McMoRan, Inc.		223,205		(9,865,661	)		9.0
Newmont Corp.		40,413		(1,694,921	)		1.6
Nucor Corp.		58,802		(9,096,082	)		8.3

				(20,656,664	)

Paper & Forest Products
Sylvamo Corp.		4,920		(454,067	)		0.4


Investment Companies

Equity Funds
Industrial Select Sector SPDR Fund		555,001		(79,914,594	)		73.2
SPDR S&P 500 ETF Trust		42,195		(25,424,597	)		23.3

				(105,339,191	)


Total Reference Entity — Short				(182,363,627	)


Net Value of Reference Entity — Barclays Bank PLC			$	(109,128,111	)

The following table represents the individual long and short positions and related values of equity securities underlying the total return swap with BNP Paribas SA as of period end, termination date July 22, 2026:




	Shares		Value		% of Basket Value


Reference Entity — Long

Common Stocks

Beverages
Britvic PLC		2,655,055	$	43,581,679		60.0	%


Capital Markets
Hargreaves Lansdown PLC		2,089,628		29,066,549		40.0


Total Reference Entity — Long				72,648,228


Net Value of Reference Entity — BNP Paribas SA			$	72,648,228


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

Schedule of Investments (unaudited) (continued)

November 30, 2024

BlackRock Event Driven Equity Fund

The following table represents the individual long and short positions and related values of equity securities underlying the total return swap with Citibank N.A. as of period end, termination dates November 10, 2025 to February 24, 2028:




	Shares		Value			% of Basket Value


Reference Entity — Long

Common Stocks

Containers & Packaging
DS Smith PLC		6,336,212	$	46,977,844			3,683.3	%


Oil, Gas & Consumable Fuels
Hess Corp.		698,611		102,821,567			8,061.8


Software
Smartsheet, Inc., Class A		273,992		15,329,852			1,202.0


Total Reference Entity — Long				165,129,263


Reference Entity — Short

Common Stocks

Containers & Packaging
International Paper Co.		814,202		(47,899,504	)		(3,755.6	)


Oil, Gas & Consumable Fuels
Chevron Corp.		716,077		(115,954,348	)		(9,091.5	)


Total Reference Entity — Short				(163,853,852	)


Net Value of Reference Entity — Citibank N.A			$	1,275,411




	Shares		Value			% of Basket Value


Reference Entity — Long

Common Stocks

Aerospace & Defense
Howmet Aerospace, Inc.		13,894	$	1,644,772			(6.2	)%


Health Care Providers & Services
Cigna Group (The)		2,086		704,651			(2.7	)
Elevance Health, Inc.		50,211		20,433,868			(76.9	)

				21,138,519

Investment Companies

Equity Funds
iShares U.S. Real Estate ETF		298		30,489			(0.1	)


Total Reference Entity — Long				22,813,780


Reference Entity — Short

Common Stocks

Health Care Providers & Services
UnitedHealth Group, Inc.		6,498		(3,965,080	)		14.9




	Shares		Value			% of Basket Value


Life Sciences Tools & Services
Mettler-Toledo International, Inc.		3,493	$	(4,370,442	)		16.5	%
Waters Corp.		167		(64,248	)		0.2

				(4,434,690	)

Semiconductors & Semiconductor Equipment
Advanced Micro Devices, Inc.		42,626		(5,847,221	)		22.0
Analog Devices, Inc.		20,496		(4,469,153	)		16.8
Applied Materials, Inc.		22,548		(3,939,361	)		14.8
ASML Holding NV, Registered Shares		3,692		(2,534,964	)		9.5
KLA Corp.		7,892		(5,106,361	)		19.2
Lam Research Corp.		63,320		(4,678,082	)		17.6
Microchip Technology, Inc.		21,237		(1,447,726	)		5.5
Micron Technology, Inc.		21,089		(2,065,668	)		7.8
MKS Instruments, Inc.		3,186		(362,057	)		1.4
Monolithic Power Systems, Inc.		1,760		(999,046	)		3.8
ON Semiconductor Corp.		16,900		(1,201,928	)		4.5
Qorvo, Inc.		6,560		(452,968	)		1.7
Skyworks Solutions, Inc.		9,004		(788,660	)		3.0
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		23,187		(4,281,711	)		16.1
Teradyne, Inc.		9,293		(1,022,230	)		3.9
Texas Instruments, Inc.		8,830		(1,775,095	)		6.7

				(40,972,231	)


Total Reference Entity — Short				(49,372,001	)


Net Value of Reference Entity — Citibank N.A			$	(26,558,221	)

The following table represents the individual long and short positions and related values of equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination date August 18, 2026:




	Shares		Value		% of Basket Value


Reference Entity — Long

Common Stocks

Chemicals
Arcadium Lithium PLC		1,314,058	$	6,898,804		48.8	%


Software
Altair Engineering, Inc., Class A		68,662		7,251,394		51.2


Total Reference Entity — Long				14,150,198


Net Value of Reference Entity — Goldman Sachs Bank USA			$	14,150,198


10		2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

November 30, 2024

BlackRock Event Driven Equity Fund

The following table represents the individual long and short positions and related values of equity securities underlying the total return swap with JPMorgan Chase Bank N.A. as of period end, termination date February 10, 2025:




	Shares		Value			% of Basket Value


Reference Entity — Long

Common Stocks

Communications Equipment
Juniper Networks, Inc.		893,046	$	32,078,212			8.2	%


Construction Materials
Summit Materials, Inc., Class A		358,355		18,254,604			4.6


Consumer Staples Distribution & Retail
Albertsons Cos., Inc., Class A		429,109		8,517,814			2.2


Diversified Telecommunication Services
Frontier Communications Parent, Inc.		411,828		14,335,733			3.7


Energy Equipment & Services
ChampionX Corp.		849,736		26,299,329			6.7


Entertainment
Endeavor Group Holdings, Inc., Class A		931,565		28,291,629			7.2


Media
Liberty Broadband Corp., Class C		80,635		6,865,264			1.7


Metals & Mining
United States Steel Corp.		517,321		21,091,177			5.4


Oil, Gas & Consumable Fuels
Hess Corp.		674,807		99,318,094			25.3


Pharmaceuticals
Catalent, Inc.		1,722,937		105,288,680			26.9


Software
ANSYS, Inc.		70,712		24,826,983			6.3
Aspen Technology, Inc.		28,896		7,224,000			1.9
HashiCorp, Inc., Class A		3,897,530		131,034,959			33.4
Smartsheet, Inc., Class A		792,545		44,342,893			11.3

				207,428,835


Total Reference Entity — Long				567,769,371


Reference Entity — Short

Common Stocks

Consumer Finance
SoFi Technologies, Inc.		95,733		(1,570,979	)		(0.4	)


Energy Equipment & Services
Schlumberger NV		624,556		(27,442,991	)		(7.0	)


Entertainment
Spotify Technology SA		6,513		(3,106,440	)		(0.8	)


Financial Services
Block, Inc., Class A		3,845		(340,475	)		(0.1	)


Ground Transportation
Uber Technologies, Inc.		33,724		(2,426,779	)		(0.6	)




	Shares		Value			% of Basket Value


Health Care Equipment & Supplies
Merit Medical Systems, Inc.		25,027	$	(2,600,305	)		(0.6	)%


Health Care Technology
Evolent Health, Inc., Class A		29,381		(379,602	)		(0.1	)


Media
Charter Communications, Inc., Class A		19,030		(7,554,244	)		(1.9	)


Oil, Gas & Consumable Fuels
Chevron Corp.		691,676		(112,003,095	)		(28.6	)


Software
Bentley Systems, Inc., Class B		23,117		(1,144,292	)		(0.3	)
BILL Holdings, Inc.		8,822		(795,921	)		(0.2	)
Box, Inc., Class A		79,981		(2,806,533	)		(0.7	)
Synopsys, Inc.		24,396		(13,624,922	)		(3.5	)

				(18,371,668	)


Total Reference Entity — Short				(175,796,578	)


Net Value of Reference Entity — JPMorgan Chase Bank N.A			$	391,972,793




	Shares		Value			% of Basket Value


Reference Entity — Long

Common Stocks

Semiconductors & Semiconductor Equipment
NXP Semiconductors NV		153,263	$	35,153,934			(11.3	)%

Total Reference Entity — Long			35,153,934


Reference Entity — Short

Common Stocks

Commercial Services & Supplies
Republic Services, Inc.		83,335		(18,192,030	)		5.8
Waste Management, Inc.		75,896		(17,320,985	)		5.6

				(35,513,015	)

Investment Companies

Equity Funds
Consumer Staples Select Sector SPDR Fund		314,152		(26,143,729	)		8.4
iShares Russell 2000 ETF		74,761		(18,082,443	)		5.8
Materials Select Sector SPDR Fund		221,918		(21,033,388	)		6.8
SPDR S&P 500 ETF Trust		396,603		(238,973,138	)		76.9
VanEck Semiconductor ETF		25,559		(6,188,601	)		2.0

				(310,421,299	)


Total Reference Entity — Short				(345,934,314	)


Net Value of Reference Entity — JPMorgan Chase Bank N.A			$	(310,780,380	)


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

Schedule of Investments (unaudited) (continued)

November 30, 2024

BlackRock Event Driven Equity Fund

The following table represents the individual long and short positions and related values of equity securities underlying the total return swap with Morgan Stanley & Co. International PLC as of period end, termination date November 6, 2026:




	Shares		Value			% of Basket Value


Reference Entity — Long

Common Stocks

Software
HashiCorp, Inc., Class A		432,400	$	14,537,288			147.0	%


Total Reference Entity — Long			14,537,288


Reference Entity — Short

Common Stocks

Financial Services
Shift4 Payments, Inc., Class A		26,466		(3,019,241	)		(30.5	)%


Machinery
Middleby Corp. (The)		11,366		(1,629,771	)		(16.5	)%


Total Reference Entity — Short				(4,649,012	)


Net Value of Reference Entity — Morgan Stanley & Co. International PLC			$	9,888,276




	Shares		Value		% of Basket Value


Reference Entity — Long

Common Stocks

Aerospace & Defense
General Electric Co.		64,360	$	11,723,818		12.4	%
RTX Corp.		121,099		14,753,491		15.6
TransDigm Group, Inc.		27,258		34,153,456		36.0

				60,630,765

Chemicals
Olin Corp.		64,670		2,754,295		2.9


Commercial Services & Supplies
Veralto Corp.		1,918		207,509		0.2


Health Care Providers & Services
Cigna Group (The)		76,999		26,010,262		27.4
Elevance Health, Inc.		61,752		25,130,594		26.5
Humana, Inc.		95,178		28,208,856		29.8

				79,349,712

Life Sciences Tools & Services
Danaher Corp.		5,652		1,354,728		1.4


Semiconductors & Semiconductor Equipment
Broadcom, Inc.		92,230		14,948,638		15.8


Total Reference Entity — Long				159,245,647




	Shares		Value			% of Basket Value


Reference Entity — Short

Common Stocks

Aerospace & Defense
Boeing Co. (The)		9,643		$ (1,498,908	)		(1.6	)%


Air Freight & Logistics
FedEx Corp.		6,199		(1,876,252	)		(2.0	)
United Parcel Service, Inc., Class B		13,085		(1,775,896	)		(1.9	)

				(3,652,148	)

Construction Materials
Martin Marietta Materials, Inc.		6,673		(4,003,800	)		(4.2	)
Vulcan Materials Co.		14,384		(4,144,462	)		(4.4	)

				(8,148,262	)

Electrical Equipment
Emerson Electric Co.		24,592		(3,260,899	)		(3.4	)
Rockwell Automation, Inc.		6,073		(1,792,385	)		(1.9	)

				(5,053,284	)

Ground Transportation
Union Pacific Corp.		8,106		(1,983,214	)		(2.1	)


Health Care Equipment & Supplies
Solventum Corp.		2,093		(149,670	)		(0.2	)


Health Care Providers & Services
UnitedHealth Group, Inc.		7,066		(4,311,673	)		(4.5	)


Industrial Conglomerates
3M Co.		19,349		(2,583,672	)		(2.7	)
Honeywell International, Inc.		9,878		(2,300,882	)		(2.5	)

				(4,884,554	)

Life Sciences Tools & Services
Mettler-Toledo International, Inc.		227		(284,023	)		(0.3	)
Waters Corp.		542		(208,518	)		(0.2	)

				(492,541	)

Machinery
Caterpillar, Inc.		4,862		(1,974,507	)		(2.1	)
Cummins, Inc.		5,950		(2,231,488	)		(2.4	)
Deere & Co.		4,289		(1,998,245	)		(2.1	)
Illinois Tool Works, Inc.		6,639		(1,842,455	)		(1.9	)
Stanley Black & Decker, Inc.		11,119		(994,595	)		(1.0	)

				(9,041,290	)

Semiconductors & Semiconductor Equipment
Advanced Micro Devices, Inc.		2,912		(399,454	)		(0.4	)
Analog Devices, Inc.		4,991		(1,088,288	)		(1.1	)
Applied Materials, Inc.		3,540		(618,473	)		(0.6	)
ASML Holding NV, Registered Shares		645		(442,863	)		(0.5	)
KLA Corp.		1,060		(685,852	)		(0.7	)
Lam Research Corp.		7,570		(559,272	)		(0.6	)
Microchip Technology, Inc.		9,707		(661,726	)		(0.7	)
Micron Technology, Inc.		7,041		(689,666	)		(0.7	)
MKS Instruments, Inc.		3,370		(382,967	)		(0.4	)
Monolithic Power Systems, Inc.		629		(357,046	)		(0.4	)
ON Semiconductor Corp.		5,774		(410,647	)		(0.4	)
Qorvo, Inc.		3,708		(256,037	)		(0.3	)
Skyworks Solutions, Inc.		6,021		(527,379	)		(0.6	)
Taiwan Semiconductor Manufacturing Co. Ltd		5,287		(976,297	)		(1.0	)


12		2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

November 30, 2024

BlackRock Event Driven Equity Fund




	Shares		Value			% of Basket Value


Semiconductors & Semiconductor Equipment (continued)
Teradyne, Inc.		4,856	$	(534,160	)		(0.6	)%
Texas Instruments, Inc.		5,605		(1,126,773	)		(1.2	)

				(9,716,900	)

Investment Companies

Equity Funds
iShares U.S. Home Construction ETF		56,826		(7,036,195	)		(7.4	)
iShares U.S. Real Estate ETF		50,985		(5,216,276	)		(5.5	)
SPDR S&P 500 ETF Trust		5,469		(3,295,346	)		(3.5	)

				(15,547,817	)


Total Reference Entity — Short				(64,480,261	)


Net Value of Reference Entity — Morgan Stanley & Co. International PLC			$	94,765,386

The following table represents the individual long and short positions and related values of equity securities underlying the total return swap with SG Americas Securities, LLC as of period end, termination date August 12, 2025:




	Shares		Value		% of Basket Value


Reference Entity — Long

Common Stocks

Beverages
Britvic PLC		4,868,004	$	79,906,363		43.3	%


Capital Markets
Hargreaves Lansdown PLC		5,348,397		74,395,751		40.3


Chemicals
Covestro AG		494,351		30,176,800		16.4


Total Reference Entity — Long				184,478,914


Net Value of Reference Entity — SG Americas Securities LLC			$	184,478,914

The following table represents the individual long and short positions and related values of equity securities underlying the total return swap with UBS AG as of period end, termination dates December 17, 2024 to December 18, 2024:




	Shares		Value			% of Basket Value


Reference Entity — Long

Common Stocks

Chemicals
Arcadium Lithium PLC		1,314,059	$	6,898,810			4.9	%


Consumer Finance
Discover Financial Services		206,458		37,664,133			27.0


Containers & Packaging
DS Smith PLC		3,363,298		24,936,112			17.9


Food Products
Kellanova		981,963		79,823,772			57.1


Metals & Mining
United States Steel Corp.		1,378,582		56,204,788			40.2


Total Reference Entity — Long				205,527,615


Reference Entity — Short

Common Stocks

Consumer Finance
Capital One Financial Corp.		210,421		(40,402,936	)		(28.9	)


Containers & Packaging
International Paper Co.		432,184		(25,425,385	)		(18.2	)


Total Reference Entity — Short				(65,828,321	)


Net Value of Reference Entity — UBS AG			$	139,699,294

Balances Reported in the Statement of Assets and Liabilities for OTC Swaps



	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation
OTC Swaps	$	—	$	—	$	8,183,435		$ (12,074,529	)


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

Schedule of Investments (unaudited) (continued)

November 30, 2024

BlackRock Event Driven Equity Fund

Derivative Financial Instruments Categorized by Risk Exposure

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


	Commodity Contracts			Credit Contracts			Equity Contracts		Foreign Currency Exchange Contracts			Interest Rate Contracts			Other Contracts			Total
Assets — Derivative Financial Instruments
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		$	—		$	—	$	8,183,435		$	—		$	—		$	—	$	8,183,435

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)		$	—		$	—	$	9,022,622		$	—		$	—		$	—	$	9,022,622
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received			—			—		12,074,529			—			—			—		12,074,529

		$	—		$	—	$	21,097,151		$	—		$	—		$	—	$	21,097,151

^(a)

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

For the period ended November 30, 2024, the effect of derivative financial instruments in the Statement of Operations was as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	(12,987,854	)	$	—	$	—	$	—	$	(12,987,854	)
Swaps		—		—		(128,518,410	)		—		—		—		(128,518,410	)

	$	—	$	—	$	(141,506,264	)	$	—	$	—	$	—	$	(141,506,264	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(5,458,111	)	$	—	$	—	$	—	$	(5,458,111	)
Swaps		—		—		44,989,161			—		—		—		44,989,161

	$	—	$	—	$	39,531,050		$	—	$	—	$	—	$	39,531,050

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — short	$	158,283,363
Total return swaps
Average notional amount	$	592,098,410

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


14		2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

November 30, 2024

BlackRock Event Driven Equity Fund

Derivative Financial Instruments – Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:



	Assets		Liabilities
Derivative Financial Instruments
Futures contracts	$	—	$	949,505
Swaps — OTC^(a)		8,183,435		12,074,529

Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	8,183,435	$	13,024,034

Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(949,505	)

Total derivative assets and liabilities subject to an MNA	$	8,183,435	$	12,074,529

^(a)

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

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



Counterparty	Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset^(a)			Non- Cash Collateral Received^(b)		Cash Collateral Received^(b)			Net Amount of Derivative Assets^(c)
Barclays Bank PLC	$	212,223	$	(212,223	)	$	—	$	—		$	—
BNP Paribas S.A		66,416		—			—		—			66,416
Goldman Sachs Bank USA		136,515		—			—		—			136,515
SG Americas Securities LLC		537,682		—			—		—			537,682
UBS AG		7,230,599		—			—		—			7,230,599

	$	8,183,435	$	(212,223	)	$	—	$	—		$	7,971,212


Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset^(a)			Non- Cash Collateral Pledged^(b)		Cash Collateral Pledged^(b)			Net Amount of Derivative Liabilities^(d)
Barclays Bank PLC	$	685,204	$	(212,223	)	$	—	$	(472,981	)	$	—
Citibank N.A		4,166,329		—			—		(1,660,000	)		2,506,329
JPMorgan Chase Bank N.A		6,301,867		—			—		(6,301,867	)		—
Morgan Stanley & Co. International PLC		921,129		—			—		(921,129	)		—

	$	12,074,529	$	(212,223)		$	—		$ (9,355,977	)	$	2,506,329

^(a)

The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)

Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

^(c)

Net amount represents the net amount receivable from the counterparty in the event of default.

^(d)

Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Hierarchy as of Period End


	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	931,016,758	$	—	$	—	$	931,016,758
Corporate Bonds		—		321,367,824		—		321,367,824
Floating Rate Loan Interests		—		159,533,010		—		159,533,010
Investment Companies
Equity Funds		—		628,254		—		628,254
Fixed-Income Funds		374,477,477		—		—		374,477,477


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

Schedule of Investments (unaudited) (continued)

November 30, 2024

BlackRock Event Driven Equity Fund

Fair Value Hierarchy as of Period End (continued)


	Level 1			Level 2			Level 3		Total
Preferred Securities	$	40,454,957		$	—		$	731,883	$	41,186,840
Rights		—			14,551			—		14,551
Short-Term Securities
Money Market Funds		2,954,891,671			—			—		2,954,891,671

	$	4,300,840,863		$	481,543,639		$	731,883	$	4,783,116,385

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—		$	8,183,435		$	—	$	8,183,435
Liabilities
Equity Contracts		(9,022,622	)		(12,074,529	)		—		(21,097,151	)

	$	(9,022,622	)	$	(3,891,094	)	$	—	$	(12,913,716	)

^(a)

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

See notes to financial statements.


16		2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Statement of Assets and Liabilities (unaudited)

November 30, 2024


	BlackRock Event Driven Equity Fund

ASSETS
Investments, at value — unaffiliated^(a)(b)	$	1,618,285,637
Investments, at value — affiliated^(c)		3,164,830,748
Cash		18,175,356
Cash pledged:
Collateral — OTC derivatives		62,912,000
Futures contracts		8,201,000
Foreign currency, at value^(d)		162,022
Receivables:
Securities lending income — affiliated		67,460
Swaps		155,624,732
Capital shares sold		6,640,995
Dividends — unaffiliated		372,909
Dividends — affiliated		11,393,218
Interest — unaffiliated		3,795,454
Unrealized appreciation on OTC swaps		8,183,435
Prepaid expenses		92,667

Total assets		5,058,737,633


LIABILITIES
Cash received:
Collateral — OTC derivatives		390,000
Collateral on securities loaned		68,018,463
Payables:
Investments purchased		10,503,374
Swaps		166,132,935
Capital shares redeemed		5,143,086
Investment advisory fees		4,052,042
Directors’ and Officer’s fees		8,675
Other accrued expenses		1,267,306
Other affiliate fees		9,782
Professional fees		50,623
Service and distribution fees		37,629
Variation margin on futures contracts		949,505
Unrealized depreciation on OTC swaps		12,074,529

Total liabilities		268,637,949


Commitments and contingent liabilities

NET ASSETS	$	4,790,099,684


NET ASSETS CONSIST OF:
Paid-in capital	$	4,501,407,255
Accumulated earnings		288,692,429

NET ASSETS	$	4,790,099,684


^(a)Investments, at cost — unaffiliated	$	1,299,927,971
^(b)Securities loaned, at value	$	66,923,058
^(c)Investments, at cost — affiliated	$	3,154,660,339
^(d)Foreign currency, at cost	$	135,331


S T A T E M E N T O F A S S E T S A N D L I A B I L I T I E S		17

Statement of Assets and Liabilities (unaudited) (continued)

November 30, 2024


	BlackRock Event Driven Equity Fund

NET ASSET VALUE

Institutional
Net assets	$	4,660,420,598

Shares outstanding		453,555,433

Net asset value	$	10.28

Shares authorized		3,650,000,000

Par value	$	0.10


Investor A
Net assets	$	104,887,939

Shares outstanding		10,746,361

Net asset value	$	9.76

Shares authorized		200,000,000

Par value	$	0.10


Investor C
Net assets	$	24,791,147

Shares outstanding		2,919,387

Net asset value	$	8.49

Shares authorized		100,000,000

Par value	$	0.10

See notes to financial statements.


18		2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Statement of Operations (unaudited)

Six Months Ended November 30, 2024


	BlackRock Event Driven Equity Fund

INVESTMENT INCOME
Dividends — unaffiliated	$	9,346,870
Dividends — affiliated		82,618,108
Interest — unaffiliated		18,302,299
Securities lending income — affiliated — net		183,361
Foreign taxes withheld		(9,259	)

Total investment income		110,441,379


EXPENSES
Investment advisory		27,608,269
Transfer agent — class specific		2,357,086
Service and distribution — class specific		268,419
Accounting services		152,126
Registration		100,407
Professional		41,062
Printing and postage		22,342
Directors and Officer		21,142
Custodian		15,052
Miscellaneous		32,123

Total expenses excluding interest expense		30,618,028
Interest expense		10,987

Total expenses		30,629,015

Less:
Fees waived and/or reimbursed by the Manager		(2,258,674	)

Total expenses after fees waived and/or reimbursed		28,370,341

Net investment income		82,071,038


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		102,640,625
Investments — affiliated		20,618
Futures contracts		(12,987,854	)
Foreign currency transactions		(4,291	)
Swaps		(128,518,410	)

	$	(38,849,312	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		32,242,377
Investments — affiliated		7,633,973
Futures contracts		(5,458,111	)
Foreign currency translations		(602,819	)
Swaps		44,989,161

		78,804,581

Net realized and unrealized gain		39,955,269

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	122,026,307

See notes to financial statements.


S T A T E M E N T O F O P E R A T I O N S		19

Statements of Changes in Net Assets


	BlackRock Event Driven Equity Fund
	Six Months Ended 11/30/24 (unaudited)			Year Ended 05/31/24

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	82,071,038		$	201,794,283
Net realized gain (loss)		(38,849,312	)		87,864,478
Net change in unrealized appreciation (depreciation)		78,804,581			128,763,864

Net increase in net assets resulting from operations		122,026,307			418,422,625


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Institutional		—			(105,987,983	)
Investor A		—			(2,341,360	)
Investor C		—			(589,421	)

Decrease in net assets resulting from distributions to shareholders		—			(108,918,764	)


CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(549,132,255	)		(2,121,865,219	)


NET ASSETS
Total decrease in net assets		(427,105,948	)		(1,812,361,358	)
Beginning of period		5,217,205,632			7,029,566,990

End of period	$	4,790,099,684		$	5,217,205,632

^(a)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


20		2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Financial Highlights

(For a share outstanding throughout each period)


	BlackRock Event Driven Equity Fund
	Institutional

	Six Months Ended 11/30/24 (unaudited)			Year Ended 05/31/24			Year Ended 05/31/23			Year Ended 05/31/22			Year Ended 05/31/21			Period from 10/01/19 to 05/31/20			Year Ended 09/30/19

Net asset value, beginning of period	$	10.02		$	9.52		$	9.83		$	10.31		$	9.70		$	9.88		$	9.39

Net investment income (loss)^(a)		0.17			0.34			0.17			(0.08	)		(0.07	)		0.00	^(b)		0.11
Net realized and unrealized gain (loss)		0.09			0.36			(0.23	)		(0.14	)		0.98			0.14			0.56

Net increase (decrease) from investment operations		0.26			0.70			(0.06	)		(0.22	)		0.91			0.14			0.67


Distributions^(c)
From net investment income		—			(0.20	)		(0.11	)		(0.04	)		(0.00	)^(d)		(0.05	)		(0.06	)
From net realized gain		—			—			(0.14	)		(0.22	)		(0.30	)		(0.27	)		(0.12	)

Total distributions		—			(0.20	)		(0.25	)		(0.26	)		(0.30	)		(0.32	)		(0.18	)


Net asset value, end of period	$	10.28		$	10.02		$	9.52		$	9.83		$	10.31		$	9.70		$	9.88


Total Return^(e)
Based on net asset value		2.59	%^(f)		7.35	%		(0.65	)%		(2.12	)%		9.60	%		1.53	%^(f)		7.30	%


Ratios to Average Net Assets^(g)
Total expenses		1.24	%^(h)		1.23	%		1.20	%		1.20	%		1.23	%		1.27	%^(h)		1.34	%

Total expenses after fees waived and/or reimbursed		1.15	%^(h)		1.15	%		1.13	%		1.16	%		1.18	%		1.20	%^(h)		1.28	%

Total expenses after fees waived and/or reimbursed and excluding interest expense		1.15	%^(h)		1.15	%		1.13	%		1.16	%		1.18	%		1.19	%^(h)		1.25	%

Net investment income (loss)		3.35	%^(h)		3.46	%		1.78	%		(0.77	)%		(0.73	)%		0.06	%^(h)		1.11	%


Supplemental Data
Net assets, end of period (000)	$	4,660,421		$	5,077,733		$	6,828,961		$	8,598,511		$	7,695,420		$	4,779,208		$	3,128,313

Portfolio turnover rate⁽ⁱ⁾		13	%		32	%		33	%		37	%		64	%		63	%		177	%

^(a)	Based on average shares outstanding.

^(b)	Amount is less than $0.005 per share.

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	Amount is greater than $(0.005) per share.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Excludes underlying investments in total return swaps.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		21

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Event Driven Equity Fund (continued)
	Investor A

	Six Months Ended 11/30/24 (unaudited)			Year Ended 05/31/24			Year Ended 05/31/23			Year Ended 05/31/22			Year Ended 05/31/21			Period from 10/01/19 to 05/31/20			Year Ended 09/30/19

Net asset value, beginning of period	$	9.53		$	9.07		$	9.39		$	9.86		$	9.31		$	9.49		$	9.03

Net investment income (loss)^(a)		0.15			0.30			0.14			(0.10	)		(0.09	)		(0.01	)		0.08
Net realized and unrealized gain (loss)		0.08			0.34			(0.22	)		(0.13	)		0.93			0.13			0.54

Net increase (decrease) from investment operations		0.23			0.64			(0.08	)		(0.23	)		0.84			0.12			0.62


Distributions^(b)
From net investment income		—			(0.18	)		(0.10	)		(0.02	)		—			(0.03	)		(0.04	)
From net realized gain		—			—			(0.14	)		(0.22	)		(0.29	)		(0.27	)		(0.12	)

Total distributions		—			(0.18	)		(0.24	)		(0.24	)		(0.29	)		(0.30	)		(0.16	)


Net asset value, end of period	$	9.76		$	9.53		$	9.07		$	9.39		$	9.86		$	9.31		$	9.49


Total Return^(c)
Based on net asset value		2.41	%^(d)		7.11	%		(0.94	)%		(2.33	)%		9.24	%		1.40	%^(d)		7.04	%


Ratios to Average Net Assets^(e)
Total expenses		1.47	%^(f)		1.46	%		1.44	%		1.46	%		1.48	%		1.52	%^(f)		1.59	%

Total expenses after fees waived and/or reimbursed		1.38	%^(f)		1.37	%		1.37	%		1.43	%		1.43	%		1.45	%^(f)		1.53	%

Total expenses after fees waived and/or reimbursed and excluding interest expense		1.38	%^(f)		1.37	%		1.37	%		1.43	%		1.42	%		1.44	%^(f)		1.51	%

Net investment income (loss)		3.12	%^(f)		3.24	%		1.50	%		(1.03	)%		(0.97	)%		(0.17	)%^(f)		0.86	%


Supplemental Data
Net assets, end of period (000)	$	104,888		$	110,916		$	156,434		$	221,644		$	222,327		$	161,797		$	130,066

Portfolio turnover rate^(g)		13	%		32	%		33	%		37	%		64	%		63	%		177	%

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(d)	Not annualized.

^(e)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)	Annualized.

^(g)	Excludes underlying investments in total return swaps.

See notes to financial statements.


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Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Event Driven Equity Fund (continued)
	Investor C

	Six Months Ended 11/30/24 (unaudited)			Year Ended 05/31/24			Year Ended 05/31/23			Year Ended 05/31/22			Year Ended 05/31/21			Period from 10/01/19 to 05/31/20			Year Ended 09/30/19

Net asset value, beginning of period	$	8.32		$	7.97		$	8.29		$	8.75		$	8.33		$	8.53		$	8.15

Net investment income (loss)^(a)		0.10			0.20			0.06			(0.15	)		(0.14	)		(0.05	)		0.01
Net realized and unrealized gain (loss)		0.07			0.29			(0.18	)		(0.12	)		0.82			0.12			0.49

Net increase (decrease) from investment operations		0.17			0.49			(0.12	)		(0.27	)		0.68			0.07			0.50


Distributions^(b)
From net investment income		—			(0.14	)		(0.06	)		—			—			—			(0.00	)^(c)
From net realized gain		—			—			(0.14	)		(0.19	)		(0.26	)		(0.27	)		(0.12	)

Total distributions		—			(0.14	)		(0.20	)		(0.19	)		(0.26	)		(0.27	)		(0.12	)


Net asset value, end of period	$	8.49		$	8.32		$	7.97		$	8.29		$	8.75		$	8.33		$	8.53


Total Return^(d)
Based on net asset value		2.04	%^(e)		6.20	%		(1.52	)%		(3.17	)%		8.45	%		0.93	%^(e)		6.30	%


Ratios to Average Net Assets^(f)
Total expenses		2.22	%^(g)		2.23	%		2.20	%		2.20	%		2.23	%		2.25	%^(g)		2.30	%

Total expenses after fees waived and/or reimbursed		2.13	%^(g)		2.14	%		2.13	%		2.16	%		2.17	%		2.18	%^(g)		2.24	%

Total expenses after fees waived and/or reimbursed and excluding interest expense		2.13	%^(g)		2.14	%		2.13	%		2.16	%		2.17	%		2.17	%^(g)		2.21	%

Net investment income (loss)		2.38	%^(g)		2.46	%		0.74	%		(1.77	)%		(1.72	)%		(0.91	)%^(g)		0.15	%


Supplemental Data
Net assets, end of period (000)	$	24,791		$	28,557		$	44,172		$	68,083		$	75,615		$	64,196		$	44,288

Portfolio turnover rate^(h)		13	%		32	%		33	%		37	%		64	%		63	%		177	%

^(a)	Based on average shares outstanding.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)	Amount is greater than $(0.005) per share.

^(d)	Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

^(h)	Excludes underlying investments in total return swaps.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		23

Notes to Financial Statements (unaudited)

1. ORGANIZATION

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

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



Share Class	Initial Sales Charge	CDSC			Conversion Privilege
Institutional Shares	No		No		None
Investor A Shares	Yes		No	^(a)	None
Investor C Shares	No		Yes	^(b)	To Investor A Shares after approximately 8 years

^(a)

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.

^(b)

A CDSC of 1.00% is assessed on certain redemptions of Investor C Shares made within one year after purchase.

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Fund is informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Interest income, including amortization and accretion of premiums and discounts on debt securities is recognized daily on an accrual basis. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets. For convertible securities, premiums attributable to the debt instrument are amortized, but premiums attributable to the conversion feature are not amortized.

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

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

Foreign Taxes: The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of November 30, 2024, if any, are disclosed in the Statement of Assets and Liabilities.

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

Bank Overdraft: The Fund had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statement of Operations.


24		2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Notes to Financial Statements (unaudited) (continued)

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

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

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

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

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

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


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

Notes to Financial Statements (unaudited) (continued)

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

(ii) recapitalizations and other transactions across the capital structure

(iii) market or relevant indices multiples of comparable issuers

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

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

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

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

(viii) relevant market news and other public sources.

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

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

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

4. SECURITIES AND OTHER INVESTMENTS

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

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

Floating Rate Loan Interests: Floating rate loan interests are typically issued to companies (the “borrower”) by banks, other financial institutions, or privately and publicly offered corporations (the “lender”). Floating rate loan interests are generally non-investment grade, often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged or in bankruptcy proceedings. In addition, transactions in floating rate loan interests may settle on a delayed basis, which may result in proceeds from the sale not being readily available for a fund to make additional investments or meet its redemption obligations. Floating rate loan interests may include fully


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Notes to Financial Statements (unaudited) (continued)

funded term loans or revolving lines of credit. Floating rate loan interests are typically senior in the corporate capital structure of the borrower. Floating rate loan interests generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. Since the rates reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the NAV of a fund to the extent that it invests in floating rate loan interests. The base lending rates are generally the lending rate offered by one or more European banks, such as the Secured Overnight Financing Rate (“SOFR”), the prime rate offered by one or more U.S. banks or the certificate of deposit rate. Floating rate loan interests may involve foreign borrowers, and investments may be denominated in foreign currencies. These investments are treated as investments in debt securities for purposes of a fund’s investment policies.

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

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

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

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

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

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


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

Notes to Financial Statements (unaudited) (continued)

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



Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount
Credit Suisse Securities (USA) LLC	$	4,548	$	(4,548	)	$	—		$	—
Goldman Sachs & Co. LLC		3,942,000		(3,942,000	)		—			—
Morgan Stanley		19,154,186		(19,154,186	)		—			—
Toronto-Dominion Bank		43,822,324		(43,822,324	)		—			—

	$	66,923,058	$	(66,923,058	)	$	—		$	—

^(a)

Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund’s Statement of Assets and Liabilities.

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

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

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

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

In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and the CCP becomes the Fund’s counterparty on the swap. The Fund is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Statement of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker variation margin. Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statement of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statement of Operations, including those at termination.

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


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Notes to Financial Statements (unaudited) (continued)

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

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

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

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

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

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

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

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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


Average Daily Net Assets	Investment Advisory Fees
First $1 billion		1.20	%
$1 billion - $3 billion		1.13
$3 billion - $5 billion		1.08
$5 billion - $10 billion		1.04
Greater than $10 billion		1.02


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

Notes to Financial Statements (unaudited) (continued)

Service and Distribution Fees: The Corporation, on behalf of the Fund, entered into a Distribution Agreement and Distribution Plans with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager. Pursuant to the Distribution Plans and in accordance with Rule 12b-1 under the 1940 Act, the Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of the Fund as follows:



Share Class	Service Fees			Distribution Fees
Investor A		0.25	%		N/A
Investor C		0.25			0.75	%

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

For the six months ended November 30, 2024, the following table shows the class specific service and distribution fees borne directly by each share class of the Fund:



	Investor A		Investor C		Total
Service and distribution — class specific	$	134,356	$	134,063	$	268,419

Transfer Agent: Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Fund with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the six months ended November 30, 2024, the Fund did not pay any amounts to affiliates in return for these services.

The Manager maintains a call center that is responsible for providing certain shareholder services to the Fund. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the six months ended November 30, 2024, the Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statement of Operations:



	Institutional		Investor A		Investor C		Total
Reimbursed amounts	$	4,733	$	1,039	$	244	$	6,016

For the six months ended November 30, 2024, the following table shows the class specific transfer agent fees borne directly by each share class of the Fund:



	Institutional		Investor A		Investor C		Total
Transfer agent — class specific	$	2,304,655	$	41,490	$	10,941	$	2,357,086

Other Fees: For the six months ended November 30, 2024, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of the Fund’s Investor A Shares for a total of $386.

For the six months ended November 30, 2024, affiliates received CDSCs as follows:



Share Class	Amounts
Investor A	$	3,122
Investor C		382

Expense Limitations, Waivers and Reimbursements: The Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2026. The contractual agreement may be terminated upon 90 days’ notice by a majority of the directors who are not “interested persons” of the Corporation, as defined in the 1940 Act (“Independent Directors”), or by a vote of a majority of the outstanding voting securities of the Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended November 30, 2024, the amount waived and/or reimbursed was $1,143,047.

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the Fund’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2026. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of the Fund. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended November 30, 2024, the Manager waived $1,115,627 in investment advisory fees pursuant to this arrangement.


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Notes to Financial Statements (unaudited) (continued)

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



Share Class	Expense Limitations
Institutional		1.38	%
Investor A		1.65
Investor C		2.39

The Manager has agreed not to reduce or discontinue these contractual expense limitations through June 30, 2026, unless approved by the Board, including a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of the Fund. For the six months ended November 30, 2024, there were no fees waived and/or reimbursed by the Manager pursuant to this agreement.

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

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

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

Prior to January 1, 2024, the Fund retained 82% of securities lending income (which excluded collateral investment fees) and the amount retained could 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 exceeded a specified threshold, the Fund would retain for the remainder of that calendar year 85% of securities lending income (which excluded collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by the Fund is shown as securities lending income — affiliated — net in the Statement of Operations. For the six months ended November 30, 2024, the Fund paid BIM $42,806 for securities lending agent services.

Interfund Lending: In accordance with an exemptive order (the “Order”) from the SEC, the Fund 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 the Fund’s investment policies and restrictions. The Fund is currently permitted to borrow and lend under the Interfund Lending Program.

During the six months ended November 30, 2024, the Fund did not participate in the Interfund Lending Program.

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


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

Notes to Financial Statements (unaudited) (continued)

7. PURCHASES AND SALES

For the six months ended November 30, 2024, purchases and sales of investments, excluding short-term securities, were $248,994,854 and $463,881,290, respectively.

8. INCOME TAX INFORMATION

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

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

Management has analyzed tax laws and regulations and their application to the Fund as of November 30, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Fund’s NAV.

As of May 31, 2024, the Fund had non-expiring capital loss carryforwards available to offset future realized capital gains of $29,601,229 and qualified late-year ordinary losses of $8,690,154.



Fund Name	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

Event Driven Equity	$	4,469,657,013	$	360,946,296	$	(60,400,640	)	$	300,545,656

9. BANK BORROWINGS

The Corporation, on behalf of the Fund, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Fund may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Fund, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate (“OBFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple SOFR (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2025 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, 2024, the Fund did not borrow under the credit agreement.

10. PRINCIPAL RISKS

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

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

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


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Notes to Financial Statements (unaudited) (continued)

market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause the Fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests. The Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

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

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

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

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

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

11. CAPITAL SHARE TRANSACTIONS

Transactions in capital shares for each class were as follows:


	Six Months Ended 11/30/24						Year Ended 05/31/24
Share Class	Shares			Amount			Shares			Amount
Institutional
Shares sold		40,483,090		$	411,549,984			149,124,389		$	1,483,263,785
Shares issued in reinvestment of distributions		—			—			7,212,614			71,837,632
Shares redeemed		(93,607,203	)		(947,810,166	)		(366,682,410	)		(3,607,330,595	)

		(53,124,113	)	$	(536,260,182	)		(210,345,407	)	$	(2,052,229,178	)


N O T E S T O F I N A N C I A L S T A T E M E N T S		33

Notes to Financial Statements (unaudited) (continued)


	Six Months Ended 11/30/24						Year Ended 05/31/24
Share Class	Shares			Amount			Shares			Amount
Investor A
Shares sold and automatic conversion of shares		1,258,980		$	12,164,673			3,330,305		$	31,634,186
Shares issued in reinvestment of distributions		—			—			235,504			2,232,574
Shares redeemed		(2,150,732	)		(20,734,294	)		(9,169,431	)		(86,194,633	)

		(891,752	)	$	(8,569,621	)		(5,603,622	)	$	(52,327,873	)

Investor C
Shares sold		72,639		$	610,902			249,207		$	2,097,217
Shares issued in reinvestment of distributions		—			—			70,215			583,485
Shares redeemed and automatic conversion of shares		(584,275	)		(4,913,354	)		(2,431,865	)		(19,988,870	)

		(511,636	)	$	(4,302,452	)		(2,112,443	)	$	(17,308,168	)

		(54,527,501	)	$	(549,132,255	)		(218,061,472	)	$	(2,121,865,219)

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.


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Additional Information

Changes in and Disagreements with Accountants

Not applicable.

Proxy Results

Not applicable.

Remuneration Paid to Directors, Officers, and Others

Compensation to the independent directors/trustees of the Corporation is paid by the Corporation, on behalf of the Fund.

General Information

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

Electronic Delivery

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

To enroll in electronic delivery:

Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:

Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.

Shareholders Who Hold Accounts Directly with BlackRock:

1. Access the BlackRock website at blackrock.com

2. Select “Access Your Account”

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

BlackRock’s Mutual Fund Family

Shareholder Privileges

Account Information

Automatic Investment Plans

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

Systematic Withdrawal Plans

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

Retirement Plans

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


A D D I T I O N A L I N F O R M A T I O N		35

Additional Information (continued)

Fund and Service Providers


Investment Adviser		Distributor
BlackRock Advisors, LLC		BlackRock Investments, LLC
Wilmington, DE 19809		New York, NY 10001

Accounting Agent and Transfer Agent		Independent Registered Public Accounting Firm
BNY Mellon Investment Servicing (US) Inc.		Deloitte & Touche LLP
Wilmington, DE 19809		Boston, MA 02110

Custodian		Legal Counsel
The Bank of New York Mellon		Sidley Austin LLP
New York, NY 10286		New York, NY 10019

		Address of the Corporation
		100 Bellevue Parkway
		Wilmington, DE 19809


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Glossary of Terms Used in this Report


Currency Abbreviation

EUR		Euro

GBP		British Pound

USD		United States Dollar


Portfolio Abbreviation

ADR		American Depositary Receipt

CVR		Contingent Value Rights

ETF		Exchange-Traded Fund

LP		Limited Partnership

OTC		Over-the-Counter

REIT		Real Estate Investment Trust

SOFR		Secured Overnight Financing Rate

SPDR		Standard & Poor’s Depository Receipt


G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T		37

THIS PAGE INTENTIONALLY LEFT BLANK.

Want to know more?

blackrock.com | 800-441-7762

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

Item 8 –

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

Item 9 –

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

Item 10 –

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

Item 11 –

Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7

Item 12 –

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

Item 13 –

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

Item 14 –

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

Item 15 –

Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 16 –

Controls and Procedures

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

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

Item 17 –

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

Item 18 –

Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 –

Exhibits attached hereto

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

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

(a)(3) Section 302 Certifications are attached.

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) Change in registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached.

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 21, 2025

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


		By:		/s/ John M. Perlowski
				John M. Perlowski
				Chief Executive Officer (principal executive officer) of
				BlackRock Large Cap Series Funds, Inc.

Date: January 21, 2025


		By:		/s/ Trent Walker
				Trent Walker
				Chief Financial Officer (principal financial officer) of
				BlackRock Large Cap Series Funds, Inc.

Date: January 21, 2025