BLACKROCK FUNDS
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number:
811-05742
Name of Fund:
BlackRock FundsSM
BlackRock Advantage International Fund
BlackRock Advantage Large Cap Growth Fund
BlackRock Advantage Small Cap Core Fund
BlackRock Commodity Strategies Fund
BlackRock Energy Opportunities Fund
BlackRock Health Sciences Opportunities Portfolio
BlackRock High Equity Income Fund
BlackRock Infrastructure Sustainable Opportunities Fund
BlackRock Mid-Cap Growth Equity Portfolio
BlackRock SMID-Cap Growth Equity Fund
BlackRock Technology Opportunities Fund
BlackRock U.S. Insights Long/Short Equity Fund
Fund Address:  100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock FundsSM,
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
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BlackRock Advantage International Fund
Institutional Shares | BROIX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Advantage International 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 $25 0.50%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Institutional Shares 0.60 % 14.41 % 7.09 % 6.00 %
MSCI EAFE Index (0.77 ) 11.88 5.89 5.07
Key Fund statistics
Net Assets $2,293,754,305
Number of Portfolio Holdings 317
Portfolio Turnover Rate 56%
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 Global Opportunities Portfolio.
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)
Geographic allocation
Country Percent of
Net Assets
Japan 23.3 %
United Kingdom 13.6 %
Germany 10.1 %
Switzerland 7.8 %
France 7.7 %
Australia 6.7 %
United States 5.8 %
Netherlands 3.7 %
Denmark 2.7 %
Italy 2.5 %
Other# 12.2 %
Short-Term Securities 2.8 %
Other Assets Less Liabilities 1.1 %
Ten largest holdings
Security(a) Percent of
Net Assets
SAP SE 2.5 %
Novartis AG, Registered Shares 2.3 %
Roche Holding AG, NVS 2.2 %
Shell PLC 2.0 %
Novo Nordisk A/S, Class B 1.9 %
Deutsche Telekom AG, Registered Shares 1.7 %
Sony Group Corp. 1.7 %
Recruit Holdings Co. Ltd. 1.6 %
BHP Group Ltd. 1.5 %
ASML Holding NV 1.5 %
​(a)
Excludes short-term securities.
​#
Ten largest countries are presented. Additional countries are found in Other.
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 MSCI Inc. 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock Advantage International Fund
Institutional Shares | BROIX
Semi-Annual Shareholder Report — November 30, 2024
BROIX-11/24-SAR
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BlackRock Advantage International Fund
Investor A Shares | BROAX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Advantage International 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
Investor A Shares $38 0.75%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Investor A Shares 0.46 % 14.15 % 6.83 % 5.73 %
Investor A Shares (with sales charge) (4.82 ) 8.16 5.68 5.16
MSCI EAFE Index (0.77 ) 11.88 5.89 5.07
Key Fund statistics
Net Assets $2,293,754,305
Number of Portfolio Holdings 317
Portfolio Turnover Rate 56%
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 Global Opportunities Portfolio.
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)
Geographic allocation
Country Percent of
Net Assets
Japan 23.3 %
United Kingdom 13.6 %
Germany 10.1 %
Switzerland 7.8 %
France 7.7 %
Australia 6.7 %
United States 5.8 %
Netherlands 3.7 %
Denmark 2.7 %
Italy 2.5 %
Other# 12.2 %
Short-Term Securities 2.8 %
Other Assets Less Liabilities 1.1 %
Ten largest holdings
Security(a) Percent of
Net Assets
SAP SE 2.5 %
Novartis AG, Registered Shares 2.3 %
Roche Holding AG, NVS 2.2 %
Shell PLC 2.0 %
Novo Nordisk A/S, Class B 1.9 %
Deutsche Telekom AG, Registered Shares 1.7 %
Sony Group Corp. 1.7 %
Recruit Holdings Co. Ltd. 1.6 %
BHP Group Ltd. 1.5 %
ASML Holding NV 1.5 %
​(a)
Excludes short-term securities.
​#
Ten largest countries are presented. Additional countries are found in Other.
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 MSCI Inc. 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock Advantage International Fund
Investor A Shares | BROAX
Semi-Annual Shareholder Report — November 30, 2024
BROAX-11/24-SAR
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BlackRock Advantage International Fund
Investor C Shares | BROCX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Advantage International 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
Investor C Shares $75 1.50%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Investor C Shares 0.08 % 13.23 % 6.02 % 5.09 %
Investor C Shares (with sales charge) (0.91 ) 12.23 6.02 5.09
MSCI EAFE Index (0.77 ) 11.88 5.89 5.07
Key Fund statistics
Net Assets $2,293,754,305
Number of Portfolio Holdings 317
Portfolio Turnover Rate 56%
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 Global Opportunities Portfolio.
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)
Geographic allocation
Country Percent of
Net Assets
Japan 23.3 %
United Kingdom 13.6 %
Germany 10.1 %
Switzerland 7.8 %
France 7.7 %
Australia 6.7 %
United States 5.8 %
Netherlands 3.7 %
Denmark 2.7 %
Italy 2.5 %
Other# 12.2 %
Short-Term Securities 2.8 %
Other Assets Less Liabilities 1.1 %
Ten largest holdings
Security(a) Percent of
Net Assets
SAP SE 2.5 %
Novartis AG, Registered Shares 2.3 %
Roche Holding AG, NVS 2.2 %
Shell PLC 2.0 %
Novo Nordisk A/S, Class B 1.9 %
Deutsche Telekom AG, Registered Shares 1.7 %
Sony Group Corp. 1.7 %
Recruit Holdings Co. Ltd. 1.6 %
BHP Group Ltd. 1.5 %
ASML Holding NV 1.5 %
(a)
Excludes short-term securities.
​#
Ten largest countries are presented. Additional countries are found in Other.
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 MSCI Inc. 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock Advantage International Fund
Investor C Shares | BROCX
Semi-Annual Shareholder Report — November 30, 2024
BROCX-11/24-SAR
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BlackRock Advantage International Fund
Class K Shares | BROKX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Advantage International 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
Class K Shares $23 0.45%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Class K Shares 0.62 % 14.46 % 7.13 % 6.04 %
MSCI EAFE Index (0.77 ) 11.88 5.89 5.07
Key Fund statistics
Net Assets $2,293,754,305
Number of Portfolio Holdings 317
Portfolio Turnover Rate 56%
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 Global Opportunities Portfolio.
Performance shown prior to the Class K Shares inception date of January 25, 2018 is that of Institutional Shares. The performance of the Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
Geographic allocation
Country Percent of
Net Assets
Japan 23.3 %
United Kingdom 13.6 %
Germany 10.1 %
Switzerland 7.8 %
France 7.7 %
Australia 6.7 %
United States 5.8 %
Netherlands 3.7 %
Denmark 2.7 %
Italy 2.5 %
Other# 12.2 %
Short-Term Securities 2.8 %
Other Assets Less Liabilities 1.1 %
Ten largest holdings
Security(a) Percent of
Net Assets
SAP SE 2.5 %
Novartis AG, Registered Shares 2.3 %
Roche Holding AG, NVS 2.2 %
Shell PLC 2.0 %
Novo Nordisk A/S, Class B 1.9 %
Deutsche Telekom AG, Registered Shares 1.7 %
Sony Group Corp. 1.7 %
Recruit Holdings Co. Ltd. 1.6 %
BHP Group Ltd. 1.5 %
ASML Holding NV 1.5 %
​(a)
Excludes short-term securities.
​#
Ten largest countries are presented. Additional countries are found in Other.
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 MSCI Inc. 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock Advantage International Fund
Class K Shares | BROKX
Semi-Annual Shareholder Report — November 30, 2024
BROKX-11/24-SAR
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BlackRock Advantage International Fund
Class R Shares | BGORX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Advantage International 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
Class R Shares $50 1.00%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Class R Shares 0.37 % 13.86 % 6.55 % 5.43 %
MSCI EAFE Index (0.77 ) 11.88 5.89 5.07
Key Fund statistics
Net Assets $2,293,754,305
Number of Portfolio Holdings 317
Portfolio Turnover Rate 56%
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 Global Opportunities Portfolio.
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)
Geographic allocation
Country Percent of
Net Assets
Japan 23.3 %
United Kingdom 13.6 %
Germany 10.1 %
Switzerland 7.8 %
France 7.7 %
Australia 6.7 %
United States 5.8 %
Netherlands 3.7 %
Denmark 2.7 %
Italy 2.5 %
Other# 12.2 %
Short-Term Securities 2.8 %
Other Assets Less Liabilities 1.1 %
Ten largest holdings
Security(a) Percent of
Net Assets
SAP SE 2.5 %
Novartis AG, Registered Shares 2.3 %
Roche Holding AG, NVS 2.2 %
Shell PLC 2.0 %
Novo Nordisk A/S, Class B 1.9 %
Deutsche Telekom AG, Registered Shares 1.7 %
Sony Group Corp. 1.7 %
Recruit Holdings Co. Ltd. 1.6 %
BHP Group Ltd. 1.5 %
ASML Holding NV 1.5 %
​(a)
Excludes short-term securities.
​#
Ten largest countries are presented. Additional countries are found in Other.
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 MSCI Inc. 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock Advantage International Fund
Class R Shares | BGORX
Semi-Annual Shareholder Report — November 30, 2024
BGORX-11/24-SAR
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BlackRock Advantage Large Cap Growth Fund
Institutional Shares | CMVIX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Advantage Large Cap Growth 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 $34 0.62%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Institutional Shares 17.30 % 38.10 % 17.73 % 14.86 %
Russell 1000® Index 15.83 34.40 15.58 13.16
Russell 1000® Growth Index 16.90 38.04 19.46 16.55
Key Fund statistics
Net Assets $1,393,467,152
Number of Portfolio Holdings 124
Portfolio Turnover Rate 79%
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 Flexible Equity Fund.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
Sector allocation
Sector(a) Percent of
Net Assets
Information Technology 47.8 %
Consumer Discretionary 13.4 %
Communication Services 12.2 %
Financials 7.6 %
Health Care 7.4 %
Industrials 7.1 %
Consumer Staples 3.3 %
Real Estate 0.3 %
Short-Term Securities 0.9 %
Ten largest holdings
Security(b) Percent of
Net Assets
NVIDIA Corp. 10.3 %
Apple Inc. 8.4 %
Microsoft Corp. 5.8 %
Amazon.com, Inc. 5.0 %
Meta Platforms, Inc., Class A 4.9 %
Tesla, Inc. 3.1 %
Alphabet, Inc., Class C, NVS 2.8 %
Broadcom, Inc. 2.7 %
Eli Lilly & Co. 2.7 %
Costco Wholesale Corp. 2.5 %
​(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
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 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock Advantage Large Cap Growth Fund
Institutional Shares | CMVIX
Semi-Annual Shareholder Report — November 30, 2024
CMVIX-11/24-SAR
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BlackRock Advantage Large Cap Growth Fund
Investor A Shares | BMCAX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Advantage Large Cap Growth 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
Investor A Shares $47 0.87%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Investor A Shares 17.16 % 37.74 % 17.42 % 14.55 %
Investor A Shares (with sales charge) 11.01 30.51 16.16 13.94
Russell 1000® Index 15.83 34.40 15.58 13.16
Russell 1000® Growth Index 16.90 38.04 19.46 16.55
Key Fund statistics
Net Assets $1,393,467,152
Number of Portfolio Holdings 124
Portfolio Turnover Rate 79%
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 Flexible Equity Fund.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
Sector allocation
Sector(a) Percent of
Net Assets
Information Technology 47.8 %
Consumer Discretionary 13.4 %
Communication Services 12.2 %
Financials 7.6 %
Health Care 7.4 %
Industrials 7.1 %
Consumer Staples 3.3 %
Real Estate 0.3 %
Short-Term Securities 0.9 %
Ten largest holdings
Security(b) Percent of
Net Assets
NVIDIA Corp. 10.3 %
Apple Inc. 8.4 %
Microsoft Corp. 5.8 %
Amazon.com, Inc. 5.0 %
Meta Platforms, Inc., Class A 4.9 %
Tesla, Inc. 3.1 %
Alphabet, Inc., Class C, NVS 2.8 %
Broadcom, Inc. 2.7 %
Eli Lilly & Co. 2.7 %
Costco Wholesale Corp. 2.5 %
​(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
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 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock Advantage Large Cap Growth Fund
Investor A Shares | BMCAX
Semi-Annual Shareholder Report — November 30, 2024
BMCAX-11/24-SAR
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BlackRock Advantage Large Cap Growth Fund
Investor C Shares | BMCCX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Advantage Large Cap Growth 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
Investor C Shares $88 1.62%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Investor C Shares 16.70 % 36.67 % 16.54 % 13.85 %
Investor C Shares (with sales charge) 15.70 35.67 16.54 13.85
Russell 1000® Index 15.83 34.40 15.58 13.16
Russell 1000® Growth Index 16.90 38.04 19.46 16.55
Key Fund statistics
Net Assets $1,393,467,152
Number of Portfolio Holdings 124
Portfolio Turnover Rate 79%
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 Flexible Equity Fund.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
Sector allocation
Sector(a) Percent of
Net Assets
Information Technology 47.8 %
Consumer Discretionary 13.4 %
Communication Services 12.2 %
Financials 7.6 %
Health Care 7.4 %
Industrials 7.1 %
Consumer Staples 3.3 %
Real Estate 0.3 %
Short-Term Securities 0.9 %
Ten largest holdings
Security(b) Percent of
Net Assets
NVIDIA Corp. 10.3 %
Apple Inc. 8.4 %
Microsoft Corp. 5.8 %
Amazon.com, Inc. 5.0 %
Meta Platforms, Inc., Class A 4.9 %
Tesla, Inc. 3.1 %
Alphabet, Inc., Class C, NVS 2.8 %
Broadcom, Inc. 2.7 %
Eli Lilly & Co. 2.7 %
Costco Wholesale Corp. 2.5 %
​(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
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 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock Advantage Large Cap Growth Fund
Investor C Shares | BMCCX
Semi-Annual Shareholder Report — November 30, 2024
BMCCX-11/24-SAR
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BlackRock Advantage Large Cap Growth Fund
Class K Shares | BMCKX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Advantage Large Cap Growth 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
Class K Shares $31 0.57%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Class K Shares 17.32 % 38.10 % 17.77 % 14.79 %
Russell 1000® Index 15.83 34.40 15.58 13.16
Russell 1000® Growth Index 16.90 38.04 19.46 16.55
Key Fund statistics
Net Assets $1,393,467,152
Number of Portfolio Holdings 124
Portfolio Turnover Rate 79%
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 Flexible Equity Fund.
Performance shown prior to the Class K Shares inception date of January 25, 2018 is that of Investor A Shares. The performance of the Class K Shares would be substantially similar to Investor A Shares because Class K Shares and Investor A Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Investor A Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Investor A Shares because Class K Shares have lower expenses than the Investor A Shares.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
Sector allocation
Sector(a) Percent of
Net Assets
Information Technology 47.8 %
Consumer Discretionary 13.4 %
Communication Services 12.2 %
Financials 7.6 %
Health Care 7.4 %
Industrials 7.1 %
Consumer Staples 3.3 %
Real Estate 0.3 %
Short-Term Securities 0.9 %
Ten largest holdings
Security(b) Percent of
Net Assets
NVIDIA Corp. 10.3 %
Apple Inc. 8.4 %
Microsoft Corp. 5.8 %
Amazon.com, Inc. 5.0 %
Meta Platforms, Inc., Class A 4.9 %
Tesla, Inc. 3.1 %
Alphabet, Inc., Class C, NVS 2.8 %
Broadcom, Inc. 2.7 %
Eli Lilly & Co. 2.7 %
Costco Wholesale Corp. 2.5 %
​(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
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 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock Advantage Large Cap Growth Fund
Class K Shares | BMCKX
Semi-Annual Shareholder Report — November 30, 2024
BMCKX-11/24-SAR
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BlackRock Advantage Large Cap Growth Fund
Class R Shares | BMCRX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Advantage Large Cap Growth 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
Class R Shares $61 1.12%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Class R Shares 17.00 % 37.42 % 17.14 % 14.24 %
Russell 1000® Index 15.83 34.40 15.58 13.16
Russell 1000® Growth Index 16.90 38.04 19.46 16.55
Key Fund statistics
Net Assets $1,393,467,152
Number of Portfolio Holdings 124
Portfolio Turnover Rate 79%
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 Flexible Equity Fund.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
Sector allocation
Sector(a) Percent of
Net Assets
Information Technology 47.8 %
Consumer Discretionary 13.4 %
Communication Services 12.2 %
Financials 7.6 %
Health Care 7.4 %
Industrials 7.1 %
Consumer Staples 3.3 %
Real Estate 0.3 %
Short-Term Securities 0.9 %
Ten largest holdings
Security(b) Percent of
Net Assets
NVIDIA Corp. 10.3 %
Apple Inc. 8.4 %
Microsoft Corp. 5.8 %
Amazon.com, Inc. 5.0 %
Meta Platforms, Inc., Class A 4.9 %
Tesla, Inc. 3.1 %
Alphabet, Inc., Class C, NVS 2.8 %
Broadcom, Inc. 2.7 %
Eli Lilly & Co. 2.7 %
Costco Wholesale Corp. 2.5 %
​(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
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 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock Advantage Large Cap Growth Fund
Class R Shares | BMCRX
Semi-Annual Shareholder Report — November 30, 2024
BMCRX-11/24-SAR
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BlackRock Advantage Small Cap Core Fund
Institutional Shares | BDSIX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Advantage Small 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 $27 0.50%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Institutional Shares 15.67 % 36.10 % 9.76 % 9.93 %
Russell 3000® Index 15.95 34.49 15.23 12.89
Russell 2000® Index 18.40 36.43 9.90 9.05
Key Fund statistics
Net Assets $4,470,664,678
Number of Portfolio Holdings 807
Portfolio Turnover Rate 44%
The Fund has added the Russell 3000® Index in response to new regulatory requirements.
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
Sector(a) Percent of
Net Assets
Financials 18.5 %
Industrials 18.0 %
Health Care 17.3 %
Information Technology 13.5 %
Consumer Discretionary 10.7 %
Real Estate 5.7 %
Energy 4.4 %
Materials 3.7 %
Communication Services 3.3 %
Consumer Staples 2.0 %
Utilities 2.0 %
Short-Term Securities 3.3 %
Liabilities in Excess of Other Assets (2.4 )%
Ten largest holdings
Security(b) Percent of
Net Assets
ExlService Holdings, Inc. 1.0 %
ACI Worldwide, Inc. 1.0 %
Boise Cascade Co. 0.8 %
Kite Realty Group Trust 0.8 %
First Industrial Realty Trust, Inc. 0.8 %
Sprouts Farmers Market, Inc. 0.8 %
Flowserve Corp. 0.7 %
FTAI Aviation Ltd. 0.7 %
Comfort Systems U.S.A., Inc. 0.6 %
Enova International, Inc. 0.6 %
​(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
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 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock Advantage Small Cap Core Fund
Institutional Shares | BDSIX
Semi-Annual Shareholder Report — November 30, 2024
BDSIX-11/24-SAR
TSR - Blackrock Fund Logo
BlackRock Advantage Small Cap Core Fund
Investor A Shares | BDSAX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Advantage Small 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
Investor A Shares $41 0.75%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Investor A Shares 15.49 % 35.78 % 9.48 % 9.65 %
Investor A Shares (with sales charge) 9.43 28.65 8.31 9.06
Russell 3000® Index 15.95 34.49 15.23 12.89
Russell 2000® Index 18.40 36.43 9.90 9.05
Key Fund statistics
Net Assets $4,470,664,678
Number of Portfolio Holdings 807
Portfolio Turnover Rate 44%
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.
The Fund has added the Russell 3000® Index in response to new regulatory requirements.
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
Sector(a) Percent of
Net Assets
Financials 18.5 %
Industrials 18.0 %
Health Care 17.3 %
Information Technology 13.5 %
Consumer Discretionary 10.7 %
Real Estate 5.7 %
Energy 4.4 %
Materials 3.7 %
Communication Services 3.3 %
Consumer Staples 2.0 %
Utilities 2.0 %
Short-Term Securities 3.3 %
Liabilities in Excess of Other Assets (2.4 )%
Ten largest holdings
Security(b) Percent of
Net Assets
ExlService Holdings, Inc. 1.0 %
ACI Worldwide, Inc. 1.0 %
Boise Cascade Co. 0.8 %
Kite Realty Group Trust 0.8 %
First Industrial Realty Trust, Inc. 0.8 %
Sprouts Farmers Market, Inc. 0.8 %
Flowserve Corp. 0.7 %
FTAI Aviation Ltd. 0.7 %
Comfort Systems U.S.A., Inc. 0.6 %
Enova International, Inc. 0.6 %
​(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
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 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock Advantage Small Cap Core Fund
Investor A Shares | BDSAX
Semi-Annual Shareholder Report — November 30, 2024
BDSAX-11/24-SAR
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BlackRock Advantage Small Cap Core Fund
Investor C Shares | BDSCX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Advantage Small 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
Investor C Shares $81 1.50%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Investor C Shares 15.02 % 34.72 % 8.66 % 8.98 %
Investor C Shares (with sales charge) 14.02 33.72 8.66 8.98
Russell 3000® Index 15.95 34.49 15.23 12.89
Russell 2000® Index 18.40 36.43 9.90 9.05
Key Fund statistics
Net Assets $4,470,664,678
Number of Portfolio Holdings 807
Portfolio Turnover Rate 44%
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 3000® Index in response to new regulatory requirements.
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
Sector(a) Percent of
Net Assets
Financials 18.5 %
Industrials 18.0 %
Health Care 17.3 %
Information Technology 13.5 %
Consumer Discretionary 10.7 %
Real Estate 5.7 %
Energy 4.4 %
Materials 3.7 %
Communication Services 3.3 %
Consumer Staples 2.0 %
Utilities 2.0 %
Short-Term Securities 3.3 %
Liabilities in Excess of Other Assets (2.4 )%
Ten largest holdings
Security(b) Percent of
Net Assets
ExlService Holdings, Inc. 1.0 %
ACI Worldwide, Inc. 1.0 %
Boise Cascade Co. 0.8 %
Kite Realty Group Trust 0.8 %
First Industrial Realty Trust, Inc. 0.8 %
Sprouts Farmers Market, Inc. 0.8 %
Flowserve Corp. 0.7 %
FTAI Aviation Ltd. 0.7 %
Comfort Systems U.S.A., Inc. 0.6 %
Enova International, Inc. 0.6 %
​(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
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 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock Advantage Small Cap Core Fund
Investor C Shares | BDSCX
Semi-Annual Shareholder Report — November 30, 2024
BDSCX-11/24-SAR
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BlackRock Advantage Small Cap Core Fund
Class K Shares | BDSKX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Advantage Small 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
Class K Shares $24 0.45%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Class K Shares 15.67 % 36.21 % 9.81 % 9.97 %
Russell 3000® Index 15.95 34.49 15.23 12.89
Russell 2000® Index 18.40 36.43 9.90 9.05
Key Fund statistics
Net Assets $4,470,664,678
Number of Portfolio Holdings 807
Portfolio Turnover Rate 44%
The Fund has added the Russell 3000® Index in response to new regulatory requirements.
Performance shown prior to the Class K Shares inception date of March 28, 2016 is that of Institutional Shares. The performance of the Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
Sector allocation
Sector(a) Percent of
Net Assets
Financials 18.5 %
Industrials 18.0 %
Health Care 17.3 %
Information Technology 13.5 %
Consumer Discretionary 10.7 %
Real Estate 5.7 %
Energy 4.4 %
Materials 3.7 %
Communication Services 3.3 %
Consumer Staples 2.0 %
Utilities 2.0 %
Short-Term Securities 3.3 %
Liabilities in Excess of Other Assets (2.4 )%
Ten largest holdings
Security(b) Percent of
Net Assets
ExlService Holdings, Inc. 1.0 %
ACI Worldwide, Inc. 1.0 %
Boise Cascade Co. 0.8 %
Kite Realty Group Trust 0.8 %
First Industrial Realty Trust, Inc. 0.8 %
Sprouts Farmers Market, Inc. 0.8 %
Flowserve Corp. 0.7 %
FTAI Aviation Ltd. 0.7 %
Comfort Systems U.S.A., Inc. 0.6 %
Enova International, Inc. 0.6 %
​(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
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 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock Advantage Small Cap Core Fund
Class K Shares | BDSKX
Semi-Annual Shareholder Report — November 30, 2024
BDSKX-11/24-SAR
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BlackRock Commodity Strategies Fund
Institutional Shares | BICSX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Commodity Strategies 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 $36 0.72%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Institutional Shares 0.32 % 7.33 % 9.79 % 3.31 %
MSCI All Country World Index 10.53 26.12 11.36 9.28
Bloomberg Commodity Index Total ReturnSM (2.31 ) 1.51 7.60 0.38
Key Fund statistics
Net Assets $633,298,869
Number of Portfolio Holdings 196
Portfolio Turnover Rate 37%
The Fund has added the MSCI All Country World Index in response to new regulatory requirements.
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
Sector(a) Percent of
Net Assets
Materials 24.7 %
Energy 14.5 %
Consumer Staples 3.4 %
Industrials 3.1 %
Health Care 1.6 %
Consumer Discretionary 1.4 %
Short-Term Securities 51.3 %
Ten largest holdings
Security(b) Percent of
Net Assets
Exxon Mobil Corp. 2.9 %
Agnico Eagle Mines Ltd. 1.5 %
Shell PLC 1.5 %
Wheaton Precious Metals Corp. 1.2 %
Kinross Gold Corp. 1.1 %
Barrick Gold Corp. 1.0 %
TotalEnergies SE 0.9 %
Compass Group PLC 0.9 %
Rio Tinto PLC 0.9 %
Graphic Packaging Holding Co. 0.8 %
​(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
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 Bloomberg Index Services Limited, MSCI, Inc., 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock Commodity Strategies Fund
Institutional Shares | BICSX
Semi-Annual Shareholder Report — November 30, 2024
BICSX-11/24-SAR
TSR - Blackrock Fund Logo
BlackRock Commodity Strategies Fund
Investor A Shares | BCSAX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Commodity Strategies 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
Investor A Shares $49 0.97%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Investor A Shares 0.10 % 7.00 % 9.50 % 3.06 %
Investor A Shares (with sales charge) (5.15 ) 1.38 8.33 2.51
MSCI All Country World Index 10.53 26.12 11.36 9.28
Bloomberg Commodity Index Total ReturnSM (2.31 ) 1.51 7.60 0.38
Key Fund statistics
Net Assets $633,298,869
Number of Portfolio Holdings 196
Portfolio Turnover Rate 37%
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.
The Fund has added the MSCI All Country World Index in response to new regulatory requirements.
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
Sector(a) Percent of
Net Assets
Materials 24.7 %
Energy 14.5 %
Consumer Staples 3.4 %
Industrials 3.1 %
Health Care 1.6 %
Consumer Discretionary 1.4 %
Short-Term Securities 51.3 %
Ten largest holdings
Security(b) Percent of
Net Assets
Exxon Mobil Corp. 2.9 %
Agnico Eagle Mines Ltd. 1.5 %
Shell PLC 1.5 %
Wheaton Precious Metals Corp. 1.2 %
Kinross Gold Corp. 1.1 %
Barrick Gold Corp. 1.0 %
TotalEnergies SE 0.9 %
Compass Group PLC 0.9 %
Rio Tinto PLC 0.9 %
Graphic Packaging Holding Co. 0.8 %
​(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
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 Bloomberg Index Services Limited, MSCI, Inc., 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock Commodity Strategies Fund
Investor A Shares | BCSAX
Semi-Annual Shareholder Report — November 30, 2024
BCSAX-11/24-SAR
TSR - Blackrock Fund Logo
BlackRock Commodity Strategies Fund
Investor C Shares | BCSCX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Commodity Strategies 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
Investor C Shares $86 1.72%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Investor C Shares (0.23 )% 6.31 % 8.68 % 2.44 %
Investor C Shares (with sales charge) (1.21 ) 5.31 8.68 2.44
MSCI All Country World Index 10.53 26.12 11.36 9.28
Bloomberg Commodity Index Total ReturnSM (2.31 ) 1.51 7.60 0.38
Key Fund statistics
Net Assets $633,298,869
Number of Portfolio Holdings 196
Portfolio Turnover Rate 37%
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 MSCI All Country World Index in response to new regulatory requirements.
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
Sector(a) Percent of
Net Assets
Materials 24.7 %
Energy 14.5 %
Consumer Staples 3.4 %
Industrials 3.1 %
Health Care 1.6 %
Consumer Discretionary 1.4 %
Short-Term Securities 51.3 %
Ten largest holdings
Security(b) Percent of
Net Assets
Exxon Mobil Corp. 2.9 %
Agnico Eagle Mines Ltd. 1.5 %
Shell PLC 1.5 %
Wheaton Precious Metals Corp. 1.2 %
Kinross Gold Corp. 1.1 %
Barrick Gold Corp. 1.0 %
TotalEnergies SE 0.9 %
Compass Group PLC 0.9 %
Rio Tinto PLC 0.9 %
Graphic Packaging Holding Co. 0.8 %
​(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
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 Bloomberg Index Services Limited, MSCI, Inc., 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock Commodity Strategies Fund
Investor C Shares | BCSCX
Semi-Annual Shareholder Report — November 30, 2024
BCSCX-11/24-SAR
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BlackRock Commodity Strategies Fund
Class K Shares | BCSKX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Commodity Strategies 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
Class K Shares $34 0.67%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Class K Shares 0.23 % 7.39 % 9.81 % 3.35 %
MSCI All Country World Index 10.53 26.12 11.36 9.28
Bloomberg Commodity Index Total ReturnSM (2.31 ) 1.51 7.60 0.38
Key Fund statistics
Net Assets $633,298,869
Number of Portfolio Holdings 196
Portfolio Turnover Rate 37%
The Fund has added the MSCI All Country World Index in response to new regulatory requirements.
Performance shown prior to the Class K Shares inception date of January 25, 2018 is that of Institutional Shares. The performance of the Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
Sector allocation
Sector(a) Percent of
Net Assets
Materials 24.7 %
Energy 14.5 %
Consumer Staples 3.4 %
Industrials 3.1 %
Health Care 1.6 %
Consumer Discretionary 1.4 %
Short-Term Securities 51.3 %
Ten largest holdings
Security(b) Percent of
Net Assets
Exxon Mobil Corp. 2.9 %
Agnico Eagle Mines Ltd. 1.5 %
Shell PLC 1.5 %
Wheaton Precious Metals Corp. 1.2 %
Kinross Gold Corp. 1.1 %
Barrick Gold Corp. 1.0 %
TotalEnergies SE 0.9 %
Compass Group PLC 0.9 %
Rio Tinto PLC 0.9 %
Graphic Packaging Holding Co. 0.8 %
​(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
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 Bloomberg Index Services Limited, MSCI, Inc., 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock Commodity Strategies Fund
Class K Shares | BCSKX
Semi-Annual Shareholder Report — November 30, 2024
BCSKX-11/24-SAR
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BlackRock Energy Opportunities Fund
Institutional Shares | BACIX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Energy Opportunities 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 $46 0.91%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Institutional Shares 0.51 % 11.01 % 12.20 % 3.42 %
MSCI All Country World Index 10.53 26.12 11.36 9.28
MSCI World Energy Index 0.72 11.17 10.99 4.29
Key Fund statistics
Net Assets $324,881,370
Number of Portfolio Holdings 30
Portfolio Turnover Rate 23%
The Fund has added the MSCI All Country World Index in response to new regulatory requirements.
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)
Industry allocation
Industry(a) Percent of
Net Assets
Oil, Gas & Consumable Fuels 90.9 %
Energy Equipment & Services 6.7 %
Short-Term Securities 2.2 %
Other Assets Less Liabilities 0.2 %
Ten largest holdings
Security(b) Percent of
Net Assets
Exxon Mobil Corp. 20.0 %
Shell PLC 9.9 %
TotalEnergies SE 6.4 %
ConocoPhillips 5.4 %
Williams Cos., Inc. (The) 4.8 %
Targa Resources Corp. 4.5 %
EOG Resources, Inc. 4.0 %
Cheniere Energy, Inc. 3.9 %
Chevron Corp. 3.8 %
Canadian Natural Resources Ltd. 3.5 %
​(a)
For purposes of this report, industry sub-classifications may differ from those utilized by the Fund for compliance purposes.
​(b)
Excludes short-term securities.
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 MSCI Inc. 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock Energy Opportunities Fund
Institutional Shares | BACIX
Semi-Annual Shareholder Report — November 30, 2024
BACIX-11/24-SAR
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BlackRock Energy Opportunities Fund
Investor A Shares | BACAX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Energy Opportunities 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
Investor A Shares $65 1.29%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Investor A Shares 0.35 % 10.67 % 11.74 % 3.00 %
Investor A Shares (with sales charge) (4.92 ) 4.86 10.54 2.44
MSCI All Country World Index 10.53 26.12 11.36 9.28
MSCI World Energy Index 0.72 11.17 10.99 4.29
Key Fund statistics
Net Assets $324,881,370
Number of Portfolio Holdings 30
Portfolio Turnover Rate 23%
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.
The Fund has added the MSCI All Country World Index in response to new regulatory requirements.
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)
Industry allocation
Industry(a) Percent of
Net Assets
Oil, Gas & Consumable Fuels 90.9 %
Energy Equipment & Services 6.7 %
Short-Term Securities 2.2 %
Other Assets Less Liabilities 0.2 %
Ten largest holdings
Security(b) Percent of
Net Assets
Exxon Mobil Corp. 20.0 %
Shell PLC 9.9 %
TotalEnergies SE 6.4 %
ConocoPhillips 5.4 %
Williams Cos., Inc. (The) 4.8 %
Targa Resources Corp. 4.5 %
EOG Resources, Inc. 4.0 %
Cheniere Energy, Inc. 3.9 %
Chevron Corp. 3.8 %
Canadian Natural Resources Ltd. 3.5 %
​(a)
For purposes of this report, industry sub-classifications may differ from those utilized by the Fund for compliance purposes.
​(b)
Excludes short-term securities.
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 MSCI Inc. 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock Energy Opportunities Fund
Investor A Shares | BACAX
Semi-Annual Shareholder Report — November 30, 2024
BACAX-11/24-SAR
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BlackRock Energy Opportunities Fund
Investor C Shares | BACCX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Energy Opportunities 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
Investor C Shares $100 2.00%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Investor C Shares (0.08 )% 9.86 % 10.93 % 2.40 %
Investor C Shares (with sales charge) (1.08 ) 8.86 10.93 2.40
MSCI All Country World Index 10.53 26.12 11.36 9.28
MSCI World Energy Index 0.72 11.17 10.99 4.29
Key Fund statistics
Net Assets $324,881,370
Number of Portfolio Holdings 30
Portfolio Turnover Rate 23%
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 MSCI All Country World Index in response to new regulatory requirements.
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)
Industry allocation
Industry(a) Percent of
Net Assets
Oil, Gas & Consumable Fuels 90.9 %
Energy Equipment & Services 6.7 %
Short-Term Securities 2.2 %
Other Assets Less Liabilities 0.2 %
Ten largest holdings
Security(b) Percent of
Net Assets
Exxon Mobil Corp. 20.0 %
Shell PLC 9.9 %
TotalEnergies SE 6.4 %
ConocoPhillips 5.4 %
Williams Cos., Inc. (The) 4.8 %
Targa Resources Corp. 4.5 %
EOG Resources, Inc. 4.0 %
Cheniere Energy, Inc. 3.9 %
Chevron Corp. 3.8 %
Canadian Natural Resources Ltd. 3.5 %
​(a)
For purposes of this report, industry sub-classifications may differ from those utilized by the Fund for compliance purposes.
​(b)
Excludes short-term securities.
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 MSCI Inc. 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock Energy Opportunities Fund
Investor C Shares | BACCX
Semi-Annual Shareholder Report — November 30, 2024
BACCX-11/24-SAR
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BlackRock Health Sciences Opportunities Portfolio
Institutional Shares | SHSSX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Health Sciences Opportunities Portfolio (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 $42 0.83%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Institutional Shares 3.83 % 15.94 % 8.58 % 9.97 %
Russell 3000® Index 15.95 34.49 15.23 12.89
Russell 3000® Health Care Index 4.73 16.21 9.28 9.43
Key Fund statistics
Net Assets $8,020,693,616
Number of Portfolio Holdings 140
Portfolio Turnover Rate 16%
The Fund has added the Russell 3000® Index in response to new regulatory requirements.
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)
Industry allocation
Industry(a) Percent of
Net Assets
Health Care Equipment & Supplies 27.7 %
Biotechnology 26.6 %
Pharmaceuticals 17.8 %
Health Care Providers & Services 17.5 %
Life Sciences Tools & Services 8.9 %
Financial Services 0.1 %
Software 0.1 %
Short-Term Securities 2.5 %
Liabilities in Excess of Other Assets (1.2 )%
Ten largest holdings
Security(b) Percent of
Net Assets
UnitedHealth Group, Inc. 9.0 %
Eli Lilly & Co. 8.8 %
Boston Scientific Corp. 6.9 %
Intuitive Surgical, Inc. 4.9 %
AbbVie, Inc. 4.3 %
Abbott Laboratories 3.8 %
Stryker Corp. 3.3 %
Danaher Corp. 3.2 %
Thermo Fisher Scientific, Inc. 2.8 %
Amgen, Inc. 2.5 %
​(a)
For purposes of this report, industry sub-classifications may differ from those utilized by the Fund for compliance purposes.
​(b)
Excludes short-term securities.
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 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock Health Sciences Opportunities Portfolio
Institutional Shares | SHSSX
Semi-Annual Shareholder Report — November 30, 2024
SHSSX-11/24-SAR
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BlackRock Health Sciences Opportunities Portfolio
Service Shares | SHISX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Health Sciences Opportunities Portfolio (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
Service Shares $59 1.15%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Service Shares 3.66 % 15.58 % 8.25 % 9.64 %
Russell 3000® Index 15.95 34.49 15.23 12.89
Russell 3000® Health Care Index 4.73 16.21 9.28 9.43
Key Fund statistics
Net Assets $8,020,693,616
Number of Portfolio Holdings 140
Portfolio Turnover Rate 16%
Average annual total returns reflect reductions for service fees.
The Fund has added the Russell 3000® Index in response to new regulatory requirements.
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)
Industry allocation
Industry(a) Percent of
Net Assets
Health Care Equipment & Supplies 27.7 %
Biotechnology 26.6 %
Pharmaceuticals 17.8 %
Health Care Providers & Services 17.5 %
Life Sciences Tools & Services 8.9 %
Financial Services 0.1 %
Software 0.1 %
Short-Term Securities 2.5 %
Liabilities in Excess of Other Assets (1.2 )%
Ten largest holdings
Security(b) Percent of
Net Assets
UnitedHealth Group, Inc. 9.0 %
Eli Lilly & Co. 8.8 %
Boston Scientific Corp. 6.9 %
Intuitive Surgical, Inc. 4.9 %
AbbVie, Inc. 4.3 %
Abbott Laboratories 3.8 %
Stryker Corp. 3.3 %
Danaher Corp. 3.2 %
Thermo Fisher Scientific, Inc. 2.8 %
Amgen, Inc. 2.5 %
​(a)
For purposes of this report, industry sub-classifications may differ from those utilized by the Fund for compliance purposes.
​(b)
Excludes short-term securities.
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 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock Health Sciences Opportunities Portfolio
Service Shares | SHISX
Semi-Annual Shareholder Report — November 30, 2024
SHISX-11/24-SAR
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BlackRock Health Sciences Opportunities Portfolio
Investor A Shares | SHSAX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Health Sciences Opportunities Portfolio (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
Investor A Shares $55 1.08%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Investor A Shares 3.69 % 15.64 % 8.30 % 9.67 %
Investor A Shares (with sales charge) (1.75 ) 9.56 7.14 9.09
Russell 3000® Index 15.95 34.49 15.23 12.89
Russell 3000® Health Care Index 4.73 16.21 9.28 9.43
Key Fund statistics
Net Assets $8,020,693,616
Number of Portfolio Holdings 140
Portfolio Turnover Rate 16%
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.
The Fund has added the Russell 3000® Index in response to new regulatory requirements.
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)
Industry allocation
Industry(a) Percent of
Net Assets
Health Care Equipment & Supplies 27.7 %
Biotechnology 26.6 %
Pharmaceuticals 17.8 %
Health Care Providers & Services 17.5 %
Life Sciences Tools & Services 8.9 %
Financial Services 0.1 %
Software 0.1 %
Short-Term Securities 2.5 %
Liabilities in Excess of Other Assets (1.2 )%
Ten largest holdings
Security(b) Percent of
Net Assets
UnitedHealth Group, Inc. 9.0 %
Eli Lilly & Co. 8.8 %
Boston Scientific Corp. 6.9 %
Intuitive Surgical, Inc. 4.9 %
AbbVie, Inc. 4.3 %
Abbott Laboratories 3.8 %
Stryker Corp. 3.3 %
Danaher Corp. 3.2 %
Thermo Fisher Scientific, Inc. 2.8 %
Amgen, Inc. 2.5 %
​(a)
For purposes of this report, industry sub-classifications may differ from those utilized by the Fund for compliance purposes.
​(b)
Excludes short-term securities.
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 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock Health Sciences Opportunities Portfolio
Investor A Shares | SHSAX
Semi-Annual Shareholder Report — November 30, 2024
SHSAX-11/24-SAR
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BlackRock Health Sciences Opportunities Portfolio
Investor C Shares | SHSCX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Health Sciences Opportunities Portfolio (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
Investor C Shares $94 1.84%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Investor C Shares 3.32 % 14.77 % 7.50 % 9.03 %
Investor C Shares (with sales charge) 2.33 13.77 7.50 9.03
Russell 3000® Index 15.95 34.49 15.23 12.89
Russell 3000® Health Care Index 4.73 16.21 9.28 9.43
Key Fund statistics
Net Assets $8,020,693,616
Number of Portfolio Holdings 140
Portfolio Turnover Rate 16%
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 3000® Index in response to new regulatory requirements.
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)
Industry allocation
Industry(a) Percent of
Net Assets
Health Care Equipment & Supplies 27.7 %
Biotechnology 26.6 %
Pharmaceuticals 17.8 %
Health Care Providers & Services 17.5 %
Life Sciences Tools & Services 8.9 %
Financial Services 0.1 %
Software 0.1 %
Short-Term Securities 2.5 %
Liabilities in Excess of Other Assets (1.2 )%
Ten largest holdings
Security(b) Percent of
Net Assets
UnitedHealth Group, Inc. 9.0 %
Eli Lilly & Co. 8.8 %
Boston Scientific Corp. 6.9 %
Intuitive Surgical, Inc. 4.9 %
AbbVie, Inc. 4.3 %
Abbott Laboratories 3.8 %
Stryker Corp. 3.3 %
Danaher Corp. 3.2 %
Thermo Fisher Scientific, Inc. 2.8 %
Amgen, Inc. 2.5 %
​(a)
For purposes of this report, industry sub-classifications may differ from those utilized by the Fund for compliance purposes.
​(b)
Excludes short-term securities.
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 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock Health Sciences Opportunities Portfolio
Investor C Shares | SHSCX
Semi-Annual Shareholder Report — November 30, 2024
SHSCX-11/24-SAR
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BlackRock Health Sciences Opportunities Portfolio
Class K Shares | SHSKX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Health Sciences Opportunities Portfolio (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
Class K Shares $38 0.74%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Class K Shares 3.87 % 16.05 % 8.69 % 10.01 %
Russell 3000® Index 15.95 34.49 15.23 12.89
Russell 3000® Health Care Index 4.73 16.21 9.28 9.43
Key Fund statistics
Net Assets $8,020,693,616
Number of Portfolio Holdings 140
Portfolio Turnover Rate 16%
The Fund has added the Russell 3000® Index in response to new regulatory requirements.
Performance shown prior to the Class K Shares inception date of June 8, 2016 is that of Investor A Shares. The performance of the Class K Shares would be substantially similar to Investor A Shares because Class K Shares and Investor A Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Investor A Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Investor A Shares because Class K Shares have lower expenses than the Investor A Shares.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
Industry allocation
Industry(a) Percent of
Net Assets
Health Care Equipment & Supplies 27.7 %
Biotechnology 26.6 %
Pharmaceuticals 17.8 %
Health Care Providers & Services 17.5 %
Life Sciences Tools & Services 8.9 %
Financial Services 0.1 %
Software 0.1 %
Short-Term Securities 2.5 %
Liabilities in Excess of Other Assets (1.2 )%
Ten largest holdings
Security(b) Percent of
Net Assets
UnitedHealth Group, Inc. 9.0 %
Eli Lilly & Co. 8.8 %
Boston Scientific Corp. 6.9 %
Intuitive Surgical, Inc. 4.9 %
AbbVie, Inc. 4.3 %
Abbott Laboratories 3.8 %
Stryker Corp. 3.3 %
Danaher Corp. 3.2 %
Thermo Fisher Scientific, Inc. 2.8 %
Amgen, Inc. 2.5 %
​(a)
For purposes of this report, industry sub-classifications may differ from those utilized by the Fund for compliance purposes.
​(b)
Excludes short-term securities.
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 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock Health Sciences Opportunities Portfolio
Class K Shares | SHSKX
Semi-Annual Shareholder Report — November 30, 2024
SHSKX-11/24-SAR
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BlackRock Health Sciences Opportunities Portfolio
Class R Shares | BHSRX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Health Sciences Opportunities Portfolio (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
Class R Shares $73 1.44%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Class R Shares 3.50 % 15.23 % 7.92 % 9.30 %
Russell 3000® Index 15.95 34.49 15.23 12.89
Russell 3000® Health Care Index 4.73 16.21 9.28 9.43
Key Fund statistics
Net Assets $8,020,693,616
Number of Portfolio Holdings 140
Portfolio Turnover Rate 16%
Average annual total returns reflect reductions for distribution and service fees.
The Fund has added the Russell 3000® Index in response to new regulatory requirements.
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)
Industry allocation
Industry(a) Percent of
Net Assets
Health Care Equipment & Supplies 27.7 %
Biotechnology 26.6 %
Pharmaceuticals 17.8 %
Health Care Providers & Services 17.5 %
Life Sciences Tools & Services 8.9 %
Financial Services 0.1 %
Software 0.1 %
Short-Term Securities 2.5 %
Liabilities in Excess of Other Assets (1.2 )%
Ten largest holdings
Security(b) Percent of
Net Assets
UnitedHealth Group, Inc. 9.0 %
Eli Lilly & Co. 8.8 %
Boston Scientific Corp. 6.9 %
Intuitive Surgical, Inc. 4.9 %
AbbVie, Inc. 4.3 %
Abbott Laboratories 3.8 %
Stryker Corp. 3.3 %
Danaher Corp. 3.2 %
Thermo Fisher Scientific, Inc. 2.8 %
Amgen, Inc. 2.5 %
​(a)
For purposes of this report, industry sub-classifications may differ from those utilized by the Fund for compliance purposes.
​(b)
Excludes short-term securities.
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 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock Health Sciences Opportunities Portfolio
Class R Shares | BHSRX
Semi-Annual Shareholder Report — November 30, 2024
BHSRX-11/24-SAR
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BlackRock High Equity Income Fund
Institutional Shares | BMCIX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock High Equity Income 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 $44 0.85%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Institutional Shares 6.42 % 18.56 % 9.31 % 8.04 %
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 $2,023,457,783
Number of Portfolio Holdings 182
Portfolio Turnover Rate 54%
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 U.S. Opportunities Portfolio.
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
Sector(a) Percent of
Net Assets
Financials 18.9 %
Health Care 17.8 %
Industrials 13.1 %
Information Technology 9.8 %
Consumer Discretionary 7.7 %
Consumer Staples 7.6 %
Communication Services 7.2 %
Energy 5.4 %
Materials 5.3 %
Utilities 4.4 %
Real Estate 1.4 %
Short-Term Securities 2.9 %
Liabilities in Excess of Other Assets (1.5 )%
Ten largest holdings
Security(b) Percent of
Net Assets
Wells Fargo & Co. 2.2 %
Cardinal Health, Inc. 2.2 %
Samsung Electronics Co. Ltd., Registered Shares, GDR 2.0 %
First Citizens BancShares, Inc., Class A 1.6 %
CVS Health Corp. 1.6 %
Barclays Capital, Inc. (Wells Fargo & Co.) 1.6 %
Citigroup, Inc. 1.5 %
SS&C Technologies Holdings, Inc. 1.5 %
Baxter International, Inc. 1.4 %
Comcast Corp., Class A 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
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 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock High Equity Income Fund
Institutional Shares | BMCIX
Semi-Annual Shareholder Report — November 30, 2024
BMCIX-11/24-SAR
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BlackRock High Equity Income Fund
Investor A Shares | BMEAX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock High Equity Income 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
Investor A Shares $57 1.10%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Investor A Shares 6.29 % 18.28 % 9.04 % 7.74 %
Investor A Shares (with sales charge) 0.71 12.07 7.87 7.16
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 $2,023,457,783
Number of Portfolio Holdings 182
Portfolio Turnover Rate 54%
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 U.S. Opportunities Portfolio.
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
Sector(a) Percent of
Net Assets
Financials 18.9 %
Health Care 17.8 %
Industrials 13.1 %
Information Technology 9.8 %
Consumer Discretionary 7.7 %
Consumer Staples 7.6 %
Communication Services 7.2 %
Energy 5.4 %
Materials 5.3 %
Utilities 4.4 %
Real Estate 1.4 %
Short-Term Securities 2.9 %
Liabilities in Excess of Other Assets (1.5 )%
Ten largest holdings
Security(b) Percent of
Net Assets
Wells Fargo & Co. 2.2 %
Cardinal Health, Inc. 2.2 %
Samsung Electronics Co. Ltd., Registered Shares, GDR 2.0 %
First Citizens BancShares, Inc., Class A 1.6 %
CVS Health Corp. 1.6 %
Barclays Capital, Inc. (Wells Fargo & Co.) 1.6 %
Citigroup, Inc. 1.5 %
SS&C Technologies Holdings, Inc. 1.5 %
Baxter International, Inc. 1.4 %
Comcast Corp., Class A 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
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 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock High Equity Income Fund
Investor A Shares | BMEAX
Semi-Annual Shareholder Report — November 30, 2024
BMEAX-11/24-SAR
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BlackRock High Equity Income Fund
Investor C Shares | BMECX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock High Equity Income 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
Investor C Shares $95 1.85%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Investor C Shares 5.87 % 17.33 % 8.21 % 7.10 %
Investor C Shares (with sales charge) 4.87 16.33 8.21 7.10
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 $2,023,457,783
Number of Portfolio Holdings 182
Portfolio Turnover Rate 54%
Assuming maximum sales charges, if any. 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 U.S. Opportunities Portfolio.
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
Sector(a) Percent of
Net Assets
Financials 18.9 %
Health Care 17.8 %
Industrials 13.1 %
Information Technology 9.8 %
Consumer Discretionary 7.7 %
Consumer Staples 7.6 %
Communication Services 7.2 %
Energy 5.4 %
Materials 5.3 %
Utilities 4.4 %
Real Estate 1.4 %
Short-Term Securities 2.9 %
Liabilities in Excess of Other Assets (1.5 )%
Ten largest holdings
Security(b) Percent of
Net Assets
Wells Fargo & Co. 2.2 %
Cardinal Health, Inc. 2.2 %
Samsung Electronics Co. Ltd., Registered Shares, GDR 2.0 %
First Citizens BancShares, Inc., Class A 1.6 %
CVS Health Corp. 1.6 %
Barclays Capital, Inc. (Wells Fargo & Co.) 1.6 %
Citigroup, Inc. 1.5 %
SS&C Technologies Holdings, Inc. 1.5 %
Baxter International, Inc. 1.4 %
Comcast Corp., Class A 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
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 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock High Equity Income Fund
Investor C Shares | BMECX
Semi-Annual Shareholder Report — November 30, 2024
BMECX-11/24-SAR
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BlackRock High Equity Income Fund
Class K Shares | BHEIX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock High Equity Income 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
Class K Shares $41 0.80%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Class K Shares 6.45 % 18.58 % 9.34 % 8.06 %
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 $2,023,457,783
Number of Portfolio Holdings 182
Portfolio Turnover Rate 54%
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 U.S. Opportunities Portfolio.
Performance shown prior to the Class K Shares inception date of April 21, 2020 is that of Institutional Shares. The performance of the Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
Sector allocation
Sector(a) Percent of
Net Assets
Financials 18.9 %
Health Care 17.8 %
Industrials 13.1 %
Information Technology 9.8 %
Consumer Discretionary 7.7 %
Consumer Staples 7.6 %
Communication Services 7.2 %
Energy 5.4 %
Materials 5.3 %
Utilities 4.4 %
Real Estate 1.4 %
Short-Term Securities 2.9 %
Liabilities in Excess of Other Assets (1.5 )%
Ten largest holdings
Security(b) Percent of
Net Assets
Wells Fargo & Co. 2.2 %
Cardinal Health, Inc. 2.2 %
Samsung Electronics Co. Ltd., Registered Shares, GDR 2.0 %
First Citizens BancShares, Inc., Class A 1.6 %
CVS Health Corp. 1.6 %
Barclays Capital, Inc. (Wells Fargo & Co.) 1.6 %
Citigroup, Inc. 1.5 %
SS&C Technologies Holdings, Inc. 1.5 %
Baxter International, Inc. 1.4 %
Comcast Corp., Class A 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
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 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock High Equity Income Fund
Class K Shares | BHEIX
Semi-Annual Shareholder Report — November 30, 2024
BHEIX-11/24-SAR
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BlackRock Infrastructure Sustainable Opportunities Fund
Institutional Shares | BINFX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Infrastructure Sustainable Opportunities 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 $52 1.00%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year Since Fund
Inception
Institutional Shares 7.69 % 9.75 % 0.80 %
MSCI All Country World Index 10.53 26.12 8.12
FTSE Developed Core Infrastructure 50/50 Net Tax Index 12.00 20.58 6.16
Key Fund statistics
Net Assets $9,621,118
Number of Portfolio Holdings 39
Portfolio Turnover Rate 59%
The Fund has added the MSCI All Country World Index in response to new regulatory requirements.
The Fund commenced operations on September 30, 2021.
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
Sector(a) Percent of
Net Assets
Utilities 47.6 %
Industrials 32.6 %
Real Estate 13.0 %
Communication Services 4.3 %
Information Technology 1.8 %
Short-Term Securities 3.6 %
Liabilities in Excess of Other Assets (2.9 )%
Ten largest holdings
Security(b) Percent of
Net Assets
National Grid PLC 6.8 %
Canadian National Railway Co. 5.6 %
E.ON SE, Registered Shares 5.1 %
Exelon Corp. 5.0 %
CSX Corp. 4.9 %
SBA Communications Corp. 4.7 %
Consolidated Edison, Inc. 4.5 %
PG&E Corp. 4.3 %
United Utilities Group PLC 4.1 %
Enel SpA 3.7 %
​(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
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, MSCI, Inc., 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock Infrastructure Sustainable Opportunities Fund
Institutional Shares | BINFX
Semi-Annual Shareholder Report — November 30, 2024
BINFX-11/24-SAR
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BlackRock Infrastructure Sustainable Opportunities Fund
Investor A Shares | BINAX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Infrastructure Sustainable Opportunities 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
Investor A Shares $65 1.25%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year Since Fund
Inception
Investor A Shares 7.58 % 9.51 % 0.57 %
Investor A Shares (with sales charge) 1.93 3.76 (1.13 )
MSCI All Country World Index 10.53 26.12 8.12
FTSE Developed Core Infrastructure 50/50 Net Tax Index 12.00 20.58 6.16
Key Fund statistics
Net Assets $9,621,118
Number of Portfolio Holdings 39
Portfolio Turnover Rate 59%
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.
The Fund has added the MSCI All Country World Index in response to new regulatory requirements.
The Fund commenced operations on September 30, 2021.
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
Sector(a) Percent of
Net Assets
Utilities 47.6 %
Industrials 32.6 %
Real Estate 13.0 %
Communication Services 4.3 %
Information Technology 1.8 %
Short-Term Securities 3.6 %
Liabilities in Excess of Other Assets (2.9 )%
Ten largest holdings
Security(b) Percent of
Net Assets
National Grid PLC 6.8 %
Canadian National Railway Co. 5.6 %
E.ON SE, Registered Shares 5.1 %
Exelon Corp. 5.0 %
CSX Corp. 4.9 %
SBA Communications Corp. 4.7 %
Consolidated Edison, Inc. 4.5 %
PG&E Corp. 4.3 %
United Utilities Group PLC 4.1 %
Enel SpA 3.7 %
​(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
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, MSCI, Inc., 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock Infrastructure Sustainable Opportunities Fund
Investor A Shares | BINAX
Semi-Annual Shareholder Report — November 30, 2024
BINAX-11/24-SAR
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BlackRock Infrastructure Sustainable Opportunities Fund
Class K Shares | BINKX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Infrastructure Sustainable Opportunities 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
Class K Shares $49 0.95%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year Since Fund
Inception
Class K Shares 7.58 % 9.67 % 0.84 %
MSCI All Country World Index 10.53 26.12 8.12
FTSE Developed Core Infrastructure 50/50 Net Tax Index 12.00 20.58 6.16
Key Fund statistics
Net Assets $9,621,118
Number of Portfolio Holdings 39
Portfolio Turnover Rate 59%
The Fund has added the MSCI All Country World Index in response to new regulatory requirements.
The Fund commenced operations on September 30, 2021.
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
Sector(a) Percent of
Net Assets
Utilities 47.6 %
Industrials 32.6 %
Real Estate 13.0 %
Communication Services 4.3 %
Information Technology 1.8 %
Short-Term Securities 3.6 %
Liabilities in Excess of Other Assets (2.9 )%
Ten largest holdings
Security(b) Percent of
Net Assets
National Grid PLC 6.8 %
Canadian National Railway Co. 5.6 %
E.ON SE, Registered Shares 5.1 %
Exelon Corp. 5.0 %
CSX Corp. 4.9 %
SBA Communications Corp. 4.7 %
Consolidated Edison, Inc. 4.5 %
PG&E Corp. 4.3 %
United Utilities Group PLC 4.1 %
Enel SpA 3.7 %
​(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
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, MSCI, Inc., 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock Infrastructure Sustainable Opportunities Fund
Class K Shares | BINKX
Semi-Annual Shareholder Report — November 30, 2024
BINKX-11/24-SAR
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BlackRock Mid-Cap Growth Equity Portfolio
Institutional Shares | CMGIX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Mid-Cap Growth Equity Portfolio (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 $44 0.80%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Institutional Shares 17.79 % 29.31 % 10.09 % 12.75 %
Russell 1000® Index 15.83 34.40 15.58 13.16
Russell Midcap® Growth Index 24.90 40.07 13.18 12.22
Key Fund statistics
Net Assets $11,438,123,470
Number of Portfolio Holdings 69
Portfolio Turnover Rate 38%
The Fund has added the Russell 1000® Index in response to new regulatory requirements.
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
Sector(a) Percent of
Net Assets
Information Technology 28.4 %
Industrials 26.2 %
Consumer Discretionary 11.4 %
Financials 10.7 %
Health Care 9.9 %
Communication Services 9.2 %
Real Estate 2.1 %
Utilities 1.2 %
Materials 1.0 %
Short-Term Securities 3.8 %
Liabilities in Excess of Other Assets (3.9 )%
Ten largest holdings
Security(b) Percent of
Net Assets
AppLovin Corp., Class A 5.1 %
Axon Enterprise, Inc. 4.4 %
Vertiv Holdings Co., Class A 4.0 %
Ares Management Corp., Class A 3.1 %
Comfort Systems U.S.A., Inc. 2.7 %
Live Nation Entertainment, Inc. 2.6 %
HEICO Corp. 2.5 %
Saia, Inc. 2.5 %
Tradeweb Markets, Inc., Class A 2.5 %
TPG, Inc., Class A 2.3 %
​(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
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 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock Mid-Cap Growth Equity Portfolio
Institutional Shares | CMGIX
Semi-Annual Shareholder Report — November 30, 2024
CMGIX-11/24-SAR
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BlackRock Mid-Cap Growth Equity Portfolio
Service Shares | CMGSX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Mid-Cap Growth Equity Portfolio (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
Service Shares $57 1.05%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Service Shares 17.62 % 28.98 % 9.81 % 12.46 %
Russell 1000® Index 15.83 34.40 15.58 13.16
Russell Midcap® Growth Index 24.90 40.07 13.18 12.22
Key Fund statistics
Net Assets $11,438,123,470
Number of Portfolio Holdings 69
Portfolio Turnover Rate 38%
Average annual total returns reflect reductions for service fees.
The Fund has added the Russell 1000® Index in response to new regulatory requirements.
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
Sector(a) Percent of
Net Assets
Information Technology 28.4 %
Industrials 26.2 %
Consumer Discretionary 11.4 %
Financials 10.7 %
Health Care 9.9 %
Communication Services 9.2 %
Real Estate 2.1 %
Utilities 1.2 %
Materials 1.0 %
Short-Term Securities 3.8 %
Liabilities in Excess of Other Assets (3.9 )%
Ten largest holdings
Security(b) Percent of
Net Assets
AppLovin Corp., Class A 5.1 %
Axon Enterprise, Inc. 4.4 %
Vertiv Holdings Co., Class A 4.0 %
Ares Management Corp., Class A 3.1 %
Comfort Systems U.S.A., Inc. 2.7 %
Live Nation Entertainment, Inc. 2.6 %
HEICO Corp. 2.5 %
Saia, Inc. 2.5 %
Tradeweb Markets, Inc., Class A 2.5 %
TPG, Inc., Class A 2.3 %
​(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
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 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock Mid-Cap Growth Equity Portfolio
Service Shares | CMGSX
Semi-Annual Shareholder Report — November 30, 2024
CMGSX-11/24-SAR
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BlackRock Mid-Cap Growth Equity Portfolio
Investor A Shares | BMGAX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Mid-Cap Growth Equity Portfolio (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
Investor A Shares $57 1.05%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Investor A Shares 17.65 % 29.00 % 9.81 % 12.45 %
Investor A Shares (with sales charge) 11.47 22.22 8.63 11.84
Russell 1000® Index 15.83 34.40 15.58 13.16
Russell Midcap® Growth Index 24.90 40.07 13.18 12.22
Key Fund statistics
Net Assets $11,438,123,470
Number of Portfolio Holdings 69
Portfolio Turnover Rate 38%
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.
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
Sector(a) Percent of
Net Assets
Information Technology 28.4 %
Industrials 26.2 %
Consumer Discretionary 11.4 %
Financials 10.7 %
Health Care 9.9 %
Communication Services 9.2 %
Real Estate 2.1 %
Utilities 1.2 %
Materials 1.0 %
Short-Term Securities 3.8 %
Liabilities in Excess of Other Assets (3.9 )%
Ten largest holdings
Security(b) Percent of
Net Assets
AppLovin Corp., Class A 5.1 %
Axon Enterprise, Inc. 4.4 %
Vertiv Holdings Co., Class A 4.0 %
Ares Management Corp., Class A 3.1 %
Comfort Systems U.S.A., Inc. 2.7 %
Live Nation Entertainment, Inc. 2.6 %
HEICO Corp. 2.5 %
Saia, Inc. 2.5 %
Tradeweb Markets, Inc., Class A 2.5 %
TPG, Inc., Class A 2.3 %
​(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
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 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock Mid-Cap Growth Equity Portfolio
Investor A Shares | BMGAX
Semi-Annual Shareholder Report — November 30, 2024
BMGAX-11/24-SAR
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BlackRock Mid-Cap Growth Equity Portfolio
Investor C Shares | BMGCX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Mid-Cap Growth Equity Portfolio (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
Investor C Shares $98 1.80%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Investor C Shares 17.20 % 28.02 % 9.00 % 11.79 %
Investor C Shares (with sales charge) 16.20 27.02 9.00 11.79
Russell 1000® Index 15.83 34.40 15.58 13.16
Russell Midcap® Growth Index 24.90 40.07 13.18 12.22
Key Fund statistics
Net Assets $11,438,123,470
Number of Portfolio Holdings 69
Portfolio Turnover Rate 38%
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.
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
Sector(a) Percent of
Net Assets
Information Technology 28.4 %
Industrials 26.2 %
Consumer Discretionary 11.4 %
Financials 10.7 %
Health Care 9.9 %
Communication Services 9.2 %
Real Estate 2.1 %
Utilities 1.2 %
Materials 1.0 %
Short-Term Securities 3.8 %
Liabilities in Excess of Other Assets (3.9 )%
Ten largest holdings
Security(b) Percent of
Net Assets
AppLovin Corp., Class A 5.1 %
Axon Enterprise, Inc. 4.4 %
Vertiv Holdings Co., Class A 4.0 %
Ares Management Corp., Class A 3.1 %
Comfort Systems U.S.A., Inc. 2.7 %
Live Nation Entertainment, Inc. 2.6 %
HEICO Corp. 2.5 %
Saia, Inc. 2.5 %
Tradeweb Markets, Inc., Class A 2.5 %
TPG, Inc., Class A 2.3 %
(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
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 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock Mid-Cap Growth Equity Portfolio
Investor C Shares | BMGCX
Semi-Annual Shareholder Report — November 30, 2024
BMGCX-11/24-SAR
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BlackRock Mid-Cap Growth Equity Portfolio
Class K Shares | BMGKX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Mid-Cap Growth Equity Portfolio (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
Class K Shares $38 0.70%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Class K Shares 17.83 % 29.46 % 10.19 % 12.84 %
Russell 1000® Index 15.83 34.40 15.58 13.16
Russell Midcap® Growth Index 24.90 40.07 13.18 12.22
Key Fund statistics
Net Assets $11,438,123,470
Number of Portfolio Holdings 69
Portfolio Turnover Rate 38%
The Fund has added the Russell 1000® Index in response to new regulatory requirements.
Performance shown prior to the Class K Shares inception date of March 28, 2016 is that of Institutional Shares. The performance of the Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
Sector allocation
Sector(a) Percent of
Net Assets
Information Technology 28.4 %
Industrials 26.2 %
Consumer Discretionary 11.4 %
Financials 10.7 %
Health Care 9.9 %
Communication Services 9.2 %
Real Estate 2.1 %
Utilities 1.2 %
Materials 1.0 %
Short-Term Securities 3.8 %
Liabilities in Excess of Other Assets (3.9 )%
Ten largest holdings
Security(b) Percent of
Net Assets
AppLovin Corp., Class A 5.1 %
Axon Enterprise, Inc. 4.4 %
Vertiv Holdings Co., Class A 4.0 %
Ares Management Corp., Class A 3.1 %
Comfort Systems U.S.A., Inc. 2.7 %
Live Nation Entertainment, Inc. 2.6 %
HEICO Corp. 2.5 %
Saia, Inc. 2.5 %
Tradeweb Markets, Inc., Class A 2.5 %
TPG, Inc., Class A 2.3 %
​(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
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 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock Mid-Cap Growth Equity Portfolio
Class K Shares | BMGKX
Semi-Annual Shareholder Report — November 30, 2024
BMGKX-11/24-SAR
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BlackRock Mid-Cap Growth Equity Portfolio
Class R Shares | BMRRX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Mid-Cap Growth Equity Portfolio (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
Class R Shares $71 1.30%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Class R Shares 17.50 % 28.68 % 9.54 % 12.16 %
Russell 1000® Index 15.83 34.40 15.58 13.16
Russell Midcap® Growth Index 24.90 40.07 13.18 12.22
Key Fund statistics
Net Assets $11,438,123,470
Number of Portfolio Holdings 69
Portfolio Turnover Rate 38%
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.
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
Sector(a) Percent of
Net Assets
Information Technology 28.4 %
Industrials 26.2 %
Consumer Discretionary 11.4 %
Financials 10.7 %
Health Care 9.9 %
Communication Services 9.2 %
Real Estate 2.1 %
Utilities 1.2 %
Materials 1.0 %
Short-Term Securities 3.8 %
Liabilities in Excess of Other Assets (3.9 )%
Ten largest holdings
Security(b) Percent of
Net Assets
AppLovin Corp., Class A 5.1 %
Axon Enterprise, Inc. 4.4 %
Vertiv Holdings Co., Class A 4.0 %
Ares Management Corp., Class A 3.1 %
Comfort Systems U.S.A., Inc. 2.7 %
Live Nation Entertainment, Inc. 2.6 %
HEICO Corp. 2.5 %
Saia, Inc. 2.5 %
Tradeweb Markets, Inc., Class A 2.5 %
TPG, Inc., Class A 2.3 %
​(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
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 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock Mid-Cap Growth Equity Portfolio
Class R Shares | BMRRX
Semi-Annual Shareholder Report — November 30, 2024
BMRRX-11/24-SAR
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BlackRock SMID-Cap Growth Equity Fund
Institutional Shares | BSMDX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock SMID-Cap Growth 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 $46 0.85%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year Since Fund
Inception
Institutional Shares 14.98 % 26.95 % (8.95 )%
Russell 3000® Index 15.95 34.49 10.79
Russell 2500TM Growth Index 18.78 37.95 1.41
Key Fund statistics
Net Assets $11,395,528
Number of Portfolio Holdings 92
Portfolio Turnover Rate 30%
The Fund has added the Russell 3000® Index in response to new regulatory requirements.
The Fund commenced operations on June 29, 2021.
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
Sector(a) Percent of
Net Assets
Industrials 27.8 %
Information Technology 24.9 %
Consumer Discretionary 16.5 %
Health Care 11.1 %
Financials 8.3 %
Communication Services 6.3 %
Energy 3.6 %
Consumer Staples 1.3 %
Real Estate 0.2 %
Short-Term Securities 6.1 %
Liabilities in Excess of Other Assets (6.1 )%
Ten largest holdings
Security(b) Percent of
Net Assets
Axon Enterprise, Inc. 3.3 %
Comfort Systems U.S.A., Inc. 3.2 %
Saia, Inc. 2.7 %
Vertiv Holdings Co., Class A 2.7 %
TPG, Inc., Class A 2.6 %
Texas Pacific Land Corp. 2.3 %
Tradeweb Markets, Inc., Class A 2.3 %
Live Nation Entertainment, Inc. 2.2 %
DraftKings, Inc., Class A 2.0 %
Planet Fitness, Inc., Class A 2.0 %
​(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
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 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock SMID-Cap Growth Equity Fund
Institutional Shares | BSMDX
Semi-Annual Shareholder Report — November 30, 2024
BSMDX-11/24-SAR
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BlackRock SMID-Cap Growth Equity Fund
Investor A Shares | BSDAX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock SMID-Cap Growth 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
Investor A Shares $59 1.10%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year Since Fund
Inception
Investor A Shares 14.76 % 26.58 % (9.19 )%
Investor A Shares (with sales charge) 8.74 19.94 (10.61 )
Russell 3000® Index 15.95 34.49 10.79
Russell 2500TM Growth Index 18.78 37.95 1.41
Key Fund statistics
Net Assets $11,395,528
Number of Portfolio Holdings 92
Portfolio Turnover Rate 30%
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.
The Fund has added the Russell 3000® Index in response to new regulatory requirements.
The Fund commenced operations on June 29, 2021.
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
Sector(a) Percent of
Net Assets
Industrials 27.8 %
Information Technology 24.9 %
Consumer Discretionary 16.5 %
Health Care 11.1 %
Financials 8.3 %
Communication Services 6.3 %
Energy 3.6 %
Consumer Staples 1.3 %
Real Estate 0.2 %
Short-Term Securities 6.1 %
Liabilities in Excess of Other Assets (6.1 )%
Ten largest holdings
Security(b) Percent of
Net Assets
Axon Enterprise, Inc. 3.3 %
Comfort Systems U.S.A., Inc. 3.2 %
Saia, Inc. 2.7 %
Vertiv Holdings Co., Class A 2.7 %
TPG, Inc., Class A 2.6 %
Texas Pacific Land Corp. 2.3 %
Tradeweb Markets, Inc., Class A 2.3 %
Live Nation Entertainment, Inc. 2.2 %
DraftKings, Inc., Class A 2.0 %
Planet Fitness, Inc., Class A 2.0 %
​(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
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 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock SMID-Cap Growth Equity Fund
Investor A Shares | BSDAX
Semi-Annual Shareholder Report — November 30, 2024
BSDAX-11/24-SAR
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BlackRock SMID-Cap Growth Equity Fund
Class K Shares | BSDKX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock SMID-Cap Growth 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
Class K Shares $40 0.75%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year Since Fund
Inception
Class K Shares 15.01 % 27.05 % (8.86 )%
Russell 3000® Index 15.95 34.49 10.79
Russell 2500TM Growth Index 18.78 37.95 1.41
Key Fund statistics
Net Assets $11,395,528
Number of Portfolio Holdings 92
Portfolio Turnover Rate 30%
The Fund has added the Russell 3000® Index in response to new regulatory requirements.
The Fund commenced operations on June 29, 2021.
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
Sector(a) Percent of
Net Assets
Industrials 27.8 %
Information Technology 24.9 %
Consumer Discretionary 16.5 %
Health Care 11.1 %
Financials 8.3 %
Communication Services 6.3 %
Energy 3.6 %
Consumer Staples 1.3 %
Real Estate 0.2 %
Short-Term Securities 6.1 %
Liabilities in Excess of Other Assets (6.1 )%
Ten largest holdings
Security(b) Percent of
Net Assets
Axon Enterprise, Inc. 3.3 %
Comfort Systems U.S.A., Inc. 3.2 %
Saia, Inc. 2.7 %
Vertiv Holdings Co., Class A 2.7 %
TPG, Inc., Class A 2.6 %
Texas Pacific Land Corp. 2.3 %
Tradeweb Markets, Inc., Class A 2.3 %
Live Nation Entertainment, Inc. 2.2 %
DraftKings, Inc., Class A 2.0 %
Planet Fitness, Inc., Class A 2.0 %
​(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
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 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock SMID-Cap Growth Equity Fund
Class K Shares | BSDKX
Semi-Annual Shareholder Report — November 30, 2024
BSDKX-11/24-SAR
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BlackRock Technology Opportunities Fund
Institutional Shares | BGSIX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Technology Opportunities 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 $50 0.92%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Institutional Shares 15.75 % 41.43 % 19.42 % 19.97 %
MSCI All Country World Index 10.53 26.12 11.36 9.28
MSCI All-Country World Information Technology 10/40 Index 12.85 35.23 19.87 18.32
MSCI All-Country World Information Technology Index 13.94 36.18 21.41 18.83
Key Fund statistics
Net Assets $6,122,219,562
Number of Portfolio Holdings 76
Portfolio Turnover Rate 28%
The Fund has added the MSCI All Country World Index in response to new regulatory requirements.
The Fund’s returns shown prior to December 30, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock Science & Technology Opportunities Portfolio.
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)
Industry allocation
Industry(a) Percent of
Net Assets
Software 31.1 %
Semiconductors & Semiconductor Equipment 29.2 %
Technology Hardware, Storage & Peripherals 8.3 %
Interactive Media & Services 5.4 %
Entertainment 4.4 %
Broadline Retail 4.3 %
IT Services 3.1 %
Automobiles 2.3 %
Financial Services 2.1 %
Professional Services 1.9 %
Other# 6.8 %
Short-Term Securities 2.0 %
Liabilities in Excess of Other Assets (0.9 )%
Ten largest holdings
Security(b) Percent of
Net Assets
NVIDIA Corp. 15.1 %
Microsoft Corp. 8.4 %
Apple Inc. 7.8 %
Broadcom, Inc. 4.4 %
Meta Platforms, Inc., Class A 3.6 %
Cadence Design Systems, Inc. 3.3 %
Oracle Corp. 2.8 %
Amazon.com, Inc. 2.6 %
Tesla, Inc. 2.3 %
Fair Isaac Corp. 2.2 %
​(a)
For purposes of this report, industry sub-classifications may differ from those utilized by the Fund for compliance purposes.
​(b)
Excludes short-term securities.
​#
Ten largest industries are presented. Additional industries are found in Other.
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 MSCI Inc. 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock Technology Opportunities Fund
Institutional Shares | BGSIX
Semi-Annual Shareholder Report — November 30, 2024
BGSIX-11/24-SAR
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BlackRock Technology Opportunities Fund
Service Shares | BSTSX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Technology Opportunities 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
Service Shares $63 1.17%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Service Shares 15.62 % 41.07 % 19.13 % 19.69 %
MSCI All Country World Index 10.53 26.12 11.36 9.28
MSCI All-Country World Information Technology 10/40 Index 12.85 35.23 19.87 18.32
MSCI All-Country World Information Technology Index 13.94 36.18 21.41 18.83
Key Fund statistics
Net Assets $6,122,219,562
Number of Portfolio Holdings 76
Portfolio Turnover Rate 28%
Average annual total returns reflect reductions for service fees.
The Fund has added the MSCI All Country World Index in response to new regulatory requirements.
The Fund’s returns shown prior to December 30, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock Science & Technology Opportunities Portfolio.
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)
Industry allocation
Industry(a) Percent of
Net Assets
Software 31.1 %
Semiconductors & Semiconductor Equipment 29.2 %
Technology Hardware, Storage & Peripherals 8.3 %
Interactive Media & Services 5.4 %
Entertainment 4.4 %
Broadline Retail 4.3 %
IT Services 3.1 %
Automobiles 2.3 %
Financial Services 2.1 %
Professional Services 1.9 %
Other# 6.8 %
Short-Term Securities 2.0 %
Liabilities in Excess of Other Assets (0.9 )%
Ten largest holdings
Security(b) Percent of
Net Assets
NVIDIA Corp. 15.1 %
Microsoft Corp. 8.4 %
Apple Inc. 7.8 %
Broadcom, Inc. 4.4 %
Meta Platforms, Inc., Class A 3.6 %
Cadence Design Systems, Inc. 3.3 %
Oracle Corp. 2.8 %
Amazon.com, Inc. 2.6 %
Tesla, Inc. 2.3 %
Fair Isaac Corp. 2.2 %
​(a)
For purposes of this report, industry sub-classifications may differ from those utilized by the Fund for compliance purposes.
​(b)
Excludes short-term securities.
​#
Ten largest industries are presented. Additional industries are found in Other.
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 MSCI Inc. 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock Technology Opportunities Fund
Service Shares | BSTSX
Semi-Annual Shareholder Report — November 30, 2024
BSTSX-11/24-SAR
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BlackRock Technology Opportunities Fund
Investor A Shares | BGSAX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Technology Opportunities 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
Investor A Shares $63 1.17%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Investor A Shares 15.62 % 41.08 % 19.13 % 19.66 %
Investor A Shares (with sales charge) 9.55 33.67 17.85 19.02
MSCI All Country World Index 10.53 26.12 11.36 9.28
MSCI All-Country World Information Technology 10/40 Index 12.85 35.23 19.87 18.32
MSCI All-Country World Information Technology Index 13.94 36.18 21.41 18.83
Key Fund statistics
Net Assets $6,122,219,562
Number of Portfolio Holdings 76
Portfolio Turnover Rate 28%
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.
The Fund has added the MSCI All Country World Index in response to new regulatory requirements.
The Fund’s returns shown prior to December 30, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock Science & Technology Opportunities Portfolio.
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)
Industry allocation
Industry(a) Percent of
Net Assets
Software 31.1 %
Semiconductors & Semiconductor Equipment 29.2 %
Technology Hardware, Storage & Peripherals 8.3 %
Interactive Media & Services 5.4 %
Entertainment 4.4 %
Broadline Retail 4.3 %
IT Services 3.1 %
Automobiles 2.3 %
Financial Services 2.1 %
Professional Services 1.9 %
Other# 6.8 %
Short-Term Securities 2.0 %
Liabilities in Excess of Other Assets (0.9 )%
Ten largest holdings
Security(b) Percent of
Net Assets
NVIDIA Corp. 15.1 %
Microsoft Corp. 8.4 %
Apple Inc. 7.8 %
Broadcom, Inc. 4.4 %
Meta Platforms, Inc., Class A 3.6 %
Cadence Design Systems, Inc. 3.3 %
Oracle Corp. 2.8 %
Amazon.com, Inc. 2.6 %
Tesla, Inc. 2.3 %
Fair Isaac Corp. 2.2 %
​(a)
For purposes of this report, industry sub-classifications may differ from those utilized by the Fund for compliance purposes.
​(b)
Excludes short-term securities.
​#
Ten largest industries are presented. Additional industries are found in Other.
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 MSCI Inc. 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock Technology Opportunities Fund
Investor A Shares | BGSAX
Semi-Annual Shareholder Report — November 30, 2024
BGSAX-11/24-SAR
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BlackRock Technology Opportunities Fund
Investor C Shares | BGSCX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Technology Opportunities 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
Investor C Shares $103 1.91%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Investor C Shares 15.22 % 40.02 % 18.24 % 18.94 %
Investor C Shares (with sales charge) 14.22 39.02 18.24 18.94
MSCI All Country World Index 10.53 26.12 11.36 9.28
MSCI All-Country World Information Technology 10/40 Index 12.85 35.23 19.87 18.32
MSCI All-Country World Information Technology Index 13.94 36.18 21.41 18.83
Key Fund statistics
Net Assets $6,122,219,562
Number of Portfolio Holdings 76
Portfolio Turnover Rate 28%
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 MSCI All Country World Index in response to new regulatory requirements.
The Fund’s returns shown prior to December 30, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock Science & Technology Opportunities Portfolio.
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)
Industry allocation
Industry(a) Percent of
Net Assets
Software 31.1 %
Semiconductors & Semiconductor Equipment 29.2 %
Technology Hardware, Storage & Peripherals 8.3 %
Interactive Media & Services 5.4 %
Entertainment 4.4 %
Broadline Retail 4.3 %
IT Services 3.1 %
Automobiles 2.3 %
Financial Services 2.1 %
Professional Services 1.9 %
Other# 6.8 %
Short-Term Securities 2.0 %
Liabilities in Excess of Other Assets (0.9 )%
Ten largest holdings
Security(b) Percent of
Net Assets
NVIDIA Corp. 15.1 %
Microsoft Corp. 8.4 %
Apple Inc. 7.8 %
Broadcom, Inc. 4.4 %
Meta Platforms, Inc., Class A 3.6 %
Cadence Design Systems, Inc. 3.3 %
Oracle Corp. 2.8 %
Amazon.com, Inc. 2.6 %
Tesla, Inc. 2.3 %
Fair Isaac Corp. 2.2 %
​(a)
For purposes of this report, industry sub-classifications may differ from those utilized by the Fund for compliance purposes.
​(b)
Excludes short-term securities.
​#
Ten largest industries are presented. Additional industries are found in Other.
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 MSCI Inc. 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock Technology Opportunities Fund
Investor C Shares | BGSCX
Semi-Annual Shareholder Report — November 30, 2024
BGSCX-11/24-SAR
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BlackRock Technology Opportunities Fund
Class K Shares | BTEKX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Technology Opportunities 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
Class K Shares $45 0.83%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Class K Shares 15.81 % 41.54 % 19.51 % 20.02 %
MSCI All Country World Index 10.53 26.12 11.36 9.28
MSCI All-Country World Information Technology 10/40 Index 12.85 35.23 19.87 18.32
MSCI All-Country World Information Technology Index 13.94 36.18 21.41 18.83
Key Fund statistics
Net Assets $6,122,219,562
Number of Portfolio Holdings 76
Portfolio Turnover Rate 28%
The Fund has added the MSCI All Country World Index in response to new regulatory requirements.
The Fund’s returns shown prior to December 30, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock Science & Technology Opportunities Portfolio.
Performance shown prior to the Class K Shares inception date of December 10, 2019 is that of Institutional Shares. The performance of the Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
Industry allocation
Industry(a) Percent of
Net Assets
Software 31.1 %
Semiconductors & Semiconductor Equipment 29.2 %
Technology Hardware, Storage & Peripherals 8.3 %
Interactive Media & Services 5.4 %
Entertainment 4.4 %
Broadline Retail 4.3 %
IT Services 3.1 %
Automobiles 2.3 %
Financial Services 2.1 %
Professional Services 1.9 %
Other# 6.8 %
Short-Term Securities 2.0 %
Liabilities in Excess of Other Assets (0.9 )%
Ten largest holdings
Security(b) Percent of
Net Assets
NVIDIA Corp. 15.1 %
Microsoft Corp. 8.4 %
Apple Inc. 7.8 %
Broadcom, Inc. 4.4 %
Meta Platforms, Inc., Class A 3.6 %
Cadence Design Systems, Inc. 3.3 %
Oracle Corp. 2.8 %
Amazon.com, Inc. 2.6 %
Tesla, Inc. 2.3 %
Fair Isaac Corp. 2.2 %
​(a)
For purposes of this report, industry sub-classifications may differ from those utilized by the Fund for compliance purposes.
​(b)
Excludes short-term securities.
​#
Ten largest industries are presented. Additional industries are found in Other.
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 MSCI Inc. 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
TSR - Blackrock Footer Logo
BlackRock Technology Opportunities Fund
Class K Shares | BTEKX
Semi-Annual Shareholder Report — November 30, 2024
BTEKX-11/24-SAR
TSR - Blackrock Fund Logo
BlackRock Technology Opportunities Fund
Class R Shares | BGSRX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Technology Opportunities 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
Class R Shares $77 1.42%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years 10 Years
Class R Shares 15.48 % 40.73 % 18.83 % 19.35 %
MSCI All Country World Index 10.53 26.12 11.36 9.28
MSCI All-Country World Information Technology 10/40 Index 12.85 35.23 19.87 18.32
MSCI All-Country World Information Technology Index 13.94 36.18 21.41 18.83
Key Fund statistics
Net Assets $6,122,219,562
Number of Portfolio Holdings 76
Portfolio Turnover Rate 28%
Average annual total returns reflect reductions for distribution and service fees.
The Fund has added the MSCI All Country World Index in response to new regulatory requirements.
The Fund’s returns shown prior to December 30, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock Science & Technology Opportunities Portfolio.
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)
Industry allocation
Industry(a) Percent of
Net Assets
Software 31.1 %
Semiconductors & Semiconductor Equipment 29.2 %
Technology Hardware, Storage & Peripherals 8.3 %
Interactive Media & Services 5.4 %
Entertainment 4.4 %
Broadline Retail 4.3 %
IT Services 3.1 %
Automobiles 2.3 %
Financial Services 2.1 %
Professional Services 1.9 %
Other# 6.8 %
Short-Term Securities 2.0 %
Liabilities in Excess of Other Assets (0.9 )%
Ten largest holdings
Security(b) Percent of
Net Assets
NVIDIA Corp. 15.1 %
Microsoft Corp. 8.4 %
Apple Inc. 7.8 %
Broadcom, Inc. 4.4 %
Meta Platforms, Inc., Class A 3.6 %
Cadence Design Systems, Inc. 3.3 %
Oracle Corp. 2.8 %
Amazon.com, Inc. 2.6 %
Tesla, Inc. 2.3 %
Fair Isaac Corp. 2.2 %
​(a)
For purposes of this report, industry sub-classifications may differ from those utilized by the Fund for compliance purposes.
​(b)
Excludes short-term securities.
​#
Ten largest industries are presented. Additional industries are found in Other.
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 MSCI Inc. 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
TSR - Blackrock Footer Logo
BlackRock Technology Opportunities Fund
Class R Shares | BGSRX
Semi-Annual Shareholder Report — November 30, 2024
BGSRX-11/24-SAR
TSR - Blackrock Fund Logo
BlackRock U.S. Insights Long/Short Equity Fund
Institutional Shares | BILSX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock U.S. Insights Long/Short Equity Fund (the “Fund”) for the period of June 1, 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 $82 1.61%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year Since Fund
Inception
Institutional Shares (4.23 )% 4.64 % 11.02 %
S&P 500® Index 15.07 33.89 26.48
50% S&P 500 Index/50% ICE BofA 3-Month U.S. Treasury Bill Index 8.70 18.95 15.68
Key Fund statistics
Net Assets $11,855,118
Number of Portfolio Holdings 378
Portfolio Turnover Rate 69%
The Fund commenced operations on June 13, 2023.
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.
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
Information Technology 12.3 % 5.5 % 17.8 %
Health Care 9.3 % 6.1 % 15.4 %
Financials 8.7 % 5.8 % 14.5 %
Energy 7.2 % 6.9 % 14.1 %
Industrials 7.2 % 6.0 % 13.2 %
Utilities 3.5 % 3.3 % 6.8 %
Consumer Discretionary 4.6 % 1.6 % 6.2 %
Communication Services 4.2 % 0.9 % 5.1 %
Materials 1.2 % 1.3 % 2.5 %
Real Estate 1.1 % 1.2 % 2.3 %
Consumer Staples 0.8 % 1.3 % 2.1 %
60.1 39.9 100.0
​(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 ICE Data Indices, LLC, S&P Dow Jones Indices, 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
TSR - Blackrock Footer Logo
BlackRock U.S. Insights Long/Short Equity Fund
Institutional Shares | BILSX
Semi-Annual Shareholder Report — November 30, 2024
BILSX-11/24-SAR
TSR - Blackrock Fund Logo
BlackRock U.S. Insights Long/Short Equity Fund
Investor A Shares | BALSX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock U.S. Insights Long/Short Equity Fund (the “Fund”) for the period of June 1, 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
Investor A Shares $95 1.86%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year Since Fund
Inception
Investor A Shares (4.34 )% 4.41 % 10.72 %
Investor A Shares (with sales charge) (9.36 ) (1.07 ) 6.72
S&P 500® Index 15.07 33.89 26.48
50% S&P 500 Index/50% ICE BofA 3-Month U.S. Treasury Bill Index 8.70 18.95 15.68
Key Fund statistics
Net Assets $11,855,118
Number of Portfolio Holdings 378
Portfolio Turnover Rate 69%
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.
The Fund commenced operations on June 13, 2023.
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.
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
Information Technology 12.3 % 5.5 % 17.8 %
Health Care 9.3 % 6.1 % 15.4 %
Financials 8.7 % 5.8 % 14.5 %
Energy 7.2 % 6.9 % 14.1 %
Industrials 7.2 % 6.0 % 13.2 %
Utilities 3.5 % 3.3 % 6.8 %
Consumer Discretionary 4.6 % 1.6 % 6.2 %
Communication Services 4.2 % 0.9 % 5.1 %
Materials 1.2 % 1.3 % 2.5 %
Real Estate 1.1 % 1.2 % 2.3 %
Consumer Staples 0.8 % 1.3 % 2.1 %
60.1 39.9 100.0
​(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 ICE Data Indices, LLC, S&P Dow Jones Indices, 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
TSR - Blackrock Footer Logo
BlackRock U.S. Insights Long/Short Equity Fund
Investor A Shares | BALSX
Semi-Annual Shareholder Report — November 30, 2024
BALSX-11/24-SAR
TSR - Blackrock Fund Logo
BlackRock U.S. Insights Long/Short Equity Fund
Class K Shares | BKLSX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock U.S. Insights Long/Short Equity Fund (the “Fund”) for the period of June 1, 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
Class K Shares $80 1.56%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year Since Fund
Inception
Class K Shares (4.23 )% 4.65 % 11.04 %
S&P 500® Index 15.07 33.89 26.48
50% S&P 500 Index/50% ICE BofA 3-Month U.S. Treasury Bill Index 8.70 18.95 15.68
Key Fund statistics
Net Assets $11,855,118
Number of Portfolio Holdings 378
Portfolio Turnover Rate 69%
The Fund commenced operations on June 13, 2023.
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.
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
Information Technology 12.3 % 5.5 % 17.8 %
Health Care 9.3 % 6.1 % 15.4 %
Financials 8.7 % 5.8 % 14.5 %
Energy 7.2 % 6.9 % 14.1 %
Industrials 7.2 % 6.0 % 13.2 %
Utilities 3.5 % 3.3 % 6.8 %
Consumer Discretionary 4.6 % 1.6 % 6.2 %
Communication Services 4.2 % 0.9 % 5.1 %
Materials 1.2 % 1.3 % 2.5 %
Real Estate 1.1 % 1.2 % 2.3 %
Consumer Staples 0.8 % 1.3 % 2.1 %
60.1 39.9 100.0
​(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 ICE Data Indices, LLC, S&P Dow Jones Indices, 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.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
TSR - Blackrock Footer Logo
BlackRock U.S. Insights Long/Short Equity Fund
Class K Shares | BKLSX
Semi-Annual Shareholder Report — November 30, 2024
BKLSX-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.

 

 

LOGO

  NOVEMBER 30, 2024

 

  

2024 Semi-Annual Financial

Statements and Additional

Information (Unaudited)

 

 

BlackRock FundsSM

 

·  

BlackRock Energy Opportunities Fund

·  

BlackRock High Equity Income Fund

 

 

 

 

 

 Not FDIC Insured • May Lose Value • No Bank Guarantee 

 

 

Table of Contents

 

      Page  

Schedules of Investments

      3  

Statements of Assets and Liabilities

      11  

Statements of Operations

      13  

Statements of Changes in Net Assets

      14  

Financial Highlights

      16  

Notes to Financial Statements

      23  

Additional Information

      33  

Glossary of Terms Used in this Report

      35  

 

 

2    

Schedule of Investments (unaudited)

November 30, 2024

   

BlackRock Energy Opportunities Fund

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Common Stocks            
Energy Equipment & Services — 6.7%            

ARC Resources Ltd.

     429,303     $ 7,923,424  

Poseidon Concepts Corp.(a)(b)

    35,081       —  

Saipem SpA(b)

    2,009,618       5,186,393  

TechnipFMC PLC

     179,223       5,622,225  

Tenaris SA

     153,016       2,935,639  
   

 

 

  
        21,667,681  
Oil, Gas & Consumable Fuels — 90.9%            

Cameco Corp. (CAD)

     89,600       5,327,810  

Canadian Natural Resources Ltd.

     335,348       11,348,729  

Cheniere Energy, Inc.

     56,503       12,657,237  

Chevron Corp.

     75,504       12,226,363  

ConocoPhillips

     161,616       17,509,477  

Diamondback Energy, Inc.

     43,043       7,644,006  

Eni SpA

     479,500       6,784,533  

EOG Resources, Inc.

     98,500       13,126,110  

Exxon Mobil Corp.

     551,485       65,053,171  

Gazprom PJSC(a)(b)

    639,500       60  

Gaztransport Et Technigaz SA

     22,000       3,203,307  

Hess Corp.

     64,763       9,531,818  

Keyera Corp.

     156,500       5,210,146  

Kosmos Energy Ltd.(b)

    279,784       1,102,349  

Marathon Petroleum Corp.

     60,730       9,482,990  

Pembina Pipeline Corp.

     248,280       10,292,612  

Permian Resources Corp., Class A

     449,250       7,035,255  

Shell PLC

     1,005,423       32,311,358  

South Bow Corp.(b)

    23,577       614,664  
Security   Shares     Value  
Oil, Gas & Consumable Fuels (continued)            

Targa Resources Corp.

     70,835     $ 14,471,591  

TC Energy Corp.

     118,687       5,803,587  

TotalEnergies SE

     355,095       20,638,191  

Tourmaline Oil Corp.

     180,585       8,516,858  

Williams Cos., Inc. (The)

     265,381       15,530,096  
   

 

 

  
      295,422,318  
   

 

 

  

Total Long-Term Investments — 97.6%
(Cost: $206,269,982)

 

     317,089,999  
   

 

 

  

Short-Term Securities

    
Money Market Funds — 2.2%            

BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.53%(c)(d)

    6,998,958       6,998,958  
   

 

 

  

Total Short-Term Securities — 2.2%
(Cost: $6,998,958)

 

     6,998,958  
   

 

 

  

Total Investments — 99.8%
(Cost: $213,268,940)

 

     324,088,957  

Other Assets Less Liabilities — 0.2%

       792,413  
   

 

 

  

Net Assets — 100.0%

     $  324,881,370  
   

 

 

  

 

(a) 

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

(b) 

Non-income producing security.

(c) 

Affiliate of the Fund.

(d) 

Annualized 7-day yield as of period end.

 

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended November 30, 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(a)

  $ —      $ 120 (b)     $   —      $ (120 )       $ —      $ —        —      $ 47 (c)     $   —     
 

BlackRock Liquidity Funds, T-Fund, Institutional Shares

      2,548,266        4,450,692 (b)      —        —                —        6,998,958        6,998,958        130,159       —     
           

 

 

       

 

 

     

 

 

        

 

 

    

 

 

     
            $ (120 )       $     —      $   6,998,958         $   130,206     $ —     
           

 

 

       

 

 

     

 

 

        

 

 

    

 

 

     

 

  (a) 

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

 
  (b) 

Represents net amount purchased (sold).

 
  (c) 

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

 

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

 

 

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

   3

Schedule of Investments (unaudited) (continued)

November 30, 2024

   

BlackRock Energy Opportunities Fund

 

Fair Value Hierarchy as of Period End

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

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

 

 

               
     Level 1           Level 2           Level 3           Total  

Assets

                 

Investments

                 

Long-Term Investments

                 

Common Stocks

                 

Energy Equipment & Services

   $ 13,545,649           $ 8,122,032           $ —           $ 21,667,681  

Oil, Gas & Consumable Fuels

     232,484,869          62,937,389          60          295,422,318  

Short-Term Securities

                 

Money Market Funds

     6,998,958          —          —          6,998,958  
 

 

 

       

 

 

       

 

 

       

 

 

  
  $  253,029,476        $  71,059,421        $ 60        $  324,088,957  
 

 

 

       

 

 

       

 

 

       

 

 

  

See notes to financial statements.

 

 

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)

November 30, 2024

   

BlackRock High Equity Income Fund

(Percentages shown are based on Net Assets)

 

Security   Shares      Value  

Common Stocks

 

Aerospace & Defense — 2.6%  

Airbus SE

     58,650      $ 9,167,336  

Boeing Co. (The)(a)

    48,515        7,541,172  

L3Harris Technologies, Inc.

     100,295        24,697,644  

RTX Corp.

     93,426        11,382,090  
    

 

 

  
       52,788,242  
Automobile Components — 0.7%             

Aptiv PLC(a)

    174,173        9,671,827  

Lear Corp.

     52,140        5,101,377  
    

 

 

  
       14,773,204  
Automobiles — 0.5%             

General Motors Co.

     185,812        10,329,289  
    

 

 

  
Banks — 5.4%             

Citigroup, Inc.

     439,168        31,123,836  

First Citizens BancShares, Inc., Class A

     14,342        32,914,890  

Wells Fargo & Co.

     586,178        44,649,178  
    

 

 

  
       108,687,904  
Beverages — 1.2%             

Constellation Brands, Inc., Class A

     34,289        8,261,935  

Diageo PLC

     143,078        4,274,420  

Keurig Dr. Pepper, Inc.

     97,925        3,197,251  

Pernod Ricard SA

     67,836        7,600,010  
    

 

 

  
       23,333,616  
Broadline Retail — 1.3%             

Alibaba Group Holding Ltd., ADR

     91,525        7,996,539  

Amazon.com, Inc.(a)

    56,876        11,823,952  

PDD Holdings, Inc., ADR(a)

    70,579        6,815,108  
    

 

 

  
       26,635,599  
Building Products — 0.5%             

Johnson Controls International PLC

     115,904        9,719,709  
    

 

 

  
Capital Markets — 1.0%             

Goldman Sachs Group, Inc. (The)

     34,312        20,881,254  
    

 

 

  
Chemicals — 1.5%             

Air Products & Chemicals, Inc.

     39,306        13,141,175  

Albemarle Corp.

     47,091        5,071,701  

International Flavors & Fragrances, Inc.

     129,898        11,867,481  
    

 

 

  
       30,080,357  
Commercial Services & Supplies — 0.2%  

Rentokil Initial PLC

     974,797        4,892,740  
    

 

 

  
Communications Equipment — 0.8%             

Cisco Systems, Inc.

     271,177        16,056,390  
    

 

 

  
Consumer Staples Distribution & Retail — 0.7%  

Dollar General Corp.

     96,099        7,425,570  

Dollar Tree, Inc.(a)

    104,520        7,449,140  
    

 

 

  
       14,874,710  
Containers & Packaging — 0.9%             

Sealed Air Corp.

     522,635        19,128,441  
    

 

 

  
Diversified Telecommunication Services — 0.6%  

Verizon Communications, Inc.

     270,079        11,975,303  
    

 

 

  
Electric Utilities — 1.8%             

American Electric Power Co., Inc.

     78,769        7,865,872  

Entergy Corp.

     40,048        6,254,296  

Exelon Corp.

     321,281        12,709,877  

PG&E Corp.

     485,214        10,495,179  
    

 

 

  
         37,325,224  
Security   Shares      Value  
Electrical Equipment — 0.4%             

Sensata Technologies Holding PLC

     248,851      $ 7,998,071  
    

 

 

  
Electronic Equipment, Instruments & Components — 0.5%  

Keysight Technologies, Inc.(a)

    58,068        9,920,337  
    

 

 

  
Entertainment — 1.2%             

Electronic Arts, Inc.

     106,035        17,354,749  

Walt Disney Co. (The)

     57,279        6,728,564  
    

 

 

  
       24,083,313  
Financial Services — 2.8%             

Fidelity National Information Services, Inc.

     290,675        24,794,578  

Global Payments, Inc.

     57,094        6,791,902  

Visa, Inc., Class A

     40,726        12,831,948  

Voya Financial, Inc.

     144,326        11,979,058  
    

 

 

  
       56,397,486  
Food Products — 1.1%             

Kraft Heinz Co. (The)

     674,925        21,577,352  
    

 

 

  
Health Care Equipment & Supplies — 2.8%  

Baxter International, Inc.

     847,139        28,557,056  

Edwards Lifesciences Corp.(a)

    81,618        5,823,444  

Koninklijke Philips NV(a)

    391,183        10,700,310  

Medtronic PLC

     136,963        11,852,778  
    

 

 

  
       56,933,588  
Health Care Providers & Services — 6.2%  

Cardinal Health, Inc.

     357,851        43,743,706  

Centene Corp.(a)

    68,023        4,081,380  

Cigna Group (The)

     38,726        13,081,643  

CVS Health Corp.

     548,575        32,832,214  

Elevance Health, Inc.

     19,100        7,772,936  

Humana, Inc.

     33,125        9,817,587  

Labcorp Holdings, Inc.

     58,354        14,072,651  
    

 

 

  
       125,402,117  
Household Durables — 0.7%             

Newell Brands, Inc.

     175,237        1,680,523  

Sony Group Corp., ADR(b)

    587,752        11,784,427  
    

 

 

  
       13,464,950  
Household Products — 0.6%             

Henkel AG & Co. KGaA, Preference Shares, NVS

     51,644        4,407,461  

Reckitt Benckiser Group PLC

     136,211        8,449,178  
    

 

 

  
       12,856,639  
Industrial Conglomerates — 0.4%             

Siemens AG, Registered Shares

     41,073        7,978,754  
    

 

 

  
Insurance — 2.5%             

American International Group, Inc.

     195,571        15,035,499  

Fidelity National Financial, Inc., Class A

     314,249        19,920,244  

Willis Towers Watson PLC

     46,564        14,993,608  
    

 

 

  
       49,949,351  
IT Services — 1.1%             

Cognizant Technology Solutions Corp., Class A

     277,905        22,368,574  
    

 

 

  
Leisure Products — 0.5%             

Hasbro, Inc.

     148,182        9,654,057  
    

 

 

  
Life Sciences Tools & Services — 0.5%  

Fortrea Holdings, Inc.(a)

    207,422        4,366,233  

ICON PLC(a)

    30,407        6,393,072  
    

 

 

  
         10,759,305  
 

 

 

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 High Equity Income Fund

(Percentages shown are based on Net Assets)

 

Security    
Shares		     Value  
Machinery — 0.8%            

CNH Industrial NV

     404,064     $ 5,075,044  

Komatsu Ltd.

     407,700       11,038,912  
   

 

 

  
      16,113,956  
Media — 2.3%            

Comcast Corp., Class A

     598,808       25,862,518  

WPP PLC

     1,887,412       20,644,636  
   

 

 

  
      46,507,154  
Metals & Mining — 1.0%            

Teck Resources Ltd., Class B

     172,078       8,032,601  

United States Steel Corp.

     305,366       12,449,772  
   

 

 

  
      20,482,373  
Multi-Utilities — 0.6%            

Sempra

     127,158       11,910,890  
   

 

 

  
Oil, Gas & Consumable Fuels — 3.2%            

BP PLC

     2,494,668       12,216,509  

Hess Corp.

     136,332       20,065,344  

Kosmos Energy Ltd.(a)

    2,704,050       10,653,957  

Shell PLC

     566,430       18,203,405  

Suncor Energy, Inc.

     81,473       3,216,554  
   

 

 

  
      64,355,769  
Pharmaceuticals — 1.8%            

Bayer AG, Registered Shares

     335,448       6,886,365  

Eli Lilly & Co.

     7,534       5,992,167  

GSK PLC, ADR

     61,071       2,084,353  

Sanofi SA

     219,898       21,358,092  
   

 

 

  
      36,320,977  
Professional Services — 3.0%            

Dun & Bradstreet Holdings, Inc.

     1,262,369       16,032,086  

Leidos Holdings, Inc.

     90,886       15,032,544  

SS&C Technologies Holdings, Inc.

     380,652       29,439,626  
   

 

 

  
      60,504,256  
Semiconductors & Semiconductor Equipment — 0.7%  

Intel Corp.

     158,463       3,811,035  

Taiwan Semiconductor Manufacturing Co. Ltd.

     330,000       10,282,984  
   

 

 

  
      14,094,019  
Software — 0.9%            

Microsoft Corp.

     41,207       17,449,516  
   

 

 

  
Specialized REITs — 0.8%            

Crown Castle, Inc.

     154,549       16,420,831  
   

 

 

  
Technology Hardware, Storage & Peripherals — 2.7%  

HP, Inc.

     405,351       14,361,586  

Samsung Electronics Co. Ltd., Registered Shares, GDR

     41,941       41,174,457  
   

 

 

  
      55,536,043  
Textiles, Apparel & Luxury Goods — 1.3%            

Capri Holdings Ltd.(a)

    253,808       5,941,645  

NIKE, Inc., Class B

     87,211       6,869,610  

Swatch Group AG (The)

     74,820       13,635,845  
   

 

 

  
      26,447,100  
Tobacco — 1.1%            

British American Tobacco PLC

     562,536       21,365,307  
   

 

 

  

Total Common Stocks — 61.2%
(Cost: $1,031,505,804)

       1,238,334,067  
   

 

 

  
Security         

Par

(000)

     Value  

Equity-Linked Notes

      
Aerospace & Defense — 1.8%                  

Barclays Capital, Inc. (RTX Corp.)
18.32% 01/28/25

     USD       68,900     $ 8,412,227  

BMO Capital Markets Corp. (Boeing Co. (The)) 19.81% 01/16/25

       25,500       3,931,494  

JP Morgan Securities LLC (Airbus SE)
Series N10W 20.44% 01/30/25

     EUR       43,300       6,457,388  

Mizuho Securities USA LLC (L3Harris Technologies, Inc.) 19.75% 12/12/24

     USD       74,800       18,374,241  
     

 

 

  
        37,175,350  
Automobile Components — 0.4%                  

SG Americas Securities LLC (Aptiv PLC) 21.85% 01/21/25

       128,600       6,948,253  

UBS Securities LLC (Lear Corp.)
23.50% 01/16/25

       15,300       1,480,070  
     

 

 

  
        8,428,323  
Automobiles — 0.4%                  

Mizuho Securities USA LLC (General Motors Co.) 22.97% 12/05/24

       148,600       7,781,484  
     

 

 

  
Banks — 3.6%                  

Barclays Capital, Inc. (First Citizens BancShares, Inc.) 15.88% 12/19/24

       11,300       23,572,014  

Barclays Capital, Inc. (Wells Fargo & Co.) 17.49% 02/06/25

       433,200       32,304,403  

RBC Capital Markets LLC (Citigroup, Inc.) 17.84% 12/19/24

       238,600       16,412,932  
     

 

 

  
        72,289,349  
Beverages — 0.6%                  

BNP Paribas Arbitrage SNC (Diageo PLC) 15.41% 01/14/25

     GBP       106,700       3,187,264  

SG Americas Securities LLC (Constellation Brands, Inc.) 17.67% 12/19/24

     USD       25,400       6,093,721  

SG Americas Securities LLC (Keurig Dr. Pepper, Inc.) 16.71% 02/10/25

       80,000       2,613,536  
     

 

 

  
        11,894,521  
Broadline Retail — 0.7%                  

Morgan Stanley & Co. LLC (Alibaba Group Holding Ltd.) Series GMUT
16.05% 12/12/24

       49,600       4,365,387  

RBC Capital Markets LLC (Amazon.com, Inc.) 14.69% 01/16/25

       18,700       3,894,795  

UBS Securities LLC (PDD Holdings, Inc.) 30.60% 01/21/25

       52,000       5,234,475  
     

 

 

  
        13,494,657  
Building Products — 0.6%                  

Barclays Capital, Inc. (Johnson Controls International PLC) 14.67% 02/03/25

       85,600       7,133,108  

Morgan Stanley & Co. LLC (Allegion PLC) Series MTOR 20.55% 12/05/24

       36,000       5,089,282  
     

 

 

  
        12,222,390  
Chemicals — 1.1%                  

Barclays Capital, Inc. (Air Products & Chemicals, Inc.) 18.27% 01/28/25

       29,000       9,214,262  

BMO Capital Markets Corp. (International Flavors & Fragrances, Inc.)
16.23% 02/03/25

       96,000       8,651,583  

SG Americas Securities LLC (Albemarle Corp.) Series 0001 40.11% 02/10/25

       38,400       4,116,369  
     

 

 

  
        21,982,214  
Communications Equipment — 0.6%                  

RBC Capital Markets LLC (Cisco Systems, Inc.) 17.63% 01/16/25

       202,100          11,932,223  
     

 

 

  
 

 

 

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 High Equity Income Fund

(Percentages shown are based on Net Assets)

 

Security         

Par

(000)

     Value  
Consumer Staples Distribution & Retail — 0.6%  

Mizuho Securities USA LLC (Dollar General Corp.) 51.92% 01/23/25

     USD       70,900     $ 5,336,591  

UBS Securities LLC (Dollar Tree, Inc.) 44.00% 01/16/25

       105,400       6,944,177  
     

 

 

  
        12,280,768  
Containers & Packaging — 0.5%                  

BMO Capital Markets Corp. (Sealed Air Corp.) 16.77% 02/03/25

       287,800       10,278,862  
     

 

 

  
Diversified Telecommunication Services — 0.4%  

HSBC Securities (USA), Inc. (Verizon Communications, Inc.) Series 005R 18.41% 02/06/25

       199,600       8,659,387  
     

 

 

  
Electric Utilities — 1.5%                  

BNP Paribas Securities Corporation (Entergy Corp.) Series 008O 15.62% 12/05/24

       35,200       4,837,502  

Mizuho Securities USA LLC (PG&E Corp.) 16.20% 12/12/24

       361,800       7,630,795  

RBC Capital Markets LLC (American Electric Power Co., Inc.) 16.36% 01/16/25

       73,100       7,161,402  

UBS Securities LLC (Exelon Corp.)
14.20% 02/10/25

       262,700       10,271,570  
     

 

 

  
        29,901,269  
Electrical Equipment — 0.2%                  

RBC Capital Markets LLC (Sensata Technologies Holding PLC)
19.03% 01/16/25

       135,200       4,404,121  
     

 

 

  
Electronic Equipment, Instruments & Components — 0.4%  

Citigroup Global Markets, Inc. (Keysight Technologies, Inc.) 17.59% 02/10/25

       47,400       8,012,970  
     

 

 

  
Entertainment — 0.8%                  

SG Americas Securities LLC (Electronic Arts, Inc.) 16.32% 01/28/25

       69,100       11,261,836  

SG Americas Securities LLC (Walt Disney Co. (The)) 19.37% 02/10/25

       46,700       5,399,716  
     

 

 

  
        16,661,552  
Financial Services — 1.8%                  

Mizuho Securities USA LLC (Fidelity National Information Services, Inc.) 19.22% 01/23/25

       156,500       13,497,682  

Morgan Stanley & Co. LLC (Visa, Inc.) Series GMUV 18.85% 12/12/24

       30,200       8,828,059  

RBC Capital Markets LLC (Global Payments, Inc.) 18.40% 01/16/25

       42,500       4,918,751  

SG Americas Securities LLC (Voya Financial, Inc.) 18.95% 01/28/25

       106,600       8,772,877  
     

 

 

  
        36,017,369  
Food Products — 0.8%                  

Mizuho Securities USA LLC (Kraft Heinz Co. (The)) 19.25% 12/12/24

       503,200       16,119,223  
     

 

 

  
Health Care Equipment & Supplies — 1.8%  

BNP Paribas Securities Corporation (Baxter International, Inc.) 20.59% 01/09/25

       391,600       13,416,737  

JP Morgan Securities LLC (Koninklijke Philips NV) Series E10U 20.50% 01/14/25

     EUR       208,900       5,600,730  

Mizuho Securities USA LLC (Medtronic PLC) 14.82% 12/05/24

     USD       143,200       12,408,498  

SG Americas Securities LLC (Edwards Lifesciences Corp.) 20.61% 01/21/25

       60,300       4,272,635  
     

 

 

  
           35,698,600  
Security         

Par

(000)

     Value  
Health Care Providers & Services — 3.1%                  

BMO Capital Markets Corp. (CVS Health Corp.) 23.40% 02/03/25

     USD       295,300     $ 17,231,487  

Citigroup Global Markets, Inc. (Cardinal Health, Inc.) 17.72% 01/09/25

       73,500       8,391,419  

JP Morgan Securities LLC (Cigna Group (The)) Series N11D 15.37% 12/05/24

       28,800       9,753,519  

JP Morgan Securities LLC (Humana, Inc.) Series N11C 29.02% 12/05/24

       24,600       6,982,381  

JP Morgan Securities LLC (Labcorp Holdings, Inc.) Series N11B 17.96% 12/05/24

       70,200       16,004,576  

SG Americas Securities LLC (Centene Corp.) 26.06% 02/10/25

       55,600       3,336,964  
     

 

 

  
        61,700,346  
Household Durables — 0.6%                  

BMO Capital Markets Corp. (Newell Brands, Inc.) 25.07% 01/09/25

       330,600       3,102,671  

Goldman Sachs & Co. LLC (Sony Group Corp.) 11.02% 02/06/25

       434,300       8,507,821  
     

 

 

  
        11,610,492  
Household Products — 0.4%                  

BNP Paribas Arbitrage SNC (Henkel AG & Co. KGaA) 13.32% 01/14/25

     EUR       38,400       3,249,239  

HSBC Securities (USA), Inc. (Reckitt Benckiser Group PLC) Series DMWD 17.97% 01/30/25

     GBP       73,300       4,431,447  
     

 

 

  
        7,680,686  
Industrial Conglomerates — 0.2%                  

BNP Paribas Arbitrage SNC (Siemens AG) 20.75% 01/30/25

     EUR       22,700       4,266,623  
     

 

 

  
Insurance — 1.9%                  

Morgan Stanley & Co. LLC (Willis Towers Watson PLC) Series GMUS 16.98% 12/12/24

     USD       35,519       10,708,122  

RBC Capital Markets LLC (American International Group, Inc.) 21.59% 01/23/25

       144,400       11,049,014  

UBS Securities LLC (Fidelity National Financial, Inc.) 19.80% 01/28/25

       270,700       16,531,088  
     

 

 

  
        38,288,224  
IT Services — 0.8%                  

UBS Securities LLC (Cognizant Technology Solutions Corp.) 13.40% 01/16/25

       207,100          16,720,453  
     

 

 

  
Leisure Products — 0.3%                  

RBC Capital Markets LLC (Hasbro, Inc.) 25.72% 01/23/25

       109,400       6,987,109  
     

 

 

  
Life Sciences Tools & Services — 0.3%                  

Barclays Capital, Inc. (Fortrea Holdings, Inc.) 33.94% 02/03/25

       156,600       3,038,600  

Mizuho Securities USA LLC (ICON PLC) 30.27% 12/05/24

       15,900       3,355,497  
     

 

 

  
        6,394,097  
Machinery — 0.2%                  

SG Americas Securities LLC (CNH Industrial NV) 20.04% 02/10/25

       330,500       4,100,117  
     

 

 

  
Media — 1.6%                  

BNP Paribas Arbitrage SNC (WPP PLC) 18.55% 12/17/24

     GBP       888,700       9,479,913  
 

 

 

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 High Equity Income Fund

(Percentages shown are based on Net Assets)

 

Security         

Par

(000)

     Value  
Media (continued)                  

Citigroup Global Markets, Inc. (Comcast Corp.) 18.74% 01/09/25

     USD       446,500     $ 19,270,363  

RBC Capital Markets LLC (Fox Corp.) 18.01% 01/23/25

       95,100         4,460,738  
     

 

 

  
        33,211,014  
Metals & Mining — 0.3%                  

Goldman Sachs & Co. LLC (Teck Resources Ltd.) 34.65% 12/05/24

       128,300       6,026,190  
     

 

 

  
Multi-Utilities — 0.4%                  

BNP Paribas Securities Corporation (Sempra) 16.29% 01/23/25

       93,900       8,616,591  
     

 

 

  
Oil, Gas & Consumable Fuels — 2.2%  

Barclays Capital, Inc. (Kosmos Energy Ltd.) 38.93% 01/28/25

       1,455,900       5,602,689  

BMO Capital Markets Corp. (EQT Corp.) 19.46% 01/09/25

       126,000       5,096,205  

BNP Paribas Arbitrage SNC (BP PLC) 24.16% 12/17/24

     GBP       3,397,200       16,812,019  

JP Morgan Securities LLC (Shell PLC) Series N10V 16.93% 01/30/25

       418,600       13,507,802  

RBC Capital Markets LLC (Suncor Energy, Inc.) 19.47% 12/19/24

     USD       100,100       3,934,356  
     

 

 

  
        44,953,071  
Pharmaceuticals — 1.4%                  

Barclays Capital, Inc. (Eli Lilly & Co.) 17.44% 12/19/24

       5,600       4,496,984  

HSBC Securities (USA), Inc. (Sanofi SA) Series DMX0 15.45% 12/17/24

     EUR       163,900       16,071,127  

JP Morgan Securities LLC (Bayer AG) Series E10V 21.70% 01/14/25

       250,100       5,291,752  

SG Americas Securities LLC (GSK PLC) 19.00% 02/10/25

     USD       49,800       1,694,196  
     

 

 

  
        27,554,059  
Professional Services — 2.1%                  

Morgan Stanley & Co. LLC (Dun & Bradstreet Holdings, Inc.) Series GMUU 34.20% 12/12/24

       470,700       5,349,188  

Morgan Stanley & Co. LLC (Dun & Bradstreet Holdings, Inc.) Series MTP6 36.35% 12/19/24

       470,700       5,313,830  

RBC Capital Markets LLC (SS&C Technologies Holdings, Inc.) 15.75% 01/23/25

       281,200       21,196,645  

SG Americas Securities LLC (Leidos Holdings, Inc.) 17.65% 01/28/25

       67,100       11,425,457  
     

 

 

  
            43,285,120  
Semiconductors & Semiconductor Equipment — 0.2%  

BMO Capital Markets Corp. (Intel Corp.) 27.90% 01/21/25

       178,600       4,333,253  
     

 

 

  
Security         

Par

(000)

     Value  
Software — 0.6%                  

Barclays Capital, Inc. (Microsoft Corp.) 18.59% 12/19/24

     USD       30,600     $ 13,058,679  
     

 

 

  
Specialized REITs — 0.6%                  

Mizuho Securities USA LLC (Crown Castle, Inc.) 13.67% 12/05/24

       115,200       12,255,333  
     

 

 

  
Technology Hardware, Storage & Peripherals — 0.5%  

SG Americas Securities LLC (HP, Inc.) 28.67% 02/10/25

       243,200       9,509,991  
     

 

 

  
Textiles, Apparel & Luxury Goods — 0.3%  

Mizuho Securities USA LLC (NIKE, Inc.) 17.37% 12/05/24

       64,900       5,095,361  
     

 

 

  
Tobacco — 0.5%                  

JP Morgan Securities LLC (British American Tobacco PLC) Series E10T 20.93% 01/14/25

     GBP       305,600       10,868,909  
     

 

 

  
Wireless Telecommunication Services — 0.3%  

BNP Paribas Arbitrage SNC (Vodafone Group PLC) 30.59% 12/17/24

       5,676,200       5,188,017  
     

 

 

  

Total Equity-Linked Notes — 37.4%
(Cost: $761,582,263)

 

       756,938,367  
     

 

 

  

Total Long-Term Investments — 98.6%
(Cost: $1,793,088,067)

 

       1,995,272,434  
     

 

 

  
            Shares         

Short-Term Securities

      
Money Market Funds — 2.9%                  

BlackRock Cash Funds: Institutional, SL Agency Shares, 4.79%(c)(d)(e)

      958,899       959,379  

BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.53%(c)(d)

      57,950,738       57,950,738  
     

 

 

  

Total Short-Term Securities — 2.9%
(Cost: $58,910,117)

 

       58,910,117  
     

 

 

  

Total Investments — 101.5%
(Cost: $1,851,998,184)

 

       2,054,182,551  

Liabilities in Excess of Other Assets — (1.5)%

 

     (30,724,768 ) 
     

 

 

  

Net Assets — 100.0%

       $  2,023,457,783  
     

 

 

  

 

(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.

 

 

 

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 High Equity Income Fund

 

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

    $ 1,740,145      $ —     $ (777,226 )(a)    $ (3,540 )     $ —      $ 959,379        958,899      $ 5,738 (b)     $ —  

BlackRock Liquidity Funds, T-Fund, Institutional Shares

      19,702,202        38,248,536 (a)      —       —        —         57,950,738        57,950,738        1,460,538       —  
         

 

 

     

 

 

     

 

 

        

 

 

    

 

 

  
          $ (3,540 )     $ —      $ 58,910,117         $  1,466,276     $ —  
         

 

 

     

 

 

     

 

 

        

 

 

    

 

 

  

 

  (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.

 

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

Fair Value Hierarchy as of Period End

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

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

 

 

  
    Level 1      Level 2      Level 3      Total  

 

  

Assets

           

Investments

           

Long-Term Investments

           

Common Stocks

           

Aerospace & Defense

   $ 43,620,906      $ 9,167,336      $ —      $ 52,788,242  

Automobile Components

     14,773,204        —        —        14,773,204  

Automobiles

     10,329,289        —        —        10,329,289  

Banks

      108,687,904        —        —        108,687,904  

Beverages

     11,459,186         11,874,430        —        23,333,616  

Broadline Retail

     26,635,599        —        —        26,635,599  

Building Products

     9,719,709        —        —        9,719,709  

Capital Markets

     20,881,254        —        —        20,881,254  

Chemicals

     30,080,357        —        —        30,080,357  

Commercial Services & Supplies

     —        4,892,740        —        4,892,740  

Communications Equipment

     16,056,390        —        —        16,056,390  

Consumer Staples Distribution & Retail

     14,874,710        —        —        14,874,710  

Containers & Packaging

     19,128,441        —        —        19,128,441  

Diversified Telecommunication Services

     11,975,303        —        —        11,975,303  

Electric Utilities

     37,325,224        —        —        37,325,224  

Electrical Equipment

     7,998,071        —        —        7,998,071  

Electronic Equipment, Instruments & Components

     9,920,337        —        —        9,920,337  

Entertainment

     24,083,313        —        —        24,083,313  

Financial Services

     56,397,486        —        —        56,397,486  

Food Products

     21,577,352        —        —        21,577,352  

Health Care Equipment & Supplies

     46,233,278        10,700,310        —        56,933,588  

Health Care Providers & Services

     125,402,117        —        —         125,402,117  

Household Durables

     13,464,950        —        —        13,464,950  

Household Products

     4,407,461        8,449,178        —        12,856,639  

Industrial Conglomerates

     —        7,978,754        —        7,978,754  

Insurance

     49,949,351        —        —        49,949,351  

IT Services

     22,368,574        —        —        22,368,574  

Leisure Products

     9,654,057        —        —        9,654,057  

Life Sciences Tools & Services

     10,759,305        —        —        10,759,305  

Machinery

     5,075,044        11,038,912         —        16,113,956  

 

 

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

   9

Schedule of Investments (unaudited) (continued)

November 30, 2024

   

BlackRock High Equity Income Fund

 

Fair Value Hierarchy as of Period End (continued)

 

 

  
     Level 1      Level 2      Level 3      Total  

 

  

Common Stocks (continued)

            

Media

    $ 25,862,518      $ 20,644,636      $ —      $ 46,507,154  

Metals & Mining

      20,482,373        —        —        20,482,373  

Multi-Utilities

      11,910,890        —        —        11,910,890  

Oil, Gas & Consumable Fuels

      33,935,855        30,419,914        —        64,355,769  

Pharmaceuticals

      8,076,520        28,244,457        —        36,320,977  

Professional Services

      60,504,256        —        —        60,504,256  

Semiconductors & Semiconductor Equipment

      3,811,035        10,282,984        —        14,094,019  

Software

      17,449,516        —        —        17,449,516  

Specialized REITs

      16,420,831        —        —        16,420,831  

Technology Hardware, Storage & Peripherals

      14,361,586        41,174,457        —        55,536,043  

Textiles, Apparel & Luxury Goods

      12,811,255        13,635,845        —        26,447,100  

Tobacco

      —        21,365,307        —        21,365,307  

Equity-Linked Notes

      —        756,938,367        —        756,938,367  

Short-Term Securities

            

Money Market Funds

      58,910,117        —         —        58,910,117  
  

 

 

     

 

 

     

 

 

     

 

 

  
   $  1,067,374,924      $  986,807,627      $ —      $  2,054,182,551  
  

 

 

     

 

 

     

 

 

     

 

 

  

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

 

   
    

Equity-Linked

Notes

  

Assets

  

Opening Balance, as of May 31, 2024

   $  20,384,632  

Transfers into Level 3

     —  

Transfers out of Level 3

     —  

Accrued discounts/premiums

     —  

Net realized gain (loss)

     (249,328 ) 

Net change in unrealized appreciation (depreciation)(a)(b)

    (101,215 ) 

Purchases

     —  

Sales

     (20,034,089 ) 
 

 

 

  

Closing Balance, as of November 30, 2024

   $ —  
 

 

 

  

Net change in unrealized appreciation (depreciation) on investments still held at November 30, 2024(b)

  $ —  
 

 

 

  

 

  (a) 

Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.

 

 

  (b) 

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at November 30, 2024, is generally due to investments no longer held or categorized as Level 3 at period end. 

 

See notes to financial statements. 

 

 

10  

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Statements of Assets and Liabilities (unaudited)

November 30, 2024

 

    

BlackRock

Energy
Opportunities

Fund

    

BlackRock

High Equity Income
Fund

       

ASSETS

      

Investments, at value — unaffiliated(a)(b)

  $ 317,089,999     $ 1,995,272,434    

Investments, at value — affiliated(c)

    6,998,958       58,910,117    

Cash

     41,149       233,667    

Foreign currency, at value(d)

    21,465       4,632,669    

Receivables:

      

Investments sold

     —       13,831,002    

Securities lending income — affiliated

     —       1,385    

Capital shares sold

     169,182       1,128,081    

Dividends — unaffiliated

     1,240,156       2,405,319    

Dividends — affiliated

     28,350       270,955    

Interest — unaffiliated

     —       5,336,755    

From the Manager

     7,461       58,337    

Prepaid expenses

     26,623       62,256    
 

 

 

    

 

 

    

Total assets

     325,623,343       2,082,142,977    
 

 

 

    

 

 

    

LIABILITIES

      

Collateral on securities loaned

     —       962,773    

Payables:

      

Investments purchased

     —       49,282,432    

Administration fees

     14,692       64,533    

Capital shares redeemed

     146,991       5,302,147    

Income dividend distributions

     —       1,146,576    

Interest expense

     3,270       —    

Investment advisory fees

     197,713       1,200,133    

IRS compliance fee for foreign withholding tax claims

     43,084       —    

Trustees’ and Officer’s fees

     1,895       4,292    

Other accrued expenses

     44,957       96,365    

Other affiliate fees

     14,661       —    

Professional fees

     52,580       12,915    

Service and distribution fees

     54,622       114,994    

Transfer agent fees

     167,508       498,034    
 

 

 

    

 

 

    

Total liabilities

     741,973       58,685,194    
 

 

 

    

 

 

    

Commitments and contingent liabilities

      

NET ASSETS

   $ 324,881,370     $ 2,023,457,783    
 

 

 

    

 

 

    

NET ASSETS CONSIST OF:

      

Paid-in capital

   $ 504,583,577     $ 1,917,951,761    

Accumulated earnings (loss)

     (179,702,207 )      105,506,022    
 

 

 

    

 

 

    

NET ASSETS

   $ 324,881,370     $ 2,023,457,783    
 

 

 

    

 

 

    

(a) Investments, at cost — unaffiliated

   $ 206,269,982     $ 1,793,088,067    

(b) Securities loaned, at value

   $ —     $ 952,255    

(c)  Investments, at cost — affiliated

   $ 6,998,958     $ 58,910,117    

(d) Foreign currency, at cost

   $ 21,156     $ 4,563,854    

 

 

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

   11

Statements of Assets and Liabilities (unaudited) (continued)

November 30, 2024

 

    

BlackRock

Energy
Opportunities

Fund

     

BlackRock

High Equity Income
Fund

       

NET ASSET VALUE

       
Institutional                 

Net assets

   $ 111,331,564      $ 1,416,991,866    
 

 

 

     

 

 

    

Shares outstanding

     7,664,981        47,728,999    
 

 

 

     

 

 

    

Net asset value

   $ 14.52      $ 29.69    
 

 

 

     

 

 

    

Shares authorized

     Unlimited        Unlimited    
 

 

 

     

 

 

    

Par value

   $ 0.001      $ 0.001    
 

 

 

     

 

 

    
Investor A                 

Net assets

   $ 193,918,635      $ 308,168,406    
 

 

 

     

 

 

    

Shares outstanding

     13,784,079        12,407,813    
 

 

 

     

 

 

    

Net asset value

   $ 14.07      $ 24.84    
 

 

 

     

 

 

    

Shares authorized

     Unlimited        Unlimited    
 

 

 

     

 

 

    

Par value

   $ 0.001      $ 0.001    
 

 

 

     

 

 

    
Investor C                 

Net assets

   $ 19,631,171      $ 64,638,318    
 

 

 

     

 

 

    

Shares outstanding

     1,452,817        4,193,240    
 

 

 

     

 

 

    

Net asset value

   $ 13.51      $ 15.41    
 

 

 

     

 

 

    

Shares authorized

     Unlimited        Unlimited    
 

 

 

     

 

 

    

Par value

   $ 0.001      $ 0.001    
 

 

 

     

 

 

    
Class K                 

Net assets

     N/A      $ 233,659,193    
 

 

 

     

 

 

    

Shares outstanding

     N/A        7,875,151    
 

 

 

     

 

 

    

Net asset value

     N/A      $ 29.67    
 

 

 

     

 

 

    

Shares authorized

     N/A        Unlimited    
 

 

 

     

 

 

    

Par value

     N/A      $ 0.001    
 

 

 

     

 

 

    

See notes to financial statements.

 

 

12  

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Statements of Operations (unaudited)

Six Months Ended November 30, 2024

 

    

BlackRock

Energy
Opportunities
Fund

    

BlackRock

High Equity Income
Fund

       

INVESTMENT INCOME

      

Dividends — unaffiliated

   $ 5,504,750     $ 16,884,543    

Dividends — affiliated

     130,159       1,460,538    

Interest — unaffiliated

     —       69,385,955    

Securities lending income — affiliated — net

     47       5,738    

Foreign taxes withheld

     (262,339 )      (240,474 )   

Foreign withholding tax claims

     223,271       —    

IRS compliance fee for foreign withholding tax claims

     (3,270 )      —    
 

 

 

    

 

 

    

Total investment income

     5,592,618       87,496,300    
 

 

 

    

 

 

    

EXPENSES

      

Investment advisory

     1,213,389       7,876,611    

Service and distribution — class specific

     328,118       694,360    

Transfer agent — class specific

     230,374       890,994    

Administration

     68,759       394,943    

Professional

     41,516       20,024    

Administration — class specific

     32,361       200,750    

Registration

     29,239       63,077    

Accounting services

     27,121       72,969    

Printing and postage

     16,019       25,345    

Custodian

     12,573       56,576    

Trustees and Officer

     4,505       11,030    

Miscellaneous

     6,013       17,613    
 

 

 

    

 

 

    

Total expenses excluding interest expense

     2,009,987       10,324,292    

Interest expense

     1,529       32,729    
 

 

 

    

 

 

    

Total expenses

     2,011,516       10,357,021    
 

 

 

    

 

 

    

Less:

      

Administration fees waived — class specific

     (11,838 )      (200,750 )   

Fees waived and/or reimbursed by the Manager

     (2,258 )      (510,386 )   

Transfer agent fees waived and/or reimbursed — class specific

     (49,019 )      (445,933 )   
 

 

 

    

 

 

    

Total expenses after fees waived and/or reimbursed

     1,948,401       9,199,952    
 

 

 

    

 

 

    

Net investment income

     3,644,217       78,296,348    
 

 

 

    

 

 

    

REALIZED AND UNREALIZED GAIN (LOSS)

      

Net realized gain (loss) from:

      

Investments — unaffiliated

     9,652,596       46,157,238    

Investments — affiliated

     (120 )      (3,540 )   

Foreign currency transactions

     10,202       (331,429 )   
 

 

 

    

 

 

    
  $ 9,662,678     $ 45,822,269    
 

 

 

    

 

 

    

Net change in unrealized appreciation (depreciation) on:

      

Investments — unaffiliated

     (12,806,050 )      (206,824 )   

Foreign currency translations

     577       171,740    
 

 

 

    

 

 

    
    (12,805,473 )      (35,084 )   
 

 

 

    

 

 

    

Net realized and unrealized gain (loss)

     (3,142,795 )      45,787,185    
 

 

 

    

 

 

    

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

   $ 501,422     $ 124,083,533    
 

 

 

    

 

 

    

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

   13

Statements of Changes in Net Assets

 

    BlackRock Energy Opportunities Fund  
    

Six Months

Ended

11/30/24

(unaudited)

     Year Ended
05/31/24		  

INCREASE (DECREASE) IN NET ASSETS

 

  

OPERATIONS

    

Net investment income

   $ 3,644,217     $ 7,995,879  

Net realized gain

     9,662,678       20,452,624  

Net change in unrealized appreciation (depreciation)

     (12,805,473 )      54,592,066  
 

 

 

    

 

 

  

Net increase in net assets resulting from operations

     501,422       83,040,569  
 

 

 

    

 

 

  

DISTRIBUTIONS TO SHAREHOLDERS(a)

    

Institutional

     (1,225,993 )      (4,041,903 ) 

Investor A

     (1,865,806 )      (6,302,765 ) 

Investor C

     (113,685 )      (458,800 ) 
 

 

 

    

 

 

  

Decrease in net assets resulting from distributions to shareholders

     (3,205,484 )      (10,803,468 ) 
 

 

 

    

 

 

  

CAPITAL SHARE TRANSACTIONS

    

Net decrease in net assets derived from capital share transactions

     (15,700,984 )      (105,569,884 ) 
 

 

 

    

 

 

  

NET ASSETS

    

Total decrease in net assets

     (18,405,046 )      (33,332,783 ) 

Beginning of period

      343,286,416        376,619,199  
 

 

 

    

 

 

  

End of period

   $ 324,881,370     $ 343,286,416  
 

 

 

    

 

 

  

 

(a)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

 

See 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

Statements of Changes in Net Assets (continued)

 

    BlackRock High Equity Income Fund  
    

Six Months

Ended

11/30/24

(unaudited)

     Year Ended
05/31/24		  

INCREASE (DECREASE) IN NET ASSETS

 

  

OPERATIONS

    

Net investment income

   $ 78,296,348     $ 138,011,642  

Net realized gain (loss)

     45,822,269       (14,910,913 ) 

Net change in unrealized appreciation (depreciation)

     (35,084 )      218,437,823  
 

 

 

    

 

 

  

Net increase in net assets resulting from operations

     124,083,533       341,538,552  
 

 

 

    

 

 

  

DISTRIBUTIONS TO SHAREHOLDERS(a)

   

Institutional

     (55,324,971 )      (101,737,937 ) 

Investor A

     (11,525,439 )      (19,982,439 ) 

Investor C

     (2,163,298 )      (3,614,308 ) 

Class K

     (9,055,466 )      (13,231,823 ) 
 

 

 

    

 

 

  

Decrease in net assets resulting from distributions to shareholders

     (78,069,174 )      (138,566,507 ) 
 

 

 

    

 

 

  

CAPITAL SHARE TRANSACTIONS

    

Net decrease in net assets derived from capital share transactions

     (55,287,836 )      (139,152,881 ) 
 

 

 

    

 

 

  

NET ASSETS

    

Total increase (decrease) in net assets

     (9,273,477 )      63,819,164  

Beginning of period

      2,032,731,260        1,968,912,096  
 

 

 

    

 

 

  

End of period

   $ 2,023,457,783     $ 2,032,731,260  
 

 

 

    

 

 

  

 

(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

   15

Financial Highlights

(For a share outstanding throughout each period)

 

    BlackRock Energy Opportunities 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

   $ 14.60     $ 11.94      $ 13.73     $ 8.55      $ 6.64      $ 9.66     $ 12.34  
 

 

 

    

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Net investment income(a)

    0.18       0.35        0.42       0.32        0.26        0.21       0.29  

Net realized and unrealized gain (loss)

     (0.11 )      2.75        (1.88 )      5.11        1.90        (2.93 )      (2.66 ) 
 

 

 

    

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Net increase (decrease) from investment operations

     0.07       3.10        (1.46 )      5.43        2.16        (2.72 )      (2.37 ) 
 

 

 

    

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Distributions from net investment income(b)

    (0.15 )      (0.44 )       (0.33 )      (0.25 )       (0.25 )       (0.30 )      (0.31 ) 
 

 

 

    

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Net asset value, end of period

   $ 14.52     $ 14.60      $ 11.94     $ 13.73      $ 8.55      $ 6.64     $ 9.66  
 

 

 

    

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Total Return(c)

                

Based on net asset value

     0.51 %(d)       26.56 %       (10.59 )%      65.17 %       33.50 %       (29.02 )%(d)      (19.24 )% 
 

 

 

    

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Ratios to Average Net Assets(e)

                

Total expenses

     1.03 %(f)       1.07 %       1.03 %      1.11 %       1.33 %       1.40 %(f)(g)      1.30 % 
 

 

 

    

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed

     0.91 %(f)       0.91 %       0.91 %      0.91 %       0.91 %       0.91 %(f)(g)      0.91 % 
 

 

 

    

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Net investment income

     2.55 %(f)       2.59 %       3.28 %      3.05 %       3.75 %       3.89 %(f)      2.91 % 
 

 

 

    

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Supplemental Data

                 

Net assets, end of period (000)

   $ 111,332     $ 116,190      $ 153,530     $ 128,580      $ 52,377      $ 38,779     $ 23,579  
 

 

 

    

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Portfolio turnover rate

     23 %      35 %       77 %      75 %       79 %       39 %      37 % 
 

 

 

    

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

 

(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)

Reorganization, Audit and Printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 1.47% and 0.91%, respectively.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock Energy Opportunities 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

   $ 14.15     $ 11.58      $ 13.33     $ 8.31      $ 6.46      $ 9.39     $ 11.99  
 

 

 

    

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Net investment income(a)

    0.15       0.29        0.37       0.27        0.23        0.18       0.24  

Net realized and unrealized gain (loss)

     (0.10 )      2.67        (1.84 )      4.97        1.84        (2.85 )      (2.59 ) 
 

 

 

    

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Net increase (decrease) from investment operations

     0.05       2.96        (1.47 )      5.24        2.07        (2.67 )      (2.35 ) 
 

 

 

    

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Distributions from net investment income(b)

    (0.13 )      (0.39 )       (0.28 )      (0.22 )       (0.22 )       (0.26 )      (0.25 ) 
 

 

 

    

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Net asset value, end of period

   $ 14.07     $ 14.15      $ 11.58     $ 13.33      $ 8.31      $ 6.46     $ 9.39  
 

 

 

    

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Total Return(c)

                

Based on net asset value

     0.35 %(d)       26.06 %       (10.97 )%      64.51 %       33.00 %       (29.23 )%(d)      (19.61 )% 
 

 

 

    

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Ratios to Average Net Assets(e)

                

Total expenses

     1.30 %(f)       1.36 %       1.33 %      1.43 %       1.73 %       1.94 %(f)(g)      1.66 % 
 

 

 

    

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed

     1.29 %(f)       1.32 %       1.32 %      1.32 %       1.32 %       1.32 %(f)(g)      1.33 % 
 

 

 

    

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Net investment income

     2.13 %(f)       2.22 %       2.94 %      2.66 %       3.30 %       3.65 %(f)      2.44 % 
 

 

 

    

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Supplemental Data

                 

Net assets, end of period (000)

   $ 193,919     $ 209,291      $ 204,035     $ 232,979      $ 103,858      $ 72,733     $ 34,574  
 

 

 

    

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Portfolio turnover rate

     23 %      35 %       77 %      75 %       79 %       39 %      37 % 
 

 

 

    

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

 

(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)

Reorganization, Audit and Printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 2.00% and 1.32%, respectively.

See notes to financial statements.

 

 

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

   17

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock Energy Opportunities 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

   $ 13.61     $ 11.14     $ 12.83     $ 8.01     $ 6.24     $ 9.03     $ 11.39  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income(a)

    0.11       0.19       0.27       0.19       0.17       0.14       0.14  

Net realized and unrealized gain (loss)

     (0.12 )      2.57       (1.76 )      4.79       1.77       (2.75 )      (2.44 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) from investment operations

     (0.01 )      2.76       (1.49 )      4.98       1.94       (2.61 )      (2.30 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions from net investment income(b)

    (0.09 )      (0.29 )      (0.20 )      (0.16 )      (0.17 )      (0.18 )      (0.06 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value, end of period

   $ 13.51     $ 13.61     $ 11.14     $ 12.83     $ 8.01     $ 6.24     $ 9.03  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Return(c)

             

Based on net asset value

     (0.08 )%(d)      25.20 %      (11.57 )%      63.37 %      31.89 %      (29.51 )%(d)      (20.21 )% 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratios to Average Net Assets(e)

             

Total expenses(f)

    2.01 %(g)      2.10 %      2.05 %      2.16 %      2.53 %      2.61 %(g)(h)      2.35 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed

     2.00 %(g)      2.04 %      2.03 %      2.04 %      2.04 %     
 2.04
 %(g)(h) 
 		     2.05 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income

     1.66 %(g)      1.49 %      2.22 %      1.92 %      2.60 %      2.77 %(g)      1.48 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Supplemental Data

              

Net assets, end of period (000)

   $ 19,631     $ 17,804     $ 19,054     $ 26,559     $ 10,699     $ 11,152     $ 7,554  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Portfolio turnover rate

     23 %      35 %      77 %      75 %      79 %      39 %      37 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(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)

Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the ratios were as follows:

 

               
     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 5/31/20

     Year Ended
09/30/19		  

Expense ratios

     N/A       N/A       N/A       N/A       N/A       2.61 %      2.35 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(g)

Annualized.

(h)

Reorganization, Audit and Printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 2.67% and 2.04%, respectively.

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

Financial Highlights

(For a share outstanding throughout each period)

 

    BlackRock High Equity Income 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

   $ 29.01     $ 26.23     $ 29.54     $ 29.99     $ 22.81     $ 26.57     $ 28.16  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income(a)

    1.15       1.89       1.86       1.99       1.81       0.94       1.24  

Net realized and unrealized gain (loss)

     0.68       2.78       (3.25 )      (0.20 )      7.13       (3.54 )      (0.73 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) from investment operations

     1.83       4.67       (1.39 )      1.79       8.94       (2.60 )      0.51  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions(b)

             

From net investment income

     (1.15 )      (1.89 )      (1.86 )      (1.95 )      (1.76 )      (1.16 )      (1.05 ) 

From net realized gain

     —       —       (0.06 )      (0.29 )      —       —       (1.05 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total distributions

     (1.15 )      (1.89 )      (1.92 )      (2.24 )      (1.76 )      (1.16 )      (2.10 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value, end of period

   $ 29.69     $ 29.01     $ 26.23     $ 29.54     $ 29.99     $ 22.81     $ 26.57  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Return(c)

             

Based on net asset value

     6.42 %(d)       18.41 %      (4.70 )%      6.28 %(e)       40.81 %      (9.94 )%(d)      2.27 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratios to Average Net Assets(f)

             

Total expenses

     0.98 %(g)       0.99 %      1.00 %      1.02 %      1.12 %      1.12 %(g)       1.12 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed

     0.85 %(g)       0.85 %      0.85 %      0.85 %      0.85 %      0.85 %(g)       0.85 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income

     7.87 %(g)       6.89 %      6.81 %      6.76 %      6.93 %      5.63 %(g)       4.80 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Supplemental Data

              

Net assets, end of period (000)

   $  1,416,992     $  1,446,440     $  1,475,683     $ 953,582     $ 277,653     $ 128,474     $ 151,747  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Portfolio turnover rate

     54 %      85 %      126 %      140 %      146 %      76 %      79 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(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 capital contribution from 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

   19

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock High Equity Income 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

   $ 24.27     $ 21.94      $ 24.73     $ 25.16     $ 19.14      $ 22.43     $ 24.12  
 

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net investment income(a)

    0.93       1.53        1.49       1.58       1.42        0.75       1.00  

Net realized and unrealized gain (loss)

     0.57       2.32        (2.72 )      (0.14 )      6.03        (2.98 )      (0.64 ) 
 

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net increase (decrease) from investment operations

     1.50       3.85        (1.23 )      1.44       7.45        (2.23 )      0.36  
 

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Distributions(b)

               

From net investment income

     (0.93 )      (1.52 )       (1.50 )      (1.58 )      (1.43 )       (1.06 )      (1.00 ) 

From net realized gain

     —       —        (0.06 )      (0.29 )      —        —       (1.05 ) 
 

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Total distributions

     (0.93 )      (1.52 )       (1.56 )      (1.87 )      (1.43 )       (1.06 )      (2.05 ) 
 

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net asset value, end of period

   $ 24.84     $ 24.27      $ 21.94     $ 24.73     $ 25.16      $ 19.14     $ 22.43  
 

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Total Return(c)

               

Based on net asset value

     6.29 %(d)       18.14 %       (4.96 )%      5.99 %(e)       40.44 %       (10.09 )%(d)      2.02 % 
 

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Ratios to Average Net Assets(f)

               

Total expenses

     1.22 %(g)       1.23 %       1.24 %      1.31 %      1.40 %       1.40 %(g)       1.37 % 
 

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed

     1.10 %(g)       1.10 %       1.10 %      1.10 %      1.10 %       1.10 %(g)       1.10 % 
 

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net investment income

     7.62 %(g)       6.65 %       6.54 %      6.41 %      6.64 %       5.35 %(g)       4.55 % 
 

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Supplemental Data

                

Net assets, end of period (000)

   $  308,168     $ 303,692      $ 296,254     $ 293,050     $ 208,207      $ 172,696     $ 215,121  
 

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Portfolio turnover rate

     54 %      85 %       126 %      140 %      146 %       76 %      79 % 
 

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

 

(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 capital contribution from 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.

 

 

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 (continued)

(For a share outstanding throughout each period)

 

    BlackRock High Equity Income 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

   $ 15.06     $ 13.62      $ 15.37     $ 15.75     $ 11.98      $ 14.35     $ 16.19  
 

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net investment income(a)

    0.52       0.84        0.82       0.87       0.78        0.41       0.55  

Net realized and unrealized gain (loss)

     0.35       1.44        (1.68 )      (0.09 )      3.78        (1.88 )      (0.45 ) 
 

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net increase (decrease) from investment operations

     0.87       2.28        (0.86 )      0.78       4.56        (1.47 )      0.10  
 

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Distributions(b)

               

From net investment income

     (0.52 )      (0.84 )       (0.83 )      (0.87 )      (0.79 )       (0.90 )      (0.89 ) 

From net realized gain

     —       —        (0.06 )      (0.29 )      —        —       (1.05 ) 
 

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Total distributions

     (0.52 )      (0.84 )       (0.89 )      (1.16 )      (0.79 )       (0.90 )      (1.94 ) 
 

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net asset value, end of period

   $ 15.41     $ 15.06      $ 13.62     $ 15.37     $ 15.75      $ 11.98     $ 14.35  
 

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Total Return(c)

               

Based on net asset value

     5.87 %(d)      17.22 %       (5.63 )%      5.17 %(e)      39.41 %       (10.52 )%(d)      1.30 % 
 

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Ratios to Average Net Assets(f)

               

Total expenses

     1.97 %(g)      1.98 %       1.98 %      2.04 %      2.18 %       2.16 %(g)      2.12 % 
 

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed

     1.85 %(g)      1.85 %       1.85 %      1.85 %      1.85 %       1.85 %(g)      1.85 % 
 

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Net investment income

     6.86 %(g)      5.90 %       5.80 %      5.67 %      5.85 %       4.57 %(g)      3.84 % 
 

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Supplemental Data

                

Net assets, end of period (000)

   $ 64,638     $ 62,685      $ 59,276     $ 42,543     $ 22,379      $ 24,163     $ 36,132  
 

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Portfolio turnover rate

     54 %      85 %       126 %      140 %      146 %       76 %      79 % 
 

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

 

(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 capital contribution from 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

   21

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock High Equity Income 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
04/21/20

to 05/31/20

  
(a)  

 

             

Net asset value, beginning of period

   $ 28.99     $ 26.21      $ 29.53     $ 30.00     $ 22.81      $ 21.04  
 

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

  

Net investment income(b)

    1.15       1.91        1.87       2.00       1.78        0.20  

Net realized and unrealized gain (loss)

     0.68       2.77        (3.25 )      (0.21 )      7.19        1.77  
 

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

  

Net increase (decrease) from investment operations

     1.83       4.68        (1.38 )      1.79       8.97        1.97  
 

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

  

Distributions(c)

             

From net investment income

     (1.15 )      (1.90 )       (1.88 )      (1.97 )      (1.78 )       (0.20 ) 

From net realized gain

     —       —        (0.06 )      (0.29 )      —        —  
 

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

  

Total distributions

     (1.15 )      (1.90 )       (1.94 )      (2.26 )      (1.78 )       (0.20 ) 
 

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

  

Net asset value, end of period

   $ 29.67     $ 28.99      $ 26.21     $ 29.53     $ 30.00      $ 22.81  
 

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

  

Total Return(d)

             

Based on net asset value

     6.45 %(e)       18.48 %       (4.68 )%      6.27 %(f)      40.93 %       9.35 %(e) 
 

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

  

Ratios to Average Net Assets(g)

             

Total expenses

     0.88 %(h)       0.88 %       0.89 %      0.98 %      1.01 %       0.99 %(h) 
 

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

  

Total expenses after fees waived and/or reimbursed

     0.80 %(h)       0.80 %       0.80 %      0.80 %      0.80 %       0.80 %(h) 
 

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

  

Net investment income

     7.91 %(h)       6.94 %       6.88 %      6.76 %      6.94 %       8.28 %(h) 
 

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

  

Supplemental Data

              

Net assets, end of period (000)

   $ 233,659     $ 219,915      $ 137,700     $ 535     $ 359      $ 288  
 

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

  

Portfolio turnover rate

     54 %      85 %       126 %      140 %      146 %       76 %(i)  
 

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

  

 

(a)

Commencement of operations.

(b)

Based on average shares outstanding.

(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 capital contribution from 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.

(i)

Portfolio turnover is representative of the Fund for the entire year.

See notes to financial statements.

 

 

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

Notes to Financial Statements (unaudited)

 

1. ORGANIZATION

BlackRock FundsSM (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Massachusetts business trust. The following, each of which is a series of the Trust, are referred to herein collectively as the “Funds” or individually as a “Fund”:

 

     
Fund Name   Herein Referred To As    Diversification Classification

BlackRock Energy Opportunities Fund

   Energy Opportunities    Non-Diversified

BlackRock High Equity Income Fund

   High Equity Income    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 and Investor C Shares bear certain expenses related to shareholder servicing of such shares, and Investor C Shares also bear certain expenses related to the distribution of such shares. Investor A and Investor C Shares are generally available through financial intermediaries. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures (except that Investor C shareholders may vote on material changes to the Investor A Shares distribution and service plan).

 

       
Share Class   Initial Sales Charge    CDSC    Conversion Privilege

Institutional and Class K Shares

   No    No       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 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. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

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

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

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

 

 

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

   23

Notes to Financial Statements (unaudited) (continued)

 

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: The 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 each 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, 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 Trustees of each Fund (the “Board”) has approved the designation of each Fund’s Manager as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager’s policies and procedures as reflecting fair value. The Manager has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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

 

  ·  

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

 

  ·  

Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots 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”).

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

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

 

 

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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

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

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

 

 

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Notes to Financial Statements (unaudited) (continued)

 

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

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

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

 

         

Fund Name/Counterparty

    
 Securities
Loaned at Value		  
 		     
 Cash
Collateral Received(a)		  
 		    

 Non-Cash
Collateral Received,
at Fair Value(a) 		 
 
 		     
 Net
Amount		  
 

High Equity Income

          

Citigroup Global Markets, Inc

   $ 952,255      $ (952,255 )    $ —      $ —  
 

 

 

     

 

 

    

 

 

     

 

 

  

 

  (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 Statements of Assets and Liabilities.

 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, 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. 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 the Fund.

5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory: The Trust, on behalf of each Fund, 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    

 Energy

Opportunities

  

  

First $1 billion

     0.750 % 

$1 billion - $2 billion 

     0.700  

$2 billion - $3 billion 

     0.675  

Greater than $3 billion

            0.650  

 

   
    Investment Advisory Fees   
Average Daily Net Assets    

 High Equity

Income

  

  

First $1 billion

     0.810 % 

$1 billion - $3 billion 

     0.760  

$3 billion - $5 billion 

     0.730  

$5 billion - $10 billion 

     0.700  

Greater than $10 billion

            0.680  

 

 

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Notes to Financial Statements (unaudited) (continued)

 

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

Service and Distribution Fees: The Trust, on behalf of each Fund, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, 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:

 

     
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 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      Total  

BlackRock Energy Opportunities Fund

   $ 244,133      $ 83,985      $ 328,118  

BlackRock High Equity Income Fund

     378,893        315,467        694,360  

Administration: The Trust, on behalf of each Fund, 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      Total  

Energy Opportunities

   $ 11,090      $ 19,587      $ 1,684      $ —      $ 32,361  

High Equity Income

     141,124        30,355        6,318        22,953        200,750  

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 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 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      Total  

Energy Opportunities

   $ 1,185      $ 12,833      $ 1,691      $ —      $ 15,709  

High Equity Income

     2,450        12,617        2,087        376        17,530  

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      Total  

Energy Opportunities

   $ 74,948      $ 145,981      $ 9,445      $ —      $ 230,374  

High Equity Income

     712,978        141,564        29,181        7,271         890,994  

 

 

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Notes to Financial Statements (unaudited) (continued)

 

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  

Energy Opportunities

    $ 4,768  

High Equity Income

      13,295  

For the six months ended November 30, 2024, affiliates received CDSCs as follows:

 

     
Share Class   Energy
Opportunities		      High
Equity
Income		  

Investor A

   $ —      $ 308  

Investor C

     608        846  

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 trustees who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”), or by a vote of a majority of the outstanding voting securities of 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. This amount is 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  

Energy Opportunities

    $ 1,950  

High Equity Income

      20,007  

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 Trustees, 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 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  

Energy Opportunities

     0.91 %      1.32 %      2.04 %      0.91 %(a) 

High Equity Income

     0.85       1.10       1.85       0.80 % 

 

  (a) 

There were no shares outstanding as of November 30, 2024.

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2026, unless approved by the Board, including a majority of the Independent Trustees or by a vote of a majority of the outstanding voting securities of a Fund. For the six months ended November 30, 2024, the amounts included in the Statements of Operations were as follows:

 

   
Fund Name    Amounts Waived  

Energy Opportunities

    $ 308  

High Equity Income

      490,379  

In addition, these amounts waived and/or reimbursed by the Manager are included in administration fees waived by the Manager — class specific and transfer agent fees waived and/or reimbursed by the Manager — class specific, respectively, in the 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      Total  

Energy Opportunities

   $ 11,090      $ 676      $ 72      $ —      $ 11,838  

High Equity Income

     141,124        30,355        6,318        22,953        200,750  

 

     Transfer Agent Fees Waived and/or Reimbursed by the Manager -
Class Specific		  
Fund Name   Institutional      Investor A      Investor C      Class K      Total  

Energy Opportunities

   $ 48,376      $ 577      $ 66      $ —      $ 49,019  

High Equity Income

     361,071        65,136        12,954        6,772        445,933  

 

 

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Notes to Financial Statements (unaudited) (continued)

 

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

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

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  

High Equity Income

    $ 1,208  

Trustees and Officers: Certain trustees and/or officers of 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 Trust’s Chief Compliance Officer, which is included in Trustees and Officer in the Statements of Operations.

 

6.

PURCHASES AND SALES

For the six months ended November 30, 2024, purchases and sales of investments, excluding short-term securities and equity-linked notes, were as follows:

 

Fund Name   Purchases      Sales  

Energy Opportunities

   $ 74,526,749      $ 93,161,996  

High Equity Income

     680,994,948        837,490,868  

 

7.

INCOME TAX INFORMATION

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

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

Management has analyzed tax laws and regulations and their application to the Funds as of November 30, 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.

 

 

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Notes to Financial Statements (unaudited) (continued)

 

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		  

Energy Opportunities

   $ (292,466,462 ) 

High Equity Income

     (54,064,620 ) 

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)		  

Energy Opportunities

   $ 224,633,068      $  103,028,385      $   (3,572,496)     $ 99,455,889  

High Equity Income

     1,940,038,181        175,191,440        (61,047,070 )      114,144,370  

 

8.

BANK BORROWINGS

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

 

9.

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.

 

 

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Notes to Financial Statements (unaudited) (continued)

 

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

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

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

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

 

10.

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  

Energy Opportunities

        

Institutional

        

Shares sold

     1,172,581     $ 16,557,880       7,173,629     $ 97,116,078  

Shares issued in reinvestment of distributions

     84,351       1,223,090       314,646       4,030,855  

Shares redeemed

     (1,547,686 )      (21,789,272 )      (12,393,223 )      (165,638,410 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
    (290,754 )    $ (4,008,302 )      (4,904,948 )    $ (64,491,477 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Investor A

        

Shares sold and automatic conversion of shares

     1,359,613     $ 18,682,913       3,464,629     $ 45,743,773  

Shares issued in reinvestment of distributions

     130,565       1,837,044       500,381       6,209,339  

Shares redeemed

     (2,494,762 )      (34,191,365 )      (6,800,384 )      (88,026,155 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
    (1,004,584 )    $ (13,671,408 )      (2,835,374 )    $ (36,073,043 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Investor C

        

Shares sold

     311,769     $ 4,189,684       176,928     $     2,249,456  

Shares issued in reinvestment of distributions

     8,313       112,643       38,007       455,047  

Shares redeemed and automatic conversion of shares

     (175,864 )      (2,323,601 )      (617,417 )      (7,709,867 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
    144,218     $ 1,978,726       (402,482 )    $ (5,005,364 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
    (1,151,120 )    $ (15,700,984 )      (8,142,804 )    $ (105,569,884 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

High Equity Income

        

Institutional

        

Shares sold

     5,704,543     $ 165,977,540       21,509,286     $ 588,083,365  

Shares issued in reinvestment of distributions

     1,814,815       53,200,534       3,537,819       97,630,330  

Shares redeemed

     (9,657,041 )      (280,540,708 )      (31,448,082 )      (861,048,299 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
    (2,137,683 )    $ (61,362,634 )      (6,400,977 )    $ (175,334,604 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Investor A

        

Shares sold and automatic conversion of shares

     630,539     $ 15,316,918       1,989,055     $ 45,453,814  

Shares issued in reinvestment of distributions

     461,284       11,313,184       840,974       19,429,061  

Shares redeemed

     (1,198,947 )      (29,147,190 )      (3,817,910 )      (87,203,434 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
    (107,124 )    $ (2,517,088 )      (987,881 )    $ (22,320,559 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

 

 

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)

 

     Six Months Ended 11/30/24     Year Ended 05/31/24  
Fund Name/Share Class   Shares     Amount     Shares     Amount  

High Equity Income (continued)

        

Investor C

        

Shares sold

     238,281     $ 3,606,228       608,558     $ 8,640,528  

Shares issued in reinvestment of distributions

     142,428       2,163,298       250,046       3,586,042  

Shares redeemed and automatic conversions of shares

     (349,376 )      (5,295,300 )      (1,050,128 )      (14,933,876 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
    31,333     $ 474,226       (191,524 )    $ (2,707,306 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Class K

        

Shares sold

     641,113     $ 18,360,600       3,626,200     $ 96,784,712  

Shares issued in reinvestment of distributions

     308,856          9,052,810       473,682       13,113,564  

Shares redeemed

     (661,109 )      (19,295,750 )      (1,767,169 )      (48,688,688 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
    288,860     $ 8,117,660       2,332,713     $    61,209,588  
 

 

 

    

 

 

    

 

 

    

 

 

  
    (1,924,614 )    $ (55,287,836 )      (5,247,669 )    $ (139,152,881 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

As of November 30, 2024, BlackRock Financial Management, Inc., an affiliate of the Fund, owned 11,882 Class K Shares of High Equity Income.

 

11.

FOREIGN WITHHOLDINGS TAX CLAIMS

The Internal Revenue Service (“IRS”) has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which each of the Funds is able to pass through to shareholders as a foreign tax credit in the current year, the 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 Funds 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 Funds of these amounts would have a positive impact on the applicable Fund’s performance. If a Fund receives a tax refund that has not been previously recorded, investors in the Fund at the time the claim is successful will benefit from any resulting increase in the Fund’s NAV. Investors who sold their shares prior to such time will not benefit from such NAV increase.

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

 

12.

SUBSEQUENT EVENTS

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

 

 

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Additional Information

 

Changes in and Disagreements with Accountants

Not applicable.

Proxy Results

Not applicable.

Remuneration Paid to Trustees, Officers, and Others

Compensation to the independent directors/trustees of the Trust is paid by the Trust, on behalf of the 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

   33

Additional Information (continued)

 

Fund and Service Providers

 

Investment Adviser and Administrator

BlackRock Advisors, LLC

Wilmington, DE 19809

Sub-Adviser(a)

BlackRock International Limited

Edinburgh, EH3 8BL

United Kingdom

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

(a) BlackRock Energy Opportunities Fund.

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Boston, MA 02110

Distributor

BlackRock Investments, LLC

New York, NY 10022

Legal Counsel

Sidley Austin LLP

New York, NY 10019

Address of the Trust

100 Bellevue Parkway

Wilmington, DE 19809

 

 

 

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Glossary of Terms Used in this Report

 

Currency Abbreviation
CAD   Canadian Dollar
EUR   Euro
GBP   British Pound
USD   United States Dollar

 

Portfolio Abbreviation
ADR   American Depositary Receipt
GDR   Global Depositary Receipt
NVS   Non-Voting Shares
REIT   Real Estate Investment Trust

 

 

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

   35

 

 

 

Want to know more?

blackrock.com | 800-441-7762

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

 

 

LOGO

   LOGO

 

LOGO

  NOVEMBER 30, 2024

 

 

 

  

 

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

 

 

BlackRock FundsSM

· 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

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

    $ —      $ 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) 

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

 

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

         
Description   

Number of

Contracts

     

Expiration

Date

     

Notional

Amount

(000)

     

Value/

Unrealized

Appreciation

(Depreciation)

  

Long Contracts

            

NASDAQ 100 E-Mini Index

      33        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) 

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

    $ —      $ —      $  1,358,930      $ —      $ —      $ —      $  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

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

    $ 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

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

    $  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) 

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

 

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

         
Description    Number of
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) 

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

    $ —      $ —      $  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

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

                  

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

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(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) 

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

 

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

         
Description   

Number of

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) 

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

    $ —      $ —      $ 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

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

    $ 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

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

    $  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) 

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

 

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

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

Long Contracts

            

S&P 500 E-Mini Index

      26        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) 

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

    $ —      $ —      $ 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

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

    $ 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) 

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.

 

 

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) 

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%.

(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) 

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.

 

 

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) 

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

   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) 

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.

 

 

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) 

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.

 

 

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) 

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.

 

 

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) 

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.

 

 

 

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Notes to Financial Statements (unaudited)

 

1.

ORGANIZATION

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

 

 

Fund Name   Herein Referred To As      Diversification Classification

 

BlackRock Advantage International Fund

     Advantage International     Diversified

BlackRock Advantage Large Cap Growth Fund

     Advantage Large Cap Growth     Diversified

BlackRock Advantage Small Cap Core Fund

     Advantage Small Cap Core     Diversified

BlackRock Advantage Large Cap Core Fund

     Advantage Large Cap Core     Diversified

BlackRock Advantage Large Cap Value Fund

     Advantage Large Cap Value     Diversified

 

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

 

 

  
Share Class     Initial Sales Charge        CDSC       Conversion Privilege  

 

  

Institutional, Class K and Class R Shares

     No        No       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 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.

 

 

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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.

 

 

 

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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  

 

  

 

 

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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.

 

 

72  

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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 ) 
 

 

 

     

 

 

    

 

 

    

 

 

  

 

 

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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  

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Additional Information 

 

Changes in and Disagreements with Accountants

Not applicable.

Proxy Results

Not applicable.

Remuneration Paid to Directors, Officers, and Others

Compensation to the independent directors/trustees of the Corporation/Trust is paid by the Corporation/Trust, on behalf of the Funds.

General Information

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

Electronic Delivery

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

To enroll in electronic delivery:

Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:

Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.

Shareholders Who Hold Accounts Directly with BlackRock:

1. Access the BlackRock website at blackrock.com

2. Select “Access Your Account”

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

BlackRock’s Mutual Fund Family

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

Shareholder Privileges

Account Information

Call us at (800) 441-7762 from 8:00 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

 

 

 

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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.

 

 

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.

 

 

LOGO

   LOGO

 

LOGO

  NOVEMBER 30, 2024

 

 

 

   

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

 

 

BlackRock FundsSM

· BlackRock Commodity Strategies Fund

 

 

 

 

 

 

Not FDIC Insured • May Lose Value • No Bank Guarantee

 

Table of Contents

 

     Page  

 

  

Derivative Financial Instruments

      3  

Consolidated Schedule of Investments

      4  

Consolidated Statement of Assets and Liabilities

      12  

Consolidated Statement of Operations

      14  

Consolidated Statements of Changes in Net Assets

      15  

Consolidated Financial Highlights

      16  

Notes to Consolidated Financial Statements

      20  

Additional Information

      30  

Glossary of Terms Used in this Report

      32  

 

 

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 Consolidated Financial Statements.

 

 

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

   3

Consolidated Schedule of Investments (unaudited)

November 30, 2024

   

BlackRock Commodity Strategies Fund

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

    

Broadline Retail — 0.5%

    

Dollarama, Inc.

     31,632     $ 3,304,974  
   

 

 

  

Capital Markets — 0.0%

    

Agronomics Ltd.(a)

     3,033,943       151,333  
   

 

 

  

Chemicals — 1.6%

    

CF Industries Holdings, Inc.

     14,878       1,333,962  

DSM-Firmenich AG

     26,204       2,878,352  

Nutrien Ltd.

     30,693       1,432,135  

Robertet SA(b)

     2,656       2,483,954  

Symrise AG

     16,955       1,875,587  
   

 

 

  
            10,003,990  
Commercial Services & Supplies — 0.4%            

Republic Services, Inc.

     11,663       2,546,033  
   

 

 

  

Consumer Staples Distribution & Retail — 1.4%

 

Costco Wholesale Corp.

     4,696       4,563,948  

Jeronimo Martins SGPS SA

     88,060       1,715,979  

Koninklijke Ahold Delhaize NV

     84,178       2,904,384  
   

 

 

  
      9,184,311  
Containers & Packaging — 3.6%            

Avery Dennison Corp.

     19,248       3,964,126  

Crown Holdings, Inc.

     23,268       2,142,750  

Graphic Packaging Holding Co.

     175,104       5,268,879  

Packaging Corp. of America

     15,335       3,816,115  

SIG Group AG

     87,073       1,726,218  

Silgan Holdings, Inc.

     37,497       2,157,202  

Smurfit WestRock PLC

     65,960       3,629,119  
   

 

 

  
      22,704,409  
Energy Equipment & Services — 1.0%            

ARC Resources Ltd.

     121,244       2,237,738  

Saipem SpA(a)

     571,650       1,475,306  

TechnipFMC PLC

     49,387       1,549,270  

Tenaris SA

     43,181       828,435  
   

 

 

  
      6,090,749  
Food Products — 1.7%            

Bunge Global SA

     14,397       1,291,987  

Danone SA

     37,638       2,574,430  

Kerry Group PLC, Class A

     26,199       2,534,393  

Salmar ASA

     28,947       1,507,428  

SunOpta, Inc.(a)

     232,253       1,799,961  

Tate & Lyle PLC

     86,058       807,048  
   

 

 

  
      10,515,247  
Ground Transportation — 0.6%            

Canadian Pacific Kansas City Ltd.

     18,939       1,450,538  

Union Pacific Corp.

     8,378       2,049,761  
   

 

 

  
      3,500,299  
Hotels, Restaurants & Leisure — 0.9%            

Compass Group PLC

     166,793       5,714,952  
   

 

 

  

Machinery — 1.2%

    

Ag Growth International, Inc.

     51,966       1,954,223  

Deere & Co.

     3,150       1,467,585  

John Bean Technologies Corp.

     8,644       1,089,317  

Marel HF

     200,974       927,948  

Rational AG

     2,099       1,965,868  
   

 

 

  
      7,404,941  
Metals & Mining — 19.5%            

Agnico Eagle Mines Ltd.

     110,060       9,296,593  

Alamos Gold, Inc., Class A

     142,162       2,674,581  
Security   Shares     Value  

Metals & Mining (continued)

    

Alcoa Corp.

     22,117     $ 1,026,892  

Allied Gold Corp.(a)

     261,209       636,208  

Anglo American Platinum Ltd.

     12,958       431,936  

Anglo American PLC

     89,560       2,875,975  

Anglogold Ashanti PLC(b)

     121,510       3,030,459  

ArcelorMittal SA

     42,275       1,062,873  

Artemis Gold, Inc.(a)

     54,008       559,734  

Aya Gold & Silver, Inc.(a)(b)

     58,764       547,745  

B2Gold Corp.

     230,512       665,991  

Barrick Gold Corp.

     358,198       6,264,883  

Bellevue Gold Ltd.(a)(b)

     1,155,146       968,805  

BHP Group Ltd.

     147,088       3,878,597  

Blackstone Minerals Ltd.(a)(b)

     1,005,888       19,027  

Capricorn Metals Ltd.(a)

     84,485       359,409  

Capstone Copper Corp.(a)

     124,610       853,993  

Centerra Gold, Inc.

     187,177       1,128,370  

Chalice Mining Ltd.(a)

     102,100       91,547  

Challenger Gold Ltd.(a)(b)

     1,752,860       50,950  

Champion Iron Ltd.

     214,348       805,843  

De Grey Mining Ltd.(a)

     1,189,829       1,186,325  

Develop Global Ltd.(a)(b)

     544,363       700,854  

Dundee Precious Metals, Inc.

     145,243       1,357,974  

Eldorado Gold Corp.(a)(b)

     70,296       1,124,736  

Emerald Resources NL(a)

     260,719       619,079  

Endeavour Mining PLC

     146,275       2,907,634  

ERO Copper Corp.(a)

     10,474       159,648  

FireFly Metals Ltd.(a)

     421,590       301,135  

First Quantum Minerals Ltd.(a)

     50,877       696,990  

Foran Mining Corp.(a)

     429,204       1,263,041  

Founders Metals, Inc.(a)

     230,890       651,416  

Franco-Nevada Corp.

     26,619       3,266,985  

Freeport-McMoRan, Inc.

     118,091       5,219,622  

Fresnillo PLC

     22,524       185,052  

Glencore PLC

     860,101       4,164,787  

Gold Fields Ltd., ADR

     80,154       1,161,431  

Grupo Mexico SAB de CV, Series B

     145,895       715,437  

Iluka Resources Ltd.

     52,352       191,550  

Ivanhoe Electric, Inc.(a)

     22,435       213,357  

Ivanhoe Mines Ltd., Class A(a)(b)

     144,804       1,965,127  

Kinross Gold Corp.

     697,760       6,777,998  

Lithium Royalty Corp.(a)(b)

     47,593       194,444  

Lundin Gold, Inc.

     100,285       2,312,203  

Lundin Mining Corp.

     146,144       1,429,029  

Lynas Rare Earths Ltd.(a)

     250,734       1,131,122  

MAG Silver Corp.(a)

     109,749       1,683,803  

Metals Acquisition Ltd. (Acquired 04/17/23, cost $744,770)(a)(c)

     83,477       1,060,158  

Newmont Corp.

     116,312       4,878,125  

NGEx Minerals Ltd.(a)

     35,836       318,673  

Nickel Industries Ltd.

     1,393,715       823,296  

Norsk Hydro ASA

     126,750       787,608  

Northern Star Resources Ltd.

     446,439       5,119,149  

Nucor Corp.

     10,799       1,670,497  

Osisko Gold Royalties Ltd.

     92,521       1,793,522  

Pan American Silver Corp.

     92,111          2,023,679  

Polyus PJSC(a)(d)

     46,252       4  

Predictive Discovery Ltd.(a)

     3,517,549       562,588  

Rio Tinto PLC

     87,348       5,491,823  

Robex Resources, Inc.(a)

     126,471       205,960  

Rupert Resources Ltd.(a)(b)

     86,544       252,514  

Rupert Resources Ltd. (Acquired 02/24/23, cost $315,608)(a)(c)

     91,372       266,601  
 

 

 

4  

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Consolidated Schedule of Investments (unaudited) (continued)

November 30, 2024

   

BlackRock Commodity Strategies Fund

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

  

Metals & Mining (continued)

    

Sigma Lithium Corp.(a)(b)

     75,719     $ 1,038,395  

Skeena Resources Ltd.(a)(b)

     142,317       1,321,468  

Sociedad Minera Cerro Verde SAA

     17,428       711,062  

Solaris Resources, Inc.(a)

     70,948       225,505  

Solaris Resources, Inc.(a)

     39,000       123,960  

Southern Copper Corp.

     8,130       815,846  

Steel Dynamics, Inc.

     7,413       1,076,887  

Teck Resources Ltd., Class B

     57,452       2,682,092  

Titan Mining Corp.(a)

     83,105       13,652  

Titan Mining Corp.(a)

     20,773       3,413  

Torex Gold Resources, Inc.(a)

     95,426       2,012,735  

Vale SA, ADR

     203,162       2,003,177  

Wheaton Precious Metals Corp.

     122,989       7,662,820  
   

 

 

  
       123,756,399  
Oil, Gas & Consumable Fuels — 13.5%            

Cameco Corp.

     25,971       1,543,976  

Cameco Corp. (CAD)

     26,000       1,546,016  

Canadian Natural Resources Ltd.

     96,250       3,257,259  

Cheniere Energy, Inc.

     16,146       3,616,865  

Chevron Corp.

     21,686       3,511,614  

ConocoPhillips

     46,180       5,003,141  

Diamondback Energy, Inc.

     12,359       2,194,835  

Eni SpA

     134,850       1,908,017  

EOG Resources, Inc.

     28,100       3,744,606  

Exxon Mobil Corp.

     158,085       18,647,707  

Gazprom PJSC(a)(d)

     712,200       67  

Gaztransport Et Technigaz SA

     6,338       922,844  

Hess Corp.

     18,621       2,740,639  

Keyera Corp.

     44,200       1,471,492  

Kosmos Energy Ltd.(a)

     83,931       330,688  

Marathon Petroleum Corp.

     17,143       2,676,879  

Pembina Pipeline Corp.

     71,451       2,962,049  

Permian Resources Corp., Class A

     125,302       1,962,229  

Shell PLC

     286,786       9,216,464  

South Bow Corp.(a)

     6,813       177,618  

Targa Resources Corp.

     19,511       3,986,097  

TC Energy Corp.

     33,417       1,634,033  

TotalEnergies SE

     100,782       5,857,470  

Tourmaline Oil Corp.

     50,673       2,389,871  

Williams Cos., Inc. (The)

     75,714       4,430,783  
   

 

 

  
      85,733,259  
Personal Care Products — 0.3%            

Jamieson Wellness, Inc.(e)

     74,673       1,932,362  
   

 

 

  

Pharmaceuticals — 1.5%

    

Eli Lilly & Co.

     5,029       3,999,815  

Novo Nordisk A/S, Class B

     27,056       2,899,587  

Zoetis, Inc., Class A

     15,978       2,800,145  
   

 

 

  
      9,699,547  
Professional Services — 0.7%            

SGS SA, Registered Shares

     43,358       4,306,919  
   

 

 

  

Trading Companies & Distributors — 0.3%

    

Beijer Ref AB, Class B

     114,358       1,804,206  
   

 

 

  

Total Common Stocks — 48.7%
(Cost: $234,347,966)

 

     308,353,930  
   

 

 

  
Security   Shares     Value  

 

  

Rights

    

Metals & Mining — 0.0%

    

Blackstone Minerals Ltd., CVR(a)

     251,472     $ 2  

Kincross Gold Corp., CVR(a)

     11,812       4,252  
   

 

 

  
      4,254  
   

 

 

  

Total Rights — 0.0%
(Cost: $ —)

 

     4,254  
   

 

 

  

Warrants(a)

    

Capital Markets — 0.0%

    

Agronomics Ltd. (Issued/Exercisable 12/03/21, 1 Share for 1 Warrant, Expires 12/08/24, Strike Price GBP 0.30)

     3,909,350       50  
   

 

 

  

Metals & Mining — 0.0%

    

Robex Resources, Inc. (Issued/Exercisable 06/19/24, 1 Share for 1 Warrant, Expires 06/17/26, Strike Price CAD 2.55)

     124,394       26,655  
   

 

 

  

Total Warrants — 0.0%
(Cost: $2)

 

     26,705  
   

 

 

  

Total Long-Term Investments — 48.7%
(Cost: $234,347,968)

 

      308,384,889  
   

 

 

  

Short-Term Securities

    

Money Market Funds — 2.4%

    

BlackRock Cash Funds: Institutional, SL Agency Shares, 4.79%(f)(g)(h)

     7,590,662       7,594,457  

BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.53%(f)(g)

     7,744,007       7,744,007  
   

 

 

  
      15,338,464  
   

 

 

  

 

         

Par

(000)

        

 

  

U.S. Treasury Obligations(i) — 48.9%

      

U.S. Treasury Bills, 4.44%, 02/27/25

     USD       313,000       309,685,005  
     

 

 

  

Total Short-Term Securities — 51.3%
(Cost: $324,978,655)

 

     325,023,469  
     

 

 

  

Total Investments — 100.0%
(Cost: $559,326,623)

 

     633,408,358  

Liabilities in Excess of Other Assets — (0.0)%

 

     (109,489 ) 
     

 

 

  

Net Assets — 100.0%

 

   $  633,298,869  
     

 

 

  

 

(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 $1,326,759, representing 0.2% of its net assets as of period end, and an original cost of $1,060,378.

(d) 

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

(e) 

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.

(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.

(i) 

Rates are discount rates or a range of discount rates as of period end.

 

 

 

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

   5

Consolidated Schedule of Investments (unaudited) (continued)

November 30, 2024

   

BlackRock Commodity Strategies Fund

 

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

   $  6,348,465      $  1,245,065 (a)    $ —      $ 164      $ 763      $ 7,594,457        7,590,662        $ 95,465 (b)    $ —  

BlackRock Liquidity Funds, T-Fund, Institutional Shares

     3,589,797        4,154,210 (a)      —        —        —        7,744,007        7,744,007        196,130       —  
         

 

 

     

 

 

     

 

 

        

 

 

    

 

 

  
          $ 164      $ 763      $  15,338,464         $  291,595     $ —  
         

 

 

     

 

 

     

 

 

        

 

 

    

 

 

  

 

  (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.

 

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

OTC Total Return Swaps

 

Paid by the Fund

   

Received by the Fund

      

 

   

Termination

Date

     

Notional
Amount

(000)

        

 

    

Upfront

Premium

Paid

(Received)

     

Unrealized

Appreciation

(Depreciation)

  
Rate   Frequency    Reference         Frequency    Counterparty    Value  

3-month U.S. Treasury Bill, 4.39%(a)

   At Termination    BCOMRAGT      At Termination   

Macquarie Bank Ltd.

      12/02/24      USD 3,155      $  (506,782 )    $ —       $ (506,782 ) 

3-month U.S. Treasury Bill, 4.39%(a)

   At Termination    BCOMRINT      At Termination   

Goldman Sachs International

      01/03/25      USD 630        23,178       —        23,178  

3-month U.S. Treasury Bill, 4.39%(a)

   At Termination    BCOMRAGT      At Termination   

Merrill Lynch International

      01/03/25      USD 2,290        (248,177 )      —        (248,177 ) 

3-month U.S. Treasury Bill, 4.39%(a)

   At Termination    BCOMRAGT         At Termination   

Merrill Lynch International

      01/17/25      USD 8,407        (659,422 )      —        (659,422 ) 

3-month U.S. Treasury Bill, 4.39%(a)

   At Termination    BCOMRINT      At Termination   

Goldman Sachs International

      01/24/25      USD 536        23,105       —        23,105  

3-month U.S. Treasury Bill, 4.39%(a)

   At Termination    BCOMRENT      At Termination   

JPMorgan Chase Bank N.A.

      01/24/25      USD 244        (19,040 )      —        (19,040 ) 

3-month U.S. Treasury Bill, 4.39%(a)

   At Termination    BCOMRAGT      At Termination   

Merrill Lynch International

      01/24/25      USD 1,363        (147,533 )      —        (147,533 ) 

3-month U.S. Treasury Bill, 4.39%(a)

   At Termination    BCOMRENT      At Termination   

JPMorgan Chase Bank N.A.

      01/31/25      USD 312        (22,577 )      —        (22,577 ) 

3-month U.S. Treasury Bill, 4.39%(a)

   At Termination    BCOMRINT      At Termination   

Macquarie Bank Ltd.

      01/31/25      USD 5,671        253,655       —        253,655  

3-month U.S. Treasury Bill, 4.39%(a)

   At Termination    BCOMRLIT      At Termination   

Societe Generale SA

      01/31/25      USD 242        19,604       —        19,604  

3-month U.S. Treasury Bill, 4.39%(a)

   At Termination    BCOMRAGT      At Termination   

Macquarie Bank Ltd.

      02/26/25      USD  13,375        (145,360 )      —        (145,360 ) 

 

 

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

Consolidated Schedule of Investments (unaudited) (continued)

November 30, 2024

   

BlackRock Commodity Strategies Fund

 

OTC Total Return Swaps (continued)

 

   

Paid by the Fund

   

Received by the Fund

       

 

  

Termination

Date

  

Notional
Amount

(000)

       

 

    

Upfront

Premium

Paid

(Received)

    

Unrealized

Appreciation

(Depreciation)

      

 

    Rate   Frequency    Reference   Frequency     Counterparty   Value  

 

  

3-month U.S. Treasury Bill, 4.39%(a)

   At Termination    BCOMRINT     At Termination    

Goldman Sachs International

   02/28/25   USD 19,118     $ (234,642 )    $ —      $ (234,642 )     
 

3-month U.S. Treasury Bill, 4.39%(a)

   At Termination    BCOMRAGT     At Termination    

Merrill Lynch International

   03/14/25   USD 9,412       65,242       —       65,242    
 

3-month U.S. Treasury Bill, 4.39%(a)

   At Termination    BCOMRLIT     At Termination    

Goldman Sachs International

   03/21/25   USD 29       1,833       —       1,833    
 

3-month U.S. Treasury Bill, 4.39%(a)

   At Termination    BCOMRENT     At Termination    

JPMorgan Chase Bank N.A.

   03/21/25   USD 145       (3,288 )      —       (3,288 )   
 

3-month U.S. Treasury Bill, 4.39%(a)

   At Termination    BCOMRAGT     At Termination    

Macquarie Bank Ltd.

   03/21/25   USD 136       (2,700 )      —       (2,700 )   
 

3-month U.S. Treasury Bill, 4.39%(a)

   At Termination    BCOMRINT     At Termination    

Macquarie Bank Ltd.

   03/21/25   USD 62       (716 )      —       (716 )   
 

3-month U.S. Treasury Bill, 4.39%(a)

   At Termination    BCOMRAGT     At Termination    

Merrill Lynch International

   04/01/25   USD 15,100       (617,047 )      —       (617,047 )   
 

3-month U.S. Treasury Bill, 4.39%(a)

   At Termination    BCOMRENT     At Termination    

Goldman Sachs International

   04/03/25   USD 2,641       (174,922 )      —       (174,922 )   
 

3-month U.S. Treasury Bill, 4.39%(a)

   At Termination    BCOMRINT     At Termination    

Goldman Sachs International

   04/03/25   USD 16,654       (1,050,532 )      —       (1,050,532 )   
 

3-month U.S. Treasury Bill, 4.39%(a)

   At Termination    BCOMRENT     At Termination    

Goldman Sachs International

   04/30/25   USD 1,962       30,001       —       30,001    
 

3-month U.S. Treasury Bill, 4.39%(a)

   At Termination    BCOMRLIT     At Termination    

Merrill Lynch International

   05/02/25   USD 332       6,786       —       6,786    
 

3-month U.S. Treasury Bill, 4.39%(a)

   At Termination    BCOMRLIT     At Termination    

Merrill Lynch International

   06/10/25   USD 1,095       121,830       —       121,830    
 

3-month U.S. Treasury Bill, 4.39%(a)

   At Termination    BCOMRAGT     At Termination    

Merrill Lynch International

   06/10/25   USD 855       21,731       —       21,731    
 

3-month U.S. Treasury Bill, 4.39%(a)

   At Termination    BCOMRINT     At Termination    

Macquarie Bank Ltd.

   06/30/25   USD 66       (3,849 )      —       (3,849 )   
 

3-month U.S. Treasury Bill, 4.39%(a)

   At Termination    BCOMRINT     At Termination    

Goldman Sachs International

   07/01/25   USD 5,806       (404,560 )      —       (404,560 )   
 

3-month U.S. Treasury Bill, 4.39%(a)

   At Termination    BCOMRAGT     At Termination    

Societe Generale SA

   07/01/25   USD 14,753       (599,672 )      —       (599,672 )   
 

3-month U.S. Treasury Bill, 4.39%(a)

   At Termination    BCOMRPRT     At Termination    

Societe Generale SA

   07/01/25   USD 7,687       (122,444 )      —       (122,444 )   
 

3-month U.S. Treasury Bill, 4.39%(a)

   At Termination    BCOMRENT     At Termination    

JPMorgan Chase Bank N.A.

   07/21/25   USD 62,821       378,330       —       378,330    
 

3-month U.S. Treasury Bill, 4.39%(a)

   At Termination    BCOMRLIT     At Termination    

Societe Generale SA

   07/21/25   USD 10,286       387,816       —       387,816    
 

3-month U.S. Treasury Bill, 4.39%(a)

   At Termination    BCOMRPRT     At Termination    

Societe Generale SA

   07/21/25   USD  69,173       (3,307,983 )      —       (3,307,983 )   

 

 

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

   7

Consolidated Schedule of Investments (unaudited) (continued)

November 30, 2024

   

BlackRock Commodity Strategies Fund

 

OTC Total Return Swaps (continued)

 

Paid by the Fund

   

Received by the Fund

        

 

   

Termination

Date

   

Notional
Amount

(000)

        

 

    

Upfront

Premium

Paid

(Received)

     

Unrealized

Appreciation

(Depreciation)

  
Rate   Frequency    Reference    Frequency      Counterparty    Value  

3-month U.S. Treasury Bill, 4.39%(a)

   At Termination    BCOMRENT      At Termination     

Goldman Sachs International

    07/31/25    USD 655      $ 13,348     $ —       $ 13,348  

3-month U.S. Treasury Bill, 4.39%(a)

   At Termination    BCOMRINT      At Termination     

Goldman Sachs International

    07/31/25    USD 2,070        (37,475 )      —        (37,475 ) 

3-month U.S. Treasury Bill, 4.39%(a)

   At Termination    BCOMRAGT       At Termination     

Merrill Lynch International

    07/31/25    USD 3,239        30,760       —        30,760  

3-month U.S. Treasury Bill, 4.39%(a)

   At Termination    BCOMRENT      At Termination     

JPMorgan Chase Bank N.A.

    09/02/25    USD 1,843        (53,185 )      —        (53,185 ) 

3-month U.S. Treasury Bill, 4.39%(a)

   At Termination    BCOMRLIT      At Termination     

Merrill Lynch International

    09/03/25    USD 2,037        163,505       —        163,505  

3-month U.S. Treasury Bill, 4.39%(a)

   At Termination    BCOMRAGT      At Termination     

Merrill Lynch International

    09/30/25    USD 166        (6,141 )      —        (6,141 ) 

3-month U.S. Treasury Bill, 4.39%(a)

   At Termination    BCOMRPRT      At Termination     

Goldman Sachs International

    10/14/25    USD 5,087        (65,379 )      —        (65,379 ) 

3-month U.S. Treasury Bill, 4.39%(a)

   At Termination    BCOMRENT      At Termination     

JPMorgan Chase Bank N.A.

    10/14/25    USD 15,464        (874,170 )      —        (874,170 ) 

3-month U.S. Treasury Bill, 4.39%(a)

   At Termination    BCOMRINT      At Termination     

Goldman Sachs International

    10/29/25    USD 428        (12,823 )      —        (12,823 ) 

3-month U.S. Treasury Bill, 4.39%(a)

   At Termination    BCOMRENT      At Termination     

Goldman Sachs International

    10/29/25    USD 687        21,437       —        21,437  

3-month U.S. Treasury Bill, 4.39%(a)

   At Termination    BCOMRAGT      At Termination     

Merrill Lynch International

    10/29/25    USD 573        12,638       —        12,638  

3-month U.S. Treasury Bill, 4.39%(a)

   At Termination    BCOMRPRT      At Termination     

Societe Generale SA

    10/29/25    USD 819        (49,789 )      —        (49,789 ) 

3-month U.S. Treasury Bill, 4.39%(a)

   At Termination    BCOMRLIT      At Termination     

Societe Generale SA

    10/29/25    USD 120        1,970       —        1,970  

3-month U.S. Treasury Bill, 4.39%(a)

   At Termination    BCOMRENT      At Termination     

JPMorgan Chase Bank N.A.

    10/31/25    USD 3,478        72,660       —        72,660  

3-month U.S. Treasury Bill, 4.39%(a)

   At Termination    BCOMRAGT      At Termination     

Merrill Lynch International

    10/31/25    USD 9,561        95,778       —        95,778  

3-month U.S. Treasury Bill, 4.39%(a)

   At Termination    BCOMRLIT      At Termination     

Societe Generale SA

    10/31/25    USD 1,982        33,471       —        33,471  
                   

 

 

    

 

 

     

 

 

  
                    $  (7,591,530 )    $ —      $ (7,591,530 ) 
                   

 

 

    

 

 

     

 

 

  

 

  (a) 

All or a portion of the security is held by a wholly-owned subsidiary. See Note 1 of the Notes to Consolidated Financial Statements for details on the wholly-owned subsidiary.

 

Balances Reported in the Consolidated Statement of Assets and Liabilities for OTC Swaps

 

         
    

Swap

Premiums

Paid

     

Swap

Premiums

Received

     

Unrealized

Appreciation

     

Unrealized

Depreciation

  

OTC Swaps

   $ —      $ —      $ 1,778,678      $  (9,370,208 ) 

 

 

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

Consolidated Schedule of Investments (unaudited) (continued)

November 30, 2024

   

BlackRock Commodity Strategies Fund

 

Derivative Financial Instruments Categorized by Risk Exposure

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

 

               
    

Commodity

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

   $ 1,778,678      $ —      $ —      $ —      $ —      $ —      $ 1,778,678  
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Liabilities — Derivative Financial Instruments

                    

Swaps — OTC

                    

Unrealized depreciation on OTC swaps;

                    

Swap premiums received

   $  9,370,208      $ —      $ —      $ —      $ —      $ —      $  9,370,208  
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

For the period ended November 30, 2024, the effect of derivative financial instruments in the Consolidated 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:

                   

Swaps

   $ (265,149 )    $ —      $ —      $ —      $ —      $ —      $ (265,149 ) 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Net Change in Unrealized Appreciation (Depreciation) on:

                   

Swaps

   $  (10,546,710 )    $ —      $ —      $ —      $ —      $ —      $  (10,546,710 ) 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

   

Total return swaps

  

Average notional amount

   $ 323,862,263  

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

Derivative Financial Instruments – Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

 

     
     Assets     Liabilities  

Derivative Financial Instruments

    

Swaps — OTC(a)

   $ 1,778,678     $ 9,370,208  
 

 

 

    

 

 

  

Total derivative assets and liabilities in the Consolidated Statement of Assets and Liabilities

   $ 1,778,678     $ 9,370,208  
 

 

 

    

 

 

  

Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)

     —       —  
 

 

 

    

 

 

  

Total derivative assets and liabilities subject to an MNA

   $  1,778,678      $  9,370,208  
 

 

 

    

 

 

  

 

  (a) 

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

 

 

 

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

   9

Consolidated Schedule of Investments (unaudited) (continued)

November 30, 2024

   

BlackRock Commodity Strategies Fund

 

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)

  

Goldman Sachs International(d)

   $ 112,902     $ (112,902 )    $ —     $ —     $ —  

JPMorgan Chase Bank N.A(d)

     450,990       (450,990 )      —       —       —  

Macquarie Bank Ltd.(d)

     253,655       (253,655 )      —       —       —  

Merrill Lynch International(d)

     518,270       (518,270 )      —       —       —  

Societe Generale SA(d)

     442,861       (442,861 )      —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  $ 1,778,678      $  (1,778,678 )     $ —      $ —      $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
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(e)

  

Goldman Sachs International(d)

   $ 1,980,333     $ (112,902 )    $ —     $ (1,630,000 )    $ 237,431  

JPMorgan Chase Bank N.A.(d)

     972,260       (450,990 )      —       (521,270 )      —  

Macquarie Bank Ltd.(d)

     659,407       (253,655 )      —       —       405,752  

Merrill Lynch International(d)

     1,678,320       (518,270 )      —       (1,010,000 )      150,050  

Societe Generale SA(d)

     4,079,888       (442,861 )      —       (3,637,027 )      —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  $ 9,370,208     $ (1,778,678 )    $ —     $  (6,798,297 )    $ 793,233  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

  (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) 

Represents derivatives owned by the BlackRock Cayman Commodity Strategies Fund, Ltd., a wholly-owed subsidiary of the Fund. See Note 1 of the Notes to Consolidated Financial Statements.

 
  (e) 

Net amount represents the net amount payable due to the counterparty in the event of default.

 

Fair Value Hierarchy as of Period End

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

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

 

 

  
    Level 1      Level 2     Level 3      Total  

 

  

Assets

                                              

Investments

          

Long-Term Investments

          

Common Stocks

          

Broadline Retail

   $  3,304,974      $ —     $ —      $ 3,304,974  

Capital Markets

     151,333        —       —        151,333  

Chemicals

     5,250,051        4,753,939       —        10,003,990  

Commercial Services & Supplies

     2,546,033        —       —        2,546,033  

Consumer Staples Distribution & Retail

     9,184,311        —       —        9,184,311  

Containers & Packaging

      20,978,191        1,726,218       —        22,704,409  

Energy Equipment & Services

     3,787,008        2,303,741       —        6,090,749  

Food Products

     3,898,996        6,616,251       —        10,515,247  

Ground Transportation

     3,500,299        —       —        3,500,299  

Hotels, Restaurants & Leisure

     —        5,714,952       —        5,714,952  

Machinery

     4,511,125        2,893,816       —        7,404,941  

Metals & Mining

     89,541,871         34,214,524        4         123,756,399   

Oil, Gas & Consumable Fuels

     67,828,397        17,904,795       67        85,733,259  

Personal Care Products

     1,932,362        —       —        1,932,362  

Pharmaceuticals

     6,799,960        2,899,587       —        9,699,547  

Professional Services

     —        4,306,919       —        4,306,919  

Trading Companies & Distributors

     —        1,804,206       —        1,804,206  

 

 

10  

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Consolidated Schedule of Investments (unaudited) (continued)

November 30, 2024

   

BlackRock Commodity Strategies Fund

 

Fair Value Hierarchy as of Period End (continued)

 

 

  
    Level 1     Level 2     Level 3     Total  

 

  

Rights

   $ —     $ 4,254     $ —     $ 4,254  

Warrants

                                            

Capital Markets

     —       50       —       50  

Metals & Mining

     26,655       —       —       26,655  

Short-Term Securities

        

Money Market Funds

     15,338,464       —       —       15,338,464  

U.S. Treasury Obligations

     —       309,685,005       —       309,685,005  
 

 

 

    

 

 

    

 

 

    

 

 

  
  $  238,580,030      $  394,828,257       $ 71      $  633,408,358  
 

 

 

    

 

 

    

 

 

    

 

 

  

Derivative Financial Instruments(a)

        

Assets

        

Commodity Contracts

   $ —     $ 1,778,678     $ —     $ 1,778,678  

Liabilities

        

Commodity Contracts

     —       (9,370,208 )      —       (9,370,208 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
  $ —     $ (7,591,530 )    $ —     $ (7,591,530 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

 

  (a) 

Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument.

 

See notes to consolidated financial statements.

 

 

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

   11

Consolidated Statement of Assets and Liabilities (unaudited)

November 30, 2024

 

    

BlackRock

Commodity

Strategies

Fund

  

ASSETS

  

Investments, at value — unaffiliated(a)(b)

   $ 618,069,894  

Investments, at value — affiliated(c)

     15,338,464  

Cash

     8,776,625  

Cash pledged:

  

Collateral — OTC derivatives

     7,840,000  

Foreign currency, at value(d)

     21,841  

Receivables:

  

Investments sold

     308,730,890  

Securities lending income — affiliated

     21,091  

Swaps

     45,723  

Capital shares sold

     664,446  

Dividends — unaffiliated

     672,628  

Dividends — affiliated

     41,494  

From the Manager

     18,854  

Unrealized appreciation on OTC swaps

     1,778,678  

Prepaid expenses

     56,195  
 

 

 

  

Total assets

     962,076,823  
 

 

 

  

LIABILITIES

  

Cash received:

  

Collateral — OTC derivatives

     290,000  

Collateral on securities loaned

     7,595,256  

Payables:

  

Investments purchased

     310,074,960  

Administration fees

     21,962  

Capital shares redeemed

     692,314  

Deferred foreign capital gain tax

     20,220  

Investment advisory fees

     292,408  

Trustees’ and Officer’s fees

     2,495  

Other accrued expenses

     376,314  

Other affiliate fees

     2,418  

Professional fees

     9,696  

Service and distribution fees

     29,703  

Unrealized depreciation on OTC swaps

     9,370,208  
 

 

 

  

Total liabilities

     328,777,954  
 

 

 

  

Commitments and contingent liabilities

  

NET ASSETS

   $ 633,298,869  
 

 

 

  

NET ASSETS CONSIST OF:

  

Paid-in capital

   $ 775,224,180  

Accumulated loss

     (141,925,311 ) 
 

 

 

  

NET ASSETS

   $ 633,298,869  
 

 

 

  

(a)  Investments, at cost — unaffiliated

   $ 543,988,813  

(b)  Securities loaned, at value

   $ 7,210,902  

(c)  Investments, at cost — affiliated

   $ 15,337,810  

(d)  Foreign currency, at cost

   $ 22,510  

 

 

 

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

Consolidated Statement of Assets and Liabilities (unaudited) (continued)

November 30, 2024

 

    

BlackRock

Commodity

Strategies
Fund

  

NET ASSET VALUE

  

Institutional

  

Net assets

   $ 427,196,538    
 

 

 

  

Shares outstanding

     48,786,426  
 

 

 

  

Net asset value

   $ 8.76  
 

 

 

  

Shares authorized

     Unlimited  
 

 

 

  

Par value

   $ 0.001  
 

 

 

  

Investor A

  

Net assets

   $ 83,943,084  
 

 

 

  

Shares outstanding

     9,690,707  
 

 

 

  

Net asset value

   $ 8.66  
 

 

 

  

Shares authorized

     Unlimited  
 

 

 

  

Par value

   $ 0.001  
 

 

 

  

Investor C

  

Net assets

   $ 14,933,706  
 

 

 

  

Shares outstanding

     1,815,006  
 

 

 

  

Net asset value

   $ 8.23  
 

 

 

  

Shares authorized

     Unlimited  
 

 

 

  

Par value

   $ 0.001  
 

 

 

  

Class K

  

Net assets

   $ 107,225,541  
 

 

 

  

Shares outstanding

     12,236,071  
 

 

 

  

Net asset value

   $ 8.76  
 

 

 

  

Shares authorized

     Unlimited  
 

 

 

  

Par value

   $ 0.001  
 

 

 

  

See notes to consolidated financial statements.

 

 

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

   13

Consolidated Statement of Operations (unaudited)

Six Months Ended November 30, 2024

 

    

BlackRock

Commodity

Strategies

Fund

  

INVESTMENT INCOME

  

Dividends — unaffiliated

   $ 3,728,686  

Dividends — affiliated

     196,130  

Interest — unaffiliated

     7,766,725   

Securities lending income — affiliated — net

     95,465  

Foreign taxes withheld

     (189,053 ) 

Foreign withholding tax claims

     126,406  
 

 

 

  

Total investment income

     11,724,359  
 

 

 

  

EXPENSES

  

Investment advisory

     2,016,178  

Transfer agent — class specific

     277,660  

Service and distribution — class specific

     186,769  

Administration

     136,343  

Professional

     81,542  

Administration — class specific

     65,074  

Registration

     43,763  

Accounting services

     36,017  

Custodian

     32,878  

Printing and postage

     22,795  

Trustees and Officer

     5,501  

Miscellaneous

     21,328  
 

 

 

  

Total expenses excluding interest expense

     2,925,848  

Interest expense

     1,454  
 

 

 

  

Total expenses

     2,927,302  
 

 

 

  

Less:

  

Administration fees waived by the Manager — class specific

     (65,074 ) 

Fees waived and/or reimbursed by the Manager

     (204,864 ) 

Transfer agent fees waived and/or reimbursed by the Manager — class specific

     (141,249 ) 
 

 

 

  

Total expenses after fees waived and/or reimbursed

     2,516,115  
 

 

 

  

Net investment income

     9,208,244  
 

 

 

  

REALIZED AND UNREALIZED GAIN (LOSS)

  

Net realized gain (loss) from:

  

Investments — unaffiliated(a)

     21,796,366  

Investments — affiliated

     164  

Foreign currency transactions

     (61,452 ) 

Swaps

     (265,149 ) 
 

 

 

  
  $ 21,469,929  
 

 

 

  

Net change in unrealized appreciation (depreciation) on:

  

Investments — unaffiliated(b)

     (19,259,325 ) 

Investments — affiliated

     763  

Foreign currency translations

     1,686  

Swaps

     (10,546,710 ) 
 

 

 

  
    (29,803,586 ) 
 

 

 

  

Net realized and unrealized loss

     (8,333,657 ) 
 

 

 

  

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

   $ 874,587  
 

 

 

  

(a) Net of foreign capital gain tax of

     $(2,180 ) 

(b) Net of decrease in deferred foreign capital gain tax of

     1,968  

See notes to consolidated 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

Consolidated Statements of Changes in Net Assets

 

    BlackRock Commodity Strategies
Fund		  
    

Six Months

Ended

11/30/24

 

(unaudited)

    

Year Ended

05/31/24

  

INCREASE (DECREASE) IN NET ASSETS

    

OPERATIONS

    

Net investment income

   $ 9,208,244     $ 28,148,890  

Net realized gain (loss)

     21,469,929       (42,586,702 ) 

Net change in unrealized appreciation (depreciation)

     (29,803,586 )      112,403,648  
 

 

 

    

 

 

  

Net increase in net assets resulting from operations

     874,587       97,965,836  
 

 

 

    

 

 

  

DISTRIBUTIONS TO SHAREHOLDERS(a)

    

Institutional

     (6,512,859 )      (63,779,042 ) 

Investor A

     (1,216,689 )      (9,950,222 ) 

Investor C

     (175,145 )      (2,042,128 ) 

Class K

     (1,563,271 )      (11,873,753 ) 
 

 

 

    

 

 

  

Decrease in net assets resulting from distributions to shareholders

     (9,467,964 )      (87,645,145 ) 
 

 

 

    

 

 

  

CAPITAL SHARE TRANSACTIONS

    

Net decrease in net assets derived from capital share transactions

     (38,186,499 )      (456,087,656 ) 
 

 

 

    

 

 

  

NET ASSETS

    

Total decrease in net assets

     (46,779,876 )      (445,766,965 ) 

Beginning of period

     680,078,745       1,125,845,710  
 

 

 

    

 

 

  

End of period

   $   633,298,869     $ 680,078,745  
 

 

 

    

 

 

  

 

(a) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to consolidated financial statements.

 

 

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

   15

Consolidated Financial Highlights

(For a share outstanding throughout each period)

 

    BlackRock Commodity Strategies 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

08/01/19

to 05/31/20

    

Year Ended

07/31/19

  
               

Net asset value, beginning of period

   $ 8.86     $ 8.62      $ 11.33      $ 9.22     $ 6.33      $ 7.18     $ 7.82  
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Net investment income(a)

     0.13       0.28        0.22        0.09       0.07        0.09       0.14 (b) 

Net realized and unrealized gain (loss)

     (0.10 )      0.73        (2.08 )       2.27       2.88        (0.79 )      (0.64 ) 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Net increase (decrease) from investment operations

     0.03       1.01        (1.86 )       2.36       2.95        (0.70 )      (0.50 ) 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Distributions from net investment income(c)

     (0.13 )      (0.77 )       (0.85 )       (0.25 )      (0.06 )       (0.15 )      (0.14 ) 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Net asset value, end of period

   $ 8.76     $ 8.86      $ 8.62      $ 11.33     $ 9.22      $ 6.33     $ 7.18  
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Total Return(d)

                 

Based on net asset value

     0.32 %(e)      12.30 %       (16.46 )%       26.31 %      46.93 %       (9.96 )%(e)      (6.34 )% 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Ratios to Average Net Assets(f)

                 

Total expenses

     0.85 %(g)      0.87 %       0.83 %       0.82 %      0.90 %       1.04 %(g)      1.01 % 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed

     0.72 %(g)      0.72 %       0.72 %       0.72 %      0.72 %       0.72 %(g)      0.72 % 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Net investment income

     2.88 %(g)      3.35 %       2.37 %       0.95 %      0.90 %       1.61 %(g)      1.90 %(b) 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Supplemental Data

                 

Net assets, end of period (000)

   $ 427,197     $ 463,551      $ 837,334      $  2,061,348     $ 862,528      $ 104,275     $ 145,239  
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Portfolio turnover rate

     37 %      53 %       78 %       91 %(h)      58 %       72 %      76 % 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

 

(a) 

Based on average shares outstanding.

(b) 

Net investment income per share and the ratio of net investment income to average net assets includes $0.01 per share and 0.13%, respectively, resulting from a special dividend.

(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) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(g) 

Annualized.

(h) 

Portfolio turnover rate excludes in-kind transactions.

See notes to consolidated 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

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock Commodity Strategies 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

08/01/19

to 05/31/20

    

Year Ended

07/31/19

  
               

Net asset value, beginning of period

   $ 8.77     $ 8.53      $ 11.23      $ 9.14     $ 6.28      $ 7.12     $ 7.74  
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Net investment income(a)

     0.11       0.26        0.20        0.07       0.05        0.08       0.12 (b) 

Net realized and unrealized gain (loss)

     (0.10 )      0.73        (2.07 )       2.25       2.86        (0.79 )      (0.63 ) 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Net increase (decrease) from investment operations

     0.01       0.99        (1.87 )       2.32       2.91        (0.71 )      (0.51 ) 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Distributions from net investment income(c)

     (0.12 )      (0.75 )       (0.83 )       (0.23 )      (0.05 )       (0.13 )      (0.11 ) 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Net asset value, end of period

   $ 8.66     $ 8.77      $ 8.53      $ 11.23     $ 9.14      $ 6.28     $ 7.12  
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Total Return(d)

                 

Based on net asset value

     0.10 %(e)      12.12 %       (16.76 )%       26.06 %      46.53 %       (10.18 )%(e)      (6.50 )% 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Ratios to Average Net Assets(f)

                 

Total expenses

     1.13 %(g)      1.12 %       1.07 %       1.13 %      1.18 %       1.40 %(g)      1.38 % 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed

     0.97 %(g)      0.97 %       0.97 %       0.97 %      0.97 %       0.97 %(g)      0.97 % 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Net investment income

     2.63 %(g)      3.10 %       2.15 %       0.68 %      0.62 %       1.38 %(g)      1.68 %(b) 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Supplemental Data

                 

Net assets, end of period (000)

   $ 83,943     $ 92,118      $ 120,674      $ 236,887     $ 127,923      $ 23,628     $ 33,853  
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Portfolio turnover rate

     37 %      53 %       78 %       91 %(h)      58 %       72 %      76 % 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

 

(a) 

Based on average shares outstanding.

(b) 

Net investment income per share and the ratio of net investment income to average net assets includes $0.01 per share and 0.13%, respectively, resulting from a special dividend.

(c) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(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) 

Portfolio turnover rate excludes in-kind transactions.

See notes to consolidated financial statements.

 

 

C O N S O L I D A T E D  F I N A N C I A L  H I G H L I G H T S

   17

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock Commodity Strategies 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

08/01/19

to 05/31/20

    

Year Ended

07/31/19

  
                 

Net asset value, beginning of period

     $ 8.34     $ 8.13      $ 10.75      $ 8.78     $ 6.04      $ 6.84     $ 7.45  
   

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Net investment income (loss)(a)

       0.08       0.19        0.13        (0.00 )(b)      (0.01 )       0.03       0.06 (c) 

Net realized and unrealized gain (loss)

       (0.10 )      0.69        (1.98 )       2.15       2.75        (0.76 )      (0.60 ) 
   

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Net increase (decrease) from investment operations

       (0.02 )      0.88        (1.85 )       2.15       2.74        (0.73 )      (0.54 ) 
   

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Distributions from net investment income(d)

       (0.09 )      (0.67 )       (0.77 )       (0.18 )      (0.00 )(b)       (0.07 )      (0.07 ) 
   

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Net asset value, end of period

     $ 8.23     $ 8.34      $ 8.13      $ 10.75     $ 8.78      $ 6.04     $ 6.84  
   

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Total Return(e)

                   

Based on net asset value

       (0.23 )%(f)      11.29 %       (17.34 )%       25.06 %      45.48 %       (10.80 )%(f)      (7.19 )% 
   

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Ratios to Average Net Assets(g)

                   

Total expenses

       1.87 %(h)      1.86 %       1.80 %       1.81 %      1.96 %       2.07 %(h)      2.11 % 
   

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed

       1.72 %(h)      1.72 %       1.72 %       1.72 %      1.72 %       1.72 %(h)      1.72 % 
   

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Net investment income (loss)

       1.89 %(h)      2.34 %       1.49 %       (0.04 )%      (0.15 )%       0.63 %(h)      0.92 %(c) 
   

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Supplemental Data

                   

Net assets, end of period (000)

     $ 14,934     $ 16,586      $ 29,758      $ 42,138     $ 16,246      $ 4,255     $ 5,832  
   

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Portfolio turnover rate

       37 %      53 %       78 %       91 %(i)      58 %       72 %      76 % 
   

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

 

(a) 

Based on average shares outstanding.

(b) 

Amount is greater than $(0.005) per share.

(c) 

Net investment income per share and the ratio of net investment income to average net assets includes $0.01 per share and 0.13%, respectively, resulting from a special dividend.

(d) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(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.

(i) 

Portfolio turnover rate excludes in-kind transactions.

See notes to consolidated financial statements.

 

 

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Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock Commodity Strategies 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

08/01/19

to 05/31/20

    

Year Ended

07/31/19

  
               

Net asset value, beginning of period

   $ 8.87     $ 8.62      $ 11.34      $ 9.22     $ 6.34      $ 7.19     $ 7.83  
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Net investment income(a)

     0.13       0.29        0.23        0.10       0.06        0.09       0.14 (b) 

Net realized and unrealized gain (loss)

     (0.11 )      0.74        (2.09 )       2.27       2.89        (0.79 )      (0.63 ) 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Net increase (decrease) from investment operations

     0.02       1.03        (1.86 )       2.37       2.95        (0.70 )      (0.49 ) 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Distributions from net investment income(c)

     (0.13 )      (0.78 )       (0.86 )       (0.25 )      (0.07 )       (0.15 )      (0.15 ) 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Net asset value, end of period

   $ 8.76     $ 8.87      $ 8.62      $ 11.34     $ 9.22      $ 6.34     $ 7.19  
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Total Return(d)

                 

Based on net asset value

     0.23 %(e)      12.49 %       (16.48 )%       26.47 %      46.76 %       (9.90 )%(e)      (6.28 )% 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Ratios to Average Net Assets(f)

                 

Total expenses

     0.76 %(g)      0.77 %       0.72 %       0.72 %      0.80 %       0.95 %(g)      0.96 % 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed

     0.67 %(g)      0.67 %       0.67 %       0.67 %      0.67 %       0.67 %(g)      0.67 % 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Net investment income

     2.92 %(g)      3.40 %       2.42 %       1.02 %      0.76 %       1.60 %(g)      1.97 %(b) 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Supplemental Data

                 

Net assets, end of period (000)

   $ 107,226     $ 107,825      $ 138,079      $ 312,639     $ 197,360      $ 25,283     $ 22,520  
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

Portfolio turnover rate

     37 %      53 %       78 %       91 %(h)      58 %       72 %      76 % 
 

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

  

 

(a) 

Based on average shares outstanding.

(b) 

Net investment income per share and the ratio of net investment income to average net assets includes $0.01 per share and 0.13%, respectively, resulting from a special dividend.

(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) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(g) 

Annualized.

(h) 

Portfolio turnover rate excludes in-kind transactions.

See notes to consolidated financial statements.

 

 

C O N S O L I D A T E D  F I N A N C I A L  H I G H L I G H T S

   19

Notes to Consolidated Financial Statements (unaudited)

 

1.

ORGANIZATION

BlackRock FundsSM (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Massachusetts business trust. BlackRock Commodity Strategies Fund (the “Fund”) is a series of the Trust. The Fund is classified as 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 and Class K Shares are sold only to certain eligible investors. Investor A and Investor C Shares bear certain expenses related to shareholder servicing of such shares, and Investor C Shares also bear certain expenses related to the distribution of such shares. Investor A and Investor C Shares are generally available through financial intermediaries. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures (except that Investor C shareholders may vote on material changes to the Investor A Shares distribution and service plan).

 

       
Share Class    Initial Sales Charge        CDSC      Conversion Privilege

Institutional and Class K Shares

      No          No      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.

Basis of Consolidation: The accompanying consolidated financial statements of the Fund include the accounts of BlackRock Cayman Commodity Strategies Fund, Ltd. (the “Cayman Subsidiary”), which is a wholly-owned subsidiary of the Fund and primarily invests in commodity-related instruments and other derivatives. The Cayman Subsidiary enables the Fund to hold these commodity-related instruments and satisfy regulated investment company tax requirements. The Fund may invest up to 25% of its total assets in the Cayman Subsidiary. The net assets of the Cayman Subsidiary as of period end were $4,150, which is less than 0.1% of the Fund’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The Cayman Subsidiary is subject to the same investment policies and restrictions that apply to the Fund, except that the Cayman Subsidiary may invest without limitation in commodity-related instruments.

 

2.

SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Fund is informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

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

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

Foreign Taxes: The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Consolidated Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of November 30, 2024, if any, are disclosed in the Consolidated Statement of Assets and Liabilities.

 

 

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Notes to Consolidated Financial Statements (unaudited) (continued)

 

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

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

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 Consolidated Statement of Operations.

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

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

Net income and realized gains from investments held by the Cayman Subsidiary are treated as ordinary income for tax purposes. If a net loss is realized by the Cayman Subsidiary in any taxable year, the loss will generally not be available to offset the Fund’s ordinary income and/or capital gains for that year.

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

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

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

 

3.

INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

 

  •  

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

 

  •  

Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots 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”).

 

  •  

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.

 

 

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

   21

Notes to Consolidated Financial Statements (unaudited) (continued)

 

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

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

(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 the Fund. Certain information made available by a Private Company is as of a date that is earlier than the date the Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price the Fund could receive upon the sale of the investment.

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

 

  •  

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

 

  •  

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

 

  •  

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

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

 

4.

SECURITIES AND OTHER INVESTMENTS

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

 

 

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Notes to Consolidated Financial Statements (unaudited) (continued)

 

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

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

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

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

 

 

  
      Non-Cash

 

  
    Securities     Cash     Collateral Received,     Net  
Counterparty   Loaned at Value

 

        Collateral Received (a)         at Fair Value (a)    Amount

 

 

  

Barclays Capital, Inc.

     $ 12,208        $ (12,208 )       $ —        $ —  

BofA Securities, Inc.

       1,730,137          (1,730,137 )         —          —  

Citigroup Global Markets, Inc.

       1,991,925          (1,991,925 )         —          —  

J.P. Morgan Securities LLC

       2,167,548          (2,167,548 )         —          —  

Morgan Stanley

       699,297          (699,297 )         —          —  

SG Americas Securities LLC

       609,787          (609,787 )         —          —  
   

 

 

       

 

 

       

 

 

       

 

 

  
    $     7,210,902        $   (7,210,902 )       $          —        $   —  
   

 

 

       

 

 

       

 

 

       

 

 

  

 

  (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 Consolidated 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 Consolidated Schedule of Investments. These contracts may be transacted on an exchange or over-the-counter (“OTC”).

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Fund and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”).

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Consolidated Statement of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC swaps in the Consolidated Statement of Assets and Liabilities. Payments received or paid are recorded in the Consolidated Statement of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Consolidated Statement of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

 

 

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

   23

Notes to Consolidated Financial Statements (unaudited) (continued)

 

In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and the CCP becomes the Fund’s counterparty on the swap. The Fund is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated in the Consolidated Schedule of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Consolidated Statement of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Consolidated Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Consolidated Statement of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Consolidated Statement of Operations, including those at termination.

 

  •  

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

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instrument(s) or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

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

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

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

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

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

 

6.

INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

 

   
Average Daily Net Assets   Investment Advisory Fees  

First $1 billion

     0.62 % 

$1 billion - $3 billion

     0.58  

$3 billion - $5 billion

     0.56  

$5 billion - $10 billion

     0.54  

Greater than $10 billion

     0.53  

 

 

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 Consolidated Financial Statements (unaudited) (continued)

 

The Manager provides investment management and other services to the Cayman Subsidiary. The Manager does not receive separate compensation from the Cayman Subsidiary for providing investment management or administrative services. However, the Fund pays the Manager based on the Fund’s net assets, which includes the assets of the Cayman Subsidiary.

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

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

 

     
Share Class   Service Fees      Distribution Fees 

Investor A

     0.25 %    N/A  

Investor C

     0.25     0.75% 

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

For the six months ended November 30, 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

   $ 108,905              $ 77,864               $  186,769   

Administration: The Trust, on behalf of the Fund, 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 the Fund. The administration fee, which is shown as administration in the Consolidated Statement of Operations, is paid at the annual rates below.

 

   
Average Daily Net Assets   Administration Fees  

First $500 million

     0.0425 % 

$500 million - $1 billion

     0.0400  

$1 billion - $2 billion

     0.0375  

$2 billion - $4 billion

     0.0350  

$4 billion - $13 billion

     0.0325  

Greater than $13 billion

     0.0300  

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

For the six months ended November 30, 2024, the Fund paid the following to the Manager in return for these services, which are included in administration—class specific in the Consolidated Statement of Operations:

 

           
     Institutional     Investor A     Investor C     Class K     Total   

Administration — class specific

   $  44,157        $ 8,736         $ 1,561       $  10,620       $  65,074   

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 Consolidated Statement of Operations:

 

           
     Institutional     Investor A     Investor C     Class K     Total   

Reimbursed amounts

   $     3       $  2,235       $   436       $     99       $   2,773   

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     Class K     Total   

Transfer agent — class specific

   $ 214,353       $ 53,784       $ 8,998       $    525       $  277,660   

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 $2,396.

 

 

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

   25

Notes to Consolidated Financial Statements (unaudited) (continued)

 

For the six months ended November 30, 2024, affiliates received CDSCs of $151 for Investor C Shares.

Expense Limitations, Waivers and Reimbursements: The Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2026. The contractual agreement may be terminated upon 90 days’ notice by a majority of the trustees who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”), or by a vote of a majority of the outstanding voting securities of the Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. This amount is included in fees waived and/or reimbursed by the Manager in the Consolidated Statement of Operations. For the six months ended November 30, 2024, the amount waived was $2,950.

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 Trustees, 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 by the Manager pursuant to this arrangement.

The Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, tax expense, acquired fund fees and expenses, and certain other fund expenses, 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:

 

 

  

Institutional

     Investor A                   Investor C                   Class K    

 

  

0.72%

     0.97 %      1.72 %      0.67%  

 

  

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2026, unless approved by the Board, including a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Fund. For the six months ended November 30, 2024, the Manager waived and/or reimbursed investment advisory fees of $201,914, which is included in fees waived and/or reimbursed by the Manager in the Consolidated Statement of Operations.

In addition, these amounts waived and/or reimbursed by the Manager are included in administration fees waived by the Manager — class specific and transfer agent fees waived and/or reimbursed by the Manager — class specific, respectively, in the Consolidated Statement of Operations. For the six months ended November 30, 2024, class specific expense waivers and/or reimbursements were as follows:

 

 

  
    Institutional     Investor A     Investor C     Class K     Total  

 

  

Administration fees waived by the Manager — class specific

   $ 44,157     $ 8,736     $ 1,561     $  10,620     $  65,074  

Transfer agent fees waived and/or reimbursed by the Manager — class specific

     104,026        31,725        4,973        525        141,249  

 

  

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

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

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

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, the Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 85% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by the Fund is shown as securities lending income — affiliated — net in the Consolidated Statement of Operations. For the six months ended November 30, 2024, the Fund paid BIM $20,956 for securities lending agent services.

 

 

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

Notes to Consolidated Financial Statements (unaudited) (continued)

 

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.

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 Fund did not participate in the Interfund Lending Program.

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

 

7.

PURCHASES AND SALES

For the six months ended November 30, 2024, purchases and sales of investments, excluding short-term securities, were $117,135,811 and $148,532,241, 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 consolidated 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 $220,568,302.

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)

  

BlackRock Commodity Strategies Fund

   $  577,833,015      $ 71,628,413      $ (23,644,600 )    $ 47,983,813  

 

9.

BANK BORROWINGS

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

 

 

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

   27

Notes to Consolidated Financial Statements (unaudited) (continued)

 

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

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

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

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

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

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

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

The Fund invests a significant portion of its assets in fixed-income securities and/or uses derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Fund may be subject to a greater risk of rising interest rates during a period of historically low interest rates. The Federal Reserve has raised the federal funds rate as part of its efforts to address inflation. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Fund’s performance.

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

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

 

 

28  

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Notes to Consolidated Financial Statements (unaudited) (continued)

 

11.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares for each class were as follows:

 

     
    Six Months Ended 11/30/24     Year Ended 05/31/24  
 Share Class   Shares     Amount     Shares     Amount  

Institutional

        

Shares sold

     5,483,364     $ 47,671,321       16,238,591     $ 137,317,730  

Shares issued in reinvestment of distributions

     734,417       6,367,394       7,095,202       60,484,375  

Shares redeemed

     (9,742,932 )      (84,526,632 )      (68,198,567 )      (578,220,648 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
    (3,525,151 )    $ (30,487,917 )      (44,864,774 )    $ (380,418,543 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Investor A

        

Shares sold and automatic conversion of shares

     563,044     $ 4,847,791       1,577,748     $ 13,256,153  

Shares issued in reinvestment of distributions

     139,627       1,199,393       1,156,635       9,757,319  

Shares redeemed

     (1,517,074 )      (13,020,566 )      (6,373,307 )      (53,134,580 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
    (814,403 )    $ (6,973,382 )      (3,638,924 )    $ (30,121,108 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Investor C

        

Shares sold

     49,128     $ 397,397       162,325     $ 1,312,561  

Shares issued in reinvestment of distributions

     21,350       174,642       252,922       2,040,080  

Shares redeemed and automatic conversion of shares

     (244,482 )      (1,988,292 )      (2,085,435 )      (16,739,947 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
    (174,004 )    $ (1,416,253 )      (1,670,188 )    $ (13,387,306 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Class K

        

Shares sold

     1,794,304     $ 15,609,499       4,418,921     $ 37,807,441  

Shares issued in reinvestment of distributions

     179,914       1,561,648       1,393,260       11,870,505  

Shares redeemed

     (1,897,746 )      (16,480,094 )      (9,665,648 )      (81,838,645 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
    76,472     $ 691,053       (3,853,467 )    $ (32,160,699 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
    (4,437,086 )     $  (38,186,499 )       (54,027,353 )     $  (456,087,656 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

 

12.

SUBSEQUENT EVENTS

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

 

 

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

   29

Additional Information

 

Changes in and Disagreements with Accountants

Not applicable.

Proxy Results

Not applicable.

Remuneration Paid to Trustees, Officers, and Others

Compensation to the independent directors/trustees of the Trust is paid by the Trust, on behalf of the Fund.

General Information

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

Electronic Delivery

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

To enroll in electronic delivery:

Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:

Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.

Shareholders Who Hold Accounts Directly with BlackRock:

1. Access the BlackRock website at blackrock.com

2. Select “Access Your Account”

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

BlackRock’s Mutual Fund Family

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

Shareholder Privileges

Account Information

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

Automatic Investment Plans

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

Systematic Withdrawal Plans

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

Retirement Plans

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

 

 

30  

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Additional Information (continued)

 

Fund and Service Providers

 

Investment Adviser and Administrator

BlackRock Advisors, LLC

Wilmington, DE 19809

Sub-Adviser

BlackRock International Limited

Edinburgh, EH3 8BL

United Kingdom

Accounting Agent and Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

Custodian

The Bank of New York Mellon

New York, NY 10286

Distributor

BlackRock Investments, LLC

New York, NY 10001

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Boston, MA 02110.

Legal Counsel

Sidley Austin LLP

New York, NY 10019

Address of the Trust

100 Bellevue Parkway

Wilmington, DE 19809

 

 

 

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

   31

Glossary of Terms Used in this Report

 

Currency Abbreviation

 

CAD    Canadian Dollar
GBP    British Pound
USD    United States Dollar
Portfolio Abbreviation
ADR    American Depositary Receipt
BCOMRAGT    Bloomberg Roll Select Agriculture Subindex Total ReturnSM
BCOMRENT    Bloomberg Roll Select Energy Subindex Total ReturnSM
BCOMRINT    Bloomberg Roll Select Industrial Metals Subindex Total ReturnSM
BCOMRLIT    Bloomberg Roll Select Livestock Subindex Total ReturnSM
BCOMRPRT    Bloomberg Roll Select Precious Metals Subindex Total ReturnSM
CVR    Contingent Value Rights
OTC    Over-the-Counter

 

 

32  

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Want to know more?

blackrock.com | 800-441-7762

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

 

 

 

LOGO

 

    LOGO

 

LOGO

  NOVEMBER 30, 2024

 

  

2024 Semi-Annual Financial

Statements and Additional

Information (Unaudited)

 

 

BlackRock FundsSM

 

·  

BlackRock SMID-Cap Growth Equity Fund

 

 

 

 

Not FDIC Insured • May Lose Value • No Bank Guarantee

 

Table of Contents

 

     Page  

Schedule of Investments

     3  

Statement of Assets and Liabilities

     6  

Statement of Operations

     8  

Statements of Changes in Net Assets

     9  

Financial Highlights

     10  

Notes to Financial Statements

     13  

Additional Information

     20  

Glossary of Terms Used in this Report

     22  

 

 

2    

Schedule of Investments (unaudited)

November 30, 2024

   

BlackRock SMID-Cap Growth Equity Fund

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Aerospace & Defense — 6.9%            

Axon Enterprise, Inc.(a)

     579     $    374,590  

HEICO Corp.

     742       202,841  

Loar Holdings, Inc.(a)

     2,219       204,325  
   

 

 

  
      781,756  
Air Freight & Logistics — 0.5%            

GXO Logistics, Inc.(a)

     952       57,910  
   

 

 

  
Automobile Components — 0.5%            

Fox Factory Holding Corp.(a)

     1,929       62,654  
   

 

 

  
Biotechnology — 1.2%            

Halozyme Therapeutics, Inc.(a)

     1,267       61,069  

Natera, Inc.(a)

     475       79,696  
   

 

 

  
      140,765  
Broadline Retail — 0.1%            

Etsy, Inc.(a)

     142       7,790  
   

 

 

  
Building Products — 1.7%            

AZEK Co., Inc. (The), Class A(a)

     3,722       197,713  
   

 

 

  
Capital Markets — 7.3%            

Carlyle Group, Inc. (The)

     684       36,409  

MarketAxess Holdings, Inc.

     71       18,367  

Morningstar, Inc.

     632       223,823  

TPG, Inc., Class A

     4,218       295,091  

Tradeweb Markets, Inc., Class A

     1,920       260,160  
   

 

 

  
      833,850  
Commercial Services & Supplies — 2.1%            

Casella Waste Systems, Inc., Class A(a)

     1,571       177,853  

GFL Environmental, Inc.

     1,187       55,908  
   

 

 

  
      233,761  
Construction & Engineering — 3.8%            

Comfort Systems U.S.A., Inc.

     745       367,486  

WillScot Holdings Corp., Class A(a)

     1,632       62,408  
   

 

 

  
      429,894  
Distributors — 0.3%            

Pool Corp.

     94       35,446  
   

 

 

  
Diversified Consumer Services — 3.7%            

Bright Horizons Family Solutions, Inc.(a)

     1,278       147,775  

Duolingo, Inc., Class A(a)

     613       213,490  

European Wax Center, Inc., Class A(a)

     1,803       10,836  

Mister Car Wash, Inc.(a)

     6,742       53,936  
   

 

 

  
      426,037  
Electrical Equipment — 2.7%            

Vertiv Holdings Co., Class A

     2,370       302,412  
   

 

 

  
Electronic Equipment, Instruments & Components — 1.2%  

Coherent Corp.(a)

     1,318       132,011  
   

 

 

  
Entertainment — 4.1%            

Liberty Media Corp. - Liberty Formula One, Class C, NVS(a)

     2,491       220,105  

Live Nation Entertainment, Inc.(a)

     1,799       248,711  
   

 

 

  
      468,816  
Financial Services — 1.0%            

Affirm Holdings, Inc., Class A(a)

     1,382       96,754  

Jack Henry & Associates, Inc.

     95       16,737  
   

 

 

  
      113,491  
Food Products — 1.3%            

Freshpet, Inc.(a)

     947       144,938  
   

 

 

  
Security   Shares     Value  
Ground Transportation — 2.7%            

Saia, Inc.(a)(b)

     544     $    309,579  
   

 

 

  
Health Care Equipment & Supplies — 3.7%            

Align Technology, Inc.(a)

     742       172,715  

Inmode Ltd.(a)

     233       4,551  

Inspire Medical Systems, Inc.(a)

     125       24,095  

Masimo Corp.(a)

     1,278       220,506  

Teleflex, Inc.

     29       5,593  
   

 

 

  
      427,460  
Health Care Providers & Services — 0.6%            

Surgery Partners, Inc.(a)

     2,948       70,280  
   

 

 

  
Health Care Technology — 0.2%            

Phreesia, Inc.(a)

     883       18,569  
   

 

 

  
Hotels, Restaurants & Leisure — 6.3%            

Churchill Downs, Inc.

     1,574       223,681  

DraftKings, Inc., Class A(a)(b)

     5,155       225,016  

Planet Fitness, Inc., Class A(a)

     2,252       224,186  

Vail Resorts, Inc.

     232       41,584  
   

 

 

  
      714,467  
Industrial REITs — 0.2%            

Rexford Industrial Realty, Inc.

     561       23,607  
   

 

 

  
Interactive Media & Services — 2.2%            

Match Group, Inc.(a)

     432       14,144  

Pinterest, Inc., Class A(a)

     2,683       81,348  

Reddit, Inc., Class A(a)

     1,088       153,071  
   

 

 

  
      248,563  
IT Services — 2.6%            

DigitalOcean Holdings, Inc.(a)

     588       22,391  

Globant SA(a)

     592       134,834  

MongoDB, Inc., Class A(a)

     418       134,801  
   

 

 

  
      292,026  
Life Sciences Tools & Services — 3.7%            

Bio-Techne Corp.

     740       55,767  

Medpace Holdings, Inc.(a)

     291       99,123  

Repligen Corp.(a)

     949       142,863  

West Pharmaceutical Services, Inc.

     377       122,781  
   

 

 

  
      420,534  
Machinery — 3.4%            

AutoStore Holdings Ltd.(a)(c)

     58,757       66,326  

Energy Recovery, Inc.(a)

     4,101       63,812  

Graco, Inc.

     1,678       152,832  

IDEX Corp.

     451       104,014  
   

 

 

  
      386,984  
Oil, Gas & Consumable Fuels — 3.6%            

Northern Oil & Gas, Inc.

     1,329       57,798  

Permian Resources Corp., Class A

     5,475       85,739  

Texas Pacific Land Corp.

     166       265,615  
   

 

 

  
      409,152  
Pharmaceuticals — 1.7%            

Galderma Group AG(a)

     1,880       192,599  
   

 

 

  
Professional Services — 1.7%            

Booz Allen Hamilton Holding Corp., Class A

     1,135       168,184  

Paylocity Holding Corp.(a)

     149       30,924  
   

 

 

  
      199,108  
Semiconductors & Semiconductor Equipment — 8.0%  

ASM International NV

     331       178,136  

Astera Labs, Inc.(a)

     1,273       131,437  

BE Semiconductor Industries NV

     1,235       146,842  
 

 

 

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

   3

Schedule of Investments (unaudited) (continued)

November 30, 2024

   

BlackRock SMID-Cap Growth Equity Fund

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Semiconductors & Semiconductor Equipment (continued)  

Credo Technology Group Holding Ltd.(a)

     2,927     $    143,306  

Entegris, Inc.

     1,955       206,507  

Lattice Semiconductor Corp.(a)

     377       21,395  

Monolithic Power Systems, Inc.

     150       85,146  
   

 

 

  
      912,769  
Software — 11.8%            

ANSYS, Inc.(a)

     296       103,926  

Aspen Technology, Inc.(a)

     215       53,750  

Bentley Systems, Inc., Class B

     4,159       205,871  

Confluent, Inc., Class A(a)

     6,347       195,742  

CyberArk Software Ltd.(a)

     332       107,405  

Guidewire Software, Inc.(a)

     732       148,515  

JFrog Ltd.(a)

     1,776       55,322  

Manhattan Associates, Inc.(a)

     665       189,818  

Monday.com Ltd.(a)

     243       69,342  

PTC, Inc.(a)

     399       79,824  

QXO, Inc.

     6,828       113,618  

Zscaler, Inc.(a)

     124       25,617  
   

 

 

  
      1,348,750  
Specialty Retail — 2.8%            

Carvana Co., Class A(a)

     699       182,034  

Floor & Decor Holdings, Inc., Class A(a)

     1,217       136,559  
   

 

 

  
      318,593  
Technology Hardware, Storage & Peripherals — 1.3%  

Pure Storage, Inc., Class A(a)

     2,824       149,644  
   

 

 

  
Textiles, Apparel & Luxury Goods — 2.8%            

Brunello Cucinelli SpA

     1,529       151,450  

On Holding AG, Class A(a)(b)

     2,868       167,291  
   

 

 

  
      318,741  
Security   Shares     Value  
Trading Companies & Distributors — 2.3%            

Core & Main, Inc., Class A(a)

     1,896     $ 92,051  

FTAI Aviation Ltd.

     545       92,007  

SiteOne Landscape Supply, Inc.(a)

     543       83,214  
   

 

 

  
      267,272  
   

 

 

  

Total Long-Term Investments — 100.0%
(Cost: $8,991,244)

       11,397,941  
   

 

 

  

Short-Term Securities

    
Money Market Funds — 6.1%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 4.79%(d)(e)(f)

     677,801       678,140  

BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.53%(d)(e)

     11,423       11,423  
   

 

 

  

Total Short-Term Securities — 6.1%
(Cost: $689,630)

       689,563  
   

 

 

  

Total Investments — 106.1%
(Cost: $9,680,874)

       12,087,504  

Liabilities in Excess of Other Assets — (6.1)%

       (691,976 ) 
   

 

 

  

Net Assets — 100.0%

     $  11,395,528  
   

 

 

  

 

(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) 

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.

 

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

   $ 451,119     $ 227,008 (a)    $ —     $ 70     $ (57 )    $ 678,140       677,801     $ 372 (b)    $ —  

BlackRock Liquidity Funds, T-Fund, Institutional Shares

     111,395       —       (99,972 )(a)      —       —       11,423       11,423       794       —  
       

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  
        $ 70     $ (57 )    $  689,563       $  1,166     $ —  
     

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

  (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.

 

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

 

 

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 SMID-Cap Growth Equity Fund

 

Fair Value Hierarchy as of Period End

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

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

 

         
      Level 1        Level 2        Level 3        Total  

Assets

                  

Investments

                  

Long-Term Investments

                  

Common Stocks

                  

Aerospace & Defense

    $ 781,756        $ —        $ —        $ 781,756  

Air Freight & Logistics

      57,910          —          —          57,910  

Automobile Components

      62,654          —          —          62,654  

Biotechnology

      140,765          —          —          140,765  

Broadline Retail

      7,790          —          —          7,790  

Building Products

      197,713          —          —          197,713  

Capital Markets

      833,850          —          —          833,850  

Commercial Services & Supplies

      233,761          —          —          233,761  

Construction & Engineering

      429,894          —          —          429,894  

Distributors

      35,446          —          —          35,446  

Diversified Consumer Services

      426,037          —          —          426,037  

Electrical Equipment

      302,412          —          —          302,412  

Electronic Equipment, Instruments & Components

      132,011          —          —          132,011  

Entertainment

      468,816          —          —          468,816  

Financial Services

      113,491          —          —          113,491  

Food Products

      144,938          —          —          144,938  

Ground Transportation

      309,579          —          —          309,579  

Health Care Equipment & Supplies

      427,460          —          —          427,460  

Health Care Providers & Services

      70,280          —          —          70,280  

Health Care Technology

      18,569          —          —          18,569  

Hotels, Restaurants & Leisure

      714,467          —          —          714,467  

Industrial REITs

      23,607          —          —          23,607  

Interactive Media & Services

      248,563          —          —          248,563  

IT Services

      292,026          —          —          292,026  

Life Sciences Tools & Services

      420,534          —          —          420,534  

Machinery

      320,658          66,326          —          386,984  

Oil, Gas & Consumable Fuels

      409,152          —          —          409,152  

Pharmaceuticals

      192,599          —          —          192,599  

Professional Services

      199,108          —          —          199,108  

Semiconductors & Semiconductor Equipment

      587,791          324,978          —          912,769  

Software

      1,348,750          —          —          1,348,750  

Specialty Retail

      318,593          —          —          318,593  

Technology Hardware, Storage & Peripherals

      149,644          —          —          149,644  

Textiles, Apparel & Luxury Goods

      167,291          151,450          —          318,741  

Trading Companies & Distributors

      267,272          —          —          267,272  

Short-Term Securities

                  

Money Market Funds

      689,563          —          —          689,563  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $  11,544,750        $  542,754        $ —        $  12,087,504  
  

 

 

       

 

 

       

 

 

       

 

 

  

See notes to financial statements.

 

 

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

   5

 

Statement of Assets and Liabilities (unaudited)

November 30, 2024

 

    

BlackRock
SMID-Cap
Growth

Equity

Fund

  

ASSETS

  

Investments, at value — unaffiliated(a)(b)

   $ 11,397,941  

Investments, at value — affiliated(c)

     689,563  

Receivables:

  

Securities lending income — affiliated

     105  

Capital shares sold

     45  

Dividends — unaffiliated

     2,364  

Dividends — affiliated

     57  

From the Manager

     1,979  
 

 

 

  

Total assets

     12,092,054  
 

 

 

  

LIABILITIES

  

Collateral on securities loaned

     678,300  

Payables:

  

Administration fees

     499  

Investment advisory fees

     6,294  

Trustees’ and Officer’s fees

     1,266  

Professional fees

     10,059  

Service fees

     108  
 

 

 

  

Total liabilities

     696,526  
 

 

 

  

Commitments and contingent liabilities

  

NET ASSETS

   $ 11,395,528  
 

 

 

  

NET ASSETS CONSIST OF:

  

Paid-in capital

   $ 15,343,578  

Accumulated loss

     (3,948,050 ) 
 

 

 

  

NET ASSETS

   $  11,395,528  
 

 

 

  

(a) Investments, at cost — unaffiliated

   $ 8,991,244  

(b) Securities loaned, at value

   $ 670,479  

(c)  Investments, at cost — affiliated

   $ 689,630  

 

 

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

 

Statement of Assets and Liabilities (unaudited) (continued)

November 30, 2024

 

    

BlackRock
SMID-Cap
Growth

Equity

Fund

  
NET ASSET VALUE      
Institutional      

Net assets

   $ 75,530  
 

 

 

  

Shares outstanding

     5,207  
 

 

 

  

Net asset value

   $ 14.51  
 

 

 

  

Shares authorized

     Unlimited  
 

 

 

  

Par value

   $ 0.001  
 

 

 

  
Investor A      

Net assets

   $ 545,903  
 

 

 

  

Shares outstanding

     37,953  
 

 

 

  

Net asset value

   $ 14.38  
 

 

 

  

Shares authorized

     Unlimited  
 

 

 

  

Par value

   $ 0.001  
 

 

 

  
Class K      

Net assets

   $  10,774,095  
 

 

 

  

Shares outstanding

     740,114  
 

 

 

  

Net asset value

   $ 14.56  
 

 

 

  

Shares authorized

     Unlimited  
 

 

 

  

Par value

   $ 0.001  
 

 

 

  

See notes to financial statements.

 

 

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

   7

 

Statement of Operations (unaudited)

Six Months Ended November 30, 2024

 

    

BlackRock
SMID-Cap
Growth

Equity

Fund

  

INVESTMENT INCOME

  

Dividends — unaffiliated

   $ 19,049  

Dividends — affiliated

     794  

Securities lending income — affiliated — net

     372  

Foreign taxes withheld

     (5 ) 
 

 

 

  

Total investment income

     20,210  
 

 

 

  

EXPENSES

  

Investment advisory

     35,606  

Professional

     9,310  

Trustees and Officer

     3,191  

Administration — class specific

     2,815  

Service — class specific

     597  

Miscellaneous

     58  
 

 

 

  

Total expenses excluding interest expense

     51,577  

Interest expense

     38  
 

 

 

  

Total expenses

     51,615  
 

 

 

  

Less:

  

Fees waived and/or reimbursed by the Manager

     (12,513 ) 
 

 

 

  

Total expenses after fees waived and/or reimbursed

     39,102  
 

 

 

  

Net investment loss

     (18,892 ) 
 

 

 

  

REALIZED AND UNREALIZED GAIN (LOSS)

  

Net realized gain (loss) from:

  

Investments — unaffiliated

     (211,644 ) 

Investments — affiliated

     70  

Foreign currency transactions

     32  
 

 

 

  
  $ (211,542 ) 
 

 

 

  

Net change in unrealized appreciation (depreciation) on:

  

Investments — unaffiliated

     1,722,488  

Investments — affiliated

     (57 ) 
 

 

 

  
    1,722,431  
 

 

 

  

Net realized and unrealized gain

     1,510,889  
 

 

 

  

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

   $ 1,491,997  
 

 

 

  

See notes to financial statements.

 

 

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

 

Statements of Changes in Net Assets

 

 

    BlackRock SMID-Cap Growth Equity Fund  
    

Six Months

Ended

11/30/24
(unaudited)

     Year Ended
05/31/24		  

INCREASE (DECREASE) IN NET ASSETS

    

OPERATIONS

    

Net investment loss

   $ (18,892 )    $ (27,880 ) 

Net realized loss

     (211,542 )      (581,925 ) 

Net change in unrealized appreciation (depreciation)

     1,722,431       1,596,390  
 

 

 

    

 

 

  

Net increase in net assets resulting from operations

     1,491,997       986,585  
 

 

 

    

 

 

  

CAPITAL SHARE TRANSACTIONS

    

Net increase in net assets derived from capital share transactions

     251,444       132,415  
 

 

 

    

 

 

  

NET ASSETS

    

Total increase in net assets

     1,743,441       1,119,000  

Beginning of period

     9,652,087       8,533,087  
 

 

 

    

 

 

  

End of period

   $ 11,395,528     $ 9,652,087  
 

 

 

    

 

 

  

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   9

Financial Highlights

(For a share outstanding throughout each period)

 

    BlackRock SMID-Cap Growth Equity Fund  
    Institutional  
     


 Six Months
Ended
11/30/24

(unaudited)

  
 
 

 

    
 Year Ended
05/31/24		  
 		    
 Year Ended
05/31/23		  
 		    

 Period from
06/29/21

to 05/31/22

  
(a)  

 

Net asset value, beginning of period

   $ 12.62     $ 11.32     $ 11.45     $ 20.00  
 

 

 

    

 

 

    

 

 

    

 

 

  

Net investment loss(b)

     (0.03 )      (0.05 )      (0.04 )      (0.09 ) 

Net realized and unrealized gain (loss)

     1.92       1.35       (0.09 )      (8.46 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) from investment operations

     1.89       1.30       (0.13 )      (8.55 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value, end of period

   $ 14.51     $ 12.62     $ 11.32     $ 11.45  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total Return(c)

        

Based on net asset value

     14.98 %(d)      11.48 %      (1.14 )%      (42.75 )%(d) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Ratios to Average Net Assets(e)

        

Total expenses

     1.10 %(f)      1.12 %      1.23 %      1.06 %(f)(g) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed

     0.85 %(f)      0.85 %      0.85 %      0.85 %(f) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Net investment loss

     (0.46 )%(f)      (0.40 )%      (0.36 )%      (0.56 )%(f) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Supplemental Data

        

Net assets, end of period (000)

   $ 76     $ 66     $ 59     $ 59  
 

 

 

    

 

 

    

 

 

    

 

 

  

Portfolio turnover rate

     30 %      36 %      53 %      54 % 
 

 

 

    

 

 

    

 

 

    

 

 

  

 

(a) 

Commencement of operations.

(b) 

Based on average shares outstanding.

(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) 

Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 1.07%.

See notes to financial statements.

 

 

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock SMID-Cap Growth Equity Fund (continued)  
    Investor A  
     


 Six Months
Ended
11/30/24

(unaudited)

  
 
 

 

    
 Year Ended
05/31/24		  
 		    
 Year Ended
05/31/23		  
 		    

 Period from
06/29/21

to 05/31/22

  
(a)  

 

Net asset value, beginning of period

   $ 12.53     $ 11.26     $ 11.43     $ 20.00  
 

 

 

    

 

 

    

 

 

    

 

 

  

Net investment loss(b)

     (0.05 )      (0.08 )      (0.07 )      (0.13 ) 

Net realized and unrealized gain (loss)

     1.90       1.35       (0.10 )      (8.44 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) from investment operations

     1.85       1.27       (0.17 )      (8.57 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value, end of period

   $ 14.38     $ 12.53     $ 11.26     $ 11.43  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total Return(c)

        

Based on net asset value

     14.76 %(d)      11.28 %      (1.49 )%      (42.85 )%(d) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Ratios to Average Net Assets(e)

        

Total expenses

     1.35 %(f)      1.37 %      1.48 %      1.31 %(f)(g) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed

     1.10 %(f)      1.10 %      1.10 %      1.10 %(f) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Net investment loss

     (0.71 )%(f)      (0.64 )%      (0.61 )%      (0.80 )%(f) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Supplemental Data

        

Net assets, end of period (000)

   $ 546     $ 220     $ 82     $ 66  
 

 

 

    

 

 

    

 

 

    

 

 

  

Portfolio turnover rate

     30 %      36 %      53 %      54 % 
 

 

 

    

 

 

    

 

 

    

 

 

  

 

(a) 

Commencement of operations.

(b) 

Based on average shares outstanding.

(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) 

Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 1.32%.

See notes to financial statements.

 

 

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

   11

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock SMID-Cap Growth Equity Fund (continued)  
    Class K  
     


 Six Months

Ended
11/30/24

(unaudited)

  

 
 

 

    
 Year Ended
05/31/24		  
 		    
 Year Ended
05/31/23		  
 		    

 Period from

06/29/21

to 05/31/22

  

(a) 

 

Net asset value, beginning of period

   $ 12.66     $ 11.34     $ 11.46     $ 20.00  
 

 

 

    

 

 

    

 

 

    

 

 

  

Net investment loss(b)

     (0.02 )      (0.04 )      (0.03 )      (0.07 ) 

Net realized and unrealized gain (loss)

     1.92       1.36       (0.09 )      (8.47 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) from investment operations

     1.90       1.32       (0.12 )      (8.54 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value, end of period

   $ 14.56     $ 12.66     $ 11.34     $ 11.46  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total Return(c)

        

Based on net asset value

     15.01 %(d)      11.64 %      (1.05 )%      (42.70 )%(d) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Ratios to Average Net Assets(e)

        

Total expenses

     1.00 %(f)      1.02 %      1.13 %      0.96 %(f)(g) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed

     0.75 %(f)      0.75 %      0.75 %      0.75 %(f) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Net investment loss

     (0.35 )%(f)      (0.30 )%      (0.26 )%      (0.46 )%(f) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Supplemental Data

        

Net assets, end of period (000)

   $ 10,774     $ 9,366     $ 8,392     $ 8,528  
 

 

 

    

 

 

    

 

 

    

 

 

  

Portfolio turnover rate

     30 %      36 %      53 %      54 % 
 

 

 

    

 

 

    

 

 

    

 

 

  

 

(a) 

Commencement of operations.

(b) 

Based on average shares outstanding.

(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)

Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 0.97%.

See notes to financial statements.

 

 

12  

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Notes to Financial Statements (unaudited)

 

1.

ORGANIZATION

BlackRock FundsSM (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Massachusetts business trust. BlackRock SMID-Cap Growth Equity Fund (the “Fund”) is a series of the Trust. 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 and Class K Shares are sold only to certain eligible investors. Investor A Shares bear certain expenses related to shareholder servicing of such shares. Investor A Shares are generally available through financial intermediaries. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures.

 

Share Class   Initial Sales Charge    CDSC       Conversion Privilege

Institutional and Class K Shares

   No    No       None
Investor A Shares   Yes    No(a)    None

 

  (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.

The Fund, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager” or “BAL”) 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. 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: 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.

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.

 

 

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

   13

Notes to Financial Statements (unaudited) (continued)

 

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 Trustees of the Trust (the “Board”) has approved the designation of the Fund’s Manager as the valuation designee for the Fund. The Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager’s policies and procedures as reflecting fair value. The Manager has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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

 

  ·  

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

 

  ·  

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

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

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

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

 

  ·  

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

 

  ·  

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

 

  ·  

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

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

 

4.

SECURITIES AND OTHER INVESTMENTS

Securities Lending: The Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least

 

 

14  

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Notes to Financial Statements (unaudited) (continued)

 

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.

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

J.P. Morgan Securities LLC

   $ 284,540      $ (284,540 )     $ —      $    —

Morgan Stanley

     163,324        (163,324 )       —      —

Toronto-Dominion Bank

     222,615        (222,615 )       —      —
 

 

 

     

 

 

     

 

 

     

 

  $ 670,479      $ (670,479 )     $ —      $    —
 

 

 

     

 

 

     

 

 

     

 

 

  (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.

INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

 

   
Average Daily Net Assets   Investment Advisory Fees  

First $1 billion

     0.70 % 

$1 billion - $3 billion

     0.66  

$3 billion - $5 billion

     0.63  

$5 billion - $10 billion

     0.61  

Greater than $10 billion

     0.60  

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

 

Share Class   Service Fees      Distribution Fees  

Investor A

     0.25 %       N/A  

 

 

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

   15

Notes to Financial Statements (unaudited) (continued)

 

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

For the 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  

Service — class specific

     $   597  

Administration: The Trust, on behalf of the Fund, entered into an Administration Agreement with BAL, to provide general administrative services (other than investment advice and related portfolio activities). BAL has agreed to bear all of the Fund’s ordinary operating expenses, excluding, generally, investment advisory fees, distribution fees, brokerage and other expenses related to the execution of portfolio transactions, extraordinary expenses and certain other expenses which are borne by the Fund. BAL may delegate certain of its administration duties to sub-administrators. BAL is entitled to receive for these administrative services an annual fee based on the average daily net assets of the Fund as follows:

 

Institutional

     0.15 % 

Investor A

     0.15  

Class K

     0.05  

From time to time, BAL may waive such fees in whole or in part. Any such waiver will reduce the expenses of the Fund and, accordingly, have a favorable impact on its performance. For the six months ended November 30, 2024, there were no fees waived/reimbursed by BAL pursuant to this arrangement.

For the six months ended November 30, 2024, the following table shows the class specific administration fees borne directly by each share class of the Fund:

 

     Institutional      Investor A      Class K      Total  

Administration — class specific

   $ 50      $ 358        $ 2,407        $ 2,815  

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 trustees who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”), or by a vote of a majority of the outstanding voting securities of the Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended November 30, 2024, the amount waived was $12.

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 Trustees, 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 by the Manager pursuant to this arrangement.

The fees and expenses of the Fund’s Independent Trustees, counsel to the Independent Trustees and the Fund’s independent registered public accounting firm (together, the “independent expenses”) are paid directly by the Fund. BAL has contractually agreed to reimburse the Fund or provide an offsetting credit for such independent expenses through June 30, 2026. The amount waived 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 was $12,501.

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.

 

 

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

Notes to Financial Statements (unaudited) (continued)

 

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds a specified threshold, the Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 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.

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 $80 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.

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 Fund did not participate in the Interfund Lending Program.

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

 

6.

PURCHASES AND SALES

For the six months ended November 30, 2024, purchases and sales of investments, excluding short-term securities, were $3,350,908 and $3,100,768, respectively.

 

7.

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 $6,086,903 and qualified late-year ordinary losses of $9,293.

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)		  

BlackRock SMID-Cap Growth Equity Fund

   $  9,708,924      $ 2,929,747      $ (551,167)      $   2,378,580  

 

8.

BANK BORROWINGS

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

 

 

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

   17

Notes to Financial Statements (unaudited) (continued)

 

9.

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.

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

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

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 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 Schedule of Investments.

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

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

 

10.

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  

Investor A

        

Shares sold

     20,978     $ 258,180       17,493     $ 221,015  

Shares redeemed

     (592 )      (7,338 )      (7,238 )      (89,255 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
    20,386     $ 250,842       10,255     $ 131,760  
 

 

 

    

 

 

    

 

 

    

 

 

  

 

 

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

Notes to Financial Statements (unaudited) (continued)

 

     
    Six Months Ended 11/30/24      Year Ended 05/31/24  
Share Class   Shares      Amount      Shares     Amount  

Class K

          

Shares sold

     47      $ 602        87     $ 1,055  

Shares redeemed

     —        —        (31 )      (400 ) 
 

 

 

     

 

 

     

 

 

    

 

 

  
    47      $ 602        56     $ 655  
 

 

 

     

 

 

     

 

 

    

 

 

  
    20,433      $ 251,444        10,311     $ 132,415  
 

 

 

     

 

 

     

 

 

    

 

 

  

As of November 30, 2024, shares owned by BlackRock Financial Management, Inc., an affiliate of the Fund, were as follows:

 

   
Share Class     

Institutional

   5,000

Investor A

   5,000

Class K

   740,000

 

11.

SUBSEQUENT EVENTS

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

 

 

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

   19

Additional Information 

 

Changes in and Disagreements with Accountants

Not applicable.

Proxy Results

Not applicable.

Remuneration Paid to Trustees, Officers, and Others

Compensation to the independent directors/trustees of the Trust is paid by the Trust, on behalf of the Fund.

General Information

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

Electronic Delivery

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

To enroll in electronic delivery:

Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:

Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.

Shareholders Who Hold Accounts Directly with BlackRock:

1. Access the BlackRock website at blackrock.com

2. Select “Access Your Account”

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

BlackRock’s Mutual Fund Family

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

Shareholder Privileges

Account Information

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

Automatic Investment Plans

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

Systematic Withdrawal Plans

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

Retirement Plans

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

 

 

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

Additional Information (continued)

 

Fund and Service Providers

Investment Adviser and Administrator   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 Trust
  100 Bellevue Parkway
  Wilmington, DE 19809

 

 

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

   21

Glossary of Terms Used in this Report

 

 

Portfolio Abbreviation
NVS       Non-Voting Shares
REIT   Real Estate Investment Trust

 

 

 

 

22  

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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.

 

 

LOGO

   LOGO

 

LOGO

  NOVEMBER 30, 2024

 

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

 

BlackRock Capital Appreciation Fund, Inc.

BlackRock FundsSM

 

·  

BlackRock Health Sciences Opportunities Portfolio

·  

BlackRock Infrastructure Sustainable Opportunities Fund

·  

BlackRock Mid-Cap Growth Equity Portfolio

·  

BlackRock Technology Opportunities 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

      19  

Statements of Operations

      23  

Statements of Changes in Net Assets

      25  

Financial Highlights

      28  

Notes to Financial Statements

      54  

Additional Information

      70  

Glossary of Terms Used in this Report

      72  

 

 

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 Capital Appreciation Fund, Inc.

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

    
Aerospace & Defense — 1.7%            

TransDigm Group, Inc.

     50,454     $ 63,217,348  
   

 

 

  
Automobiles — 3.3%            

Ferrari NV

     99,628       43,254,493  

Tesla, Inc.(a)

    235,759       81,374,576  
   

 

 

  
       124,629,069  
Broadline Retail — 10.1%            

Amazon.com, Inc.(a)

    1,822,920       378,966,839  
   

 

 

  
Building Products — 0.7%            

Trane Technologies PLC

     63,040       26,238,509  
   

 

 

  
Capital Markets — 2.7%            

Blackstone, Inc., Class A

     272,870       52,142,728  

S&P Global, Inc.

     92,437       48,299,257  
   

 

 

  
      100,441,985  
Chemicals — 1.4%            

Sherwin-Williams Co. (The)

     133,083       52,887,184  
   

 

 

  
Commercial Services & Supplies — 2.1%  

Copart, Inc.(a)

    810,169       51,356,613  

Waste Connections, Inc.

     147,354       28,361,224  
   

 

 

  
      79,717,837  
Electrical Equipment — 1.6%            

Vertiv Holdings Co., Class A

     464,075       59,215,970  
   

 

 

  
Entertainment — 3.2%            

Netflix, Inc.(a)

    134,239       119,044,488  
   

 

 

  
Financial Services — 5.4%            

Mastercard, Inc., Class A

     107,777       57,438,674  

Visa, Inc., Class A

     457,796       144,242,364  
   

 

 

  
      201,681,038  
Ground Transportation — 1.0%            

Old Dominion Freight Line, Inc.

     157,939       35,558,387  
   

 

 

  
Health Care Equipment & Supplies — 4.1%  

Align Technology, Inc.(a)

    148,152       34,485,341  

Boston Scientific Corp.(a)

    390,170       35,372,812  

Intuitive Surgical, Inc.(a)

    153,473       83,182,366  
   

 

 

  
      153,040,519  
Hotels, Restaurants & Leisure — 0.7%            

Chipotle Mexican Grill, Inc.(a)

    443,020       27,254,590  
   

 

 

  
Interactive Media & Services — 9.1%            

Alphabet, Inc., Class A

     709,218       119,822,381  

Meta Platforms, Inc., Class A

     381,716       219,227,133  
   

 

 

  
      339,049,514  
Security   Shares     Value  
IT Services — 0.9%            

Shopify, Inc., Class A(a)

    296,381     $ 34,261,644  
   

 

 

  
Life Sciences Tools & Services — 1.0%            

Danaher Corp.

     160,915       38,569,716  
   

 

 

  
Media — 0.8%            

Trade Desk, Inc. (The), Class A(a)

    232,308       29,863,194  
   

 

 

  
Pharmaceuticals — 3.5%            

Eli Lilly & Co.

     166,481       132,410,663  
   

 

 

  
Real Estate Management & Development — 1.1%  

CoStar Group, Inc.(a)

    494,494       40,222,142  
   

 

 

  
Semiconductors & Semiconductor Equipment — 19.8%  

ASML Holding NV, Registered Shares

     122,005       83,769,853  

Broadcom, Inc.

     885,153       143,465,598  

NVIDIA Corp.

     3,728,827       515,510,333  
   

 

 

  
      742,745,784  
Software — 16.5%            

Cadence Design Systems, Inc.(a)

    285,912       87,720,661  

Intuit, Inc.

     143,625       92,168,471  

Microsoft Corp.

     873,418       369,857,586  

Synopsys, Inc.(a)

    119,758       66,883,646  
   

 

 

  
      616,630,364  
Technology Hardware, Storage & Peripherals — 8.3%  

Apple Inc.

     1,317,046       312,574,527  
   

 

 

  

Total Common Stocks — 99.0%
(Cost: $1,394,283,807)

       3,708,221,311  
   

 

 

  
Preferred Securities            
Preferred Stocks — 0.9%            
Interactive Media & Services — 0.9%            

Bytedance Ltd., Series E-1 (Acquired 11/11/20, cost $19,426,516)(a)(b)(c)

    177,291       32,036,484  
   

 

 

  

Total Investments — 99.9%
(Cost: $1,413,710,323)

       3,740,257,795  

Other Assets Less Liabilities — 0.1%

       4,659,374  
   

 

 

  

Net Assets — 100.0%

     $  3,744,917,169  
   

 

 

  

 

(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) 

Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $32,036,484, representing 0.9% of its net assets as of period end, and an original cost of $19,426,516.

 

 

 

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 Capital Appreciation Fund, Inc.

 

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 Liquidity Funds, T-Fund,
Institutional Shares(a)

  $ 4,697,315     $   —     $ (4,697,315 )(b)    $   —             $   —     $   —       —     $ 80,519     $   —     
         

 

 

      

 

 

    

 

 

      

 

 

    

 

 

     

 

  (a) 

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

 
  (b) 

Represents net amount purchased (sold).

 

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

Fair Value Hierarchy as of Period End

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

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

 

 

  
    Level 1            Level 2           Level 3           Total  

 

  

Assets

               

Investments

               

Long-Term Investments

               

Common Stocks

   $  3,708,221,311        $    —       $ —       $ 3,708,221,311  

Preferred Securities

     —                 —                32,036,484                32,036,484  
 

 

 

       

 

 

      

 

 

      

 

 

  
  $ 3,708,221,311        $ —       $  32,036,484       $  3,740,257,795  
 

 

 

       

 

 

      

 

 

      

 

 

  

See notes to financial statements.

 

 

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

   5

Schedule of Investments (unaudited)

November 30, 2024

   

BlackRock Health Sciences Opportunities Portfolio

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

    
Biotechnology — 26.1%            

4D Molecular Therapeutics, Inc.(a)

    161,488     $ 1,266,066  

AbbVie, Inc.

     1,889,105        345,573,978  

AC Immune SA(a)(b)

    1,083,340       3,683,356  

Allogene Therapeutics, Inc.(a)

    1,479,779       3,669,852  

Alnylam Pharmaceuticals, Inc.(a)

    490,798       124,206,250  

Amgen, Inc.

     719,625       203,560,324  

Arcellx, Inc.(a)

    282,233       24,856,260  

Argenx SE, ADR(a)(b)

    221,539       136,589,870  

Ascendis Pharma A/S, ADR(a)

    129,952       17,683,868  

Autolus Therapeutics PLC, ADR(a)

    889,962       2,954,674  

Avidity Biosciences, Inc.(a)

    245,371       10,558,314  

Beam Therapeutics, Inc.(a)(b)

    285,429       7,812,192  

BeiGene Ltd., ADR(a)(b)

    96,865       20,825,975  

Biogen, Inc.(a)

    450,623       72,383,572  

Biohaven Ltd.(a)

    337,770       15,540,798  

BioMarin Pharmaceutical, Inc.(a)

    294,335       19,434,940  

BioNTech SE, ADR(a)

    104,740       12,400,169  

Blueprint Medicines Corp.(a)

    366,990       35,370,496  

Bridgebio Pharma, Inc.(a)

    231,965       6,283,932  

Cabaletta Bio, Inc.(a)

    419,920       1,604,094  

CervoMed, Inc.(a)(b)

    62,555       675,594  

CG oncology, Inc.(a)

    132,962       4,620,429  

Denali Therapeutics, Inc.(a)

    485,670       12,141,750  

Disc Medicine, Inc.(a)

    101,255       6,424,630  

Dyne Therapeutics, Inc.(a)

    337,551       10,332,436  

Exact Sciences Corp.(a)

    432,373       26,841,716  

Gilead Sciences, Inc.

     2,088,937       193,393,787  

Immatics NV(a)(b)

    298,703       2,485,209  

Immunocore Holdings PLC, ADR(a)

    181,355       5,937,563  

Incyte Corp.(a)

    212,725       15,867,158  

Insmed, Inc.(a)(b)

    621,155       46,686,010  

Ionis Pharmaceuticals, Inc.(a)(b)

    259,920       9,286,942  

Kyverna Therapeutics, Inc.(a)(b)

    133,243       768,812  

Legend Biotech Corp., ADR(a)

    146,621       6,168,345  

Merus NV(a)

    314,737       14,112,807  

MoonLake Immunotherapeutics(a)(b)

    144,884       7,886,036  

Natera, Inc.(a)

    378,780       63,551,708  

Neurocrine Biosciences, Inc.(a)

    141,165       17,892,664  

Neurogene, Inc.(a)

    284,041       7,223,163  

Nurix Therapeutics, Inc.(a)

    619,557       13,698,405  

Nuvalent, Inc., Class A(a)

    384,892       37,211,359  

Prime Medicine, Inc.(a)(b)

    360,982       1,187,631  

Protagonist Therapeutics, Inc.(a)

    275,145       12,051,351  

PTC Therapeutics, Inc.(a)

    287,575       12,618,791  

Regeneron Pharmaceuticals, Inc.(a)

    101,367       76,047,551  

REGENXBIO, Inc.(a)

    259,095       2,570,222  

REVOLUTION Medicines, Inc.(a)(b)

    204,583       11,835,126  

Rhythm Pharmaceuticals, Inc.(a)(b)

    690,347       42,829,128  

Rocket Pharmaceuticals, Inc.(a)

    266,176       3,830,273  

Roivant Sciences Ltd.(a)

    793,275       10,082,525  

Sagimet Biosciences, Inc., Series A(a)(b)

    302,930       1,723,672  

Sarepta Therapeutics, Inc.(a)

    475,457       63,397,436  

Scholar Rock Holding Corp.(a)(b)

    237,470       9,475,053  

Soleno Therapeutics, Inc.(a)

    168,265       8,869,248  

Stoke Therapeutics, Inc.(a)

    969,335       11,738,647  

TScan Therapeutics, Inc.(a)

    681,015       3,248,442  

Ultragenyx Pharmaceutical, Inc.(a)

    203,611       9,697,992  

Vaxcyte, Inc.(a)

    218,160       20,581,214  

Vertex Pharmaceuticals, Inc.(a)

    389,174       182,184,025  

Viking Therapeutics, Inc.(a)

    124,540       6,593,148  

Voyager Therapeutics, Inc.(a)

    445,885       3,058,771  
Security   Shares     Value  
Biotechnology (continued)            

Xenon Pharmaceuticals, Inc.(a)

    491,964     $ 20,972,425  

Zealand Pharma A/S(a)

    117,407       12,162,905  
   

 

 

  
       2,096,221,079  
Financial Services — 0.1%            

Helix Acquisition Corp. II, Class A(a)

    850,715       8,855,943  
   

 

 

  
Health Care Equipment & Supplies — 27.7%            

Abbott Laboratories

     2,549,993       302,862,669  

Align Technology, Inc.(a)

    112,515       26,190,116  

Becton Dickinson & Co.

     460,640       102,216,016  

Boston Scientific Corp.(a)

    6,120,098       554,848,085  

Cooper Cos., Inc. (The)(a)

    648,303       67,721,731  

Dexcom, Inc.(a)

    810,440       63,206,216  

Edwards Lifesciences Corp.(a)

    1,409,720       100,583,522  

GE HealthCare Technologies, Inc.

     1,029,320       85,660,010  

Glaukos Corp.(a)

    199,359       28,637,920  

IDEXX Laboratories, Inc.(a)

    90,825       38,305,444  

Inari Medical, Inc.(a)

    97,490       5,061,681  

Inspire Medical Systems, Inc.(a)

    83,905       16,173,528  

Intuitive Surgical, Inc.(a)

    728,889       395,057,838  

Medtronic PLC

     1,002,212       86,731,426  

Novocure Ltd.(a)(b)

    326,090       6,534,844  

Nyxoah SA(a)(b)

    411,250       3,394,869  

Orchestra BioMed Holdings, Inc.(a)(b)

    262,308       1,476,794  

Penumbra, Inc.(a)

    169,035       41,264,824  

STERIS PLC

     133,060       29,148,124  

Stryker Corp.

     672,262       263,627,543  
   

 

 

  
      2,218,703,200  
Health Care Providers & Services — 17.4%            

Cencora, Inc.

     377,045       94,845,670  

Cigna Group (The)

     512,476       173,114,393  

Elevance Health, Inc.

     323,317       131,577,086  

Guardant Health, Inc.(a)

    338,156       12,041,735  

HCA Healthcare, Inc.

     85,166       27,868,019  

Humana, Inc.

     255,885       75,839,196  

Labcorp Holdings, Inc.

     93,970       22,661,805  

McKesson Corp.

     169,605       106,596,742  

Quest Diagnostics, Inc.

     162,538       26,438,431  

UnitedHealth Group, Inc.

     1,189,069       725,569,904  
   

 

 

  
      1,396,552,981  
Life Sciences Tools & Services — 8.9%            

Agilent Technologies, Inc.

     210,463       29,037,580  

Bio-Techne Corp.

     229,860       17,322,250  

Danaher Corp.

     1,087,477       260,657,362  

IQVIA Holdings, Inc.(a)

    92,792       18,636,345  

Mettler-Toledo International, Inc.(a)

    16,205       20,275,696  

Repligen Corp.(a)

    189,700       28,557,438  

Thermo Fisher Scientific, Inc.

     421,007       222,977,937  

Waters Corp.(a)

    179,040       68,880,269  

West Pharmaceutical Services, Inc.

     141,185       45,981,131  
   

 

 

  
      712,326,008  
Pharmaceuticals — 17.8%            

AstraZeneca PLC

     347,839       47,078,117  

Daiichi Sankyo Co. Ltd.

     504,500       16,020,778  

Eli Lilly & Co.

     884,903       703,807,601  

Johnson & Johnson

     1,144,423       177,397,009  

Longboard Pharmaceuticals, Inc.(a)

    138,291       8,294,694  

Merck & Co., Inc.

     1,148,794       116,763,422  

Novo Nordisk A/S, Class B

     252,665       27,078,068  

Pfizer, Inc.

     3,037,515       79,613,268  

Roche Holding AG, NVS

     193,515       56,225,947  
 

 

 

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 Health Sciences Opportunities Portfolio

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Pharmaceuticals (continued)            

Sanofi SA

     601,216     $ 58,394,466  

Septerna, Inc.(a)

    88,755       2,244,614  

Structure Therapeutics, Inc., ADR(a)(b)

    196,098       6,500,649  

UCB SA

     116,815       22,907,663  

WaVe Life Sciences Ltd.(a)

    263,885       3,984,664  

Zoetis, Inc., Class A

     557,146       97,639,837  
   

 

 

  
      1,423,950,797  
   

 

 

  

Total Common Stocks — 98.0%
(Cost: $4,433,857,882)

        7,856,610,008  
   

 

 

  
     Par
(000)		         

Corporate Bonds

    
Health Care Equipment & Supplies — 0.0%  

Exo Imaging, Inc., 8.00%, 07/29/25 (Acquired 07/24/24,
cost $541,367)(c)(d)

  USD 541       1,450,864  
   

 

 

  

Total Corporate Bonds — 0.0%
(Cost: $541,367)

       1,450,864  
   

 

 

  

Other Interests(a)(c)(d)(e)

   

Afferent Pharmaceuticals, Inc., Series C (Acquired 06/30/15, cost $0)

     3,421       34  

Affinivax Inc. (Acquired 08/19/22, cost $0)

     123       1,164,372  
   

 

 

  

Total Other Interests — 0.0%
(Cost: $0)

       1,164,406  
   

 

 

  
     Shares         

Preferred Securities

    
Preferred Stocks — 0.7%            
Biotechnology — 0.4%            

Adarx Pharmaceuticals, Inc., Series C (Acquired 08/02/23, cost $6,399,994)(a)(c)(d)

    769,230       6,923,070  

Cellarity, Inc., Series B (Acquired 01/15/21, cost $5,149,998)(a)(c)(d)

    858,333       2,643,666  

Genesis Therapeutics, Inc., Series B (Acquired 08/10/23, cost $4,207,998)(a)(c)(d)

    823,870       5,190,381  

Goldfinch Bio, Inc., Series B (Acquired 06/26/20, cost $4,152,184)(a)(c)(d)

    3,518,800       1,372,332  

Kartos Therapeutics, Inc., Series C (Acquired 08/22/23, cost $6,974,988)(a)(c)(d)

    1,233,856       7,785,631  

Laronde, Inc., Series B (Acquired 07/28/21, cost $10,822,560)(a)(c)(d)

    386,520       10,822,560  
   

 

 

  
      34,737,640  
Health Care Equipment & Supplies — 0.1%  

Exo Imaging, Inc., Series C (Acquired 06/24/21, cost $11,178,997)(a)(c)(d)

    1,908,330       3,778,493  

Swift Health Systems, Inc., Series D (Acquired 08/27/21, cost $5,271,070)(a)(c)(d)

    1,700,345       17  
   

 

 

  
      3,778,510  
Health Care Providers & Services — 0.1%  

Quanta Dialysis Technologies Ltd., Series D (Acquired 06/18/21, cost $9,727,321)(a)(c)(d)

    80,024,425       6,516,933  
   

 

 

  
Pharmaceuticals — 0.1%            

Insitro, Series C (Acquired 03/10/21, cost $10,839,964)(a)(c)(d)

    592,636       5,013,701  
   

 

 

  
Security   Shares     Value  
Software — 0.0%            

Carbon Health Technologies, Inc.

    

Series D2 (Acquired 07/09/21, cost $16,855,000)(a)(c)(d)

    1,670,499     $ 1,570,269  

Series D2 (Acquired 02/27/24, cost $1,209,000)(a)(c)(d)

    1,209       1,270,538  
   

 

 

  
      2,840,807  
   

 

 

  

Total Preferred Securities — 0.7%
(Cost: $92,789,074)

       52,887,591  
   

 

 

  

Rights

    
Biotechnology — 0.0%            

Korro Bio, Inc., CVR(a)(c)

    428,010       4  

Mirati Therapeutics, Inc., CVR(a)(b)(c)

    228,510       171,383  
   

 

 

  
      171,387  
Health Care Equipment & Supplies — 0.0%  

ABIOMED INC, CVR(a)(c)

    243,643       526,269  
   

 

 

  

Total Rights — 0.0%
(Cost: $ —)

       697,656  
   

 

 

  

Warrants(a)

   
Health Care Providers & Services — 0.0%  

CareMax, Inc. (Issued/Exercisable 07/21/21, 1 Share for 1 Warrant, Expires 08/06/26, Strike Price USD 0.00)

     88,432       442  
   

 

 

  
Pharmaceuticals — 0.0%            

Nuvation Bio, Inc. (Issued/Exercisable 08/17/20, 1 Share for 1 Warrant, Expires 07/07/27, Strike Price USD 0.00)

     77,354       12,717  
   

 

 

  

Total Warrants — 0.0%
(Cost: $306,235)

       13,159  
   

 

 

  

Total Long-Term Investments — 98.7%
(Cost: $4,527,494,558)

       7,912,823,684  
   

 

 

  

Short-Term Securities

    
Money Market Funds — 2.5%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 4.79%(f)(g)(h)

    91,556,290       91,602,068  

BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.53%(f)(g)

    111,091,333       111,091,333  
   

 

 

  

Total Short-Term Securities — 2.5%
(Cost: $202,675,361)

       202,693,401  
   

 

 

  

Total Investments — 101.2%
(Cost: $4,730,169,919)

       8,115,517,085  

Liabilities in Excess of Other Assets — (1.2)%

 

     (94,823,469 ) 
   

 

 

  

Net Assets — 100.0%

     $  8,020,693,616  
   

 

 

  

 

(a) 

Non-income producing security.

(b) 

All or a portion of this security is on loan.

(c) 

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

(d) 

Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $55,502,861, representing 0.7% of its net assets as of period end, and an original cost of $93,330,441.

(e) 

Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.

(f) 

Affiliate of the Fund.

(g) 

Annualized 7-day yield as of period end.

 

 

 

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

   7

Schedule of Investments (unaudited) (continued)

November 30, 2024

   

BlackRock Health Sciences Opportunities Portfolio

 

(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

   $  77,919,089     $ 13,650,656 (a)    $   —     $ 14,283             $ 18,040     $ 91,602,068       91,556,290     $ 212,437 (b)    $   —     
 

BlackRock Liquidity Funds, T-Fund, Institutional Shares

     90,612,409       20,478,924 (a)      —       —         —       111,091,333       111,091,333       3,929,635       —     
         

 

 

      

 

 

    

 

 

      

 

 

    

 

 

     
          $ 14,283       $ 18,040     $ 202,693,401       $ 4,142,072     $ —     
         

 

 

      

 

 

    

 

 

      

 

 

    

 

 

     

 

  (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.

 

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

Fair Value Hierarchy as of Period End

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

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

 

 

  
    Level 1            Level 2           Level 3           Total  

 

  

Assets

               

Investments

               

Long-Term Investments

               

Common Stocks

               

Biotechnology

   $ 2,084,058,174               $ 12,162,905              $ —              $ 2,096,221,079  

Financial Services

     8,855,943          —         —         8,855,943  

Health Care Equipment & Supplies

     2,218,703,200          —         —         2,218,703,200  

Health Care Providers & Services

     1,396,552,981          —         —         1,396,552,981  

Life Sciences Tools & Services

     712,326,008          —         —         712,326,008  

Pharmaceuticals

     1,196,245,758          227,705,039         —         1,423,950,797  

Corporate Bonds

     —          —         1,450,864         1,450,864  

Other Interests

     —          —         1,164,406         1,164,406  

Preferred Securities

     —          —         52,887,591         52,887,591  

Rights

     —          —         697,656         697,656  

Warrants

     13,159          —         —         13,159  

Short-Term Securities

               

Money Market Funds

     202,693,401          —         —         202,693,401  
 

 

 

       

 

 

      

 

 

      

 

 

  
  $ 7,819,448,624        $ 239,867,944       $ 56,200,517       $ 8,115,517,085  
 

 

 

       

 

 

      

 

 

      

 

 

  

See notes to financial statements.

 

 

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)

November 30, 2024

   

BlackRock Infrastructure Sustainable Opportunities Fund

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

    
Construction & Engineering — 2.5%            

Ferrovial SE

     5,856     $ 241,578  
   

 

 

  
Diversified Telecommunication Services — 4.3%            

Cellnex Telecom SA(a)

    6,059       217,733  

Infrastrutture Wireless Italiane SpA(a)

    19,120       197,036  
   

 

 

  
      414,769  
Electric Utilities — 19.5%            

Alliant Energy Corp.

     3,031       191,559  

Enel SpA

     49,770       358,418  

Eversource Energy

     1,516       97,767  

Exelon Corp.

     12,193       482,355  

Fortis, Inc.

     3,158       141,203  

PG&E Corp.

     19,235       416,053  

SSE PLC

     4,248       95,806  

Terna - Rete Elettrica Nazionale

     11,327       95,867  
   

 

 

  
       1,879,028  
Ground Transportation — 18.2%            

Canadian National Railway Co.

     4,819       538,332  

Canadian Pacific Kansas City Ltd.

     2,560       196,144  

CSX Corp.

     12,937       472,847  

Tokyo Metro Co. Ltd.(b)(c)

    22,700       251,860  

West Japan Railway Co.

     15,300       288,121  
   

 

 

  
      1,747,304  
Health Care REITs — 3.4%            

Aedifica SA

     1,454       89,282  

Healthpeak Properties, Inc.

     10,936       240,483  
   

 

 

  
      329,765  
Independent Power and Renewable Electricity Producers — 6.1%  

Boralex, Inc., Class A

     10,101       216,226  

Clearway Energy, Inc., Class C

     4,281       126,247  

Innergex Renewable Energy, Inc.

     25,162       155,639  

Northland Power, Inc.

     6,160       88,679  
   

 

 

  
      586,791  
IT Services — 1.8%            

NEXTDC Ltd.(b)

    16,103       171,774  
   

 

 

  
Multi-Utilities — 17.9%            

CMS Energy Corp.

     2,043       142,418  

Consolidated Edison, Inc.

     4,267       429,217  

E.ON SE, Registered Shares

     38,114       491,246  

National Grid PLC

     52,172       658,549  
   

 

 

  
      1,721,430  
Security   Shares     Value  
Specialized REITs — 9.6%            

American Tower Corp.

     846     $ 176,814  

Equinix, Inc.

     295       289,537  

SBA Communications Corp.

     2,012       455,215  
   

 

 

  
      921,566  
Transportation Infrastructure — 11.9%            

Aena SME SA(a)

    1,500       324,858  

Enav SpA(a)

    44,878       193,574  

Flughafen Zurich AG, Registered Shares

     1,463       348,276  

Getlink SE

     5,597       91,523  

Transurban Group

     21,992       184,122  
   

 

 

  
      1,142,353  
Water Utilities — 4.1%            

United Utilities Group PLC

     27,800       396,184  
   

 

 

  

Total Long-Term Investments — 99.3%
(Cost: $9,126,536)

       9,552,542  
   

 

 

  

Short-Term Securities

    
Money Market Funds — 3.6%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 4.79%(d)(e)(f)

    274,935       275,072  

BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.53%(d)(e)

    69,854       69,854  
   

 

 

  

Total Short-Term Securities — 3.6%
(Cost: $344,926)

       344,926  
   

 

 

  

Total Investments — 102.9%
(Cost: $9,471,462)

       9,897,468  

Liabilities in Excess of Other Assets — (2.9)%

       (276,350 ) 
   

 

 

  

Net Assets — 100.0%

     $  9,621,118  
   

 

 

  

 

(a) 

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.

(b) 

Non-income producing security.

(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

   9

Schedule of Investments (unaudited) (continued)

November 30, 2024

   

BlackRock Infrastructure Sustainable Opportunities Fund

 

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

   $ —     $ 275,035 (a)    $ —     $ 37             $   —     $ 275,072       274,935     $ 35 (b)     $   —     
 

BlackRock Liquidity Funds, T-Fund, Institutional Shares

     179,426       —       (109,572 )(a)      —         —       69,854       69,854       3,518       —     
         

 

 

      

 

 

    

 

 

      

 

 

    

 

 

     
          $ 37       $ —     $ 344,926       $ 3,553     $ —     
         

 

 

      

 

 

    

 

 

      

 

 

    

 

 

     

 

  (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.

 

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

Derivative Financial Instruments Categorized by Risk Exposure

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:

                     

Swaps

    $ —      $ —      $ 8,662      $ —      $ —      $ —      $ 8,662  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Net Change in Unrealized Appreciation (Depreciation) on:

                     

Swaps

    $ —      $ —      $ 3,171      $ —      $ —      $ —      $ 3,171  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

  

Total return swaps

   

Average notional amount

    $ 16,464   

 

  

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

               

Construction & Engineering

   $ —        $ 241,578       $   —       $ 241,578  

Diversified Telecommunication Services

     —          414,769         —         414,769  

Electric Utilities

     1,328,937          550,091         —         1,879,028  

Ground Transportation

     1,459,183          288,121         —         1,747,304  

Health Care REITs

     240,483          89,282         —         329,765  

Independent Power and Renewable Electricity Producers

     586,791          —         —         586,791  

IT Services

     —          171,774         —         171,774  

Multi-Utilities

     571,635          1,149,795         —         1,721,430  

Specialized REITs

     921,566          —         —         921,566  

 

 

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 Infrastructure Sustainable Opportunities Fund

 

Fair Value Hierarchy as of Period End (continued)

 

 

  
    Level 1            Level 2           Level 3           Total  

 

  

Common Stocks (continued)

               

Transportation Infrastructure

   $ —               $ 1,142,353              $ —              $ 1,142,353  

Water Utilities

     —          396,184         —         396,184  

Short-Term Securities

               

Money Market Funds

     344,926          —         —         344,926  
 

 

 

       

 

 

      

 

 

      

 

 

  
  $ 5,453,521        $ 4,443,947       $   —       $ 9,897,468  
 

 

 

       

 

 

      

 

 

      

 

 

  

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

   11

Schedule of Investments (unaudited)

November 30, 2024

   

BlackRock Mid-Cap Growth Equity Portfolio

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Aerospace & Defense — 9.1%  

Axon Enterprise, Inc.(a)

    776,029     $ 502,059,722  

HEICO Corp.(b)

    1,050,536       287,185,026  

Howmet Aerospace, Inc.

     2,150,375       254,561,393  
   

 

 

  
       1,043,806,141  
Automobiles — 1.8%            

Ferrari NV(b)

    464,141       201,511,456  
   

 

 

  
Biotechnology — 0.4%            

Natera, Inc.(a)

    246,803       41,408,607  
   

 

 

  
Building Products — 1.1%            

AZEK Co., Inc. (The), Class A(a)(b)

    2,429,827       129,072,410  
   

 

 

  
Capital Markets — 8.3%            

Ares Management Corp., Class A

     2,038,300       360,228,759  

MSCI, Inc., Class A

     68,526       41,775,505  

TPG, Inc., Class A

     3,841,090       268,722,656  

Tradeweb Markets, Inc., Class A

     2,095,335       283,917,893  
   

 

 

  
      954,644,813  
Commercial Services & Supplies — 4.3%            

Copart, Inc.(a)

    3,870,086       245,324,752  

Rollins, Inc.

     3,187,265       160,415,047  

Waste Connections, Inc.

     470,595       90,575,420  
   

 

 

  
      496,315,219  
Construction & Engineering — 4.1%            

Comfort Systems U.S.A., Inc.

     624,295       307,945,995  

Quanta Services, Inc.

     474,779       163,570,861  
   

 

 

  
      471,516,856  
Construction Materials — 1.0%            

Vulcan Materials Co.

     390,543       112,527,155  
   

 

 

  
Electrical Equipment — 4.0%            

Vertiv Holdings Co., Class A

     3,553,645       453,445,102  
   

 

 

  
Electronic Equipment, Instruments & Components — 0.8%  

Coherent Corp.(a)

    948,013       94,952,982  
   

 

 

  
Entertainment — 4.7%            

Liberty Media Corp. - Liberty Formula One, Class C, NVS(a)

     2,689,167       237,614,796  

Live Nation Entertainment, Inc.(a)(b)

    2,190,785       302,876,026  
   

 

 

  
      540,490,822  
Financial Services — 2.4%            

Adyen NV(a)(c)

    106,162       154,520,258  

Affirm Holdings, Inc., Class A(a)

    1,644,888       115,158,609  
   

 

 

  
      269,678,867  
Ground Transportation — 2.5%            

Saia, Inc.(a)(b)

    503,890       286,753,721  
   

 

 

  
Health Care Equipment & Supplies — 7.2%  

Alcon AG

     1,764,600       156,784,710  

Align Technology, Inc.(a)

    911,854       212,252,255  

Dexcom, Inc.(a)

    2,964,432       231,196,052  

IDEXX Laboratories, Inc.(a)

    125,832       53,069,646  

Masimo Corp.(a)(b)

    970,331       167,420,911  
   

 

 

  
      820,723,574  
Hotels, Restaurants & Leisure — 6.1%            

Churchill Downs, Inc.

     1,170,248       166,303,943  

DraftKings, Inc., Class A(a)(b)

    5,291,718       230,983,491  

Flutter Entertainment PLC(a)

    167,668       46,330,022  
Security   Shares     Value  
Hotels, Restaurants & Leisure (continued)            

Planet Fitness, Inc., Class A(a)

    1,554,953     $ 154,795,571  

Wingstop, Inc.

     287,364       94,476,662  
   

 

 

  
      692,889,689  
Independent Power and Renewable Electricity Producers — 1.2%  

Vistra Corp.

     850,138       135,886,058  
   

 

 

  
Interactive Media & Services — 2.1%            

Pinterest, Inc., Class A(a)

    4,174,517       126,571,355  

Reddit, Inc., Class A(a)

    841,043       118,326,340  
   

 

 

  
      244,897,695  
IT Services — 2.7%            

Globant SA(a)(b)

    560,399       127,636,476  

MongoDB, Inc., Class A(a)

    560,739       180,832,720  
   

 

 

  
      308,469,196  
Life Sciences Tools & Services — 2.4%            

Bio-Techne Corp.(b)

    101,181       7,625,000  

Mettler-Toledo International, Inc.(a)

    9,151       11,449,731  

Repligen Corp.(a)

    360,284       54,237,154  

West Pharmaceutical Services, Inc.

     607,897       197,979,895  
   

 

 

  
      271,291,780  
Machinery — 0.5%            

IDEX Corp.

     234,839       54,160,919  
   

 

 

  
Media — 2.3%            

Trade Desk, Inc. (The), Class A(a)

    2,068,490       265,904,389  
   

 

 

  
Real Estate Management & Development — 2.1%  

CoStar Group, Inc.(a)(b)

    2,925,982       237,999,376  
   

 

 

  
Semiconductors & Semiconductor Equipment — 7.8%  

ASM International NV

     352,023       189,450,410  

Astera Labs, Inc.(a)(b)

    1,144,227       118,141,438  

BE Semiconductor Industries NV

     837,315       99,557,467  

Credo Technology Group Holding Ltd.(a)

    1,731,816       84,789,711  

Entegris, Inc.(b)

    2,343,229       247,515,279  

Monolithic Power Systems, Inc.

     269,247       152,835,367  
   

 

 

  
      892,289,672  
Software — 16.3%            

AppLovin Corp., Class A(a)

    1,734,760       584,180,430  

Aspen Technology, Inc.(a)(b)

    48,911       12,227,750  

Bentley Systems, Inc., Class B

     2,643,307       130,843,697  

Cadence Design Systems, Inc.(a)

    875,307       268,552,941  

Confluent, Inc., Class A(a)(b)

    5,351,686       165,045,996  

CyberArk Software Ltd.(a)

    195,295       63,179,885  

Fair Isaac Corp.(a)

    104,642       248,527,889  

Manhattan Associates, Inc.(a)(b)

    558,365       159,379,706  

PTC, Inc.(a)

    526,838       105,399,210  

Roper Technologies, Inc.

     34,995       19,822,568  

Tyler Technologies, Inc.(a)(b)

    170,490       107,267,193  
   

 

 

  
       1,864,427,265  
Specialty Retail — 2.4%            

Carvana Co., Class A(a)

    526,539       137,121,286  

Floor & Decor Holdings, Inc., Class A(a)(b)

    1,220,745       136,979,797  
   

 

 

  
      274,101,083  
Technology Hardware, Storage & Peripherals — 0.8%  

Pure Storage, Inc., Class A(a)

    1,757,111       93,109,312  
   

 

 

  
Textiles, Apparel & Luxury Goods — 1.2%            

On Holding AG, Class A(a)(b)

    2,346,376       136,864,112  
   

 

 

  
 

 

 

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 Mid-Cap Growth Equity Portfolio

(Percentages shown are based on Net Assets)

 

Security    
Shares		     Value  
Trading Companies & Distributors — 0.5%  

FTAI Aviation Ltd.

     376,924     $ 63,632,310  
   

 

 

  

Total Common Stocks — 100.1%
(Cost: $7,496,122,042)

       11,452,770,581  
   

 

 

  
     Par
(000)		         

Other Interests(a)(d)(e)

   

GCI Liberty, Inc., Class A

   USD 1,529       15  
   

 

 

  

Total Other Interests — 0.0%
(Cost: $0)

       15  
   

 

 

  

Total Long-Term Investments — 100.1%
(Cost: $7,496,122,042)

 

     11,452,770,596  
   

 

 

  
     Shares         

Short-Term Securities

    
Money Market Funds — 3.8%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 4.79%(f)(g)(h)

    431,367,865       431,583,549  
   

 

 

  

Total Short-Term Securities — 3.8%
(Cost: $431,561,589)

       431,583,549  
   

 

 

  

Total Investments — 103.9%
(Cost: $7,927,683,631)

       11,884,354,145  

Liabilities in Excess of Other Assets — (3.9)%

 

     (446,230,675 ) 
   

 

 

  

Net Assets — 100.0%

     $ 11,438,123,470  
   

 

 

  
(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) 

Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.

(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

   $  462,938,124     $   —     $ (31,574,329 )(a)    $  196,041       $  23,713     $ 431,583,549       431,367,865     $ 454,417 (b)    $   —     
 

BlackRock Liquidity Funds, T-Fund, Institutional Shares(c)

    750,097       —       (750,097 )(a)       —               —       —       —       240,458       —     
         

 

 

      

 

 

    

 

 

      

 

 

    

 

 

     
          $ 196,041       $ 23,713     $ 431,583,549       $  694,875     $ —     
         

 

 

      

 

 

    

 

 

      

 

 

    

 

 

     

 

  (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.

 
  (c) 

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

 

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

 

 

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

   13

Schedule of Investments (unaudited) (continued)

November 30, 2024

   

BlackRock Mid-Cap Growth Equity Portfolio

 

Fair Value Hierarchy as of Period End

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

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

 

 

  
    Level 1            Level 2             Level 3             Total  

 

  

Assets

                   

Investments

                   

Long-Term Investments

                   

Common Stocks

                                      

Aerospace & Defense

   $ 1,043,806,141        $ —         $ —         $ 1,043,806,141  

Automobiles

     201,511,456          —           —           201,511,456  

Biotechnology

     41,408,607          —           —           41,408,607  

Building Products

     129,072,410          —           —           129,072,410  

Capital Markets

     954,644,813          —           —           954,644,813  

Commercial Services & Supplies

     496,315,219          —           —           496,315,219  

Construction & Engineering

     471,516,856          —           —           471,516,856  

Construction Materials

     112,527,155          —           —           112,527,155  

Electrical Equipment

     453,445,102          —           —           453,445,102  

Electronic Equipment, Instruments & Components

     94,952,982          —           —           94,952,982  

Entertainment

     540,490,822          —           —           540,490,822  

Financial Services

     115,158,609          154,520,258           —           269,678,867  

Ground Transportation

     286,753,721          —           —           286,753,721  

Health Care Equipment & Supplies

     820,723,574          —           —           820,723,574  

Hotels, Restaurants & Leisure

     692,889,689          —           —           692,889,689  

Independent Power and Renewable Electricity Producers

     135,886,058          —           —           135,886,058  

Interactive Media & Services

     244,897,695          —           —           244,897,695  

IT Services

     308,469,196          —           —           308,469,196  

Life Sciences Tools & Services

     271,291,780          —           —           271,291,780  

Machinery

     54,160,919          —           —           54,160,919  

Media

     265,904,389          —           —           265,904,389  

Real Estate Management & Development

     237,999,376          —           —           237,999,376  

Semiconductors & Semiconductor Equipment

     603,281,795          289,007,877           —           892,289,672  

Software

     1,864,427,265          —           —           1,864,427,265  

Specialty Retail

     274,101,083          —           —           274,101,083  

Technology Hardware, Storage & Peripherals

     93,109,312          —           —           93,109,312  

Textiles, Apparel & Luxury Goods

     136,864,112          —           —           136,864,112  

Trading Companies & Distributors

     63,632,310          —           —           63,632,310  

Other Interests

     —          —           15           15  

Short-Term Securities

                   

Money Market Funds

     431,583,549                 —                 —                 431,583,549  
 

 

 

       

 

 

        

 

 

        

 

 

  
  $ 11,440,825,995        $  443,528,135         $    15         $  11,884,354,145  
 

 

 

       

 

 

        

 

 

        

 

 

  

See 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)

November 30, 2024

   

BlackRock Technology Opportunities Fund

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

    
Automobiles — 2.3%            

Tesla, Inc.(a)

    416,148     $ 143,637,644  
   

 

 

  
Banks — 0.4%            

NU Holdings Ltd., Class A(a)

    1,720,887       21,562,714  
   

 

 

  
Broadline Retail — 4.3%            

Amazon.com, Inc.(a)

    776,493       161,425,130  

MercadoLibre, Inc.(a)

    51,356       101,950,390  
   

 

 

  
       263,375,520  
Capital Markets — 0.5%            

S&P Global, Inc.

     64,329       33,612,546  
   

 

 

  
Communications Equipment — 1.7%            

Arista Networks, Inc.(a)

    169,037       68,598,595  

Motorola Solutions, Inc.

     69,230       34,594,231  
   

 

 

  
      103,192,826  
Consumer Finance — 0.6%            

Kaspi.KZ JSC, ADR

     319,978       34,045,659  
   

 

 

  
Diversified Consumer Services — 0.0%            

Think & Learn Private Ltd. (Acquired 09/30/20, cost $3,427,642)(a)(b)(c)

    2,241       —  
   

 

 

  
Electric Utilities — 0.4%            

Constellation Energy Corp.

     103,188       26,473,913  
   

 

 

  
Electrical Equipment — 1.1%            

Vertiv Holdings Co., Class A

     533,886       68,123,854  
   

 

 

  
Electronic Equipment, Instruments & Components — 1.0%  

Coherent Corp.(a)

    633,491       63,450,458  
   

 

 

  
Entertainment — 4.4%            

Electronic Arts, Inc.

     198,202       32,439,721  

Netflix, Inc.(a)

    59,859       53,083,560  

Nintendo Co. Ltd.

     696,800       40,895,261  

Spotify Technology SA(a)

    210,362       100,334,259  

Take-Two Interactive Software, Inc.(a)

    224,032       42,203,148  
   

 

 

  
      268,955,949  
Financial Services — 2.1%            

Adyen NV(a)(d)

    23,234       33,817,408  

Mastercard, Inc., Class A

     174,325       92,904,765  
   

 

 

  
      126,722,173  
Industrial Conglomerates — 1.1%            

Hitachi Ltd.

     2,628,000       66,227,843  
   

 

 

  
Interactive Media & Services — 5.1%            

Alphabet, Inc., Class A

     569,952       96,293,391  

Meta Platforms, Inc., Class A

     379,185       217,773,529  
   

 

 

  
      314,066,920  
IT Services — 3.1%            

Farmer’s Business Network, Inc.(a)(b)

    194,200       514,630  

Klarna Holdings AB (Acquired 09/15/20, cost $11,017,172)(a)(b)(c)

    25,600       12,614,743  

MongoDB, Inc., Class A(a)

    247,774       79,904,637  

Shopify, Inc., Class A(a)

    304,124       35,156,734  

Snowflake, Inc., Class A(a)

    350,702       61,302,710  
   

 

 

  
      189,493,454  
Professional Services — 1.9%            

RELX PLC

     1,265,101       59,642,064  

Thomson Reuters Corp.

     345,555       56,212,386  
   

 

 

  
      115,854,450  
Security   Shares     Value  
Semiconductors & Semiconductor Equipment — 28.8%  

Applied Materials, Inc.

     227,461     $ 39,739,711  

ARM Holdings PLC, ADR(a)(e)

    442,121       59,372,429  

ASM International NV

     76,373       41,102,133  

ASML Holding NV

     112,892       77,140,141  

Broadcom, Inc.

     1,680,805       272,424,874  

Marvell Technology, Inc.

     934,490       86,617,878  

Micron Technology, Inc.

     1,055,668       103,402,681  

Monolithic Power Systems, Inc.

     62,497       35,475,797  

NVIDIA Corp.(e)

    6,671,918       922,392,664  

Taiwan Semiconductor Manufacturing Co. Ltd., ADR

     668,756       123,492,483  
   

 

 

  
      1,761,160,791  
Software — 30.3%            

AppLovin Corp., Class A(a)

    126,916       42,738,963  

Atlassian Corp., Class A(a)

    173,488       45,727,967  

Autodesk, Inc.(a)

    154,393       45,067,317  

Cadence Design Systems, Inc.(a)

    650,594       199,608,745  

Constellation Software, Inc.

     22,901       76,842,543  

Crowdstrike Holdings, Inc., Class A(a)

    194,314       67,226,815  

CyberArk Software Ltd.(a)

    132,068       42,725,319  

Databricks, Inc. (Acquired 07/24/20, cost $5,122,891)(a)(b)(c)

    319,983       28,142,505  

Datadog, Inc., Class A(a)

    309,428       47,265,127  

Fair Isaac Corp.(a)

    57,128       135,680,714  

Guidewire Software, Inc.(a)

    210,435       42,695,157  

Microsoft Corp.

     1,220,392       516,787,196  

Nutanix, Inc., Class A(a)

    489,750       31,970,880  

Oracle Corp.

     928,139       171,557,213  

Palo Alto Networks, Inc.(a)

    131,838       51,129,413  

Samsara, Inc., Class A(a)(e)

    879,228       47,029,906  

SAP SE

     406,414       96,509,460  

ServiceNow, Inc.(a)

    114,142       119,785,180  

Unqork, Inc. (Acquired 03/05/21, cost $4,093,769)(a)(b)(c)

    149,520       822,360  

Xero Ltd.(a)

    420,030       47,829,752  
   

 

 

  
      1,857,142,532  
Specialty Retail — 0.0%            

AceVector Ltd. (Acquired 05/07/14, cost $1,414,399)(a)(b)(c)

    304,000       115,849  
   

 

 

  
Technology Hardware, Storage & Peripherals — 8.3%  

Apple Inc.

     2,014,661       478,139,495  

Dell Technologies, Inc., Class C

     235,465       30,042,979  
   

 

 

  
      508,182,474  
   

 

 

  

Total Common Stocks — 97.4%
(Cost: $2,915,845,092)

       5,965,397,569  
   

 

 

  

Preferred Securities

    
Preferred Stocks — 1.5%            
Diversified Consumer Services — 0.0%            

Think & Learn Private Ltd., Series F (Acquired 09/30/20, cost $6,867,746)(a)(b)(c)

    2,371       —  
   

 

 

  
Interactive Media & Services — 0.3%            

Bytedance Ltd., Series E-1 (Acquired 11/11/20, cost $10,748,384)(a)(b)(c)

    94,889       17,146,442  
   

 

 

  
 

 

 

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 Technology Opportunities Fund

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Semiconductors & Semiconductor Equipment — 0.5%        

PsiQuantum Corp., Series C (Acquired 09/09/19, cost $2,698,454)(a)(b)(c)

    581,814     $ 17,815,145  

SambaNova Systems, Inc., Series C (Acquired 02/20/20, cost $9,804,574)(a)(b)(c)

    184,153       10,266,530  
   

 

 

  
      28,081,675  
Software — 0.7%            

Databricks, Inc.

    

Series F (Acquired 10/22/19, cost $3,700,005)(a)(b)(c)

    258,450       22,730,677  

Series G (Acquired 02/01/21, cost $12,500,003)(a)(b)(c)

    211,425       18,594,829  

Unqork, Inc.

    

Series A (Acquired 03/05/21, cost $194,941)(a)(b)(c)

    7,120       41,296  

Series B (Acquired 03/05/21, cost $314,315)(a)(b)(c)

    11,480       73,472  

Series C (Acquired 09/18/20, cost $8,323,340)(a)(b)(c)

    304,000       2,441,120  

Series Seed (Acquired 03/05/21, cost $489,544)(a)(b)(c)

    17,880       99,592  

Series Seed A (Acquired 03/05/21, cost $180,704)(a)(b)(c)

    6,600       36,630  
   

 

 

  
      44,017,616  
   

 

 

  

Total Preferred Securities — 1.5%
(Cost: $55,822,010)

       89,245,733  
   

 

 

  

Warrants(a)(b)

   
Software — 0.0%            

Constellation Software, Inc. (Issued/Exercisable 08/23/23, 1 Share for 1 Warrant, Expires 03/31/40, Strike Price CAD 0.00)

     22,107       —  
   

 

 

  

Total Warrants — 0.0%
(Cost: $0)

 

     —  
   

 

 

  

Total Long-Term Investments — 98.9%
(Cost: $2,971,667,102)

 

     6,054,643,302  
   

 

 

  
Security   Shares     Value  

Short-Term Securities

    
Money Market Funds — 2.0%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 4.79%(f)(g)(h)

    51,325,295     $ 51,350,958  

BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.53%(f)(g)

    74,215,637       74,215,637  
   

 

 

  

Total Short-Term Securities — 2.0%
(Cost: $125,568,166)

 

     125,566,595  
   

 

 

  

Total Investments — 100.9%
(Cost: $3,097,235,268)

 

     6,180,209,897  

Liabilities in Excess of Other Assets — (0.9)%

 

     (57,990,335 ) 
   

 

 

  

Net Assets — 100.0%

     $  6,122,219,562  
   

 

 

  

 

(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) 

Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $130,941,190, representing 2.1% of its net assets as of period end, and an original cost of $80,897,883.

(d) 

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.

(e) 

All or a portion of this security is on loan.

(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

   $ 42,718,478     $ 8,632,283 (a)    $ —     $ 1,768     $ (1,571 )    $ 51,350,958       51,325,295     $ 80,247 (b)     $ —     
 

BlackRock Liquidity Funds, T-Fund, Institutional Shares

     25,083,311       49,132,326 (a)        —       —       —       74,215,637       74,215,637       1,298,846         —     
         

 

 

    

 

 

    

 

 

      

 

 

    

 

 

     
          $ 1,768     $ (1,571 )    $ 125,566,595       $ 1,379,093     $ —     
         

 

 

    

 

 

    

 

 

      

 

 

    

 

 

     

 

  (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.

 

 

 

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 Technology Opportunities Fund

 

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

Fair Value Hierarchy as of Period End

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

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

 

 

  
    Level 1             Level 2            Level 3            Total  

 

  

Assets

               

Investments

               

Long-Term Investments

               

Common Stocks

               

Automobiles

   $ 143,637,644        $ —       $ —       $ 143,637,644  

Banks

     21,562,714          —         —         21,562,714  

Broadline Retail

     263,375,520          —         —         263,375,520  

Capital Markets

     33,612,546          —         —         33,612,546  

Communications Equipment

     103,192,826          —         —         103,192,826  

Consumer Finance

     34,045,659          —         —         34,045,659  

Diversified Consumer Services

     —          —         —         —  

Electric Utilities

     26,473,913          —         —         26,473,913  

Electrical Equipment

     68,123,854          —         —         68,123,854  

Electronic Equipment, Instruments & Components

     63,450,458          —         —         63,450,458  

Entertainment

     228,060,688          40,895,261         —         268,955,949  

Financial Services

     92,904,765          33,817,408         —         126,722,173  

Industrial Conglomerates

     —          66,227,843         —         66,227,843  

Interactive Media & Services

     314,066,920          —         —         314,066,920  

IT Services

     176,364,081          —         13,129,373         189,493,454  

Professional Services

     56,212,386          59,642,064         —         115,854,450  

Semiconductors & Semiconductor Equipment

     1,642,918,517          118,242,274         —         1,761,160,791  

Software

     1,683,838,455          144,339,212         28,964,865         1,857,142,532  

Specialty Retail

     —          —         115,849         115,849  

Technology Hardware, Storage & Peripherals

     508,182,474          —         —         508,182,474  

Preferred Securities

     —          —         89,245,733         89,245,733  

Warrants

     —          —         —         —  

Short-Term Securities

               

Money Market Funds

     125,566,595          —         —         125,566,595  
 

 

 

       

 

 

      

 

 

      

 

 

  
  $  5,585,590,015        $  463,164,062       $  131,455,820       $  6,180,209,897  
 

 

 

       

 

 

      

 

 

      

 

 

  

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

 

         
      Common
Stocks		      Preferred
Stocks		      Warrants      Total  

Assets

            

Opening Balance, as of May 31, 2024

    $ 35,470,366      $ 83,769,762      $ —      $ 119,240,128  

Transfers into Level 3

      —        —        —        —  

Transfers out of Level 3

      —        —        —        —  

Accrued discounts/premiums

      —        —        —        —  

Net realized gain (loss)

      —        (144,905 )       —        (144,905 ) 

Net change in unrealized appreciation (depreciation)(a)(b)

     6,739,721        7,968,231        —        14,707,952  

Purchases

      —        —        —        —  

Sales

      —        (2,347,355 )       —        (2,347,355 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

Closing Balance, as of November 30, 2024

    $  42,210,087      $  89,245,733      $   — (c)     $  131,455,820  
  

 

 

     

 

 

     

 

 

     

 

 

  

Net change in unrealized appreciation (depreciation) on investments still held at November 30, 2024(c)

   $ 6,739,721      $ 7,968,231      $ —      $ 14,707,952  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a) 

Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.

 
  (b) 

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at November 30, 2024, is generally due to investments no longer held or categorized as Level 3 at period end.

 
  (c) 

Rounds to less than $1.

 

 

 

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 Technology Opportunities Fund

 

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

 

           
      Value      Valuation Approach      Unobservable
Inputs		      Range of
Unobservable Inputs
Utilized(a) 		     Weighted Average of
Unobservable Inputs
Based on Fair Value		  

Assets

               

Common Stocks

    $ 42,210,087        Market        Revenue Multiple        2.10x - 23.00x        17.36x  
           Volatility        70%        —  
           Time to Exit        3.0 years        —  

Preferred Stocks

      89,245,733        Market        Revenue Multiple        1.34x - 23.00x        15.44x  
           Volatility        50% - 90%        65%  
           Time to Exit        3.0 - 4.0 years        3.6 years  
           Market Adjustment Multiple        1.60x        —  
  

 

 

              
   $  131,455,820              
  

 

 

              

 

  (a)

A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value.

 

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

Statements of Assets and Liabilities (unaudited)

November 30, 2024

 

     BlackRock
Capital
Appreciation
Fund,
Inc.		      BlackRock
Health
Sciences
Opportunities
Portfolio		      BlackRock
Infrastructure
Sustainable
Opportunities
Fund		  

ASSETS

        

Investments, at value — unaffiliated(a)(b)

  $ 3,740,257,795      $ 7,912,823,684      $ 9,552,542  

Investments, at value — affiliated(c)

    —        202,693,401        344,926  

Foreign currency, at value(d)

    —        99,444        2,592  

Receivables:

        

Investments sold

     7,614,625        —        123,108  

Securities lending income — affiliated

     —        39,583        2  

Capital shares sold

     698,004        2,541,913        —  

Dividends — unaffiliated

     1,407,130        7,496,969        49,362  

Dividends — affiliated

     8,700        392,938        551  

From the Manager

     —        —        13,085  

Foreign withholding tax claims

     212,877        —        —  

Prepaid expenses

     80,243        105,398        33,927  
 

 

 

     

 

 

     

 

 

  

Total assets

     3,750,279,374        8,126,193,330        10,120,095  
 

 

 

     

 

 

     

 

 

  

LIABILITIES

        

Bank overdraft

     1,184,234        —        —  

Collateral on securities loaned

     —        91,579,360        275,072  

Payables:

        

Investments purchased

     —        —        138,350  

Administration fees

     —        361,217        —  

Capital shares redeemed

     1,039,164        5,824,691        —  

Investment advisory fees

     1,876,869        4,417,669        —  

Directors’ and Officer’s fees

     6,750        13,842        1,442  

Other accrued expenses

     100,113        280,506        31,336  

Other affiliate fees

     51,096        64,032        42  

Professional fees

     19,756        22,920        52,320  

Service and distribution fees

     505,094        907,158        46  

Transfer agent fees

     579,129        2,028,319        369  
 

 

 

     

 

 

     

 

 

  

Total liabilities

     5,362,205        105,499,714        498,977  
 

 

 

     

 

 

     

 

 

  

Commitments and contingent liabilities

        

NET ASSETS

   $ 3,744,917,169      $ 8,020,693,616      $ 9,621,118  
 

 

 

     

 

 

     

 

 

  

NET ASSETS CONSIST OF:

        

Paid-in capital

   $ 1,220,247,273      $ 4,264,783,946      $ 10,094,653  

Accumulated earnings (loss)

     2,524,669,896        3,755,909,670        (473,535 ) 
 

 

 

     

 

 

     

 

 

  

NET ASSETS

   $ 3,744,917,169      $ 8,020,693,616      $ 9,621,118  
 

 

 

     

 

 

     

 

 

  

(a) Investments, at cost — unaffiliated

   $ 1,413,710,323      $ 4,527,494,558      $ 9,126,536  

(b) Securities loaned, at value

   $ —      $ 90,044,218      $ 248,531  

(c)  Investments, at cost — affiliated

   $ —      $ 202,675,361      $ 344,926  

(d) Foreign currency, at cost

   $ —      $ 103,311      $ 2,586  

 

 

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

   19

Statements of Assets and Liabilities (unaudited) (continued)

November 30, 2024

 

     BlackRock
Capital
Appreciation
Fund,
Inc.		      BlackRock
Health
Sciences
Opportunities
Portfolio		      BlackRock
Infrastructure
Sustainable
Opportunities
Fund		  

NET ASSET VALUE

        
Institutional                    

Net assets

   $ 853,525,300      $ 4,163,988,484      $ 110,924  
 

 

 

     

 

 

     

 

 

  

Shares outstanding

     19,132,388        55,387,784        11,723  
 

 

 

     

 

 

     

 

 

  

Net asset value

   $ 44.61      $ 75.18      $ 9.46  
 

 

 

     

 

 

     

 

 

  

Shares authorized

     300 million        Unlimited        Unlimited  
 

 

 

     

 

 

     

 

 

  

Par value

   $ 0.10      $ 0.001      $ 0.001  
 

 

 

     

 

 

     

 

 

  
Service                    

Net assets

   $ N/A      $ 29,920,951      $ N/A  
 

 

 

     

 

 

     

 

 

  

Shares outstanding

     N/A        425,452        N/A  
 

 

 

     

 

 

     

 

 

  

Net asset value

   $ N/A      $ 70.33      $ N/A  
 

 

 

     

 

 

     

 

 

  

Shares authorized

     N/A        Unlimited        N/A  
 

 

 

     

 

 

     

 

 

  

Par value

   $ N/A      $ 0.001      $ N/A  
 

 

 

     

 

 

     

 

 

  
Investor A                    

Net assets

   $ 2,262,412,776      $ 2,795,605,072      $ 230,435  
 

 

 

     

 

 

     

 

 

  

Shares outstanding

     58,840,902        39,962,984        24,392  
 

 

 

     

 

 

     

 

 

  

Net asset value

   $ 38.45      $ 69.95      $ 9.45  
 

 

 

     

 

 

     

 

 

  

Shares authorized

     300 million        Unlimited        Unlimited  
 

 

 

     

 

 

     

 

 

  

Par value

   $ 0.10      $ 0.001      $ 0.001  
 

 

 

     

 

 

     

 

 

  
Investor C                    

Net assets

   $ 42,051,895      $ 275,601,646      $ N/A  
 

 

 

     

 

 

     

 

 

  

Shares outstanding

     2,182,747        4,873,984        N/A  
 

 

 

     

 

 

     

 

 

  

Net asset value

   $ 19.27      $ 56.55      $ N/A  
 

 

 

     

 

 

     

 

 

  

Shares authorized

     300 million        Unlimited        N/A  
 

 

 

     

 

 

     

 

 

  

Par value

   $ 0.10      $ 0.001      $ N/A  
 

 

 

     

 

 

     

 

 

  
Class K                    

Net assets

   $ 561,470,079      $ 510,773,724      $ 9,279,759  
 

 

 

     

 

 

     

 

 

  

Shares outstanding

     12,418,004        6,779,798        980,507  
 

 

 

     

 

 

     

 

 

  

Net asset value

   $ 45.21      $ 75.34      $ 9.46  
 

 

 

     

 

 

     

 

 

  

Shares authorized

     300 million        Unlimited        Unlimited  
 

 

 

     

 

 

     

 

 

  

Par value

   $ 0.10      $ 0.001      $ 0.001  
 

 

 

     

 

 

     

 

 

  
Class R                    

Net assets

   $ 25,457,119      $ 244,803,739      $ N/A  
 

 

 

     

 

 

     

 

 

  

Shares outstanding

     976,140        3,629,407        N/A  
 

 

 

     

 

 

     

 

 

  

Net asset value

   $ 26.08      $ 67.45      $ N/A  
 

 

 

     

 

 

     

 

 

  

Shares authorized

     500 million        Unlimited        N/A  
 

 

 

     

 

 

     

 

 

  

Par value

   $ 0.10      $ 0.001      $ N/A  
 

 

 

     

 

 

     

 

 

  

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

Statements of Assets and Liabilities (unaudited) (continued)

November 30, 2024

 

     BlackRock
Mid-Cap
Growth
Equity
Portfolio		      BlackRock
Technology
Opportunities
Fund		  

ASSETS

     

Investments, at value — unaffiliated(a)(b)

  $ 11,452,770,596      $ 6,054,643,302  

Investments, at value — affiliated(c)

    431,583,549        125,566,595  

Cash

     —        5,848  

Foreign currency, at value(d)

    —        329,521  

Receivables:

     

Investments sold

     22,755,403        3,527,997  

Securities lending income — affiliated

     59,524        15,836  

Capital shares sold

     5,700,245        4,022,047  

Dividends — unaffiliated

     2,892,967        1,531,186  

Dividends — affiliated

     33,898        64,806  

From the Manager

     24,952        3,210  

Prepaid expenses

     130,542        101,105  
 

 

 

     

 

 

  

Total assets

     11,915,951,676        6,189,811,453  
 

 

 

     

 

 

  

LIABILITIES

     

Bank overdraft

     7,085,736        —  

Collateral on securities loaned

     431,379,902        51,344,691  

Payables:

     

Investments purchased

     11,720,942        4,978,824  

Administration fees

     384,793        261,535  

Capital shares redeemed

     18,018,761        4,441,841  

Investment advisory fees

     5,715,928        3,779,670  

Directors’ and Officer’s fees

     24,051        8,070  

Other accrued expenses

     334,840        352,543  

Other affiliate fees

     25,067        25,183  

Professional fees

     8,875        4,908  

Service and distribution fees

     536,777        732,604  

Transfer agent fees

     2,592,534        1,662,022  
 

 

 

     

 

 

  

Total liabilities

     477,828,206        67,591,891  
 

 

 

     

 

 

  

Commitments and contingent liabilities

     

NET ASSETS

   $ 11,438,123,470      $ 6,122,219,562  
 

 

 

     

 

 

  

NET ASSETS CONSIST OF:

     

Paid-in capital

   $ 7,667,026,297      $ 2,760,592,538  

Accumulated earnings

     3,771,097,173        3,361,627,024  
 

 

 

     

 

 

  

NET ASSETS

   $ 11,438,123,470      $ 6,122,219,562  
 

 

 

     

 

 

  

(a) Investments, at cost — unaffiliated

   $ 7,496,122,042      $ 2,971,667,102  

(b) Securities loaned, at value

   $ 424,224,215      $ 50,820,184  

(c)  Investments, at cost — affiliated

   $ 431,561,589      $ 125,568,166  

(d) Foreign currency, at cost

   $ —      $ 323,147  

 

 

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

   21

Statements of Assets and Liabilities (unaudited) (continued)

November 30, 2024

 

     BlackRock
Mid-Cap
Growth
Equity
Portfolio		      BlackRock
Technology
Opportunities
Fund		  

NET ASSET VALUE

     
Institutional             

Net assets

   $ 4,892,014,678      $ 3,165,791,734  
 

 

 

     

 

 

  

Shares outstanding

     105,999,726        41,794,261  
 

 

 

     

 

 

  

Net asset value

   $ 46.15      $ 75.75  
 

 

 

     

 

 

  

Shares authorized

     Unlimited        Unlimited  
 

 

 

     

 

 

  

Par value

   $ 0.001      $ 0.001  
 

 

 

     

 

 

  
Service             

Net assets

   $ 59,903,820      $ 56,019,061  
 

 

 

     

 

 

  

Shares outstanding

     1,461,414        797,150  
 

 

 

     

 

 

  

Net asset value

   $ 40.99      $ 70.27  
 

 

 

     

 

 

  

Shares authorized

     Unlimited        Unlimited  
 

 

 

     

 

 

  

Par value

   $ 0.001      $ 0.001  
 

 

 

     

 

 

  
Investor A             

Net assets

   $ 1,733,971,135      $ 2,188,541,317  
 

 

 

     

 

 

  

Shares outstanding

     44,396,888        31,923,886  
 

 

 

     

 

 

  

Net asset value

   $ 39.06      $ 68.55  
 

 

 

     

 

 

  

Shares authorized

     Unlimited        Unlimited  
 

 

 

     

 

 

  

Par value

   $ 0.001      $ 0.001  
 

 

 

     

 

 

  
Investor C             

Net assets

   $ 186,860,194      $ 312,838,920  
 

 

 

     

 

 

  

Shares outstanding

     6,512,213        5,786,942  
 

 

 

     

 

 

  

Net asset value

   $ 28.69      $ 54.06  
 

 

 

     

 

 

  

Shares authorized

     Unlimited        Unlimited  
 

 

 

     

 

 

  

Par value

   $ 0.001      $ 0.001  
 

 

 

     

 

 

  
Class K             

Net assets

   $ 4,474,464,016      $ 349,268,574  
 

 

 

     

 

 

  

Shares outstanding

     96,336,054        4,596,656  
 

 

 

     

 

 

  

Net asset value

   $ 46.45      $ 75.98  
 

 

 

     

 

 

  

Shares authorized

     Unlimited        Unlimited  
 

 

 

     

 

 

  

Par value

   $ 0.001      $ 0.001  
 

 

 

     

 

 

  
Class R             

Net assets

   $ 90,909,627      $ 49,759,956  
 

 

 

     

 

 

  

Shares outstanding

     2,400,723        727,310  
 

 

 

     

 

 

  

Net asset value

   $ 37.87      $ 68.42  
 

 

 

     

 

 

  

Shares authorized

     Unlimited        Unlimited  
 

 

 

     

 

 

  

Par value

   $ 0.001      $ 0.001  
 

 

 

     

 

 

  

See notes to financial statements.

 

 

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

Statements of Operations (unaudited)

Six Months Ended November 30, 2024

 

     BlackRock
Capital
Appreciation
Fund,
Inc.		     BlackRock
Health
Sciences
Opportunities
Portfolio		     BlackRock
Infrastructure
Sustainable
Opportunities
Fund		  

INVESTMENT INCOME

      

Dividends — unaffiliated

   $ 10,855,123 (a)    $ 42,095,280     $ 154,795  

Dividends — affiliated

     80,519       3,929,635       3,518  

Securities lending income — affiliated — net

     —       212,437       35  

Other income

     10,484       —       —  

Foreign taxes withheld

     (73,814 )      (36,082 )      (7,750 ) 

Foreign withholding tax claims

     300,549       —       —  
 

 

 

    

 

 

    

 

 

  

Total investment income

     11,172,861       46,201,270       150,598  
 

 

 

    

 

 

    

 

 

  

EXPENSES

      

Investment advisory

     11,176,768       28,230,850       37,588  

Service and distribution — class specific

     3,009,266       5,799,197       285  

Transfer agent — class specific

     1,355,178       3,828,562       638  

Accounting services

     117,014       247,746       18,556  

Professional

     95,082       43,476       55,388  

Registration

     41,781       67,564       25,250  

Printing and postage

     30,085       34,918       18,905  

Custodian

     22,058       65,531       8,709  

Directors and Officer

     15,924       35,637       3,320  

Administration

     —       1,461,679       1,997  

Administration — class specific

     —       842,015       940  

Miscellaneous

     18,084       143,481       6,028  
 

 

 

    

 

 

    

 

 

  

Total expenses excluding interest expense

     15,881,240       40,800,656       177,604  

Interest expense

     8,871       697       1  
 

 

 

    

 

 

    

 

 

  

Total expenses

     15,890,111       40,801,353       177,605  
 

 

 

    

 

 

    

 

 

  

Less:

      

Administration fees waived

     —       —       (1,997 ) 

Administration fees waived by the Manager — class specific

     —       —       (940 ) 

Fees waived and/or reimbursed by the Manager

     (1,223 )      (58,232 )      (129,048 ) 

Transfer agent fees waived and/or reimbursed by the Manager — class specific

     —       —       (554 ) 
 

 

 

    

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed

     15,888,888       40,743,121       45,066  
 

 

 

    

 

 

    

 

 

  

Net investment income (loss)

     (4,716,027 )      5,458,149       105,532  
 

 

 

    

 

 

    

 

 

  

REALIZED AND UNREALIZED GAIN (LOSS)

      

Net realized gain (loss) from:

      

Investments — unaffiliated

     214,582,315       397,159,486       105,641  

Investments — affiliated

     —       14,283       37  

Foreign currency transactions

     (10,327 )      126,216       2,246  

Swaps

     —       —       8,662  
 

 

 

    

 

 

    

 

 

  
  $ 214,571,988     $ 397,299,985     $ 116,586  
 

 

 

    

 

 

    

 

 

  

Net change in unrealized appreciation (depreciation) on:

      

Investments — unaffiliated

     264,419,127       (89,361,091 )      461,346  

Investments — affiliated

     —       18,040       —  

Foreign currency translations

     (8,392 )      (2,994 )      (447 ) 

Swaps

     —       —       3,171  
 

 

 

    

 

 

    

 

 

  
    264,410,735       (89,346,045 )      464,070  
 

 

 

    

 

 

    

 

 

  

Net realized and unrealized gain

     478,982,723       307,953,940       580,656  
 

 

 

    

 

 

    

 

 

  

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

   $ 474,266,696     $ 313,412,089     $ 686,188  
 

 

 

    

 

 

    

 

 

  

 

(a)

Includes $3,851,625 related to a special distribution from TransDigm Group, Inc.

 

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

   23

Statements of Operations (unaudited) (continued)

Six Months Ended November 30, 2024

 

     BlackRock
Mid-Cap
Growth
Equity
Portfolio		     BlackRock
Technology
Opportunities
Fund		  

INVESTMENT INCOME

    

Dividends — unaffiliated

   $ 16,622,971     $ 12,186,488  

Dividends — affiliated

     240,458       1,298,846  

Securities lending income — affiliated — net

     454,417       80,247  

Foreign taxes withheld

     —       (333,326 ) 
 

 

 

    

 

 

  

Total investment income

     17,317,846       13,232,255  
 

 

 

    

 

 

  

EXPENSES

    

Investment advisory

     34,954,003       22,120,205  

Transfer agent — class specific

     4,680,358       2,844,988  

Service and distribution — class specific

     3,150,732       4,308,582  

Administration

     1,897,729       1,039,996  

Administration — class specific

     1,110,777       582,231  

Accounting services

     320,896       176,992  

Registration

     95,158       81,004  

Custodian

     83,882       46,507  

Directors and Officer

     50,707       24,381  

Printing and postage

     46,920       30,942  

Professional

     30,611       28,129  

Miscellaneous

     47,074       45,408  
 

 

 

    

 

 

  

Total expenses excluding interest expense

     46,468,847       31,329,365  

Interest expense

     222,576       8,125  
 

 

 

    

 

 

  

Total expenses

     46,691,423       31,337,490  
 

 

 

    

 

 

  

Less:

    

Administration fees waived by the Manager — class specific

     (653,175 )      (322,352 ) 

Fees waived and/or reimbursed by the Manager

     (3,615 )      (18,880 ) 

Transfer agent fees waived and/or reimbursed by the Manager — class specific

     (459,575 )      (49,098 ) 
 

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed

     45,575,058       30,947,160  
 

 

 

    

 

 

  

Net investment loss

     (28,257,212 )      (17,714,905 ) 
 

 

 

    

 

 

  

REALIZED AND UNREALIZED GAIN (LOSS)

    

Net realized gain from:

    

Investments — unaffiliated

     1,169,966,125       751,481,879  

Investments — affiliated

     196,041       1,768  

Foreign currency transactions

     2,754       (12,976 ) 
 

 

 

    

 

 

  
  $ 1,170,164,920     $ 751,470,671  
 

 

 

    

 

 

  

Net change in unrealized appreciation (depreciation) on:

    

Investments — unaffiliated

     649,803,191       97,825,408  

Investments — affiliated

     23,713       (1,571 ) 

Foreign currency translations

     (14,111 )      6,850  
 

 

 

    

 

 

  
    649,812,793       97,830,687  
 

 

 

    

 

 

  

Net realized and unrealized gain

     1,819,977,713       849,301,358  
 

 

 

    

 

 

  

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

   $ 1,791,720,501     $ 831,586,453  
 

 

 

    

 

 

  

See notes to financial statements.

 

 

24  

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Statements of Changes in Net Assets

 

    BlackRock Capital Appreciation Fund, Inc.            BlackRock Health Sciences Opportunities
Portfolio		  
     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)

   $ (4,716,027 )    $ (10,611,713 )       $ 5,458,149     $ 25,316,530  

Net realized gain

     214,571,988       341,112,234          397,299,985       395,305,992  

Net change in unrealized appreciation (depreciation)

     264,410,735       713,790,114          (89,346,045 )      615,065,988  
 

 

 

    

 

 

       

 

 

    

 

 

  

Net increase in net assets resulting from operations

     474,266,696       1,044,290,635          313,412,089       1,035,688,510  
 

 

 

    

 

 

       

 

 

    

 

 

  

DISTRIBUTIONS TO SHAREHOLDERS(a)

          

Institutional

     (54,180,906 )      (24,574,161 )         (142,791,970 )      (165,666,116 ) 

Service

     —       —          (1,061,471 )      (1,218,171 ) 

Investor A

     (167,569,969 )      (69,431,098 )         (100,438,873 )      (108,961,191 ) 

Investor C

     (5,759,646 )      (2,509,299 )         (13,002,667 )      (16,034,475 ) 

Class K

     (35,917,298 )      (22,193,494 )         (16,517,766 )      (17,980,192 ) 

Class R

     (2,697,452 )      (1,215,316 )         (9,050,426 )      (8,884,277 ) 
 

 

 

    

 

 

       

 

 

    

 

 

  

Decrease in net assets resulting from distributions to shareholders

     (266,125,271 )      (119,923,368 )         (282,863,173 )      (318,744,422 ) 
 

 

 

    

 

 

       

 

 

    

 

 

  

CAPITAL SHARE TRANSACTIONS

           

Net increase (decrease) in net assets derived from capital share transactions

     51,825,482       (551,525,947 )         (323,988,605 )      (872,061,789 ) 
 

 

 

    

 

 

       

 

 

    

 

 

  

NET ASSETS

           

Total increase (decrease) in net assets

     259,966,907       372,841,320          (293,439,689 )      (155,117,701 ) 

Beginning of period

     3,484,950,262       3,112,108,942          8,314,133,305       8,469,251,006  
 

 

 

    

 

 

       

 

 

    

 

 

  

End of period

   $ 3,744,917,169     $ 3,484,950,262        $ 8,020,693,616     $ 8,314,133,305  
 

 

 

    

 

 

       

 

 

    

 

 

  

 

(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

   25

Statements of Changes in Net Assets (continued)

 

    BlackRock Infrastructure Sustainable Opportunities Fund            BlackRock Mid-Cap Growth Equity
Portfolio		  
     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)

   $ 105,532     $ 198,809        $ (28,257,212 )    $ (47,778,831 ) 

Net realized gain (loss)

     116,586       (375,488 )         1,170,164,920       1,006,857,842  

Net change in unrealized appreciation (depreciation)

     464,070       200,297          649,812,793       1,133,709,179  
 

 

 

    

 

 

       

 

 

    

 

 

  

Net increase in net assets resulting from operations

     686,188       23,618          1,791,720,501       2,092,788,190  
 

 

 

    

 

 

       

 

 

    

 

 

  

DISTRIBUTIONS TO SHAREHOLDERS(a)

          

Institutional

     (654 )      (2,409 )         —       —  

Investor A

     (1,137 )      (3,809 )         —       —  

Class K

     (57,026 )      (214,945 )         —       —  
 

 

 

    

 

 

       

 

 

    

 

 

  

Decrease in net assets resulting from distributions to shareholders

     (58,817 )      (221,163 )         —       —  
 

 

 

    

 

 

       

 

 

    

 

 

  

CAPITAL SHARE TRANSACTIONS

           

Net increase (decrease) in net assets derived from capital share transactions

     (35,124 )      102,034          (2,020,736,553 )      (1,914,227,253 ) 
 

 

 

    

 

 

       

 

 

    

 

 

  

NET ASSETS

           

Total increase (decrease) in net assets

     592,247       (95,511 )         (229,016,052 )      178,560,937  

Beginning of period

     9,028,871       9,124,382          11,667,139,522       11,488,578,585  
 

 

 

    

 

 

       

 

 

    

 

 

  

End of period

   $ 9,621,118     $ 9,028,871        $  11,438,123,470     $  11,667,139,522  
 

 

 

    

 

 

       

 

 

    

 

 

  

 

(a)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

 

See notes to financial statements.

 

 

26  

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Statements of Changes in Net Assets (continued)

 

    BlackRock Technology Opportunities Fund  
     Six Months
Ended
11/30/24
(unaudited)		     Year Ended
05/31/24		  

INCREASE (DECREASE) IN NET ASSETS

    

OPERATIONS

    

Net investment loss

   $ (17,714,905 )    $ (27,099,028 ) 

Net realized gain

     751,470,671       280,429,599  

Net change in unrealized appreciation (depreciation)

     97,830,687       1,259,756,995  
 

 

 

    

 

 

  

Net increase in net assets resulting from operations

     831,586,453       1,513,087,566  
 

 

 

    

 

 

  

CAPITAL SHARE TRANSACTIONS

    

Net decrease in net assets derived from capital share transactions

     (44,924,865 )      (566,590,067 ) 
 

 

 

    

 

 

  

NET ASSETS

    

Total increase in net assets

     786,661,588       946,497,499  

Beginning of period

     5,335,557,974       4,389,060,475  
 

 

 

    

 

 

  

End of period

   $ 6,122,219,562     $ 5,335,557,974  
 

 

 

    

 

 

  

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

   27

Financial Highlights

(For a share outstanding throughout each period)

 

    BlackRock Capital Appreciation Fund, Inc.  
    Institutional  
   

 Six Months
Ended
11/30/24

(unaudited

  
 
 

) 

      
 Year Ended
05/31/24		  
 		      
 Year Ended
05/31/23		  
 		      
 Year Ended
05/31/22		  
 		      

 Period from
10/01/20
to 05/31/21		  
 
 		      
 Year Ended
09/30/20		  
 		      
 Year Ended
09/30/19		  
 
                           

Net asset value, beginning of period

   $ 41.93       $ 31.69       $ 31.98       $ 43.32       $ 38.32       $ 30.52       $ 33.72  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment income (loss)(a)

    (0.02 )(b)         (0.06 )        0.00 (c)         (0.09 )        (0.06 )        (0.07 )        (0.05 ) 

Net realized and unrealized gain (loss)

     5.67         11.51         1.82         (6.14 )        7.06         10.81         0.23  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net increase (decrease) from investment operations

     5.65         11.45         1.82         (6.23 )        7.00         10.74         0.18  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Distributions from net realized gain(d)

    (2.97 )        (1.21 )        (2.11 )        (5.11 )        (2.00 )        (2.94 )        (3.38 ) 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net asset value, end of period

   $ 44.61       $ 41.93       $ 31.69       $ 31.98       $ 43.32       $ 38.32       $ 30.52  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total Return(e)

                         

Based on net asset value

     14.10 %(f)         37.03 %        6.81 %        (17.30 )%        18.72 %(f)         38.17 %        1.77 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Ratios to Average Net Assets(g)

                         

Total expenses

     0.72 %(h)         0.75 %        0.73 %        0.70 %        0.72 %(h)         0.75 %        0.75 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total expenses after fees waived and/or reimbursed

     0.72 %(h)         0.74 %        0.73 %        0.70 %        0.72 %(h)         0.75 %        0.75 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment income (loss)

     (0.10 )%(h)         (0.17 )%        0.01 %        (0.21 )%        (0.21 )%(h)         (0.22 )%        (0.17 )% 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Supplemental Data

                          

Net assets, end of period (000)

   $ 853,525       $ 784,361       $ 678,965       $ 943,275       $ 1,072,833       $ 911,484       $ 644,983  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Portfolio turnover rate

     10 %        21 %        43 %        55 %        25 %        42 %        48 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

 

(a)

Based on average shares outstanding.

(b)

Includes a one-time special distribution from TransDigm Group, Inc. Excluding such special distribution, the net investment income would have been $(0.07) per share and 0.21% of average net assets.

(c)

Amount is less than $0.005 per share.

(d)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(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.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock Capital Appreciation Fund, Inc. (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		  
 		      

 Period from
10/01/20
to 05/31/21		  
 
 		      
 Year Ended
09/30/20		  
 		      
 Year Ended
09/30/19		  
 
                           

Net asset value, beginning of period

   $ 36.54       $ 27.77       $ 28.38       $ 39.00       $ 34.74       $ 27.99       $ 31.25  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment loss(a)

    (0.07 )(b)         (0.13 )        (0.07 )        (0.18 )        (0.11 )        (0.14 )        (0.12 ) 

Net realized and unrealized gain (loss)

     4.91         10.04         1.57         (5.39 )        6.37         9.83         0.18  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net increase (decrease) from investment operations

     4.84         9.91         1.50         (5.57 )        6.26         9.69         0.06  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Distributions from net realized gain(c)

    (2.93 )        (1.14 )        (2.11 )        (5.05 )        (2.00 )        (2.94 )        (3.32 ) 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net asset value, end of period

   $ 38.45       $ 36.54       $ 27.77       $ 28.38       $ 39.00       $ 34.74       $ 27.99  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total Return(d)

                         

Based on net asset value

     13.95 %(e)         36.66 %        6.53 %        (17.51 )%        18.51 %(e)         37.84 %        1.48 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Ratios to Average Net Assets(f)

                         

Total expenses

     0.97 %(g)         1.00 %        1.00 %        0.97 %        0.97 %(g)         1.01 %        1.01 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total expenses after fees waived and/or reimbursed

     0.97 %(g)         0.99 %        1.00 %        0.97 %        0.97 %(g)         1.01 %        1.01 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment loss

     (0.35 )%(g)         (0.42 )%        (0.27 )%        (0.48 )%        (0.46 )%(g)         (0.48 )%        (0.43 )% 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Supplemental Data

                          

Net assets, end of period (000)

   $ 2,262,413       $ 2,117,888       $ 1,723,973       $ 1,871,340       $ 2,551,211       $ 2,195,906       $ 1,692,630  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Portfolio turnover rate

     10 %        21 %        43 %        55 %        25 %        42 %        48 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

 

(a)

Based on average shares outstanding.

(b)

Includes a one-time special distribution from TransDigm Group, Inc. Excluding such special distribution, the net investment income would have been $(0.10) per share and 0.21% of average net assets.

(c)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(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.

 

 

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

   29

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock Capital Appreciation Fund, Inc. (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		  
 		      

 Period from
10/01/20
to 05/31/21		  
 
 		      
 Year Ended
09/30/20		  
 		      
 Year Ended
09/30/19		  
 
                           

Net asset value, beginning of period

   $ 19.74       $ 15.52       $ 17.01       $ 25.27       $ 23.27       $ 19.81       $ 23.29  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment loss(a)

    (0.11 )(b)        (0.22 )        (0.16 )        (0.29 )        (0.20 )        (0.25 )        (0.24 ) 

Net realized and unrealized gain (loss)

     2.53         5.50         0.78         (3.05 )        4.20         6.65         0.04  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net increase (decrease) from investment operations

     2.42         5.28         0.62         (3.34 )        4.00         6.40         (0.20 ) 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Distributions from net realized gain(c)

    (2.89 )        (1.06 )        (2.11 )        (4.92 )        (2.00 )        (2.94 )        (3.28 ) 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net asset value, end of period

   $ 19.27       $ 19.74       $ 15.52       $ 17.01       $ 25.27       $ 23.27       $ 19.81  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total Return(d)

                         

Based on net asset value

     13.48 %(e)        35.61 %        5.62 %        (18.18 )%        17.89 %(e)        36.73 %        0.72 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Ratios to Average Net Assets(f)

                         

Total expenses

     1.79 %(g)        1.84 %        1.84 %        1.76 %        1.77 %(g)        1.79 %        1.81 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total expenses after fees waived and/or reimbursed

     1.79 %(g)        1.83 %        1.84 %        1.76 %        1.77 %(g)        1.79 %        1.81 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment loss

     (1.18 )%(g)        (1.26 )%        (1.11 )%        (1.28 )%        (1.27 )%(g)        (1.26 )%        (1.23 )% 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Supplemental Data

                          

Net assets, end of period (000)

   $ 42,052       $ 40,228       $ 39,581       $ 48,332       $ 72,075       $ 89,336       $ 195,908  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Portfolio turnover rate

     10 %        21 %        43 %        55 %        25 %        42 %        48 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

 

(a)

Based on average shares outstanding.

(b)

Includes a one-time special distribution from TransDigm Group, Inc. Excluding such special distribution, the net investment income would have been $(0.13) per share and 0.21% of average net assets.

(c)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(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.

 

 

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock Capital Appreciation Fund, Inc. (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		  
 		      

 Period from
10/01/20
to 05/31/21		  
 
 		      
 Year Ended
09/30/20		  
 		      
 Year Ended
09/30/19		  
 
                           

Net asset value, beginning of period

   $ 42.46       $ 32.08       $ 32.32       $ 43.71       $ 38.63       $ 30.71       $ 33.91  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment income (loss)(a)

    (0.01 )(b)         (0.03 )        0.02         (0.06 )        (0.03 )        (0.04 )        (0.02 ) 

Net realized and unrealized gain (loss)

     5.74         11.65         1.85         (6.20 )        7.11         10.90         0.23  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net increase (decrease) from investment operations

     5.73         11.62         1.87         (6.26 )        7.08         10.86         0.21  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Distributions from net realized gain(c)

    (2.98 )        (1.24 )        (2.11 )        (5.13 )        (2.00 )        (2.94 )        (3.41 ) 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net asset value, end of period

   $ 45.21       $ 42.46       $ 32.08       $ 32.32       $ 43.71       $ 38.63       $ 30.71  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total Return(d)

                         

Based on net asset value

     14.13 %(e)        37.14 %        6.90 %        (17.22 )%        18.78 %(e)        38.33 %        1.86 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Ratios to Average Net Assets(f)

                         

Total expenses

     0.65 %(g)         0.65 %        0.65 %        0.64 %        0.63 %(g)         0.64 %        0.65 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total expenses after fees waived and/or reimbursed

     0.65 %(g)         0.65 %        0.65 %        0.63 %        0.63 %(g)         0.64 %        0.64 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment income (loss)

     (0.03 )%(g)         (0.08 )%        0.08 %        (0.15 )%        (0.13 )%(g)         (0.11 )%        (0.06 )% 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Supplemental Data

                          

Net assets, end of period (000)

   $ 561,470       $ 517,123       $ 645,860       $ 646,115       $ 845,106       $ 682,107       $ 552,523  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Portfolio turnover rate

     10 %        21 %        43 %        55 %        25 %        42 %        48 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

 

(a)

Based on average shares outstanding.

(b)

Includes a one-time special distribution from TransDigm Group, Inc. Excluding such special distribution, the net investment income would have been $(0.05) per share and 0.21% of average net assets.

(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)

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

   31

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock Capital Appreciation Fund, Inc. (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		  
 		      

 Period from
10/01/20
to 05/31/21		  
 
 		      
 Year Ended
09/30/20		  
 		      
 Year Ended
09/30/19		  
 
                           

Net asset value, beginning of period

   $ 25.70       $ 19.86       $ 21.02       $ 30.12       $ 27.30       $ 22.65       $ 26.00  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment loss(a)

    (0.09 )(b)        (0.17 )        (0.11 )        (0.23 )        (0.15 )        (0.17 )        (0.16 ) 

Net realized and unrealized gain (loss)

     3.37         7.10         1.06         (3.88 )        4.97         7.76         0.09  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net increase (decrease) from investment operations

     3.28         6.93         0.95         (4.11 )        4.82         7.59         (0.07 ) 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Distributions from net realized gain(c)

    (2.90 )        (1.09 )        (2.11 )        (4.99 )        (2.00 )        (2.94 )        (3.28 ) 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net asset value, end of period

   $ 26.08       $ 25.70       $ 19.86       $ 21.02       $ 30.12       $ 27.30       $ 22.65  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total Return(d)

                         

Based on net asset value

     13.76 %(e)        36.14 %        6.17 %        (17.82 )%        18.26 %(e)        37.45 %        1.19 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Ratios to Average Net Assets(f)

                         

Total expenses

     1.35 %(g)        1.36 %        1.37 %        1.33 %        1.30 %(g)        1.28 %        1.29 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total expenses after fees waived and/or reimbursed

     1.35 %(g)        1.35 %        1.36 %        1.33 %        1.30 %(g)        1.28 %        1.29 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment loss

     (0.74 )%(g)        (0.78 )%        (0.63 )%        (0.85 )%        (0.80 )%(g)        (0.75 )%        (0.71 )% 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Supplemental Data

                          

Net assets, end of period (000)

   $ 25,457       $ 25,350       $ 23,731       $ 24,371       $ 36,933       $ 37,741       $ 54,828  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Portfolio turnover rate

     10 %        21 %        43 %        55 %        25 %        42 %        48 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

 

(a)

Based on average shares outstanding.

(b)

Includes a one-time special distribution from TransDigm Group, Inc. Excluding such special distribution, the net investment income would have been $(0.12) per share and 0.21% of average net assets.

(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)

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(g)

Annualized.

See notes to financial statements.

 

 

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

Financial Highlights

(For a share outstanding throughout each period)

 

    BlackRock Health Sciences Opportunities Portfolio  
    Institutional  
   

Six Months
Ended
11/30/24

(unaudited)

           Year Ended
05/31/24		           Year Ended
05/31/23		           Year Ended
05/31/22		           Period from
10/01/20
to 05/31/21		           Year Ended
09/30/20		           Year Ended
09/30/19		  
                           

Net asset value, beginning of period

   $ 74.83       $ 68.47       $ 72.10       $ 81.77       $ 75.37       $ 61.55       $ 67.67  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment income(a)

    0.10         0.32         0.34         0.24         0.13         0.19         0.28  

Net realized and unrealized gain (loss)

     2.74         8.71         1.07         (2.75 )        9.66         16.26         (1.64 ) 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net increase (decrease) from investment operations

     2.84         9.03         1.41         (2.51 )        9.79         16.45         (1.36 ) 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Distributions(b)

                         

From net investment income

     —         (0.33 )        (0.38 )        (0.16 )        (0.13 )        (0.32 )        (0.23 ) 

From net realized gain

     (2.49 )        (2.34 )        (4.66 )        (7.00 )        (3.26 )        (2.31 )        (4.53 ) 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total distributions

     (2.49 )        (2.67 )        (5.04 )        (7.16 )        (3.39 )        (2.63 )        (4.76 ) 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net asset value, end of period

   $ 75.18       $ 74.83       $ 68.47       $ 72.10       $ 81.77       $ 75.37       $ 61.55  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total Return(c)

                         

Based on net asset value

     3.83 %(d)         13.57 %        2.25 %        (3.55 )%(e)         13.37 %(d)         27.34 %(f)         (1.84 )% 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Ratios to Average Net Assets(g)

                         

Total expenses

     0.83 %(h)         0.84 %        0.84 %        0.85 %        0.84 %(h)         0.85 %        0.85 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total expenses after fees waived and/or reimbursed

     0.83 %(h)         0.84 %        0.84 %        0.85 %        0.84 %(h)         0.85 %        0.84 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment income

     0.27 %(h)         0.45 %        0.49 %        0.31 %        0.24 %(h)         0.28 %        0.45 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Supplemental Data

                          

Net assets, end of period (000)

   $ 4,163,988       $ 4,374,721       $ 4,436,816       $ 5,062,514       $ 5,990,131       $ 5,133,191       $ 3,095,352  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Portfolio turnover rate

     16 %        27 %        29 %        51 %        19 %        28 %        41 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

 

(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 capital contribution from affiliate, which had no impact on the Fund’s total return.

(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.

 

 

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

   33

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock Health Sciences Opportunities Portfolio (continued)  
    Service  
   

Six Months
Ended
11/30/24

(unaudited)

           Year Ended
05/31/24		           Year Ended
05/31/23		           Year Ended
05/31/22		           Period from
10/01/20
to 05/31/21		           Year Ended
09/30/20		           Year Ended
09/30/19		  
                           

Net asset value, beginning of period

   $ 70.27       $ 64.44       $ 68.16       $ 77.63       $ 71.63       $ 58.66       $ 64.73  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment income (loss)(a)

    (0.02 )        0.10         0.13         0.01         (0.03 )        (0.01 )        0.08  

Net realized and unrealized gain (loss)

     2.57         8.20         1.00         (2.61 )        9.18         15.48         (1.57 ) 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net increase (decrease) from investment operations

     2.55         8.30         1.13         (2.60 )        9.15         15.47         (1.49 ) 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Distributions(b)

                         

From net investment income

     —         (0.13 )        (0.19 )        —         —         (0.19 )        (0.05 ) 

From net realized gain

     (2.49 )        (2.34 )        (4.66 )        (6.87 )        (3.15 )        (2.31 )        (4.53 ) 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total distributions

     (2.49 )        (2.47 )        (4.85 )        (6.87 )        (3.15 )        (2.50 )        (4.58 ) 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net asset value, end of period

   $ 70.33       $ 70.27       $ 64.44       $ 68.16       $ 77.63       $ 71.63       $ 58.66  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total Return(c)

                         

Based on net asset value

     3.66 %(d)        13.24 %        1.94 %        (3.83 )%(e)        13.15 %(d)        26.96 %(f)        (2.16 )% 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Ratios to Average Net Assets(g)

                         

Total expenses

     1.15 %(h)        1.14 %        1.14 %        1.14 %        1.14 %(h)        1.15 %        1.15 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total expenses after fees waived and/or reimbursed

     1.15 %(h)        1.14 %        1.14 %        1.14 %        1.14 %(h)        1.15 %        1.15 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment income (loss)

     (0.05 )%(h)        0.15 %        0.19 %        0.02 %        (0.07 )%(h)        (0.02 )%        0.14 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Supplemental Data

                          

Net assets, end of period (000)

   $ 29,921       $ 31,141       $ 33,055       $ 36,625       $ 43,825       $ 40,252       $ 34,708  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Portfolio turnover rate

     16 %        27 %        29 %        51 %        19 %        28 %        41 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

 

(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 capital contribution from affiliate, which had no impact on the Fund’s total return.

(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.

 

 

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock Health Sciences Opportunities Portfolio (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		           Period from
10/01/20
to 05/31/21		           Year Ended
09/30/20		           Year Ended
09/30/19		  
                           

Net asset value, beginning of period

   $ 69.88       $ 64.11       $ 67.84       $ 77.31       $ 71.37       $ 58.45       $ 64.50  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment income
(loss)(a)

    0.01         0.13         0.16         0.05         (0.01 )        0.01         0.10  

Net realized and unrealized gain (loss)

     2.55         8.15         0.99         (2.59 )        9.15         15.42         (1.56 ) 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net increase (decrease) from investment operations

     2.56         8.28         1.15         (2.54 )        9.14         15.43         (1.46 ) 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Distributions(b)

                         

From net investment income

     —         (0.17 )        (0.22 )        —         —         (0.20 )        (0.06 ) 

From net realized gain

     (2.49 )        (2.34 )        (4.66 )        (6.93 )        (3.20 )        (2.31 )        (4.53 ) 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total distributions

     (2.49 )        (2.51 )        (4.88 )        (6.93 )        (3.20 )        (2.51 )        (4.59 ) 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net asset value, end of period

   $ 69.95       $ 69.88       $ 64.11       $ 67.84       $ 77.31       $ 71.37       $ 58.45  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total Return(c)

                         

Based on net asset value

     3.69 %(d)         13.28 %        1.99 %        (3.78 )%(e)         13.18 %(d)         26.99 %(f)         (2.11 )% 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Ratios to Average Net Assets(g)

                         

Total expenses

     1.08 %(h)         1.09 %        1.09 %        1.09 %        1.10 %(h)         1.11 %        1.12 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total expenses after fees waived and/or reimbursed

     1.08 %(h)         1.09 %        1.09 %        1.09 %        1.10 %(h)         1.11 %        1.12 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment income (loss)

     0.02 %(h)         0.20 %        0.24 %        0.07 %        (0.02 )%(h)         0.01 %        0.17 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Supplemental Data

                          

Net assets, end of period (000)

   $ 2,795,605       $ 2,851,925       $ 2,865,706       $ 3,151,912       $ 3,496,818       $ 3,135,882       $ 2,598,888  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Portfolio turnover rate

     16 %        27 %        29 %        51 %        19 %        28 %        41 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

 

(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 capital contribution from affiliate, which had no impact on the Fund’s total return.

(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.

 

 

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

   35

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock Health Sciences Opportunities Portfolio (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		  
 		      

 Period from
10/01/20
to 05/31/21		  
 
 		      
 Year Ended
09/30/20		  
 		      
 Year Ended
09/30/19		  
 
                           

Net asset value, beginning of period

   $ 57.16       $ 53.11       $ 57.24       $ 66.15       $ 61.38       $ 50.74       $ 56.55  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment loss(a)

     (0.21 )        (0.31 )        (0.27 )        (0.43 )        (0.33 )        (0.40 )        (0.28 ) 

Net realized and unrealized gain (loss)

     2.09         6.70         0.80         (2.17 )        7.85         13.34         (1.38 ) 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net increase (decrease) from investment operations

     1.88         6.39         0.53         (2.60 )        7.52         12.94         (1.66 ) 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Distributions from net realized gain(b)

    (2.49 )        (2.34 )        (4.66 )        (6.31 )        (2.75 )        (2.30 )        (4.15 ) 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net asset value, end of period

   $ 56.55       $ 57.16       $ 53.11       $ 57.24       $ 66.15       $ 61.38       $ 50.74  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total Return(c)

                         

Based on net asset value

     3.32 %(d)         12.42 %        1.22 %        (4.50 )%(e)        12.61 %(d)        26.09 %(f)        (2.82 )% 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Ratios to Average Net Assets(g)

                         

Total expenses

     1.84 %(h)         1.86 %        1.85 %        1.84 %        1.84 %(h)         1.85 %        1.85 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total expenses after fees waived and/or reimbursed

     1.84 %(h)         1.86 %        1.85 %        1.84 %        1.84 %(h)         1.85 %        1.85 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment loss

     (0.74 )%(h)        (0.57 )%        (0.51 )%        (0.68 )%        (0.77 )%(h)        (0.72 )%        (0.56 )% 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Supplemental Data

                          

Net assets, end of period (000)

   $ 275,602       $ 311,994       $ 404,306       $ 542,880       $ 719,525       $ 773,522       $ 745,636  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Portfolio turnover rate

     16 %        27 %        29 %        51 %        19 %        28 %        41 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

 

(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 capital contribution from affiliate, which had no impact on the Fund’s total return.

(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.

 

 

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock Health Sciences Opportunities Portfolio (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		           Period from
10/01/20
to 05/31/21		           Year Ended
09/30/20		           Year Ended
09/30/19		  
                           

Net asset value, beginning of period

   $ 74.95       $ 68.58       $ 72.21       $ 81.91       $ 75.50       $ 61.63       $ 67.75  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment income(a)

    0.13         0.39         0.40         0.33         0.18         0.27         0.34  

Net realized and unrealized gain (loss)

     2.75         8.72         1.08         (2.77 )        9.68         16.28         (1.65 ) 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net increase (decrease) from investment operations

     2.88         9.11         1.48         (2.44 )        9.86         16.55         (1.31 ) 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Distributions(b)

                         

From net investment income

     —         (0.40 )        (0.45 )        (0.26 )        (0.19 )        (0.37 )        (0.28 ) 

From net realized gain

     (2.49 )        (2.34 )        (4.66 )        (7.00 )        (3.26 )        (2.31 )        (4.53 ) 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total distributions

     (2.49 )        (2.74 )        (5.11 )        (7.26 )        (3.45 )        (2.68 )        (4.81 ) 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net asset value, end of period

   $ 75.34       $ 74.95       $ 68.58       $ 72.21       $ 81.91       $ 75.50       $ 61.63  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total Return(c)

                         

Based on net asset value

     3.87 %(d)         13.68 %        2.34 %        (3.44 )%(e)        13.45 %(d)        27.47 %(f)        (1.75 )% 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Ratios to Average Net Assets(g)

                         

Total expenses

     0.75 %(h)         0.75 %        0.75 %        0.74 %        0.74 %(h)         0.75 %        0.75 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total expenses after fees waived and/or reimbursed

     0.74 %(h)         0.75 %        0.75 %        0.74 %        0.74 %(h)         0.75 %        0.75 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment income

     0.35 %(h)         0.54 %        0.59 %        0.42 %        0.34 %(h)         0.39 %        0.55 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Supplemental Data

                          

Net assets, end of period (000)

   $ 510,774       $ 496,504       $ 487,287       $ 436,984       $ 464,179       $ 344,822       $ 171,517  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Portfolio turnover rate

     16 %        27 %        29 %        51 %        19 %        28 %        41 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

 

(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 capital contribution from affiliate, which had no impact on the Fund’s total return.

(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.

 

 

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

   37

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock Health Sciences Opportunities Portfolio (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		           Period from
10/01/20
to 05/31/21		           Year Ended
09/30/20		           Year Ended
09/30/19		  
                           

Net asset value, beginning of period

   $ 67.59       $ 62.14       $ 65.94       $ 75.28       $ 69.54       $ 57.05       $ 63.09  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment loss(a)

    (0.12 )        (0.11 )        (0.08 )        (0.21 )        (0.18 )        (0.20 )        (0.09 ) 

Net realized and unrealized gain (loss)

     2.47         7.90         0.96         (2.52 )        8.91         15.05         (1.53 ) 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net increase (decrease) from investment operations

     2.35         7.79         0.88         (2.73 )        8.73         14.85         (1.62 ) 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Distributions(b)

                         

From net investment income

     —         —         (0.02 )        —         —         (0.05 )        —  

From net realized gain

     (2.49 )        (2.34 )        (4.66 )        (6.61 )        (2.99 )        (2.31 )        (4.42 ) 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total distributions

     (2.49 )        (2.34 )        (4.68 )        (6.61 )        (2.99 )        (2.36 )        (4.42 ) 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net asset value, end of period

   $ 67.45       $ 67.59       $ 62.14       $ 65.94       $ 75.28       $ 69.54       $ 57.05  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total Return(c)

                         

Based on net asset value

     3.50 %(d)         12.88 %        1.62 %        (4.12 )%(e)        12.91 %(d)        26.60 %(f)        (2.44 )% 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Ratios to Average Net Assets(g)

                         

Total expenses

     1.44 %(h)         1.46 %        1.46 %        1.45 %        1.44 %(h)         1.45 %        1.45 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total expenses after fees waived and/or reimbursed

     1.44 %(h)         1.46 %        1.46 %        1.45 %        1.44 %(h)         1.45 %        1.45 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment loss

     (0.34 )%(h)        (0.17 )%        (0.13 )%        (0.29 )%        (0.37 )%(h)        (0.32 )%        (0.15 )% 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Supplemental Data

                          

Net assets, end of period (000)

   $ 244,804       $ 247,848       $ 242,080       $ 263,195       $ 289,676       $ 260,488       $ 224,862  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Portfolio turnover rate

     16 %        27 %        29 %        51 %        19 %        28 %        41 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

 

(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 capital contribution from affiliate, which had no impact on the Fund’s total return.

(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.

 

 

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

Financial Highlights

(For a share outstanding throughout each period)

 

    BlackRock Infrastructure Sustainable Opportunities Fund  
    Institutional  
   

 Six Months
Ended
11/30/24

(unaudited

  
 
 

) 

      
 Year Ended
05/31/24		  
 		      
 Year Ended
05/31/23		  
 		      

 Period from
09/30/21

to 05/31/22

  
(a)  

 

               

Net asset value, beginning of period

   $ 8.84       $ 9.04       $ 9.97       $ 10.00  
 

 

 

      

 

 

      

 

 

      

 

 

  

Net investment income(b)

    0.10         0.19         0.14         0.07  

Net realized and unrealized gain (loss)

     0.58         (0.18 )        (0.68 )        (0.02 ) 
 

 

 

      

 

 

      

 

 

      

 

 

  

Net increase (decrease) from investment operations

     0.68         0.01         (0.54 )        0.05  
 

 

 

      

 

 

      

 

 

      

 

 

  

Distributions(c)

             

From net investment income

     (0.06 )        (0.21 )        (0.13 )        (0.04 ) 

From net realized gain

     —         —         (0.26 )        (0.04 ) 
 

 

 

      

 

 

      

 

 

      

 

 

  

Total distributions

     (0.06 )        (0.21 )        (0.39 )        (0.08 ) 
 

 

 

      

 

 

      

 

 

      

 

 

  

Net asset value, end of period

   $ 9.46       $ 8.84       $ 9.04       $ 9.97  
 

 

 

      

 

 

      

 

 

      

 

 

  

Total Return(d)

             

Based on net asset value

     7.69 %(e)        0.13 %        (5.32 )%        0.45 %(e) 
 

 

 

      

 

 

      

 

 

      

 

 

  

Ratios to Average Net Assets(f)

             

Total expenses

     3.93 %(g)        4.73 %        4.54 %        3.62 %(g)(h) 
 

 

 

      

 

 

      

 

 

      

 

 

  

Total expenses after fees waived and/or reimbursed

     1.00 %(g)        1.00 %        1.00 %        1.00 %(g) 
 

 

 

      

 

 

      

 

 

      

 

 

  

Net investment income

     2.20 %(g)        2.22 %        1.60 %        1.09 %(g) 
 

 

 

      

 

 

      

 

 

      

 

 

  

Supplemental Data

              

Net assets, end of period (000)

   $ 111       $ 102       $ 102       $ 107  
 

 

 

      

 

 

      

 

 

      

 

 

  

Portfolio turnover rate

     59 %        57 %(i)         104 %(i)        70 %(i)  
 

 

 

      

 

 

      

 

 

      

 

 

  

 

(a) 

Commencement of operations.

(b) 

Based on average shares outstanding.

(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) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(g) 

Annualized.

(h) 

Audit, offering, organization and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.45%.

(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

   39

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock Infrastructure Sustainable Opportunities Fund (continued)  
    Investor A  
   

 Six Months
Ended
11/30/24

(unaudited

  
 
 

) 

      
 Year Ended
05/31/24		  
 		      
 Year Ended
05/31/23		  
 		      

 Period from
09/30/21

to 05/31/22

  
(a)  

 

               

Net asset value, beginning of period

   $ 8.83       $ 9.03       $ 9.96       $ 10.00  
 

 

 

      

 

 

      

 

 

      

 

 

  

Net investment income(b)

    0.09         0.17         0.13         0.06  

Net realized and unrealized gain (loss)

     0.58         (0.17 )        (0.69 )        (0.03 ) 
 

 

 

      

 

 

      

 

 

      

 

 

  

Net increase (decrease) from investment operations

     0.67         0.00 (c)        (0.56 )        0.03  
 

 

 

      

 

 

      

 

 

      

 

 

  

Distributions(d)

             

From net investment income

     (0.05 )        (0.20 )        (0.11 )        (0.03 ) 

From net realized gain

     —         —         (0.26 )        (0.04 ) 
 

 

 

      

 

 

      

 

 

      

 

 

  

Total distributions

     (0.05 )        (0.20 )        (0.37 )        (0.07 ) 
 

 

 

      

 

 

      

 

 

      

 

 

  

Net asset value, end of period

   $ 9.45       $ 8.83       $ 9.03       $ 9.96  
 

 

 

      

 

 

      

 

 

      

 

 

  

Total Return(e)

             

Based on net asset value

     7.58 %(f)        (0.08 )%        (5.55 )%        0.29 %(f) 
 

 

 

      

 

 

      

 

 

      

 

 

  

Ratios to Average Net Assets(g)

             

Total expenses

     4.32 %(h)        5.05 %        4.75 %        3.88 %(h)(i) 
 

 

 

      

 

 

      

 

 

      

 

 

  

Total expenses after fees waived and/or reimbursed

     1.25 %(h)        1.25 %        1.25 %        1.25 %(h) 
 

 

 

      

 

 

      

 

 

      

 

 

  

Net investment income

     2.03 %(h)        1.97 %        1.41 %        0.84 %(h) 
 

 

 

      

 

 

      

 

 

      

 

 

  

Supplemental Data

              

Net assets, end of period (000)

   $ 230       $ 253       $ 156       $ 109  
 

 

 

      

 

 

      

 

 

      

 

 

  

Portfolio turnover rate

     59 %        57 %(j)         104 %(j)        70 %(j)  
 

 

 

      

 

 

      

 

 

      

 

 

  

 

(a) 

Commencement of operations.

(b) 

Based on average shares outstanding.

(c) 

Amount is less than $0.005 per share.

(d) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(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.

(i) 

Audit, offering, organization and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.71%.

(j) 

Excludes underlying investments in total return swaps.

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 (continued)

(For a share outstanding throughout each period)

 

    BlackRock Infrastructure Sustainable Opportunities Fund (continued)  
    Class K  
   

 Six Months
Ended
11/30/24

(unaudited

  
 
 

) 

      
 Year Ended
05/31/24		  
 		      
 Year Ended
05/31/23		  
 		      

 Period from
09/30/21

to 05/31/22

  
(a)  

 

               

Net asset value, beginning of period

   $ 8.85       $ 9.04       $ 9.97       $ 10.00  
 

 

 

      

 

 

      

 

 

      

 

 

  

Net investment income(b)

    0.10         0.20         0.15         0.08  

Net realized and unrealized gain (loss)

     0.57         (0.17 )        (0.69 )        (0.03 ) 
 

 

 

      

 

 

      

 

 

      

 

 

  

Net increase (decrease) from investment operations

     0.67         0.03         (0.54 )        0.05  
 

 

 

      

 

 

      

 

 

      

 

 

  

Distributions(c)

             

From net investment income

     (0.06 )        (0.22 )        (0.13 )        (0.04 ) 

From net realized gain

     —         —         (0.26 )        (0.04 ) 
 

 

 

      

 

 

      

 

 

      

 

 

  

Total distributions

     (0.06 )        (0.22 )        (0.39 )        (0.08 ) 
 

 

 

      

 

 

      

 

 

      

 

 

  

Net asset value, end of period

   $ 9.46       $ 8.85       $ 9.04       $ 9.97  
 

 

 

      

 

 

      

 

 

      

 

 

  

Total Return(d)

             

Based on net asset value

     7.58 %(e)        0.29 %        (5.27 )%        0.46 %(e) 
 

 

 

      

 

 

      

 

 

      

 

 

  

Ratios to Average Net Assets(f)

             

Total expenses

     3.76 %(g)        4.41 %        4.33 %        3.36 %(g)(h) 
 

 

 

      

 

 

      

 

 

      

 

 

  

Total expenses after fees waived and/or reimbursed

     0.95 %(g)        0.95 %        0.95 %        0.95 %(g) 
 

 

 

      

 

 

      

 

 

      

 

 

  

Net investment income

     2.25 %(g)        2.27 %        1.65 %        1.13 %(g) 
 

 

 

      

 

 

      

 

 

      

 

 

  

Supplemental Data

              

Net assets, end of period (000)

   $ 9,280       $ 8,674       $ 8,866       $ 9,777  
 

 

 

      

 

 

      

 

 

      

 

 

  

Portfolio turnover rate

     59 %        57 %(i)         104 %(i)        70 %(i)  
 

 

 

      

 

 

      

 

 

      

 

 

  

 

(a) 

Commencement of operations.

(b) 

Based on average shares outstanding.

(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) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(g) 

Annualized.

(h) 

Audit, offering, organization and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.21%.

(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

   41

Financial Highlights

(For a share outstanding throughout each period)

 

    BlackRock Mid-Cap Growth Equity Portfolio  
    Institutional  
   

 Six Months
Ended
11/30/24

(unaudited

  
 
 

) 

      
 Year Ended
05/31/24		  
 		      
 Year Ended
05/31/23		  
 		      
 Year Ended
05/31/22		  
 		      

 Period from
10/01/20
to 05/31/21		  
 
 		      
 Year Ended
09/30/20		  
 		      
 Year Ended
09/30/19		  
 
                           

Net asset value, beginning of period

   $ 39.18       $ 32.79       $ 32.83       $ 45.95       $ 36.56       $ 28.68       $ 27.87  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment loss(a)

    (0.10 )        (0.14 )        (0.08 )        (0.23 )        (0.15 )        (0.14 )        (0.09 ) 

Net realized and unrealized gain (loss)

     7.07         6.53         0.04         (10.52 )        9.54         8.14         1.95  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net increase (decrease) from investment operations

     6.97         6.39         (0.04 )        (10.75 )        9.39         8.00         1.86  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Distributions from net realized gain(b)

    —         —         —         (2.37 )        —         (0.12 )        (1.05 ) 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net asset value, end of period

   $ 46.15       $ 39.18       $ 32.79       $ 32.83       $ 45.95       $ 36.56       $ 28.68  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total Return(c)

                         

Based on net asset value

     17.79 %(d)         19.49 %        (0.12 )%        (24.87 )%        25.68 %(d)         27.98 %        7.43 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Ratios to Average Net Assets(e)

                         

Total expenses

     0.83 %(f)         0.85 %        0.84 %        0.81 %        0.80 %(f)         0.85 %        0.87 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total expenses after fees waived and/or reimbursed

     0.80 %(f)         0.80 %        0.80 %        0.80 %        0.80 %(f)         0.80 %        0.80 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment loss

     (0.49 )%(f)         (0.38 )%        (0.25 )%        (0.52 )%        (0.52 )%(f)         (0.43 )%        (0.34 )% 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Supplemental Data

                          

Net assets, end of period (000)

   $ 4,892,015       $ 5,194,320       $ 5,266,832       $ 7,095,644       $ 9,260,191       $ 6,003,280       $ 2,700,531  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Portfolio turnover rate

     38 %        48 %        46 %        28 %        22 %        35 %        38 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

 

(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.

 

 

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 Mid-Cap Growth Equity Portfolio (continued)  
    Service  
   

 Six Months
Ended
11/30/24

(unaudited

  
 
 

) 

      
 Year Ended
05/31/24		  
 		      
 Year Ended
05/31/23		  
 		      
 Year Ended
05/31/22		  
 		      

 Period from
10/01/20
to 05/31/21		  
 
 		      
 Year Ended
09/30/20		  
 		      
 Year Ended
09/30/19		  
 
                           

Net asset value, beginning of period

   $ 34.85       $ 29.23       $ 29.34       $ 41.34       $ 32.95       $ 25.92       $ 25.30  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment loss(a)

    (0.13 )        (0.21 )        (0.14 )        (0.31 )        (0.20 )        (0.19 )        (0.15 ) 

Net realized and unrealized gain (loss)

     6.27         5.83         0.03         (9.39 )        8.59         7.34         1.76  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net increase (decrease) from investment operations

     6.14         5.62         (0.11 )        (9.70 )        8.39         7.15         1.61  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Distributions from net realized gain(b)

    —         —         —         (2.30 )        —         (0.12 )        (0.99 ) 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net asset value, end of period

   $ 40.99       $ 34.85       $ 29.23       $ 29.34       $ 41.34       $ 32.95       $ 25.92  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total Return(c)

                         

Based on net asset value

     17.62 %(d)        19.23 %        (0.38 )%        (25.06 )%        25.46 %(d)        27.68 %        7.15 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Ratios to Average Net Assets(e)

                         

Total expenses

     1.14 %(f)        1.12 %        1.10 %        1.09 %        1.10 %(f)         1.11 %        1.16 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total expenses after fees waived and/or reimbursed

     1.05 %(f)        1.05 %        1.05 %        1.05 %        1.05 %(f)         1.05 %        1.05 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment loss

     (0.74 )%(f)        (0.63 )%        (0.50 )%        (0.77 )%        (0.78 )%(f)        (0.67 )%        (0.59 )% 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Supplemental Data

                          

Net assets, end of period (000)

   $ 59,904       $ 59,731       $ 62,693       $ 81,276       $ 104,997       $ 83,680       $ 61,293  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Portfolio turnover rate

     38 %        48 %        46 %        28 %        22 %        35 %        38 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

 

(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

   43

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock Mid-Cap Growth Equity Portfolio (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		  
 		      

 Period from
10/01/20
to 05/31/21		  
 
 		      
 Year Ended
09/30/20		  
 		      
 Year Ended
09/30/19		  
 
                           

Net asset value, beginning of period

   $ 33.20       $ 27.85       $ 27.96       $ 39.50       $ 31.48       $ 24.78       $ 24.22  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment loss(a)

    (0.13 )        (0.20 )        (0.14 )        (0.29 )        (0.19 )        (0.18 )        (0.14 ) 

Net realized and unrealized gain (loss)

     5.99         5.55         0.03         (8.94 )        8.21         7.00         1.68  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net increase (decrease) from investment operations

     5.86         5.35         (0.11 )        (9.23 )        8.02         6.82         1.54  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Distributions from net realized gain(b)

    —         —         —         (2.31 )        —         (0.12 )        (0.98 ) 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net asset value, end of period

   $ 39.06       $ 33.20       $ 27.85       $ 27.96       $ 39.50       $ 31.48       $ 24.78  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total Return(c)

                         

Based on net asset value

     17.65 %(d)         19.21 %        (0.39 )%        (25.05 )%        25.48 %(d)         27.61 %        7.17 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Ratios to Average Net Assets(e)

                         

Total expenses

     1.11 %(f)         1.13 %        1.13 %        1.09 %        1.09 %(f)         1.14 %        1.16 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total expenses after fees waived and/or reimbursed

     1.05 %(f)         1.05 %        1.05 %        1.05 %        1.05 %(f)         1.05 %        1.05 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment loss

     (0.74 )%(f)         (0.63 )%        (0.50 )%        (0.78 )%        (0.78 )%(f)         (0.67 )%        (0.58 )% 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Supplemental Data

                          

Net assets, end of period (000)

   $ 1,733,971       $ 1,622,438       $ 1,637,289       $ 1,913,190       $ 2,577,151       $ 1,917,773       $ 1,335,467  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Portfolio turnover rate

     38 %        48 %        46 %        28 %        22 %        35 %        38 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

 

(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.

 

 

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 Mid-Cap Growth Equity Portfolio (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		  
 		      

 Period from
10/01/20
to 05/31/21		  
 
 		      
 Year Ended
09/30/20		  
 		      
 Year Ended
09/30/19		  
 
                           

Net asset value, beginning of period

   $ 24.48       $ 20.69       $ 20.93       $ 30.22       $ 24.20       $ 19.21       $ 19.04  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment loss(a)

    (0.19 )        (0.32 )        (0.25 )        (0.43 )        (0.29 )        (0.30 )        (0.24 ) 

Net realized and unrealized gain (loss)

     4.40         4.11         0.01         (6.67 )        6.31         5.41         1.28  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net increase (decrease) from investment operations

     4.21         3.79         (0.24 )        (7.10 )        6.02         5.11         1.04  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Distributions from net realized gain(b)

     —         —         —         (2.19 )        —         (0.12 )        (0.87 ) 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net asset value, end of period

   $ 28.69       $ 24.48       $ 20.69       $ 20.93       $ 30.22       $ 24.20       $ 19.21  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total Return(c)

                         

Based on net asset value

     17.20 %(d)        18.32 %        (1.15 )%        (25.61 )%        24.88 %(d)        26.72 %        6.33 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Ratios to Average Net Assets(e)

                         

Total expenses

     1.81 %(f)         1.84 %        1.83 %        1.78 %        1.80 %(f)         1.84 %        1.86 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total expenses after fees waived and/or reimbursed

     1.80 %(f)         1.80 %        1.80 %        1.78 %        1.79 %(f)         1.80 %        1.80 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment loss

     (1.49 )%(f)        (1.38 )%        (1.25 )%        (1.51 )%        (1.52 )%(f)        (1.42 )%        (1.33 )% 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Supplemental Data

                          

Net assets, end of period (000)

   $ 186,860       $ 184,966       $ 194,849       $ 243,284       $ 357,360       $ 280,143       $ 209,923  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Portfolio turnover rate

     38 %        48 %        46 %        28 %        22 %        35 %        38 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

 

(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

   45

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock Mid-Cap Growth Equity Portfolio (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		  
 		      

 Period from
10/01/20
to 05/31/21		  
 
 		      
 Year Ended
09/30/20		  
 		      
 Year Ended
09/30/19		  
 
                           

Net asset value, beginning of period

   $ 39.42       $ 32.95       $ 32.96       $ 46.10       $ 36.66       $ 28.74       $ 27.93  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment loss(a)

    (0.08 )        (0.11 )        (0.05 )        (0.17 )        (0.12 )        (0.12 )        (0.09 ) 

Net realized and unrealized gain (loss)

     7.11         6.58         0.04         (10.58 )        9.56         8.16         1.96  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net increase (decrease) from investment operations

     7.03         6.47         (0.01 )        (10.75 )        9.44         8.04         1.87  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Distributions from net realized gain(b)

    —         —         —         (2.39 )        —         (0.12 )        (1.06 ) 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net asset value, end of period

   $ 46.45       $ 39.42       $ 32.95       $ 32.96       $ 46.10       $ 36.66       $ 28.74  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total Return(c)

                         

Based on net asset value

     17.83 %(d)         19.64 %        (0.03 )%        (24.79 )%        25.75 %(d)         28.06 %        7.47 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Ratios to Average Net Assets(e)

                         

Total expenses

     0.70 %(f)         0.71 %        0.71 %        0.70 %        0.70 %(f)         0.73 %(g)         0.76 %(h)  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total expenses after fees waived and/or reimbursed

     0.70 %(f)         0.71 %        0.71 %        0.70 %        0.70 %(f)         0.73 %        0.75 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment loss

     (0.39 )%(f)         (0.29 )%        (0.15 )%        (0.40 )%        (0.42 )%(f)         (0.36 )%        (0.31 )% 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Supplemental Data

                          

Net assets, end of period (000)

   $ 4,474,464       $ 4,520,357       $ 4,233,488       $ 4,376,642       $ 3,674,402       $ 2,011,727       $ 652,138  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Portfolio turnover rate

     38 %        48 %        46 %        28 %        22 %        35 %        38 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

 

(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) 

Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratios.

(h) 

Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees for the year ended September 30, 2019, the expense ratio would have been 0.75%.

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 Mid-Cap Growth Equity Portfolio (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		  
 		      

 Period from
10/01/20
to 05/31/21		  
 
 		      
 Year Ended
09/30/20		  
 		      
 Year Ended
09/30/19		  
 
                           

Net asset value, beginning of period

   $ 32.23       $ 27.11       $ 27.28       $ 38.65       $ 30.85       $ 24.34       $ 23.83  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment loss(a)

     (0.17 )        (0.26 )        (0.20 )        (0.37 )        (0.25 )        (0.24 )        (0.19 ) 

Net realized and unrealized gain (loss)

     5.81         5.38         0.03         (8.73 )        8.05         6.87         1.65  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net increase (decrease) from investment operations

     5.64         5.12         (0.17 )        (9.10 )        7.80         6.63         1.46  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Distributions from net realized gain(b)

     —         —         —         (2.27 )        —         (0.12 )        (0.95 ) 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net asset value, end of period

   $ 37.87       $ 32.23       $ 27.11       $ 27.28       $ 38.65       $ 30.85       $ 24.34  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total Return(c)

                         

Based on net asset value

     17.50 %(d)        18.89 %        (0.62 )%        (25.24 )%        25.28 %(d)        27.33 %        6.89 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Ratios to Average Net Assets(e)

                         

Total expenses

     1.42 %(f)        1.41 %        1.42 %        1.40 %        1.39 %(f)        1.45 %        1.47 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total expenses after fees waived and/or reimbursed

     1.30 %(f)        1.30 %        1.30 %        1.30 %        1.30 %(f)        1.30 %        1.30 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment loss

     (0.99 )%(f)        (0.88 )%        (0.75 )%        (1.02 )%        (1.03 )%(f)        (0.92 )%        (0.83 )% 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Supplemental Data

                          

Net assets, end of period (000)

   $ 90,910       $ 85,328       $ 93,427       $ 93,527       $ 98,300       $ 59,411       $ 40,999  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Portfolio turnover rate

     38 %        48 %        46 %        28 %        22 %        35 %        38 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

 

(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

   47

Financial Highlights

(For a share outstanding throughout each period)

 

    BlackRock Technology Opportunities Fund  
    Institutional  
   

 Six Months
Ended
11/30/24

(unaudited

  
 
 

) 

      
 Year Ended
05/31/24		  
 		      
 Year Ended
05/31/23		  
 		      
 Year Ended
05/31/22		  
 		      

 Period from
10/01/20
to 05/31/21		  
 
 		      
 Year Ended
09/30/20		  
 		      
 Year Ended
09/30/19		  
 
                           

Net asset value, beginning of period

   $ 65.44       $ 47.74       $ 45.31       $ 64.81       $ 55.33       $ 32.63       $ 31.83  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment loss(a)

    (0.17 )        (0.23 )        (0.13 )        (0.30 )        (0.28 )        (0.22 )        (0.10 ) 

Net realized and unrealized gain (loss)

     10.48         17.93         2.56         (14.51 )        12.67         23.43         1.20  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net increase (decrease) from investment operations

     10.31         17.70         2.43         (14.81 )        12.39         23.21         1.10  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Distributions from net realized gain(b)

    —         —         —         (4.69 )        (2.91 )        (0.51 )        (0.30 ) 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net asset value, end of period

   $ 75.75       $ 65.44       $ 47.74       $ 45.31       $ 64.81       $ 55.33       $ 32.63  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total Return(c)

                         

Based on net asset value

     15.75 %(d)         37.08 %        5.36 %        (25.09 )%        22.68 %(d)         72.07 %        3.63 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Ratios to Average Net Assets(e)

                         

Total expenses

     0.93 %(f)         0.97 %        0.98 %        0.94 %        0.92 %(f)         0.98 %        1.02 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total expenses after fees waived and/or reimbursed

     0.92 %(f)         0.92 %        0.92 %        0.92 %        0.92 %(f)         0.92 %        0.92 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment loss

     (0.47 )%(f)         (0.41 )%        (0.30 )%        (0.48 )%        (0.66 )%(f)         (0.50 )%        (0.32 )% 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Supplemental Data

                          

Net assets, end of period (000)

   $ 3,165,792       $ 2,751,350       $ 2,316,550       $ 2,943,616       $ 4,958,187       $ 3,641,519       $ 1,033,286  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Portfolio turnover rate

     28 %        21 %        39 %        29 %        25 %        27 %        33 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

 

(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.

 

 

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 Technology Opportunities Fund (continued)  
    Service  
   

 Six Months
Ended
11/30/24

(unaudited

  
 
 

) 

      
 Year Ended
05/31/24		  
 		      
 Year Ended
05/31/23		  
 		      
 Year Ended
05/31/22		  
 		      

 Period from
10/01/20
to 05/31/21		  
 
 		      
 Year Ended
09/30/20		  
 		      
 Year Ended
09/30/19		  
 
                           

Net asset value, beginning of period

   $ 60.78       $ 44.45       $ 42.30       $ 60.86       $ 52.20       $ 30.88       $ 30.22  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment loss(a)

     (0.24 )        (0.34 )        (0.21 )        (0.42 )        (0.37 )        (0.30 )        (0.17 ) 

Net realized and unrealized gain (loss)

     9.73         16.67         2.36         (13.52 )        11.94         22.13         1.13  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net increase (decrease) from investment operations

     9.49         16.33         2.15         (13.94 )        11.57         21.83         0.96  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Distributions from net realized gain(b)

     —         —         —         (4.62 )        (2.91 )        (0.51 )        (0.30 ) 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net asset value, end of period

   $ 70.27       $ 60.78       $ 44.45       $ 42.30       $ 60.86       $ 52.20       $ 30.88  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total Return(c)

                         

Based on net asset value

     15.62 %(d)        36.74 %        5.08 %        (25.28 )%        22.46 %(d)        71.68 %        3.36 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Ratios to Average Net Assets(e)

                         

Total expenses

     1.21 %(f)        1.21 %        1.20 %        1.19 %        1.17 %(f)        1.19 %        1.25 %(g) 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total expenses after fees waived and/or reimbursed

     1.17 %(f)        1.17 %        1.17 %        1.17 %        1.16 %(f)        1.17 %        1.17 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment loss

     (0.71 )%(f)        (0.67 )%        (0.55 )%        (0.73 )%        (0.90 )%(f)        (0.74 )%        (0.57 )% 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Supplemental Data

                          

Net assets, end of period (000)

   $ 56,019       $ 46,993       $ 47,332       $ 55,439       $ 83,886       $ 50,710       $ 20,429  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Portfolio turnover rate

     28 %        21 %        39 %        29 %        25 %        27 %        33 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

 

(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) 

Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratios.

See notes to financial statements.

 

 

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

   49

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock Technology Opportunities 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		  
 		      

 Period from
10/01/20
to 05/31/21		  
 
 		      
 Year Ended
09/30/20		  
 		      
 Year Ended
09/30/19		  
 
                           

Net asset value, beginning of period

   $ 59.29       $ 43.37       $ 41.27       $ 59.47       $ 51.06       $ 30.22       $ 29.58  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment loss(a)

    (0.23 )        (0.33 )        (0.21 )        (0.41 )        (0.36 )        (0.29 )        (0.17 ) 

Net realized and unrealized gain (loss)

     9.49         16.25         2.31         (13.19 )        11.68         21.64         1.11  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net increase (decrease) from investment operations

     9.26         15.92         2.10         (13.60 )        11.32         21.35         0.94  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Distributions from net realized gain(b)

     —         —         —         (4.60 )        (2.91 )        (0.51 )        (0.30 ) 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net asset value, end of period

   $ 68.55       $ 59.29       $ 43.37       $ 41.27       $ 59.47       $ 51.06       $ 30.22  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total Return(c)

                         

Based on net asset value

     15.62 %(d)         36.71 %        5.09 %        (25.28 )%        22.48 %(d)         71.65 %        3.36 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Ratios to Average Net Assets(e)

                         

Total expenses

     1.19 %(f)         1.21 %        1.23 %        1.21 %        1.19 %(f)         1.25 %        1.29 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total expenses after fees waived and/or reimbursed

     1.17 %(f)         1.17 %        1.17 %        1.17 %        1.17 %(f)         1.17 %        1.17 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment loss

     (0.72 )%(f)         (0.66 )%        (0.54 )%        (0.73 )%        (0.91 )%(f)         (0.74 )%        (0.58 )% 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Supplemental Data

                          

Net assets, end of period (000)

   $ 2,188,541       $ 1,959,752       $ 1,572,976       $ 1,695,648       $ 2,524,052       $ 1,773,399       $ 672,110  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Portfolio turnover rate

     28 %        21 %        39 %        29 %        25 %        27 %        33 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

 

(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.

 

 

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 (continued)

(For a share outstanding throughout each period)

 

    BlackRock Technology Opportunities 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		  
 		      

 Period from
10/01/20
to 05/31/21		  
 
 		      
 Year Ended
09/30/20		  
 		      
 Year Ended
09/30/19		  
 
                           

Net asset value, beginning of period

   $ 46.92       $ 34.58       $ 33.17       $ 48.77       $ 42.52       $ 25.43       $ 25.13  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment loss(a)

    (0.37 )        (0.56 )        (0.40 )        (0.68 )        (0.54 )        (0.48 )        (0.32 ) 

Net realized and unrealized gain (loss)

     7.51         12.90         1.81         (10.52 )        9.70         18.08         0.92  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net increase (decrease) from investment operations

     7.14         12.34         1.41         (11.20 )        9.16         17.60         0.60  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Distributions from net realized gain(b)

    —         —         —         (4.40 )        (2.91 )        (0.51 )        (0.30 ) 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net asset value, end of period

   $ 54.06       $ 46.92       $ 34.58       $ 33.17       $ 48.77       $ 42.52       $ 25.43  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total Return(c)

                         

Based on net asset value

     15.22 %(d)        35.68 %        4.25 %        (25.81 )%        21.89 %(d)        70.39 %        2.60 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Ratios to Average Net Assets(e)

                         

Total expenses

     1.92 %(f)         1.97 %        1.98 %        1.92 %        1.91 %(f)         1.98 %        2.02 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total expenses after fees waived and/or reimbursed

     1.91 %(f)         1.92 %        1.92 %        1.91 %        1.90 %(f)         1.92 %        1.92 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment loss

     (1.46 )%(f)        (1.42 )%        (1.30 )%        (1.47 )%        (1.65 )%(f)        (1.49 )%        (1.33 )% 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Supplemental Data

                          

Net assets, end of period (000)

   $ 312,839       $ 292,034       $ 259,247       $ 291,802       $ 427,435       $ 317,792       $ 152,505  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Portfolio turnover rate

     28 %        21 %        39 %        29 %        25 %        27 %        33 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

 

(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

   51

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock Technology Opportunities 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		  
 		      

 Period from
10/01/20
to 05/31/21		  
 
 		      

 Period from
12/10/19

to 09/30/20

  
(a)  

 

                       

Net asset value, beginning of period

   $ 65.61       $ 47.83       $ 45.37       $ 64.89       $ 55.36       $ 34.59  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment loss(b)

    (0.13 )        (0.19 )        (0.10 )        (0.24 )        (0.24 )        (0.16 ) 

Net realized and unrealized gain (loss)

     10.50         17.97         2.56         (14.55 )        12.68         20.93  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net increase (decrease) from investment operations

     10.37         17.78         2.46         (14.79 )        12.44         20.77  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Distributions from net realized gain(c)

    —         —         —         (4.73 )        (2.91 )        —  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net asset value, end of period

   $ 75.98       $ 65.61       $ 47.83       $ 45.37       $ 64.89       $ 55.36  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total Return(d)

                     

Based on net asset value

     15.81 %(e)        37.17 %        5.42 %        (25.05 )%        22.77 %(e)        60.05 %(e) 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Ratios to Average Net Assets(f)

                     

Total expenses

     0.83 %(g)         0.85 %        0.87 %        0.84 %        0.83 %(g)         0.87 %(g) 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total expenses after fees waived and/or reimbursed

     0.83 %(g)         0.85 %        0.87 %        0.83 %        0.82 %(g)         0.86 %(g) 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment loss

     (0.38 )%(g)        (0.34 )%        (0.24 )%        (0.38 )%        (0.56 )%(g)        (0.46 )%(g) 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Supplemental Data

                      

Net assets, end of period (000)

   $ 349,269       $ 241,109       $ 157,185       $ 135,879       $ 122,568       $ 75,426  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Portfolio turnover rate

     28 %        21 %        39 %        29 %        25 %        27 %(h)  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

 

(a) 

Commencement of operations.

(b) 

Based on average shares outstanding.

(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) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(g) 

Annualized.

(h) 

Portfolio turnover is representative of the Fund for the entire year.

See notes to financial statements.

 

 

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Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock Technology Opportunities 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		  
 		      

 Period from
10/01/20
to 05/31/21		  
 
 		      
 Year Ended
09/30/20		  
 		      
 Year Ended
09/30/19		  
 
                           

Net asset value, beginning of period

   $ 59.25       $ 43.44       $ 41.44       $ 59.75       $ 51.37       $ 30.48       $ 29.90  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment loss(a)

     (0.31 )        (0.46 )        (0.30 )        (0.56 )        (0.46 )        (0.38 )        (0.24 ) 

Net realized and unrealized gain (loss)

     9.48         16.27         2.30         (13.25 )        11.75         21.78         1.12  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net increase (decrease) from investment operations

     9.17         15.81         2.00         (13.81 )        11.29         21.40         0.88  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Distributions from net realized gain(b)

    —         —         —         (4.50 )        (2.91 )        (0.51 )        (0.30 ) 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net asset value, end of period

   $ 68.42       $ 59.25       $ 43.44       $ 41.44       $ 59.75       $ 51.37       $ 30.48  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total Return(c)

                         

Based on net asset value

     15.48 %(d)        36.39 %        4.83 %        (25.47 )%        22.28 %(d)        71.20 %        3.12 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Ratios to Average Net Assets(e)

                         

Total expenses

     1.53 %(f)        1.55 %        1.58 %        1.54 %        1.50 %(f)        1.57 %        1.60 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Total expenses after fees waived and/or reimbursed

     1.42 %(f)        1.42 %        1.42 %        1.42 %        1.42 %(f)        1.42 %        1.42 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Net investment loss

     (0.97 )%(f)        (0.91 )%        (0.79 )%        (0.98 )%        (1.17 )%(f)        (0.99 )%        (0.83 )% 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Supplemental Data

                          

Net assets, end of period (000)

   $ 49,760       $ 44,320       $ 35,771       $ 35,001       $ 50,186       $ 38,907       $ 18,799  
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

Portfolio turnover rate

     28 %        21 %        39 %        29 %        25 %        27 %        33 % 
 

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

  

 

(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

   53

Notes to Financial Statements (unaudited)

 

1.

ORGANIZATION

BlackRock Capital Appreciation Fund, Inc. (the “Corporation”) and BlackRock FundsSM (the “Trust”) are each registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies. The Corporation is organized as a Maryland corporation. The Trust is organized as a Massachusetts business trust. BlackRock Capital Appreciation Fund, Inc. is the only series of the Corporation. BlackRock Health Sciences Opportunities Portfolio, BlackRock Infrastructure Sustainable Opportunities Fund, BlackRock Mid-Cap Growth Equity Portfolio and BlackRock Technology Opportunities Fund are series of the Trust. The following are referred to herein collectively as the “Funds” or individually as a “Fund”:

 

     
Fund Name   Herein Referred To As    Diversification Classification

BlackRock Capital Appreciation Fund, Inc.

   Capital Appreciation    Diversified

BlackRock Health Sciences Opportunities Portfolio

   Health Sciences Opportunities    Diversified

BlackRock Infrastructure Sustainable Opportunities Fund

   Infrastructure Sustainable Opportunities    Non-Diversified

BlackRock Mid-Cap Growth Equity Portfolio

   Mid-Cap Growth Equity    Diversified

BlackRock Technology Opportunities Fund

   Technology Opportunities    Diversified

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

 

       
Share Class   Initial Sales Charge      CDSC      Conversion Privilege

Institutional, Service and Class K 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 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.

ForeignTaxes: 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

 

 

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Notes to Financial Statements (unaudited) (continued)

 

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

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

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

 

 

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

   55

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

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

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

 

 

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Notes to Financial Statements (unaudited) (continued)

 

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

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

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the 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 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(a)		      Non-Cash
Collateral Received,
at Fair Value(a) 		     Net
Amount		  

Health Sciences Opportunities

           

BofA Securities, Inc.

   $ 1,151,500      $ (1,151,500 )     $ —      $ —  

Citigroup Global Markets, Inc.

     9,139,796        (9,139,796 )       —        —  

Goldman Sachs & Co. LLC

     3,934,140        (3,845,400 )       —        88,740 (b) 

J.P. Morgan Securities LLC

     28,225,023        (28,225,023 )       —        —  

Jefferies LLC

     38,099,139        (38,099,139 )       —        —  

Morgan Stanley

     7,289,594        (7,289,594 )       —        —  

Toronto-Dominion Bank

     2,205,026        (2,205,026 )       —        —  
 

 

 

     

 

 

     

 

 

     

 

 

  
  $ 90,044,218      $ (89,955,478 )     $ —      $ 88,740  
 

 

 

     

 

 

     

 

 

     

 

 

  

Infrastructure Sustainable Opportunities

           

J.P. Morgan Securities LLC

   $ 248,531      $ (248,531 )     $ —      $ —  
 

 

 

     

 

 

     

 

 

     

 

 

  

Mid-Cap Growth Equity

           

Citigroup Global Markets, Inc.

   $ 121,162,111      $ (121,162,111 )     $ —      $ —  

Goldman Sachs & Co. LLC

     61,382,040        (60,790,680 )       —         591,360  

J.P. Morgan Securities LLC

     8,991,464        (8,991,464 )       —        —  

Morgan Stanley

     163,575,718        (163,575,718 )       —        —  

National Financial Services LLC

     21,981,750        (21,981,750 )       —        —  

State Street Bank & Trust Co.

     27,640,499        (27,640,499 )       —        —  

Toronto-Dominion Bank

     19,490,633        (19,490,633 )       —        —  
 

 

 

     

 

 

     

 

 

     

 

 

  
  $ 424,224,215      $ (423,632,855 )     $ —      $ 591,360  
 

 

 

     

 

 

     

 

 

     

 

 

  

Technology Opportunities

           

BofA Securities, Inc.

   $ 16,452,856      $ (16,452,856 )     $ —      $ —  

Goldman Sachs & Co. LLC

     1,947,036        (1,947,036 )       —        —  

 

 

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

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Notes to Financial Statements (unaudited) (continued)

 

         
Fund Name/Counterparty   Securities
Loaned at Value		      Cash
Collateral Received(a)		      Non-Cash
Collateral Received,
at Fair Value(a) 		     Net
Amount		  

Technology Opportunities (continued)

           

J.P. Morgan Securities LLC

   $ 5,841,615      $ (5,841,615 )     $ —      $ —  

Morgan Stanley

     26,578,677        (26,578,677 )       —        —  
 

 

 

     

 

 

     

 

 

     

 

 

  
  $ 50,820,184      $ (50,820,184 )     $ —      $   —  
 

 

 

     

 

 

     

 

 

     

 

 

  

 

  (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 each Fund is disclosed in the Funds’ Statements of Assets and Liabilities.

  (b) 

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”).

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds 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 Statements 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 Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

 

  •  

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

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instrument(s) or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Funds receive payment from or make 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 Funds and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statements 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 Funds 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 Statements 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, a 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

 

 

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Notes to Financial Statements (unaudited) (continued)

 

Agreement is a bilateral agreement between a 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, a 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 Funds and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules 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 Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A 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 Funds from the counterparties are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each 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 Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory: The Corporation, on behalf of Capital Appreciation, and the Trust, on behalf of Health Sciences Opportunities, Infrastructure Sustainable Opportunities, Mid-Cap Growth Equity and Technology Opportunities, 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 and with respect to Capital Appreciation, administrative services. The Manager is responsible for the management of each Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.

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

 

     
           Investment Advisory Fees  
Average Daily Net Assets           Capital Appreciation  

First $1 billion

        0.650 % 

$1 billion - $1.5 billion 

        0.625  

$1.5 billion - $5 billion 

        0.600  

$5 billion - $7.5 billion 

        0.575  

Greater than $7.5 billion

              0.550  

 

     
           Investment Advisory Fees  
Average Daily Net Assets           Health Sciences Opportunities  

First $1 billion

        0.750 % 

$1 billion - $2 billion 

        0.700  

$2 billion - $3 billion 

        0.675  

$3 billion - $10 billion 

        0.650  

Greater than $10 billion

              0.640  

 

   
   

Investment Advisory Fees

  
Average Daily Net Assets   Infrastructure Sustainable Opportunities      Technology Opportunities  

First $1 billion

     0.800 %       0.820 % 

$1 billion - $3 billion 

     0.750        0.770  

$3 billion - $5 billion 

     0.720        0.740  

$5 billion - $10 billion 

     0.700        0.710  

Greater than $10 billion

     0.680        0.700  

 

 

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

   59

Notes to Financial Statements (unaudited) (continued)

 

     
           Investment Advisory Fees  
Average Daily Net Assets           Mid-Cap Growth Equity  

First $1 billion

        0.700 % 

$1 billion - $3 billion

        0.660  

$3 billion - $5 billion

        0.630  

$5 billion - $10 billion

        0.610  

$10 billion - $18 billion

        0.600  

Greater than $18 billion

              0.590  

With respect to Infrastructure Sustainable Opportunities, the Manager entered into separate sub-advisory agreements with each of BlackRock International Limited (“BIL”) and BlackRock (Singapore) Limited (“BSL”), each an affiliate of the Manager. The Manager pays BIL and BSL for services they provide, for that portion of the Fund for which BIL and BSL, as applicable, act as sub-adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by the Fund to the Manager.

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

 

     Capital Appreciation     Health Sciences Opportunities     Infrastructure Sustainable Opportunities  
Share Class   Service Fees     Distribution Fees     Service Fees     Distribution Fees     Service Fees     Distribution Fees  

Service

     N/A       N/A       0.25 %      N/A       N/A       N/A  

Investor A

     0.25 %      N/A       0.25       N/A       0.25 %      N/A  

Investor C

     0.25       0.75 %      0.25       0.75 %      N/A       N/A  

Class R

     0.25       0.25       0.25       0.25       N/A       N/A  

 

                     Mid-Cap Growth Equity     Technology Opportunities  
Share Class                   Service Fees     Distribution Fees     Service Fees     Distribution Fees  

Service

           0.25 %      N/A       0.25 %      N/A  

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   Service      Investor A      Investor C      Class R      Total  

Capital Appreciation

   $ —      $ 2,742,539      $ 204,771      $ 61,956      $ 3,009,266  

Health Sciences Opportunities

     38,575        3,625,008        1,504,232        631,382        5,799,197  

Infrastructure Sustainable Opportunities

     —        285        —        —        285  

Mid-Cap Growth Equity

     71,680        1,987,472        880,404        211,176        3,150,732  

Technology Opportunities

     62,331        2,604,605        1,526,146        115,500        4,308,582  

Administration: The Trust, on behalf of Health Sciences Opportunities, Infrastructure Sustainable Opportunities, Mid-Cap Growth Equity and Technology Opportunities, 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.

 

 

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Notes to Financial Statements (unaudited) (continued)

 

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      Service      Investor A      Investor C      Class K      Class R      Total  

Health Sciences Opportunities

   $ 440,514      $ 3,093      $ 290,669      $ 30,155      $ 52,272      $  25,312      $ 842,015  

Infrastructure Sustainable Opportunities

     11        —        23        —        906        —        940  

Mid-Cap Growth Equity

     483,645        5,750        159,385        17,650        435,881        8,466        1,110,777  

Technology Opportunities

     300,458        4,995        208,693        30,569        32,890        4,626        582,231  

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  

Capital Appreciation

   $ 82,573      $  82,573  

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      Service      Investor A      Investor C      Class K      Class R      Total  

Capital Appreciation

   $ 1,652      $ —      $ 55,302      $ 4,248      $ 2,024      $ 142      $  63,368  

Health Sciences Opportunities

     9,152        267        47,717        6,878        1,277        655        65,946  

Infrastructure Sustainable Opportunities

     8        —        125        —        —        —        133  

Mid-Cap Growth Equity

     18        183        80,990        1,063        5,786        570        88,610  

Technology Opportunities

     580        91        19,876        3,066        705        383        24,701  

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      Service      Investor A      Investor C      Class K      Class R      Total  

Capital Appreciation

   $ 352,493      $ —      $ 917,776      $ 32,455      $  25,912      $ 26,542      $  1,355,178  

Health Sciences Opportunities

     2,032,348        24,925        1,350,801        152,452        14,153        253,883        3,828,562  

Infrastructure Sustainable Opportunities

     90        —        341        —        207        —        638  

Mid-Cap Growth Equity

     3,112,918        54,127        1,261,090        95,190        62,650        94,383        4,680,358  

Technology Opportunities

     1,496,082        32,015        1,127,131        137,655        5,225        46,880        2,844,988  

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  

Capital Appreciation

    $ 24,295  

Health Sciences Opportunities

      25,564  

Mid-Cap Growth Equity

      18,609  

Technology Opportunities

      57,123  

For the six months ended November 30, 2024, affiliates received CDSCs as follows:

 

         
Share Class   Capital
Appreciation		      Health
Sciences
Opportunities		      Mid-Cap
Growth
Equity		      Technology
Opportunities		  

Investor A

   $ 2,512      $ 2,451      $ 4,722      $ 1,688  

Investor C

     708        5,614        2,988        9,251  

Expense Limitations, Waivers, Reimbursements, and Recoupments: With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 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 or the Trust, as defined in the 1940 Act (“Independent Directors”), or by a vote of a majority of the outstanding voting securities of a Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund

 

 

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

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Notes to Financial Statements (unaudited) (continued)

 

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  

Capital Appreciation

   $ 1,223  

Health Sciences Opportunities

     58,232  

Infrastructure Sustainable Opportunities

     52  

Mid-Cap Growth Equity

     3,615  

Technology Opportunities

     18,880  

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 (except Health Sciences Opportunities), the Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, tax expense, acquired fund fees and expenses, and certain other fund expenses, 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:

 

         
Share Class   Capital Appreciation     Infrastructure Sustainable Opportunities     Mid-Cap Growth Equity     Technology Opportunities  

Institutional

     N/A       1.00 %      0.80 %      0.92 % 

Service

     N/A       N/A       1.05       1.17  

Investor A

     N/A       1.25       1.05       1.17  

Investor C

     1.94 %      N/A       1.80       1.92  

Class K

     0.72       0.95       0.75       0.87  

Class R

     N/A       N/A       1.30       1.42  

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2026 (or June 30, 2035 with respect to Capital Appreciation), unless approved by the Board, including a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of a Fund.

For the six months ended November 30, 2024, Infrastructure Sustainable Opportunities waived and/or reimbursed the Manager investment advisory fees and other expenses of $128,996, which is included in fees waived and/or reimbursed by the Manager in the Statements of Operations.

In addition, these amounts waived and/or reimbursed by the Manager are included in administration fees waived by the Manager — class specific and transfer agent fees waived and/or reimbursed by the Manager — class specific, respectively, in the Statements of Operations. For the six months ended November 30, 2024, class specific expense waivers and/or reimbursements are as follows:

 

     Administration Fees Waived by the Manager - Class Specific  
Fund Name   Institutional      Service      Investor A      Investor C      Class K      Class R      Total  

Infrastructure Sustainable Opportunities

   $ 11      $ —      $ 23      $ —      $ 906      $ —      $ 940  

Mid-Cap Growth Equity

     475,544        5,750        158,943        4,472        —        8,466        653,175  

Technology Opportunities

     140,750        4,995        165,062        6,919        —        4,626        322,352  

 

     Transfer Agent Fees Waived and/or Reimbursed by the Manager - Class Specific  
Fund Name   Institutional      Service      Investor A      Investor C      Class K      Class R      Total  

Infrastructure Sustainable Opportunities

   $ 64      $ —      $ 283      $ —      $ 207      $ —      $ 554  

Mid-Cap Growth Equity

     128,596        18,462        270,929        120        —        41,468        459,575  

Technology Opportunities

     3,987        4,465        19,412        —        —        21,234        49,098  

Infrastructure Sustainable Opportunities also had a waiver of administration fees, which are included in Administration fees waived in the Statements of Operations. For the six months ended November 30, 2024, the amount was $1,997.

With respect to the contractual expense limitation of Infrastructure Sustainable Opportunities, if during the Fund’s fiscal year the operating expenses of a share class, that at any time during the prior two fiscal years received a waiver and/or reimbursement from the Manager, are less than the current expense limitation for that share class, the Manager is entitled to be reimbursed by such share class up to the lesser of: (a) the amount of fees waived and/or expenses reimbursed during those prior two fiscal years under the agreement and (b) an amount not to exceed either the current expense limitation of that share class or the expense limitation of the share class in effect at the time that the share class received the applicable waiver and/or reimbursement, provided that:

 

  (1)

the Fund, of which the share class is a part, has more than $50 million in assets for the fiscal year, and

 

  (2)

the Manager or an affiliate continues to serve as the Fund’s investment adviser or administrator.

This repayment applies only to the contractual expense limitation on net expenses and does not apply to the contractual investment advisory fee waiver described above or any voluntary waivers that may be in effect from time to time. Effective September 30, 2028 the repayment arrangement between the Fund and the Manager pursuant to which the Fund may be required to repay amounts waived and/or reimbursed under the Fund’s contractual caps on net expenses will be terminated.

 

 

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Notes to Financial Statements (unaudited) (continued)

 

As of November 30, 2024, the fund level and class specific waivers and/or reimbursements subject to possible future recoupment under the expense limitation agreement were as follows:

 

     Expiring May 31,  
Fund Name/Fund Level/Share Class   2025      2026      2027  

Infrastructure Sustainable Opportunities

        

Fund Level

   $  299,135      $  301,268      $  130,993  

Institutional

     174        281        75  

Investor A

     40        640        306  

Class K

     1,854        2,055        1,113  

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

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

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

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

The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in the Statements of Operations. For the six months ended November 30, 2024, each Fund paid BIM the following amounts for securities lending agent services:

 

   
Fund Name   Amounts  

Health Sciences Opportunities

   $ 49,292  

Infrastructure Sustainable Opportunities

     7  

Mid-Cap Growth Equity

      92,479  

Technology Opportunities

     18,703  

Interfund Lending: In accordance with an exemptive order (the “Order”) from the SEC, Capital Appreciation and Infrastructure Sustainable Opportunities 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 Capital Appreciation’s and Infrastructure Sustainable Opportunities’s investment policies and restrictions. Capital Appreciation is currently permitted to borrow under the Interfund Lending Program. In addition, Infrastructure Sustainable Opportunities 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.

 

 

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

   63

Notes to Financial Statements (unaudited) (continued)

 

During the six months ended November 30, 2024, Capital Appreciation and Infrastructure Sustainable Opportunities did not participate in the Interfund Lending Program.

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

 

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  

Capital Appreciation

   $ 365,320,031      $ 583,990,866  

Health Sciences Opportunities

     1,344,117,260        1,969,147,193  

Infrastructure Sustainable Opportunities

     5,691,082        5,441,085  

Mid-Cap Growth Equity

     4,210,719,102        6,255,764,350  

Technology Opportunities

     1,582,005,700        1,690,974,372  

 

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 and qualified late-year losses as follows:

 

     
Fund Name   Non-Expiring Capital
Loss Carryforwards		     Qualified Late-Year
Ordinary Losses		  

Capital Appreciation

   $ —     $ (6,308,381 ) 

Health Sciences Opportunities

     —       (1,657,243 ) 

Infrastructure Sustainable Opportunities

     (968,437 )      —  

Mid-Cap Growth Equity

     (1,282,051,982 )      (23,606,786 ) 

Technology Opportunities

     (441,794,511 )      (10,030,779 ) 

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)		  

Capital Appreciation

   $  1,419,133,730      $ 2,326,859,893      $ (5,735,828 )    $  2,321,124,065  

Health Sciences Opportunities

     4,760,708,205        3,599,572,117        (244,763,237 )      3,354,808,880  

Infrastructure Sustainable Opportunities

     9,627,729        620,446        (350,707 )      269,739  

Mid-Cap Growth Equity

     7,949,428,456        4,030,847,660        (95,921,971 )      3,934,925,689  

Technology Opportunities

     3,100,304,688        3,118,718,823        (38,813,614 )      3,079,905,209  

 

9.

BANK BORROWINGS

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

 

 

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Notes to Financial Statements (unaudited) (continued)

 

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.

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.

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

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

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

 

 

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

   65

Notes to Financial Statements (unaudited) (continued)

 

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  

Capital Appreciation

        

Institutional

        

Shares sold

     1,192,474     $ 50,481,614       2,375,172     $ 85,564,796  

Shares issued in reinvestment of distributions

     1,123,280       46,020,787       607,843       20,849,409  

Shares redeemed

     (1,889,471 )      (81,337,922 )      (5,700,478 )      (206,766,629 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
    426,283     $ 15,164,479       (2,717,463 )    $ (100,352,424 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Investor A

        

Shares sold and automatic conversion of shares

     1,330,755     $ 49,195,218       3,059,279     $ 95,896,183  

Shares issued in reinvestment of distributions

     4,370,491       154,453,099       2,141,572       64,101,470  

Shares redeemed

     (4,821,545 )      (177,965,330 )      (9,329,188 )      (296,845,503 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
    879,701     $ 25,682,987       (4,128,337 )    $ (136,847,850 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Investor C

        

Shares sold

     147,503     $ 2,789,149       259,279     $ 4,516,743  

Shares issued in reinvestment of distributions

     317,610       5,640,757       150,664       2,462,125  

Shares redeemed and automatic conversion of shares

     (320,768 )      (6,007,341 )      (921,149 )      (15,736,877 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
    144,345     $ 2,422,565       (511,206 )    $ (8,758,009 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Class K

        

Shares sold

     562,402     $ 24,289,193       1,392,489     $ 50,192,656  

Shares issued in reinvestment of distributions

     843,365       35,008,091       625,650       21,705,654  

Shares redeemed

     (1,167,359 )      (50,363,717 )      (9,972,800 )      (372,605,778 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
    238,408     $ 8,933,567       (7,954,661 )    $ (300,707,468 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Class R

        

Shares sold

     60,439     $ 1,540,379       149,207     $ 3,233,921  

Shares issued in reinvestment of distributions

     112,014       2,688,341       57,317       1,211,907  

Shares redeemed

     (182,616 )      (4,606,836 )      (415,361 )      (9,306,024 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
    (10,163 )    $ (378,116 )      (208,837 )    $ (4,860,196 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
    1,678,574     $ 51,825,482       (15,520,504 )    $ (551,525,947 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
                         

Health Sciences Opportunities

        

Institutional

        

Shares sold

     2,999,250     $ 228,394,797       8,193,691     $ 583,683,482  

Shares issued in reinvestment of distributions

     1,832,268       136,485,641       2,283,482       157,422,926  

Shares redeemed

     (7,905,663 )      (601,033,205 )      (16,815,339 )       (1,183,104,439 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
    (3,074,145 )    $ (236,152,767 )      (6,338,166 )    $ (441,998,031 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Service

        

Shares sold

     16,487     $ 1,165,942       41,297     $ 2,740,817  

Shares issued in reinvestment of distributions

     14,946       1,042,793       18,476       1,199,629  

Shares redeemed

     (49,174 )      (3,499,511 )      (129,496 )      (8,549,804 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
    (17,741 )    $ (1,290,776 )      (69,723 )    $ (4,609,358 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Investor A

        

Shares sold and automatic conversion of shares

     1,126,344     $ 80,147,032       3,148,635     $ 208,743,219  

Shares issued in reinvestment of distributions

     1,393,987       96,714,809       1,628,677       105,093,179  

Shares redeemed

     (3,366,759 )       (238,724,728 )      (8,665,399 )      (573,000,127 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
    (846,428 )    $ (61,862,887 )      (3,888,087 )    $ (259,163,729 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

 

 

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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  

Health Sciences Opportunities (continued)

        

Investor C

        

Shares sold

     141,656     $ 8,166,627       340,682     $ 18,635,857  

Shares issued in reinvestment of distributions

     228,569       12,854,740       298,034       15,871,867  

Shares redeemed and automatic conversion of shares

     (954,290 )      (55,043,192 )      (2,792,967 )      (151,349,046 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
    (584,065 )    $ (34,021,825 )      (2,154,251 )    $ (116,841,322 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Class K

        

Shares sold

     771,062     $ 59,146,958       1,849,326     $ 131,524,955  

Shares issued in reinvestment of distributions

     219,796       16,403,366       255,328       17,603,287  

Shares redeemed

     (835,440 )      (63,497,302 )      (2,585,491 )      (183,510,131 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
    155,418     $ 12,053,022       (480,837 )    $ (34,381,889 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Class R

        

Shares sold

     87,554     $ 6,021,344       293,019     $ 18,639,450  

Shares issued in reinvestment of distributions

     135,121       9,050,426       141,806       8,875,180  

Shares redeemed

     (260,398 )      (17,785,142 )      (663,365 )      (42,582,090 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
    (37,723 )    $ (2,713,372 )      (228,540 )    $ (15,067,460 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
    (4,404,684 )    $ (323,988,605 )      (13,159,604 )    $ (872,061,789 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Infrastructure Sustainable Opportunities

        

Institutional

        

Shares sold

     215     $ 2,000       538     $ 4,705  

Shares issued in reinvestment of distributions

     10       90       29       261  

Shares redeemed

     (53 )      (500 )      (262 )      (2,192 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
    172     $ 1,590       305     $ 2,774  
 

 

 

    

 

 

    

 

 

    

 

 

  

Investor A

        

Shares sold

     95     $ 868       14,312     $ 123,978  

Shares issued in reinvestment of distributions

     71       643       194       1,740  

Shares redeemed

     (4,417 )      (38,254 )      (3,167 )      (26,060 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
    (4,251 )    $ (36,743 )      11,339     $ 99,658  
 

 

 

    

 

 

    

 

 

    

 

 

  

Class K

        

Shares sold

     —     $ —       82     $ 710  

Shares issued in reinvestment of distributions

     329         14       132  

Shares redeemed

     —       —       (145 )      (1,240 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
    3     $ 29       (49 )    $ (398 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
    (4,076 )    $ (35,124 )      11,595     $ 102,034  
 

 

 

    

 

 

    

 

 

    

 

 

  

Mid-Cap Growth Equity

        

Institutional

        

Shares sold

     7,858,582     $ 315,741,463       25,774,794     $ 943,438,772  

Shares redeemed

     (34,419,648 )       (1,387,284,824 )      (53,836,267 )       (1,966,094,068 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
    (26,561,066 )    $ (1,071,543,361 )      (28,061,473 )    $ (1,022,655,296 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Service

        

Shares sold

     65,088     $ 2,343,039       218,068     $ 7,181,094  

Shares redeemed

     (317,787 )      (11,501,219 )      (648,553 )      (21,108,643 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
    (252,699 )    $ (9,158,180 )      (430,485 )    $ (13,927,549 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Investor A

        

Shares sold and automatic conversion of shares

     1,691,490     $ 57,965,042       5,192,371     $ 162,981,384  

Shares redeemed

     (6,160,111 )      (210,450,398 )      (15,109,163 )      (469,268,479 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
    (4,468,621 )    $ (152,485,356 )      (9,916,792 )    $ (306,287,095 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

 

 

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)

 

     Six Months Ended 11/30/24     Year Ended 05/31/24  
Fund Name/Share Class   Shares     Amount     Shares     Amount  

Mid-Cap Growth Equity (continued)

        

Investor C

        

Shares sold

     117,370     $ 2,983,615       459,280     $ 10,686,451  

Shares redeemed and automatic conversion of shares

     (1,159,582 )      (29,126,677 )      (2,320,240 )      (53,855,034 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
    (1,042,212 )    $ (26,143,062 )      (1,860,960 )    $ (43,168,583 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Class K

        

Shares sold

     6,758,356     $ 273,175,230       23,280,033     $ 866,092,270  

Shares redeemed

     (25,107,782 )      (1,026,245,489 )      (37,065,253 )      (1,369,957,463 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
    (18,349,426 )    $ (753,070,259 )      (13,785,220 )    $ (503,865,193 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Class R

        

Shares sold

     167,590     $ 5,520,146       550,929     $ 16,719,131  

Shares redeemed

     (414,182 )      (13,856,481 )      (1,350,214 )      (41,042,668 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
    (246,592 )    $ (8,336,335 )      (799,285 )    $ (24,323,537 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
    (50,920,616 )    $  (2,020,736,553 )      (54,854,215 )    $  (1,914,227,253 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Technology Opportunities

        

Institutional

        

Shares sold

     5,356,705     $ 378,849,860       9,723,910     $ 537,366,881  

Shares redeemed

     (5,607,634 )      (394,493,482 )      (16,207,338 )      (891,747,608 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
    (250,929 )    $ (15,643,622 )      (6,483,428 )    $ (354,380,727 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Service

        

Shares sold

     156,783     $ 10,655,049       206,830     $ 10,760,963  

Shares redeemed

     (132,796 )      (8,717,725 )      (498,430 )      (25,937,289 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
    23,987     $ 1,937,324       (291,600 )    $ (15,176,326 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Investor A

        

Shares sold and automatic conversion of shares

     2,431,270     $ 156,891,497       5,008,601     $ 252,087,332  

Shares redeemed

     (3,559,779 )      (227,958,000 )      (8,228,564 )      (416,589,841 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
    (1,128,509 )    $ (71,066,503 )      (3,219,963 )    $ (164,502,509 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Investor C

        

Shares sold

     317,454     $ 16,137,924       731,500     $ 29,296,687  

Shares redeemed and automatic conversion of shares

     (755,244 )      (38,301,363 )      (2,003,356 )      (79,620,760 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
    (437,790 )    $ (22,163,439 )      (1,271,856 )    $ (50,324,073 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Class K

        

Shares sold

     1,686,929     $ 117,459,494       1,737,800     $ 95,856,044  

Shares redeemed

     (764,986 )      (54,225,678 )      (1,349,293 )      (74,821,457 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
    921,943     $ 63,233,816       388,507     $ 21,034,587  
 

 

 

    

 

 

    

 

 

    

 

 

  

Class R

        

Shares sold

     108,499     $ 6,938,173       281,736     $ 14,160,044  

Shares redeemed

     (129,242 )      (8,160,614 )      (357,121 )      (17,401,063 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
    (20,743 )    $ (1,222,441 )      (75,385 )    $ (3,241,019 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
    (892,041 )    $ (44,924,865 )      (10,953,725 )    $ (566,590,067 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

As of November 30, 2024, shares owned by BlackRock Financial Management, Inc., an affiliate of the Funds, were as follows:

 

     
Share Class   Infrastructure
Sustainable
Opportunities		      Technology
Opportunities		  

Institutional

     10,000        —  

Investor A

     10,000        —  

Class K

     980,000        8,673  

 

 

68  

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Notes to Financial Statements (unaudited) (continued)

 

12.

SUBSEQUENT EVENTS

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

 

 

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

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.

 

 

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Additional Information (continued)

 

Fund and Service Providers

 

Investment Adviser and Administrator   Independent Registered Public Accounting Firm
BlackRock Advisors, LLC   Deloitte & Touche LLP
Wilmington, DE 19809   Boston, MA 02110
Sub-Advisers(a)   Distributor
BlackRock International Limited   BlackRock Investments, LLC
Edinburgh, EH3 8BL   New York, NY 10001
United Kingdom  
  Legal Counsel
BlackRock (Singapore) Limited   Sidley Austin LLP

079912 Singapore

   New York, NY 10019
 
Accounting Agent and Transfer Agent   Address of the Corporation/Trust
BNY Mellon Investment Servicing (US) Inc.   100 Bellevue Parkway
Wilmington, DE 19809   Wilmington, DE 19809
Custodian  
The Bank of New York Mellon  
New York, NY 10286  

(a)  For BlackRock Infrastructure Sustainable Opportunities Fund.

  

 

 

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

   71

Glossary of Terms Used in this Report

 

Currency Abbreviation

CAD    Canadian Dollar
USD    United States Dollar

 

Portfolio Abbreviation
ADR    American Depositary Receipt
CVR    Contingent Value Rights
NVS    Non-Voting Shares
REIT    Real Estate Investment Trust
 

 

 

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Want to know more?

blackrock.com | 800-441-7762

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

 

 

LOGO

   LOGO

 

LOGO

  NOVEMBER 30, 2024

 

  

2024 Semi-Annual Financial

Statements and Additional

Information (Unaudited)

 

BlackRock FundsSM

 

•  

BlackRock U.S. Insights Long/Short 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

      15  

Statement of Operations

      17  

Statements of Changes in Net Assets

      18  

Financial Highlights

      19  

Notes to Financial Statements

      22  

Additional Information

      32  

Glossary of Terms Used in this Report

      34  

 

 

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 U.S. Insights Long/Short Equity Fund

(Percentages shown are based on Net Assets)

 

Security  

Shares

     Value  

Common Stocks

    

Aerospace & Defense — 0.2%

    

Standardaero, Inc.(a)(b)

    862     $ 24,705  
   

 

 

  

Industrial REITs — 0.5%

    

Lineage, Inc.

     995       63,103  
   

 

 

  

Pharmaceuticals — 0.1%

    

Septerna, Inc.(a)

    457       11,557  
   

 

 

  

Total Long-Term Investments — 0.8%
(Cost: $106,524)

       99,365  
   

 

 

  

Short-Term Securities

    

Money Market Funds — 0.2%

    

BlackRock Cash Funds: Institutional, SL Agency Shares, 4.79%(c)(d)(e)

    23,266            23,278  
   

 

 

  
Security   Par
(000)		     Value  

U.S. Treasury Obligations — 96.2%

    

U.S. Treasury Bills, 4.49%, 12/12/24(f)

  $  11,414     $ 11,399,300  
   

 

 

  

Total Short-Term Securities — 96.4%
(Cost: $11,421,393)

       11,422,578  
   

 

 

  

Total Investments — 97.2%
(Cost: $11,527,917)

       11,521,943  
Other Assets Less Liabilities — 2.8%         333,175  
   

 

 

  
Net Assets — 100.0%         $ 11,855,118  
   

 

 

  

 

(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.

(f) 

Rates are discount rates or a range of discount rates as of period end.

 

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended November 30, 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

   $ 3,806     $ 19,474 (a)    $ —     $ —     $ (2 )    $ 23,278       23,266     $ 5 (b)    $ —  
       

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

  (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.

 

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 Annual Dividend Index

      3        12/19/25      $ 57      $ 251  

S&P 500 Annual Dividend Index

      4        12/18/26        78        (17 ) 

S&P 500 E-Mini Index

      2        12/20/24        605        24,658  
           

 

 

  
              24,892  
           

 

 

  

Short Contracts

            

CBOE Volatility Index

      2        12/18/24        30        1,892  
           

 

 

  
            $ 26,784  
           

 

 

  

 

 

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Schedule of Investments (unaudited) (continued)

November 30, 2024

   

BlackRock U.S. Insights Long/Short Equity Fund

 

OTC Total Return Swaps

 

               
Reference Entity   Payment
Frequency		   Counterparty(i)     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)       07/11/25     $ 1,708,926     $ (28,549 )(b)    $ 1,684,645       71.3 % 
  Monthly     Goldman Sachs Bank USA(c)       08/18/26–08/19/26       1,459,878       (43,585 )(d)      1,418,436       57.3  
  Monthly     HSBC Bank PLC(e)       02/09/28       1,433,105       (68,459 )(f)      1,381,899       56.9  
  Monthly     Merrill Lynch International(g)       06/15/28       1,554,596       (43,517 )(h)      1,515,664       62.3  
         

 

 

    

 

 

    
          $ (184,110 )    $ 6,000,644    
         

 

 

    

 

 

    

 

  (b) 

Amount includes $(4,268) of net dividends and financing fees.

 
  (d) 

Amount includes $(2,143) of net dividends and financing fees.

 
  (f) 

Amount includes $(17,253) of net dividends and financing fees.

 
  (h) 

Amount includes $(4,585) of net dividends and financing fees.

 
  (i) 

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:   15-20 basis points   15-20 basis points   0-20 basis points
Benchmarks:   USD Overnight Bank Funding Rate   U.S. Overnight Federal Funds Effective Rate     USD Overnight Bank Funding Rate
  (g)    
Range:   0-30 basis points    
Benchmarks:   USD Overnight Bank Funding Rate    

 

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 July 11, 2025:

 

 

  
    Shares     Value     % of
Basket
Value		  

 

  

Reference Entity — Long

      
Common Stocks                  
Aerospace & Defense                  

RTX Corp.

     21     $ 2,559       0.1 % 

TransDigm Group, Inc.

     59       73,925       4.4  
   

 

 

    

 

 

  
        76,484    

Automobiles

      

General Motors Co.

     932       51,810       3.1  
   

 

 

    

 

 

  

Banks

      

M&T Bank Corp.

     337       74,137       4.4  
   

 

 

    

 

 

  

Beverages

      

Diageo PLC

     42       5,013       0.3  
   

 

 

    

 

 

  

Broadline Retail

      

Amazon.com, Inc.

     284       59,041       3.5  
   

 

 

    

 

 

  

Capital Markets

      

Moody’s Corp.

     50       24,999       1.5  
   

 

 

    

 

 

  

 

  
    Shares     Value     % of
Basket
Value		  

 

  

Chemicals

      

Ecolab, Inc.

     370     $ 92,045       5.5 % 
   

 

 

    

 

 

  

Communications Equipment

      

Cisco Systems, Inc.

     1,286       76,144       4.5  
   

 

 

    

 

 

  

Construction & Engineering

      

Comfort Systems U.S.A., Inc.

     177       87,309       5.2  
   

 

 

    

 

 

  

Construction Materials

      

Vulcan Materials Co.

     178       51,287       3.0  
   

 

 

    

 

 

  

Consumer Finance

      

Capital One Financial Corp.

     621       119,238       7.1  

Discover Financial Services

     856       156,160       9.3  
   

 

 

    

 

 

  
        275,398    

Diversified Telecommunication Services

      

Verizon Communications, Inc.

     2,096       92,937       5.5  
   

 

 

    

 

 

  

Electric Utilities

      

Entergy Corp.

     1,573       245,655       14.6  
   

 

 

    

 

 

  

Financial Services

      

Mastercard, Inc., Class A

     284       151,355       9.0  

Mr. Cooper Group, Inc.

     596       58,807       3.5  

Visa, Inc., Class A

     606       190,939       11.3  

Voya Financial, Inc.

     741       61,503       3.7  
   

 

 

    
      462,604    
 

 

 

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 U.S. Insights Long/Short Equity Fund

 

 

  
    Shares     Value     % of
Basket
Value		  

 

  

Ground Transportation

      

Old Dominion Freight Line, Inc.

     768     $ 172,908       10.3 % 
   

 

 

    

 

 

  

Health Care Equipment & Supplies

      

Boston Scientific Corp.

     1,007       91,295       5.4  

Edwards Lifesciences Corp.

     3,847       274,483       16.3  
   

 

 

    

 

 

  
       365,778    

Health Care Providers & Services

      

Cardinal Health, Inc.

     237       28,971       1.7  

Cencora, Inc.

     647       162,753       9.7  
   

 

 

    

 

 

  
      191,724    

Interactive Media & Services

      

Meta Platforms, Inc., Class A

     45       25,844       1.5  
   

 

 

    

 

 

  

IT Services

      

MongoDB, Inc., Class A

     221       71,270       4.2  
   

 

 

    

 

 

  

Life Sciences Tools & Services

      

Avantor, Inc.

     2,158       45,447       2.7  

ICON PLC

     746       156,847       9.3  
   

 

 

    

 

 

  
      202,294    

Machinery

      

Westinghouse Air Brake Technologies Corp.

     301       60,387       3.6  
   

 

 

    

Media

      

Fox Corp., Class A, NVS

     3,045       143,480       8.5  
   

 

 

    

Metals & Mining

      

Freeport-McMoRan, Inc.

     92       4,066       0.2  
   

 

 

    

Multi-Utilities

      

Dominion Energy, Inc.

     291       17,096       1.0  

DTE Energy Co.

     496       62,387       3.7  

Sempra

     562       52,643       3.1  
   

 

 

    

 

 

  
      132,126    

Oil, Gas & Consumable Fuels

      

BP PLC

     7,350       215,428       12.8  

ConocoPhillips

     100       10,834       0.7  

Devon Energy Corp.

     1,779       67,513       4.0  

Hess Corp.

     2,809       413,429       24.5  

Suncor Energy, Inc.

     2,908       114,808       6.8  
   

 

 

    

 

 

  
      822,012    

Pharmaceuticals

      

Sanofi SA

     2,110       102,314       6.1  

Zoetis, Inc., Class A

     344       60,286       3.6  
   

 

 

    

 

 

  
      162,600    

Professional Services

      

Equifax, Inc.

     339       88,669       5.3  

Maximus, Inc.

     66       4,917       0.3  
   

 

 

    

 

 

  
      93,586    

Residential REITs

      

Camden Property Trust

     588       73,970       4.4  
   

 

 

    

 

 

  

Semiconductors & Semiconductor Equipment

      

Entegris, Inc.

     555       58,625       3.5  

Monolithic Power Systems, Inc.

     82       46,546       2.7  

NVIDIA Corp.

     3,884       536,963       31.9  
   

 

 

    

 

 

  
      642,134    

 

  
    Shares     Value     % of
Basket
Value		  

 

  

Software

      

Microsoft Corp.

     458     $ 193,945       11.5 % 

Nice Ltd.

     46       8,392       0.5  
   

 

 

    

 

 

  
      202,337    

Specialty Retail

      

Bath & Body Works, Inc.

     1,677       60,774       3.6  
   

 

 

    

 

 

  
Total Reference Entity — Long          5,102,153        
   

 

 

    

Reference Entity — Short

      
Common Stocks                  
Biotechnology                  

Exact Sciences Corp.

     913       (56,679 )      (3.4 ) 

Gilead Sciences, Inc.

     800       (74,064 )      (4.4 ) 
   

 

 

    

 

 

  
      (130,743 )   

Capital Markets

      

Goldman Sachs Group, Inc. (The)

     99       (60,248 )      (3.6 ) 

LPL Financial Holdings, Inc.

     191       (62,104 )      (3.7 ) 

MSCI, Inc., Class A

     148       (90,225 )      (5.3 ) 
   

 

 

    

 

 

  
      (212,577 )   

Chemicals

      

Linde PLC

     510       (235,105 )      (14.0 ) 
   

 

 

    

 

 

  

Commercial Services & Supplies

      

Copart, Inc.

     2,665       (168,934 )      (10.0 ) 
   

 

 

    

 

 

  

Communications Equipment

      

F5, Inc.

     380       (95,133 )      (5.6 ) 
   

 

 

    

 

 

  

Consumer Finance

      

American Express Co.

     122       (37,171 )      (2.2 ) 
   

 

 

    

 

 

  

Electric Utilities

      

Avangrid, Inc.

     1,680       (60,648 )      (3.6 ) 

FirstEnergy Corp.

     7,163       (304,786 )      (18.1 ) 
   

 

 

    

 

 

  
      (365,434 )   

Financial Services

      

Jackson Financial, Inc., Class A

     381       (38,172 )      (2.3 ) 
   

 

 

    

 

 

  

Food Products

      

The Campbell’s Co.

     62       (2,864 )      (0.2 ) 
   

 

 

    

 

 

  

Ground Transportation

      

CSX Corp.

     1,638       (59,869 )      (3.5 ) 

Norfolk Southern Corp.

     108       (29,792 )      (1.8 ) 
   

 

 

    

 

 

  
      (89,661 )   

Health Care Equipment & Supplies

      

DENTSPLY SIRONA, Inc.

     4,683       (92,021 )      (5.5 ) 

Solventum Corp.

     1,888       (135,011 )      (8.0 ) 

TransMedics Group, Inc.

     47       (4,075 )      (0.2 ) 
   

 

 

    

 

 

  
      (231,107 )   

Health Care Providers & Services

      

Henry Schein, Inc.

     430       (33,132 )      (2.0 ) 
   

 

 

    

 

 

  

Independent Power and Renewable Electricity Producers

      

AES Corp. (The)

     8,217       (107,150 )      (6.4 ) 
   

 

 

    

 

 

  
 

 

 

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 U.S. Insights Long/Short Equity Fund

 

 

  
    Shares     Value     % of
Basket
Value		  

 

  

Insurance

      

Aon PLC, Class A

     267     $ (104,541 )      (6.2 )% 

Marsh & McLennan Cos., Inc.

     333       (77,666 )      (4.6 ) 
   

 

 

    

 

 

  
      (182,207 )   

IT Services

      

International Business Machines Corp.

     918       (208,762 )      (12.4 ) 
   

 

 

    

 

 

  

Life Sciences Tools & Services

      

Bio-Rad Laboratories, Inc., Class A

     229       (77,981 )      (4.6 ) 
   

 

 

    

 

 

  

Multi-Utilities

      

CenterPoint Energy, Inc.

     1,779       (58,031 )      (3.4 ) 
   

 

 

    

 

 

  

Oil, Gas & Consumable Fuels

      

Antero Resources Corp.

     726       (23,733 )      (1.4 ) 

Enbridge, Inc.

     530       (22,992 )      (1.4 ) 

HF Sinclair Corp.

     1,609       (65,856 )      (3.9 ) 

Range Resources Corp.

     1,364       (48,749 )      (2.9 ) 

TotalEnergies SE

     2,615       (151,644 )      (9.0 ) 
   

 

 

    

 

 

  
      (312,974 )   

Personal Care Products

      

Kenvue, Inc.

     5,387       (129,719 )      (7.7 ) 
   

 

 

    

 

 

  

Pharmaceuticals

      

Bristol-Myers Squibb Co.

     864       (51,166 )      (3.0 ) 
   

 

 

    

 

 

  

Professional Services

      

Paychex, Inc.

     557       (81,472 )      (4.8 ) 

Thomson Reuters Corp.

     1,613       (262,258 )      (15.6 ) 
   

 

 

    

 

 

  
      (343,730 )   

Retail REITs

      

Regency Centers Corp.

     811       (61,304 )      (3.6 ) 
   

 

 

    

 

 

  

Semiconductors & Semiconductor Equipment

      

Advanced Micro Devices, Inc.

     884       (121,263 )      (7.2 ) 

Allegro MicroSystems, Inc.

     276       (5,998 )      (0.4 ) 

Lam Research Corp.

     71       (5,245 )      (0.3 ) 
   

 

 

    

 

 

  
      (132,506 )   

Software

      

Salesforce, Inc.

     95       (31,349 )      (1.9 ) 
   

 

 

    

 

 

  

Textiles, Apparel & Luxury Goods

      

Amer Sports, Inc.

     3,061       (80,596 )      (4.8 ) 
   

 

 

    

 

 

  

Total Reference Entity — Short

       (3,417,508 )   
   

 

 

    
Net Value of Reference Entity —
 Barclays Bank PLC		     $  1,684,645        
   

 

 

    

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 dates August 18, 2026 to August 19, 2026:

 

 
    Shares     Value     % of
Basket
Value		  

 

Reference Entity — Long

      
Common Stocks                  

Aerospace & Defense

      

TransDigm Group, Inc.

     77     $ 96,479       6.8 % 
   

 

 

    

 

 

  

Automobile Components

      

Aptiv PLC

     1,905       105,785       7.5  
   

 

 

    

 

 

  

Beverages

      

Diageo PLC

     442       52,757       3.7  
   

 

 

    

 

 

  

Broadline Retail

      

Amazon.com, Inc.

     1,083       225,145       15.9  
   

 

 

    

 

 

  

Building Products

      

Allegion PLC

     831       117,038       8.2  
   

 

 

    

 

 

  

Chemicals

      

Ecolab, Inc.

     340       84,582       6.0  
   

 

 

    

 

 

  

Communications Equipment

      

Ciena Corp.

     855       59,611       4.2  
   

 

 

    

 

 

  

Consumer Finance

      

Discover Financial Services

     58       10,581       0.7  
   

 

 

    

 

 

  

Consumer Staples Distribution & Retail

      

Dollar General Corp.

     2,397       185,216       13.1  
   

 

 

    

 

 

  

Diversified Telecommunication Services

      

Verizon Communications, Inc.

     528       23,412       1.6  
   

 

 

    

 

 

  

Electrical Equipment

      

AMETEK, Inc.

     434       84,361       5.9  

Hubbell, Inc.

     70       32,206       2.3  
   

 

 

    

 

 

  
      116,567    

Energy Equipment & Services

      

TechnipFMC PLC

     495       15,528       1.1  
   

 

 

    

 

 

  

Health Care Providers & Services

      

CVS Health Corp.

     500       29,925       2.1  
   

 

 

    

 

 

  

Hotels, Restaurants & Leisure

      

Wingstop, Inc.

     522        171,618       12.1  
   

 

 

    

 

 

  

Industrial REITs

      

STAG Industrial, Inc.

     1,663       61,182       4.3  
   

 

 

    

 

 

  

Insurance

      

Assurant, Inc.

     117       26,571       1.9  

Fidelity National Financial, Inc., Class A

     564       35,752       2.5  

Reinsurance Group of America, Inc.

     68       15,531       1.1  
   

 

 

    

 

 

  
      77,854    
 

 

 

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 U.S. Insights Long/Short Equity Fund

 

 
    Shares     Value     % of
Basket
Value		  

 

Interactive Media & Services

      

Alphabet, Inc., Class A

     274     $ 46,292       3.3 % 

Meta Platforms, Inc., Class A

     149       85,574       6.0  
   

 

 

    

 

 

  
      131,866    

IT Services

      

Accenture PLC, Class A

     268       97,115       6.8  
   

 

 

    

 

 

  

Life Sciences Tools & Services

      

Avantor, Inc.

     613       12,910       0.9  

Thermo Fisher Scientific, Inc.

     249       131,878       9.3  

West Pharmaceutical Services, Inc.

     6       1,954       0.1  
   

 

 

    

 

 

  
      146,742    

Media

      

Comcast Corp., Class A

     8,038       347,161       24.5  

Fox Corp., Class A, NVS

     185       8,717       0.6  
   

 

 

    

 

 

  
      355,878    

Metals & Mining

      

Freeport-McMoRan, Inc.

     1,317       58,211       4.1  
   

 

 

    

 

 

  

Multi-Utilities

      

CMS Energy Corp.

     2,934       204,529       14.4  

Dominion Energy, Inc.

     2,487       146,111       10.3  

Sempra

     468       43,838       3.1  
   

 

 

    

 

 

  
      394,478    

Oil, Gas & Consumable Fuels

      

ConocoPhillips

     930       100,756       7.1  

Devon Energy Corp.

     1,161       44,060       3.1  

Hess Corp.

     49       7,212       0.5  

Shell PLC

     2,869       185,739       13.1  
   

 

 

    

 

 

  
      337,767    

Pharmaceuticals

      

Eli Lilly & Co.

     333       264,852       18.7  

Sanofi SA

     1,078       52,272       3.7  
   

 

 

    

 

 

  
      317,124    

Professional Services

      

Dun & Bradstreet Holdings, Inc.

     2,849       36,182       2.6  

Robert Half, Inc.

     887       66,179       4.7  

SS&C Technologies Holdings, Inc.

     100       7,734       0.5  
   

 

 

    

 

 

  
      110,095    

Residential REITs

      

AvalonBay Communities, Inc.

     350       82,372       5.8  
   

 

 

    

 

 

  

Semiconductors & Semiconductor Equipment

      

Marvell Technology, Inc.

     766       71,000       5.0  

Monolithic Power Systems, Inc.

     17       9,650       0.7  

Texas Instruments, Inc.

     655       131,675       9.3  
   

 

 

    

 

 

  
      212,325    

Software

      

Microsoft Corp.

     1,238       524,243       37.0  
   

 

 

    

 

 

  

Specialty Retail

      

Home Depot, Inc. (The)

     16       6,866       0.5  
   

 

 

    

 

 

  
Total Reference Entity — Long          4,208,362        
   

 

 

    

Reference Entity — Short

      
Common Stocks                  
Banks                  

Fifth Third Bancorp

     1,062       (51,040 )      (3.6 ) 
   

 

 

    

 

 

  

 
    Shares     Value     % of
Basket
Value		  

 

Capital Markets

      

Ares Management Corp., Class A

     51     $ (9,013 )      (0.6 )% 

Raymond James Financial, Inc.

     67       (11,342 )      (0.8 ) 
   

 

 

    

 

 

  
      (20,355 )   

Chemicals

      

Celanese Corp., Class A

     896       (65,596 )      (4.6 ) 

Sherwin-Williams Co. (The)

     157       (62,392 )      (4.4 ) 
   

 

 

    

 

 

  
      (127,988 )   

Commercial Services & Supplies

      

GFL Environmental, Inc.

     3,024       (142,430 )      (10.0 ) 

Waste Management, Inc.

     472       (107,720 )      (7.6 ) 
   

 

 

    

 

 

  
      (250,150 )   

Electric Utilities

      

Avangrid, Inc.

     123       (4,440 )      (0.3 ) 

Duke Energy Corp.

     743       (86,968 )      (6.1 ) 

NRG Energy, Inc.

     121       (12,295 )      (0.9 ) 
   

 

 

    

 

 

  
      (103,703 )   

Electrical Equipment

      

Rockwell Automation, Inc.

     272       (80,278 )      (5.7 ) 
   

 

 

    

 

 

  

Electronic Equipment, Instruments &

      
Components                  

CDW Corp.

     209       (36,769 )      (2.6 ) 
   

 

 

    

 

 

  

Financial Services

      

Fiserv, Inc.

     271       (59,880 )      (4.2 ) 

Jackson Financial, Inc., Class A

     905       (90,672 )      (6.4 ) 
   

 

 

    

 

 

  
      (150,552 )   

Health Care Equipment & Supplies

      

DENTSPLY SIRONA, Inc.

     408       (8,017 )      (0.6 ) 

TransMedics Group, Inc.

     285       (24,713 )      (1.7 ) 

Zimmer Biomet Holdings, Inc.

     573       (64,233 )      (4.5 ) 
   

 

 

    

 

 

  
      (96,963 )   

Health Care Providers & Services

      

DaVita, Inc.

     971       (161,351 )      (11.4 ) 

Universal Health Services, Inc., Class B

     156       (31,980 )      (2.2 ) 
   

 

 

    

 

 

  
      (193,331 )   

Health Care Technology

      

Veeva Systems, Inc., Class A

     317       (72,228 )      (5.1 ) 
   

 

 

    

 

 

  

Hotels, Restaurants & Leisure

      

Airbnb, Inc., Class A

     356       (48,455 )      (3.4 ) 
   

 

 

    

 

 

  

Insurance

      

Aflac, Inc.

     529       (60,306 )      (4.3 ) 

American International Group, Inc.

     793       (60,966 )      (4.3 ) 

Arthur J Gallagher & Co.

     215       (67,131 )      (4.7 ) 
   

 

 

    

 

 

  
       (188,403 )   

Life Sciences Tools & Services

      

Charles River Laboratories International, Inc.

     530       (105,502 )      (7.4 ) 
   

 

 

    

 

 

  

Media

      

Trade Desk, Inc. (The), Class A

     83       (10,670 )      (0.8 ) 
   

 

 

    

 

 

  

Multi-Utilities

      

Public Service Enterprise Group, Inc.

     645       (60,824 )      (4.3 ) 
   

 

 

    

 

 

  

Oil, Gas & Consumable Fuels

      

Antero Resources Corp.

     3,057       (99,933 )      (7.1 ) 

CNX Resources Corp.

     909       (36,833 )      (2.6 ) 
 

 

 

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 U.S. Insights Long/Short Equity Fund

 

 
    Shares     Value     % of
Basket
Value		  

 

Oil, Gas & Consumable Fuels (continued)

      

Exxon Mobil Corp.

     687     $ (81,039 )      (5.7 )% 

Murphy Oil Corp.

     5,830       (189,300 )      (13.4 ) 

Range Resources Corp.

     849       (30,343 )      (2.1 ) 
   

 

 

    

 

 

  
      (437,448 )   

Pharmaceuticals

      

Johnson & Johnson

     710       (110,057 )      (7.7 ) 

Organon & Co.

     5,512       (87,476 )      (6.2 ) 

Viatris, Inc.

     3,212       (42,045 )      (3.0 ) 
   

 

 

    

 

 

  
      (239,578 )   

Professional Services

      

Paycom Software, Inc.

     78       (18,090 )      (1.3 ) 
   

 

 

    

 

 

  

Real Estate Management & Development

      

CoStar Group, Inc.

     2,840       (231,006 )      (16.3 ) 
   

 

 

    

 

 

  

Semiconductors & Semiconductor Equipment

      

Advanced Micro Devices, Inc.

     95       (13,032 )      (0.9 ) 

Allegro MicroSystems, Inc.

     2,569       (55,824 )      (3.9 ) 

NXP Semiconductors NV

     257       (58,948 )      (4.2 ) 
   

 

 

    

 

 

  
      (127,804 )   

Software

      

PTC, Inc.

     152       (30,409 )      (2.2 ) 

Salesforce, Inc.

     82       (27,059 )      (1.9 ) 
   

 

 

    

 

 

  
      (57,468 )   

Trading Companies & Distributors

      

Core & Main, Inc., Class A

     1,675       (81,321 )      (5.7 ) 
   

 

 

    

 

 

  

Total Reference Entity — Short

       (2,789,926 )   
   

 

 

    
Net Value of Reference Entity —
 Goldman Sachs Bank USA		     $  1,418,436        
   

 

 

    

The following table represents the individual long and short positions and related values of equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination date February 9, 2028:

 

 
    Shares     Value     % of
Basket
Value		  

 

Reference Entity — Long

      
Common Stocks                  
Aerospace & Defense                  

RTX Corp.

     485     $ 59,088       4.3 % 
   

 

 

    

 

 

  

Automobiles

      

General Motors Co.

     65       3,613       0.3  
   

 

 

    

 

 

  

Banks

      

Citigroup, Inc.

     1,141       80,863       5.9  

M&T Bank Corp.

     246       54,117       3.9  

Wells Fargo & Co.

     1,712       130,403       9.4  
   

 

 

    

 

 

  
      265,383    

Beverages

      

Diageo PLC

     24       2,865       0.2  
   

 

 

    

 

 

  

 
    Shares     Value     % of
Basket
Value		  

 

Building Products

      

Allegion PLC

     308     $ 43,379       3.2 % 
   

 

 

    

 

 

  

Capital Markets

      

Moody’s Corp.

     36       17,999       1.3  

UBS Group AG, Registered Shares

     1,927       62,319       4.5  
   

 

 

    

 

 

  
      80,318    

Commercial Services & Supplies

      

Veralto Corp.

     553       59,829       4.3  
   

 

 

    

 

 

  

Construction & Engineering

      

Comfort Systems U.S.A., Inc.

     68       33,542       2.4  
   

 

 

    

 

 

  

Consumer Finance

      

Discover Financial Services

     339       61,844       4.5  
   

 

 

    

 

 

  

Electric Utilities

      

PG&E Corp.

     4,424       95,691       6.9  
   

 

 

    

 

 

  

Electrical Equipment

      

AMETEK, Inc.

     116       22,548       1.6  

Hubbell, Inc.

     327       150,450       10.9  
   

 

 

    

 

 

  
       172,998    

Energy Equipment & Services

      

TechnipFMC PLC

     4,279       134,232       9.7  
   

 

 

    

 

 

  

Health Care Equipment & Supplies

      

Alcon AG

     1,497       133,009       9.6  

Baxter International, Inc.

     2,984       100,591       7.3  

Boston Scientific Corp.

     670       60,742       4.4  

Medtronic PLC

     1,182       102,290       7.4  
   

 

 

    

 

 

  
      396,632    

Health Care Providers & Services

      

Cardinal Health, Inc.

     622       76,033       5.5  
   

 

 

    

 

 

  

Insurance

      

Allstate Corp. (The)

     27       5,600       0.4  

Assurant, Inc.

     82       18,622       1.3  

Fidelity National Financial, Inc., Class A

     2,170       137,556       10.0  

Reinsurance Group of America, Inc.

     260       59,384       4.3  
   

 

 

    

 

 

  
      221,162    

Interactive Media & Services

      

Alphabet, Inc., Class A

     272       45,955       3.3  

Meta Platforms, Inc., Class A

     41       23,547       1.7  
   

 

 

    

 

 

  
      69,502    

Life Sciences Tools & Services

      

Avantor, Inc.

     73       1,537       0.1  

Fortrea Holdings, Inc.

     2,872       60,456       4.4  

Thermo Fisher Scientific, Inc.

     429       227,211       16.4  

West Pharmaceutical Services, Inc.

     204       66,439       4.8  
   

 

 

    

 

 

  
      355,643    

Multi-Utilities

      

Sempra

     148       13,863       1.0  
   

 

 

    

 

 

  

Oil, Gas & Consumable Fuels

      

Cenovus Energy, Inc.

     3,449       54,391       3.9  

Chevron Corp.

     780       126,305       9.1  

ConocoPhillips

     79       8,559       0.6  

Devon Energy Corp.

     20       759       0.1  
 

 

 

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 U.S. Insights Long/Short Equity Fund

 

 
    Shares     Value     % of
Basket
Value		  

 

Oil, Gas & Consumable Fuels (continued)

      

Shell PLC

     141     $ 9,128       0.7 % 

Suncor Energy, Inc.

     3,044       120,177       8.7  
   

 

 

    

 

 

  
      319,319    

Professional Services

      

Dun & Bradstreet Holdings, Inc.

     3,230       41,021       3.0  

Equifax, Inc.

     373       97,562       7.1  

SS&C Technologies Holdings, Inc.

     2,079       160,790       11.6  
   

 

 

    

 

 

  
      299,373    

Residential REITs

      

Mid-America Apartment Communities, Inc.

     300       49,248       3.6  
   

 

 

    

 

 

  

Semiconductors & Semiconductor Equipment

      

Applied Materials, Inc.

     323       56,432       4.1  

ASML Holding NV, Registered Shares

     118       81,020       5.8  

Broadcom, Inc.

     364       58,997       4.3  

Taiwan Semiconductor Manufacturing Co. Ltd.

     464       85,682       6.2  
   

 

 

    

 

 

  
      282,131    

Software

      

Cadence Design Systems, Inc.

     749       229,801       16.6  

Nice Ltd.

     594       108,369       7.9  
   

 

 

    

 

 

  
      338,170    

Specialty Retail

      

Burlington Stores, Inc.

     206       58,067       4.2  
   

 

 

    

 

 

  

Technology Hardware, Storage & Peripherals

      

Apple Inc.

     1,953       463,505       33.6  
   

 

 

    

 

 

  

Textiles, Apparel & Luxury Goods

      

NIKE, Inc., Class B

     866       68,215       4.9  
   

 

 

    

 

 

  

Trading Companies & Distributors

      

United Rentals, Inc.

     118       102,188       7.4  
   

 

 

    

 

 

  
Total Reference Entity — Long         4,125,833        
   

 

 

    

Reference Entity — Short

      
Common Stocks                  
Banks                  

Fifth Third Bancorp

     301       (14,466 )      (1.0 ) 

Western Alliance Bancorp

     2,078        (194,522 )      (14.1 ) 
   

 

 

    

 

 

  
      (208,988 )   

Biotechnology

      

Gilead Sciences, Inc.

     783       (72,490 )      (5.2 ) 
   

 

 

    

 

 

  

Capital Markets

      

Blackstone, Inc., Class A

     646       (123,444 )      (8.9 ) 

LPL Financial Holdings, Inc.

     11       (3,576 )      (0.3 ) 

Raymond James Financial, Inc.

     817       (138,302 )      (10.0 ) 
   

 

 

    

 

 

  
      (265,322 )   

Chemicals

      

Linde PLC

     52       (23,971 )      (1.7 ) 
   

 

 

    

 

 

  

Communications Equipment

      

F5, Inc.

     160       (40,056 )      (2.9 ) 
   

 

 

    

 

 

  

Consumer Finance

      

American Express Co.

     218       (66,420 )      (4.8 ) 
   

 

 

    

 

 

  

Distributors

      

Pool Corp.

     154       (58,072 )      (4.2 ) 
   

 

 

    

 

 

  

 
    Shares     Value     % of
Basket
Value		  

 

Electric Utilities

      

Duke Energy Corp.

     38     $ (4,448 )      (0.3 )% 

NRG Energy, Inc.

     1,408       (143,067 )      (10.4 ) 
   

 

 

    

 

 

  
      (147,515 )   

Electrical Equipment

      

Rockwell Automation, Inc.

     90       (26,563 )      (1.9 ) 
   

 

 

    

 

 

  

Food Products

      

Conagra Brands, Inc.

     2,831       (77,994 )      (5.6 ) 

The Campbell’s Co.

     1,272       (58,766 )      (4.3 ) 
   

 

 

    

 

 

  
      (136,760 )   

Health Care Equipment & Supplies

      

Envista Holdings Corp.

     2,829       (63,059 )      (4.6 ) 

TransMedics Group, Inc.

     444       (38,499 )      (2.8 ) 
   

 

 

    

 

 

  
      (101,558 )   

Hotels, Restaurants & Leisure

      

Airbnb, Inc., Class A

     514       (69,960 )      (5.1 ) 
   

 

 

    

 

 

  

Independent Power and Renewable Electricity

      
Producers                  

AES Corp. (The)

     1,567       (20,434 )      (1.5 ) 
   

 

 

    

 

 

  

Insurance

      

Aon PLC, Class A

     39       (15,270 )      (1.1 ) 
   

 

 

    

 

 

  

IT Services

      

Globant SA

     260       (59,218 )      (4.3 ) 

International Business Machines Corp.

     66       (15,009 )      (1.1 ) 
   

 

 

    

 

 

  
      (74,227 )   

Media

      

Trade Desk, Inc. (The), Class A

     1,054       (135,492 )      (9.8 ) 
   

 

 

    

 

 

  

Multi-Utilities

      

CenterPoint Energy, Inc.

     68       (2,218 )      (0.2 ) 
   

 

 

    

 

 

  

Oil, Gas & Consumable Fuels

      

CNX Resources Corp.

     7,685       (311,396 )      (22.5 ) 

Coterra Energy, Inc.

     1,330       (35,538 )      (2.6 ) 

Exxon Mobil Corp.

     1,471       (173,519 )      (12.6 ) 

Range Resources Corp.

     248       (8,863 )      (0.6 ) 
   

 

 

    

 

 

  
       (529,316 )   

Pharmaceuticals

      

Bristol-Myers Squibb Co.

     392       (23,214 )      (1.7 ) 

Organon & Co.

     327       (5,190 )      (0.4 ) 
   

 

 

    

 

 

  
      (28,404 )   

Professional Services

      

Paycom Software, Inc.

     304       (70,504 )      (5.1 ) 

Paylocity Holding Corp.

     286       (59,356 )      (4.3 ) 

Thomson Reuters Corp.

     1       (163 )      (0.0 ) 

UL Solutions, Inc., Class A

     1,085       (58,297 )      (4.2 ) 
   

 

 

    

 

 

  
      (188,320 )   

Real Estate Management & Development

      

CBRE Group, Inc., Class A

     267       (37,377 )      (2.7 ) 
   

 

 

    

 

 

  

Semiconductors & Semiconductor Equipment

      

Advanced Micro Devices, Inc.

     39       (5,350 )      (0.4 ) 

Allegro MicroSystems, Inc.

     1,962       (42,634 )      (3.1 ) 

Lam Research Corp.

     1,710       (126,335 )      (9.1 ) 

Lattice Semiconductor Corp.

     3,001       (170,307 )      (12.3 ) 
   

 

 

    

 

 

  
      (344,626 )   
 

 

 

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 U.S. Insights Long/Short Equity Fund

 

 
    Shares     Value     % of
Basket
Value		  

 

Software

      

PTC, Inc.

     118     $ (23,607 )      (1.7 )% 
   

 

 

    

 

 

  

Textiles, Apparel & Luxury Goods

      

Lululemon Athletica, Inc.

     188       (60,284 )      (4.4 ) 
   

 

 

    

 

 

  

Trading Companies & Distributors

      

FTAI Aviation Ltd.

     395       (66,684 )      (4.8 ) 
   

 

 

    

 

 

  

Total Reference Entity — Short

       (2,743,934 )   
   

 

 

    
Net Value of Reference Entity —
 HSBC Bank PLC		     $  1,381,899        
   

 

 

    

The following table represents the individual long and short positions and related values of equity securities underlying the total return swap with Merrill Lynch International as of period end, termination date June 15, 2028:

 

 
    Shares     Value     % of
Basket
Value		  

 

Reference Entity — Long

      
Common Stocks                  
Automobile Components                  

Lear Corp.

     807     $ 78,957       5.2 % 
   

 

 

    

 

 

  

Banks

      

Citigroup, Inc.

     2,180       154,496       10.2  

Citizens Financial Group, Inc.

     4,113       198,000       13.1  
   

 

 

    

 

 

  
      352,496    

Biotechnology

      

Biogen, Inc.

     735       118,063       7.8  
   

 

 

    

 

 

  

Broadline Retail

      

Amazon.com, Inc.

     519       107,895       7.1  
   

 

 

    

 

 

  

Capital Markets

      

Franklin Resources, Inc.

     3,730       84,895       5.6  

Intercontinental Exchange, Inc.

     856       137,782       9.1  

Invesco Ltd.

     5,024       90,884       6.0  

Moody’s Corp.

     151       75,497       5.0  

Nasdaq, Inc.

     1,060       87,969       5.8  
   

 

 

    

 

 

  
      477,027    

Commercial Services & Supplies

      

Rollins, Inc.

     1,171       58,936       3.9  

Waste Connections, Inc.

     959       184,579       12.2  
   

 

 

    

 

 

  
      243,515    

Communications Equipment

      

Cisco Systems, Inc.

     489       28,954       1.9  
   

 

 

    

 

 

  

Construction Materials

      

Vulcan Materials Co.

     29       8,356       0.5  
   

 

 

    

 

 

  

Consumer Finance

      

Capital One Financial Corp.

     69       13,249       0.9  
   

 

 

    

 

 

  

Containers & Packaging

      

Sealed Air Corp.

     1,639       59,987       4.0  
   

 

 

    

 

 

  

 
    Shares     Value     % of
Basket
Value		  

 

Electric Utilities

      

Entergy Corp.

     414     $ 64,655       4.3 % 

PG&E Corp.

     1,194       25,826       1.7  
   

 

 

    

 

 

  
      90,481    

Energy Equipment & Services

      

TechnipFMC PLC

     510       15,999       1.0  
   

 

 

    

 

 

  

Health Care Equipment & Supplies

      

Boston Scientific Corp.

     1,379       125,020       8.2  

Intuitive Surgical, Inc.

     117       63,414       4.2  
   

 

 

    

 

 

  
      188,434    

Health Care Providers & Services

      

Cardinal Health, Inc.

     52       6,356       0.4  

CVS Health Corp.

     1,563       93,545       6.2  

Elevance Health, Inc.

     184       74,881       4.9  

HCA Healthcare, Inc.

     198       64,790       4.3  
   

 

 

    

 

 

  
      239,572    

Hotels, Restaurants & Leisure

      

Flutter Entertainment PLC

     269       74,330       4.9  

Wingstop, Inc.

     181       59,507       3.9  
   

 

 

    

 

 

  
      133,837    

Insurance

      

Allstate Corp. (The)

     658       136,462       9.0  

Assurant, Inc.

     317       71,991       4.8  

Reinsurance Group of America, Inc.

     40       9,136       0.6  
   

 

 

    

 

 

  
       217,589    

Interactive Media & Services

      

Alphabet, Inc., Class A

     2,513       424,571       28.0  
   

 

 

    

 

 

  

IT Services

      

Accenture PLC, Class A

     437       158,356       10.4  
   

 

 

    

 

 

  

Leisure Products

      

Hasbro, Inc.

     2,210       143,982       9.5  
   

 

 

    

 

 

  

Multi-Utilities

      

Sempra

     744       69,691       4.6  
   

 

 

    

 

 

  

Oil, Gas & Consumable Fuels

      

BP PLC

     4,015       117,680       7.8  

Cenovus Energy, Inc.

     2,878       45,386       3.0  

Chevron Corp.

     980       158,691       10.5  

EOG Resources, Inc.

     1,531       204,021       13.4  
   

 

 

    

 

 

  
      525,778    

Professional Services

      

Equifax, Inc.

     205       53,620       3.5  

Maximus, Inc.

     753       56,098       3.7  

SS&C Technologies Holdings, Inc.

     1,035       80,047       5.3  
   

 

 

    

 

 

  
      189,765    

Residential REITs

      

Mid-America Apartment Communities, Inc.

     71       11,655       0.8  
   

 

 

    

 

 

  

Semiconductors & Semiconductor Equipment

      

Applied Materials, Inc.

     36       6,290       0.4  

Micron Technology, Inc.

     2,033       199,132       13.1  
   

 

 

    

 

 

  
      205,422    

Software

      

Confluent, Inc., Class A

     2,505       77,254       5.1  
 

 

 

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 U.S. Insights Long/Short Equity Fund

 

 
    Shares     Value     % of
Basket
Value		  

 

Software (continued)

      

Gitlab, Inc., Class A

     904     $ 57,630       3.8 % 

Oracle Corp.

     1,130       208,869       13.8  
   

 

 

    

 

 

  
      343,753    

Specialty Retail

      

Home Depot, Inc. (The)

     282       121,015       8.0  
   

 

 

    

 

 

  

Trading Companies & Distributors

      

United Rentals, Inc.

     9       7,794       0.5  
   

 

 

    

 

 

  
Total Reference Entity — Long     4,576,193        
   

 

 

    

Reference Entity — Short

      
Common Stocks                  
Automobile Components                  

Magna International, Inc.

     1,291       (58,276 )      (3.8 ) 
   

 

 

    

 

 

  

Banks

      

Fifth Third Bancorp

     406       (19,512 )      (1.3 ) 

Truist Financial Corp.

     2,414       (115,100 )      (7.6 ) 
   

 

 

    

 

 

  
      (134,612 )   

Biotechnology

      

Exact Sciences Corp.

     175       (10,864 )      (0.7 ) 
   

 

 

    

 

 

  

Capital Markets

      

Ares Management Corp., Class A

     638       (112,754 )      (7.5 ) 

Goldman Sachs Group, Inc. (The)

     105       (63,900 )      (4.2 ) 
   

 

 

    

 

 

  
       (176,654 )   

Commercial Services & Supplies

      

GFL Environmental, Inc.

     1,025       (48,277 )      (3.2 ) 
   

 

 

    

 

 

  

Diversified Telecommunication Services

      

AT&T Inc.

     5,499       (127,357 )      (8.4 ) 
   

 

 

    

 

 

  

Electric Utilities

      

Southern Co. (The)

     1,464       (130,486 )      (8.6 ) 
   

 

 

    

 

 

  

Electrical Equipment

      

Emerson Electric Co.

     471       (62,455 )      (4.1 ) 
   

 

 

    

 

 

  

Electronic Equipment, Instruments & Components

      

CDW Corp.

     122       (21,463 )      (1.4 ) 
   

 

 

    

 

 

  

Energy Equipment & Services

      

Schlumberger NV

     1,889       (83,003 )      (5.5 ) 
   

 

 

    

 

 

  

Food Products

      

J M Smucker Co. (The)

     926       (109,073 )      (7.2 ) 

The Campbell’s Co.

     45       (2,079 )      (0.1 ) 
   

 

 

    

 

 

  
      (111,152 )   

Ground Transportation

      

Canadian National Railway Co.

     987       (110,238 )      (7.3 ) 

Norfolk Southern Corp.

     430       (118,615 )      (7.8 ) 
   

 

 

    

 

 

  
      (228,853 )   

Health Care Equipment & Supplies

      

DENTSPLY SIRONA, Inc.

     986       (19,375 )      (1.3 ) 

Envista Holdings Corp.

     4,192       (93,440 )      (6.1 ) 
   

 

 

    

 

 

  
      (112,815 )   

 
    Shares     Value     % of
Basket
Value		  

 

Health Care Providers & Services

      

Centene Corp.

     977     $ (58,620 )      (3.9 )% 

Henry Schein, Inc.

     351       (27,044 )      (1.8 ) 

Universal Health Services, Inc., Class B

     320       (65,600 )      (4.3 ) 
   

 

 

    

 

 

  
      (151,264 )   

Health Care Technology

      

Veeva Systems, Inc., Class A

     56       (12,760 )      (0.8 ) 
   

 

 

    

 

 

  

Hotels, Restaurants & Leisure

      

Domino’s Pizza, Inc.

     194       (92,381 )      (6.1 ) 
   

 

 

    

 

 

  

IT Services

      

International Business Machines Corp.

     923       (209,899 )      (13.9 ) 
   

 

 

    

 

 

  

Machinery

      

RBC Bearings, Inc.

     302       (101,203 )      (6.7 ) 
   

 

 

    

 

 

  

Media

      

Trade Desk, Inc. (The), Class A

     65       (8,356 )      (0.6 ) 
   

 

 

    

 

 

  

Oil, Gas & Consumable Fuels

      

Coterra Energy, Inc.

     893       (23,861 )      (1.6 ) 

Diamondback Energy, Inc.

     671       (119,163 )      (7.8 ) 

Enbridge, Inc.

     5,489       (238,113 )      (15.7 ) 

Expand Energy Corp.

     1,595       (157,841 )      (10.4 ) 

Exxon Mobil Corp.

     124       (14,627 )      (1.0 ) 

Murphy Oil Corp.

     233       (7,566 )      (0.5 ) 

PBF Energy, Inc., Class A

     1,888       (59,453 )      (3.9 ) 

Range Resources Corp.

     2,911       (104,039 )      (6.9 ) 
   

 

 

    

 

 

  
      (724,663 )   

Pharmaceuticals

      

Organon & Co.

     3,157       (50,101 )      (3.3 ) 

Viatris, Inc.

     4,485       (58,709 )      (3.9 ) 
   

 

 

    

 

 

  
      (108,810 )   

Professional Services

      

Paycom Software, Inc.

     186       (43,137 )      (2.8 ) 
   

 

 

    

 

 

  

Real Estate Management & Development

      

CBRE Group, Inc., Class A

     292       (40,877 )      (2.7 ) 
   

 

 

    

 

 

  

Semiconductors & Semiconductor Equipment

      

ON Semiconductor Corp.

     829       (58,958 )      (3.9 ) 
   

 

 

    

 

 

  

Software

      

Asana, Inc., Class A

     4,915       (75,249 )      (5.0 ) 

Procore Technologies, Inc.

     870       (70,644 )      (4.7 ) 

PTC, Inc.

     269       (53,816 )      (3.5 ) 
   

 

 

    

 

 

  
      (199,709 )   

Textiles, Apparel & Luxury Goods

      

Lululemon Athletica, Inc.

     7       (2,245 )      (0.1 ) 
   

 

 

    

 

 

  

Total Reference Entity — Short

       (3,060,529 )   
   

 

 

    
Net Value of Reference Entity —
 Merrill Lynch International		     $ 1,515,664        
   

 

 

    
 

 

 

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Schedule of Investments (unaudited) (continued)

November 30, 2024

   

BlackRock U.S. Insights Long/Short Equity Fund

 

Balances Reported in the Statement of Assets and Liabilities for OTC Swaps

 

     Swap
Premiums
Paid		     Swap
Premiums
Received		     Unrealized
Appreciation		     Unrealized
Depreciation		  

OTC Swaps

   $ —     $ —     $ —     $ (184,110 ) 

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

 

               

Futures contracts

                     

Unrealized appreciation on futures contracts(a)

   $ —      $ —      $ 26,801      $ —      $ —      $ —      $ 26,801  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Liabilities — Derivative Financial Instruments

 

               

Futures contracts

                     

Unrealized depreciation on futures contracts(a)

   $ —      $ —      $ 17      $ —      $ —      $ —      $ 17  

Swaps — OTC

                     

Unrealized depreciation on OTC swaps;
Swap premiums received

      —        —        184,110        —        —        —        184,110  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
   $ —      $ —      $ 184,127      $ —      $ —      $ —      $  184,127  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

  (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

    $ —      $ —      $ 94,977      $ —      $ —      $ —      $ 94,977  

Swaps

      —        —        (732,114 )       —        —        —        (732,114 ) 
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
   $ —      $ —      $  (637,137 )     $ —      $ —      $ —      $  (637,137 ) 
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
Net Change in Unrealized Appreciation (Depreciation) on:                                                 

Futures contracts

    $ —      $ —      $ (4,640 )     $ —      $ —      $ —      $ (4,640 ) 

Swaps

      —        —        (81,542 )       —        —        —        (81,542 ) 
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
   $ —      $ —      $ (86,182 )     $ —      $ —      $ —      $ (86,182 ) 
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

  

Futures contracts

   

Average notional value of contracts — long

      $1,513,163  

Average notional value of contracts — short

      $22,557  

Total return swaps

   

Average notional amount

      $4,283,829  

 

  

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

 

 

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

   13

Schedule of Investments (unaudited) (continued)

November 30, 2024

   

BlackRock U.S. Insights Long/Short 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

    $ 4,322      $ —  

Swaps — OTC(a)

     —        184,110  
  

 

 

     

 

 

  

Total derivative assets and liabilities in the Statement of Assets and Liabilities

    $ 4,322      $ 184,110  
  

 

 

     

 

 

  

Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)

      (4,322 )       —  
  

 

 

     

 

 

  

Total derivative assets and liabilities subject to an MNA

    $ —      $ 184,110  
  

 

 

     

 

 

  

 

  (a)

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

 

The following table presents 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

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(c)

  

Barclays Bank PLC

    $ 28,549      $ —      $ —      $ —      $ 28,549  

Goldman Sachs Bank USA

      43,585        —        —        —        43,585  

HSBC Bank PLC

      68,459        —        —        —        68,459  

Merrill Lynch International

      43,517        —        —        (43,517 )       —  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
   $ 184,110      $ —      $ —      $ (43,517 )     $ 140,593  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

  (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 payable due to the counterparty in the event of default.

 

Fair Value Hierarchy as of Period End

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

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

 

 

  
     Level 1        Level 2        Level 3        Total  

 

  

Assets

                  

Investments

                  

Long-Term Investments

                  

Common Stocks

    $ 99,365        $ —        $ —        $ 99,365  

Short-Term Securities

                  

Money Market Funds

      23,278          —          —          23,278  

U.S. Treasury Obligations

      —          11,399,300          —          11,399,300  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $  122,643        $  11,399,300        $ —        $  11,521,943  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(a)

                 

Assets

                  

Equity Contracts

    $ 26,801        $ —        $ —        $ 26,801  

Liabilities

                  

Equity Contracts

      (17 )         (184,110 )         —          (184,127 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 26,784        $ (184,110 )       $ —        $ (157,326 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (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.

 

 

14  

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Statement of Assets and Liabilities (unaudited)

November 30, 2024

 

    

BlackRock U.S. Insights

Long/Short Equity

Fund

  

ASSETS

  

Investments, at value — unaffiliated(a)(b)

  $ 11,498,665   

Investments, at value — affiliated(c)

    23,278  

Cash

     435,074  

Cash pledged:

  

Collateral — OTC derivatives

     445,707  

Futures contracts

     50,000  

Receivables:

  

Investments sold

     3,744  

Securities lending income — affiliated

     2  

Swaps

     818,649  

From the Administrator

     2,670  

Variation margin on futures contracts

     4,322  

Prepaid expenses

     25,220  
 

 

 

  

Total assets

     13,307,331  
 

 

 

  

LIABILITIES

  

Collateral on securities loaned

     23,280  

Payables:

  

Swaps

     1,177,646  

Directors’ and Officer’s fees

     1,323  

Other accrued expenses

     41,332  

Professional fees

     24,458  

Service and distribution fees

     64  

Unrealized depreciation on OTC swaps

     184,110  
 

 

 

  

Total liabilities

     1,452,213  
 

 

 

  

Commitments and contingent liabilities

  

NET ASSETS

   $ 11,855,118  
 

 

 

  

NET ASSETS CONSIST OF:

  

Paid-in capital

   $ 12,363,589  

Accumulated loss

     (508,471 ) 
 

 

 

  

NET ASSETS

   $ 11,855,118  
 

 

 

  

(a) Investments, at cost — unaffiliated

   $ 11,504,637  

(b) Securities loaned, at value

   $ 22,928  

(c)  Investments, at cost — affiliated

   $ 23,280  

 

 

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

   15

Statement of Assets and Liabilities (unaudited) (continued)

November 30, 2024

 

    

BlackRock U.S. Insights
Long/Short Equity

Fund

  

NET ASSET VALUE

  
Institutional      

Net assets

   $ 116,551   
 

 

 

  

Shares outstanding

     12,206  
 

 

 

  

Net asset value

   $ 9.55  
 

 

 

  

Shares authorized

     Unlimited  
 

 

 

  

Par value

   $ 0.001  
 

 

 

  
Investor A      

Net assets

   $ 310,767  
 

 

 

  

Shares outstanding

     32,597  
 

 

 

  

Net asset value

   $ 9.53  
 

 

 

  

Shares authorized

     Unlimited  
 

 

 

  

Par value

   $ 0.001  
 

 

 

  
Class K      

Net assets

   $ 11,427,800  
 

 

 

  

Shares outstanding

     1,196,339  
 

 

 

  

Net asset value

   $ 9.55  
 

 

 

  

Shares authorized

     Unlimited  
 

 

 

  

Par value

   $ 0.001  
 

 

 

  

See notes to financial statements.

 

 

16  

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Statement of Operations (unaudited)

Six Months Ended November 30, 2024

 

     BlackRock U.S. Insights
Long/Short Equity
Fund		  

INVESTMENT INCOME

  

Interest — unaffiliated

   $ 308,418   

Securities lending income — affiliated — net

     5  
 

 

 

  

Total investment income

     308,423  
 

 

 

  

EXPENSES

  

Investment advisory

     83,855  

Professional

     27,906  

Registration

     24,168  

Accounting services

     18,636  

Printing and postage

     12,967  

Trustees and Officer

     3,256  

Administration

     2,621  

Administration — class specific

     1,233  

Custodian

     696  

Service and distribution — class specific

     494  

Transfer agent — class specific

     259  

Miscellaneous

     4,227  
 

 

 

  

Total expenses excluding interest expense

     180,318  

Interest expense

     31  
 

 

 

  

Total expenses

     180,349  
 

 

 

  

Less:

  

Administration fees waived

     (1,187 ) 

Administration fees waived by the Manager — class specific

     (1,211 ) 

Fees waived and/or reimbursed by the Manager

     (80,789 ) 

Transfer agent fees waived and/or reimbursed by the Manager — class specific

     (165 ) 
 

 

 

  

Total expenses after fees waived and/or reimbursed

     96,997  
 

 

 

  

Net investment income

     211,426  
 

 

 

  

REALIZED AND UNREALIZED GAIN (LOSS)

  

Net realized gain (loss) from:

  

Investments — unaffiliated

     9,419  

Futures contracts

     94,977  

Swaps

     (732,114 ) 
 

 

 

  
  $ (627,718 ) 
 

 

 

  

Net change in unrealized appreciation (depreciation) on:

  

Investments — unaffiliated

     (17,742 ) 

Investments — affiliated

     (2 ) 

Futures contracts

     (4,640 ) 

Foreign currency translations

     22  

Swaps

     (81,542 ) 
 

 

 

  
    (103,904 ) 
 

 

 

  

Net realized and unrealized loss

     (731,622 ) 
 

 

 

  

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS

   $    (520,196 ) 
 

 

 

  

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

   17

Statements of Changes in Net Assets

 

    BlackRock U.S. Insights Long/Short Equity
Fund		  
     Six Months
Ended
11/30/24
(unaudited)		     Period from
06/13/23(a)
to 05/31/24		  

INCREASE (DECREASE) IN NET ASSETS

    

OPERATIONS

    

Net investment income

   $ 211,426     $ 382,301   

Net realized gain (loss)

     (627,718 )      1,864,418  

Net change in unrealized appreciation (depreciation)

     (103,904 )      (59,417 ) 
 

 

 

    

 

 

  

Net increase (decrease) in net assets resulting from operations

     (520,196 )      2,187,302  
 

 

 

    

 

 

  

DISTRIBUTIONS TO SHAREHOLDERS(b)

   

Institutional

     (12,993 )      (9,320 ) 

Investor A

     (44,582 )      (13,901 ) 

Class K

     (1,274,478 )      (915,213 ) 
 

 

 

    

 

 

  

Decrease in net assets resulting from distributions to shareholders

     (1,332,053 )      (938,434 ) 
 

 

 

    

 

 

  

CAPITAL SHARE TRANSACTIONS

    

Net increase in net assets derived from capital share transactions

     1,264,065       11,194,434  
 

 

 

    

 

 

  

NET ASSETS

    

Total increase (decrease) in net assets

     (588,184 )      12,443,302  

Beginning of period

     12,443,302       —  
 

 

 

    

 

 

  

End of period

   $ 11,855,118     $ 12,443,302  
 

 

 

    

 

 

  

 

(a) 

Commencement of operations.

(b) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

 

 

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Financial Highlights

(For a share outstanding throughout each period)

 

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


 Six Months
Ended
11/30/24
(unaudited)		  
 
 
 		    

 Period from

06/13/23

to 05/31/24

  

(a) 

 

     

Net asset value, beginning of period

   $ 11.15     $ 10.00   
 

 

 

    

 

 

  

Net investment income(b)

    0.17       0.36  

Net realized and unrealized gain (loss)

     (0.58 )      1.72  
 

 

 

    

 

 

  

Net increase (decrease) from investment operations

     (0.41 )      2.08  
 

 

 

    

 

 

  

Distributions(c)

   

From net investment income

     (0.94 )      (0.93 ) 

From net realized gain

     (0.25 )      —  
 

 

 

    

 

 

  

Total distributions

     (1.19 )      (0.93 ) 
 

 

 

    

 

 

  

Net asset value, end of period

   $ 9.55     $ 11.15  
 

 

 

    

 

 

  

Total Return(d)

   

Based on net asset value

     (4.23 )%(e)      21.71 %(e) 
 

 

 

    

 

 

  

Ratios to Average Net Assets(f)

   

Total expenses

     3.03 %(g)      4.85 %(g)(h)(i) 
 

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed

     1.61 %(g)      1.55 %(g)(h)(i) 
 

 

 

    

 

 

  

Net investment income

     3.39 %(g)      3.47 %(g) 
 

 

 

    

 

 

  

Supplemental Data

    

Net assets, end of period (000)

   $ 117     $ 122  
 

 

 

    

 

 

  

Portfolio turnover rate(j)

    69 %      — % 
 

 

 

    

 

 

  

 

(a) 

Commencement of operations.

(b) 

Based on average shares outstanding.

(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) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(g) 

Annualized.

(h) 

Includes non-recurring expenses of offering and organization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 2.93% and 1.14%, respectively.

(i) 

Audit, printing, offering, and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 4.94% and 1.59%, respectively.

(j) 

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

   19

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock U.S. Insights Long/Short Equity Fund
(continued)		  
    Investor A  
   


 Six Months
Ended
11/30/24
(unaudited)		  
 
 
 		    

 Period from

06/13/23

to 05/31/24

  

(a) 

 

     

Net asset value, beginning of period

   $ 11.13     $ 10.00  
 

 

 

    

 

 

  

Net investment income(b)

    0.16       0.34  

Net realized and unrealized gain (loss)

     (0.58 )      1.71  
 

 

 

    

 

 

  

Net increase (decrease) from investment operations

     (0.42 )      2.05  
 

 

 

    

 

 

  

Distributions(c)

   

From net investment income

     (0.93 )      (0.92 ) 

From net realized gain

     (0.25 )      —  
 

 

 

    

 

 

  

Total distributions

     (1.18 )      (0.92 ) 
 

 

 

    

 

 

  

Net asset value, end of period

   $ 9.53     $ 11.13  
 

 

 

    

 

 

  

Total Return(d)

   

Based on net asset value

     (4.34 )%(e)       21.37 %(e)  
 

 

 

    

 

 

  

Ratios to Average Net Assets(f)

   

Total expenses

     3.22 %(g)       4.90 %(g)(h)(i) 
 

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed

     1.86 %(g)       1.80 %(g)(h)(i) 
 

 

 

    

 

 

  

Net investment income

     3.16 %(g)       3.24 %(g)  
 

 

 

    

 

 

  

Supplemental Data

    

Net assets, end of period (000)

   $ 311     $ 396  
 

 

 

    

 

 

  

Portfolio turnover rate(j)

    69 %      — % 
 

 

 

    

 

 

  

 

(a) 

Commencement of operations.

(b) 

Based on average shares outstanding.

(c) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(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) 

Includes non-recurring expenses of offering and organization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 3.14% and 1.54%, respectively.

(i) 

Audit, printing, offering, and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 4.99% and 1.83%, respectively.

(j) 

Excludes underlying investments in total return swaps.

See notes to financial statements.

 

 

20  

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Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock U.S. Insights Long/Short Equity Fund
(continued)		  
    Class K  
   


 Six Months
Ended
11/30/24
(unaudited)		  
 
 
 		    

 Period from

06/13/23

to 05/31/24

  

(a) 

 

     

Net asset value, beginning of period

   $ 11.15     $ 10.00  
 

 

 

    

 

 

  

Net investment income(b)

    0.17       0.36  

Net realized and unrealized gain (loss)

     (0.58 )      1.72  
 

 

 

    

 

 

  

Net increase (decrease) from investment operations

     (0.41 )      2.08  
 

 

 

    

 

 

  

Distributions(c)

   

From net investment income

     (0.94 )      (0.93 ) 

From net realized gain

     (0.25 )      —  
 

 

 

    

 

 

  

Total distributions

     (1.19 )      (0.93 ) 
 

 

 

    

 

 

  

Net asset value, end of period

   $ 9.55     $ 11.15  
 

 

 

    

 

 

  

Total Return(d)

   

Based on net asset value

     (4.23 )%(e)      21.73 %(e) 
 

 

 

    

 

 

  

Ratios to Average Net Assets(f)

   

Total expenses

     2.91 %(g)       4.75 %(g)(h)(i) 
 

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed

     1.56 %(g)       1.52 %(g)(h)(i) 
 

 

 

    

 

 

  

Net investment income

     3.44 %(g)       3.50 %(g)  
 

 

 

    

 

 

  

Supplemental Data

    

Net assets, end of period (000)

   $ 11,428     $ 11,925  
 

 

 

    

 

 

  

Portfolio turnover rate(j)

    69 %      — % 
 

 

 

    

 

 

  

 

(a) 

Commencement of operations.

(b) 

Based on average shares outstanding.

(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) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(g) 

Annualized.

(h) 

Includes non-recurring expenses of offering and organization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 2.84% and 1.12%, respectively.

(i) 

Audit, printing, offering, and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 4.84% and 1.56%, respectively.

(j) 

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

Notes to Financial Statements (unaudited)

 

1.

ORGANIZATION

BlackRock FundsSM (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Massachusetts business trust. BlackRock U.S. Insights Long/Short Equity Fund (the “Fund”) is a series of the Trust. The Fund is classified as non-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 and Class K Shares are sold only to certain eligible investors. Investor A Shares bear certain expenses related to shareholder servicing of such shares. Investor A Shares are generally available through financial intermediaries. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures.

 

Share Class   Initial Sales Charge    CDSC      Conversion Privilege

Institutional and Class K Shares

   No      No      None

Investor A Shares

   Yes      No (a)     None
  (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.

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. Interest income, including amortization and accretion of premiums and discounts on debt securities is recognized daily on an accrual basis. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

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

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

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.

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.

 

 

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Notes to Financial Statements (unaudited) (continued)

 

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 Trustees of the Fund (the “Board”) has approved the designation of the Fund’s Manager as the valuation designee for the Fund. The Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager’s policies and procedures as reflecting fair value. The Manager has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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

 

  •  

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

 

  •  

Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots 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.

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

 

  •  

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

 

  •  

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

 

  •  

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

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

 

 

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

   23

Notes to Financial Statements (unaudited) (continued)

 

4.

SECURITIES AND OTHER INVESTMENTS

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

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

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

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		  
 

Goldman Sachs & Co. LLC

   $ 22,928      $ (22,928 )     $ —      $ —  
 

 

 

     

 

 

     

 

 

     

 

 

  

 

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

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

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement of Operations equal to the

 

 

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Notes to Financial Statements (unaudited) (continued)

 

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).

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

 

 

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Notes to Financial Statements (unaudited) (continued)

 

or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Fund from the counterparties are not fully collateralized, the Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Fund has delivered collateral to a counterparty and stands ready to perform under the terms of its agreement with such counterparty, the Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

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

 

6.

INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory: The Trust, on behalf of the Fund, entered into an Investment Advisory Agreement with the Manager, the Fund’s investment adviser and an indirect, 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

     1.36 % 

$1 billion - $3 billion

     1.28  

$3 billion - $5 billion

     1.22  

$5 billion - $10 billion

     1.18  

Greater than $10 billion

     1.15  

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

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

 

     
Share Class   Service Fees     Distribution Fees   

Investor A

     0.25 %      N/A   

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

For the six months ended November 30, 2024, the following table shows the class specific service and distribution fees borne directly by each share class of the Fund:

 

        Investor A  

Service and distribution — class specific

      $ 494  

Administration: The Trust, on behalf of the Fund, 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 the Fund. The administration fee, which is shown as administration in the Statement of Operations, is paid at the annual rates below:

 

Average Daily Net Assets   Administration Fees  

First $500 million

     0.0425 % 

$500 million - $1 billion

     0.0400  

$1 billion - $2 billion

     0.0375  

$2 billion - $4 billion

     0.0350  

$4 billion - $13 billion

     0.0325  

Greater than $13 billion

     0.0300  

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

For the six months ended November 30, 2024, the Fund paid the following to the Manager in return for these services, which are included in administration — class specific in the Statement of Operations:

 

     Institutional        Investor A        Class K        Total   

Administration — class specific

   $ 12        $ 40        $ 1,181        $  1,233   

 

 

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Notes to Financial Statements (unaudited) (continued)

 

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.

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        Class K        Total  

Transfer agent — class specific

   $ 70        $ 145        $ 44        $ 259  

Expense Limitations, Waivers, Reimbursements, and Recoupments: The Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2026. The contractual agreement may be terminated upon 90 days’ notice by a majority of the trustees who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”), or by a vote of a majority of the outstanding voting securities of the Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended November 30, 2024, the amount waived was $77,568.

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 Trustees, or by a vote of a majority of the outstanding voting securities of the Fund. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended November 30, 2024, there were no fees waived by the Manager pursuant to this arrangement.

The Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, tax expense, acquired fund fees and expenses, and certain other fund expenses, 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:

 

Institutional   Investor A      Investor C   

  1.61%

      1.86%        1.56 % 

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 Trustees, or by a vote of a majority of the outstanding voting securities of the Fund. For the six months ended November 30, 2024, the Manager waived and/or reimbursed investment advisory fees of $3,221, which is included in fees waived and/or reimbursed by the Manager in the Statement of Operations.

The Fund also had a waiver of administration fees, which are included in Administration fees waived in the Statement of Operations. For the six months ended November 30, 2024, the amount was $1,187.

In addition, these amounts waived and/or reimbursed by the Manager are included in administration fees waived by the Manager — class specific and transfer agent fees waived and/or reimbursed by the Manager — class specific, respectively, in the Statement of Operations. For the six months ended November 30, 2024, class specific expense waivers and/or reimbursements were as follows:

 

     Institutional        Investor A        Class K        Total  

Administration fees waived by the Manager — class specific

   $ 12        $ 18        $ 1,181        $  1,211  

Transfer agent fees waived and/or reimbursed by the Manager — class specific

     40          81          44          165  

With respect to the contractual expense limitation, if during the Fund’s fiscal year the operating expenses of a share class, that at any time during the prior two fiscal years received a waiver and/or reimbursement from the Manager, are less than the current expense limitation for that share class, the Manager is entitled to be reimbursed by such share class up to the lesser of: (a) the amount of fees waived and/or expenses reimbursed during those prior two fiscal years under the agreement and (b) an amount not to exceed either the current expense limitation of that share class or the expense limitation of the share class in effect at the time that the share class received the applicable waiver and/or reimbursement, provided that:

 

  (1)

the Fund, of which the share class is a part, has more than $50 million in assets for the fiscal year, and

 

  (2)

the Manager or an affiliate continues to serve as the Fund’s investment adviser or administrator.

This repayment applies only to the contractual expense limitation on net expenses and does not apply to the contractual investment advisory fee waiver described above or any voluntary waivers that may be in effect from time to time. Effective June 14, 2030, the repayment arrangement between the Fund and the Manager pursuant to which the Fund may be required to repay amounts waived and/or reimbursed under the Fund’s contractual caps on net expenses will be terminated.

 

 

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Notes to Financial Statements (unaudited) (continued)

 

As of November 30, 2024, the fund level and class specific waivers and/or reimbursements subject to possible future recoupment under the expense limitation agreement were as follows:

 

     Expiring May 31,  
Fund Level/Share Class   2026     2027  

Fund Level

   $  207,693     $  81,976  

Institutional

     95       52  

Investor A

     96       99  

Class K

     2,223       1,225  

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. BlackRock Cash Funds: Institutional 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, BlackRock Cash Funds: Institutional 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. BlackRock Cash Funds: Institutional 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 BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

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

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

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds a specified threshold, the Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 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.

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 $1 for securities lending agent services.

Interfund Lending: In accordance with an exemptive order (the “Order”) from the U.S. Securities and Exchange Commission (“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.

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 Fund did not participate in the Interfund Lending Program.

Trustees and Officers: Certain trustees and/or officers of the Trust are trustees and/or officers of BlackRock or its affiliates. The Fund reimburses the Manager for a portion of the compensation paid to the Trust’s Chief Compliance Officer, which is included in Trustees and Officer in the Statement of Operations.

 

7.

PURCHASES AND SALES

For the six months ended November 30, 2024, purchases and sales of investments, excluding short-term securities, were $121,032 and $56,603, 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.

 

 

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Notes to Financial Statements (unaudited) (continued)

 

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 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)		  

 

  

U.S. Insights Long/Short Equity

   $  11,527,917      $ 35,336      $ (198,636 )    $ (163,300 ) 

 

  

 

9.

BANK BORROWINGS

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

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

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

 

 

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Notes to Financial Statements (unaudited) (continued)

 

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

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

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

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

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

 

11.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares for each class were as follows:

 

     Six Months Ended 11/30/24     Period from 06/13/23(a)
to 05/31/24		  
Share Class   Shares     Amount     Shares      Amount  

Institutional

         

Shares sold

     —     $ —       10,000      $ 100,000  

Shares issued in reinvestment of distributions

     1,290       12,993       916        9,320  
 

 

 

    

 

 

    

 

 

     

 

 

  
    1,290     $ 12,993       10,916      $ 109,320  
 

 

 

    

 

 

    

 

 

     

 

 

  

Investor A

         

Shares sold and automatic conversion of shares

     3,738     $ 39,723       34,230      $ 356,000  

Shares issued in reinvestment of distributions

     4,427       44,582       1,366        13,901  

Shares redeemed

     (11,164 )      (107,711 )      —        —  
 

 

 

    

 

 

    

 

 

     

 

 

  
    (2,999 )    $ (23,406 )      35,596      $ 369,901  
 

 

 

    

 

 

    

 

 

     

 

 

  

Class K

         

Shares sold

     —     $ —       980,000      $ 9,800,000  

Shares issued in reinvestment of distributions

     126,436       1,274,478       89,903        915,213  
 

 

 

    

 

 

    

 

 

     

 

 

  
    126,436     $ 1,274,478       1,069,903      $ 10,715,213  
 

 

 

    

 

 

    

 

 

     

 

 

  
    124,727     $  1,264,065       1,116,415      $  11,194,434  
 

 

 

    

 

 

    

 

 

     

 

 

  

 

  (a) 

Commencement of operations.

As of November 30, 2024, shares owned by BlackRock Financial Management, Inc., an affiliate of the Fund, were as follows:

 

Share Class       

Institutional

     12,206  

Investor A

     12,183  

Class K

     1,196,339  

 

 

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Notes to Financial Statements (unaudited) (continued)

 

12.

SUBSEQUENT EVENTS

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

 

 

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

   31

Additional Information

 

Changes in and Disagreements with Accountants

Not applicable.

Proxy Results

Not applicable.

Remuneration Paid to Trustees, Officers, and Others

Compensation to the independent directors/trustees of the Trust is paid by the Trust, on behalf of the Fund.

General Information

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

Electronic Delivery

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

To enroll in electronic delivery:

Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:

Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.

Shareholders Who Hold Accounts Directly with BlackRock:

1. Access the BlackRock website at blackrock.com

2. Select “Access Your Account”

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

BlackRock’s Mutual Fund Family

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

Shareholder Privileges

Account Information

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

Automatic Investment Plans

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

Systematic Withdrawal Plans

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

Retirement Plans

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

 

 

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Additional Information  (continued)

 

Fund and Service Providers

 

Investment Adviser and Administrator   Distributor
BlackRock Advisors, LLC   BlackRock Investments, LLC
Wilmington, DE 19809   New York, NY 10001

 

Sub-Adviser

   Independent Registered Public Accounting Firm
BlackRock International Limited   Deloitte & Touche LLP
Edinburgh, EH3 8BL   Boston, MA 02110
United Kingdom  
  Legal Counsel
Accounting Agent and Transfer Agent   Sidley Austin LLP
BNY Mellon Investment Servicing (US) Inc.   New York, NY 10019
Wilmington, DE 19809  
  Address of the Trust
Custodian   100 Bellevue Parkway
The Bank of New York Mellon   Wilmington, DE 19809
New York, NY 10286  

 

 

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

   33

Glossary of Terms Used in this Report

 

Currency Abbreviation

 

USD   United States Dollar
Portfolio Abbreviation
NVS   Non-Voting Shares                     
OTC   Over-the-Counter

 

 

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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.

 

 

LOGO

   LOGO

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 FundsSM

 

 

By:

     

/s/John M. Perlowski       

       John M. Perlowski
       Chief Executive Officer (principal executive officer) of
       BlackRock FundsSM

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 FundsSM

Date: January 21, 2025  

 

 

By:

     

/s/Trent Walker       

       Trent Walker
       Chief Financial Officer (principal financial officer) of
       BlackRock FundsSM

Date: January 21, 2025