Blackrock Large Cap Series Funds NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09637

Name of Fund:

BlackRock Large Cap Series Funds, Inc.

BlackRock Advantage Large Cap Value Fund

Fund Address:

100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 05/31/2024

Date of reporting period: 11/30/2023

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.


		NOVEMBER 30, 2023

2023 Semi-Annual Report

(Unaudited)

BlackRock Funds^SM

· BlackRock Advantage International Fund

· BlackRock Advantage Large Cap Growth Fund

· BlackRock Advantage Small Cap Core Fund

BlackRock Large Cap Series Funds, Inc.

· BlackRock Advantage Large Cap Core Fund

· BlackRock Advantage Large Cap Value Fund

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended November 30, 2023. Significantly tighter monetary policy helped to rein in inflation, as the annual increase in the Consumer Price Index declined to its long-term average of approximately 3% in November 2023. Meanwhile, real economic growth proved more resilient than many investors anticipated. A moderating labor market also helped ease inflationary pressure, although wages continued to grow. This robust labor market powered further growth in consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were solid during the period, as interest rates stabilized, and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the third quarter of 2023. However, equity returns were uneven, as the performance of a few notable technology companies supported gains among large-capitalization U.S. stocks, while small-capitalization U.S. stocks declined overall. Meanwhile, international developed market equities advanced strongly, while emerging market equities posted modest gains.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate interest rate changes. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates five times during the 12-month period, but slowed and then paused its tightening later in the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for several pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period despite the market’s hopes for interest rate cuts, as reflected in the recent rally. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again.

While we favor an overweight position in developed market equities in the long term, we prefer an underweight stance in the near term. Nevertheless, we are overweight on Japanese stocks in the near term as shareholder-friendly policies generate increased investor interest. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening credit and financial conditions. For fixed income investing with a six-to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

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

Sincerely,

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

Rob Kapito

President, BlackRock Advisors, LLC


Total Returns as of November 30, 2023

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	10.17%	13.84%

U.S. small cap equities (Russell 2000^® Index)	4.24	(2.57)

International equities (MSCI Europe, Australasia, Far East Index)	5.12	12.36

Emerging market equities (MSCI Emerging Markets Index)	4.60	4.21

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.69	4.91

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(3.98)	(2.27)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(0.80)	1.18

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	2.29	4.28

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	5.52	8.69

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


2		THIS PAGE IS NOT PART OF YOUR FUND REPORT

Table of Contents


	Page


The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		14
Disclosure of Expenses		14
Derivative Financial Instruments		15
Financial Statements:
Schedules of Investments		16
Statements of Assets and Liabilities		47
Statements of Operations		49
Statements of Changes in Net Assets		51
Financial Highlights		54
Notes to Financial Statements		78
Statement Regarding Liquidity Risk Management Program		93
Additional Information		94
Glossary of Terms Used in this Report		96

LOGO


		3


Fund Summary as of November 30, 2023		BlackRock Advantage International Fund

Investment Objective

BlackRock Advantage International Fund’s (the “Fund”) investment objective is to provide long-term capital appreciation.

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended November 30, 2023, all of the Fund’s share classes outperformed its benchmark, the MSCI EAFE ^® Index.

What factors influenced performance?

The Fund’s outperformance was mainly driven by sentiment-related insights, which correctly captured evolving market trends throughout the reporting period. Particularly, an insight looking at informed investor positioning from prime broker reports motivated a successful overweight in the outperforming industrials sector.

Traditional valuation insights also worked well. Measures comparing stocks using sales, earnings yield and research and development expenditures were among the top contributors. These measures helped motivate overweights in domestically oriented Japanese stocks that benefited from an expected policy normalization by the Bank of Japan. Quality measures that sought to avoid companies with histories of expanding their balance sheets through equity issuance led to an overweight in pharmaceutical stocks, which also contributed.

An overweight in the information technology sector, which was motivated by faster-moving macro-related insights, also worked well amid the market rally led by the artificial intelligence (“AI”) theme.

Nontraditional quality measures detracted from performance. Human capital-related insights, such as those comparing companies based on employee sentiment, veteran hiring, and firms whose founders are still in executive positions, lagged. Analyzing companies based on specific key performance indicators also detracted. In addition, environmental related measures—such as those looking at flows into low carbon emissions funds—led to an unsuccessful overweight in consumer discretionary companies.

Certain text-based sentiment measures detracted, as well. Those designed to capture sentiment from company conference calls affected the Fund’s positioning in German consumer discretionary stocks, weighing on results.

Describe recent portfolio activity.

The Fund maintained a balanced allocation of risk across all major performance drivers, while adding several new signals to the existing set of stock selection insights. The Investment adviser developed new AI insights to identify firms that are leading the market in development, deployment, and monetization of AI capabilities. This included capturing hiring trends for skills associated with AI, as well as executive comments highlighting capabilities over the past several years. Additionally, the Investment adviser developed a new insight capturing trends around GLP-1 weight loss drugs to better understand the impact on firms across sectors.

Describe portfolio positioning at period end.

The Fund maintained a largely sector-neutral positioning. It had slight overweights in the industrials and communication services sectors and small underweights in financials and consumer staples.

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

Performance


				Average Annual Total Returns^(a)(b)

				1 Year						5 Years						10 Years

	6-Month Total Returns			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge
Institutional		5.86	%		12.57	%		N/A			6.73	%		N/A			4.75	%		N/A
Investor A		5.71			12.25			6.36	%		6.46			5.32	%		4.48			3.92	%
Investor C		5.37			11.46			10.46			5.68			5.68			3.83			3.83
Class K		5.88			12.62			N/A			6.77			N/A			4.78			N/A
Class R		5.61			11.99			N/A			6.20			N/A			4.17			N/A
MSCI EAFE^® Index^(c)		5.12			12.36			N/A			5.99			N/A			3.89			N/A

^(a)

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

^(b)

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

^(c)

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

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

Past performance is not an indication of future results.

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


4		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of November 30, 2023 (continued)		BlackRock Advantage International Fund

Expense Example


	Actual					Hypothetical 5% Return

		Beginning Account Value (06/01/23)	Ending Account Value (11/30/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (06/01/23)	Ending Account Value (11/30/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
Institutional		$ 1,000.00	$ 1,058.60	$ 2.60			$ 1,000.00	$ 1,022.48	$ 2.53		0.50	%
Investor A		1,000.00	1,057.10	3.88			1,000.00	1,021.23	3.79		0.75
Investor C		1,000.00	1,053.70	7.75			1,000.00	1,017.46	7.62		1.51
Class K		1,000.00	1,058.80	2.34			1,000.00	1,022.73	2.28		0.45
Class R		1,000.00	1,056.10	5.17			1,000.00	1,019.97	5.10		1.01

^(a)

For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period shown).

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

Portfolio Information


TEN LARGEST HOLDINGS


Security^(a)	Percent of Net Assets


Novo Nordisk A/S, Class B		3.0%

Nestlé SA, Registered Shares		2.8

Novartis AG, Registered Shares		2.0

SAP SE		2.0

BHP Group Ltd.		1.8

Siemens AG, Registered Shares		1.7

Roche Holding AG, NVS		1.5

AIA Group Ltd.		1.5

Shell PLC		1.4

Deutsche Telekom AG, Registered Shares		1.3

^(a)	Excludes short-term securities.


GEOGRAPHIC ALLOCATION


Country	Percent of Net Assets


Japan		23.8%

United Kingdom		12.4

Germany		10.0

Switzerland		10.0

France		8.8

Australia		5.7

Netherlands		4.4

Denmark		4.1

Spain		3.6

Italy		2.8

United States		2.6

Sweden		2.3

Hong Kong		2.1

Singapore		1.6

Norway		1.4

Belgium		1.1

Luxembourg		1.0

Other (each representing less than 1%)		1.7

Other Assets Less Liabilities		0.6


FUND SUMMARY			5


Fund Summary as of November 30, 2023		BlackRock Advantage Large Cap Growth Fund

Investment Objective

BlackRock Advantage Large Cap Growth Fund’s (the “Fund”) investment objective is to seek long-term capital appreciation.

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended November 30, 2023, all of the Fund’s share classes outperformed its benchmark, the Russell 1000^® Growth Index, with the exception of the Investor C shares, which performed in line.

What factors influenced performance?

Fundamental measures contributed to the Fund’s relative performance. Valuation insights, such as those comparing companies based on earnings, sales, and research and development expenditures, were the top contributors. Quality insights looking at company balance sheets and cash flows also contributed. These insights motivated an underweight in industrials, which was additive to results.

Macro-related measures also performed well in the changing market environment. In particular, an insight identifying companies likely to benefit from the emerging artificial intelligence (“AI”) theme resulted in a successful overweight in the information technology sector.

Text-based insights that capture sentiment from broker reports and company conference calls correctly positioned the portfolio in the industrials sector. Faster-moving insights, such as those analyze industry trends from job postings, also contributed positively to performance.

On the other hand, certain sentiment measures underperformed. Insights based on mobile app usage struggled to capture consumer intent trends, incorrectly positioning the portfolio in the consumer staples sector. Measures that seek to measure sentiment in the bond market also lagged in the volatile environment.

Nontraditional quality insights—such as those that strive to assess companies based on green patent and green bond issuance—further detracted. Governance insights, including those evaluating company board independence and shareholder support on proposals, were additional detractors of note.

Describe recent portfolio activity.

The Fund maintained a balanced allocation of risk across all major performance drivers, while adding several new signals to the existing set of stock selection insights. The Investment adviser developed new AI insights to identify firms that are leading the market in development, deployment, and monetization of AI capabilities. This included capturing hiring trends for skills associated with AI, as well as executive comments highlighting capabilities over the past several years. Additionally, the Investment adviser developed a new insight that evaluates trends around GLP-1 weight loss drugs to better understand the impact on firms across sectors.

Describe portfolio positioning at period end.

The Fund maintained a largely sector-neutral positioning. It had slight overweights in the information technology and materials sectors and small underweights in real estate and communication services.

Performance


				Average Annual Total Returns^(a)(b)
				1 Year						5 Years						10 Years
	6-Month Total Returns			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge
Institutional		13.60	%		23.81	%		N/A			14.20	%		N/A			11.48	%		N/A
Investor A		13.51			23.49			17.01	%		13.91			12.69	%		11.17			10.57	%
Investor C		13.10			22.58			21.58			13.06			13.06			10.49			10.49
Class K		13.67			23.91			N/A			14.26			N/A			11.36			N/A
Class R		13.34			23.20			N/A			13.63			N/A			10.85			N/A
Russell 1000^® Growth Index^(c)		13.14			26.17			N/A			16.36			N/A			14.69			N/A

^(a)

^(b)

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

^(c)

An index that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000^® companies with higher price-to-book ratios and higher forecasted growth values.

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

Past performance is not an indication of future results.

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


6		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of November 30, 2023 (continued)		BlackRock Advantage Large Cap Growth Fund

Expense Example


	Actual							Hypothetical 5% Return
	Beginning		Ending		Expenses			Beginning		Ending		Expenses			Annualized
	Account Value		Account Value		Paid During			Account Value		Account Value		Paid During			Expense
		(06/01/23)		(11/30/23)		the Period	^(a)		(06/01/23)		(11/30/23)		the Period	^(a)		Ratio
Institutional	$	1,000.00	$	1,136.00	$	3.31		$	1,000.00	$	1,021.90	$	3.13			0.62	%
Investor A		1,000.00		1,135.10		4.64			1,000.00		1,020.65		4.39			0.87
Investor C		1,000.00		1,131.00		8.63			1,000.00		1,016.90		8.17			1.62
Class K		1,000.00		1,136.70		3.04			1,000.00		1,022.15		2.88			0.57
Class R		1,000.00		1,133.40		5.97			1,000.00		1,019.40		5.65			1.12

^(a)

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

Portfolio Information

TEN LARGEST HOLDINGS



Security^(a)	Percent of Net Assets

Microsoft Corp.		13.4	%

Apple Inc.		11.4

Amazon.com, Inc.		4.9

NVIDIA Corp.		4.8

Meta Platforms, Inc., Class A		4.4

Alphabet, Inc., Class C, NVS		3.0

Mastercard, Inc., Class A		2.8

Adobe, Inc.		2.5

Tesla, Inc.		2.3

Eli Lilly & Co.		2.2

^(a)	Excludes short-term securities.

SECTOR ALLOCATION



Sector^(a)	Percent of Net Assets

Information Technology		45.0	%

Consumer Discretionary		15.4

Health Care		11.2

Communication Services		10.5

Financials		7.0

Industrials		5.2

Consumer Staples		3.5

Materials		1.2

Short-Term Securities		1.1

Liabilities in Excess of Other Assets		(0.1	)

^(a)

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


FUND SUMMARY			7


Fund Summary as of November 30, 2023		BlackRock Advantage Small Cap Core Fund

Investment Objective

BlackRock Advantage Small Cap Core Fund’s (the “Fund”) investment objective is to seek capital appreciation over the long term.

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended November 30, 2023, all of the Fund’s share classes outperformed its benchmark, the Russell 2000^® Index.

What factors influenced performance?

Fundamental measures contributed to performance, with valuation insights benefitting from rising interest rates. More traditional measures of valuation, such as comparing stocks using sales, earnings yield, and other financial statement measures, performed best. Contrarian quality-related measures that evaluate the sustainability of companies’ earnings and financial health, including insights that assess debt maturity and dividend consistency, also performed well. This was most observable through an overweight allocation to the outperforming industrials sector.

Macro thematic insights helped the Fund’s results, as well. Measures designed to evaluate business-to-business invoicing helped correctly position the portfolio by motivating a successful overweight in construction stocks.

Sentiment measures produced mixed results in the aggregate. Text-based measures that gauge conference call and broker reports contributed. On the other hand, measures designed to assess consumer intent by analyzing mobile app usage and online search trends led the Fund to hold to an overweight in the underperforming luxury goods industry.

Nontraditional quality insights—such as environmental, social and governance measures—also hurt relative performance. Insights designed to assess company controversies weighed on results by fueling an underweight in the outperforming healthcare sector. A preference for founder-led company management structures also detracted from performance.

Describe recent portfolio activity.

The Fund maintained a balanced allocation of risk across all major performance drivers, while adding several new signals to the existing set of stock selection insights. The Investment adviser built upon its alternative data capabilities by adding an insight that captures brand sentiment in the retail sector. Additionally, given the dynamism of the current environment, the Investment adviser instituted enhanced signal constructs to identify emerging trends, such as sentiment around supply chain disruptions and wage inflation.

Describe portfolio positioning at period end.

The Fund maintained a largely sector-neutral positioning. It had slight overweights in the industrials and communication services sectors and small underweights in financials and materials.

Performance


				Average Annual Total Returns^(a)(b)
				1 Year						5 Years						10 Years
	6-Month Total Returns			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge
Institutional		5.96	%		(2.60	)%		N/A			6.08	%		N/A			7.08	%		N/A
Investor A		5.83			(2.85	)		(7.95	)%		5.82			4.68	%		6.82			6.24	%
Investor C		5.48			(3.54	)		(4.50	)		5.02			5.02			6.17			6.17
Class K		5.98			(2.54	)		N/A			6.12			N/A			7.11			N/A
Russell 2000^® Index^(c)		4.24			(2.57	)		N/A			4.78			N/A			6.13			N/A

^(a)

^(b)

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

^(c)

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

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

Past performance is not an indication of future results.

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


8		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of November 30, 2023 (continued)		BlackRock Advantage Small Cap Core Fund

Expense Example


	Actual							Hypothetical 5% Return
	Beginning		Ending		Expenses			Beginning		Ending		Expenses			Annualized
	Account Value		Account Value		Paid During			Account Value		Account Value		Paid During			Expense
		(06/01/23)		(11/30/23)		the Period	^(a)		(06/01/23)		(11/30/23)		the Period	^(a)		Ratio
Institutional	$	1,000.00	$	1,059.60	$	2.58		$	1,000.00	$	1,022.50	$	2.53			0.50	%
Investor A		1,000.00		1,058.30		3.86			1,000.00		1,021.25		3.79			0.75
Investor C		1,000.00		1,054.80		7.71			1,000.00		1,017.50		7.57			1.50
Class K		1,000.00		1,059.80		2.32			1,000.00		1,022.75		2.28			0.45

^(a)

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

Portfolio Information

TEN LARGEST HOLDINGS



Security^(a)	Percent of Net Assets

Boise Cascade Co.		1.1	%

UFP Industries, Inc.		1.1

Murphy Oil Corp.		1.0

Insperity, Inc.		1.0

Heartland Financial U.S.A., Inc.		1.0

Sanmina Corp.		0.9

EMCOR Group, Inc.		0.8

Group 1 Automotive, Inc.		0.8

Magnolia Oil & Gas Corp., Class A		0.8

Atkore, Inc.		0.8

^(a)	Excludes short-term securities.

SECTOR ALLOCATION



Sector^(a)	Percent of Net Assets

Industrials		18.2	%

Health Care		15.5

Financials		15.4

Information Technology		13.8

Consumer Discretionary		11.8

Energy		7.3

Real Estate		5.1

Communication Services		3.5

Materials		3.2

Consumer Staples		2.8

Utilities		2.3

Short-Term Securities		4.6

Liabilities in Excess of Other Assets		(3.5	)

^(a)


FUND SUMMARY			9


Fund Summary as of November 30, 2023		BlackRock Advantage Large Cap Core Fund

Investment Objective

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

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended November 30, 2023, all of the Fund’s share classes outperformed its benchmark, the Russell 1000^® Index.

What factors influenced performance?

Fundamental measures contributed to performance. Valuation insights, such as those comparing companies based on sales and research and development expenditures, were the top contributors. Contrarian quality insights looking at external financing levels also contributed, as did those that assess companies based on analyst default expectations. These insights motivated a successful underweight in the financials sector.

Macro-related measures also performed well amid the changing market environment. In particular, an insight identifying companies likely to benefit from the emerging artificial intelligence (“AI”) theme resulted in a successful overweight in the information technology sector.

Sentiment measures produced mixed results in the aggregate, but text-based insights that seek to capture sentiment from broker reports contributed. On the other hand, measures designed to assess consumer intent by evaluating mobile app usage detracted by leading to incorrect positioning in the household products industry. Measures intended to capture sentiment from the bond market detracted, as well.

Nontraditional quality insights—such as those that strive to assess companies based on green patent and green bond issuance—also detracted. In addition, insights that evaluate companies based on news controversies hurt performance by leading to an overweight in automobile stocks

Describe recent portfolio activity.

Describe portfolio positioning at period end.

The Fund maintained a largely sector-neutral positioning. It had slight overweights in the consumer discretionary and information technology sectors and small underweights in real estate and utilities.

Performance


				Average Annual Total Returns^(a)(b)
				1 Year						5 Years						10 Years
	6-Month Total Returns			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge
Institutional		11.37	%		13.26	%		N/A			11.68	%		N/A			10.89	%		N/A
Investor A		11.26			12.99			7.05	%		11.40			10.20	%		10.61			10.01	%
Investor C		10.84			12.13			11.13			10.56			10.56			9.92			9.92
Class K		11.45			13.34			N/A			11.74			N/A			10.93			N/A
Class R		11.05			12.65			N/A			11.11			N/A			10.32			N/A
Russell 1000^® Index^(c)		10.32			13.57			N/A			12.25			N/A			11.56			N/A

^(a)

^(b)

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

^(c)

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

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

Past performance is not an indication of future results.

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


10		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of November 30, 2023 (continued)		BlackRock Advantage Large Cap Core Fund

Expense Example


	Actual					Hypothetical 5% Return

		Beginning Account Value (06/01/23)	Ending Account Value (11/30/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (06/01/23)	Ending Account Value (11/30/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
Institutional		$ 1,000.00	$ 1,113.70	$ 2.54			$ 1,000.00	$ 1,022.60	$ 2.43		0.48	%
Investor A		1,000.00	1,112.60	3.86			1,000.00	1,021.35	3.69		0.73
Investor C		1,000.00	1,108.40	7.80			1,000.00	1,017.60	7.47		1.48
Class K		1,000.00	1,114.50	2.27			1,000.00	1,022.85	2.17		0.43
Class R		1,000.00	1,110.50	5.17			1,000.00	1,020.10	4.95		0.98

^(a)

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

Portfolio Information

TEN LARGEST HOLDINGS



Security^(a)	Percent of Net Assets

Microsoft Corp.		7.8	%

Apple Inc.		6.9

Amazon.com, Inc.		4.3

NVIDIA Corp.		3.5

Alphabet, Inc., Class A		2.9

Meta Platforms, Inc., Class A		2.4

Mastercard, Inc., Class A		2.0

Alphabet, Inc., Class C, NVS		1.6

Amgen, Inc.		1.5

Medtronic PLC		1.5

^(a)

Excludes short-term securities.

SECTOR ALLOCATION



Sector^(a)	Percent of Net Assets

Information Technology		28.7	%

Health Care		13.2

Financials		12.3

Consumer Discretionary		12.0

Industrials		10.1

Communication Services		8.9

Consumer Staples		6.4

Energy		2.8

Materials		1.8

Real Estate		1.5

Utilities		1.1

Short-Term Securities		1.8

Liabilities in Excess of Other Assets		(0.6	)

^(a)


FUND SUMMARY			11


Fund Summary as of November 30, 2023		BlackRock Advantage Large Cap Value Fund

Investment Objective

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

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended November 30, 2023, all of the Fund’s share classes outperformed its benchmark, the Russell 1000^® Value Index.

What factors influenced performance?

Fundamental measures contributed to the Fund’s relative performance. Valuation insights, such as those comparing companies based on earnings, sales, and research and development expenditures, were the top contributors. Certain contrarian quality insights also worked well during the period. Those that assess companies based on external financing levels and analyst default expectations motivated an overweight in the consumer discretionary sector, which helped Fund performance.

Macro-related measures performed well in the changing market environment. Top-down industry positioning based on company forward valuations versus historical levels led to an overweight in healthcare, contributing to results. An insight that identifies companies likely to benefit from the emerging artificial intelligence (“AI”) theme motivated an overweight in information technology, further contributing to performance.

Sentiment-related insights were net contributors. Text-based insights looking at news controversies worked well in semiconductors, and those evaluating job posting trends drove a successful underweight in utilities. On the other hand, certain sentiment measures lagged. Those that evaluate mobile app usage struggled to capture consumer intent trends, incorrectly positioning the portfolio within the consumer staples sector. Measures that seek to measure sentiment in the bond market also lagged in the volatile environment.

Fundamental quality measures were net detractors. In particular, environmental insights that evaluate companies based on green patents struggled. Insights looking at company dividend forecasts negatively impacted performance, as well.

Describe recent portfolio activity.

The Fund maintained a balanced allocation of risk across all major performance drivers, while adding several new signals to the existing set of stock selection insights. The Investment adviser developed new AI insights to identify firms that are leading the market in development, deployment, and monetization of AI capabilities. This included capturing hiring trends for skills associated with AI, as well as executive comments highlighting capabilities over the past several years. Additionally, the Investment adviser developed a new insight that evaluates trends around GLP-1 weight loss drugs to better understand the impact on firms across sectors.

Describe portfolio positioning at period end.

The Fund maintained a largely sector-neutral positioning. It had slight overweights in the consumer discretionary and healthcare sectors and small underweights in materials and utilities.

Performance


				Average Annual Total Returns^(a)(b)
				1 Year						5 Years						10 Years
	6-Month Total Returns			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge
Institutional		9.83	%		3.90	%		N/A			7.97	%		N/A			8.50	%		N/A
Investor A		9.71			3.61			(1.83	)%		7.70			6.55	%		8.20			7.62	%
Investor C		9.26			2.86			1.86			6.89			6.89			7.55			7.55
Class K		9.85			3.96			N/A			8.03			N/A			8.53			N/A
Class R		9.55			3.39			N/A			7.43			N/A			7.93			N/A
Russell 1000^® Value Index^(c)		7.14			1.36			N/A			7.52			N/A			8.09			N/A

^(a)

^(b)

^(c)

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

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

Past performance is not an indication of future results.

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


12		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of November 30, 2023 (continued)		BlackRock Advantage Large Cap Value Fund

Expense Example


	Actual					Hypothetical 5% Return

		Beginning Account Value (06/01/23)	Ending Account Value (11/30/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (06/01/23)	Ending Account Value (11/30/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
Institutional		$ 1,000.00	$ 1,098.30	$ 2.83			$ 1,000.00	$ 1,022.30	$ 2.73		0.54	%
Investor A		1,000.00	1,097.10	4.14			1,000.00	1,021.05	3.99		0.79
Investor C		1,000.00	1,092.60	8.06			1,000.00	1,017.30	7.77		1.54
Class K		1,000.00	1,098.50	2.57			1,000.00	1,022.55	2.48		0.49
Class R		1,000.00	1,095.50	5.45			1,000.00	1,019.80	5.25		1.04

^(a)

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

Portfolio Information

TEN LARGEST HOLDINGS



Security^(a)	Percent of Net Assets

Berkshire Hathaway, Inc., Class B		2.2	%

Medtronic PLC		1.8

Citigroup, Inc.		1.7

Elevance Health, Inc.		1.7

FedEx Corp.		1.6

MetLife, Inc.		1.4

Amgen, Inc.		1.4

Exxon Mobil Corp.		1.4

Johnson & Johnson		1.4

Archer-Daniels-Midland Co.		1.4

^(a)

Excludes short-term securities.

SECTOR ALLOCATION



Sector^(a)	Percent of Net Assets

Financials		20.3	%

Health Care		16.0

Industrials		14.6

Information Technology		10.2

Consumer Staples		8.2

Energy		7.1

Consumer Discretionary		6.2

Communication Services		5.3

Utilities		3.7

Real Estate		3.7

Materials		3.6

Short-Term Securities		1.6

Liabilities in Excess of Other Assets		(0.5	)

^(a)


FUND SUMMARY			13

About Fund Performance

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

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

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

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

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

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

Disclosure of Expenses

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

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

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

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


14		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Derivative Financial Instruments

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


DERIVATIVE FINANCIAL INSTRUMENTS			15

Schedule of Investments (unaudited)

November 30, 2023

BlackRock Advantage International Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 5.7%
AGL Energy Ltd.		24,570	$	152,989
Aristocrat Leisure Ltd.		372,794		9,976,584
BHP Group Ltd.		851,571		25,923,895
Brambles Ltd.		498,614		4,394,082
Charter Hall Group		58,967		404,660
Cochlear Ltd.		12,774		2,303,878
Commonwealth Bank of Australia		633		43,729
CSL Ltd.		46,878		8,133,655
Flight Centre Travel Group Ltd.		141,521		1,712,532
Glencore PLC		458,669		2,565,883
Lendlease Corp. Ltd.		59,556		260,333
Macquarie Group Ltd.		105,883		11,794,960
Qantas Airways Ltd.^(a)		84,416		295,500
Rio Tinto PLC		99,680		6,812,895
Rocketboots Ltd.^(a)(b)		1,389		128
Sonic Healthcare Ltd.		144,717		2,800,424
Transurban Group		337,885		2,886,886
Worley Ltd.		71,826		803,469


				81,266,482

Austria — 0.5%
BAWAG Group AG^(c)		49,440		2,578,836
Erste Group Bank AG		96,229		3,891,639
OMV AG		17,946		766,272


				7,236,747

Belgium — 1.1%
Groupe Bruxelles Lambert NV		22,662		1,798,521
KBC Group NV		33,634		1,928,156
Sofina SA^(b)		5,017		1,118,145
Solvay SA		62,497		7,239,656
UCB SA		51,278		3,792,507
Warehouses De Pauw CVA		7,898		221,944


				16,098,929

China — 0.3%
Budweiser Brewing Co. APAC Ltd.^(c)		296,300		523,145
Prosus NV		105,804		3,498,000


				4,021,145

Denmark — 4.1%
AP Moller - Maersk A/S, Class A		34		52,745
AP Moller - Maersk A/S, Class B		1,970		3,110,643
Coloplast A/S, Class B		343		40,473
DSV A/S		55,507		8,350,836
Genmab A/S^(a)		8,091		2,544,744
GN Store Nord AS^(a)		13,687		322,113
Novo Nordisk A/S, Class B		413,117		42,205,956
Orsted AS^(c)		47,315		2,227,960


				58,855,470

Finland — 0.2%
Nordea Bank Abp		291,245		3,255,948
UPM-Kymmene Oyj		784		27,428


				3,283,376

France — 8.8%
Aeroports de Paris SA		822		101,355
Air Liquide SA		2,174		412,147
Alstom SA		6,020		74,594
Amundi SA^(c)		710		43,766
Arkema SA		3,951		402,043
AXA SA		90,151		2,810,943
Bureau Veritas SA		11,051		267,555


Security	Shares		Value

France (continued)
Carrefour SA		256,151	$	4,856,562
Covivio SA		1,806		88,265
Credit Agricole SA		1,064,344		13,948,860
Dassault Aviation SA		13,573		2,695,701
Dassault Systemes SE		234,484		10,997,434
Eiffage SA		76,213		7,726,524
Engie SA		491,453		8,528,234
Eurazeo SE		1,446		108,660
Forvia SE^(a)		64,386		1,270,833
Gecina SA		16,013		1,773,059
Getlink SE		70,143		1,281,733
Hermes International SCA		8,200		16,994,612
La Francaise des Jeux SAEM, Class A^(c)		2,389		86,449
Legrand SA		1,717		165,603
L’Oreal SA		3,293		1,547,352
LVMH Moet Hennessy Louis Vuitton SE		10,102		7,730,849
Nexans SA		741		58,344
Pernod Ricard SA		18,128		3,131,800
Rexel SA		84,311		2,034,582
Sanofi SA		18,300		1,706,748
Schneider Electric SE		63,434		11,675,200
TotalEnergies SE		35,248		2,402,476
Ubisoft Entertainment SA^(a)		133,298		3,793,964
Valeo SE		163,782		2,378,175
Vallourec SACA^(a)		44,702		657,718
Veolia Environnement SA		338,388		10,667,844
Vinci SA		7,752		948,404
Vivendi SE		105,394		997,547
Wendel SE		1,711		144,887
Worldline SA^(a)(c)		21,700		337,254


				124,848,076

Germany — 10.0%
adidas AG, Class N		7,670		1,605,589
BASF SE		305,306		14,202,046
Bayer AG, Registered Shares		5,870		200,925
Bayerische Motoren Werke AG		82,798		8,639,334
Delivery Hero SE^(a)(c)		26,346		835,132
Deutsche Post AG, Registered Shares		48,290		2,269,102
Deutsche Telekom AG, Registered Shares		793,372		19,015,753
Evonik Industries AG		4,403		82,339
Infineon Technologies AG, Class N		366,642		14,146,720
KION Group AG		4,281		156,115
LANXESS AG		37,765		918,735
Mercedes-Benz Group AG, Class N		263,908		17,159,127
Nemetschek SE		21,598		1,885,559
RWE AG		144,643		6,200,010
SAP SE		175,047		27,844,834
Siemens AG, Registered Shares		142,286		23,901,567
Zalando SE^(a)(c)		112,753		2,688,275


				141,751,162

Hong Kong — 2.0%
AIA Group Ltd.		2,398,200		20,617,643
CK Asset Holdings Ltd.		289,500		1,370,893
CK Infrastructure Holdings Ltd.		42,500		210,458
Hongkong Land Holdings Ltd.		45,600		146,873
Jardine Matheson Holdings Ltd.		83,300		3,226,173
New World Development Co. Ltd.^(b)		1,045,000		1,554,985
Sino Land Co. Ltd.		342,000		344,150
Sun Hung Kai Properties Ltd.		54,000		529,452
Swire Pacific Ltd., Class A		5,500		35,644


16		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

November 30, 2023

BlackRock Advantage International Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Hong Kong (continued)
Swire Properties Ltd.		171,600	$	333,242
Wharf Real Estate Investment Co. Ltd.		223,000		702,847


				29,072,360

India — 0.0%
AceVector Ltd. (Acquired 05/07/14, cost $804,375)^(a)(d)(e)		172,800		102,818


Ireland — 0.0%
James Hardie Industries PLC^(a)		12,940		413,232
Kingspan Group PLC		3,429		272,485


				685,717

Israel — 0.4%
Bank Hapoalim BM		52,371		442,450
Bank Leumi Le-Israel BM		112,527		843,452
Nice Ltd.^(a)		10,301		1,955,343
Teva Pharmaceutical Industries Ltd.^(a)		177,140		1,735,772


				4,977,017

Italy — 2.8%
Assicurazioni Generali SpA		85,920		1,779,377
Enel SpA		2,548,129		18,007,218
Eni SpA		2,568		42,584
Ferrari NV		15,486		5,580,805
Intesa Sanpaolo SpA		1,378,312		3,973,118
Leonardo SpA		80,068		1,228,798
MFE-MediaForEurope NV, Class A		23		56
MFE-MediaForEurope NV, Class B^(b)		2		7
Moncler SpA		8,015		444,140
Poste Italiane SpA^(c)		181,680		1,958,121
Recordati Industria Chimica e Farmaceutica SpA		24,957		1,201,943
Snam SpA		153,871		775,309
UniCredit SpA		153,182		4,178,011


				39,169,487

Japan — 23.8%
Asahi Kasei Corp.		25,600		177,741
Astellas Pharma, Inc.		749,600		9,136,024
Canon, Inc.		35,500		914,642
Central Japan Railway Co.		298,100		7,151,469
Concordia Financial Group Ltd.		24,900		117,193
Dai-ichi Life Holdings, Inc.		83,900		1,758,848
Daito Trust Construction Co. Ltd.		12,200		1,343,889
Daiwa House Industry Co. Ltd.		49,000		1,392,308
Denso Corp.		149,300		2,343,076
DMG Mori Co. Ltd.		163,400		2,944,071
ENEOS Holdings, Inc.		639,800		2,518,232
Fast Retailing Co. Ltd.		65,500		16,640,042
GMO Payment Gateway, Inc.		29,600		1,735,583
Hikari Tsushin, Inc.		400		62,038
Hitachi Ltd.		206,800		14,379,068
Honda Motor Co. Ltd.		20,800		212,762
Hoya Corp.		30,500		3,430,530
Hulic Co. Ltd.		118,500		1,176,768
ITOCHU Corp.		119,700		4,653,629
J Front Retailing Co. Ltd.		126,300		1,156,962
Japan Exchange Group, Inc.		44,800		914,472
Japan Post Bank Co. Ltd.		129,000		1,272,287
Japan Post Holdings Co. Ltd.		1,184,200		10,462,778
Japan Tobacco, Inc.		581,100		14,942,847
JFE Holdings, Inc.		39,500		583,461
JGC Holdings Corp.		8,600		96,908
Kakaku.com, Inc.		137,600		1,557,338
KDDI Corp.		79,500		2,483,426


Security	Shares		Value

Japan (continued)
KDX Realty Investment Corp.		60	$	68,721
Kobayashi Pharmaceutical Co. Ltd.		8,600		396,706
Komatsu Ltd.		149,600		3,826,632
Konica Minolta, Inc.^(a)		42,500		134,646
Kubota Corp.		4,300		61,760
Kyowa Kirin Co. Ltd.		105,900		1,750,645
Lawson, Inc.		74,100		3,659,019
M3, Inc.		65,600		1,082,569
Marubeni Corp.		53,500		836,093
Marui Group Co. Ltd.		102,700		1,642,621
Mitsubishi Chemical Group Corp.		589,500		3,865,470
Mitsubishi Corp.		282,800		13,186,470
Mitsubishi Electric Corp.		23,300		315,621
Mitsubishi Estate Co. Ltd.		136,300		1,842,568
Mitsubishi HC Capital, Inc.		71,500		466,397
Mitsubishi UFJ Financial Group, Inc.		1,495,500		12,742,660
Mitsui & Co. Ltd.		327,100		11,928,364
Mitsui Fudosan Co. Ltd.		253,700		5,963,805
Mizuho Financial Group, Inc.		224,300		3,806,300
MS&AD Insurance Group Holdings, Inc.		202,800		7,635,701
Murata Manufacturing Co. Ltd.		54,600		1,061,000
Nexon Co. Ltd.		73,700		1,592,559
Nidec Corp.		161,200		6,112,433
Nikon Corp.		117,200		1,131,567
Nintendo Co. Ltd.		144,000		6,712,189
Nippon Express Holdings, Inc.		36,300		1,980,175
Nippon Paint Holdings Co. Ltd.		49,500		368,997
Nippon Telegraph & Telephone Corp.		2,988,600		3,497,398
Nissan Motor Co. Ltd.		1,334,900		5,298,673
Nomura Holdings, Inc.		182,200		746,144
Nomura Real Estate Holdings, Inc.		2,700		65,843
NSK Ltd.		242,700		1,273,960
Obic Co. Ltd.		9,100		1,392,251
Omron Corp.		52,700		2,209,456
Ono Pharmaceutical Co. Ltd.		114,800		2,115,078
Oracle Corp. Japan		9,500		731,587
Oriental Land Co. Ltd.		57,700		1,960,022
ORIX Corp.		249,200		4,552,644
Otsuka Corp.		1,400		57,039
Otsuka Holdings Co. Ltd.		59,600		2,299,096
Pan Pacific International Holdings Corp.		27,900		604,438
Panasonic Holdings Corp.		1,041,400		10,730,704
Rakuten Group, Inc.		580,700		2,294,867
Recruit Holdings Co. Ltd.		480,100		17,741,820
Resona Holdings, Inc.		190,600		992,846
SBI Holdings, Inc.		2,000		43,388
SCREEN Holdings Co. Ltd.		24,500		1,782,273
Sega Sammy Holdings, Inc.		256,300		3,720,721
Sekisui House Ltd.		204,600		4,189,264
SHIFT, Inc.^(a)		1,400		324,795
Shiseido Co. Ltd.		86,800		2,325,246
Skylark Holdings Co. Ltd.^(a)		151,900		2,236,165
SoftBank Corp.		255,800		3,108,716
SoftBank Group Corp.		91,900		3,723,937
Sompo Holdings, Inc.		42,000		1,926,683
Subaru Corp.		4,700		83,845
Sumitomo Chemical Co. Ltd.		47,300		120,784
Sumitomo Corp.		11,300		236,920
Sumitomo Electric Industries Ltd.		60,400		750,099
Sumitomo Mitsui Financial Group, Inc.		120,200		5,913,534
Sumitomo Mitsui Trust Holdings, Inc.		23,300		876,909
Sumitomo Realty & Development Co. Ltd.		39,500		1,117,151


SCHEDULES OF INVESTMENTS		17

Schedule of Investments (unaudited) (continued)

November 30, 2023

BlackRock Advantage International Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
T&D Holdings, Inc.		44,700	$	665,097
Takeda Pharmaceutical Co. Ltd.		146,900		4,164,312
Terumo Corp.		12,700		405,479
Toho Co. Ltd.		17,000		589,145
Tokio Marine Holdings, Inc.		551,800		13,663,749
Tokyo Electron Ltd.		118,200		18,989,024
Tokyo Tatemono Co. Ltd.		9,100		129,538
Toyota Motor Corp.		398,300		7,562,064
Toyota Tsusho Corp.		4,200		232,744


				337,175,528

Luxembourg — 1.0%
ArcelorMittal SA		586,191		14,737,461
SES SA		9		54


				14,737,515

Macau — 0.1%
Galaxy Entertainment Group Ltd.		50,000		258,655
Sands China Ltd.^(a)		459,600		1,127,167


				1,385,822

Netherlands — 4.4%
ABN AMRO Bank NV, CVA^(c)		62,183		835,699
Adyen NV^(a)(c)		1,331		1,556,279
Argenx SE^(a)		3,592		1,602,183
ASML Holding NV		19,275		13,136,426
Euronext NV^(c)		10,389		862,410
ING Groep NV		1,055,720		14,831,796
Koninklijke Philips NV^(a)		29,030		595,732
NN Group NV		27,785		1,060,387
Shell PLC		594,458		19,215,770
Signify NV^(c)		100,219		2,916,280
Stellantis NV		248,675		5,404,799
Wolters Kluwer NV, Class C		5,127		706,207


				62,723,968

New Zealand — 0.2%
Xero Ltd.^(a)		33,619		2,292,118


Norway — 1.4%
DNB Bank ASA		209,615		3,996,070
Equinor ASA		447,645		14,301,940
Norsk Hydro ASA		24,554		142,580
Yara International ASA		23,636		801,857


				19,242,447

Portugal — 0.0%
EDP - Energias de Portugal SA		51,140		244,579


Singapore — 1.6%
CapitaLand Integrated Commercial Trust^(b)		377,400		513,357
CapitaLand Investment Ltd.		452,900		1,025,698
DBS Group Holdings Ltd.		141,400		3,358,912
Jardine Cycle & Carriage Ltd.		120,400		2,568,622
Singapore Airlines Ltd.		1,153,700		5,470,851
Singapore Telecommunications Ltd.		2,652,500		4,570,392
STMicroelectronics NV		54,520		2,588,027
United Overseas Bank Ltd.		111,600		2,277,675
UOL Group Ltd.		16,100		70,987


				22,444,521

South Africa — 0.0%
Anglo American PLC		15,745		426,106


Spain — 3.6%
Acciona SA		13,022		1,838,018
ACS Actividades de Construccion y Servicios SA		20,931		836,661


Security	Shares		Value

Spain (continued)
Amadeus IT Group SA		100,562	$	6,904,258
Banco Santander SA		4,452,681		18,457,397
Bankinter SA		112,063		788,459
CaixaBank SA		1,821,454		8,204,161
EDP Renovaveis SA		4,105		74,975
Iberdrola SA		72,836		900,179
Industria de Diseno Textil SA		161,855		6,678,954
Repsol SA		93,091		1,429,444
Telefonica SA		1,098,040		4,735,022


				50,847,528

Sweden — 2.3%
Assa Abloy AB, Class B		322,346		8,258,629
Atlas Copco AB, B Shares		63,319		836,307
Electrolux AB, Class B^(a)		251,176		2,472,760
Elekta AB, B Shares		218,388		1,704,397
Essity AB, Class B		19,762		494,393
Evolution AB^(c)		2,103		217,871
H & M Hennes & Mauritz AB, B Shares		515,861		8,262,206
Hexagon AB, B Shares		17,458		174,857
Investor AB, B Shares		187,528		3,896,087
SKF AB, B Shares		66,306		1,247,936
Swedish Orphan Biovitrum AB^(a)		6,447		153,197
Telefonaktiebolaget LM Ericsson, B Shares		17,079		84,454
Trelleborg AB, B Shares		105,862		3,285,783
Volvo Car AB, Class B^(a)		336,428		1,098,105


				32,186,982

Switzerland — 10.0%
ABB Ltd., Registered Shares		476,089		18,933,373
Avolta AG, Registered Shares^(a)		40,218		1,404,986
Chocoladefabriken Lindt & Spruengli AG, NVS		77		952,083
Chocoladefabriken Lindt & Spruengli AG, Registered Shares		11		1,345,448
Holcim AG		84,541		6,218,814
Kuehne + Nagel International AG, Registered Shares		6,078		1,759,409
Logitech International SA, Registered Shares		90,445		7,906,707
Medmix AG^(c)		2		43
Nestlé SA, Registered Shares		347,843		39,580,598
Novartis AG, Registered Shares		296,140		28,905,716
Roche Holding AG		3,548		1,010,828
Roche Holding AG, NVS		81,364		21,888,637
SGS SA, Registered Shares		84,268		7,171,448
Temenos AG, Registered Shares		55,799		4,735,104


				141,813,194

United Kingdom — 12.4%
AstraZeneca PLC		95,528		12,295,065
Auto Trader Group PLC^(c)		447,556		4,104,968
Aviva PLC		154,147		813,892
BAE Systems PLC		1,166,265		15,473,213
Barclays PLC		1,869,898		3,343,350
BP PLC		2,921,773		17,763,423
British American Tobacco PLC		567,636		18,062,184
British Land Co. PLC (The)		654,324		2,913,958
Bunzl PLC		1,597		60,625
Carnival PLC^(a)		41,221		546,891
CK Hutchison Holdings Ltd.		31,500		158,036
Close Brothers Group PLC		15		146
CNH Industrial NV		320,403		3,405,862
ConvaTec Group PLC^(c)		46,937		133,303
Diageo PLC		35,398		1,238,978
Direct Line Insurance Group PLC^(a)		219,470		522,940
Drax Group PLC		37,611		207,401


18		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

November 30, 2023

BlackRock Advantage International Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value


United Kingdom (continued)
Dunelm Group PLC		24	$	317
easyJet PLC^(a)		282,458		1,624,596
Experian PLC		337,143		12,394,612
GSK PLC		361,216		6,490,134
Halma PLC		29,050		783,990
HSBC Holdings PLC		823,430		6,289,691
IG Group Holdings PLC		42,400		366,685
IMI PLC		29,903		591,010
Imperial Brands PLC		82,178		1,921,233
Intertek Group PLC		41,421		2,088,532
Johnson Matthey PLC		2,724		53,387
Just Eat Takeaway.com NV^(a)(c)		274,812		4,301,561
Lloyds Banking Group PLC		378,332		208,570
London Stock Exchange Group PLC		60,443		6,813,946
Pearson PLC		7,992		94,805
Reckitt Benckiser Group PLC		36,434		2,487,238
RELX PLC		49,239		1,894,856
Rightmove PLC		314,791		2,171,311
Rolls-Royce Holdings PLC^(a)		10,018		34,186
Smiths Group PLC		578,658		12,073,568
Spectris PLC		50,844		2,162,198
Standard Chartered PLC		124,021		1,026,666
Tate & Lyle PLC		31,353		244,218
Tesco PLC		1,729,110		6,249,017
Unilever PLC		167,553		7,993,413
Vodafone Group PLC		15,824,702		14,229,076
Weir Group PLC (The)		4,003		94,883


				175,727,934

United States — 0.1%
CRH PLC		9,584		606,107
Ferrovial SE		15,901		549,925


				1,156,032


Total Common Stocks — 96.8% (Cost: $1,208,785,017)				1,373,773,060


Preferred Securities

Preferred Stocks — 0.1%

Germany — 0.1%
Bayerische Motoren Werke AG, Preference Shares		6,849		650,854


Total Preferred Securities — 0.1% (Cost: $653,795)				650,854


Total Long-Term Investments — 96.9% (Cost: $1,209,438,812)				1,374,423,914


Security	Shares		Value


Short-Term Securities

Money Market Funds — 2.5%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.26%^(f)(g)		34,662,191	$	34,662,191
SL Liquidity Series, LLC, Money Market Series, 5.56%^(f)(g)(h)		1,170,453		1,172,106


Total Short-Term Securities — 2.5% (Cost: $35,833,932)				35,834,297


Total Investments — 99.4% (Cost: $1,245,272,744)				1,410,258,211

Other Assets Less Liabilities — 0.6%				8,417,980


Net Assets — 100.0%			$	1,418,676,191

^(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 $102,818, 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.


SCHEDULES OF INVESTMENTS		19

Schedule of Investments (unaudited) (continued)

November 30, 2023

BlackRock Advantage International Fund

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended November 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:



Affiliated Issuer	Value at 05/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 11/30/23		Shares Held at 11/30/23		Income			Capital Gain Distributions from Underlying Funds

BlackRock Liquidity Funds, T-Fund, Institutional Class	$	39,104,394	$	—	$	(4,442,203	)^(a)	$	—	$	—	$	34,662,191		34,662,191	$	769,785		$	—
SL Liquidity Series, LLC, Money Market Series		2,613,380		—		(1,442,257	)^(a)		811		172		1,172,106		1,170,453		11,798	^(b)		—


								$	811	$	172	$	35,834,297			$	781,583		$	—

^(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 fees and collateral investment expenses, 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

291

12/15/23

30,942

796,789

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)	$	—	$	—	$	796,789	$	—	$	—	$	—	$	796,789

^(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, 2023, 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	$	—	$	—	$	(1,296,700	)	$	—	$	—	$	—	$	(1,296,700	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	2,073,132		$	—	$	—	$	—	$	2,073,132

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	29,814,255

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


20		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

November 30, 2023

BlackRock Advantage International Fund

Fair Value Hierarchy as of Period End

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

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




	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks
Australia	$	128	$	81,266,354	$	—	$	81,266,482
Austria		—		7,236,747		—		7,236,747
Belgium		—		16,098,929		—		16,098,929
China		—		4,021,145		—		4,021,145
Denmark		—		58,855,470		—		58,855,470
Finland		27,428		3,255,948		—		3,283,376
France		58,344		124,789,732		—		124,848,076
Germany		—		141,751,162		—		141,751,162
Hong Kong		—		29,072,360		—		29,072,360
India		—		—		102,818		102,818
Ireland		—		685,717		—		685,717
Israel		—		4,977,017		—		4,977,017
Italy		63		39,169,424		—		39,169,487
Japan		3,778,096		333,397,432		—		337,175,528
Luxembourg		—		14,737,515		—		14,737,515
Macau		—		1,385,822		—		1,385,822
Netherlands		—		62,723,968		—		62,723,968
New Zealand		—		2,292,118		—		2,292,118
Norway		—		19,242,447		—		19,242,447
Portugal		—		244,579		—		244,579
Singapore		—		22,444,521		—		22,444,521
South Africa		—		426,106		—		426,106
Spain		—		50,847,528		—		50,847,528
Sweden		153,197		32,033,785		—		32,186,982
Switzerland		43		141,813,151		—		141,813,194
United Kingdom		451,619		175,276,315		—		175,727,934
United States		—		1,156,032		—		1,156,032
Preferred Securities		—		650,854		—		650,854
Short-Term Securities
Money Market Funds		34,662,191		—		—		34,662,191


	$	39,131,109	$	1,369,852,178	$	102,818		1,409,086,105


Investments valued at NAV^(a)								1,172,106


							$	1,410,258,211

Derivative Financial Instruments^(b)
Assets

Equity Contracts	$	796,789	$	—	$	—	$	796,789

^(a)

Certain investments of the Fund were fair valued using NAV as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

^(b)

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

See notes to financial statements.


SCHEDULES OF INVESTMENTS		21

Schedule of Investments (unaudited)

November 30, 2023

BlackRock Advantage Large Cap Growth Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Aerospace & Defense — 0.5%
Lockheed Martin Corp.		12,761	$	5,713,993


Air Freight & Logistics — 0.7%
FedEx Corp.		29,584		7,657,227


Automobiles — 2.4%
General Motors Co.		35,382		1,118,071
Tesla, Inc.^(a)		100,107		24,033,689


				25,151,760

Beverages — 1.9%
Coca-Cola Co. (The)		82,238		4,805,989
PepsiCo, Inc.		87,754		14,768,120


				19,574,109

Biotechnology — 4.1%
AbbVie, Inc.		83,751		11,925,305
ACADIA Pharmaceuticals, Inc.^(a)		11,662		259,829
Amgen, Inc.		63,937		17,239,973
Exelixis, Inc.^(a)		63,103		1,376,276
Incyte Corp.^(a)		136,037		7,392,251
Neurocrine Biosciences, Inc.^(a)		22,986		2,679,938
Seagen, Inc.^(a)		6,158		1,312,947
Ultragenyx Pharmaceutical, Inc.^(a)		20,150		782,827
United Therapeutics Corp.^(a)		898		215,520


				43,184,866

Broadline Retail — 5.1%
Amazon.com, Inc.^(a)		354,501		51,789,051
MercadoLibre, Inc.^(a)		1,156		1,873,252


				53,662,303

Building Products — 0.3%
A O Smith Corp.		8,200		617,952
Builders FirstSource, Inc.^(a)		20,771		2,785,599
Owens Corning		1,209		163,916


				3,567,467

Capital Markets — 1.4%
Moody’s Corp.		24,741		9,029,476
S&P Global, Inc.		13,440		5,588,755


				14,618,231

Chemicals — 1.2%
Cabot Corp.		1		76
Ecolab, Inc.		10,638		2,039,624
Sherwin-Williams Co. (The)		38,880		10,839,744


				12,879,444

Commercial Services & Supplies — 1.0%
Cintas Corp.		18,124		10,027,103


Communications Equipment — 0.2%
Arista Networks, Inc.^(a)		9,690		2,128,990


Construction & Engineering — 0.6%
EMCOR Group, Inc.		16,967		3,605,827
Valmont Industries, Inc.		11,849		2,601,685


				6,207,512

Consumer Staples Distribution & Retail — 0.6%
Sysco Corp.		44,452		3,208,101
Walmart, Inc.		20,874		3,249,873


				6,457,974


Security	Shares		Value


Electrical Equipment — 0.3%
AMETEK, Inc.		4,883	$	757,988
Rockwell Automation, Inc.		8,803		2,424,698


				3,182,686

Electronic Equipment, Instruments & Components — 1.5%
Flex Ltd.^(a)		106,388		2,707,575
TE Connectivity Ltd.		100,789		13,203,359


				15,910,934

Entertainment — 1.3%
Electronic Arts, Inc.		18,476		2,549,873
Netflix, Inc.^(a)		15,616		7,401,516
Spotify Technology SA^(a)		17,985		3,329,203


				13,280,592

Financial Services — 5.5%
Block, Inc., Class A^(a)		133,863		8,490,930
Euronet Worldwide, Inc.^(a)		1,501		130,917
Fiserv, Inc.^(a)		3,115		406,850
Jack Henry & Associates, Inc.		23,125		3,669,706
Mastercard, Inc., Class A		70,054		28,990,447
Visa, Inc., Class A		63,532		16,307,394


				57,996,244

Food Products — 0.6%
Archer-Daniels-Midland Co.		2,107		155,349
Hershey Co. (The)		32,779		6,159,830


				6,315,179

Ground Transportation — 0.1%
Old Dominion Freight Line, Inc.		2,007		780,843


Health Care Equipment & Supplies — 2.0%
Dexcom, Inc.^(a)		20,440		2,361,229
Edwards Lifesciences Corp.^(a)		42,433		2,873,138
IDEXX Laboratories, Inc.^(a)		7,323		3,411,200
Medtronic PLC		44,635		3,538,217
ResMed, Inc.		12,599		1,987,240
Stryker Corp.		21,795		6,458,512


				20,629,536

Health Care Providers & Services — 1.4%
Cencora, Inc.		2,561		520,831
Elevance Health, Inc.		28,268		13,554,223
Tenet Healthcare Corp.^(a)		6,546		451,739
UnitedHealth Group, Inc.		1,105		611,032


				15,137,825

Health Care Technology — 0.3%
Teladoc Health, Inc.^(a)		146,987		2,666,344


Hotels, Restaurants & Leisure — 2.6%
Booking Holdings, Inc.^(a)		3,840		12,002,688
Boyd Gaming Corp.		69,200		4,086,260
McDonald’s Corp.		18,051		5,087,494
Starbucks Corp.		46,643		4,631,650
Travel + Leisure Co.		40,546		1,445,059


				27,253,151

Household Durables — 0.4%
DR Horton, Inc.		19,193		2,450,370
Toll Brothers, Inc.		1,428		122,651
TopBuild Corp.^(a)		5,094		1,506,704


				4,079,725


22		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

November 30, 2023

BlackRock Advantage Large Cap Growth Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value


Household Products — 0.4%
Kimberly-Clark Corp.		26,072	$	3,225,888
Procter & Gamble Co. (The)		5,996		920,506


				4,146,394

Insurance — 0.1%
Marsh & McLennan Cos., Inc.		4,009		799,475
W. R. Berkley Corp.		1,950		141,472


				940,947

Interactive Media & Services — 9.2%
Alphabet, Inc., Class A^(a)		147,245		19,514,380
Alphabet, Inc., Class C, NVS^(a)		231,713		31,031,005
Meta Platforms, Inc., Class A^(a)		141,059		46,147,452
Pinterest, Inc., Class A^(a)		5,447		185,579


				96,878,416

IT Services — 0.8%
Akamai Technologies, Inc.^(a)		16,873		1,949,338
Amdocs Ltd.		9,379		785,679
Cognizant Technology Solutions Corp., Class A		9,464		666,076
Snowflake, Inc., Class A^(a)		17,358		3,257,749
VeriSign, Inc.^(a)		4,546		964,661
Wix.com Ltd.^(a)		3,193		324,090


				7,947,593

Life Sciences Tools & Services — 0.8%
Agilent Technologies, Inc.		66,775		8,533,845
Mettler-Toledo International, Inc.^(a)		347		378,900


				8,912,745

Machinery — 1.0%
Illinois Tool Works, Inc.		24,254		5,874,561
Oshkosh Corp.		21,381		2,080,157
Otis Worldwide Corp.		28,602		2,453,766
Parker-Hannifin Corp.		571		247,346


				10,655,830

Pharmaceuticals — 2.6%
Bristol-Myers Squibb Co.		73,684		3,638,516
Eli Lilly & Co.		38,586		22,805,869
Zoetis, Inc., Class A		3,891		687,423


				27,131,808

Semiconductors & Semiconductor Equipment — 9.1%
Applied Materials, Inc.		118,279		17,715,829
ARM Holdings PLC, ADR^(a)(b)		24,732		1,521,018
Broadcom, Inc.		486		449,905
Cirrus Logic, Inc.^(a)		9,229		700,573
KLA Corp.		1,329		723,800
Lam Research Corp.		6,244		4,470,205
MaxLinear, Inc.^(a)		13,095		245,269
NVIDIA Corp.		107,750		50,394,675
NXP Semiconductors NV		14,557		2,970,793
QUALCOMM, Inc.		126,869		16,372,444


				95,564,511

Software — 20.4%
Adobe, Inc.^(a)		42,468		25,948,373
Atlassian Corp., Class A^(a)		4,284		818,030
Autodesk, Inc.^(a)		7,410		1,618,566
Cadence Design Systems, Inc.^(a)		39,543		10,805,916
Fortinet, Inc.^(a)		52,853		2,777,954
FreedomPay, Inc.^(a)(c)		43,051		414,151


Security	Shares		Value


Software (continued)
Manhattan Associates, Inc.^(a)		34,908	$	7,786,229
Microsoft Corp.		370,901		140,538,098
Palo Alto Networks, Inc.^(a)		3,716		1,096,554
Salesforce, Inc.^(a)		34,536		8,699,618
ServiceNow, Inc.^(a)		16,990		11,650,722
Teradata Corp.^(a)		38,684		1,827,819
Workday, Inc., Class A^(a)		2,561		693,314


				214,675,344

Specialty Retail — 3.7%
AutoNation, Inc.^(a)		35,778		4,839,690
Best Buy Co., Inc.		85,439		6,061,043
Home Depot, Inc. (The)		297		93,106
O’Reilly Automotive, Inc.^(a)		4,266		4,190,833
Penske Automotive Group, Inc.		9,879		1,474,935
TJX Cos., Inc. (The)		188,862		16,640,631
Ulta Beauty, Inc.^(a)		4,530		1,929,735
Wayfair, Inc., Class A^(a)		67,547		3,769,122


				38,999,095

Technology Hardware, Storage & Peripherals — 13.0%
Apple Inc.		630,587		119,780,001
Dell Technologies, Inc., Class C		57,747		4,381,265
Hewlett Packard Enterprise Co.		263,868		4,462,008
HP, Inc.		276,122		8,101,419
Pure Storage, Inc., Class A^(a)		2,932		97,665


				136,822,358

Textiles, Apparel & Luxury Goods — 1.3%
Lululemon Athletica, Inc.^(a)		23,464		10,483,715
Skechers U.S.A., Inc., Class A^(a)		47,682		2,808,947


				13,292,662

Trading Companies & Distributors — 0.6%
WW Grainger, Inc.		8,172		6,424,745


Total Long-Term Investments — 99.0% (Cost: $636,507,246)				1,040,456,486


Short-Term Securities

Money Market Funds — 1.1%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.26%^(d)(e)		9,017,960		9,017,960
SL Liquidity Series, LLC, Money Market Series, 5.56%^(d)(e)(f)		2,250,146		2,251,046


Total Short-Term Securities — 1.1% (Cost: $11,268,913)				11,269,006


Total Investments — 100.1% (Cost: $647,776,159)				1,051,725,492

Liabilities in Excess of Other Assets — (0.1)%				(578,265	)


Net Assets — 100.0%			$	1,051,147,227

^(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)	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.


SCHEDULES OF INVESTMENTS		23

Schedule of Investments (unaudited) (continued)

November 30, 2023

BlackRock Advantage Large Cap Growth Fund

Affiliates



Affiliated Issuer	Value at 05/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 11/30/23		Shares Held at 11/30/23		Income			Capital Gain Distributions from Underlying Funds

BlackRock Liquidity Funds, T-Fund, Institutional Class	$	6,109,397	$	2,908,563	^(a)	$	—		$	—		$	—	$	9,017,960		9,017,960	$	232,344		$	—
SL Liquidity Series, LLC, Money Market Series		12,171,918		—			(9,919,874	)^(a)		(2,273	)		1,275		2,251,046		2,250,146		113,214	^(b)		—


									$	(2,273	)	$	1,275	$	11,269,006			$	345,558		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

NASDAQ 100 E-Mini Index

12/15/23

11,510

407,875

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)	$	—	$	—	$	407,875	$	—	$	—	$	—	$	407,875

^(a)

For the period ended November 30, 2023, 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	$	—	$	—	$	1,171,680	$	—	$	—	$	—	$	1,171,680


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	747	$	—	$	—	$	—	$	747


24		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

November 30, 2023

BlackRock Advantage Large Cap Growth Fund

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	11,193,255

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	1,040,042,335	$	—	$	414,151	$	1,040,456,486
Short-Term Securities
Money Market Funds		9,017,960		—		—		9,017,960


	$	1,049,060,295	$	—	$	414,151		1,049,474,446


Investments valued at NAV^(a)								2,251,046


							$	1,051,725,492

Derivative Financial Instruments^(b)
Assets
Equity Contracts	$	407,875	$	—	$	—	$	407,875

^(a)

Certain investments of the Fund were fair valued using NAV as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

^(b)

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

See notes to financial statements.


SCHEDULES OF INVESTMENTS			25

Schedule of Investments (unaudited)

November 30, 2023

BlackRock Advantage Small Cap Core Fund

(Percentages shown are based on Net Assets)


Security		Shares		Value

Common Stocks

Aerospace & Defense — 0.4%
AAR Corp.^(a)(b)			43,870	$	3,040,191
Ducommun, Inc.^(a)			101,955		5,136,493
HEICO Corp., Class A			7,286		1,001,169
Moog, Inc., Class A			6,214		870,022
V2X, Inc.^(a)			40,110		1,700,664


					11,748,539

Air Freight & Logistics — 0.1%
Hub Group, Inc., Class A^(a)			52,281		3,949,829


Automobile Components — 2.1%
Adient PLC^(a)			362,401		11,669,312
Cooper-Standard Holdings, Inc.^(a)			84,866		1,505,523
Dana, Inc.			1,108,365		14,641,502
Gentherm, Inc.^(a)			41,157		1,889,930
Goodyear Tire & Rubber Co. (The)^(a)			332,251		4,614,966
Modine Manufacturing Co.^(a)(b)			130,291		6,410,317
Motorcar Parts of America, Inc.^(a)			37,624		362,695
Patrick Industries, Inc.			45,578		3,739,219
Standard Motor Products, Inc.			107,857		3,879,616
Visteon Corp.^(a)			166,667		19,778,373


					68,491,453

Automobiles — 0.1%
Winnebago Industries, Inc.			52,980		3,424,097


Banks — 8.4%
Amalgamated Financial Corp.			261,974		5,501,454
Ameris Bancorp			87,709		3,734,649
Axos Financial, Inc.^(a)			79,848		3,055,783
Bank of Marin Bancorp	��		65,532		1,260,180
Bank7 Corp.			567		13,495
BankFinancial Corp.			42,534		379,829
Bar Harbor Bankshares			4,194		108,918
BayCom Corp.			962		20,106
Business First Bancshares, Inc.			75,468		1,526,718
Byline Bancorp, Inc.			19,920		398,201
Capital City Bank Group, Inc.			184,595		4,936,070
Capstar Financial Holdings, Inc.			84,264		1,384,458
Civista Bancshares, Inc.			12,647		197,926
Colony Bankcorp, Inc.			3,247		34,840
Community Trust Bancorp, Inc.			56,023		2,229,155
ConnectOne Bancorp, Inc.			148,378		2,917,111
CVB Financial Corp.			143,079		2,558,253
Dime Community Bancshares, Inc.			50,471		1,014,467
Eagle Bancorp, Inc.			8,553		203,048
Enterprise Bancorp, Inc.			21,593		583,659
Enterprise Financial Services Corp.			244,201		9,575,121
FB Financial Corp.			233,547		7,837,837
Financial Institutions, Inc.			70,662		1,226,692
First Bancshares, Inc. (The)			102,807		2,637,000
First Busey Corp.			122,633		2,661,136
First Business Financial Services, Inc.			47,081		1,646,893
First Community Bankshares, Inc.			65,814		2,149,485
First Financial Corp.			60,776		2,324,682
First Financial Northwest, Inc.			117,364		1,411,889
First Foundation, Inc.			77,299		454,518
First Internet Bancorp			65,618		1,439,659
First Interstate BancSystem, Inc., Class A			567,106		14,682,374
First Merchants Corp.			112,751		3,458,073
First United Corp.			31,236		577,866
FS Bancorp, Inc.			1,488		45,161
Fulton Financial Corp.			484,629		6,896,271


Security	Shares		Value

Banks (continued)
Hancock Whitney Corp.		647,308	$	26,701,455
HBT Financial, Inc.		161,953		3,036,619
Heartland Financial U.S.A., Inc.		1,031,712		31,910,852
Heritage Commerce Corp.		709,749		6,025,769
Heritage Financial Corp.		37,249		663,777
HomeTrust Bancshares, Inc.		124,557		2,874,776
Hope Bancorp, Inc.		26,254		257,289
Horizon Bancorp, Inc.		585,531		6,376,433
Independent Bank Corp.		126,223		2,728,941
Independent Bank Group, Inc.		50,534		1,954,655
International Bancshares Corp.		40,172		1,802,518
Lakeland Bancorp, Inc.		404,105		5,006,861
MainStreet Bancshares, Inc.		10,441		217,382
Mercantile Bank Corp.		60,878		2,093,594
Meridian Corp.		440		5,768
Mid Penn Bancorp, Inc.		65,703		1,321,944
Midland States Bancorp, Inc.		301,973		6,818,550
MidWestOne Financial Group, Inc.		17,786		374,573
MVB Financial Corp.		8,732		174,553
National Bank Holdings Corp., Class A		42,538		1,404,179
Northrim BanCorp, Inc.		117,783		5,814,947
OceanFirst Financial Corp.		1,259,093		17,451,029
Origin Bancorp, Inc.		69,992		2,223,646
Peapack-Gladstone Financial Corp.		62,196		1,544,949
Premier Financial Corp.		339,370		6,777,219
Primis Financial Corp.		5,858		58,639
RBB Bancorp		2,173		33,203
Republic Bancorp, Inc., Class A		32,644		1,532,636
Republic First Bancorp, Inc.^(a)		1,198,112		101,240
Riverview Bancorp, Inc.		214,923		1,285,240
Sandy Spring Bancorp, Inc.		237,353		5,226,513
Seacoast Banking Corp. of Florida		28,681		666,546
Shore Bancshares, Inc.		138,798		1,657,248
Sierra Bancorp		82,339		1,543,033
SmartFinancial, Inc.		42,987		918,632
South Plains Financial, Inc.		80,530		2,093,780
Southern First Bancshares, Inc.^(a)		50,275		1,477,080
Summit Financial Group, Inc.		15,941		372,541
Third Coast Bancshares, Inc.^(a)		6,565		111,277
Timberland Bancorp, Inc.		7,135		207,914
Towne Bank		188,289		4,944,469
UMB Financial Corp.		74,003		5,303,055
United Bankshares, Inc.		191,347		6,335,499
Univest Financial Corp.		186,626		3,525,365
Veritex Holdings, Inc.		66,755		1,277,691
Washington Trust Bancorp, Inc.		211,109		5,645,055
WesBanco, Inc.		342,447		9,115,939
Western New England Bancorp, Inc.		6,620		51,967
Wintrust Financial Corp.		13,885		1,189,528


				281,319,345

Beverages — 1.0%
Coca-Cola Consolidated, Inc.		1,476		1,084,151
MGP Ingredients, Inc.		93,362		7,977,783
National Beverage Corp.^(a)		56,451		2,683,681
Primo Water Corp.		1,368,028		19,658,562
Vita Coco Co., Inc. (The)^(a)		27,685		776,841


				32,181,018

Biotechnology — 7.1%
2seventy bio, Inc.^(a)		87,321		159,797
4D Molecular Therapeutics, Inc.^(a)		64,588		821,559
ACADIA Pharmaceuticals, Inc.^(a)(b)		196,111		4,369,353
Agenus, Inc.^(a)(b)		795,301		618,028


26		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

November 30, 2023

BlackRock Advantage Small Cap Core Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Biotechnology (continued)
Agios Pharmaceuticals, Inc.^(a)(b)		127,088	$	2,825,166
Alector, Inc.^(a)(b)		677,289		3,670,906
Alkermes PLC^(a)		453,202		10,940,296
Allakos, Inc.^(a)(b)		111,299		247,084
Allogene Therapeutics, Inc.^(a)(b)		337,216		792,458
ALX Oncology Holdings, Inc.^(a)		45,110		353,662
Amicus Therapeutics, Inc.^(a)		174,181		1,919,475
Anika Therapeutics, Inc.^(a)		39,041		855,388
Apollomics, Inc., Class A^(a)		4,107		3,881
Applied Molecular Transport, Inc.^(a)		65,272		12,793
Arcus Biosciences, Inc.^(a)		212,865		3,205,747
Arrowhead Pharmaceuticals, Inc.^(a)(b)		57,707		1,223,388
ARS Pharmaceuticals, Inc.^(a)		65		314
Atossa Therapeutics, Inc.^(a)(b)		338,308		251,397
Beam Therapeutics, Inc.^(a)(b)		221,014		6,206,073
BioAtla, Inc.^(a)		141,176		249,882
BioCryst Pharmaceuticals, Inc.^(a)		448,493		2,637,139
Blueprint Medicines Corp.^(a)		174,304		12,138,531
Bridgebio Pharma, Inc.^(a)(b)		54,816		1,573,767
C4 Therapeutics, Inc.^(a)		309,264		504,100
CareDx, Inc.^(a)		325,330		3,158,954
Catalyst Pharmaceuticals, Inc.^(a)		78,853		1,137,849
Chinook Therapeutics, Inc., CVR^(a)(c)		35,990		15,476
Coherus Biosciences, Inc.^(a)		1,002,292		2,134,882
Cytokinetics, Inc.^(a)(b)		114,577		3,836,038
Deciphera Pharmaceuticals, Inc.^(a)		329,851		4,159,421
Denali Therapeutics, Inc.^(a)		456,350		8,451,602
Dynavax Technologies Corp.^(a)(b)		605,833		8,299,912
Dyne Therapeutics, Inc.^(a)(b)		116,378		1,289,468
Eagle Pharmaceuticals, Inc.^(a)		25,084		146,741
Editas Medicine, Inc.^(a)		285,709		3,008,516
Emergent BioSolutions, Inc.^(a)(b)		1,079,154		2,309,390
Enanta Pharmaceuticals, Inc.^(a)(b)		111,289		1,039,439
Erasca, Inc.^(a)		1,734		2,948
Fate Therapeutics, Inc.^(a)		1,352,646		3,368,089
G1 Therapeutics, Inc.^(a)		5,173		9,725
Graphite Bio, Inc.^(a)		9,136		20,739
Halozyme Therapeutics, Inc.^(a)		292,832		11,306,244
Homology Medicines, Inc.^(a)		191,198		101,526
Ideaya Biosciences, Inc.^(a)		71,183		2,238,705
ImmunoGen, Inc.^(a)		140,308		4,118,040
Insmed, Inc.^(a)		58,946		1,474,829
Intellia Therapeutics, Inc.^(a)		286,243		8,481,380
Ironwood Pharmaceuticals, Inc., Class A^(a)		793,336		7,854,026
iTeos Therapeutics, Inc.^(a)		226,751		2,122,389
Jounce Therapeutics, Inc., CVR^(a)		10,334		91
Karyopharm Therapeutics, Inc.^(a)(b)		744,877		573,555
Kezar Life Sciences, Inc.^(a)		61,112		51,187
Kiniksa Pharmaceuticals Ltd., Class A^(a)		203,881		3,296,756
Kinnate Biopharma, Inc.^(a)		9,740		22,110
Kodiak Sciences, Inc.^(a)		547,366		1,324,626
Kronos Bio, Inc.^(a)(b)		43,065		51,247
Kura Oncology, Inc.^(a)		377,895		3,654,245
Kymera Therapeutics, Inc.^(a)		100,803		2,092,670
MacroGenics, Inc.^(a)(b)		366,989		3,012,980
Madrigal Pharmaceuticals, Inc.^(a)		2,616		531,833
MiMedx Group, Inc.^(a)		139,128		1,081,025
Mural Oncology PLC^(a)		45,320		163,605
Myriad Genetics, Inc.^(a)		143,515		2,739,701
NextCure, Inc.^(a)		169,789		200,351
Nkarta, Inc.^(a)		39,690		104,782
Nurix Therapeutics, Inc.^(a)		130,731		813,147


Security	Shares		Value

Biotechnology (continued)
Olema Pharmaceuticals, Inc.^(a)		153,452	$	2,140,655
Organogenesis Holdings, Inc., Class A^(a)		46,047		117,420
ORIC Pharmaceuticals, Inc.^(a)		2,176		17,190
Passage Bio, Inc.^(a)		143,703		90,691
PMV Pharmaceuticals, Inc.^(a)		297,837		682,047
Poseida Therapeutics, Inc.^(a)		155,138		414,219
Prelude Therapeutics, Inc.^(a)		6,387		21,141
Prothena Corp. PLC^(a)		23,604		769,018
PTC Therapeutics, Inc.^(a)		252,998		5,824,014
Puma Biotechnology, Inc.^(a)		222,711		868,573
RayzeBio, Inc.^(a)		1,705		40,715
REGENXBIO, Inc.^(a)		374,365		7,307,605
Relay Therapeutics, Inc.^(a)		410,233		3,244,943
Replimune Group, Inc.^(a)(b)		102,018		1,140,561
REVOLUTION Medicines, Inc.^(a)(b)		124,641		2,907,875
Rigel Pharmaceuticals, Inc.^(a)		767,935		875,446
Sage Therapeutics, Inc.^(a)(b)		16,359		320,309
Sana Biotechnology, Inc.^(a)(b)		128,988		523,691
Sangamo Therapeutics, Inc.^(a)(b)		1,674,563		720,062
Scholar Rock Holding Corp.^(a)		69,672		877,171
Shattuck Labs, Inc.^(a)		4,414		8,652
Surface Oncology, Inc., CVR^(a)		58,721		5,515
Sutro Biopharma, Inc.^(a)		358,425		935,489
Syndax Pharmaceuticals, Inc.^(a)		478,823		7,970,009
TG Therapeutics, Inc.^(a)		45,869		587,582
Travere Therapeutics, Inc.^(a)		591,926		3,717,295
Twist Bioscience Corp.^(a)		336,018		8,081,233
Ultragenyx Pharmaceutical, Inc.^(a)(b)		51,420		1,997,667
Vanda Pharmaceuticals, Inc.^(a)		637,008		2,369,670
Vaxcyte, Inc.^(a)		70,137		3,630,993
Veracyte, Inc.^(a)		335,016		8,576,410
Vericel Corp.^(a)(b)		88,753		3,154,282
Vir Biotechnology, Inc.^(a)		376,225		3,570,375
Voyager Therapeutics, Inc.^(a)		51,478		373,730
Xencor, Inc.^(a)		341,421		6,261,661


				235,524,332

Broadline Retail — 0.1%
Dillard’s, Inc., Class A		6,418		2,227,624


Building Products — 2.0%
American Woodmark Corp.^(a)		50,601		3,663,512
Apogee Enterprises, Inc.		60,601		2,733,105
Builders FirstSource, Inc.^(a)		5,994		803,855
Caesarstone Ltd.^(a)		78,729		319,640
Gibraltar Industries, Inc.^(a)		162,529		10,920,324
Janus International Group, Inc.^(a)(b)		543,033		5,728,998
JELD-WEN Holding, Inc.^(a)		510,420		8,156,512
UFP Industries, Inc.		327,899		35,947,567


				68,273,513

Capital Markets — 1.7%
Artisan Partners Asset Management, Inc., Class A		101,886		3,836,008
AssetMark Financial Holdings, Inc.^(a)(b)		47,541		1,218,951
Cohen & Steers, Inc.		52,287		3,058,267
Federated Hermes, Inc., Class B		83,185		2,646,947
GCM Grosvenor, Inc., Class A		31,780		256,464
Hamilton Lane, Inc., Class A		111,929		10,952,253
Houlihan Lokey, Inc., Class A		230,475		24,826,767
Oppenheimer Holdings, Inc., Class A, NVS		11,876		472,783
Patria Investments Ltd., Class A		105,598		1,495,268
PJT Partners, Inc., Class A		26,237		2,362,904
Victory Capital Holdings, Inc., Class A		211,580		6,802,297


				57,928,909


SCHEDULES OF INVESTMENTS		27

Schedule of Investments (unaudited) (continued)

November 30, 2023

BlackRock Advantage Small Cap Core Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Chemicals — 0.9%
Alto Ingredients, Inc.^(a)		77,029	$	187,951
Cabot Corp.		98,215		7,454,518
Ingevity Corp.^(a)		23,133		897,329
Innospec, Inc.		39,324		4,131,773
Minerals Technologies, Inc.		67,368		4,219,932
Quaker Chemical Corp.		60,544		10,824,662
Rayonier Advanced Materials, Inc.^(a)		228,885		755,320


				28,471,485

Commercial Services & Supplies — 0.6%
BrightView Holdings, Inc.^(a)		487,565		3,724,997
CECO Environmental Corp.^(a)		62,082		1,195,078
CoreCivic, Inc.^(a)		328,588		4,754,668
Healthcare Services Group, Inc.		382,819		3,717,172
Interface, Inc., Class A		62,800		634,908
Li-Cycle Holdings Corp.^(a)		199,351		175,748
Steelcase, Inc., Class A		542,041		6,672,525


				20,875,096

Communications Equipment — 0.4%
Calix, Inc.^(a)(b)		250,295		9,658,884
Extreme Networks, Inc.^(a)		63,817		1,030,006
Lantronix, Inc.^(a)		1,949		11,324
NETGEAR, Inc.^(a)		168,956		2,304,560


				13,004,774

Construction & Engineering — 2.9%
Arcosa, Inc.		7,492		555,907
Comfort Systems U.S.A., Inc.^(b)		82,195		15,911,308
Construction Partners, Inc., Class A^(a)(b)		71,296		2,991,580
Dycom Industries, Inc.^(a)		47,115		4,893,835
EMCOR Group, Inc.		131,228		27,888,575
Fluor Corp.^(a)		337,742		12,844,328
Matrix Service Co.^(a)		83,144		828,114
MYR Group, Inc.^(a)		101,086		12,577,120
Primoris Services Corp.		316,052		9,595,339
Sterling Infrastructure, Inc.^(a)		101,804		6,465,572
Tutor Perini Corp.^(a)		220,495		1,845,543


				96,397,221

Construction Materials — 0.4%
Summit Materials, Inc., Class A^(a)		398,839		13,835,725


Consumer Finance — 1.2%
Enova International, Inc.^(a)		304,685		12,553,022
EZCORP, Inc., Class A, NVS^(a)		1,037,792		8,509,894
FirstCash Holdings, Inc.		75,598		8,466,976
LendingClub Corp.^(a)		153,039		964,146
LendingTree, Inc.^(a)(b)		191,905		3,396,719
Oportun Financial Corp.^(a)(b)		49,135		127,751
PROG Holdings, Inc.^(a)		156,963		4,278,811
Regional Management Corp.		101,291		2,240,557


				40,537,876

Consumer Staples Distribution & Retail — 0.3%
Andersons, Inc. (The)		54,049		2,694,883
PriceSmart, Inc.		55,820		3,761,710
SpartanNash Co.		110,457		2,448,832
Sprouts Farmers Market, Inc.^(a)		46,046		1,983,661


				10,889,086

Diversified Consumer Services — 1.7%
2U, Inc.^(a)		110,489		108,544
American Public Education, Inc.^(a)		74,677		587,708
Chegg, Inc.^(a)		323,218		3,209,555
Duolingo, Inc., Class A^(a)		25,619		5,438,657


Security	Shares		Value

Diversified Consumer Services (continued)
Frontdoor, Inc.^(a)		521,714	$	17,910,442
Laureate Education, Inc., Class A		1,701,792		22,344,529
OneSpaWorld Holdings Ltd.^(a)		143,552		1,729,801
Rover Group, Inc., Class A^(a)(b)		136,705		1,495,553
Stride, Inc.^(a)		75,703		4,586,088


				57,410,877

Diversified REITs — 0.5%
American Assets Trust, Inc.		653,860		13,168,740
Armada Hoffler Properties, Inc.		142,328		1,562,762
Empire State Realty Trust, Inc., Class A		123,526		1,106,793


				15,838,295

Diversified Telecommunication Services — 0.5%
Bandwidth, Inc., Class A^(a)(b)		228,375		2,507,558
Cogent Communications Holdings, Inc.		82,321		5,257,019
EchoStar Corp., Class A^(a)		255,109		2,670,991
IDT Corp., Class B^(a)		36,063		1,058,449
Iridium Communications, Inc.		35,774		1,362,989
Liberty Latin America Ltd., Class A^(a)		40,329		273,027
Lumen Technologies, Inc.^(a)		99,428		130,251
Ooma, Inc.^(a)		425,239		4,932,773


				18,193,057

Electric Utilities — 0.3%
ALLETE, Inc.		95,710		5,309,991
Portland General Electric Co.		88,944		3,652,040


				8,962,031

Electrical Equipment — 1.8%
Allient, Inc.		26,896		701,448
Atkore, Inc.^(a)		207,020		26,891,898
Encore Wire Corp.		77,678		14,316,055
EnerSys		174,861		15,471,701
Thermon Group Holdings, Inc.^(a)		84,687		2,553,313


				59,934,415

Electronic Equipment, Instruments & Components — 3.9%
Advanced Energy Industries, Inc.		15,811		1,502,835
Benchmark Electronics, Inc.		224,346		5,597,433
ePlus, Inc.^(a)		196,995		12,505,243
Fabrinet^(a)		72,333		11,710,713
Insight Enterprises, Inc.^(a)(b)		119,885		18,152,987
Itron, Inc.^(a)		260,120		17,526,886
Kimball Electronics, Inc.^(a)		57,402		1,414,385
Methode Electronics, Inc.		1,181		28,025
OSI Systems, Inc.^(a)		26,026		3,208,745
PC Connection, Inc.		192,592		11,484,261
Plexus Corp.^(a)		44,491		4,533,188
Rogers Corp.^(a)		9,103		1,177,928
Sanmina Corp.^(a)		618,478		30,991,933
ScanSource, Inc.^(a)		114,277		3,820,280
TTM Technologies, Inc.^(a)		353,709		5,309,172


				128,964,014

Energy Equipment & Services — 2.1%
Archrock, Inc.		549,371		7,960,386
Borr Drilling Ltd.^(a)(b)		965,881		6,085,050
ChampionX Corp.		64,422		1,888,853
Helix Energy Solutions Group, Inc.^(a)		857,343		7,990,437
Helmerich & Payne, Inc.		275,957		9,997,922
Liberty Energy, Inc., Class A		438,104		8,696,365
Oil States International, Inc.^(a)		486,853		3,354,417
Patterson-UTI Energy, Inc.		341,868		4,003,274
ProPetro Holding Corp.^(a)		1,258,589		11,465,746
RPC, Inc.		124,713		904,169


28		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

November 30, 2023

BlackRock Advantage Small Cap Core Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Energy Equipment & Services (continued)
Solaris Oilfield Infrastructure, Inc., Class A		140,840	$	1,205,590
U.S. Silica Holdings, Inc.^(a)		445,557		5,025,883


				68,578,092

Entertainment — 0.2%
Cinemark Holdings, Inc.^(a)(b)		197,034		2,807,735
Eros Media World PLC, Class A^(a)		23,977		3
IMAX Corp.^(a)		34,003		542,348
Lions Gate Entertainment Corp., Class A^(a)		95,487		843,150
Lions Gate Entertainment Corp., Class B, NVS^(a)		68,951		576,430
Marcus Corp. (The)		31,463		437,650


				5,207,316

Financial Services — 1.9%
Essent Group Ltd.		144,014		6,961,637
Federal Agricultural Mortgage Corp., Class C, NVS		14,603		2,421,762
Marqeta, Inc., Class A^(a)(b)		628,330		3,989,895
NMI Holdings, Inc., Class A^(a)		335,450		9,224,875
Pagseguro Digital Ltd., Class A^(a)		1,679,788		16,932,263
Radian Group, Inc.		70,686		1,817,337
Repay Holdings Corp., Class A^(a)		299,265		2,244,488
StoneCo Ltd., Class A^(a)		1,343,667		20,961,205


				64,553,462

Food Products — 0.6%
Cal-Maine Foods, Inc.		128,790		6,171,617
Fresh Del Monte Produce, Inc.		61,543		1,403,180
J M Smucker Co. (The)		1		64
Lancaster Colony Corp.		18,386		3,050,238
Sovos Brands, Inc.^(a)(b)		57,832		1,267,099
SunOpta, Inc.^(a)		498,545		2,462,812
Vital Farms, Inc.^(a)		420,625		5,602,725


				19,957,735

Gas Utilities — 1.0%
Brookfield Infrastructure Corp., Class A		103,751		3,222,506
New Jersey Resources Corp.		490,347		20,692,643
ONE Gas, Inc.		148,885		8,580,243


				32,495,392

Ground Transportation — 0.2%
Covenant Logistics Group, Inc., Class A		135,683		5,776,026
FTAI Infrastructure, Inc.		566,566		2,096,294
Universal Logistics Holdings, Inc.		42		1,039


				7,873,359

Health Care Equipment & Supplies — 2.3%
Accuray, Inc.^(a)		347,494		906,959
AngioDynamics, Inc.^(a)(b)		219,606		1,434,027
Artivion, Inc.^(a)		117,248		2,079,980
AtriCure, Inc.^(a)		75,051		2,662,810
Atrion Corp.		4,068		1,254,368
Cerus Corp.^(a)		251,325		404,633
Glaukos Corp.^(a)		31,651		2,022,182
Haemonetics Corp.^(a)		17,141		1,386,193
Inari Medical, Inc.^(a)		58,605		3,498,132
Inmode Ltd.^(a)		123,260		2,927,425
Inogen, Inc.^(a)		35,734		207,972
Inspire Medical Systems, Inc.^(a)(b)		17,183		2,496,862
iRadimed Corp.		15,690		689,419
Lantheus Holdings, Inc.^(a)		27,575		1,974,922
LeMaitre Vascular, Inc.		39,079		2,059,463
LivaNova PLC^(a)		172,237		7,724,829
Merit Medical Systems, Inc.^(a)		308,404		22,069,390
NeuroPace, Inc.^(a)		911		8,190
Nevro Corp.^(a)		66,205		1,146,671


Security	Shares		Value

Health Care Equipment & Supplies (continued)
Omnicell, Inc.^(a)		75,528	$	2,519,614
OraSure Technologies, Inc.^(a)		490,919		3,593,527
Paragon 28, Inc.^(a)		50,402		556,942
SI-BONE, Inc.^(a)(b)		89,094		1,689,222
STAAR Surgical Co.^(a)		175,744		5,511,332
Tactile Systems Technology, Inc.^(a)		237,765		3,169,407
Varex Imaging Corp.^(a)(b)		205,851		3,880,291
Zimvie, Inc.^(a)		28,688		271,102


				78,145,864

Health Care Providers & Services — 2.7%
Accolade, Inc.^(a)(b)		98,345		858,552
Addus HomeCare Corp.^(a)		6,822		594,878
Alignment Healthcare, Inc.^(a)		81,717		612,878
AMN Healthcare Services, Inc.^(a)(b)		12,296		833,669
Aveanna Healthcare Holdings, Inc.^(a)(b)		142,707		389,590
Brookdale Senior Living, Inc.^(a)		267,276		1,416,563
CorVel Corp.^(a)		8,801		1,838,177
Cross Country Healthcare, Inc.^(a)		90,198		1,828,313
Ensign Group, Inc. (The)^(b)		184,361		19,739,532
Fulgent Genetics, Inc.^(a)		22,525		621,240
Guardant Health, Inc.^(a)		255,468		6,430,130
HealthEquity, Inc.^(a)		92,777		6,217,915
Hims & Hers Health, Inc., Class A^(a)		425,527		3,782,935
NeoGenomics, Inc.^(a)		73,071		1,327,700
OPKO Health, Inc.^(a)(b)		739,872		1,080,213
Option Care Health, Inc.^(a)		195,412		5,813,507
Patterson Cos., Inc.		39,488		1,003,390
PetIQ, Inc., Class A^(a)(b)		196,189		3,417,612
Privia Health Group, Inc.^(a)(b)		233,974		4,833,903
Progyny, Inc.^(a)(b)		583,561		20,051,156
Quipt Home Medical Corp.^(a)		67,512		317,306
R1 RCM, Inc.^(a)		46,208		488,881
RadNet, Inc.^(a)		173,863		5,777,467
Viemed Healthcare, Inc.^(a)		189,325		1,471,055


				90,746,562

Health Care REITs — 0.0%
Diversified Healthcare Trust		309,983		725,360


Health Care Technology — 0.3%
American Well Corp., Class A^(a)		1,156,459		1,468,703
Health Catalyst, Inc.^(a)		230,801		1,657,151
HealthStream, Inc.		29,841		746,025
Phreesia, Inc.^(a)		20,771		320,081
Schrodinger, Inc.^(a)		16,488		512,612
Sharecare, Inc., Class A^(a)		76,700		71,914
Veradigm, Inc.^(a)(b)		311,869		3,580,256


				8,356,742

Hotel & Resort REITs — 0.9%
Apple Hospitality REIT, Inc.		110,796		1,846,969
Braemar Hotels & Resorts, Inc.		1,894,001		3,977,402
Chatham Lodging Trust		139,414		1,381,593
RLJ Lodging Trust		1,954,048		20,888,773
Ryman Hospitality Properties, Inc.		11,973		1,201,491
Summit Hotel Properties, Inc.		335,157		2,098,083


				31,394,311

Hotels, Restaurants & Leisure — 1.2%
Accel Entertainment, Inc., Class A^(a)		215,508		2,185,251
Bally’s Corp.^(a)		209,743		2,416,239
BJ’s Restaurants, Inc.^(a)		130,315		3,900,328
Carrols Restaurant Group, Inc.		311,525		2,352,014
Chuy’s Holdings, Inc.^(a)		12,400		436,480


SCHEDULES OF INVESTMENTS		29

Schedule of Investments (unaudited) (continued)

November 30, 2023

BlackRock Advantage Small Cap Core Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
El Pollo Loco Holdings, Inc.^(a)		170,515	$	1,416,980
Everi Holdings, Inc.^(a)		252,152		2,634,988
Hilton Grand Vacations, Inc.^(a)		128,486		4,401,930
Monarch Casino & Resort, Inc.		72,145		4,536,478
Papa John’s International, Inc.		10,268		669,884
PlayAGS, Inc.^(a)		181,033		1,384,903
Shake Shack, Inc., Class A^(a)		80,431		4,870,901
Super Group SGHC Ltd.^(a)		142,030		431,771
Wingstop, Inc.		39,380		9,465,377


				41,103,524

Household Durables — 2.4%
Century Communities, Inc.		143,289		10,336,868
Ethan Allen Interiors, Inc.		150,901		4,050,183
GoPro, Inc., Class A^(a)		223,254		805,947
Hooker Furnishings Corp.		26,598		475,572
Installed Building Products, Inc.		103,850		15,630,463
iRobot Corp.^(a)		39,103		1,412,009
KB Home		201,065		10,475,487
MDC Holdings, Inc.		63,345		2,803,650
Meritage Homes Corp.		25,823		3,648,790
Taylor Morrison Home Corp., Class A^(a)		447,530		20,183,603
Tri Pointe Homes, Inc.^(a)		359,228		10,482,273
Universal Electronics, Inc.^(a)		18,302		142,573
Vizio Holding Corp., Class A^(a)		83,548		559,772


				81,007,190

Household Products — 0.2%
Central Garden & Pet Co.^(a)(b)		14,301		580,335
Central Garden & Pet Co., Class A, NVS^(a)		202,476		7,345,829


				7,926,164

Independent Power and Renewable Electricity Producers — 0.9%
Brookfield Renewable Corp., Class A		153,565		4,075,615
Clearway Energy, Inc., Class A		572,077		13,541,063
Clearway Energy, Inc., Class C		452,268		11,293,132
Spruce Power Holding Corp.^(a)		110		386


				28,910,196

Industrial REITs — 0.3%
First Industrial Realty Trust, Inc.		60,784		2,859,887
Industrial Logistics Properties Trust		190,894		647,131
Terreno Realty Corp.		122,571		7,000,030


				10,507,048

Insurance — 1.9%
Ambac Financial Group, Inc.^(a)		205,033		3,024,237
CNO Financial Group, Inc.		302,908		8,027,062
Crawford & Co., Class A, NVS		55,606		621,675
Donegal Group, Inc., Class A		107,663		1,532,044
eHealth, Inc.^(a)(b)		213,998		1,590,005
Genworth Financial, Inc., Class A^(a)		506,494		2,983,250
Heritage Insurance Holdings, Inc.^(a)		129,896		1,141,786
Kinsale Capital Group, Inc.		33,953		11,886,945
Mercury General Corp.		394,603		14,698,962
Oscar Health, Inc., Class A^(a)		762,817		6,483,945
Palomar Holdings, Inc.^(a)		20,690		1,210,572
Selective Insurance Group, Inc.		99,076		10,075,038
Selectquote, Inc.^(a)		299,974		377,967
Tiptree, Inc.		15,625		291,250
United Fire Group, Inc.		30,387		634,784


				64,579,522

Interactive Media & Services — 1.9%
Bumble, Inc., Class A^(a)(b)		617,670		8,560,906
Cargurus, Inc., Class A^(a)(b)		403,889		8,732,080


Security	Shares		Value

Interactive Media & Services (continued)
DHI Group, Inc.^(a)		13,808	$	33,968
Eventbrite, Inc., Class A^(a)		365,141		2,574,244
EverQuote, Inc., Class A^(a)(b)		101,979		1,068,740
fuboTV, Inc.^(a)		219,645		700,668
QuinStreet, Inc.^(a)		67,642		844,849
Shutterstock, Inc.		144,236		6,333,403
TrueCar, Inc.^(a)(b)		276,207		770,617
Vimeo, Inc.^(a)		1,032,757		3,635,305
Yelp, Inc.^(a)		476,264		20,817,499
ZipRecruiter, Inc., Class A^(a)		670,333		8,989,165


				63,061,444

IT Services — 0.4%
Backblaze, Inc., Class A^(a)		46,578		337,225
Brightcove, Inc.^(a)		60,357		147,875
DigitalOcean Holdings, Inc.^(a)		20,596		610,053
Fastly, Inc., Class A^(a)		262,929		4,367,251
Grid Dynamics Holdings, Inc., Class A^(a)		56,199		712,603
Hackett Group, Inc. (The)		200,652		4,476,546
Information Services Group, Inc.		12,718		52,907
Rackspace Technology, Inc.^(a)		62,574		78,843
Squarespace, Inc., Class A^(a)		86,593		2,427,202
Unisys Corp.^(a)		190,974		914,765


				14,125,270

Leisure Products — 0.1%
MasterCraft Boat Holdings, Inc.^(a)		75,869		1,517,380
Topgolf Callaway Brands Corp.^(a)(b)		105,318		1,291,199


				2,808,579

Life Sciences Tools & Services — 0.6%
AbCellera Biologics, Inc.^(a)(b)		411,163		1,936,578
Adaptive Biotechnologies Corp.^(a)		866,616		3,795,778
Akoya Biosciences, Inc.^(a)		686		3,011
Alpha Teknova, Inc.^(a)		665		1,357
Codexis, Inc.^(a)		534,328		1,261,014
CryoPort, Inc.^(a)		81,459		1,142,055
Harvard Bioscience, Inc.^(a)		307		1,308
Medpace Holdings, Inc.^(a)		8,798		2,381,795
Pacific Biosciences of California, Inc.^(a)		685,699		5,814,727
Personalis, Inc.^(a)		701,514		1,073,316
Quanterix Corp.^(a)		32,339		775,166
Quantum-Si, Inc., Class A^(a)(b)		316,298		509,240
Seer, Inc., Class A^(a)		343,146		552,465
Singular Genomics Systems, Inc.^(a)(b)		130,459		51,114
SomaLogic, Inc., Class A^(a)		160,615		452,934


				19,751,858

Machinery — 3.3%
Alamo Group, Inc.		4,987		916,112
Albany International Corp., Class A		15,731		1,350,034
Astec Industries, Inc.		111,575		3,468,867
Columbus McKinnon Corp.		15,140		528,689
Commercial Vehicle Group, Inc.^(a)		30,827		200,992
Federal Signal Corp.		30,386		2,094,811
Franklin Electric Co., Inc.		219,377		19,524,553
Kadant, Inc.		688		179,307
Kennametal, Inc.		477,669		11,134,464
Manitowoc Co., Inc. (The)^(a)		440,601		6,313,812
Mueller Industries, Inc.		236,747		9,832,103
NN, Inc.^(a)		1,027		2,465
Tennant Co.		56,753		4,859,192
Terex Corp.		305,059		15,100,420
Trinity Industries, Inc.		221,809		5,536,353
Wabash National Corp.		62,359		1,366,909


30		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

November 30, 2023

BlackRock Advantage Small Cap Core Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Machinery (continued)
Watts Water Technologies, Inc., Class A		121,794	$	23,446,563
Xylem, Inc.		45,680		4,802,338


				110,657,984

Marine Transportation — 0.5%
Matson, Inc.		163,823		15,689,329


Media — 0.6%
Cardlytics, Inc.^(a)(b)		86,862		691,422
Entravision Communications Corp., Class A		316,952		1,258,300
EW Scripps Co. (The), Class A, NVS^(a)(b)		190,320		1,315,111
Gambling.com Group Ltd.^(a)		73,906		706,541
Gray Television, Inc.		70,655		546,163
iHeartMedia, Inc., Class A^(a)(b)		179,947		471,461
Integral Ad Science Holding Corp.^(a)		225,784		3,294,189
PubMatic, Inc., Class A^(a)		83,904		1,402,036
TEGNA, Inc.		295,635		4,532,085
Thryv Holdings, Inc.^(a)		285,017		5,070,452
Townsquare Media, Inc., Class A		77		765


				19,288,525

Metals & Mining — 1.9%
Atlas Lithium Corp.^(a)(b)		15,821		391,886
Caledonia Mining Corp. PLC		14,352		170,071
Century Aluminum Co.^(a)		25,555		200,862
Coeur Mining, Inc.^(a)		1,798,765		5,486,233
Commercial Metals Co.		580,205		26,300,693
Constellium SE, Class A^(a)		276,426		4,809,812
i-80 Gold Corp.^(a)		547,630		887,161
Kaiser Aluminum Corp.		22,117		1,293,402
Materion Corp.		35,847		4,054,654
NioCorp Developments Ltd.^(a)		41,996		136,487
Novagold Resources, Inc.^(a)		672,408		2,824,114
Olympic Steel, Inc.		36,998		2,091,497
Perpetua Resources Corp.^(a)		17,005		53,736
Ryerson Holding Corp.		126,151		3,906,896
Schnitzer Steel Industries, Inc., Class A		257,735		6,605,748
SunCoke Energy, Inc.		75,792		705,624
Tredegar Corp.		71,043		333,902
Warrior Met Coal, Inc.^(b)		45,760		2,561,187
Worthington Enterprises, Inc.		4,198		300,997


				63,114,962

Mortgage Real Estate Investment Trusts (REITs) — 0.2%
Arbor Realty Trust, Inc.		101,337		1,264,686
Granite Point Mortgage Trust, Inc.		8,770		48,235
Great Ajax Corp.		186,200		880,726
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		92,165		2,231,315
Ladder Capital Corp., Class A		72,925		817,489


				5,242,451

Multi-Utilities — 0.1%
Avista Corp.		110,121		3,738,608
Unitil Corp.		23,223		1,125,851


				4,864,459

Office REITs — 1.0%
Brandywine Realty Trust		362,091		1,614,926
City Office REIT, Inc.		24,622		118,924
COPT Defense Properties		399,909		9,677,798
Equity Commonwealth		276,403		5,193,612
Hudson Pacific Properties, Inc.		269,644		1,582,810
Office Properties Income Trust		267,324		1,491,668


Security	Shares		Value

Office REITs (continued)
Paramount Group, Inc.		2,424,306	$	11,394,238
Piedmont Office Realty Trust, Inc., Class A		367,548		2,286,149


				33,360,125

Oil, Gas & Consumable Fuels — 5.3%
Ardmore Shipping Corp.		34,182		464,875
California Resources Corp.		9,429		482,859
CVR Energy, Inc.		460,645		14,634,692
Delek U.S. Holdings, Inc.		489,921		13,296,456
Dorian LPG Ltd.		20,311		860,374
Encore Energy Corp.^(a)		204,685		798,272
Energy Fuels, Inc.^(a)(b)		154,728		1,230,088
Evolution Petroleum Corp.		251,072		1,488,857
Magnolia Oil & Gas Corp., Class A		1,264,989		27,197,263
Matador Resources Co.		223,106		12,913,375
Murphy Oil Corp.		798,469		34,150,519
Ovintiv, Inc.		79,963		3,545,559
Par Pacific Holdings, Inc.^(a)		255,468		8,754,888
PBF Energy, Inc., Class A		326,375		14,491,050
REX American Resources Corp.^(a)		11,189		548,485
Scorpio Tankers, Inc.		144,364		7,924,140
SM Energy Co.		626,517		23,463,062
World Kinect Corp.		481,374		10,128,109


				176,372,923

Passenger Airlines — 0.5%
Hawaiian Holdings, Inc.^(a)		283,967		1,275,012
JetBlue Airways Corp.^(a)		2,514,189		11,112,716
SkyWest, Inc.^(a)		54,368		2,570,519
Spirit Airlines, Inc.		159,537		2,364,338


				17,322,585

Personal Care Products — 0.6%
BellRing Brands, Inc.^(a)		203,987		10,790,912
elf Beauty, Inc.^(a)		71,086		8,394,546
Nature’s Sunshine Products, Inc.^(a)		1,259		21,567


				19,207,025

Pharmaceuticals — 2.5%
ANI Pharmaceuticals, Inc.^(a)		25,819		1,286,044
Arvinas, Inc.^(a)		230,825		5,071,225
Atea Pharmaceuticals, Inc.^(a)		674,327		2,016,238
Collegium Pharmaceutical, Inc.^(a)		210,667		5,399,395
Corcept Therapeutics, Inc.^(a)(b)		627,072		15,971,524
Endo International PLC^(a)		724,513		1,811
Evolus, Inc.^(a)		82,077		777,269
Harmony Biosciences Holdings, Inc.^(a)(b)		221,545		6,438,098
Innoviva, Inc.^(a)		74,163		1,027,158
Intra-Cellular Therapies, Inc.^(a)		61,926		3,800,399
Ligand Pharmaceuticals, Inc.^(a)		20,302		1,183,810
Longboard Pharmaceuticals, Inc.^(a)		216		812
Mind Medicine MindMed, Inc.^(a)(b)		16,675		55,027
Nektar Therapeutics^(a)(b)		1,042,322		510,738
Nuvation Bio, Inc., Class A^(a)		607,913		753,812
Pacira BioSciences, Inc.^(a)		143,903		3,925,674
Prestige Consumer Healthcare, Inc.^(a)(b)		340,174		19,508,979
Scilex Holding Co. (Acquired 03/05/21 - 01/09/23,cost $9,826,744), NVS^(a)(b)(d)		430,177		519,499
Supernus Pharmaceuticals, Inc.^(a)(b)		602,298		16,412,620
Trevi Therapeutics, Inc.^(a)		45		51
Xeris Biopharma Holdings, Inc.^(a)		196,461		365,417


				85,025,600

Professional Services — 2.6%
Conduent, Inc.^(a)		505,625		1,537,100


SCHEDULES OF INVESTMENTS		31

Schedule of Investments (unaudited) (continued)

November 30, 2023

BlackRock Advantage Small Cap Core Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Professional Services (continued)
CSG Systems International, Inc.		106,710	$	5,249,065
ExlService Holdings, Inc.^(a)		596,197		16,914,109
Exponent, Inc.		60,741		4,674,627
Franklin Covey Co.^(a)		81,753		3,178,557
Huron Consulting Group, Inc.^(a)		68,927		7,180,126
Insperity, Inc.		287,529		32,706,424
KBR, Inc.		70,885		3,662,628
Kelly Services, Inc., Class A, NVS		153,363		3,188,417
Kforce, Inc.		67,999		4,739,530
Korn Ferry		19,321		999,668
Maximus, Inc.		12,359		1,031,853
Parsons Corp.^(a)		2,829		176,218
ShiftPixy, Inc.^(a)		3		25
TTEC Holdings, Inc.		4,978		93,188


				85,331,535

Real Estate Management & Development — 0.4%
Anywhere Real Estate, Inc.^(a)(b)		223,010		1,199,794
Compass, Inc., Class A^(a)		228,234		506,679
FRP Holdings, Inc.^(a)(b)		28,662		1,580,709
Opendoor Technologies, Inc.^(a)		604,698		1,820,141
Redfin Corp.^(a)		72,372		504,433
RMR Group, Inc. (The), Class A		183,150		4,364,465
St. Joe Co. (The)		96,495		4,962,738


				14,938,959

Residential REITs — 0.5%
Bluerock Homes Trust, Inc., Class A^(a)		77		1,055
Elme Communities		127,712		1,678,135
Independence Realty Trust, Inc.		807,631		10,999,934
NexPoint Residential Trust, Inc.		124,646		3,795,471


				16,474,595

Retail REITs — 1.0%
Acadia Realty Trust		622,296		9,409,115
Kite Realty Group Trust		925,691		19,550,594
RPT Realty		245,833		2,856,579
Tanger, Inc.		57,512		1,435,500


				33,251,788

Semiconductors & Semiconductor Equipment — 2.4%
Ambarella, Inc.^(a)		97,699		5,735,908
Amkor Technology, Inc.		417,425		11,758,862
Axcelis Technologies, Inc.^(a)		197,764		24,578,110
Diodes, Inc.^(a)(b)		46,882		3,113,902
FormFactor, Inc.^(a)		20,230		760,243
Ichor Holdings Ltd.^(a)		62,844		1,642,114
inTEST Corp.^(a)		37,722		493,027
Kulicke & Soffa Industries, Inc.		108,053		5,566,891
MaxLinear, Inc.^(a)		424,096		7,943,318
Photronics, Inc.^(a)		137,980		2,915,517
Power Integrations, Inc.		90,399		6,907,388
Rambus, Inc.^(a)		19,983		1,352,250
Silicon Laboratories, Inc.^(a)(b)		50,220		5,291,681
Synaptics, Inc.^(a)		33,101		3,351,145


				81,410,356

Software — 5.9%
8x8, Inc.^(a)		664,458		2,053,175
ACI Worldwide, Inc.^(a)		201,627		5,391,506
Alarm.com Holdings, Inc.^(a)		88,736		4,834,337
Appfolio, Inc., Class A^(a)		46,207		8,744,675
Asana, Inc., Class A^(a)(b)		261,357		5,491,111
Aurora Innovation, Inc., Class A^(a)(b)		457,155		1,001,169
Bit Digital, Inc.^(a)(b)		554,668		1,431,043


Security	Shares		Value

Software (continued)
BlackLine, Inc.^(a)		173,535	$	10,039,000
Box, Inc., Class A^(a)(b)		393,240		10,291,091
Braze, Inc., Class A^(a)(b)		5,338		293,270
C3.ai, Inc., Class A^(a)(b)		39,176		1,140,805
Cerence, Inc.^(a)		34,254		592,252
Cleanspark, Inc.^(a)(b)		156,533		976,766
CommVault Systems, Inc.^(a)		115,259		8,480,757
Domo, Inc., Class B^(a)		259,379		2,461,507
eGain Corp.^(a)		1,996		15,210
EngageSmart, Inc.^(a)		71,125		1,622,361
Everbridge, Inc.^(a)		322,279		6,561,600
Expensify, Inc., Class A^(a)		140,286		326,866
Freshworks, Inc., Class A^(a)		124,215		2,486,784
Intapp, Inc.^(a)		49,310		1,849,125
Kaltura, Inc.^(a)		29,153		49,852
Klaviyo, Inc., Class A^(a)		29,916		886,411
LivePerson, Inc.^(a)(b)		603,971		1,715,278
LiveRamp Holdings, Inc.^(a)		206,397		6,844,125
MicroStrategy, Inc., Class A^(a)(b)		2,577		1,284,119
Model N, Inc.^(a)		239,991		5,507,793
PROS Holdings, Inc.^(a)(b)		116,306		4,250,984
Q2 Holdings, Inc.^(a)		742,183		26,362,340
Qualys, Inc.^(a)(b)		69,665		12,876,879
Rapid7, Inc.^(a)		205,925		11,150,839
Sapiens International Corp. NV		56		1,441
SEMrush Holdings, Inc., Class A^(a)		211,394		2,308,422
Sprinklr, Inc., Class A^(a)		45,871		719,257
Sprout Social, Inc., Class A^(a)(b)		92,302		5,251,984
Telos Corp.^(a)		82,597		339,474
Tenable Holdings, Inc.^(a)		122,247		5,059,803
Upland Software, Inc.^(a)		151,227		713,791
Varonis Systems, Inc.^(a)(b)		496,382		20,793,442
Verint Systems, Inc.^(a)		180,257		4,428,915
Workiva, Inc., Class A^(a)(b)		28,589		2,749,404
Yext, Inc.^(a)		155,117		1,028,426
Zeta Global Holdings Corp., Class A^(a)(b)		133,590		1,091,430
Zuora, Inc., Class A^(a)		606,688		5,532,995


				197,031,814

Specialized REITs — 0.4%
Outfront Media, Inc.		1,144,820		14,001,149


Specialty Retail — 3.9%
1-800-Flowers.com, Inc., Class A^(a)		564,990		4,988,862
Aaron’s Co., Inc. (The)		258,259		2,275,262
Abercrombie & Fitch Co., Class A^(a)		196,031		14,876,793
Academy Sports & Outdoors, Inc.		49,759		2,531,240
American Eagle Outfitters, Inc.		120,600		2,295,018
Beyond, Inc.^(a)		54,326		1,044,146
CarParts.com, Inc.^(a)		239,564		733,066
Carvana Co., Class A^(a)(b)		107,286		3,360,197
Cato Corp. (The), Class A		7,208		49,879
Citi Trends, Inc.^(a)(b)		25,929		619,184
Conn’s, Inc.^(a)		344,706		1,137,530
Container Store Group, Inc. (The)^(a)(b)		88,112		165,650
Duluth Holdings, Inc., Class B^(a)		25,957		130,045
Foot Locker, Inc.		75,926		2,044,687
Group 1 Automotive, Inc.		98,696		27,842,142
Guess?, Inc.		67,884		1,494,806
Haverty Furniture Cos., Inc.		34,174		1,071,013
Lands’ End, Inc.^(a)(b)		77,927		550,165
Lulu’s Fashion Lounge Holdings, Inc.^(a)		163		445
Murphy U.S.A., Inc.		48,304		17,850,743
National Vision Holdings, Inc.^(a)		7,822		144,316


32		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

November 30, 2023

BlackRock Advantage Small Cap Core Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value


Specialty Retail (continued)
ODP Corp. (The)^(a)		202,746	$	9,235,080
Revolve Group, Inc., Class A^(a)(b)		398,211		5,304,170
Sonic Automotive, Inc., Class A		21,377		1,095,999
Stitch Fix, Inc., Class A^(a)		972,734		3,638,025
Upbound Group, Inc.		99,037		2,881,977
Urban Outfitters, Inc.^(a)		303,558		10,837,021
Warby Parker, Inc., Class A^(a)		354,802		3,693,489
Winmark Corp.		9,741		4,188,630
Zumiez, Inc.^(a)		172,658		3,259,783


				129,339,363

Technology Hardware, Storage & Peripherals — 0.8%
Super Micro Computer, Inc.^(a)		74,473		20,366,131
Turtle Beach Corp.^(a)		11,679		132,090
Xerox Holdings Corp.		333,417		4,664,504


				25,162,725

Textiles, Apparel & Luxury Goods — 0.3%
Crocs, Inc.^(a)		39,588		4,180,889
Figs, Inc., Class A^(a)(b)		78,353		568,843
Fossil Group, Inc.^(a)		118,097		129,907
G-III Apparel Group Ltd.^(a)		61,350		1,765,039
Oxford Industries, Inc.		16,498		1,491,914
Unifi, Inc.^(a)		38,167		248,085
Vera Bradley, Inc.^(a)		4,643		34,869


				8,419,546

Tobacco — 0.1%
Turning Point Brands, Inc.		91,419		2,087,096


Trading Companies & Distributors — 3.3%
Applied Industrial Technologies, Inc.		98,130		15,707,669
BlueLinx Holdings, Inc.^(a)		2,406		211,367
Boise Cascade Co.		334,671		36,579,476
GATX Corp.		89,447		9,749,723
Global Industrial Co.		16,004		569,903
GMS, Inc.^(a)		126,550		8,559,842
H&E Equipment Services, Inc.		111,272		4,930,462
Herc Holdings, Inc.		46,265		5,721,130
McGrath RentCorp		94,802		9,640,416
MRC Global, Inc.^(a)		79,247		819,414
NOW, Inc.^(a)		128,810		1,284,236
Rush Enterprises, Inc., Class A		382,251		15,163,897
Titan Machinery, Inc.^(a)		31,626		722,970


				109,660,505

Wireless Telecommunication Services — 0.3%
Telephone & Data Systems, Inc.		330,428		6,509,432
United States Cellular Corp.^(a)		99,513		4,520,875


				11,030,307


Total Common Stocks — 98.9% (Cost: $3,350,572,351)				3,298,483,307


Security	Shares		Value


Rights

Biotechnology — 0.0%
Flexion Therapeutics, Inc., CVR^(a)(c)		73,745	$	38,347
Radius Health, Inc., CVR^(a)		72,193		5,776


				44,123

Paper & Forest Products — 0.0%
Resolute Forest Products, Inc., CVR^(a)(c)		72,036		105,893


Pharmaceuticals — 0.0%
Albireo Pharma Inc., CVR^(a)(b)(c)		28,456		89,352


Total Rights — 0.0% (Cost: $ —)				239,368


Total Long-Term Investments — 98.9% (Cost: $3,350,572,351)				3,298,722,675


Short-Term Securities

Money Market Funds — 4.6%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.26%^(e)(f)		35,851,323		35,851,323
SL Liquidity Series, LLC, Money Market Series, 5.56%^(e)(f)(g)		116,222,403		116,268,892


Total Short-Term Securities — 4.6% (Cost: $152,051,673)				152,120,215


Total Investments — 103.5% (Cost: $3,502,624,024)				3,450,842,890

Liabilities in Excess of Other Assets — (3.5)%				(116,771,005	)


Net Assets — 100.0%			$	3,334,071,885

^(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 $519,499, representing 0.0% of its net assets as of period end, and an original cost of $9,826,744.

^(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.


SCHEDULES OF INVESTMENTS		33

Schedule of Investments (unaudited) (continued)

November 30, 2023

BlackRock Advantage Small Cap Core Fund

Affiliates



Affiliated Issuer	Value at 05/31/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 11/30/23		Shares Held at 11/30/23		Income			Capital Gain Distributions from Underlying Funds

BlackRock Liquidity Funds, T-Fund, Institutional Class	$	32,705,335	$	3,145,988	^(a)	$	—	$	—	$	—	$	35,851,323		35,851,323	$	816,142		$	—
SL Liquidity Series, LLC, Money Market Series		99,134,034		17,090,927	^(a)		—		27,040		16,891		116,268,892		116,222,403		395,589	^(b)		—


								$	27,040	$	16,891	$	152,120,215			$	1,211,731		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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

407

12/15/23

36,878

344,156

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)	$	—	$	—	$	344,156	$	—	$	—	$	—	$	344,156

^(a)

For the period ended November 30, 2023, 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	$	—	$	—	$	689,947	$	—	$	—	$	—	$	689,947


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	615,656	$	—	$	—	$	—	$	615,656


34		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

November 30, 2023

BlackRock Advantage Small Cap Core Fund

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	38,691,175

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

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks
Aerospace & Defense	$	11,748,539	$	—	$	—	$	11,748,539
Air Freight & Logistics		3,949,829		—		—		3,949,829
Automobile Components		68,491,453		—		—		68,491,453
Automobiles		3,424,097		—		—		3,424,097
Banks		281,319,345		—		—		281,319,345
Beverages		32,181,018		—		—		32,181,018
Biotechnology		235,503,250		5,606		15,476		235,524,332
Broadline Retail		2,227,624		—		—		2,227,624
Building Products		68,273,513		—		—		68,273,513
Capital Markets		57,928,909		—		—		57,928,909
Chemicals		28,471,485		—		—		28,471,485
Commercial Services & Supplies		20,875,096		—		—		20,875,096
Communications Equipment		13,004,774		—		—		13,004,774
Construction & Engineering		96,397,221		—		—		96,397,221
Construction Materials		13,835,725		—		—		13,835,725
Consumer Finance		40,537,876		—		—		40,537,876
Consumer Staples Distribution & Retail		10,889,086		—		—		10,889,086
Diversified Consumer Services		57,410,877		—		—		57,410,877
Diversified REITs		15,838,295		—		—		15,838,295
Diversified Telecommunication Services		18,193,057		—		—		18,193,057
Electric Utilities		8,962,031		—		—		8,962,031
Electrical Equipment		59,934,415		—		—		59,934,415
Electronic Equipment, Instruments & Components		128,964,014		—		—		128,964,014
Energy Equipment & Services		68,578,092		—		—		68,578,092
Entertainment		5,207,316		—		—		5,207,316
Financial Services		64,553,462		—		—		64,553,462
Food Products		19,957,735		—		—		19,957,735
Gas Utilities		32,495,392		—		—		32,495,392
Ground Transportation		7,873,359		—		—		7,873,359
Health Care Equipment & Supplies		78,145,864		—		—		78,145,864
Health Care Providers & Services		90,746,562		—		—		90,746,562
Health Care REITs		725,360		—		—		725,360
Health Care Technology		8,356,742		—		—		8,356,742
Hotel & Resort REITs		31,394,311		—		—		31,394,311
Hotels, Restaurants & Leisure		41,103,524		—		—		41,103,524
Household Durables		81,007,190		—		—		81,007,190
Household Products		7,926,164		—		—		7,926,164
Independent Power and Renewable Electricity Producers		28,910,196		—		—		28,910,196
Industrial REITs		10,507,048		—		—		10,507,048
Insurance		64,579,522		—		—		64,579,522
Interactive Media & Services		63,061,444		—		—		63,061,444
IT Services		14,125,270		—		—		14,125,270
Leisure Products		2,808,579		—		—		2,808,579
Life Sciences Tools & Services		19,751,858		—		—		19,751,858
Machinery		110,657,984		—		—		110,657,984
Marine Transportation		15,689,329		—		—		15,689,329
Media		19,288,525		—		—		19,288,525


SCHEDULES OF INVESTMENTS			35

Schedule of Investments (unaudited) (continued)

November 30, 2023

BlackRock Advantage Small Cap Core Fund

Fair Value Hierarchy as of Period End (continued)




	Level 1		Level 2		Level 3		Total


Common Stocks (continued)
Metals & Mining	$	63,114,962	$	—	$	—	$	63,114,962
Mortgage Real Estate Investment Trusts (REITs)		5,242,451		—		—		5,242,451
Multi-Utilities		4,864,459		—		—		4,864,459
Office REITs		33,360,125		—		—		33,360,125
Oil, Gas & Consumable Fuels		176,372,923		—		—		176,372,923
Passenger Airlines		17,322,585		—		—		17,322,585
Personal Care Products		19,207,025		—		—		19,207,025
Pharmaceuticals		84,506,101		519,499		—		85,025,600
Professional Services		85,331,535		—		—		85,331,535
Real Estate Management & Development		14,938,959		—		—		14,938,959
Residential REITs		16,474,595		—		—		16,474,595
Retail REITs		33,251,788		—		—		33,251,788
Semiconductors & Semiconductor Equipment		81,410,356		—		—		81,410,356
Software		197,031,814		—		—		197,031,814
Specialized REITs		14,001,149		—		—		14,001,149
Specialty Retail		129,339,363		—		—		129,339,363
Technology Hardware, Storage & Peripherals		25,162,725		—		—		25,162,725
Textiles, Apparel & Luxury Goods		8,419,546		—		—		8,419,546
Tobacco		2,087,096		—		—		2,087,096
Trading Companies & Distributors		109,660,505		—		—		109,660,505
Wireless Telecommunication Services		11,030,307		—		—		11,030,307
Rights		—		5,776		233,592		239,368
Short-Term Securities
Money Market Funds		35,851,323		—		—		35,851,323


	$	3,333,794,049	$	530,881	$	249,068		3,334,573,998


Investments valued at NAV^(a)								116,268,892


							$	3,450,842,890

Derivative Financial Instruments^(b)
Assets
Equity Contracts	$	344,156	$	—	$	—	$	344,156

^(a)

Certain investments of the Fund were fair valued using NAV as a practical expedient or its equivalent as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

^(b)

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

See notes to financial statements.


36		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited)

November 30, 2023

BlackRock Advantage Large Cap Core Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.4%
Lockheed Martin Corp.		86,557	$	38,757,628


Air Freight & Logistics — 1.1%
FedEx Corp.		118,661		30,713,027


Automobiles — 2.1%
General Motors Co.		1,131,782		35,764,311
Tesla, Inc.^(a)		94,049		22,579,284


				58,343,595

Banks — 1.1%
Bank of America Corp.		524,871		16,003,317
Citigroup, Inc.		11,776		542,874
Citizens Financial Group, Inc.		12,283		334,957
First Citizens BancShares, Inc., Class A		215		315,596
KeyCorp		1,191,068		14,757,333


				31,954,077

Beverages — 2.5%
Coca-Cola Co. (The)		567,757		33,179,719
PepsiCo, Inc.		213,563		35,940,517


				69,120,236

Biotechnology — 4.1%
AbbVie, Inc.		172,366		24,543,195
Amgen, Inc.		154,195		41,577,140
Exelixis, Inc.^(a)		445,637		9,719,343
Gilead Sciences, Inc.		75,537		5,786,134
Incyte Corp.^(a)		354,183		19,246,304
Neurocrine Biosciences, Inc.^(a)		16,251		1,894,704
Regeneron Pharmaceuticals, Inc.^(a)		7,974		6,569,061
Seagen, Inc.^(a)		9,024		1,924,007
Ultragenyx Pharmaceutical, Inc.^(a)		32,298		1,254,777
United Therapeutics Corp.^(a)		6,657		1,597,680


				114,112,345

Broadline Retail — 4.3%
Amazon.com, Inc.^(a)		818,394		119,559,179


Building Products — 0.8%
A O Smith Corp.		74,049		5,580,333
Builders FirstSource, Inc.^(a)		37,630		5,046,559
Johnson Controls International PLC		76,435		4,035,768
Owens Corning		49,513		6,712,972


				21,375,632

Capital Markets — 1.8%
Invesco Ltd.		63,053		899,766
Moody’s Corp.		92,949		33,922,667
Nasdaq, Inc.		300,616		16,786,398


				51,608,831

Chemicals — 1.8%
Ecolab, Inc.		108,559		20,814,017
LyondellBasell Industries NV, Class A		100,169		9,526,072
PPG Industries, Inc.		11,908		1,690,817
Sherwin-Williams Co. (The)		67,571		18,838,795


				50,869,701

Commercial Services & Supplies — 1.1%
Cintas Corp.		36,419		20,148,812
Republic Services, Inc.		67,147		10,867,070


				31,015,882

Construction & Engineering — 1.3%
AECOM		179,897		15,985,647


Security	Shares		Value

Construction & Engineering (continued)
EMCOR Group, Inc.		29,831	$	6,339,684
Valmont Industries, Inc.		67,373		14,793,090


				37,118,421

Consumer Finance — 0.1%
OneMain Holdings, Inc.		50,416		2,132,597


Consumer Staples Distribution & Retail — 0.7%
Sysco Corp.		136,794		9,872,423
Walmart, Inc.		59,133		9,206,417


				19,078,840

Electric Utilities — 0.7%
Evergy, Inc.		95,330		4,865,643
IDACORP, Inc.		17,183		1,658,160
OGE Energy Corp.		162,570		5,698,078
Portland General Electric Co.		42,766		1,755,972
PPL Corp.		272,036		7,105,580


				21,083,433

Electrical Equipment — 0.7%
AMETEK, Inc.		64,189		9,964,059
Rockwell Automation, Inc.		36,353		10,013,070


				19,977,129

Electronic Equipment, Instruments & Components — 1.3%
Flex Ltd.^(a)		79,235		2,016,531
TE Connectivity Ltd.		255,967		33,531,677


				35,548,208

Entertainment — 0.7%
Electronic Arts, Inc.		117,436		16,207,343
Playtika Holding Corp.^(a)(b)		219,900		1,910,931
Warner Bros Discovery, Inc., Class A^(a)		61,005		637,502


				18,755,776

Financial Services — 4.9%
Berkshire Hathaway, Inc., Class B^(a)		28,419		10,230,840
Block, Inc., Class A^(a)		380,918		24,161,628
Euronet Worldwide, Inc.^(a)		47,273		4,123,151
Fidelity National Information Services, Inc.		37,978		2,227,030
Mastercard, Inc., Class A		136,336		56,419,927
Visa, Inc., Class A		149,085		38,267,138


				135,429,714

Food Products — 2.0%
Archer-Daniels-Midland Co.		362,210		26,705,744
Hershey Co. (The)		130,897		24,598,164
J M Smucker Co. (The)		33,955		3,725,882


				55,029,790

Health Care Equipment & Supplies — 3.3%
Abbott Laboratories		179,066		18,674,793
Edwards Lifesciences Corp.^(a)		46,378		3,140,254
IDEXX Laboratories, Inc.^(a)		1,185		551,997
Medtronic PLC		520,360		41,248,937
ResMed, Inc.		27,149		4,282,212
Stryker Corp.		77,667		23,015,062


				90,913,255

Health Care Providers & Services — 1.9%
Cencora, Inc.		26,025		5,292,704
Elevance Health, Inc.		85,378		40,937,897
Ensign Group, Inc. (The)^(b)		30,256		3,239,510
HCA Healthcare, Inc.		18,754		4,697,502


				54,167,613

Health Care REITs — 0.0%
Medical Properties Trust, Inc.		57,552		279,127


SCHEDULES OF INVESTMENTS		37

Schedule of Investments (unaudited) (continued)

November 30, 2023

BlackRock Advantage Large Cap Core Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Technology — 0.4%
Teladoc Health, Inc.^(a)(b)		610,639	$	11,076,991


Hotel & Resort REITs — 0.0%
Park Hotels & Resorts, Inc.		51,880		769,380
RLJ Lodging Trust		56		599


				769,979

Hotels, Restaurants & Leisure — 1.1%
Booking Holdings, Inc.^(a)		1,456		4,551,019
Boyd Gaming Corp.		58,936		3,480,171
McDonald’s Corp.		18,864		5,316,630
Starbucks Corp.		46,080		4,575,744
Travel + Leisure Co.		343,881		12,255,919


				30,179,483

Household Durables — 0.7%
DR Horton, Inc.		33,056		4,220,260
Leggett & Platt, Inc.		106,081		2,426,072
Lennar Corp., Class A		5,512		705,095
Toll Brothers, Inc.		127,477		10,949,000


				18,300,427

Household Products — 1.3%
Kimberly-Clark Corp.		290,743		35,973,631
Procter & Gamble Co. (The)		2,722		417,882


				36,391,513

Independent Power and Renewable Electricity Producers — 0.3%
AES Corp. (The)		547,009		9,414,025


Industrial Conglomerates — 0.3%
Honeywell International, Inc.		45,954		9,003,308


Industrial REITs — 0.1%
EastGroup Properties, Inc.		10,294		1,788,582


Insurance — 4.4%
American Financial Group, Inc.		7,565		865,360
Everest Group Ltd.		23,127		9,494,790
Hartford Financial Services Group, Inc. (The)		113,970		8,907,895
Marsh & McLennan Cos., Inc.		83,343		16,620,261
MetLife, Inc.		564,745		35,934,725
Reinsurance Group of America, Inc.		59,911		9,769,088
Travelers Cos., Inc. (The)		136,010		24,566,126
W. R. Berkley Corp.		219,282		15,908,909


				122,067,154

Interactive Media & Services — 7.0%
Alphabet, Inc., Class A^(a)		618,347		81,949,528
Alphabet, Inc., Class C, NVS^(a)		333,041		44,600,851
Meta Platforms, Inc., Class A^(a)		206,841		67,668,033


				194,218,412

IT Services — 0.0%
Amdocs Ltd.		6,178		517,531


Life Sciences Tools & Services — 0.8%
Agilent Technologies, Inc.		168,537		21,539,028
Mettler-Toledo International, Inc.^(a)		1,715		1,872,660


				23,411,688

Machinery — 2.9%
Flowserve Corp.		26,358		1,008,457
Illinois Tool Works, Inc.		110,621		26,793,512
Oshkosh Corp.		280,929		27,331,583
Otis Worldwide Corp.		22,359		1,918,179
Snap-on, Inc.		23,164		6,362,919
Xylem, Inc.		158,095		16,620,527


				80,035,177


Security	Shares		Value

Media — 1.2%
Comcast Corp., Class A		257,846	$	10,801,169
Fox Corp., Class A, NVS		686,306		20,273,479
Fox Corp., Class B		10,034		277,540
Liberty Media Corp. - Liberty SiriusXM, NVS^(a)		123,324		3,328,515


				34,680,703

Office REITs — 0.0%
Alexandria Real Estate Equities, Inc.		4,012		438,913
Highwoods Properties, Inc.		15,482		293,384


				732,297

Oil, Gas & Consumable Fuels — 2.8%
Chevron Corp.		78,470		11,268,292
ConocoPhillips		83,659		9,668,471
Devon Energy Corp.		392,320		17,642,630
EOG Resources, Inc.		88,151		10,848,744
Exxon Mobil Corp.		76,865		7,897,110
Marathon Oil Corp.		34,210		869,960
Marathon Petroleum Corp.		53,633		8,001,507
Pioneer Natural Resources Co.		15,239		3,529,962
Valero Energy Corp.		71,160		8,920,618


				78,647,294

Pharmaceuticals — 2.6%
Bristol-Myers Squibb Co.		501,668		24,772,366
Eli Lilly & Co.		55,696		32,918,564
Johnson & Johnson		9,651		1,492,624
Merck & Co., Inc.		29,463		3,019,368
Pfizer, Inc.		365,701		11,142,909
Zoetis, Inc., Class A		3,121		551,387


				73,897,218

Residential REITs — 0.9%
Apartment Income REIT Corp.		9,758		303,669
Camden Property Trust		158,601		14,315,326
Equity Residential		180,471		10,257,972


				24,876,967

Retail REITs — 0.1%
Kimco Realty Corp.		53,008		1,024,114
Simon Property Group, Inc.		13,819		1,725,855


				2,749,969

Semiconductors & Semiconductor Equipment — 7.2%
Applied Materials, Inc.		263,492		39,465,832
ARM Holdings PLC, ADR^(a)(b)		60,420		3,715,830
Intel Corp.		263,730		11,788,731
Lam Research Corp.		11,096		7,943,848
MaxLinear, Inc.^(a)		16,605		311,012
NVIDIA Corp.		211,549		98,941,467
QUALCOMM, Inc.		291,559		37,625,689


				199,792,409

Software — 12.0%
Adobe, Inc.^(a)		58,711		35,873,008
Autodesk, Inc.^(a)		18,736		4,092,504
Cadence Design Systems, Inc.^(a)		53,837		14,712,037
Fortinet, Inc.^(a)		118,928		6,250,856
InterDigital, Inc.		7		699
Manhattan Associates, Inc.^(a)		103,467		23,078,314
Microsoft Corp.		577,155		218,689,801
RingCentral, Inc., Class A^(a)		89,819		2,556,249
Salesforce, Inc.^(a)		94,284		23,750,140
ServiceNow, Inc.^(a)(b)		6,541		4,485,425
Workday, Inc., Class A^(a)		1,026		277,759


				333,766,792


38		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

November 30, 2023

BlackRock Advantage Large Cap Core Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value


Specialized REITs — 0.4%
Equinix, Inc.		2,283	$	1,860,668
Public Storage		27,416		7,094,164
SBA Communications Corp.		4,482		1,106,875


				10,061,707

Specialty Retail — 3.0%
AutoNation, Inc.^(a)(b)		78,639		10,637,498
Best Buy Co., Inc.		330,744		23,462,979
O’Reilly Automotive, Inc.^(a)		403		395,899
Penske Automotive Group, Inc.^(b)		50,508		7,540,844
TJX Cos., Inc. (The)		433,037		38,154,890
Ulta Beauty, Inc.^(a)		1,354		576,791
Wayfair, Inc., Class A^(a)		49,107		2,740,171


				83,509,072

Technology Hardware, Storage & Peripherals — 8.3%
Apple Inc.		1,019,726		193,696,954
Dell Technologies, Inc., Class C		89,972		6,826,176
Hewlett Packard Enterprise Co.		1,736,338		29,361,475
HP, Inc.		31,082		911,946


				230,796,551

Textiles, Apparel & Luxury Goods — 0.8%
Lululemon Athletica, Inc.^(a)		27,106		12,110,961
Skechers U.S.A., Inc., Class A^(a)		196,827		11,595,078


				23,706,039


Security	Shares		Value


Trading Companies & Distributors — 0.5%
WW Grainger, Inc.		16,320	$	12,830,621


Total Long-Term Investments — 98.8% (Cost: $2,014,716,556)				2,754,165,945


Short-Term Securities

Money Market Funds — 1.8%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.26%^(c)(d)		28,896,447		28,896,447
SL Liquidity Series, LLC, Money Market Series, 5.56%^(c)(d)(e)		20,975,000		20,983,390


Total Short-Term Securities — 1.8% (Cost: $49,877,756)				49,879,837


Total Investments — 100.6% (Cost: $2,064,594,312)				2,804,045,782

Liabilities in Excess of Other Assets — (0.6)%				(16,650,480	)


Net Assets — 100.0%			$	2,787,395,302

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

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

Affiliates



Affiliated Issuer	Value at 05/31/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 11/30/23		Shares Held at 11/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	25,513,614	$	3,382,833	^(a)	$	—	$	—	$	—	$	28,896,447		28,896,447	$	678,485		$	—
SL Liquidity Series, LLC, Money Market Series		1,007,234		19,973,070	^(a)		—		1,729		1,357		20,983,390		20,975,000		331,788	^(b)		—


								$	1,729	$	1,357	$	49,879,837			$	1,010,273		$	—

^(a)

Represents net amount purchased (sold).

^(b)


SCHEDULES OF INVESTMENTS		39

Schedule of Investments (unaudited) (continued)

November 30, 2023

BlackRock Advantage Large Cap Core Fund

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

155

12/15/23

35,470

1,460,879

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)	$	—	$	—	$	1,460,879	$	—	$	—	$	—	$	1,460,879

^(a)

For the period ended November 30, 2023, 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	$	—	$	—	$	2,631,972		$	—	$	—	$	—	$	2,631,972


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(667,584	)	$	—	$	—	$	—	$	(667,584	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	35,911,806

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


40		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

November 30, 2023

BlackRock Advantage Large Cap Core Fund

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	2,754,165,945	$	—	$	—	$	2,754,165,945
Short-Term Securities
Money Market Funds		28,896,447		—		—		28,896,447


	$	2,783,062,392	$	—	$	—		2,783,062,392


Investments valued at NAV^(a)								20,983,390


							$	2,804,045,782

Derivative Financial Instruments^(b)
Assets
Equity Contracts	$	1,460,879	$	—	$	—	$	1,460,879

^(a)

^(b)

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

See notes to financial statements.


SCHEDULES OF INVESTMENTS			41

Schedule of Investments (unaudited)

November 30, 2023

BlackRock Advantage Large Cap Value Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.7%
Lockheed Martin Corp.		14,930	$	6,685,206
Textron, Inc.		37,691		2,889,392


				9,574,598

Air Freight & Logistics — 1.6%
FedEx Corp.		34,189		8,849,139


Automobiles — 0.3%
Ford Motor Co.		166,698		1,710,321


Banks — 4.8%
Citigroup, Inc.		211,576		9,753,654
Citizens Financial Group, Inc.		7,356		200,598
First Citizens BancShares, Inc., Class A		54		79,266
JPMorgan Chase & Co.		38,675		6,036,394
KeyCorp		512,997		6,356,033
Synovus Financial Corp.		13,609		419,021
Wells Fargo & Co.		99,322		4,428,768


				27,273,734

Beverages — 2.5%
Coca-Cola Co. (The)		129,320		7,557,461
PepsiCo, Inc.		37,436		6,300,104


				13,857,565

Biotechnology — 3.7%
AbbVie, Inc.		15,226		2,168,030
Amgen, Inc.		29,575		7,974,603
Exelixis, Inc.^(a)		90,345		1,970,424
Gilead Sciences, Inc.		27,015		2,069,349
Incyte Corp.^(a)		70,471		3,829,394
Neurocrine Biosciences, Inc.^(a)		679		79,165
RayzeBio, Inc.^(a)		193		4,609
Regeneron Pharmaceuticals, Inc.^(a)		2,151		1,772,015
United Therapeutics Corp.^(a)		5,042		1,210,080


				21,077,669

Broadline Retail — 1.0%
Amazon.com, Inc.^(a)		38,944		5,689,329


Building Products — 0.9%
A O Smith Corp.		13,093		986,689
Johnson Controls International PLC		50,863		2,685,566
Owens Corning		10,641		1,442,707


				5,114,962

Capital Markets — 3.7%
Affiliated Managers Group, Inc.		6,548		887,581
Franklin Resources, Inc.		18,459		457,783
Invesco Ltd.		231,332		3,301,108
Moody’s Corp.		19,562		7,139,348
MSCI, Inc., Class A		106		55,210
Nasdaq, Inc.		97,952		5,469,640
S&P Global, Inc.		8,180		3,401,489


				20,712,159

Chemicals — 3.1%
Eastman Chemical Co.		2,506		210,078
Huntsman Corp.		5,533		136,112
LyondellBasell Industries NV, Class A		75,929		7,220,848
Mosaic Co. (The)		23,795		854,002
PPG Industries, Inc.		26,959		3,827,908
Sherwin-Williams Co. (The)		15,417		4,298,260
Westlake Corp.		8,097		1,039,574


				17,586,782


Security	Shares		Value

Commercial Services & Supplies — 1.5%
Cintas Corp.		6,023	$	3,332,225
Republic Services, Inc.		29,918		4,841,929


				8,174,154

Communications Equipment — 0.4%
Juniper Networks, Inc.		71,730		2,040,718


Construction & Engineering — 1.5%
AECOM		50,559		4,492,673
EMCOR Group, Inc.		2,816		598,456
Valmont Industries, Inc.		16,259		3,569,989


				8,661,118

Construction Materials — 0.1%
Martin Marietta Materials, Inc.		1,113		517,088
Summit Materials, Inc., Class A^(a)		1,607		55,747


				572,835

Consumer Finance — 0.3%
OneMain Holdings, Inc.		23,151		979,287
Synchrony Financial		26,251		849,483


				1,828,770

Consumer Staples Distribution & Retail — 1.0%
Sysco Corp.		4,299		310,259
Walmart, Inc.		35,378		5,508,001


				5,818,260

Containers & Packaging — 0.2%
AptarGroup, Inc.		4,778		606,280
International Paper Co.		17,176		634,482


				1,240,762

Diversified Telecommunication Services — 0.5%
AT&T Inc.		160,109		2,653,006


Electric Utilities — 2.9%
Entergy Corp.		2,008		203,631
Evergy, Inc.		100,234		5,115,943
IDACORP, Inc.		7,798		752,507
OGE Energy Corp.		95,059		3,331,818
Portland General Electric Co.		21,075		865,340
PPL Corp.		243,553		6,361,604


				16,630,843

Electrical Equipment — 1.0%
AMETEK, Inc.		25,664		3,983,823
Rockwell Automation, Inc.		6,396		1,761,714


				5,745,537

Electronic Equipment, Instruments & Components — 1.4%
Flex Ltd.^(a)		29,883		760,522
TE Connectivity Ltd.		53,655		7,028,805


				7,789,327

Energy Equipment & Services — 0.2%
Baker Hughes Co., Class A		35,905		1,211,794


Entertainment — 0.7%
Electronic Arts, Inc.		23,887		3,296,645
Playtika Holding Corp.^(a)(b)		32,843		285,406
Warner Bros Discovery, Inc., Class A^(a)		18,916		197,672


				3,779,723

Financial Services — 5.1%
Berkshire Hathaway, Inc., Class B^(a)		34,900		12,564,000
Block, Inc., Class A^(a)		71,709		4,548,502
Euronet Worldwide, Inc.^(a)		18,154		1,583,392
Fidelity National Information Services, Inc.		30,251		1,773,919


42		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

November 30, 2023

BlackRock Advantage Large Cap Value Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Financial Services (continued)
Mastercard, Inc., Class A		16,587	$	6,864,198
Visa, Inc., Class A		5,945		1,525,962


				28,859,973

Food Products — 2.9%
Archer-Daniels-Midland Co.		105,222		7,758,018
Bunge Global SA		2,304		253,141
Hershey Co. (The)		24,509		4,605,731
J M Smucker Co. (The)		33,799		3,708,764


				16,325,654

Gas Utilities — 0.0%
UGI Corp.		11,977		263,374


Ground Transportation — 0.3%
CSX Corp.		39,309		1,269,681
Ryder System, Inc.		1,453		155,674


				1,425,355

Health Care Equipment & Supplies — 4.1%
Abbott Laboratories		63,954		6,669,763
Edwards Lifesciences Corp.^(a)		3,963		268,335
Enovis Corp.^(a)		3,517		173,951
Medtronic PLC		129,021		10,227,495
ResMed, Inc.		1,276		201,263
Stryker Corp.		18,804		5,572,189


				23,112,996

Health Care Providers & Services — 2.8%
Cencora, Inc.		5,775		1,174,462
CVS Health Corp.		47,387		3,219,947
Elevance Health, Inc.		19,976		9,578,292
Ensign Group, Inc. (The)		6,447		690,280
HCA Healthcare, Inc.		3,828		958,837


				15,621,818

Health Care REITs — 0.0%
Medical Properties Trust, Inc.		18,396		89,221


Health Care Technology — 0.4%
Teladoc Health, Inc.^(a)(b)		122,767		2,226,993


Hotel & Resort REITs — 0.1%
Park Hotels & Resorts, Inc.		52,356		776,439


Hotels, Restaurants & Leisure — 0.9%
Boyd Gaming Corp.		22,567		1,332,581
McDonald’s Corp.		8,036		2,264,866
Travel + Leisure Co.		37,715		1,344,163


				4,941,610

Household Durables — 1.3%
DR Horton, Inc.		9,114		1,163,584
Leggett & Platt, Inc.		52,526		1,201,270
Lennar Corp., Class A		5,261		672,987
Mohawk Industries, Inc.^(a)		13,519		1,193,863
Taylor Morrison Home Corp., Class A^(a)		6,360		286,836
Toll Brothers, Inc.		32,154		2,761,707


				7,280,247

Household Products — 1.8%
Kimberly-Clark Corp.		55,327		6,845,610
Procter & Gamble Co. (The)		20,983		3,221,310


				10,066,920

Independent Power and Renewable Electricity Producers — 0.7%
AES Corp. (The)		219,890		3,784,307


Industrial Conglomerates — 1.2%
Honeywell International, Inc.		34,931		6,843,681


Security	Shares		Value

Insurance — 6.3%
Everest Group Ltd.		5,365	$	2,202,601
Hartford Financial Services Group, Inc. (The)		46,464		3,631,626
Marsh & McLennan Cos., Inc.		16,712		3,332,707
MetLife, Inc.		125,770		8,002,745
Prudential Financial, Inc.		26,027		2,544,920
Reinsurance Group of America, Inc.		43,410		7,078,434
Travelers Cos., Inc. (The)		39,845		7,196,804
Unum Group		4,842		208,206
W. R. Berkley Corp.		19,305		1,400,578


				35,598,621

Interactive Media & Services — 1.5%
Alphabet, Inc., Class A^(a)		48,628		6,444,669
Meta Platforms, Inc., Class A^(a)		6,448		2,109,463


				8,554,132

IT Services — 0.2%
Amdocs Ltd.		12,792		1,071,586


Life Sciences Tools & Services — 0.8%
Agilent Technologies, Inc.		34,333		4,387,757
Mettler-Toledo International, Inc.^(a)		337		367,981


				4,755,738

Machinery — 4.5%
Cummins, Inc.		10,647		2,386,632
Flowserve Corp.		10,066		385,125
Illinois Tool Works, Inc.		25,653		6,213,413
Oshkosh Corp.		71,411		6,947,576
Otis Worldwide Corp.		6,986		599,329
Snap-on, Inc.		13,285		3,649,257
Timken Co. (The)		13,504		977,690
Xylem, Inc.		38,757		4,074,523


				25,233,545

Media — 2.6%
Comcast Corp., Class A		169,076		7,082,594
Fox Corp., Class A, NVS		163,794		4,838,475
Fox Corp., Class B		4,416		122,146
Liberty Media Corp. - Liberty SiriusXM, NVS^(a)(b)		92,339		2,492,230
Liberty Media Corp. - Liberty SiriusXM, Class A^(a)		2,159		58,163
Paramount Global, Class B, NVS		20,159		289,685


				14,883,293

Metals & Mining — 0.2%
Nucor Corp.		843		143,285
Steel Dynamics, Inc.		7,816		931,120


				1,074,405

Multi-Utilities — 0.1%
CMS Energy Corp.		8,578		486,887


Office REITs — 0.2%
Alexandria Real Estate Equities, Inc.		7,567		827,830
Highwoods Properties, Inc.		13,683		259,293


				1,087,123

Oil, Gas & Consumable Fuels — 6.9%
Chevron Corp.		50,610		7,267,596
ConocoPhillips		59,486		6,874,797
Devon Energy Corp.		74,443		3,347,702
EOG Resources, Inc.		29,502		3,630,811
Exxon Mobil Corp.		77,295		7,941,288
Marathon Oil Corp.		32,524		827,085
Marathon Petroleum Corp.		24,625		3,673,804


SCHEDULES OF INVESTMENTS		43

Schedule of Investments (unaudited) (continued)

November 30, 2023

BlackRock Advantage Large Cap Value Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value


Oil, Gas & Consumable Fuels (continued)
Pioneer Natural Resources Co.		9,063	$	2,099,353
Valero Energy Corp.		25,416		3,186,150


				38,848,586

Passenger Airlines — 0.1%
United Airlines Holdings, Inc.^(a)		16,513		650,612


Pharmaceuticals — 4.2%
Bristol-Myers Squibb Co.		134,302		6,631,833
Johnson & Johnson		51,055		7,896,166
Merck & Co., Inc.		20,124		2,062,308
Perrigo Co. PLC		15,622		475,846
Pfizer, Inc.		215,392		6,562,994
Viatris, Inc.		7,904		72,559


				23,701,706

Real Estate Management & Development — 0.0%
Zillow Group, Inc., Class A^(a)		1,607		63,300


Residential REITs — 1.9%
Apartment Income REIT Corp.		8,245		256,584
Camden Property Trust		51,706		4,666,984
Equity Residential		95,106		5,405,825
Independence Realty Trust, Inc.		18,230		248,293


				10,577,686

Retail REITs — 1.3%
Kimco Realty Corp.		149,708		2,892,359
Simon Property Group, Inc.		35,217		4,398,251


				7,290,610

Semiconductors & Semiconductor Equipment — 4.4%
Applied Materials, Inc.		40,697		6,095,597
ARM Holdings PLC, ADR^(a)(b)		12,044		740,706
Cirrus Logic, Inc.^(a)(b)		4,444		337,344
Intel Corp.		143,276		6,404,437
NVIDIA Corp.		9,228		4,315,935
QUALCOMM, Inc.		51,975		6,707,374


				24,601,393

Software — 2.4%
Adobe, Inc.^(a)		2,654		1,621,621
Cadence Design Systems, Inc.^(a)		267		72,963
Fortinet, Inc.^(a)		1,324		69,589
Klaviyo, Inc., Class A^(a)		3,413		101,127
Manhattan Associates, Inc.^(a)		20,070		4,476,614
Microsoft Corp.		18,378		6,963,608


				13,305,522

Specialized REITs — 0.1%
Equinix, Inc.		75		61,126
Public Storage		2,706		700,204


				761,330


Security	Shares		Value


Specialty Retail — 2.2%
AutoNation, Inc.^(a)		11,199	$	1,514,889
Best Buy Co., Inc.		46,095		3,269,979
Penske Automotive Group, Inc.^(b)		10,689		1,595,868
TJX Cos., Inc. (The)		69,008		6,080,295


				12,461,031

Technology Hardware, Storage & Peripherals — 1.5%
Apple Inc.		8,673		1,647,436
Hewlett Packard Enterprise Co.		402,701		6,809,674
HP, Inc.		8,763		257,107


				8,714,217

Textiles, Apparel & Luxury Goods — 0.5%
Lululemon Athletica, Inc.^(a)		1,915		855,622
Skechers U.S.A., Inc., Class A^(a)		35,072		2,066,092
Under Armour, Inc., Class C, NVS^(a)		5,385		41,249


				2,962,963

Trading Companies & Distributors — 0.4%
WW Grainger, Inc.		2,663		2,093,624


Total Long-Term Investments — 98.9% (Cost: $504,703,272)				557,989,603


Short-Term Securities

Money Market Funds — 1.6%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.26%^(c)(d)		4,846,867		4,846,867
SL Liquidity Series, LLC, Money Market Series, 5.56%^(c)(d)(e)		3,956,254		3,957,837


Total Short-Term Securities — 1.6% (Cost: $8,803,886)				8,804,704


Total Investments — 100.5% (Cost: $513,507,158)				566,794,307

Liabilities in Excess of Other Assets — (0.5)%				(2,807,782	)


Net Assets — 100.0%			$	563,986,525

^(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.


44		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

November 30, 2023

BlackRock Advantage Large Cap Value Fund

Affiliates



Affiliated Issuer	Value at 05/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 11/30/23		Shares Held at 11/30/23		Income			Capital Gain Distributions from Underlying Funds

BlackRock Liquidity Funds, T-Fund, Institutional Class	$	4,925,122	$	—		$	(78,255	)^(a)	$	—	$	—	$	4,846,867		4,846,867	$	130,264		$	—
SL Liquidity Series, LLC, Money Market Series		973,342		2,984,145	^(a)		—			226		124		3,957,837		3,956,254		1,785	^(b)		—


									$	226	$	124	$	8,804,704			$	132,049		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

S&P 500 E-Mini Index

12/15/23

6,636

353,978

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)	$	—	$	—	$	353,978	$	—	$	—	$	—	$	353,978

^(a)

For the period ended November 30, 2023, 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	$	—	$	—	$	393,188	$	—	$	—	$	—	$	393,188

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	594	$	—	$	—	$	—	$	594


SCHEDULES OF INVESTMENTS			45

Schedule of Investments (unaudited) (continued)

November 30, 2023

BlackRock Advantage Large Cap Value Fund

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	6,705,144

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

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	557,989,603	$	—	$	—	$	557,989,603
Short-Term Securities
Money Market Funds		4,846,867		—		—		4,846,867


	$	562,836,470	$	—	$	—		562,836,470


Investments valued at NAV^(a)								3,957,837


							$	566,794,307

Derivative Financial Instruments^(b)
Assets
Equity Contracts	$	353,978	$	—	$	—	$	353,978

^(a)

^(b)

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

See notes to financial statements.


46		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (unaudited)

November 30, 2023


	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)	$	1,374,423,914	$	1,040,456,486	$	3,298,722,675		$	2,754,165,945		$	557,989,603
Investments, at value — affiliated^(c)		35,834,297		11,269,006		152,120,215			49,879,837			8,804,704
Cash		—		—		229,977			52,207			83
Cash pledged:
Futures contracts		1,097,000		628,000		2,599,000			1,652,000			317,006
Foreign currency, at value^(d)		623,265		79,389		—			—			—
Receivables:
Investments sold		8,415,327		10,452,576		13,969,230			25,207,981			5,211,300
Securities lending income — affiliated		642		111,248		26,733			331,005			—
Capital shares sold		6,868,197		197,377		4,757,298			549,195			185,940
Dividends — unaffiliated		7,926,020		1,094,305		5,032,915			4,520,300			1,566,461
Dividends — affiliated		133,578		40,235		122,290			104,083			18,936
Interest — unaffiliated		—		—		453			—			—
From the Manager		90,896		48,683		52,139			133,847			19,841
Variation margin on futures contracts		—		—		143,610			130,865			24,367
Prepaid expenses		106,787		68,389		55,372			75,370			74,105


Total assets		1,435,519,923		1,064,445,694		3,477,831,907			2,836,802,635			574,212,346


LIABILITIES
Collateral on securities loaned		1,177,275		2,252,161		116,245,412			20,983,225			3,955,809
Payables:
Investments purchased		13,511,674		9,462,792		17,920,199			24,505,247			5,007,589
Administration fees		44,932		34,611		102,339			84,845			19,056
Capital shares redeemed		810,666		657,073		7,129,762			1,482,602			649,410
Investment advisory fees		390,143		414,436		1,032,101			824,503			172,369
Directors’ and Officer’s fees		4,100		3,852		10,766			7,989			3,337
Other accrued expenses		473,517		144,573		918,966			755,550			184,444
Other affiliate fees		178,292		81,772		57,502			439,827			5,310
Professional fees		136,342		104,093		68,416			36,178			141,801
Registration fees		—		—		200,033			(18,480	)		—
Service and distribution fees		67,428		118,626		74,526			305,847			86,696
Variation margin on futures contracts		49,363		24,478		—			—			—


Total liabilities		16,843,732		13,298,467		143,760,022			49,407,333			10,225,821


Commitments and contingent liabilities

NET ASSETS	$	1,418,676,191	$	1,051,147,227	$	3,334,071,885		$	2,787,395,302		$	563,986,525


NET ASSETS CONSIST OF:

Paid-in capital	$	1,337,119,480	$	642,012,794	$	3,765,133,771		$	2,101,835,547		$	503,577,157

Accumulated earnings (loss)		81,556,711		409,134,433		(431,061,886	)		685,559,755			60,409,368


NET ASSETS	$	1,418,676,191	$	1,051,147,227	$	3,334,071,885		$	2,787,395,302		$	563,986,525


^(a)Investments, at cost — unaffiliated	$	1,209,438,812	$	636,507,246	$	3,350,572,351		$	2,014,716,556		$	504,703,272
^(b)Securities loaned, at value	$	1,111,891	$	1,500,600	$	111,852,779		$	19,269,817		$	3,842,600
^(c)Investments, at cost — affiliated	$	35,833,932	$	11,268,913	$	152,051,673		$	49,877,756		$	8,803,886
^(d)Foreign currency, at cost	$	628,960	$	84,645	$	—		$	—		$	—


FINANCIAL STATEMENTS		47

Statements of Assets and Liabilities (unaudited) (continued)

November 30, 2023


	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	$	924,659,681	$	535,664,289	$	2,041,957,264	$	1,328,441,339	$	167,486,086


Shares outstanding		53,018,993		23,889,541		137,432,963		68,986,965		5,761,502


Net asset value	$	17.44	$	22.42	$	14.86	$	19.26	$	29.07


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	$	234,912,272	$	483,042,568	$	330,206,916	$	1,374,381,546	$	360,528,805


Shares outstanding		13,646,048		22,924,991		22,390,995		75,566,929		12,775,876


Net asset value	$	17.21	$	21.07	$	14.75	$	18.19	$	28.22


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	$	12,002,786	$	26,990,295	$	9,381,614	$	40,382,218	$	14,510,359


Shares outstanding		719,279		1,603,788		658,955		2,804,557		568,342


Net asset value	$	16.69	$	16.83	$	14.24	$	14.40	$	25.53


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	$	217,562,795	$	4,778,510	$	952,526,091	$	30,697,246	$	14,542,413


Shares outstanding		12,472,293		213,059		64,046,886		1,593,324		500,160


Net asset value	$	17.44	$	22.43	$	14.87	$	19.27	$	29.08


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	$	29,538,657	$	671,565	$	N/A	$	13,492,953	$	6,918,862


Shares outstanding		1,717,949		30,273		N/A		823,008		258,778


Net asset value	$	17.19	$	22.18	$	N/A	$	16.39	$	26.74


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.


48		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (unaudited)

Six Months Ended November 30, 2023


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

INVESTMENT INCOME
Dividends — unaffiliated	$	15,567,895		$	4,179,445		$	29,278,443
Dividends — affiliated		769,785			232,344			816,142
Securities lending income — affiliated — net		11,798			113,214			395,589
Other income		14,843			—			—
Foreign taxes withheld		(1,359,486	)		(5,005	)		(73,822	)
Foreign withholding tax claims		268,791			—			—


Total investment income		15,273,626			4,519,998			30,416,352


EXPENSES
Investment advisory		2,876,180			2,833,110			7,434,625
Transfer agent — class specific		783,100			596,907			1,037,765
Service and distribution — class specific		372,847			658,601			467,059
Administration		262,159			205,049			652,804
Custodian		170,177			20,995			150,970
Administration — class specific		129,741			99,456			348,191
Professional		96,132			49,699			49,467
Accounting services		53,863			45,541			113,597
Registration		52,011			43,135			89,540
Printing and postage		21,686			17,560			25,233
Directors and Officer		8,166			7,009			18,203
Miscellaneous		1,893			8,879			36,986


Total expenses excluding interest expense		4,827,955			4,585,941			10,424,440
Interest expense		2,468			—			—


Total expenses		4,830,423			4,585,941			10,424,440
Less:

Administration fees waived by the Manager — class specific		(129,741	)		(96,599	)		(346,428	)
Fees waived and/or reimbursed by the Manager		(592,864	)		(396,655	)		(737,126	)
Transfer agent fees waived and/or reimbursed by the Manager — class specific		(511,132	)		(353,570	)		(418,331	)


Total expenses after fees waived and/or reimbursed		3,596,686			3,739,117			8,922,555


Net investment income		11,676,940			780,881			21,493,797


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		19,791,166			35,028,658			(18,369,380	)
Investments — affiliated		811			(2,273	)		27,040
Futures contracts		(1,296,700	)		1,171,680			689,947
Foreign currency transactions		(290,833	)		—			(827	)


		18,204,444			36,198,065			(17,653,220	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		43,760,160			91,192,351			200,504,987
Investments — affiliated		172			1,275			16,891
Futures contracts		2,073,132			747			615,656
Foreign currency translations		255,745			1,426			—


		46,089,209			91,195,799			201,137,534


Net realized and unrealized gain		64,293,653			127,393,864			183,484,314


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	75,970,593		$	128,174,745		$	204,978,111

See notes to financial statements.


FINANCIAL STATEMENTS		49

Statements of Operations (unaudited) (continued)

Six Months Ended November 30, 2023


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

INVESTMENT INCOME
Dividends — unaffiliated	$	21,362,023		$	6,732,459
Dividends — affiliated		678,485			130,264
Interest — unaffiliated		—			2,007
Securities lending income — affiliated — net		331,788			1,785
Foreign taxes withheld		(7,359	)		(823	)


Total investment income		22,364,937			6,865,692


EXPENSES
Investment advisory		6,209,385			1,380,079
Transfer agent — class specific		1,942,864			300,529
Service and distribution — class specific		1,877,975			542,885
Administration		548,717			118,910
Administration — class specific		288,624			56,353
Accounting services		97,323			33,727
Registration		61,594			45,871
Professional		55,922			53,639
Printing and postage		21,311			16,069
Directors and Officer		15,238			5,598
Custodian		(3,280	)		17,388
Miscellaneous		31,874			13,131


Total expenses excluding interest expense		11,147,547			2,584,179
Interest expense		1,230			—


Total expenses		11,148,777			2,584,179
Less:
Administration fees waived by the Manager — class specific		(288,624	)		(56,353	)
Fees waived and/or reimbursed by the Manager		(834,065	)		(304,209	)
Transfer agent fees waived and/or reimbursed — class specific		(1,234,475	)		(164,135	)


Total expenses after fees waived and/or reimbursed		8,791,613			2,059,482


Net investment income		13,573,324			4,806,210


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		54,508,770			18,390,909
Investments — affiliated		1,729			226
Futures contracts		2,631,972			393,188


		57,142,471			18,784,323

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		228,080,320			27,931,281

Investments — affiliated		1,357			124
Futures contracts		(667,584	)		594

		227,414,093			27,931,999


Net realized and unrealized gain		284,556,564			46,716,322


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	298,129,888		$	51,522,532

See notes to financial statements.


50		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets


	BlackRock Advantage International Fund						BlackRock Advantage Large Cap Growth Fund


	Six Months						Six Months
	Ended						Ended
	11/30/23			Year Ended			11/30/23			Year Ended
	(unaudited)			05/31/23			(unaudited)			05/31/23

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	11,676,940		$	32,597,808		$	780,881		$	3,192,201
Net realized gain (loss)		18,204,444			(65,982,615	)		36,198,065			(14,259,907	)
Net change in unrealized appreciation (depreciation)		46,089,209			90,742,580			91,195,799			67,271,524


Net increase in net assets resulting from operations		75,970,593			57,357,773			128,174,745			56,203,818


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Institutional		(12,784,819	)		(23,002,049	)		(653,618	)		(1,487,169	)
Investor A		(3,450,967	)		(6,936,172	)		(208,707	)		(734,722	)
Investor C		(31,829	)		(57,995	)		—			—
Class K		(3,257,321	)		(3,878,150	)		(5,247	)		(6,578	)
Class R		(304,188	)		(73,700	)		—			(147	)


Decrease in net assets resulting from distributions to shareholders		(19,829,124	)		(33,948,066	)		(867,572	)		(2,228,616	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		144,687,666			135,628,015			(29,275,235	)		1,585,172


NET ASSETS
Total increase in net assets		200,829,135			159,037,722			98,031,938			55,560,374
Beginning of period		1,217,847,056			1,058,809,334			953,115,289			897,554,915


End of period	$	1,418,676,191		$	1,217,847,056		$	1,051,147,227		$	953,115,289

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

See notes to financial statements.


FINANCIAL STATEMENTS		51

Statements of Changes in Net Assets (continued)


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


	Six Months						Six Months
	Ended						Ended
	11/30/23			Year Ended			11/30/23			Year Ended
	(unaudited)			05/31/23			(unaudited)			05/31/23

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$ 21,493,797			$ 34,024,253			$ 13,573,324			$ 29,099,395
Net realized gain (loss)		(17,653,220	)		(243,633,261	)		57,142,471			(57,935,346	)
Net change in unrealized appreciation (depreciation)		201,137,534			(2,236,033	)		227,414,093			30,100,345


Net increase (decrease) in net assets resulting from operations		204,978,111			(211,845,041	)		298,129,888			1,264,394


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Institutional		(5,890,136	)		(65,785,212	)		(6,048,621	)		(87,947,101	)
Investor A		(571,241	)		(8,392,738	)		(4,326,414	)		(78,931,541	)
Investor C		—			(218,628	)		(47,818	)		(2,397,702	)
Class K		(2,976,424	)		(26,282,902	)		(119,106	)		(1,924,102	)
Class R		—			—			(36,181	)		(849,067	)


Decrease in net assets resulting from distributions to shareholders		(9,437,801	)		(100,679,480	)		(10,578,140	)		(172,049,513	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(303,644,208	)		(84,503,292	)		(325,415,087	)		(48,914,390	)


NET ASSETS
Total decrease in net assets		(108,103,898	)		(397,027,813	)		(37,863,339	)		(219,699,509	)
Beginning of period		3,442,175,783			3,839,203,596			2,825,258,641			3,044,958,150


End of period	$	3,334,071,885		$	3,442,175,783		$	2,787,395,302		$	2,825,258,641

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

See notes to financial statements.


52		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (continued)


	BlackRock Advantage Large Cap Value Fund

	Six Months Ended 11/30/23 (unaudited)			Year Ended 05/31/23

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	4,806,210		$	8,666,756
Net realized gain (loss)		18,784,323			(1,730,009	)
Net change in unrealized appreciation (depreciation)		27,931,999			(38,708,040	)


Net increase (decrease) in net assets resulting from operations		51,522,532			(31,771,293	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Institutional		(1,089,515	)		(9,937,889	)
Investor A		(1,977,245	)		(20,893,090	)
Investor C		(44,976	)		(893,218	)
Class K		(80,975	)		(574,235	)
Class R		(32,227	)		(460,361	)


Decrease in net assets resulting from distributions to shareholders		(3,224,938	)		(32,758,793	)


CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(26,687,285	)		(11,079,734	)


NET ASSETS
Total increase (decrease) in net assets		21,610,309			(75,609,820	)
Beginning of period		542,376,216			617,986,036


End of period	$	563,986,525		$	542,376,216

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

See notes to financial statements.


FINANCIAL STATEMENTS		53

Financial Highlights

(For a share outstanding throughout each period)


	BlackRock Advantage International Fund


	Institutional


	Six Months Ended 11/30/23 (unaudited)			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			Year Ended 09/30/18

Net asset value, beginning of period	$	16.73		$	16.48		$	19.89		$	14.52		$	16.12		$	16.97		$	16.77


Net investment income^(a)		0.16			0.48			0.46			0.38			0.22			0.44			0.45
Net realized and unrealized gain (loss)		0.82			0.29			(2.28	)		5.30			(1.37	)		(0.90	)		(0.12	)


Net increase (decrease) from investment operations		0.98			0.77			(1.82	)		5.68			(1.15	)		(0.46	)		0.33


Distributions^(b)
From net investment income		(0.27	)		(0.52	)		(0.62	)		(0.31	)		(0.45	)		(0.39	)		(0.13	)
From net realized gain		—			—			(0.97	)		—			—			—			—


Total distributions		(0.27	)		(0.52	)		(1.59	)		(0.31	)		(0.45	)		(0.39	)		(0.13	)


Net asset value, end of period	$	17.44		$	16.73		$	16.48		$	19.89		$	14.52		$	16.12		$	16.97


Total Return^(c)
Based on net asset value		5.86	%^(d)		5.10	%		(9.93	)%		39.57	%		(7.45	)%^(d)		(2.52	)%		1.94	%^(e)


Ratios to Average Net Assets^(f)
Total expenses		0.72	%^(g)		0.68	%		0.73	%		0.78	%		0.82	%^(g)		0.88	%		0.86	%


Total expenses after fees waived and/or reimbursed		0.50	%^(g)		0.50	%		0.50	%		0.50	%		0.50	%^(g)		0.59	%		0.64	%


Net investment income		1.85	%^(g)		3.08	%		2.51	%		2.21	%		2.17	%^(g)		2.78	%		2.61	%


Supplemental Data
Net assets, end of period (000)	$	924,660		$	771,698		$	710,116		$	616,649		$	477,944		$	446,831		$	403,149


Portfolio turnover rate		65	%		128	%		132	%		247	%		131	%		140	%		106	%

^(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 the litigation settlement amount. Excluding this amount, the Fund’s total return is 1.82%.

^(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 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage International Fund (continued)


	Investor A


	Six Months Ended 11/30/23 (unaudited)			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			Year Ended 09/30/18

Net asset value, beginning of period	$	16.52		$	16.28		$	19.65		$	14.35		$	15.93		$	16.78		$	16.60


Net investment income^(a)		0.13			0.44			0.35			0.33			0.19			0.40			0.38
Net realized and unrealized gain (loss)		0.81			0.28			(2.19	)		5.24			(1.35	)		(0.90	)		(0.10	)


Net increase (decrease) from investment operations		0.94			0.72			(1.84	)		5.57			(1.16	)		(0.50	)		0.28


Distributions^(b)
From net investment income		(0.25	)		(0.48	)		(0.56	)		(0.27	)		(0.42	)		(0.35	)		(0.10	)
From net realized gain		—			—			(0.97	)		—			—			—			—


Total distributions		(0.25	)		(0.48	)		(1.53	)		(0.27	)		(0.42	)		(0.35	)		(0.10	)


Net asset value, end of period	$	17.21		$	16.52		$	16.28		$	19.65		$	14.35		$	15.93		$	16.78


Total Return^(c)
Based on net asset value		5.71	%^(d)		4.82	%		(10.13	)%		39.21	%		(7.61	)%^(d)		(2.77	)%		1.68	%^(e)


Ratios to Average Net Assets^(f)
Total expenses		0.92	%^(g)		1.00	%		1.02	%		1.05	%		1.08	%^(g)		1.16	%		1.15	%


Total expenses after fees waived and/or reimbursed		0.75	%^(g)		0.75	%		0.75	%		0.75	%		0.75	%^(g)		0.84	%		0.89	%


Net investment income		1.59	%^(g)		2.82	%		1.93	%		1.95	%		1.85	%^(g)		2.56	%		2.20	%


Supplemental Data
Net assets, end of period (000)	$	234,912		$	230,879		$	240,255		$	456,083		$	366,411		$	404,739		$	302,725


Portfolio turnover rate		65	%		128	%		132	%		247	%		131	%		140	%		106	%

^(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 the litigation settlement amount. Excluding this amount, the Fund’s total return is 1.56%.

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

^(g)	Annualized.

See notes to financial statements.


FINANCIAL HIGHLIGHTS		55

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage International Fund (continued)

	Investor C

	Six Months Ended 11/30/23 (unaudited)			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			Year Ended 09/30/18

Net asset value, beginning of period	$	16.03		$	15.81		$	19.12		$	13.95		$	15.43		$	16.11		$	15.96



Net investment income^(a)		0.11			0.32			0.22			0.16			0.10			0.23			0.23
Net realized and unrealized gain (loss)		0.75			0.27			(2.15	)		5.14			(1.31	)		(0.80	)		(0.08	)


Net increase (decrease) from investment operations		0.86			0.59			(1.93	)		5.30			(1.21	)		(0.57	)		0.15


Distributions^(b)
From net investment income		(0.20	)		(0.37	)		(0.41	)		(0.13	)		(0.27	)		(0.11	)		—
From net realized gain		—			—			(0.97	)		—			—			—			—


Total distributions		(0.20	)		(0.37	)		(1.38	)		(0.13	)		(0.27	)		(0.11	)		—


Net asset value, end of period	$	16.69		$	16.03		$	15.81		$	19.12		$	13.95		$	15.43		$	16.11


Total Return^(c)
Based on net asset value		5.37	%^(d)		4.04	%		(10.83	)%		38.21	%		(8.05	)%^(d)		(3.51	)%		0.94	%^(e)


Ratios to Average Net Assets^(f)
Total expenses		1.71	%^(g)		1.78	%		1.83	%		1.88	%		1.84	%^(g)		1.88	%		1.89	%


Total expenses after fees waived and/or reimbursed		1.51	%^(g)		1.50	%		1.50	%		1.50	%		1.50	%^(g)		1.59	%		1.64	%


Net investment income		1.33	%^(g)		2.10	%		1.27	%		0.98	%		1.04	%^(g)		1.52	%		1.39	%


Supplemental Data
Net assets, end of period (000)	$	12,003		$	2,598		$	2,356		$	3,664		$	6,193		$	9,448		$	23,111


Portfolio turnover rate		65	%		128	%		132	%		247	%		131	%		140	%		106	%

^(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 the litigation settlement amount. Excluding this amount, the Fund’s total return is 0.81%.

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

See notes to financial statements.


56		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage International Fund (continued)


	Class K


		Six Months Ended 11/30/23 (unaudited)	��		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			Period from 01/25/18 to 09/30/18	^(a)

Net asset value, beginning of period	$	16.73		$	16.48		$	19.89		$	14.52		$	16.12		$	16.98		$	18.33


Net investment income^(b)		0.16			0.52			0.46			0.46			0.23			0.56			0.39
Net realized and unrealized gain (loss)		0.83			0.26			(2.28	)		5.23			(1.37	)		(1.03	)		(1.74	)


Net increase (decrease) from investment operations		0.99			0.78			(1.82	)		5.69			(1.14	)		(0.47	)		(1.35	)


Distributions^(c)
From net investment income		(0.28	)		(0.53	)		(0.62	)		(0.32	)		(0.46	)		(0.39	)		—
From net realized gain		—			—			(0.97	)		—			—			—			—


Total distributions		(0.28	)		(0.53	)		(1.59	)		(0.32	)		(0.46	)		(0.39	)		—


Net asset value, end of period	$	17.44		$	16.73		$	16.48		$	19.89		$	14.52		$	16.12		$	16.98


Total Return^(d)
Based on net asset value		5.88	%^(e)		5.16	%		(9.89	)%		39.64	%		(7.40	)%^(e)		(2.53	)%		(7.37	)%^(f)


Ratios to Average Net Assets^(g)
Total expenses		0.57	%^(h)		0.57	%		0.61	%		0.63	%		0.65	%^(h)		0.75	%		0.80	%^(h)


Total expenses after fees waived and/or reimbursed		0.45	%^(h)		0.45	%		0.45	%		0.45	%		0.45	%^(h)		0.54	%		0.59	%^(h)


Net investment income		1.89	%^(h)		3.28	%		2.55	%		2.65	%		2.20	%^(h)		3.59	%		3.33	%^(h)


Supplemental Data
Net assets, end of period (000)	$	217,563		$	193,748		$	103,329		$	103,454		$	43,073		$	43,721		$	8,175


Portfolio turnover rate		65	%		128	%		132	%		247	%		131	%		140	%		106	%⁽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 the litigation settlement amount. Excluding this amount, the Fund’s total return is (7.42)%.

^(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.


FINANCIAL HIGHLIGHTS		57

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage International Fund (continued)

	Class R

	Six Months Ended 11/30/23 (unaudited)			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			Year Ended 09/30/18

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


Net investment income^(a)		0.11			0.45			0.33			0.28			0.15			0.34			0.32
Net realized and unrealized gain (loss)		0.82			0.23			(2.23	)		5.26			(1.34	)		(0.88	)		(0.08	)


Net increase (decrease) from investment operations		0.93			0.68			(1.90	)		5.54			(1.19	)		(0.54	)		0.24


Distributions^(b)
From net investment income		(0.27	)		(0.44	)		(0.52	)		(0.22	)		(0.36	)		(0.29	)		(0.03	)
From net realized gain		—			—			(0.97	)		—			—			—			—


Total distributions		(0.27	)		(0.44	)		(1.49	)		(0.22	)		(0.36	)		(0.29	)		(0.03	)


Net asset value, end of period	$	17.19		$	16.53		$	16.29		$	19.68		$	14.36		$	15.91		$	16.74


Total Return^(c)
Based on net asset value		5.61	%^(d)		4.54	%		(10.42	)%		38.91	%		(7.75	)%^(d)		(3.04	)%		1.44	%^(e)


Ratios to Average Net Assets^(f)
Total expenses		1.27	%^(g)		1.33	%		1.35	%		1.36	%		1.37	%^(g)		1.44	%		1.45	%


Total expenses after fees waived and/or reimbursed		1.01	%^(g)		1.00	%		1.00	%		1.00	%		1.00	%^(g)		1.09	%		1.14	%


Net investment income		1.32	%^(g)		2.75	%		1.81	%		1.67	%		1.47	%^(g)		2.20	%		1.91	%


Supplemental Data
Net assets, end of period (000)	$	29,539		$	18,925		$	2,753		$	3,416		$	3,310		$	5,244		$	7,572


Portfolio turnover rate		65	%		128	%		132	%		247	%		131	%		140	%		106	%

^(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 the litigation settlement amount. Excluding this amount, the Fund’s total return is 1.26%.

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

^(g)	Annualized.

See notes to financial statements.


58		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)


	BlackRock Advantage Large Cap Growth Fund


	Institutional


	Six Months Ended 11/30/23 (unaudited)			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			Year Ended 09/30/18

Net asset value, beginning of period	$	19.76		$	18.77		$	23.33		$	18.23		$	16.49		$	17.89		$	15.20


Net investment income^(a)		0.03			0.09			0.03			0.04			0.07			0.13			0.13
Net realized and unrealized gain (loss)		2.66			0.96			(1.25	)		6.59			2.40			(0.22	)		3.52


Net increase (decrease) from investment operations		2.69			1.05			(1.22	)		6.63			2.47			(0.09	)		3.65


Distributions^(b)
From net investment income		(0.03	)		(0.06	)		—			(0.07	)		(0.14	)		(0.13	)		(0.08	)
From net realized gain		—			—			(3.34	)		(1.46	)		(0.59	)		(1.18	)		(0.88	)


Total distributions		(0.03	)		(0.06	)		(3.34	)		(1.53	)		(0.73	)		(1.31	)		(0.96	)


Net asset value, end of period	$	22.42		$	19.76		$	18.77		$	23.33		$	18.23		$	16.49		$	17.89


Total Return^(c)
Based on net asset value		13.60	%^(d)		5.62	%		(7.80	)%		37.54	%		15.34	%^(d)		0.41	%		25.31	%


Ratios to Average Net Assets^(e)
Total expenses		0.82	%^(f)		0.75	%		0.75	%		0.83	%		0.86	%^(f)		0.87	%		0.86	%


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


Net investment income		0.29	%^(f)		0.50	%		0.15	%		0.21	%		0.65	%^(f)		0.82	%		0.83	%


Supplemental Data
Net assets, end of period (000)	$	535,664		$	499,742		$	432,076		$	125,061		$	89,737		$	79,564		$	74,886


Portfolio turnover rate		65	%		130	%		130	%		134	%		70	%		154	%		162	%

^(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.


FINANCIAL HIGHLIGHTS		59

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage Large Cap Growth Fund (continued)


	Investor A


	Six Months Ended 11/30/23 (unaudited)			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			Year Ended 09/30/18

Net asset value, beginning of period	$	18.57		$	17.67		$	22.13		$	17.35		$	15.71		$	17.11		$	14.59


Net investment income (loss)^(a)		0.00			0.04			(0.03	)		(0.01	)		0.04			0.09			0.09
Net realized and unrealized gain (loss)		2.51			0.89			(1.16	)		6.27			2.28			(0.22	)		3.37


Net increase (decrease) from investment operations		2.51			0.93			(1.19	)		6.26			2.32			(0.13	)		3.46


Distributions^(b)
From net investment income		(0.01	)		(0.03	)		—			(0.02	)		(0.09	)		(0.09	)		(0.06	)
From net realized gain		—			—			(3.27	)		(1.46	)		(0.59	)		(1.18	)		(0.88	)


Total distributions		(0.01	)		(0.03	)		(3.27	)		(1.48	)		(0.68	)		(1.27	)		(0.94	)


Net asset value, end of period	$	21.07		$	18.57		$	17.67		$	22.13		$	17.35		$	15.71		$	17.11


Total Return^(c)
Based on net asset value		13.51	%^(d)		5.28	%		(8.05	)%		37.28	%		15.16	%^(d)		0.15	%		24.98	%


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


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


Net investment income (loss)		0.04	%^(f)		0.24	%		(0.16	)%		(0.04	)%		0.40	%^(f)		0.57	%		0.58	%


Supplemental Data
Net assets, end of period (000)	$	483,043		$	441,983		$	452,791		$	909,344		$	713,162		$	699,247		$	730,996


Portfolio turnover rate		65	%		130	%		130	%		134	%		70	%		154	%		162	%

^(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.


60		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage Large Cap Growth Fund (continued)

	Investor C

	Six Months Ended 11/30/23 (unaudited)			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			Year Ended 09/30/18

Net asset value, beginning of period	$	14.88		$	14.24		$	18.42		$	14.67		$	13.35		$	14.55		$	12.53

Net investment loss^(a)		(0.05	)		(0.07	)		(0.16	)		(0.13	)		(0.03	)		(0.03	)		(0.03	)
Net realized and unrealized gain (loss)		2.00			0.71			(0.87	)		5.27			1.93			(0.17	)		2.89


Net increase (decrease) from investment operations		1.95			0.64			(1.03	)		5.14			1.90			(0.20	)		2.86


Distributions from net realized gain^(b)		—			—			(3.15	)		(1.39	)		(0.58	)		(1.00	)		(0.84	)


Net asset value, end of period	$	16.83		$	14.88		$	14.24		$	18.42		$	14.67		$	13.35		$	14.55


Total Return^(c)
Based on net asset value		13.10	%^(d)		4.50	%		(8.74	)%		36.25	%		14.56	%^(d)		(0.59	)%		24.09	%


Ratios to Average Net Assets^(e)
Total expenses		1.82	%^(f)		1.87	%		1.83	%		1.84	%		1.83	%^(f)		1.85	%		1.87	%


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


Net investment loss		(0.69	)%^(f)		(0.51	)%		(0.89	)%		(0.78	)%		(0.35	)%^(f)		(0.22	)%		(0.19	)%


Supplemental Data
Net assets, end of period (000)	$	26,990		$	8,372		$	10,162		$	12,989		$	14,728		$	15,277		$	48,702


Portfolio turnover rate		65	%		130	%		130	%		134	%		70	%		154	%		162	%

^(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.


FINANCIAL HIGHLIGHTS		61

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage Large Cap Growth Fund (continued)


	Class K


		Six Months Ended 11/30/23 (unaudited)			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			Period from 01/25/18 to 09/30/18	^(a)

Net asset value, beginning of period	$	19.76		$	18.77		$	23.33		$	18.23		$	16.49		$	17.89		$	16.37


Net investment income^(b)		0.04			0.10			0.04			0.05			0.08			0.14			0.11
Net realized and unrealized gain (loss)		2.66			0.95			(1.25	)		6.59			2.40			(0.23	)		1.41


Net increase (decrease) from investment operations		2.70			1.05			(1.21	)		6.64			2.48			(0.09	)		1.52


Distributions^(c)
From net investment income		(0.03	)		(0.06	)		—			(0.08	)		(0.15	)		(0.13	)		—
From net realized gain		—			—			(3.35	)		(1.46	)		(0.59	)		(1.18	)		—


Total distributions		(0.03	)		(0.06	)		(3.35	)		(1.54	)		(0.74	)		(1.31	)		—


Net asset value, end of period	$	22.43		$	19.76		$	18.77		$	23.33		$	18.23		$	16.49		$	17.89


Total Return^(d)
Based on net asset value		13.67	%^(e)		5.63	%		(7.76	)%		37.60	%		15.40	%^(e)		0.47	%		9.29	%^(e)


Ratios to Average Net Assets^(f)
Total expenses		0.68	%^(g)		0.69	%		0.69	%		0.69	%		0.70	%^(g)		0.71	%		0.72	%^(g)


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


Net investment income		0.35	%^(g)		0.53	%		0.18	%		0.25	%		0.72	%^(g)		0.85	%		0.93	%^(g)


Supplemental Data
Net assets, end of period (000)	$	4,779		$	2,489		$	2,177		$	1,152		$	715		$	973		$	609


Portfolio turnover rate		65	%		130	%		130	%		134	%		70	%		154	%		162	%^(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.


62		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage Large Cap Growth Fund (continued)

	Class R

	Six Months Ended 11/30/23 (unaudited)			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			Year Ended 09/30/18

Net asset value, beginning of period	$	19.57		$	18.64		$	23.17		$	18.10		$	16.32		$	17.69		$	15.01


Net investment income (loss)^(a)		(0.02	)		(0.00	)^(b)		(0.09	)		(0.06	)		0.02			0.05			0.05
Net realized and unrealized gain (loss)		2.63			0.94			(1.25	)		6.55			2.38			(0.23	)		3.49


Net increase (decrease) from investment operations		2.61			0.94			(1.34	)		6.49			2.40			(0.18	)		3.54


Distributions^(c)
From net investment income		—			(0.01	)		—			—			(0.03	)		(0.01	)		—
From net realized gain		—			—			(3.19	)		(1.42	)		(0.59	)		(1.18	)		(0.86	)


Total distributions		—			(0.01	)		(3.19	)		(1.42	)		(0.62	)		(1.19	)		(0.86	)


Net asset value, end of period	$	22.18		$	19.57		$	18.64		$	23.17		$	18.10		$	16.32		$	17.69


Total Return^(d)
Based on net asset value		13.34	%^(e)		5.03	%		(8.28	)%		36.93	%		14.99	%^(e)		(0.15	)%		24.68	%


Ratios to Average Net Assets^(f)
Total expenses		1.38	%^(g)		1.42	%		1.50	%		1.36	%		1.46	%^(g)		1.42	%		1.40	%


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


Net investment income (loss)		(0.21	)%^(g)		(0.03	)%		(0.39	)%		(0.30	)%		0.16	%^(g)		0.33	%		0.30	%


Supplemental Data
Net assets, end of period (000)	$	672		$	530		$	349		$	577		$	536		$	867		$	1,864


Portfolio turnover rate		65	%		130	%		130	%		134	%		70	%		154	%		162	%

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

^(g)	Annualized.

See notes to financial statements.


FINANCIAL HIGHLIGHTS		63

Financial Highlights

(For a share outstanding throughout each period)


	BlackRock Advantage Small Cap Core Fund

	Institutional

	Six Months Ended 11/30/23 (unaudited)			Year Ended 05/31/23			Year Ended 05/31/22			Year Ended 05/31/21			Year Ended 05/31/20			Year Ended 05/31/19

Net asset value, beginning of period	$	14.06		$	15.35		$	20.72		$	13.09		$	13.13		$	14.80


Net investment income^(a)		0.09			0.14			0.13			0.12			0.14			0.13
Net realized and unrealized gain (loss)		0.75			(1.02	)		(3.28	)		7.97			(0.05	)		(1.13	)


Net increase (decrease) from investment operations		0.84			(0.88	)		(3.15	)		8.09			0.09			(1.00	)


Distributions^(b)
From net investment income		(0.04	)		(0.12	)		(0.14	)		(0.10	)		(0.13	)		(0.11	)
From net realized gain		—			(0.29	)		(2.08	)		(0.36	)		(0.00	)^(c)		(0.56	)


Total distributions		(0.04	)		(0.41	)		(2.22	)		(0.46	)		(0.13	)		(0.67	)


Net asset value, end of period	$	14.86		$	14.06		$	15.35		$	20.72		$	13.09		$	13.13


Total Return^(d)
Based on net asset value		5.96	%^(e)		(5.75	)%		(16.89	)%		62.61	%		0.61	%		(6.89	)%


Ratios to Average Net Assets^(f)
Total expenses		0.58	%^(g)		0.59	%		0.59	%		0.60	%		0.64	%		0.70	%


Total expenses after fees waived and/or reimbursed		0.50	%^(g)		0.50	%		0.50	%		0.50	%		0.50	%		0.49	%


Net investment income		1.25	%^(g)		0.93	%		0.69	%		0.65	%		0.99	%		0.95	%


Supplemental Data
Net assets, end of period (000)	$	2,041,957		$	2,152,757		$	2,501,959		$	2,802,145		$	847,753		$	551,833


Portfolio turnover rate		38	%		93	%		81	%		63	%		101	%		100	%

^(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.


64		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage Small Cap Core Fund (continued)

	Investor A

	Six Months Ended 11/30/23 (unaudited)			Year Ended 05/31/23			Year Ended 05/31/22			Year Ended 05/31/21			Year Ended 05/31/20			Year Ended 05/31/19

Net asset value, beginning of period	$	13.96		$	15.24		$	20.58		$	13.02		$	13.05		$	14.73


Net investment income^(a)		0.07			0.10			0.08			0.08			0.10			0.09
Net realized and unrealized gain (loss)		0.75			(1.01	)		(3.25	)		7.91			(0.03	)		(1.13	)


Net increase (decrease) from investment operations		0.82			(0.91	)		(3.17	)		7.99			0.07			(1.04	)


Distributions^(b)
From net investment income		(0.03	)		(0.08	)		(0.09	)		(0.07	)		(0.10	)		(0.08	)
From net realized gain		—			(0.29	)		(2.08	)		(0.36	)		(0.00	)^(c)		(0.56	)


Total distributions		(0.03	)		(0.37	)		(2.17	)		(0.43	)		(0.10	)		(0.64	)


Net asset value, end of period	$	14.75		$	13.96		$	15.24		$	20.58		$	13.02		$	13.05


Total Return^(d)
Based on net asset value		5.83	%^(e)		(5.98	)%		(17.08	)%		62.05	%		0.45	%		(7.16	)%


Ratios to Average Net Assets^(f)
Total expenses		0.93	%^(g)		0.93	%		0.92	%		0.95	%		1.01	%		1.03	%


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


Net investment income		1.00	%^(g)		0.67	%		0.44	%		0.45	%		0.75	%		0.69	%


Supplemental Data
Net assets, end of period (000)	$	330,207		$	315,694		$	358,594		$	530,664		$	277,926		$	248,574


Portfolio turnover rate		38	%		93	%		81	%		63	%		101	%		100	%

^(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.


FINANCIAL HIGHLIGHTS		65

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage Small Cap Core Fund (continued)

	Investor C

	Six Months Ended 11/30/23 (unaudited)			Year Ended 05/31/23			Year Ended 05/31/22			Year Ended 05/31/21			Year Ended 05/31/20			Year Ended 05/31/19

Net asset value, beginning of period	$	13.50		$	14.80		$	20.08		$	12.74		$	12.80		$	14.48


Net investment income (loss)^(a)		0.02			(0.01	)		(0.05	)		(0.05	)		0.00	^(b)		(0.01	)
Net realized and unrealized gain (loss)		0.72			(0.98	)		(3.18	)		7.74			(0.04	)		(1.10	)


Net increase (decrease) from investment operations		0.74			(0.99	)		(3.23	)		7.69			(0.04	)		(1.11	)


Distributions^(c)
From net investment income		—			(0.02	)		—			—			(0.02	)		(0.01	)
From net realized gain		—			(0.29	)		(2.05	)		(0.35	)		(0.00	)^(d)		(0.56	)


Total distributions		—			(0.31	)		(2.05	)		(0.35	)		(0.02	)		(0.57	)


Net asset value, end of period	$	14.24		$	13.50		$	14.80		$	20.08		$	12.74		$	12.80


Total Return^(e)
Based on net asset value		5.48	%^(f)		(6.70	)%		(17.74	)%		60.90	%		(0.33	)%		(7.83	)%


Ratios to Average Net Assets^(g)
Total expenses		1.72	%^(h)		1.69	%		1.64	%		1.70	%		1.71	%		1.81	%


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)		0.25	%^(h)		(0.07	)%		(0.30	)%		(0.32	)%		0.01	%		(0.06	)%


Supplemental Data
Net assets, end of period (000)	$	9,382		$	9,276		$	10,969		$	12,880		$	4,955		$	4,363


Portfolio turnover rate		38	%		93	%		81	%		63	%		101	%		100	%

^(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.


66		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage Small Cap Core Fund (continued)

	Class K

	Six Months Ended 11/30/23 (unaudited)			Year Ended 05/31/23			Year Ended 05/31/22			Year Ended 05/31/21			Year Ended 05/31/20			Year Ended 05/31/19

Net asset value, beginning of period	$	14.07		$	15.36		$	20.73		$	13.10		$	13.13		$	14.81


Net investment income^(a)		0.10			0.14			0.13			0.13			0.14			0.14
Net realized and unrealized gain (loss)		0.74			(1.02	)		(3.27	)		7.97			(0.03	)		(1.15	)


Net increase (decrease) from investment operations		0.84			(0.88	)		(3.14	)		8.10			0.11			(1.01	)


Distributions^(b)
From net investment income		(0.04	)		(0.12	)		(0.15	)		(0.11	)		(0.14	)		(0.11	)
From net realized gain		—			(0.29	)		(2.08	)		(0.36	)		(0.00	)^(c)		(0.56	)


Total distributions		(0.04	)		(0.41	)		(2.23	)		(0.47	)		(0.14	)		(0.67	)


Net asset value, end of period	$	14.87		$	14.07		$	15.36		$	20.73		$	13.10		$	13.13


Total Return^(d)
Based on net asset value		5.98	%^(e)		(5.70	)%		(16.84	)%		62.63	%		0.73	%		(6.93	)%


Ratios to Average Net Assets^(f)
Total expenses		0.52	%^(g)		0.51	%		0.51	%		0.52	%		0.56	%		0.61	%


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


Net investment income		1.30	%^(g)		0.97	%		0.73	%		0.71	%		0.99	%		1.00	%


Supplemental Data
Net assets, end of period (000)	$	952,526		$	964,449		$	967,682		$	920,752		$	188,885		$	56,316


Portfolio turnover rate		38	%		93	%		81	%		63	%		101	%		100	%

^(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.


FINANCIAL HIGHLIGHTS		67

Financial Highlights

(For a share outstanding throughout each period)


	BlackRock Advantage Large Cap Core Fund


	Institutional


	Six Months Ended 11/30/23 (unaudited)			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			Year Ended 09/30/18

Net asset value, beginning of period	$	17.36		$	18.39		$	23.32		$	18.78		$	16.87		$	18.18		$	21.42


Net investment income^(a)		0.10			0.20			0.13			0.19			0.22			0.25			0.25
Net realized and unrealized gain (loss)		1.87			(0.18	)		(0.87	)		5.31			2.41			(0.13	)		2.71


Net increase (decrease) from investment operations		1.97			0.02			(0.74	)		5.50			2.63			0.12			2.96


Distributions^(b)
From net investment income		(0.07	)		(0.20	)		(0.19	)		(0.22	)		(0.29	)		(0.20	)		(0.23	)
From net realized gain		—			(0.85	)		(4.00	)		(0.74	)		(0.43	)		(1.23	)		(5.97	)


Total distributions		(0.07	)		(1.05	)		(4.19	)		(0.96	)		(0.72	)		(1.43	)		(6.20	)


Net asset value, end of period	$	19.26		$	17.36		$	18.39		$	23.32		$	18.78		$	16.87		$	18.18


Total Return^(c)
Based on net asset value		11.37	%^(d)		0.63	%		(5.20	)%^(d)		30.31	%		15.96	%		1.41	%		17.36	%


Ratios to Average Net Assets^(e)
Total expenses		0.64	%^(f)		0.63	%		0.61	%^(f)(g)		0.68	%^(h)		0.84	%⁽ⁱ⁾		0.82	%⁽ⁱ⁾		0.79	%^(h)


Total expenses after fees waived and/or reimbursed		0.48	%^(f)		0.48	%		0.48	%^(f)(g)		0.48	%^(h)		0.48	%⁽ⁱ⁾		0.47	%⁽ⁱ⁾		0.48	%^(h)


Net investment income		1.06	%^(f)		1.17	%		0.92	%^(f)(g)		0.87	%^(h)		1.29	%⁽ⁱ⁾		1.54	%⁽ⁱ⁾		1.44	%^(h)


Supplemental Data
Net assets, end of period (000)	$	1,328,441		$	1,479,014		$	1,547,621		$	1,721,850		$	1,399,612		$	1,325,232		$	1,197,729


Portfolio turnover rate^(j)		55	%		105	%		73	%		111	%		99	%		151	%		148	%

^(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.


68		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage Large Cap Core Fund (continued)


	Investor A


	Six Months Ended 11/30/23 (unaudited)			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			Year Ended 09/30/18

Net asset value, beginning of period	$	16.40		$	17.44		$	22.30		$	18.00		$	16.20		$	17.52		$	20.84


Net investment income^(a)		0.07			0.15			0.09			0.13			0.17			0.20			0.20
Net realized and unrealized gain (loss)		1.78			(0.19	)		(0.82	)		5.08			2.31			(0.12	)		2.63


Net increase (decrease) from investment operations		1.85			(0.04	)		(0.73	)		5.21			2.48			0.08			2.83


Distributions^(b)
From net investment income		(0.06	)		(0.15	)		(0.13	)		(0.17	)		(0.25	)		(0.17	)		(0.18	)
From net realized gain		—			(0.85	)		(4.00	)		(0.74	)		(0.43	)		(1.23	)		(5.97	)


Total distributions		(0.06	)		(1.00	)		(4.13	)		(0.91	)		(0.68	)		(1.40	)		(6.15	)


Net asset value, end of period	$	18.19		$	16.40		$	17.44		$	22.30		$	18.00		$	16.20		$	17.52


Total Return^(c)
Based on net asset value		11.26	%^(d)		0.34	%		(5.37	)%^(d)		30.01	%		15.66	%		1.18	%		17.10	%


Ratios to Average Net Assets^(e)
Total expenses		0.90	%^(f)		0.90	%		0.86	%^(f)(g)		0.93	%^(h)		1.09	%⁽ⁱ⁾		1.10	%⁽ⁱ⁾		1.14	%^(h)


Total expenses after fees waived and/or reimbursed		0.73	%^(f)		0.73	%		0.73	%^(f)(g)		0.73	%^(h)		0.73	%⁽ⁱ⁾		0.73	%⁽ⁱ⁾		0.73	%^(h)


Net investment income		0.83	%^(f)		0.92	%		0.67	%^(f)(g)		0.62	%^(h)		1.04	%⁽ⁱ⁾		1.30	%⁽ⁱ⁾		1.19	%^(h)


Supplemental Data
Net assets, end of period (000)	$	1,374,382		$	1,271,384		$	1,382,899		$	1,519,185		$	1,325,195		$	1,202,715		$	929,540


Portfolio turnover rate^(j)		55	%		105	%		73	%		111	%		99	%		151	%		148	%

^(a)

Based on average shares outstanding.

^(b)

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

^(c)

Where applicable, assumes the reinvestment of distributions.

^(d)

Not annualized.

^(e)

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

^(f)

Annualized.

^(g)

^(h)

⁽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.


FINANCIAL HIGHLIGHTS		69

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage Large Cap Core Fund (continued)

	Investor C

	Six Months Ended 11/30/23 (unaudited)			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			Year Ended 09/30/18

Net asset value, beginning of period	$	13.01		$	14.06		$	18.68		$	15.14		$	13.72		$	15.03		$	18.61


Net investment income (loss)^(a)		0.01			0.02			(0.01	)		(0.02	)		0.04			0.07			0.06
Net realized and unrealized gain (loss)		1.40			(0.16	)		(0.61	)		4.28			1.95			(0.12	)		2.29


Net increase (decrease) from investment operations		1.41			(0.14	)		(0.62	)		4.26			1.99			(0.05	)		2.35


Distributions^(b)
From net investment income		(0.02	)		(0.06	)		(0.00	)^(c)		—			(0.14	)		(0.03	)		—
From net realized gain		—			(0.85	)		(4.00	)		(0.72	)		(0.43	)		(1.23	)		(5.93	)


Total distributions		(0.02	)		(0.91	)		(4.00	)		(0.72	)		(0.57	)		(1.26	)		(5.93	)


Net asset value, end of period	$	14.40		$	13.01		$	14.06		$	18.68		$	15.14		$	13.72		$	15.03


Total Return^(d)
Based on net asset value		10.84	%^(e)		(0.42	)%		(5.81	)%^(e)		29.03	%		14.80	%		0.37	%		16.24	%


Ratios to Average Net Assets^(f)
Total expenses		1.72	%^(g)		1.72	%		1.69	%^(g)(h)		1.69	%⁽ⁱ⁾		1.87	%^(j)		1.89	%^(j)		1.92	%⁽ⁱ⁾


Total expenses after fees waived and/or reimbursed		1.48	%^(g)		1.48	%		1.48	%^(g)(h)		1.48	%⁽ⁱ⁾		1.48	%^(j)		1.48	%^(j)		1.48	%⁽ⁱ⁾


Net investment income (loss)		0.08	%^(g)		0.17	%		(0.08	)%^(g)(h)		(0.13	)%⁽ⁱ⁾		0.32	%^(j)		0.52	%^(j)		0.44	%⁽ⁱ⁾


Supplemental Data
Net assets, end of period (000)	$	40,382		$	31,813		$	38,506		$	42,561		$	31,921		$	95,571		$	159,351


Portfolio turnover rate^(k)		55	%		105	%		73	%		111	%		99	%		151	%		148	%

^(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.

^(h)

⁽ⁱ⁾

^(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.


70		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage Large Cap Core Fund (continued)


	Class K


		Six Months Ended 11/30/23 (unaudited)			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			Period from 01/25/18 to 09/30/18	^(a)

Net asset value, beginning of period	$	17.36		$	18.40		$	23.34		$	18.79		$	16.88		$	18.19		$	17.48


Net investment income^(b)		0.10			0.21			0.13			0.20			0.22			0.31			0.18
Net realized and unrealized gain (loss)		1.89			(0.19	)		(0.87	)		5.32			2.42			(0.18	)		0.53


Net increase (decrease) from investment operations		1.99			0.02			(0.74	)		5.52			2.64			0.13			0.71


Distributions^(c)
From net investment income		(0.08	)		(0.21	)		(0.20	)		(0.23	)		(0.30	)		(0.21	)		—
From net realized gain		—			(0.85	)		(4.00	)		(0.74	)		(0.43	)		(1.23	)		—


Total distributions		(0.08	)		(1.06	)		(4.20	)		(0.97	)		(0.73	)		(1.44	)		—


Net asset value, end of period	$	19.27		$	17.36		$	18.40		$	23.34		$	18.79		$	16.88		$	18.19


Total Return^(d)
Based on net asset value		11.45	%^(e)		0.63	%		(5.18	)%^(e)		30.42	%		16.01	%		1.45	%		4.06	%^(e)


Ratios to Average Net Assets^(f)
Total expenses		0.53	%^(g)		0.54	%		0.51	%^(g)(h)		0.55	%⁽ⁱ⁾		0.70	%^(j)		0.72	%^(j)		0.72	%^(g)(i)


Total expenses after fees waived and/or reimbursed		0.43	%^(g)		0.43	%		0.43	%^(g)(h)		0.43	%⁽ⁱ⁾		0.43	%^(j)		0.43	%^(j)		0.43	%^(g)(i)


Net investment income		1.13	%^(g)		1.22	%		0.98	%^(g)(h)		0.91	%⁽ⁱ⁾		1.30	%^(j)		1.87	%^(j)		1.55	%^(g)(i)


Supplemental Data
Net assets, end of period (000)	$	30,697		$	31,568		$	61,965		$	56,736		$	34,078		$	3,079		$	2,458


Portfolio turnover rate^(k)		55	%		105	%		73	%		111	%		99	%		151	%		148	%

^(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)

⁽ⁱ⁾

^(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.


FINANCIAL HIGHLIGHTS		71

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage Large Cap Core Fund (continued)

	Class R

	Six Months Ended 11/30/23 (unaudited)			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			Year Ended 09/30/18

Net asset value, beginning of period	$	14.80		$	15.84			$	20.60		$	16.66		$	15.03		$	16.38		$	19.85


Net investment income^(a)		0.05			0.10				0.05			0.07			0.13			0.15			0.15
Net realized and unrealized gain (loss)		1.58			(0.17	)			(0.72	)		4.70			2.13			(0.13	)		2.47


Net increase (decrease) from investment operations		1.63			(0.07	)			(0.67	)		4.77			2.26			0.02			2.62


Distributions^(b)
From net investment income		(0.04	)		(0.12	)			(0.09	)		(0.09	)		(0.20	)		(0.14	)		(0.12	)
From net realized gain		—			(0.85	)			(4.00	)		(0.74	)		(0.43	)		(1.23	)		(5.97	)


Total distributions		(0.04	)		(0.97	)			(4.09	)		(0.83	)		(0.63	)		(1.37	)		(6.09	)


Net asset value, end of period	$	16.39		$	14.80			$	15.84		$	20.60		$	16.66		$	15.03		$	16.38


Total Return^(c)
Based on net asset value		11.05	%^(d)		0.14	%			(5.55	)%^(d)		29.67	%		15.38	%		0.88	%		16.83	%


Ratios to Average Net Assets^(e)
Total expenses		1.22	%^(f)		1.24	%			1.23	%^(f)(g)		1.26	%^(h)		1.37	%⁽ⁱ⁾		1.32	%⁽ⁱ⁾		1.38	%^(h)
							��

Total expenses after fees waived and/or reimbursed		0.98	%^(f)		0.98	%			0.98	%^(f)(g)		0.98	%^(h)		0.98	%⁽ⁱ⁾		0.98	%⁽ⁱ⁾		0.98	%^(h)


Net investment income		0.58	%^(f)		0.68	%			0.42	%^(f)(g)		0.37	%^(h)		0.83	%⁽ⁱ⁾		1.04	%⁽ⁱ⁾		0.94	%^(h)


Supplemental Data
Net assets, end of period (000)	$	13,493		$	11,479			$	13,967		$	14,399		$	12,416		$	27,003		$	41,488


Portfolio turnover rate^(j)		55	%		105	%			73	%		111	%		99	%		151	%		148	%

^(a)

Based on average shares outstanding.

^(b)

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

^(c)

Where applicable, assumes the reinvestment of distributions.

^(d)

Not annualized.

^(e)

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

^(f)

Annualized.

^(g)

^(h)

⁽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.


72		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)


	BlackRock Advantage Large Cap Value Fund


	Institutional


	Six Months Ended 11/30/23 (unaudited)			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			Year Ended 09/30/18

Net asset value, beginning of period	$	26.63		$	29.79		$	35.07		$	24.74		$	28.08		$	30.89		$	28.32


Net investment income^(a)		0.27			0.47			0.45			0.46			0.39			0.57			0.55
Net realized and unrealized gain (loss)		2.35			(2.02	)		(0.21	)		10.36			(2.60	)		(0.26	)		2.57


Net increase (decrease) from investment operations		2.62			(1.55	)		0.24			10.82			(2.21	)		0.31			3.12


Distributions^(b)
From net investment income		(0.18	)		(0.47	)		(0.47	)		(0.49	)		(0.58	)		(0.59	)		(0.43	)
From net realized gain		—			(1.14	)		(5.05	)		—			(0.55	)		(2.53	)		(0.12	)


Total distributions		(0.18	)		(1.61	)		(5.52	)		(0.49	)		(1.13	)		(3.12	)		(0.55	)


Net asset value, end of period	$	29.07		$	26.63		$	29.79		$	35.07		$	24.74		$	28.08		$	30.89


Total Return^(c)
Based on net asset value		9.83	%^(d)		(4.97	)%		0.63	%		44.37	%		(8.36	)%^(d)		1.80	%		11.16	%


Ratios to Average Net Assets^(e)
Total expenses		0.72	%^(f)		0.70	%		0.70	%		0.84	%^(g)		0.89	%^(f)(h)		0.87	%^(h)		0.92	%⁽ⁱ⁾


Total expenses after fees waived and/or reimbursed		0.54	%^(f)		0.54	%		0.54	%		0.54	%^(g)		0.54	%^(f)(h)		0.54	%^(h)		0.54	%⁽ⁱ⁾


Net investment income		1.89	%^(f)		1.72	%		1.41	%		1.58	%^(g)		2.20	%^(f)(h)		2.09	%^(h)		1.87	%⁽ⁱ⁾


Supplemental Data
Net assets, end of period (000)	$	167,486		$	164,434		$	186,903		$	194,452		$	146,365		$	192,744		$	169,089


Portfolio turnover rate		60	%		116	%		136	%		126	%^(j)		70	%		161	%		143	%

^(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)

⁽ⁱ⁾

^(j)

Portfolio turnover rate includes transactions from the Master Portfolio prior to March 1, 2021.

See notes to financial statements.


FINANCIAL HIGHLIGHTS		73

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage Large Cap Value Fund (continued)


	Investor A


	Six Months Ended 11/30/23 (unaudited)			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			Year Ended 09/30/18

Net asset value, beginning of period	$	25.86		$	28.98		$	34.26		$	24.18		$	27.45		$	30.26		$	27.76


Net investment income^(a)		0.23			0.39			0.36			0.38			0.34			0.49			0.47
Net realized and unrealized gain (loss)		2.28			(1.97	)		(0.20	)		10.13			(2.55	)		(0.25	)		2.51


Net increase (decrease) from investment operations		2.51			(1.58	)		0.16			10.51			(2.21	)		0.24			2.98


Distributions^(b)
From net investment income		(0.15	)		(0.40	)		(0.39	)		(0.43	)		(0.51	)		(0.52	)		(0.36	)
From net realized gain		—			(1.14	)		(5.05	)		—			(0.55	)		(2.53	)		(0.12	)


Total distributions		(0.15	)		(1.54	)		(5.44	)		(0.43	)		(1.06	)		(3.05	)		(0.48	)


Net asset value, end of period	$	28.22		$	25.86		$	28.98		$	34.26		$	24.18		$	27.45		$	30.26


Total Return^(c)
Based on net asset value		9.71	%^(d)		(5.22	)%		0.40	%		44.01	%		(8.53	)%^(d)		1.56	%		10.86	%


Ratios to Average Net Assets^(e)
Total expenses		0.98	%^(f)		0.97	%		0.97	%		1.10	%^(g)		1.15	%^(f)(h)		1.14	%^(h)		1.20	%⁽ⁱ⁾


Total expenses after fees waived and/or reimbursed		0.79	%^(f)		0.79	%		0.79	%		0.79	%^(g)		0.79	%^(f)(h)		0.79	%^(h)		0.79	%⁽ⁱ⁾


Net investment income		1.65	%^(f)		1.47	%		1.16	%		1.33	%^(g)		1.95	%^(f)(h)		1.84	%^(h)		1.61	%⁽ⁱ⁾


Supplemental Data
Net assets, end of period (000)	$	360,529		$	345,671		$	394,334		$	405,607		$	280,449		$	336,565		$	337,798


Portfolio turnover rate		60	%		116	%		136	%		126	%^(j)		70	%		161	%		143	%

^(a)	Based on average shares outstanding.

^(b)

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

^(c)

Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(d)

Not annualized.

^(e)

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

^(f)

Annualized.

^(g)

^(h)

⁽ⁱ⁾

^(j)

Portfolio turnover rate includes transactions from the Master Portfolio prior to March 1, 2021.

See notes to financial statements.


74		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage Large Cap Value Fund (continued)

	Investor C

	Six Months Ended 11/30/23 (unaudited)			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			Year Ended 09/30/18

Net asset value, beginning of period	$	23.43		$	26.40		$	31.69		$	22.31		$	25.32		$	28.06		$	25.71


Net investment income^(a)		0.11			0.17			0.12			0.16			0.19			0.27			0.23
Net realized and unrealized gain (loss)		2.06			(1.78	)		(0.19	)		9.37			(2.36	)		(0.24	)		2.33


Net increase (decrease) from investment operations		2.17			(1.61	)		(0.07	)		9.53			(2.17	)		0.03			2.56


Distributions^(b)
From net investment income		(0.07	)		(0.22	)		(0.17	)		(0.15	)		(0.29	)		(0.24	)		(0.09	)
From net realized gain		—			(1.14	)		(5.05	)		—			(0.55	)		(2.53	)		(0.12	)


Total distributions		(0.07	)		(1.36	)		(5.22	)		(0.15	)		(0.84	)		(2.77	)		(0.21	)


Net asset value, end of period	$	25.53		$	23.43		$	26.40		$	31.69		$	22.31		$	25.32		$	28.06


Total Return^(c)
Based on net asset value		9.26	%^(d)		(5.89	)%		(0.38	)%		42.99	%		(9.00	)%^(d)		0.79	%		10.03	%


Ratios to Average Net Assets^(e)
Total expenses		1.77	%^(f)		1.74	%		1.73	%		1.85	%^(g)		1.91	%^(f)(h)		1.94	%^(h)		1.97	%⁽ⁱ⁾


Total expenses after fees waived and/or reimbursed		1.54	%^(f)		1.54	%		1.54	%		1.54	%^(g)		1.54	%^(f)(h)		1.54	%^(h)		1.54	%⁽ⁱ⁾


Net investment income		0.89	%^(f)		0.72	%		0.41	%		0.63	%^(g)		1.20	%^(f)(h)		1.08	%^(h)		0.87	%⁽ⁱ⁾


Supplemental Data
Net assets, end of period (000)	$	14,510		$	14,894		$	18,099		$	20,880		$	43,395		$	63,659		$	94,919


Portfolio turnover rate		60	%		116	%		136	%		126	%^(j)		70	%		161	%		143	%

^(a)

Based on average shares outstanding.

^(b)

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

^(c)

Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(d)

Not annualized.

^(e)

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

^(f)

Annualized.

^(g)

^(h)

⁽ⁱ⁾

^(j)

Portfolio turnover rate includes transactions from the Master Portfolio prior to March 1, 2021.

See notes to financial statements.


FINANCIAL HIGHLIGHTS		75

Financial Highlights (continued)

(For a share outstanding throughout each period)


		BlackRock Advantage Large Cap Value Fund (continued)


		Class K


			Six Months Ended 11/30/23 (unaudited	)		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			Period from 01/25/18 to 09/30/18	^(a)

Net asset value, beginning of period		$	26.64		$	29.80		$	35.08		$	24.74		$	28.09		$	30.90		$	30.90


Net investment income^(b)			0.28			0.48			0.47			0.47			0.40			0.58			0.39
Net realized and unrealized gain (loss)			2.34			(2.01	)		(0.22	)		10.38			(2.60	)		(0.26	)		(0.39	)


Net increase (decrease) from investment operations			2.62			(1.53	)		0.25			10.85			(2.20	)		0.32			—


Distributions^(c)
From net investment income			(0.18	)		(0.49	)		(0.48	)		(0.51	)		(0.60	)		(0.60	)		—
From net realized gain			—			(1.14	)		(5.05	)		—			(0.55	)		(2.53	)		—
	��

Total distributions			(0.18	)		(1.63	)		(5.53	)		(0.51	)		(1.15	)		(3.13	)		—


Net asset value, end of period		$	29.08		$	26.64		$	29.80		$	35.08		$	24.74		$	28.09		$	30.90


Total Return^(d)
Based on net asset value			9.85	%^(e)		(4.91	)%		0.69	%		44.48	%		(8.35	)%^(e)		1.85	%		0.00	%^(e)


Ratios to Average Net Assets^(f)
Total expenses			0.63	%^(g)		0.63	%		0.63	%		0.74	%^(h)		0.80	%^(g)(i)		0.79	%⁽ⁱ⁾		0.83	%^(g)(j)


Total expenses after fees waived and/or reimbursed			0.49	%^(g)		0.49	%		0.49	%		0.49	%^(h)		0.49	%^(g)(i)		0.49	%⁽ⁱ⁾		0.49	%^(g)(j)


Net investment income			1.96	%^(g)		1.77	%		1.47	%		1.62	%^(h)		2.24	%^(g)(i)		2.14	%⁽ⁱ⁾		1.88	%^(g)(j)


Supplemental Data
Net assets, end of period (000)		$	14,542		$	10,451		$	10,210		$	8,258		$	4,971		$	5,699		$	5,459


Portfolio turnover rate			60	%		116	%		136	%		126	%^(k)		70	%		161	%		143	%

^(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)

⁽ⁱ⁾

^(j)

^(k)

Portfolio turnover rate includes transactions from the Master Portfolio prior to March 1, 2021.

See notes to financial statements.


76		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage Large Cap Value Fund (continued)

	Class R

	Six Months Ended 11/30/23 (unaudited)			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			Year Ended 09/30/18

Net asset value, beginning of period	$	24.52		$	27.56		$	32.84		$	23.18		$	26.29		$	29.10		$	26.70


Net investment income^(a)		0.18			0.31			0.27			0.29			0.28			0.41			0.38
Net realized and unrealized gain (loss)		2.16			(1.87	)		(0.19	)		9.71			(2.43	)		(0.26	)		2.42


Net increase (decrease) from investment operations		2.34			(1.56	)		0.08			10.00			(2.15	)		0.15			2.80


Distributions^(b)
From net investment income		(0.12	)		(0.34	)		(0.31	)		(0.34	)		(0.41	)		(0.43	)		(0.28	)
From net realized gain		—			(1.14	)		(5.05	)		—			(0.55	)		(2.53	)		(0.12	)


Total distributions		(0.12	)		(1.48	)		(5.36	)		(0.34	)		(0.96	)		(2.96	)		(0.40	)


Net asset value, end of period	$	26.74		$	24.52		$	27.56		$	32.84		$	23.18		$	26.29		$	29.10


Total Return^(c)
Based on net asset value		9.55	%^(d)		(5.43	)%		0.14	%		43.63	%		(8.65	)%^(d)		1.29	%		10.60	%


Ratios to Average Net Assets^(e)
Total expenses		1.35	%^(f)		1.36	%		1.35	%		1.41	%^(g)		1.43	%^(f)(h)		1.44	%^(h)		1.47	%⁽ⁱ⁾


Total expenses after fees waived and/or reimbursed		1.04	%^(f)		1.04	%		1.04	%		1.04	%^(g)		1.04	%^(f)(h)		1.04	%^(h)		1.04	%⁽ⁱ⁾


Net investment income		1.40	%^(f)		1.22	%		0.91	%		1.11	%^(g)		1.69	%^(f)(h)		1.59	%^(h)		1.37	%⁽ⁱ⁾


Supplemental Data
Net assets, end of period (000)	$	6,919		$	6,925		$	8,440		$	9,015		$	10,820		$	18,321		$	29,497


Portfolio turnover rate		60	%		116	%		136	%		126	%^(j)		70	%		161	%		143	%

^(a)

Based on average shares outstanding.

^(b)

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

^(c)

Where applicable, assumes the reinvestment of distributions.

^(d)

Not annualized.

^(e)

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

^(f)

Annualized.

^(g)

^(h)

⁽ⁱ⁾

^(j)

Portfolio turnover rate includes transactions from the Master Portfolio prior to March 1, 2021.

See notes to financial statements.


FINANCIAL HIGHLIGHTS		77

Notes to Financial Statements (unaudited)

1.	*ORGANIZATION*

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




Fund Name	Herein Referred To As	Diversification Classification


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

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



Share Class	Initial Sales Charge	CDSC			Conversion Privilege

Institutional, Class K and Class R Shares	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. 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.


78		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

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, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

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

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, which could be used to reduce custody fees and/or overdraft charges. The Funds may incur charges on overdrafts, subject to certain conditions.

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

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

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each 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 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 published net asset value (“NAV”).

•

The Funds value their investment in SL Liquidity Series, LLC, Money Market Series (the “Money Market Series”) at fair value, which is ordinarily based upon their pro rata ownership in the underlying fund’s net assets.

•

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

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

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


NOTES TO FINANCIAL STATEMENTS			79

Notes to Financial Statements (unaudited) (continued)

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


*Standard Inputs Generally Considered By The Valuation Committee And Third-Party Pricing Services*

Market approach	(i)	recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers;
	(ii)	recapitalizations and other transactions across the capital structure; and
	(iii)	market multiples of comparable issuers.

Income approach	(i)	future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks;
	(ii)	quoted prices for similar investments or assets in active markets; and
	(iii)	other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates.

Cost approach	(i)	audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company;
	(ii)	changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company;
	(iii)	relevant news and other public sources; and
	(iv)	known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company.

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

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

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

•

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

•

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

•

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

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

As of November 30, 2023, certain investments of the Funds were fair valued using NAV as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

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 Fund is 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


80		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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

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

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




Fund Name/Counterparty	Securities Loaned at Value		Cash Collateral Received^(a)			Non-Cash Collateral Received, at Fair Value^(a)		Net Amount


Advantage International
BofA Securities, Inc.	$	127	$	(127	)	$	—	$	—
Goldman Sachs & Co. LLC		366,627		(366,627	)		—		—
Morgan Stanley		745,137		(745,137	)		—		—

	$	1,111,891	$	(1,111,891	)	$	—	$	—

Advantage Large Cap Growth
J.P. Morgan Securities LLC	$	1,500,600	$	(1,500,600	)	$	—	$	—


Advantage Small Cap Core
Barclays Capital, Inc.	$	765,422	$	(765,422	)	$	—	$	—
BNP Paribas SA		12,846,456		(12,846,456	)		—		—
BofA Securities, Inc.		4,689,628		(4,689,628	)		—		—
Citigroup Global Markets, Inc.		2,662,971		(2,662,971	)		—		—
Credit Suisse Securities (USA) LLC		615,504		(615,504	)		—		—
J.P. Morgan Securities LLC		37,174,483		(37,174,483	)		—		—
Jefferies LLC		1,097,444		(1,097,444	)		—		—
Morgan Stanley		47,246,150		(47,246,150	)		—		—
National Financial Services LLC		3,490,466		(3,490,466	)		—		—
State Street Bank & Trust Co.		378,876		(378,876	)		—		—
TD Prime Services LLC		885,379		(885,379	)		—		—


	$	111,852,779	$	(111,852,779	)	$	—	$	—

Advantage Large Cap Core
Citigroup Global Markets, Inc.	$	11,444,208	$	(11,444,208	)	$	—	$	—
Goldman Sachs & Co. LLC		1,690,969		(1,690,969	)		—		—
J.P. Morgan Securities LLC		6,134,640		(6,134,640	)		—		—


	$	19,269,817	$	(19,269,817	)	$	—	$	—

Advantage Large Cap Value
Goldman Sachs & Co. LLC	$	826,613	$	(826,613	)	$	—	$	—
J.P. Morgan Securities LLC		2,678,583		(2,678,583	)		—		—
Morgan Stanley		337,404		(337,404	)		—		—


	$	3,842,600	$	(3,842,600	)	$	—	$	—

^(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.

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


NOTES TO FINANCIAL STATEMENTS			81

Notes to Financial Statements (unaudited) (continued)

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*

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

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

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

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

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

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

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



	Investment Advisory Fees


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.


82		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

For the six months ended November 30, 2023, 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	$	288,487	$	29,816	$	54,544	$	372,847
Advantage Large Cap Growth		581,245		75,774		1,582		658,601
Advantage Small Cap Core		418,958		48,101		—		467,059
Advantage Large Cap Core		1,669,256		176,457		32,262		1,877,975
Advantage Large Cap Value		449,121		76,448		17,316		542,885

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, 2023, 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	$	83,333	$	23,040	$	596	$	20,607	$	2,165	$	129,741
Advantage Large Cap Growth		51,114		46,389		1,510		380		63		99,456
Advantage Small Cap Core		214,492		33,453		960		99,286		—		348,191
Advantage Large Cap Core		147,613		133,207		3,520		3,002		1,282		288,624
Advantage Large Cap Value		17,005		35,863		1,526		1,267		692		56,353

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, 2023, 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	$	368,461	$	368,461
Advantage Large Cap Growth		234,092		234,092
Advantage Small Cap Core		133,599		133,599
Advantage Large Cap Core		639,169		639,169

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, 2023, 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	$	3,225	$	5,444	$	132	$	207	$	46	$	9,054
Advantage Large Cap Growth		3,130		43,534		2,000		23		19		48,706
Advantage Small Cap Core		7,109		13,921		593		2,706		—		24,329
Advantage Large Cap Core		24,369		150,856		3,110		82		155		178,572
Advantage Large Cap Value		697		24,799		1,260		46		104		26,906

For the six months ended November 30, 2023, 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	$	638,683	$	117,332	$	4,075	$	1,954	$	21,056	$	783,100
Advantage Large Cap Growth		392,706		191,507		11,870		162		662		596,907
Advantage Small Cap Core		720,327		279,277		9,902		28,259		—		1,037,765
Advantage Large Cap Core		974,174		916,532		36,099		2,966		13,093		1,942,864
Advantage Large Cap Value		83,686		196,535		11,569		661		8,078		300,529


NOTES TO FINANCIAL STATEMENTS			83

Notes to Financial Statements (unaudited) (continued)

Other Fees: For the six months ended November 30, 2023, 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	$	2,756
Advantage Large Cap Growth		4,814
Advantage Small Cap Core		5,962
Advantage Large Cap Core		11,729
Advantage Large Cap Value		2,309

For the six months ended November 30, 2023, 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	$	326	$	—	$	1,143	$	2,551	$	332
Investor C		49		149		343		542		241

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, 2025. 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, 2023, the amounts waived were as follows:




Fund Name	Amounts Waived


Advantage International	$	11,130
Advantage Large Cap Growth		3,350
Advantage Small Cap Core		11,825
Advantage Large Cap Core		9,953
Advantage Large Cap Value		1,887

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, 2025. 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, 2023, there were no fees waived by the Manager pursuant to this arrangement.

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




Fund Name	Institutional			Investor A			Investor C			Class K			Class R


Advantage International		0.50	%		0.75	%		1.50	%		0.45	%		1.00%
Advantage Large Cap Growth		0.62			0.87			1.62			0.57			1.12
Advantage Small Cap Core		0.50			0.75			1.50			0.45			N/A
Advantage Large Cap Core		0.48			0.73			1.48			0.43			0.98
Advantage Large Cap Value		0.54			0.79			1.54			0.49			1.04

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2025 (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, 2023, 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	$	581,734
Advantage Large Cap Growth		393,305
Advantage Small Cap Core		725,301
Advantage Large Cap Core		824,112
Advantage Large Cap Value		302,322


84		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

In addition, these amounts waived and/or reimbursed by the Manager are included in administration fees waived by the Manager — class specific and transfer agent fees waived and/or reimbursed by the Manager — class specific, service and distribution fees waived and service distribution fees reimbursed respectively, in the Statements of Operations. For the six months ended November 30, 2023, 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	$	83,332	$	23,040	$	597	$	20,607	$	2,165		$ 129,741
Advantage Large Cap Growth		51,114		43,579		1,463		380		63		96,599
Advantage Small Cap Core		213,412		33,279		955		98,782		—		346,428
Advantage Large Cap Core		147,613		133,207		3,520		3,002		1,282		288,624
Advantage Large Cap Value		17,005		35,863		1,526		1,267		692		56,353



	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	$	430,135	$	60,412	$	2,585	$	1,954	$	16,046		$ 511,132
Advantage Large Cap Growth		264,911		79,890		8,099		161		509		353,570
Advantage Small Cap Core		186,536		196,087		7,581		28,127		—		418,331
Advantage Large Cap Core		605,183		588,523		27,715		2,966		10,088		1,234,475
Advantage Large Cap Value		41,187		107,984		7,924		661		6,379		164,135

Securities Lending: The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Funds are responsible for expenses in connection with the investment of cash collateral received for securities on loan (the “collateral investment expenses”). The cash collateral is invested in a private investment company, Money Market Series, managed by the Manager or its affiliates. However, BIM has agreed to cap the collateral investment expenses of the Money Market Series to an annual rate of 0.04%. The investment adviser to the Money Market Series will not charge any advisory fees with respect to shares purchased by the Funds. The Money Market Series may impose a discretionary liquidity fee of up to 2% of the value withdrawn, if such fee is determined to be in the best interests of the Money Market Series. The Money Market Series seeks current income consistent with maintaining liquidity and preserving capital. Although the Money Market Series is not registered under the 1940 Act, its investments may follow the parameters of investments by a money market fund that is subject to Rule 2a-7 under the 1940 Act.

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

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

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

The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in the Statements of Operations. For the six months ended November 30, 2023, each Fund paid BIM the following amounts for securities lending agent services:




Fund Name	Amounts


Advantage International	$	2,400
Advantage Large Cap Growth		26,506
Advantage Small Cap Core		98,091
Advantage Large Cap Core		79,123
Advantage Large Cap Value		1,500

Interfund Lending: In accordance with an exemptive order (the “Order”) from the SEC, each Fund other than Advantage Large Cap Growth may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund’s investment policies and restrictions. Advantage International is 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


NOTES TO FINANCIAL STATEMENTS			85

Notes to Financial Statements (unaudited) (continued)

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

During the six months ended November 30, 2023, the Funds did not participate in the Interfund Lending Program.

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

Other Transactions: The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common directors or trustees. For the six months ended November 30, 2023, 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	$	109,815,840	$	110,654,018	$	3,350,225
Advantage Large Cap Growth		122,231,959		111,280,936		5,203,221
Advantage Small Cap Core		17,742,653		46,134,952		4,788,179
Advantage Large Cap Core		120,992,535		137,839,981		1,730,090
Advantage Large Cap Value		29,936,880		37,325,865		3,034,703

7.	*PURCHASES AND SALES*

For the six months ended November 30, 2023, purchases and sales of investments, excluding short-term investments, were as follows:



Fund Name	Purchases		Sales


Advantage International	$	951,366,457	$	814,875,394
Advantage Large Cap Growth		643,993,678		674,507,445
Advantage Small Cap Core		1,288,605,463		1,581,652,654
Advantage Large Cap Core		1,562,249,167		1,886,506,081
Advantage Large Cap Value		333,669,888		358,750,756

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, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of May 31, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains and qualified late-year losses as follows:



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


$ 90,015,175	$ 25,713,241	$ 320,410,727	$ 84,219,781	$ 10,898,011

As of November 30, 2023, 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	$	1,270,810,033	$	165,982,712	$	(25,737,745	)	$	140,244,967
Advantage Large Cap Growth		653,933,979		407,034,110		(8,834,722	)		398,199,388
Advantage Small Cap Core		3,569,177,370		415,847,457		(533,837,781	)		(117,990,324	)
Advantage Large Cap Core		2,104,717,496		761,513,474		(60,724,309	)		700,789,165
Advantage Large Cap Value		519,188,187		62,122,609		(14,162,511	)		47,960,098


86		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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, $2.50 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 2024 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, 2023, 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 discretionary liquidity fees under certain circumstances.

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

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

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

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

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

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


NOTES TO FINANCIAL STATEMENTS			87

Notes to Financial Statements (unaudited) (continued)

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

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

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 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 11/30/23						Year Ended 05/31/23


Fund Name/Share Class	Shares			Amount			Shares			Amount

Advantage International
Institutional
Shares sold		10,344,910		$	175,017,976			11,508,058		$	175,708,419
Shares issued in reinvestment of distributions		721,796			12,689,180			1,525,765			22,800,749
Shares redeemed		(4,181,149	)		(71,314,769	)		(9,987,110	)		(150,703,357	)


		6,885,557		$	116,392,387			3,046,713		$	47,805,811


Investor A
Shares sold and automatic conversion of shares		848,134		$	14,347,328			1,491,738		$	22,573,584
Shares issued in reinvestment of distributions		180,558			3,136,287			426,965			6,301,933
Shares redeemed		(1,360,004	)		(23,042,358	)		(2,700,529	)		(41,155,670	)


		(331,312	)	$	(5,558,743	)		(781,826	)	$	(12,280,153	)


88		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)



	Six Months Ended 11/30/23						Year Ended 05/31/23


Fund Name/Share Class	Shares			Amount			Shares			Amount

Advantage International (continued)
Investor C
Shares sold		591,094		$	9,519,740			51,816		$	776,986
Shares issued in reinvestment of distributions		1,886			31,829			4,022			57,985
Shares redeemed and automatic conversion of shares		(35,778	)		(582,020	)		(42,803	)		(646,954	)


		557,202		$	8,969,549			13,035		$	188,017


Class K
Shares sold		1,242,662		$	21,297,186			6,766,930		$	106,688,626
Shares issued in reinvestment of distributions		185,286			3,257,321			259,872			3,878,150
Shares redeemed		(536,605	)		(9,143,187	)		(1,714,155	)		(27,125,496	)


		891,343		$	15,411,320			5,312,647		$	83,441,280


Class R
Shares sold		726,494		$	12,028,496			1,023,690		$	17,224,244
Shares issued in reinvestment of distributions		17,512			304,188			4,989			73,701
Shares redeemed		(170,695	)		(2,859,531	)		(53,022	)		(824,885	)


		573,311		$	9,473,153			975,657		$	16,473,060


		8,576,101		$	144,687,666			8,566,226		$	135,628,015


Advantage Large Cap Growth
Institutional
Shares sold		1,200,638		$	25,123,726			6,868,840		$	118,137,284
Shares issued in reinvestment of distributions		30,127			651,052			84,195			1,481,839
Shares redeemed		(2,635,642	)		(55,553,193	)		(4,676,497	)		(85,552,119	)


		(1,404,877	)	$	(29,778,415	)		2,276,538		$	34,067,004


Investor A
Shares sold		443,044		$	8,780,909			783,596		$	13,193,623
Shares issued in reinvestment of distributions		9,977			202,834			43,075			713,736
Shares redeemed		(1,324,139	)		(26,349,865	)		(2,657,309	)		(44,721,957	)


		(871,118	)	$	(17,366,122	)		(1,830,638	)	$	(30,814,598	)


Investor C
Shares sold		1,152,821		$	17,784,083			63,364		$	871,927
Shares redeemed and automatic conversion of shares		(111,488	)		(1,790,077	)		(214,528	)		(2,877,817	)


		1,041,333		$	15,994,006			(151,164	)	$	(2,005,890	)


Class K
Shares sold		109,386		$	2,274,947			33,825		$	619,234
Shares issued in reinvestment of distributions		226			4,882			331			5,828
Shares redeemed		(22,514	)		(469,999	)		(24,166	)		(435,384	)


		87,098		$	1,809,830			9,990		$	189,678


Class R
Shares sold		5,227		$	107,802			10,387		$	185,989
Shares issued in reinvestment of distributions		—			—			8			147
Shares redeemed		(2,038	)		(42,336	)		(2,056	)		(37,158	)


		3,189		$	65,466			8,339		$	148,978


		(1,144,375	)	$	(29,275,235	)		313,065		$	1,585,172


NOTES TO FINANCIAL STATEMENTS			89

Notes to Financial Statements (unaudited) (continued)



	Six Months Ended 11/30/23						Year Ended 05/31/23


Fund Name/Share Class	Shares			Amount			Shares			Amount

Advantage Small Cap Core
Institutional
Shares sold		10,565,736		$	156,504,690			47,919,449		$	701,900,107
Shares issued in reinvestment of distributions		370,782			5,876,893			4,704,458			65,751,152
Shares redeemed		(26,651,881	)		(396,101,764	)		(62,510,640	)		(917,764,827	)


		(15,715,363	)	$	(233,720,181	)		(9,886,733	)	$	(150,113,568	)


Investor A
Shares sold and automatic conversion of shares		1,963,797		$	29,150,406			3,601,657		$	52,810,767
Shares issued in reinvestment of distributions		36,256			571,034			605,080			8,387,411
Shares redeemed		(2,229,150	)		(32,820,035	)		(5,120,440	)		(74,615,130	)


		(229,097	)	$	(3,098,595	)		(913,703	)	$	(13,416,952	)


Investor C
Shares sold		71,836		$	1,005,482			125,566		$	1,786,554
Shares issued in reinvestment of distributions		—			—			16,415			218,327
Shares redeemed and automatic conversion of shares		(99,868	)		(1,416,478	)		(196,132	)		(2,747,776	)


		(28,032	)	$	(410,996	)		(54,151	)	$	(742,895	)


Class K
Shares sold		4,062,310		$	60,904,116			19,864,648		$	291,931,230
Shares issued in reinvestment of distributions		187,474			2,973,342			1,873,351			26,253,904
Shares redeemed		(8,750,229	)		(130,291,894	)		(16,189,057	)		(238,415,011	)


		(4,500,445	)	$	(66,414,436	)		5,548,942		$	79,770,123


		(20,472,937	)	$	(303,644,208	)		(5,305,645	)	$	(84,503,292	)


Advantage Large Cap Core
Institutional
Shares sold		1,733,512		$	31,931,994			7,232,763		$	117,472,203
Shares issued in reinvestment of distributions		297,302			5,636,850			5,176,989			82,730,713
Shares redeemed		(18,261,497	)		(330,483,436	)		(11,342,719	)		(183,436,037	)


		(16,230,683	)	$	(292,914,592	)		1,067,033		$	16,766,879


Investor A
Shares sold and automatic conversion of shares		2,124,620		$	36,992,551			4,614,359		$	72,748,020
Shares issued in reinvestment of distributions		226,419			4,057,431			4,932,185			74,491,359
Shares redeemed		(4,300,939	)		(74,856,158	)		(11,328,154	)		(178,943,679	)


		(1,949,900	)	$	(33,806,176	)		(1,781,610	)	$	(31,704,300	)


Investor C
Shares sold		739,702		$	10,067,550			492,228		$	6,204,724
Shares issued in reinvestment of distributions		3,283			46,720			196,124			2,351,728
Shares redeemed and automatic conversion of shares		(383,562	)		(5,338,075	)		(982,251	)		(12,432,749	)


		359,423		$	4,776,195			(293,899	)	$	(3,876,297	)


Class K
Shares sold		247,561		$	4,551,187			645,071		$	10,729,466
Shares issued in reinvestment of distributions		6,279			119,106			120,270			1,924,102
Shares redeemed		(478,539	)		(8,868,893	)		(2,315,017	)		(41,205,381	)


		(224,699	)	$	(4,198,600	)		(1,549,676	)	$	(28,551,813	)


90		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)



	Six Months Ended 11/30/23						Year Ended 05/31/23


Fund Name/Share Class	Shares			Amount			Shares			Amount

Advantage Large Cap Core (continued)
Class R
Shares sold		78,197		$	1,215,065			81,548		$	1,163,716
Shares issued in reinvestment of distributions		2,238			36,181			62,298			849,067
Shares redeemed		(33,188	)		(523,160	)		(249,611	)		(3,561,642	)


		47,247		$	728,086			(105,765	)	$	(1,548,859	)


		(17,998,612	)	$	(325,415,087	)		(2,663,917	)	$	(48,914,390	)

Advantage Large Cap Value
Institutional
Shares sold		355,174		$	10,001,797			881,237		$	24,019,416
Shares issued in reinvestment of distributions		33,148			966,923			344,992			8,902,293
Shares redeemed		(801,067	)		(22,272,843	)		(1,325,202	)		(36,046,939	)


		(412,745	)	$	(11,304,123	)		(98,973	)	$	(3,125,230	)

Investor A
Shares sold and automatic conversion of shares		248,376		$	6,821,959			1,375,001		$	36,028,089
Shares issued in reinvestment of distributions		62,832			1,780,650			759,779			19,035,751
Shares redeemed		(900,326	)		(24,735,994	)		(2,376,037	)		(62,562,160	)


		(589,118	)	$	(16,133,385	)		(241,257	)	$	(7,498,320	)

Investor C
Shares sold		28,233		$	701,954			135,087		$	3,243,871
Shares issued in reinvestment of distributions		1,721			44,248			38,671			875,749
Shares redeemed and automatic conversion of shares		(97,343	)		(2,428,018	)		(223,496	)		(5,340,361	)


		(67,389	)	$	(1,681,816	)		(49,738	)	$	(1,220,741	)

Class K
Shares sold		149,259		$	4,215,393			128,817		$	3,493,709
Shares issued in reinvestment of distributions		2,776			80,975			22,234			574,235
Shares redeemed		(44,256	)		(1,242,978	)		(101,295	)		(2,693,778	)


		107,779		$	3,053,390			49,756		$	1,374,166

Class R
Shares sold		10,727		$	278,039			46,745		$	1,166,823
Shares issued in reinvestment of distributions		1,197			32,173			19,382			459,713
Shares redeemed		(35,616	)		(931,563	)		(89,884	)		(2,236,145	)


		(23,692	)	$	(621,351	)		(23,757	)	$	(609,609	)


		(985,165	)	$	(26,687,285	)		(363,969	)	$	(11,079,734	)

As of November 30, 2023, 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.


NOTES TO FINANCIAL STATEMENTS			91

Notes to Financial Statements (unaudited) (continued)

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.


92		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Statement Regarding Liquidity Risk Management Program

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

The Board of Trustees of the Trust and the Board of Directors of the Corporation (together, the “Board”), on behalf of the Funds, met on November 16-17, 2023 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Advisors, LLC or BlackRock Fund Advisors (“BlackRock”), each an investment adviser to certain BlackRock funds, as the program administrator for each Fund’s Program, as applicable. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2022 through September 30, 2023 (the “Program Reporting Period”).

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

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

The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Where a fund participated in borrowings for investment purposes (such as tender option bonds or reverse repurchase agreements), such borrowings were factored into the Program’s calculation of a fund’s liquidity bucketing. A fund’s derivative exposure was also considered in such calculation.

Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each Fund’s reasonably anticipated trading size utilized for liquidity classifications. Each Fund has adopted an in-kind redemption policy which may be utilized to meet larger redemption requests. The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered the terms of the credit facility committed to each Fund, the financial health of the institution providing the facility and the fact that the credit facility is shared among multiple funds (including that a portion of the aggregate commitment amount is specifically designated for BlackRock Floating Rate Income Portfolio, a series of BlackRock Funds V, and BlackRock Floating Rate Loan ETF, a series of BlackRock ETF Trust II). The Committee also considered other types of borrowing available to the funds, such as the ability to use reverse repurchase agreements and interfund lending, as applicable.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.


STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM			93

Additional Information

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

General Information

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

Householding

The Funds will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports, Rule 30e-3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Funds at (800) 441-7762.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at blackrock.com/fundreports.

Availability of Proxy Voting Policies, Procedures and Voting Records

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information about how the Funds voted proxies relating to securities held in the Funds’ portfolios during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 441-7762; (2) on the BlackRock website at blackrock.com; and (3) on the SEC’s website at sec.gov.

BlackRock’s Mutual Fund Family

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

Shareholder Privileges

Account Information

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

Automatic Investment Plans

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

Systematic Withdrawal Plans

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

Retirement Plans

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

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.


94		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Additional Information (continued)

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

Fund and Service Providers


Investment Adviser and Administrator		Independent Registered Public Accounting Firm
BlackRock Advisors, LLC		Deloitte & Touche LLP
Wilmington, DE 19809		Boston, MA 02116

Accounting Agent and Transfer Agent		Distributor
BNY Mellon Investment Servicing (US) Inc.		BlackRock Investments, LLC
Wilmington, DE 19809		New York, NY 10001

Custodian		Legal Counsel
The Bank of New York Mellon		Sidley Austin LLP
New York, NY 10286		New York, NY 10019

		Address of the Trust and the Corporation
		100 Bellevue Parkway
		Wilmington, DE 19809


ADDITIONAL INFORMATION			95

Glossary of Terms Used in this Report


Portfolio Abbreviation

ADR		American Depositary Receipt

NVS		Non-Voting Shares

REIT		Real Estate Investment Trust

S&P		Standard & Poor’s


96		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

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.

SC2-11/23-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 Report to Stockholders filed under Item 1(a) 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 –

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

Item 8 –

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

Item 9 –

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

Item 10 –

Submission of Matters to a Vote of Security Holders –There have been no material changes to these procedures.

Item 11 –

Controls and Procedures

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

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

Item 12 –

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

Item 13 –

Recovery of Erroneously Awarded Compensation – Not Applicable

Item 14 –

Exhibits attached hereto

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

(a)(2) Section 302 Certifications are attached

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(4) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached

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

BlackRock Large Cap Series Funds, Inc.


		By:		/s/ John M. Perlowski
				John M. Perlowski
				Chief Executive Officer (principal executive officer) of
				BlackRock Large Cap Series Funds, Inc.

Date: January 19, 2024

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


		By:		/s/ John M. Perlowski
				John M. Perlowski
				Chief Executive Officer (principal executive officer) of
				BlackRock Large Cap Series Funds, Inc.

Date: January 19, 2024


		By:		/s/ Trent Walker
				Trent Walker
				Chief Financial Officer (principal financial officer) of
				BlackRock Large Cap Series Funds, Inc.

Date: January 19, 2024

Blackrock Large Cap Series Funds N-CSRSCertified semi-annual shareholder report (management investment company)